Court : Rajasthan
Reported in : (2002)77TTJ(NULL)849
..... section 80j was allowable only after deduction of unabsorbed depreciation of the current year. the madras high court relied on the provisions of section 32(2) of the act to hold the view that no distinction could be made between the current year's depreciation and the carry forward unabsorbed depreciation.1.16. the madras high court also did not ..... . it is pertinent to note here that clause (a) of section 43b at the relevant time referred only to tax or duty. however, the same was substituted by the finance act, 1988, with effect from 1-4-1989, to read as under :'(a) any tax, duty, cess or fees payable under a statute by whatever name called'.with the ..... 92 it is observed that the textile cess is levied and collected under a separate statute called textile committee act, 1963, which is a parliamentary act and as such come under the purview of section 43b after the amendment made by the finance act, 1988.26. as such considering all the facts of the case, the legal position emanating from the .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]133TAXMAN388(Raj)
..... . while admitting this appeal on 27-11-2000, the court had framed following question :'whether the newly inserted proviso vide the finance act, 1991 with effect from l- 10- 1991 to section 272a(2) of the act is applicable to the respondent-assessee whose default relates to assessment year 1989-90 requiring the assessee to file returns on or before 30-4-1989 for ..... orderthis income-tax appeal is directed against the order dated 11-10-1999 passed in ita no. 2168/jp/1994 for the assessment year 1989-90. the income tax appellate tribunal had passed the aforesaid order allowing the appeal in favour of the m/s. new rajasthan ..... on or before 30-4-1989 for the period ending on 31-3-1989. no law can have retrospective effect unless it is so provided specifically by the law itself. the income tax appellate tribunal has proceeded on the basis that the provisions as contained in section 272a(2) are purely procedural, which is totally incorrect, which has resulted into an incorrect .....
Tag this Judgment!Court : Rajasthan
Reported in : (2009)221CTR(Raj)566; [2009]316ITR426(Raj); [2009]180TAXMAN76(Raj)
..... the relevant considerations which were required to be taken into account in terms of sub-s. (2)(a) of section 40a of the act?2. the necessary facts in this regard are that the assessee entered into a lease agreement to have full finance for purchase of an effluent and a bottling plant, and other assets on lease for five years ..... that in absence of any proper evidence, and also considering the fact that it is a contractual liability under a valid agreement, and there is no justification to draw adverse inference arbitrarily. it was also held that the ao cannot compel any businessman to take loans from any bank where the interest charged is ..... claim of the assessee with regard to payment of lease rent. admittedly, the ao has not brought any evidence or material for departure from settled issue, and therefore, no useful purpose can be served by setting aside the items. then even de hors this, the learned cit(a) proceeded to consider the matter on merits, and considered .....
Tag this Judgment!Court : Rajasthan
Reported in : 1996(1)WLN569
..... making such presumption as a basis of his belief the competent authority is required to look at and feel satisfied of the existance of the physical facts mentioned in condition nos. (i) (ii) (iii) above, because the basis for the very presumption at (iv) is the existance of those facts. it would thus follow that the presumption mentioned in ..... (b) of sub-section (1) of section 269c. in this behalf mr. bapna relied upon punjab & harayana high court decision in the case of satlaj chit fund & financers private ltd. v. c.i.t. .5. mr. r.l. kalia learned counsel for the respondent, on the other hand, submitted that the presumption under section 269 ..... section 269c for the acquisition of the two immovable properties by publishing a notice to that effect in the official gazette as required by section 269d of the act. though the transferors filed their objections under section 269e contending therein that the two pieces of land were transferred at fair market value and that the consideration received .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)77TTJ(NULL)640
..... the aforesaid statutory provision, and so any information could also form the basis for addition as undisclosed income. but now, as section 158bb(1) stands as amended vide finance act, 2002, w.r.e.f. 1-7-1995, an information, available with the assessing officer, to form basis for addition in a block assessment, has essentially ..... however, now we may pause here for a moment to clarify the legal position on this point as it emanates from the statutory provisions after the amendment effected vide finance act, 2002 in section 158b w.r.e.f. 1-7-1995. on analyzing the statutory provisions, the relevant legal position, in respect of sustenance/deletion of ..... act, but found to be false.,(ii) an income in order to be included in the above aggregation has to be on the basis of evidence found as a result of search or requisition of books of accounts or other documents or 'such' other material or information, relatable to 'such' evidence, i.e., to the kind of evidence just mentioned above.step no .....
