Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: old Court: income tax appellate tribunal itat agra Page 1 of about 18 results (0.095 seconds)

Torrent Financiers Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2001)73TTJAgra624

..... concerns will amount to utilisation of funds for business purposes is apparently not acceptable.the learned departmental representative relied on the order of assessing officer and contended that the business of the assessee was business of finance and not trading or manufacturing, therefore, interest-free advance cannot be given because the assessee himself is claiming rs. ..... of part of the interest under section 36(1)(iii) of the income tax act, 1961 was justified. ..... carrying on business of sugar manufacture-huge amounts advanced to directors at very low rate of interest-difference between interest paid to banks and interest recovered from directors not allowable under section 36(1)(iii)-income tax act, 1961, section 36(1)(iii). ..... be used in business-borrowed capital invested in executing contracts-from contract receipts, sums advanced interest-free to relatives of partners-interest paid on borrowed capital to extent relatable to sums advanced to relatives not deductible-income tax act, 1961, section 36(1)(iii). ..... hundis dated 1-6-1983, which were co-accepted by bankbank subsequently disowning hundis and debtor company going into liquidationno interest debited to accounts of debtors after 1-6-1983no interest accrued after 1-6-1983-income tax act, 1961. ..... issue is restored back to the file of assessing officer for the limited purpose to recalculate disallowance of interest paid on borrowed funds, if any in accordance with the above observations and as per provisions of income tax act. .....

Goyal Iron and Steel Works (India) Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Agra

..... similar issued was considered by hon'ble madras high court in the case reported in 25 stc 464 wherein it was held that the assessment cannot be opened under tamil nadu general sales-tax act, merely on the basis that the figures accounted for by the assessee and the figures furnished for availing the higher quota were different.10. ..... is illegal.in the instant case, as there is no error either of law or of facts, we hold that the order passed by ao was not erroneous and the cit has wrongly assumed jurisdiction under section 263 of the act in setting aside the assessment orders therefore, cancel the orders under section 263 passed by the cit in all the three cases.23. ..... the assessments of the assessee for the previous years under section 16 of the tamil nadu general sales-tax act, 1959, on the ground that the accounts did not reflect properly the production and also levied penalty. ..... of section 263(1), it is clear that power of suo motu revision can be exercised by the cit only if on examination of any proceedings under the it act, he considers that any order passed thereon by the ao, was "erroneous" in so far as it is prejudicial to the interests of the revenue. ..... "the cit may call for and examine the record of any proceeding under this act, and if he considers that any order passed therein by the ao is erroneous insofar as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be made such .....

Goyal Iron and Steel Works (India) Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2002)76TTJAgra578

..... considered by hon'ble madras high court in the case reported in 25 stc 464 wherein it was held that the assessment cannot be opened under tamil nadu general sales tax act, merely on the basis that the figures accounted for by the assessee and the figures furnished for availing the higher quota were different.the learned counsel further argued that where two opinions ..... there is no error either of law or of facts, we hold that the order passed by assessing officer was not erroneous and the commissioner has wrongly assumed jurisdiction under section 263 of the act in setting aside the assessment orders therefore, cancel the orders under section 263 passed by the commissioner in all the three cases. ..... 263(1), it is clear that power of suo motu revision can be exercised by the commissioner only if on examination of any proceedings under the income tax act, he considers that any order passed thereon by the assessing officer, was "erroneous" in so far as it is prejudicial to the interests of the revenue ..... assessments of the assessee for the previous years under section 16 of the tamil nadu general sales tax act, 1959, on the ground that the accounts did not reflect properly the production and also levied penalty ..... all the three appeals have been directed by the assessee against the order under section 263 of the act passed by commissioner pertaining to block period 1-4-1986 to 18-3-1997.briefly the facts of the case are that m/s goyal iron & steel works (india) is a partnership firm engaged .....

