Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)613
..... assessee made a claim of deduction under section 80-ib of the act. the assessee treated such activities as a manufacturing activity hence claimed deduction under section 80-ib of the it act, 1961 on its net profit. it is being used mostly outside india ..... deduction thereunder. he further submitted that the same has been recently followed by the tribunal jodhpur bench in ease of jagdish chandra bhambhani v. ao in ita no.243/jd/2005 dt. 17th july, 2007. it was submitted that the ..... 2006 dt. 30th may, 2007 wherein the facts and circumstances and the controversy, are exactly the same as in the present matter. it has been held that conversion of marble block into slates and tiles amounts to manufacturing of thing or article within the meaning of section 80-ia/80-ib of the it act and assessee is entitled to claim .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)351
..... )(vi) are relevant. firstly we refer the same. the provisions contained under section 10(23c)(vi) of the act are, similar and analogous to those contained under section 10(22) of the act, which has now been omitted w.e.f. asst. yr. 1999-2000 by the finance act, 1998. for a better appreciation, both the provisions are reproduced hereunder in ..... remuneration, rent to members of parashar family and as regards providing facilities to them, the learned authorised representative placed strong reliance towards detailed submission dt. 18th jan., 2007 placed before the learned cit(a) (copy placed at the paper book pp. 19-34 of the assessee's paper book) and it was submitted that the ..... therefore, filed an application dt. 22nd dec, 2006 (paper book 3) before the cbdt to make suitable amendment accordingly. hence a modified order dt. 16th march, 2007 (paper book 4-5) has also been passed wherein the exemption has been granted once for all. in other words, the benefit of exemption thus, is also available .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)111TTJ(JP.)531
..... 459 : (1995) 210 itr 250 (raj) has also been referred. the learned authorised representatives submitted that recently amended law unders. 50c by the finance act, 2000 w.e.f.1st april, 2003, i.e., asst. yr. 2003-04 has also made the position clear, though at a later ..... of fair market value or full value for consideration in the case of a purchaser as it is in section 45 r/w section 55a of the act.in the case of a purchaser, only tiling is to be seen is that if any proof or ..... complex (p) ltd., the revenue has questioned first appellate order deleting the addition of rs. 1,26,000 made under section 68 of the act on account of unexplained cash credit.14. in support of this ground, the learned departmental representative submitted that the learned ctj ..... 2005 on the issue is, thus, allowed.12. in the case swami complex (p) ltd., one more issue regarding the addition under section 68 made on account of unexplained cash credits by the ao has been raised and in the case of shri bal mukand parihar, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)117TTJ(JP.)542
..... order in the present case has reached its finality before 30th sept., 2004 as per the provisions of section 142a of the act is concerned, we do not agree with him, because under the wordings of proviso to section 142a inserted by the finance (no. 2) act, 2004 with retrospective effect 15th nov., 1972 is very much clear. for a ready reference, the ..... . thus, the report of the dvo, even if it was held illegal, was rightly used by the ao. the learned departmental representative also referred provisions of section 142a of the act with this submission that it h%s come into effect retrospectively from 10th nov., 1972 with this exception that the provisions shall not apply in respect of an ..... present grounds is fully covered in favour of the revenue in the case of ito v. brothers (p) ltd. decided by this bench of the tribunal on 31st jan., 2007 vide ita no. 80/jp/2005, wherein it was held that when first appellate order was pending, the assessment order dt. 4th march, 2002 had not reached its .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)110TTJ(JP.)118
..... in v. jaganmohan rao v. cit , therefore, is only to the extent that once an assessment is validly reopened by issuance of a notice under section 22(2) of the 1922 act (corresponding to section 148 of the act), the previous underassessment is set aside and the ito has the jurisdiction and duty to levy tax on the entire income that had escaped assessment ..... raised by the assessee are as under: 1. the learned cit(a) has erred in law as well as on facts in upholding the reopening of the case under section 148 of it act, 1961 by the ao. 2. the learned cit(a) has erred in law as well as on facts in upholding the additions made by ao amounting to rs. 40 ..... referred to as six months as it was the period specified originally when the new provision was introduced w.e.f. 1st april, 1989. however, vide amendment made by the finance (no. 2) act, 1991, this period was enhanced to twelve months w.e.f. 1st oct., 1991. in the present case, it is an admitted position that no notice under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)111TTJ(JP.)959
