Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46ITD24(JP.)
..... we may point out that in the first instance it is not correct, as was argued before the learned cit (appeals) so also before us on behalf of the assessee, that the deductions under section 80j had been reduced on account of retrospective amendment to section 80j introduced by finance act, 1980 the validity of which was upheld by the hon'ble supreme court in the case of lohia machines ltd. ..... he argued that it was only subsequently that the section 80j was amended with retrospective effect vide finance act, 1980 and that retrospective amendment was upheld by the hon'ble supreme court on a further later date in the case of lohia machines ltd. ..... it was argued by the learned counsel for the assessee that the addition to assessee's income was due to amendment in section 80j vide finance act, 1980, as a result of which the borrowed capital had been excluded from computation of capital for allowing relief under section 80j. ..... he submitted that this amendment, permitting the assessing officer to increase the interest both under section 215(3) as well as in explanation 2(b) of section 139(8) had been introduced vide taxation law amendment act, 1984 with effect from 1-4-1985 and hence even if the income of the assessee increased by giving effect to the amended provisions of section 80j which were upheld by the hon'ble supreme court, the interest charged under section 215 could not be increased or could not be charged if it was not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)24ITD121(JP.)
..... must, therefore, construe the language of section 80m on its own terms uninhibited by any interpretation which may have been placed on clause (iv) of sub-section (1) of section 99 by any high court.ultimately their lordships dismissed the petition holding that even before the amendment by finance act no. ..... legislatures in their wisdom realizing this lack of rational have introduced the explanation by means of taxation laws amendment act, 1984 which explanation reads as under: explanation 2 : where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this sub-section.since the explanation has been brought into statute book and in substitution of the existing explanation mentioning ..... per cent per annum, reckoned from the day immediately following the specified date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment as reduced by the advance tax, if any, paid, and any tax deducted at source : provided that the income-tax ..... of 1980 the deduction was allowable in the same manner as provided by the amendment. ..... jagjit kaur [1980] 126 itr 540, orissa high court in cit v.ganeshram nayak [1981] 129 itr 43, punjab and haryana high court in ..... relate to the assessment years 1978-79 to 1980-81. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1998)61TTJ(JP.)633
..... 123 (statute) of (1990) 182 itr for the proposition that the assessee is not hit by the provisions of section 43b as the explanation inserted by the finance act, 1989, is relevant only for clause (a) of section 43b of the act.shri m. ..... according to him, the provisions of section 40a(7) have been on the statute with effect from 1-4-1973 as inserted by the finance act, 1975.it carves out a special concession for an approved gratuity fund without which any provision "whether called as such not by any other name" made by the assessee for the payment to him employees on ..... year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which sum is actually paid by him".the second proviso to section 43b further provides that no deduction in respect of sums referred to in clause (b) be allowed unless such sum has actually been paid on before the due date as defined in explanation ..... the later case, it was held by the hon'ble high court that the particular amendment would override the general amendment and such view cannot be assailed as unreasonable or impossible and, therefore, wrong.shri ..... 1980 tax lr noc 55 and 56] (guj)(supra) the above conclusion arrived at by me is also fully supported by the fact that the legislature has not omitted the provisions of section 40a(7)(b)(i) even while inserting the provisions of section ..... cit (1980) 123 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)613
..... . however, he further submitted that since the assessee was able to get 100 per cent, deduction under section 80-ib of the act, while preparing the computation, it did not make a separate claim under s ..... . being a 100 per cent export unit, the assessee was also entitled to the deduction @ 50 per cent under section 80hhc, on the profits from export and therefore, the assessee complies with all the necessary conditions viz ..... . no doubt, the assessee was assisted by the services of a chartered accountant yet a bona fide confusion prevailed over that once the assessee is entitled to the claim of deduction of entire business income of the undertaking under section 80-ib, it was not further required to pursue the claim under section 80hhc, to which, otherwise, the assessee was duly and fully entitled to moreover in asst. yr ..... . no doubt, the assessee was assisted by the services of a chartered accountant yet a bona fide confusion prevailed over that once the assessee is entitled to the claim of deduction of entire business income of the undertaking under section 80-ib, it was not further required to pursue the claim under section 80hhc, to which otherwise, the assessee was duly and fully entitled to moreover in asst. yr ..... (supra) decided by hon'ble karnataka high court and has held that deduction under section 80-1 is allowable in this case but the ao did not accept the decision of the hon'ble supreme court in the ease of cit v. ..... pio food packers (1980) 46 stc 63, 65 : (1980) suppl. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)351
..... years the ao specifically recorded a finding that the appellant was an educational institution solely existing for education and not for the purpose of profit and therefore, was entitled to exemption under section 10(22) of the act.adverting to the various allegations made by the ao in the assessment order, the learned authorised representative further submitted that the other allegations of the ao were that appellant did not file ..... 2,000,000|| |per aicte | | | | | | | || | norms | | | | | | | ||__|___________|__________|__________|__________|__________|__________|__________|__________||7 | total | | | | | | | || |application| | |33,488,636|47,971,290|45,792,927|78,269,134|64.804,614|| | under | | | | | | | || | section | | | | | | | || | 10(23) | | | | | | | ||__|___________|__________|__________|__________|__________|__________|__________|__________| a bare perusal of the above chart (paper book 1) reveals that the surplus remaining after meeting revenue expenditures, has again been utilised in the additions ..... included- (22) any income of a university or other educational institution, existing solely for educational purposes and not for purposes of profit; further clauses (22) and (22a) are now re-enacted in section 10(23c): (vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause. ..... finance act ..... (fourteenth amendment) rules, ..... the cbdt to make suitable amendment accordingly. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)117TTJ(JP.)542