Das'S Friends Builders (P) Ltd . Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2004)88TTJAgra651

..... stated that the details of investments made by it during financial year 1999-2000 were not available at present.the assessing officer, therefore, rejected the books of account under section 145(3) of the act mainly due to the following defects : (1) proper stock register and work-in-progress register was not maintained; (2) no separate particulars of expenses are maintained for each project; he accordingly held that the ..... which is added to the total income of the assessee; (3) in respect of undisclosed investment in the friends apartments in other years, proper action will be taken under section 148 of the act; (4) as the friends palace was still incomplete, its cost of construction will be considered in the year in which the said project was completed.aggrieved by the order passed by the ..... his contention that the reference was correctly made, or how the dvo who is not an authority under the income tax act issued notice under section 131 which was challenged by the assessee and request rejected only after the inspection had been done. ..... were spent in raising the construction they would certainly be entitled to take suitable proceedings under the income tax act against the declarant/assessee".in view of above judicial pronouncements, we have no hesitation in holding that the assessing officer was within his rights in issuing commission under section 131(1)(d) of the act to the dvo seeking his opinion on the cost of investment in the construction of friends apartments. ..... by finance (no .....

ito Vs. S.K. Iron Foundry and Engineering

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2004)91TTJAgra547

..... there was no obligation to furnish that audit report before the assessing officer before the specified date.this obligation has been created by substituting the words "furnish by" for the words "obtain before" by the finance act, 1995, with effect from 1-7-1995. ..... jai durge construction (2000) 245 itr 857 (all), wherein the hon'ble allahabad high court has held, thus -- "the obligation created by section 44ab of the income tax act, 1961, as it stood prior to 1-7-1995, was merely to get the accounts audited before the specified date. ..... 52,290 imposed under section 271b of the act by assessing officer especially when the assessee has not filed the audit report as prescribed under section 44ab of the act within the stipulated time under law. ..... since the return had been filed under section 139(4) and no reasons had been given for not filing, the audited report within the time allowed under section 139(1) of the act, the assessing officer imposed penalty under section 271b of the act. ..... according to him, non-furnishing of audit report within the time prescribed under section 139(1) of the, act, would attract penalty under section 271b of the act. ..... therefore, the assessing officer initiated penalty proceeding under section 271b of the income tax act. .....

Davi SarIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2003)84ITD391Agra

..... authorities has not by that time taken over in possession by the department and without requisition, notice under section 158bc is premature and illegal in view of provisions of section 158bc of the act, which says : "where any search has been conducted under section 132 or books of account, other documents of assets are requisitioned under section 132a, in the case of any person, then,-- (i)............. ..... finance act, 1995 inserted a new chapter xiv-b in the ..... the legality of notice issued, determination of block period and undisclosed income, we have gone through the provisions of chapter xiv-b of the it act, 1961 which is containing special procedure for assessment of a search initiated under section 132 or books of account, other documents or any ..... . from the above, it is seen that common order was passed for action under sections 132 and 132a of the it act by issuing single notice under section 158bc of the it act for filing return for the undisclosed income claimed to have been detected during course of search under section 132 at the premises of the assessee and bank lockers ..... . we noted during course of hearing that department during course of search under section 132 of the it act at the premises of the assessee could not get any evidence in form of entry in books of account or other documents or transaction about speculation business carried out by ..... the words "execution" and "requisition" while calculating the period of limitation in section 158be of the it act, the finance (no .....

ito Vs. Gargh Sons

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2004)87TTJAgra488

..... our view, unless it is held that the instructions in question have been issued by the cbdt in exercise of its power conferred under section 119 of the act, the same cannot be said to be statutory in nature and would be an administrative instruction for the guidance of the it authorities and as such would have no force of law.be that as it may be, we are bound by ..... jain motors tractors, kachahari chauraha, jhansi (supra) in, great detail and it has been held that since the instruction in question has not been issued in exercise of power conferred on cbdt under section 119 of the act, the same cannot, be held to be statutory in nature but is merely the administrative instruction for the guidelines of the it authorities, hence, the same could not be enforced through court of law.thus, according to ..... he has also mentioned that the decision in the case of kerala finance corporation (supra) has been overruled on facts only and not in respect of the proposition of law relied upon by this bench.the learned departmental representative has further mentioned ..... submitted that procedure for filing the appeal is given in the income tax act and rules on the basis of which appeals are being filed before the ..... the language of the circular in question issued by cbdt would show that they were issued under section 119 of the act.he has further mentioned that the reliance made upon the decision in the case of kerala finance corporation v. .....

