Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter xiv procedure for assessment Sorted by: old Court: mumbai Page 5 of about 391 results (0.156 seconds)

NagIn Das M. Goradia Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)151

..... xiv-b has been spelt out." 28. the hon'ble delhi high court, in the case of cit v. ravi kant jain (supra) (cited by the assessee), has held: "block assessment under chapter xiv-b of the it act, 1961, is not intended to be a substitute for regular assessment. its scope and ambit is limited in that ..... , recognises that post search enquiries unrelated to evidence obtained as a result of search cannot be the basis for block assessment. the methodology to compute the undisclosed income, as prescribed in section 158bb, makes the position of law clear that what is not relatable to evidence found as a result of search will not be ..... and such other materials or information available with the ao and relatable to such evidence", regular assessment/reassessment can be the only recourse available. if undisclosed income simply means an income not returned or assessed prior to search, any addition which could have been justifiably made in regular assessment could be assessed in the block assessment so .....

Deputy Commissioner of Income Tax Vs. Govind Rubber (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)89ITD457(Mum.)

..... has no application to the facts of the present case as this case also deals with the question whether the benefit under section 80hhc of the it act, 1961 can be claimed in the total income after deduction of unabsorbed loss and unabsorbed depreciation, this has nothing to do with the issue under consideration.15. in the case of g.t ..... deduction whereas section 115j is a charging section. as per section 80hhc, deductions are to be made out of the taxable income, if any, whereas as per section 115j income has to be determined for charging the tax. therefore, if deduction is not allowed under section 80hhc, it is not going to affect the computation under section 115j ..... book profits attributable to export-under section 80hhc. according to the ao, the deduction of book profits attributable to export under section 80hhc for the purpose of tax payable on book profit under section 115j is not allowable because the assessee has not been allowed any deduction under section 80hhc. the ao has not taken .....

Devang S. Desai Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD107(Mum.)

..... it act concerning the assessment provisions under chapter x1vb of the it act, 1.2 the learned dy. cit ought to have strictly followed the procedure for assessment prescribed in chapter xiv-b of the it act and computation of total income ..... grounds are dismissed and ground no. 1 being identical in both the appeals is hereby reproduced as follows : "1.1 the learned dy. cit erred in rejecting the claim of your appellant under section 54f of the it act, 1961, amounting to rs. 63,760, in total disregard to the facts of the case and the relevant provisions of the ..... account the method and the manner laid down in chapter-iv of it act.11. on behalf of the assessee, an argument was also advanced that under bona fide belief the long-term capital gain was not disclosed originally at the time of filing the income-tax return treating the same being exempt under section 54f. according to .....

Mittal Court Premises Co-operative Society Ltd. Vs. Ito

Court : Mumbai

Reported in : [2010]320ITR414(Bom); [2004]140TAXMAN145(Bom)

..... 148. in the present case, notices under section 148 were issued and assessments were made within the limitation laid down in sections 149 and 153 of the income tax act, 1961. we find force in the contention of the revenue that so long as ingredients of section 147 are fulfilled and so long as the assessment is made ..... legal effect of 'intimation' issued under section 143(1)(a) vis-a-vis regular assessment contemplated by sub-section (3) of section 143. chapter xiv of the income tax act, 1961 in which section 143 occurs is captioned as 'procedure of assessment'. the marginal note of section 143 is 'assessment. section 143 provides for two procedures of assessment, ..... patil, the learned senior counsel for the assessee submitted that the assessee society had filed its original return of income on 22-10-1997, which was processed by the assessing officer under section 143(1)(a) of the income tax act, 1961 on 19-6-1998 in pursuance of which 'intimation' under section 143(1)(a) was issued on 19 .....

Jt. Cit Vs. Latika V. Waman

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT535(Mum.)

..... are directed against the undated order of the cit (a) passed under section 158bc of the income tax act, 1961 (hereinafter referred to as the act) for the block period consisting of assessment years 1989-90 to 1999-2000.the grievance of the department is against the deletion of the entire undisclosed income of rs. 12,60,000 ignoring the fact ..... not subjected to search by issue of warrant in her name, the assessing officer could not assume any power to make the assessment of undisclosed income under chapter xivb of the act. if in the course of search on shri vishwamber, any material incriminating his wife had been found, then the proper course for the assessing ..... was estopped from raising any technical objection. so, he brought the difference of rs. 12.60 lakhs to tax as the undisclosed income of the assessee.the same objection was raised by the assessee before the cit (a). the cit (a) held that since the assessee was having her proprietary business at the address which was mentioned in .....

