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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Mumbai
Reported in : (2003)180CTR(Bom)319; [2003]259ITR391(Bom)
s.h. kapadia, j.1. two questions of law have been referred to us under section 256(1) of the income-tax act, 1961, at the instance of the assessee arising in the assessment years 1976-77 and 1977-78, which are as follows :'whether, on the facts and in the circumstances of the ..... method followed by an assessee in the matter of accounting cannot be said to restrict the accrual of income under section 5 of the income-tax act. section 5(2)(b) of the income-tax act indicates accrual/deemed accrual of income whereas, section 145(1) of the income-tax act deals with the method of accounting. if this distinction is kept in mind then it is clear that the ..... books of account of the non-residents on the one hand and the books maintained by the counter-party on the other hand. lastly, there is no prohibition under the income-tax act which prohibits, as a general rule, all non-resident assessees from maintaining accounts on cash basis. they are free to adopt the cash or mercantile system. in fact, the .....
Tag this Judgment!Court : Mumbai
Reported in : 2003(2)BomCR56; (2003)2BOMLR184; [2003]260ITR6(Bom); 2003(2)MhLj963
..... july 15, 2002, being exhibit j. 1 to exhibit j. 3 issued under section 226(5) read with the third schedule to the income-tax act, 1961, under which the deputy commissioner of income-tax--respondent no. 1, has prohibited twinstar holdings limited--petitioners from receiving shares mentioned in the impugned notices. by the said notices, the depository ..... law.point for determination;21. whether the impugned attachment was in consonance with the provisions of section 226(5) read with the third schedule to the income-tax act, 1961, is the issue, which arises for determination in this case. for that purpose, one also has to examine the applicability of section 281 to the ..... approval on february 16, 2001. that, in the meantime, the official liquidator obtained noc on june 15, 1999, from the assessing officer under section 178 of the income-tax act. as stated above, on december 8, 1999, there was a search, which ultimately resulted in block assessment orders to be passed on december 31, 2001, and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)87ITD607(Mum.)
..... the identical issues. for the sake of convenience these are consolidated and disposed of by a common order.2. a search action under section 132 of the it act, 1961 (hereinafter called the act) was conducted on 20th nov., 1995 at the office and residential premises of k.p. irani group. appellants belong to this group. the business of the ..... the expiry of four years from the end of the relevant assessment year can be issued only in a case where the ao has reason to believe that income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose material facts necessary for assessment. in the present case, we ..... stated that the reopening was made pursuant to the audit objection. ao had reason to believe that income chargeable to tax has escaped assessment for the block period inasmuch as assessee did not follow the prescription of section 40a(3) of the act in regard to the expenditure. the entire cash expenditure was found to be not allowable in .....
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