S.E. Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2004)88ITD620Agra

..... assessment order for the assessment year 1998-99, wherein the assessing officer has given the finding that the closing stock shown in the balance sheet is running stock in the amounts financed to the hirers, which clearly indicates that the stock is a capital stock and not the revenue stock and the same has not been disclosed in the trading and profit and loss ..... of "credit institution" inserted by the finance act, 1991 w.e.f. ..... the finance charges accruing or arising to hire purchases finance company are in the nature of interest as defined in section 2(7) of the interest-tax act, and, therefore, chargeable to interest-tax act.13. ..... is found to be in the nature of finance transaction, then interest on such financing transactions shall be chargeable to interest-tax act.15. ..... acting under these instructions, the assessing officers have been treating all the hire-purchase transactions as mere financing transactions without distinguishing between a true hire-purchase transaction and a financing transaction in ..... purchase transactions entered into by the hire-purchase companies and other credit institutions are generally in the nature of financing transactions and hence the hire chargers earned in the transactions would be in the nature of interest chargeable to tax under the interest-tax act, 1974. ..... finance charges relating to the so called hire purchase transactions are, in fact, interest on loans and advances and the same have been rightly held to be chargeable under the interest-tax act .....

S.E. Investments Limited Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2004)83TTJAgra809

..... referred to the amended definition of "credit institution" inserted by the finance act, 1991 w.e.f. ..... dated 25th march 1996, and clarified that the finance charges accruing or arising to hire purchases finance company are in the nature of interest as defined in section 2(7) of the interest tax act, and, therefore, chargeable to interest-tax act.13 ..... on examination of relevant material, the transaction is found to be in the nature of finance transaction, then interest on such financing transactions shall be chargeable to interest-tax act.15 ..... . acting under these instructions, the assessing officers have been treating all the hire-purchase transactions as mere financing transactions without distinguishing between a true hire-purchase transaction and a financing transaction in the form of a hire-purchase transaction ..... dated 25.3.1996, it was stated that hire purchase transactions entered into by the hire-purchase companies and other credit institutions are generally in the nature of financing transactions and hence the hire chargers earned in the transactions would be in the nature of interest chargeable to tax under the interest-tax-act, 1974 ..... for the assessee have been dealt with by the cit (a)-ii in detail in his impugned order and are found not applicable in the instant case.according to her, the finance charges relating to the so called hire purchase transactions are, in fact, interest on loans and advances and the same have been rightly held to be chargeable under the interest tax act.11 .....

Deputy Commissioner of Income Tax Vs. Allen and Alvan (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2003)81TTJAgra751

..... of section 80hhc(4b), which says as under (inserted by finance act, 1999, w.e.f. ..... that the tribunal was justified in directing the ao to treat the interest income from fixed deposits as eligible profits of the business while computing the deduction under section 80hhc and section 80-i of the it act, 1961, the special leave petition, filed before the hon'ble supreme court by the department was also dismissed, [(2000) 244 itr (st) 54).13. ..... the ao further mentioned in his order that the clarification issued by the board was in the context of section 194a of the it act, 1961, which will not be applicable to the certificate of deposits, as the amount is only discount and not interest serves only a limited purpose and has a definite meaning and these provisions are machinery sections ..... of appeal is that the cit(a) has erred in law and on fact in directing the ao to recompute the deduction under section 80hhc of the it act, 1961, allowing the claim of deduction in respect of discount received from the bank on certificate of deposit.3. ..... been raised as to whether difference between the issue price and face value of certificate of deposits should be treated as interest and in which case, it would be liable to deduction of tax at source under section 194a of the it act, 1961, or it should be treated as "discount", which is not liable to deduction of tax at source. ..... 260 itr 371 (bom) has held as under : "explanation (baa) to section 80hhc of the it act, 1961, was inserted by the finance (no. .....