..... ,441) i.e. about 30 per cent which is not possible. moreover, the ao has not invoked the provisions of section 145 of the act and have not rejected the books of account.21. in such circumstances and facts of the case, when the assessee has ..... ground nos. 5, 6, 7, 8 and 9, the assessee is aggrieved against the charging of interest under sections 234b, 220(2) of the act and computing the total income at rs. 1,87,68,801 against returned income at rs. 2,92,390 ..... average rate is defective and arbitrary action.many decisions were cited before the lower authorities and it was submitted that provisions of section 145 are inapplicable. correct and complete books of account have been maintained. method of valuation is at cost and as in ..... , senior advocate, on behalf of the assessee, argued that the assessee is a private limited company. it was incorporated under the companies act, 1956 vide certificate of incorporation bearing no. 17-013987 of 1997-98 issued by the roc, rajasthan, jaipur, on 4th july, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)106TTJ(JP.)1109
..... regard remained that till asst. yr. 2002-03 the applicant was under this belief that the applicant was exempt under section 10(20) of the act i.e. prior to amendment by finance act, 2002. the explanation was introduced to section 10(20) of the act w.e.f. 1st april, 2003 i.e.asst. yr. 2003-04. thereafter the decision dt. 14th march, ..... constitution i.e. 1974 till date. the it authorities treated the board and agricultural marketing samitees as local authority and its income exempt under section 10(20) of the act. an explanation has been added by the finance act, 2002 to take effect from 1st april, 2003 i.e. with effect from the asst. yr. 2003-04. the it department is ..... was under the bona fide belief that the income in the case of assessee is not taxable under section 10(20) of the act as the board was exempted of the income-tax liability under section 10(20) of the it act prior to amendment vide finance act, 2002.the department also did not issue any notice till asst. yr. 2002-03 to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)299ITR94(JP.)
..... was called on to file the return of income for the first time for the assessment year 2003-04, only after insertion of the explanation to section 10(20) by the finance act, 2002 with effect from april 1, 2003, which the assessee filed in response and assessment was also made, now pending adjudication before the tribunal. ..... , the revenue never called the assessee for filing of the return of income since the date of its establishment. but, after insertion of the explanation to section 10(20) by the finance act, 2002, with effect from april 1, 2003, the assessee was called for to file the same for the first time for the assessment year 2003-04 ..... return of income on the basis that in view of insertion of an explanation to section 10(20) by the finance act, 2002, with effect from april 1, 2003 defining the expression "local authority", exemption under clause (20) of section 10 of the income-tax act is, therefore, not available to the applicant-samiti. the, applicant made an application .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)106ITD80(JP.)
..... above in the light of various decisions cited supra.the learned departmental representative further argued that investment allowance was withdrawn by insertion of sub-section (8) in section 32a of income-tax act. it was provided that it shall not be allowed in respect of any ship, aircraft or any machinery installed after such date as ..... departmental representative shri sharma supported the impugned order of the learned judicial member. it was argued that investment allowance was totally withdrawn as per sub-section (8) of section 32a of income-tax act w.e.f. the date specified in the notification which was issued on 12.6.1986. the allowance was re-introduced w.e.f ..... had raised ground of appeal no. 1 as under: the assessee company had imported plant & machinery and taken foreign currency loans from financial institutions to finance the same. the foreign currency loans were re-paid during the year and foreign exchange fluctuations on the same was debited to actual cost of asset as provided .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)109TTJ(JP.)421
..... was also in receipt of agricultural income. during the course of search, certain valuables and documents were found. statements of assessee were also recorded under section 132(4) of the it act. the ao in the second round after setting aside orders by the tribunal computed the claimed agricultural income from other sources. the assessee in its ..... particulars of such income. he placed reliance on the following decisions: (i) subhash gupta (individual) v. dy. cit (2003) 78 ttj (jp)(tm) 692; (iv) shri bhagwant finance co. ltd. v. cit & ors. (2005) 196 ctr (del) 462 ; (2006) 280 ltr 412 (del).5. regarding peak balance of rs. 1,52,044, the ..... the learned authorised representative submitted further that the ao has also not recorded his satisfaction while passing order for initiation of penalty proceedings under section 271(1)(c) of the act.the recording of satisfaction by the ao in the assessment order while initiating penalty proceedings is mandatory for assumption of a valid jurisdiction to .....
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