Array
(
    [0] =>  ..... partner for the purposes of making block assessment on the firm, then the ao is required to invoke section 158bd of the it act, 1961. held accordingly, that the block assessment made on ..... void ab initio.cit v. tirupati oil corporation (2001) 248 itr 194 (bom)--in this case it has been held by the hon'ble bombay high court as follows : "a registered firm is a taxable unit under the it act, 1961, and if the ao wants to proceed under chapter xiv-b of the it act with regard to the undisclosed income of the  ..... 01 bunch of documents suppression of 22,01,048 total 73,26,112." 4. as per the grounds agitated before the cit(a), the appellant-firm's main contentions were that there was no discrimination between (a) the income and investment on one hand and the real and ostensible owner, on the other (b) the appellant firm prayed for  ..... 
    [1] =>  ..... by a businessman regarding not keeping the funds idle is not going to effect the charging of such receipt/income under different heads of income provided in section 14, under chapter ix of the it act, 1961. thus, such interest income cannot be treated at par with the interest earned on deposit compulsorily required to be made in the  .....  case of kamal co-operative sugar mills (supra) is of no help to the assessee in respect of interest income earned on such deposit.similarly, interest received from it department under section 244 on the income-tax refund, the same is having no connection with the acquisition of any fixed assets or the plant and machinery, ..... orders of the lower authorities and perused the materials placed in the record and deliberated upon the case law relied on by the learned departmental representative, ao, cit(a), and also the judicial precedents cited at bar by the learned authorised representative during the course of hearing. we had also deliberated upon the applicable  ..... 
    [2] =>  ..... weighment basis. therefore, accurate weighment of 3,000 mts would yield accurate valuation. it is found from the statements recorded by the it authorities that the income-tax officials had allowed opportunity to the assessee's representative to decide as to whether the stockyard and factory would remain under lock and key till the actual  .....  this bench when these appeals originally came up for hearing, the following question was referred for the opinion of third member under section 255(4) of the it act, 1961 : "whether, on the facts and the circumstances of the case, the view of the am is correct in holding that the authorities are not justified in .....  correct in holding that the authorities are not justified in straightaway estimating the value of stock without physically weighing them during operation under section 132 of the it act particularly when the assessee maintains regular books of account which are checked by the central excise authorities time to time, or the view of the jm is ..... 
    [3] =>  ..... , he was of the opinion that interest being a part of the duty will attract the provisions of section 43b of the it act, 1961. the learned cit (a) also distinguished the decisions in the cases of hindustan motors ltd. v.cit and cit v. padmavati raje cotton mills ltd. and relied upon by the assessee. being aggrieved with the order of the learned ..... incur expenses towards various social and other purposes under the instructions of the government, at the same time again, such expenses being denied in their income-tax assessments, they will be required to pay huge amounts of taxes on notional profits not actually earned by them. this state of affairs cannot accord with the canons of justice in the field of .....  income-tax assessments.57. considering the totality of the facts of the case and relying on the case decisions cited above, we are of the considered opinion that the  ..... 
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