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Assistant Commissioner of Income Vs. Jaipur Stock Exchange

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2007)108TTJ(JP.)393

..... rao bahadur calavala gunnan chetty charities .since the appellant assessee has been held as charitable institution as per section 2(15) of it act, 1961, respectfully following the decision of the above hon'ble high court, the ao is directed to allow depreciation as per schedule 4 of annual accounts of the year under appeal after due verification.16 ..... on appeal, the aac noticed that in the year under consideration, there was a marked difference on the facts, as the assessee had amended its memorandum and articles of association at an extraordinary general body meeting held in december, 1973, whereby a clause prohibiting distribution of profits by way of interest or dividend in cash or in kind to the members, so long as the central government prohibited such ..... that case the assessee had distributed suitcases to the shareholders despite there being a letter from ministry of finance prohibiting the giving of presents of the value of rs. ..... cit (1980) 16 ctr (raj) 58 laration merely confers power : (1980) 125 itr 55 (raj), it to carry on such activities is held by the jurisdictional which support the promotion of high court that a business the objects of the ..... cloth manufacturers association (1979) 13 ctr (sc) 378 : (1980) 121 itr 1 (sc). ..... cit (1980) 126 itr 532 (del), in the circumstances when there was no prohibition to declare dividend or profit to members and therefore, the assessee was not entitled to the exemption and this view of delhi high court ..... cit (1980) hange association ltd. .....

Mahesh Joshi (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2007)107TTJ(JP.)120

..... at para 3.1 had submitted as under: that search and seizure operation under section 132 of the it act, 1961, were carried out against shri mahesh joshi on 16th nov. ..... the assessment made under chapter xiv-b of the act, in pursuance of notice under section 158bd is treated as invalid and void ab ..... and circumstances and in the light of the foregoing discussions, we are of the view that issuance of notice under section 158bd of the act is not justified. ..... section 263, powers of the cit are similar to the powers of the ao under section 158bd of the act ..... as per section 158b(b) 'undisclosed income' includes: any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this act or any expenses ..... that the assessee had already declared the said deposit and the investment therefrom in the returns filed under section 139(1) then the ao is not further justified in making the additions of said amount in the assessment under chapter xtv-b of the act. ..... matter, it may be mentioned that satisfaction in such cases is arrived at on the basis of cogent and demonstrative evidence but might not have been specifically recorded as is normally done under section 148 of the act. .....

income Tax Officer Vs. Manohar Das Agarwal [Alongwith

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2006)102TTJ(JP.)636

..... cit(a) has erred in: (i) not accepting the plea of the appellant that the learned ao is wrong, unjust and has erred in law in initiating proceedings for reassessment and in issuing notice under section 148 of it act, 1961 and (ii) rejecting plea of the appellant that the learned ito ward-6(1), jaipur has wrongly assumed jurisdiction over the case of appellant and on this account the entire assessment proceedings and assessment completed ..... hon'ble gujarat high court, relied on by the learned departmental representative are distinguishable, since in that case the amount was borrowed for payment of income-tax, wealth-tax and annuity deposit under section 57(iii) on the ground that if she had not borrowed the money, she would have had to liquidate her shareholdings and thus would have lost one of her source of income and in ..... and thus the learned cit(a)had rightly come to the conclusion that the assessees were entitled to claim deduction on interest paid by them on borrowed funds for the purpose under section 57(iii) of the act, especially when the department has not questioned the first appellate order in the asst. yr. ..... in support of this objection, the learned authorised representative submits that notice under section 148 of the act issued by the ao, mumbai remained unserved, for the reason that same addition was made in assessee's case for ..... received crossed account payee cheques from eurasia finance co. ..... the assessees remained that these interest were paid to eurasia finance co. .....

