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The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... to reserve bank of india guidelines. such a conclusion will be not only absurd but against all principles of law.30. from above discussion it is clear that the income-tax act 1961 is a special act. i reserve bank of india guidelines have been issued under delegated legislation for the purpose of effective supervision and control of monetary and credit system. the reserve bank ..... -obstante clause appearing in section 45q; (ii) that the income-tax act, 1961, is a general act, whereas reserve bank of india act is a special act; (iii) that it was not the case of the department that there was excess delegation of power. therefore, the provisions of reserve bank of india act would override the provisions of income-tax act 5. he further submitted that in assessment year 1993-94 .....

Shri. C.V. Sunny, Prop. Pavizham Vs. the Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

..... reported in 284 itr 220 held as under: the expression "such other materials or information as are available with the assessing officer" in section 158bb of the income-tax act 1961, can not be bisected or taken in isolation for the purpose of computation. such other materials or information as are available with the assessing officer should be relatable ..... revenue preferred an appeal which was dismissed by the tribunal and that has led to the appeal before the honorable high court under section 260a of the income-tax act 1961. learned counsel for the revenue has contended that the books are liable to be rejected for the entire year and this the assessing officer has done and ..... that the assessment for both the years had been made under section 143(3) of the income tax act 1961 and notice was issued under section 143(2). it was apparent that the assessing officer added rs. 4 lakhs as undisclosed income acting on the statements of the assessee's partner made in the course of the search. though, .....