..... 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. ..... wto (supra), the hon'ble jurisdictional high court in the matter of reference of section 16a of the wt act, wherein also the similar expression "for the purpose of making an assessment for valuation" is there has held that the very reference and the valuation report also were non est as there was no purpose ..... the learned authorised representative submitted that prescribed time-limit for issuance of notice under section 143(2) for scrutiny was expired on 30th dec, 1993, whereas reference was issued in january, ..... 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 ..... the present case before us, admittedly, assessment under section 143(3) was initially made on 23rd march, 1998 ..... prescribed time-limit of 12 months for issuance of notice under section 143(2) was also expired on 30th dec, 1993. ..... learned authorised representative, on the other hand, justified the first appellate order with assertion that there was no pendency of assessment proceedings when reference under section 131(1)(d) was made by the ao to the dvo. ..... initially, the assessment was completed under section 143(3) on 23rd march, 1998 on the total income ..... to dvo was not legal ignoring the proposed amendments in section 142a retrospectively w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)111TTJ(JP.)531
..... authorised representative further submitted that the stamp value, of course, may be a factor in drawing an inference, however, can never be a sole basis to make addition under section 69 of the act and, in no case, stamp duty valuation can be treated to be the purchase price paid, for purpose of making addition of undisclosed income under the said provisions. ..... it was contended further that being a case of purchaser, section 55a of the act cannot be held applicable, as there is no concept 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 any submission is on record by which it can be said that the purchaser has paid excess amount than what has been declared in the ..... further that in case ao had any doubt of genuineness of the credits, he could have issued notice under section 131 of the act to all the seven persons on the given addresses, but it was not done. ..... learned cit(a) has, thus, rightly deleted the additions under section 69c (sic-69) of the act for undisclosed investment in the cases of swami complex (p) ..... in all these appeals, a common issue regarding addition under section 69c (sic-69) of the act on account of unexplained investment has been raised, hence all the appeals are being disposed of vide a ..... 50c by the finance act, 2000 w.e.f.1st april, ..... authorised representatives submitted that recently amended law unders. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)110TTJ(JP.)118
..... , we find that the revenue's arguments are that the ao's jurisdiction was not restricted only to the portion of escaped income in respect of which reassessment proceedings have been initiated by recording reasons and issuance of notice under section 148 of the act, but to all other items of income which may have escaped assessment, whereas the arguments on behalf of the assessee are that the ao is authorized to confine his inquiry in the proceedings under ..... confirmed by the hon'ble jurisdictional high court wherein the additions as in the impugned case on account of cash credit were deleted.gyarsi lal gupta & sons v. ito (supra), wherein the assessment was completed under section 143(1)(a) and the issue in dispute was with regard to the depreciation and the assessing authority travelled towards the trading additions which has been reversed by the tribunal by another co-ordinate bench.dy ..... 232 to 234 are reproduced as under: thus, it is evident that the board itself concedes that if the assessee after furnishing the return of income does not receive a notice under section 143(2) of the act within the stipulated period he can take it that the return filed by him has become final and no scrutiny proceedings are to be started in respect of that return. ..... there can be no dispute about the argument advanced on behalf of the revenue that in view of the amendment made in section 147 of the act w.e.f. ..... however, vide amendment made by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)111TTJ(JP.)959
..... moreover, the ao has not invoked the provisions of section 145 of the act and have not rejected the books of account.21. ..... 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. ..... state of bihar, a case arising under the bihar sales-tax act, 1944, the law relating to "best judgment" assessment was examined at length by this court. ..... the value apprised by the technical person, the dvo.working out value at 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. ..... it was incorporated under the companies act, 1956 vide certificate of incorporation bearing no. ..... therefore, the act of the ao and/or learned cit(a) in valuing a different figure than as explained by the assessee for closing stock is not a judicious act.in such circumstances and facts of the case, the valuation of closing stock of 43,442.53 carats is accepted at rs. ..... this is not the purpose of it act and the income cannot be computed on the whims, fancies, surmises and conjectures of ao. ..... he must not act dishonestly or vindictively or capriciously because he must exercise judgment in the matter. ..... it is not a judicious and judicial act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)106TTJ(JP.)1109
..... assessee for the delay.3.2 the submission of learned authorised representative in this regard remained that the assessee 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. ..... the exemption enjoyed by the applicant under section 10(20), taken away by inserting explanation in section 10(20) by finance act, 2002 can be enjoyed by such assessee by claiming exemption under section 11 on fulfilment of certain conditions like the assessee will have to apply for registration under section 12a and that the market committee established under a statute can be treated as charitable institution and exemption can be allowed under sections 11 and 12 subject to specific restriction under sections 11 to 13 of the act, the applicant applied for granting of registration ..... prior to amendment by finance act, 2002. ..... vol.i, wherein it has been made clear that in case where for reasons beyond the control of the assessee some delay has occurred in filing the auditors' report, the exemption as available to such trust under sections 11 and 12 may not be denied merely on account of delay in furnishing the auditors' report and the ito should record reasons for accepting a belated audit report. ..... state of punjab air 1980 sc 1008. .....
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