Assistant Commissioner of Income Vs. Smt. Radha Rani

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2006)101TTJ(JP.)1017

..... finance act, 2002 had brought an amendment in section 113 and surcharge was levied on block assessment from prospective effect and not from retrospective effect which further clarifies the intention of law-makers that surcharge has ..... (a) has erred in law and fact while deleting the surcharge levied as the finance act clearly laid down that surcharge is leviable on rate prescribed under section 113 of the act. ..... with the arguments of counsel for the assessee and the decisions cited by him and are of the view that the search in the present case was carried on 7th april, 2000 and amendment in section 113 came into effect from 1st june, 2002 which is from the prospective effect. ..... above discussions and decisions, we are of the view that the amendment in section 113 for levy of surcharge on block assessment has to be with prospective affect and, therefore, the learned cit(a) has rightly deleted the surcharge under section 113 levied by the ao in the present case. ..... for block period would be governed by charging section 4 of the act, which says that rates prescribed under central act would be applicable to income of previous year ..... hon'ble apex court was with regard to sales-tax and central sales-tax and the assessment was a normal assessment and best judgment assessment under the state sales-tax act and central sales-tax act which is quite different from the search assessment under chapter xiv-b, in the present case. ..... has challenged the deletion of surcharge under section 113 of the act. .....

Jaipur Bottling Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2006)101TTJ(JP.)192

..... unamended law, applicable before 1st april, 1989, the notice could have been issued within 8 years from the end of the relevant assessment year, but as a result of amendment under section 149, such notice can be issued within 10 years from the end of relevant assessment year, as enlarged period of limitation became effective before the expiry of the then existing ..... , we may observe that, by the finance bill, 1992, the definition of the term 'small scale industrial undertaking' in section 80-ia has been amended to the effect that, the said expression cover only those small-scale industrial undertakings which are regarded as such undertakings under section 11b of the industries (development and regulation) act, 1951. ..... amended provisions of section 148(1) (operative from 1st april, 1989, it mandated that a section 148 notice not giving a minimum period of 30 days for furnishing the return could not be sustained in view of the expression, 'not being less than 30 days' in the said section 148(1).but by finance ..... under section 149(1)(b) of the act, as per amended provisions as applicable on date of issue of the notice, the notice under section 148 shall not be issued for the relevant assessment year if seven years, but not more than 10 years, have elapsed from the end of the relevant assessment year, ..... 1986-87 where the investment allowance has been allowed as a deduction to the assessee under section 32a of the act.since the facts in this case are similar to the facts in the assessee's own .....

Deputy Commissioner of Income Tax Vs. Hotel Samode Palace

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2006)100TTJ(JP.)1080

..... is to be allowed and credited to a reserve account to be utilized for the purposes of the business of the assessee in the manner laid down in sub-section (4).sub-section (4) of section 80hhd says that the amount credited to the reserve account under clause (b) of sub-section (1) shall be utilized by the assessee before the expiry of a period of five years next following the previous year in which the amount was credited for the ..... currency collection as the mere motive and also the allowability of deduction on all receipts ancillary to original business of hotel running, then there should not have been any reasons to include sub-section (2) which reads that such deduction be available on only sale of service provided to foreign tourists, and not on sale of any goods or merchandise in any shop owned or managed by the ..... upon the order of learned cit(a) has argued that provision of bar/foreign liquor, catering facilities are the services provided to foreign tourists as per section 80hhd(2) of the act and these are not the sales in a shop which are available in hotel like handicrafts, gift items, etc. ..... and includes the provision of services in connection with business of any industrial or commercial nature such as accounting, banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging.8. .....

Jai Kumar JaIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2006)99TTJ(JP.)744

..... the vdis declaration by the family members has been accepted and certificate under section 68(2) of the finance act, 1997, has been issued by the learned cit. ..... vijaya devi to be valid disclosures and issued certificate under section 68(2) of the finance act, 1997 on 22nd feb. ..... cit (2003) 79 ttj (jd) 1, where it was held as under: in our considered opinion, it may hardly be deniable that the indian evidence act or for that matter the statutory provisions of the indian evidence act may not be applicable strictly to the proceedings under the it act but the basic/broad principle of the law or evidence do apply to the said proceedings, it is settled position of law that the slips or loose sheets do not fall within the purview of 'book'. ..... no presumption can be drawn against the assessee under section 132(4a) of the it act, 1961, in respect of a paper not (recovered) from him. ..... the learned cit(a) held that interest under section 158bfa should not be imposed for the period of delay in the supply of photocopy of the seized material to the appellant.54. ..... 13 : directing the ao not to charge interest under section 158bfa(1) for the period of delay in supply of photocopies of the seized material particularly when the charging of interest under section 158bfa(1) is mandatory 52. .....