Tag this Judgment!Court : Rajasthan
Reported in : (2009)11VatReporter175
..... the dy. commissioner (appeals) and both the appellate authorities have concurrently held that the penalty under section 78(5) of the rst act, 1994 could not be imposed on the respondent-assessee, who was only handling agent of the cultivators, transporting wool in bags to two different registered dealers. the authority concerned on ..... . the first appellate authority as well as the tax board held that said penalty could not be imposed against the respondent-assessee, who was merely a handing agent and since no enquiry was held by the aa from the consignee the registered dealers of goods in question, therefore, the penalty could not be sustained.3. the learned counsel for the revenue ..... vineet kothari, j.1. heard the learned counsels for the parties.2. this revision petition is directed against the order of the tax board dated 20.3.2002 whereby the tax board dismissed the appeal of the revenue upholding the order of .....
Tag this Judgment!Court : Rajasthan
Reported in : (2007)207CTR(Raj)19; [2009]316ITR120(Raj)
rajesh balia, j.1. heard the learned counsel for the parties.2. at the time of admission of this appeal under section 260a of the it act, 1961, following question was framed as substantial question of law:whether, in the facts and circumstances of the case, once it was accepted by the assessing authority that heavy loss ..... ,956 was made. in addition thereto additions were made in respect of each of the expenses account on estimate basis.7. the cit(a) on appeal found that there being no change in the system of books of account, sales and purchases being fully vouched and explained and inventories of stock having been produced and not found to be incorrect and ..... , inventories of existing stock were not found to be incorrect by the ao i.e. that position of stock as shown in the account books was not incorrect. there being no dispute about the sales and purchases, non-maintenance of stock register lost its significance so far as arriving at gp is concerned. therefore, the cit(a) was right in his .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)76TTJ(NULL)164
..... given by these two depositors are concerned, the burden of the appellant-company is very light in view of the full bench judgment in the case of cit v. sophia finance ltd. : [1994]205itr98(delhi) and also the decision of the tribunal meera engg. & commercial co. (p) ltd. v. assistant commissioner . once the appellant-company ..... to 1985-86 shows that the amounts of loans given by her were shown as loan to 'relatives and associates' and to 'villagers and farmers'. there is no break-up and description of relatives, associates, villagers and farmers. the assessing officer further observed that the situation changed in assessment year 1987-88 when she is ..... shri prahlad rai ajmera, as unexplained cash credit. under the facts and circumstances of the case, he ought to have deleted the addition made by the assistant commissioner.'2. shri mahendra gargieya, the learned counsel appeared on behalf of the assessee. he submitted that both the persons, namely, smt. manju devi ajmera and shri prahlad .....
Tag this Judgment!Court : Rajasthan
Reported in : (2009)221CTR(Raj)259
..... will be derived by the assessee over a period of number of years in the future. it was also considered, that a new section 35dda has been inserted by the finance act, 2001 w.e.f. 1st april, 2001, provision whereof is to take effect from 1st april, 2001, as such that provision would not be applicable. however, the ..... insertion of the said section gives emphasis to the point, that nature of payment on account of vrs is an expenditure, which needs amortization, and no such provision was found in the act for the earlier period, whereby the claim could be allowed. the learned cit upheld the addition by finding that by effecting vrs there was brought into ..... 'ble supreme court held, that since the amount was laid out wholly and exclusively for the purpose of the business of the appellant, there was no reason for denying the benefit of section 10(2)(xv) which corresponds to section 37. it was found, that the appellant company continued to function even after its control passed on to the tatas .....
Tag this Judgment!Court : Rajasthan
Reported in : [2009]315ITR204(Raj)
..... a rule of thumb. since this provision was inserted with effect from april 1, 2003, the fact does remain that at the relevant time, there was no provision under the act to provide for a presumption about the valuation of the asset to be the one as determined by the stamp valuation authorities irrespective of the actual consideration for ..... is deemed to be the full value of consideration received or accruing as a result of such transfer for the purpose of section 48 but then sub-section (2) specifically provides that without prejudice to the provisions of sub-section (1), where the assessee claims before the assessing officer that the value adopted or assessed by ..... dated october 28, 1999, whereby the addition of rs. 10,84,835, made by the assessing officer, in the assessment order dated january 29, 1999, was deleted.2. for the present purposes, it would suffice to say that search operation was undertaken on the residential premises of the assessee on march 4, 1997. then in response to .....
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