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)201

..... the claims made by the assessee with regard to exemption and/or deduction. those can be considered under section 143(3) of the said act of 1961, whereas the third income being 'the undisclosed income' is taxed and by way of block assessment resulting in search and seizure. such block assessment is made under section 158ba. the logic behind the two ..... 1. this appeal has been filed by the assessee on 28th aug., 1997 against the order of the learned dy. cit, special range-34, mumbai, in the case of the assessee under section 158bc of the it act, 1961, for the block period from asst. yrs. 1987-88 to 1996-97 and for the incomplete asst. yr. 1997-98 from ..... block assessment and the regular assessment. as has been held by the division bench in dy. cit v. shaw wallace and co. ltd. that there are three types of income within the meaning of the said act of 1961, i.e., incomes which are offered for taxation, incomes which are shown in the return but deductions have been claimed wrongly and undisclosed .....

Anant R. Thakore Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT298(Mum.)

..... final hearing before the tribunal. regarding rectification application moved before the assessing officer., it is undisputed that the same has not been disposed of till date. section 249(4) of income tax act, 1961 reads as under : "(4) no appeal under this chapter shall be admitted unless at the time of filing of the appeal, (a) where a return has been filed by the ..... (appeals) erred in dismissing the appeal in limine on the ground that the appellant has not paid full self-assessment tax on block return of income and hence the appeal cannot be admitted as per provisions of section 249(4)(a) of the income tax act, 1961.2.1 the learned commissioner (appeals) erred in holding that, the appellant for assessment year 1991-92, having not .....

Mr. Parashuram D. Patil Vs. Asst. Commissioner of I.T.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... section 255(4) of the income-tax act, 1961: whether long-term capital gain is subject to tax @ 60% as provided under section l13 being part of undisclosed income assessed under chapter xiv-b of l. t. act or the same is subject to tax @ 20% under section 112 which lays down rate of tax on long-term capital gains? 1 ..... accordingly. he emphasized that all provisions applicable to a regular assessment are applicable to the assessment made under chapter xiv b of income-tax act as is clear from section 158bh of the income-tax act. in this connection shri trivedi referred to two decisions of itat kerala bench, wherein it was held that even in cases of ..... decision followed the second decision. shri trivedi further submitted that under the scheme of the income-tax act relating to computation of "undisclosed income" the total income is to be charged at the rate of 60% under section 113 of the income-tax act.however, there is nothing to show that provision of section 113 override the provision of .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the claims made by the assessee with regard to exemption and/or deduction. those can be considered under section 143(3) of the said act of 1961, whereas the third income being "the undisclosed income" is taxed and by way of block assessment resulting in search and seizure. such block assessment is made under section 158ba. the logic behind the ..... as the issues raised therein are based on transactions which, by no stretch of imagination can be said to be undisclosed transactions falling under section 158b of the income-tax act, since the transactions in question were disclosed in returns which were the subject-matter of regular assessment the same ought to have been assessed in the regular ..... what is to be seen in the case is as to whether the facts which came to light pursuant to the search conducted under section 132 of the income-tax act, could come to light in the proceedings relating to regular assessment and whether such facts were brought to light as a result of the enquiries made in .....

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... directed against the order of the cit(a), central-viii at mumbai, passed on 28th nov., 2003. these appeals arise out of the block assessment completed under section 158bc(c) r/w section 143(3) of the it act, 1961. the block assessment order has been passed on 27th dec., 2000, fixing a total undisclosed income of rs. 13,73,35,263 ..... as against nil income returned by the assessee.2. the assessee in this case, m/s sun pharma exports (spex ..... consideration in a block assessment.25. the third principal ground raised by the assessee firm is that the cit(a) has erred in holding that the assessee-firm was not entitled for the deduction under section 80-ia of the it act, 1961, for the alleged reason that the various conditions attached thereto have not been fulfilled by the assessee-firm .....