Hindustan Coca-cola Beverages Vs. Ito, Tds Range-7

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2005)97ITD105(JP.)

..... the view that the above facts have no bearing to the facts of the appellant assessee, therefore, the citation as given by the learned authorised represented has no help in disposal of this appeal as the provisions of section 194h are inserted recently by finance act, 2001 with effect from 1-6-2001. ..... " the main issue in both the appeals are that the assessing officer has passed order under section 201(1) for not deducting tax at source under section 194h of the act on distribution and commission from 1-6-2001 onwards.the brief facts of the case are that the assessee is a company engaged in the manufacturing and distribution of non-alcoholic beverages packed in ..... assessee ought to have deducted tds on such distribution and commission under section 194h of the income tax act, 1961 from 1-6-2001 onwards and accordingly held the assessee liable under section 201 (1) of the act as deemed to be an assessee in default in respect of the tax and ..... account maintained, various arguments of both the parties.the learned authorised representative, first of all argued to explain the difference between the principal-to-principal basis transaction and principal to agent transaction as per section 182 of indian contract act, 1882 which defined agent and principal as under : "an 'agent' is a person employed to do any ..... -company raised as much as seventeen objections against the passing of order of assessing officer under section 201 (1) of the act and the demand as above said, which are available in ld. .....

Hindustan Coca Cola Beverages (P) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2005)98TTJ(JP.)1

..... cit(a) was of the view that the above facts have no bearing to the facts of the appellant assessee, therefore, the citation as given by the learned authorised representative has no help in disposal of this appeal as the provisions of section 194h are inserted recently by finance act, 2001 w.e.f. ..... assessee ought to have deducted tds on such distribution and commission under section 194h of the it act, 1961, from 1st june, 2001 onwards and accordingly held the assessee liable under section 201(1) of the act as deemed to be an assessee-in-default in respect of the tax and raised the demand of rs. ..... the learned authorised representative, first of all argued to explain the difference between the principal-to-principal basis transaction and principal to agent transaction as per section 182 of indian contract act, 1882 which defined agent and principal as under: "an 'agent' is a person employed to do any act for another or to represent another in dealing with third persons. ..... before the learned cit(a) the assessee-company raised as much as seventeen objections against the passing of order of ao under section 201(1) of the act and the demand as abovesaid which are available in learned cit(a)'s orders pp. 2 to 4. ..... the main issue in both the appeals are that the ao has passed order under section 201(1) for not deducting tax at source under section 194h of the act on distribution and commission from 1st june, 2001 onwards.4. .....

Hindustan Coca-cola Beverages Vs. the Income Tax Officer, Tds

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... of this appeal as the provisions of section 194h are inserted recently by finance act, 2001 w.e.f. ..... assessee ought to have deducted tds on such distribution and commission under section 194h of the i.t act, 1961 from 1.6.2001 onwards and accordingly held the assessee liable under section 201(1) of the act as deemed to be an assessee in default in respect of the tax ..... explain the difference between the principal to principal basis transaction and principal to agent transaction as per section 182 of indian contract act 1882 which defined agent and principal as under: "an 'agent' is a person employed to do any act for another or to represent another in dealing with third persons. ..... much as seventeen objections against the passing of order of ao under section 201(1) of the act and the demand as above said which are available in ld. ..... appeals are that the ao has passed order under section 201(1) for not deducting tax at source under section 194h of the act on distribution and commission from 01.06.2001 onwards.4. ..... the provisions of section 194h contained in the act are as under: any person, not being an individual or a hindu undivided family, who is responsible for paying, on or after the 1st day of june, 2001, to a resident, any income by way of commission (not being insurance commission referred to in section 194d) or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft .....