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Commissioner of Income-tax Vs. Texmaco Ltd.

Court : Kolkata

Reported in : [1994]209ITR620(Cal)

..... the income-tax officer disallowed the assessee's claim for the carry forward and set off of the unabsorbed development rebate for the earlier years on the ground that the assessee-company had not created the necessary reserve in terms of sub-section (3) of section 34 of the income-tax act, 1961, in its accounts for the calendar year 1974. ..... during each of the said two previous years, the assessee-company had claimed weighted deduction under section 35b of the income-tax act, 1961, in respect of certain expenses. ..... in the reference under section 256(1) of the income-tax act, 1961, at the instance of the revenue, the following questions of law have been referred by the tribunal for the opinion of this court :assessment year 1975-76 : '1. ..... however, weighted deduction is admissible on the commission paid at malaysia for maintenance of a foreign branch in the light of our decision in cit v. ..... no weighted deduction is admissible for payment of audit fees as the same does not fall in any of the items specified in clause (b) of section 35b(1) of the said act. ..... 3 and 9 in the said reference relate to the claims for weighted deduction under section 35b in respect of audit fees of rs. ..... we, therefore, hold that the tribunal was not right in allowing weighted deduction under section 35b in respect of audit fees for each of the said two years. ..... 8,391 being audit fees and rs. ..... 8,390 being audit fee and rs. .....

Asstt. C.i.T. Vs. Shri J.L. Kumar, Prop., Anmol

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)99ITD79(Delhi)

..... on account of difference between the member of income-tax appellate tribunal, delhi benches, the following question has been referred to me for disposal under section 255(3) of the income-tax act: whether, under the peculiar facts and circumstances of the case and in law there is any legal justification in sustenance of penalty under section 271 ..... rights to have done so, this fact is evident from our letter dated 15.3.93 wherein a request was made for cross-examination of witnesses summoned under section 131(3) of the i.t.act,1961, but after knowledge of certain facts about the arbitrariness displayed in maintenance of the books and also keeping in view his business interests with the above named parties an express waiver was filed vide letter dated 18.3.1995 by which the request ..... the most considerate view in levying any kind of penalty on him particularly under section 271(1)(c) of it act, 1961 which talks about concealment of particulars to evade tax, it is pertinent to note that immediately on knowledge of error committed in regard to above parties the assessee has surrendered the said amounts as taxable income in such a case it would be against laws of natural justice and equity to call it a deliberate concealment to evade tax, and hence, complete immunity from the above penalty is requested.the a.o. ..... the ao held that assessee was liable to be penalized under section 271(1)(c) of income-tax act and revenue in this case had discharged the burden of bringing independent .....

Commissioner of Income-tax Vs. Bhullar Builders P. Ltd.

Court : Punjab and Haryana

Reported in : (2006)206CTR(P& H)462; [2006]286ITR686(P& H)

..... this appeal by the revenue under section 260a of the income-tax act, 1961 (hereinafter referred to as 'the act'), is directed against the order dated may 17, 2004, passed by the income-tax appellate tribunal, chandigarh bench-a (for short 'the tribunal'), in i.t. a. no. ..... in the order of the commissioner of income-tax (appeals) it has been specifically noted that the audit accounts along with the audit report, balance-sheet, profit and loss account, fixed assets and depreciation chart, as prescribed, had been filed with the department. ..... according to the revenue, the impugned order gives rise to the following substantial question of law:whether, the hon'ble income-tax appellate tribunal was right in law in separately allowing depreciation to the assessee for the assessment year 1994-95 when the net profit rate at 8 per cent, was adopted thereby deeming that the deductions under sections 30 to 38 have already been given full effect ?2. ..... answering the question in favour of the assessee, this court opined that such a claim had to be separately taken into account, provided the requisite particulars had been furnished by the assessee.4. ..... suffice it to note that the only issue before the tribunal was that when a net profit rate is applied because of non-maintenance of proper books of account, the assessee is still entitled to claim other business expenses, like salary, interest and depreciation, etc.3. .....

Principal Commissioner of Income Tax (Central) vs.m/s A2z Maintenance ...

Court : Delhi

..... the revenue in this appeal under section 260a of the income tax act, 1961 ( the act ) is urging that the itat fell into error in holding that section 263 of the act was invoked erroneously in the circumstances of the case.2. ..... commissioner of income tax (2016) 382 itr630(del) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. ..... when we analyse written submissions of the assessee placed before the cit dated 26.3.12 available at pages 207 to 211 of the assessee's paper book, it is clear that in column 'e' page 3, it has been explicitly mentioned that the audited accounts filed for the financial ending on 31.3.08, 31.3.09, 31.03.10 & 31.3.11, it is clear that the assessee has system of revenue recognition i.e. ..... to mention that the cit has not given any findings on the issue of consistency in subsequent assessment years and when he is issuing notice on 12.3.12 and passing orders on 23.12.12, it is obvious that the copies of the annual accounts for the year ending on 31.3.07, 31.3.08, 31.3.09, 31.3.10 and also copies of the assessment orders for assessment year 2008-09 and 2009-10 (supra) were part of assessment records and if the same the as-7 following in the xxx xxx ita452of 2016 page 3 of 5 in the followed company has were ..... noted that the assessee provided maintenance services such as housekeeping, security services, etc. ..... versus m/s a2z maintenance & engineering services ltd., ..... .....

income-tax Officer Vs. Jnanodayam Sabha

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)46ITD216(Coch.)

..... the cit (a) relying on the order of this tribunal granted exemption under section 11 of the income-tax act, 1961. ..... trust applied for registration as required under section 12a of the income-tax act, 1961. ..... the questions before their lordships were : (i) whether the sabha was established wholly for charitable and religious purposes (ii) whether the business undertaking is held under trust for the welfare of the community and (iii) whether the assessee is entitled to exemption under section 11 of the income-tax act all these questions were decided in favour of the assessee by their judgment dated 2-9-1987 ..... was of the view that the assessee had not complied with the provisions of section 11 (2) of the act, since 75% of the income was not applied for charitable purposes and the assessee had not given any notice to the income-tax officer in form no.10 prescribed under rule 17 of the income-tax rules. ..... all these into consideration, the income-tax officer came to the conclusion that the assessee was not entitled to any benefit of exemption under section 11 of the act and completed the assessment on a total income of rs. ..... 7,000 the income-tax officer was of the view that the accounts were not maintained properly by the assessee trust as was pointed out by ..... , he found that the assessee was not maintaining proper accounts and the auditors have pointed out several discrepancies in the audit report. ..... of these comments lead to the inference with the maintenance of accounts require improvements. .....

Cit Vs. Bisauli Tractors

Court : Allahabad

Reported in : (2008)217CTR(All)558; [2008]299ITR219(All)

..... the income tax appellate tribunal, delhi has referred the following question of law under section 256(1) of the income-tax, act, 1961 (hereinafter referred to as 'the act') for opinion of this court.whether the income tax appellant tribunal was justified in holding that question does not arise of getting the account audited as the assessee was not maintaining any books of account ignoring the fact that section 44ab is a separate and mandatory provision and has no inter-link with section 44aa of the income tax, act, 1961?2. ..... first addl ito : [1962]46itr411(mad) has gone to the extent that a voluntary return filed afterthe period of four years from the close of the assessment year is not a valid return and such a case should be regarded as if no return has been filed at all and it cannot be said in such a case that there has been a concealment of the particulars of income or deliberate furnishing of inaccurate particulars and section 28(1)(c) of the income tax act, 1922 would not be applicable. ..... according to him non-maintenance of account, as required under section 44aa of the act attracts penalty provisions under section 271a of the act but that would not take out the jurisdiction of the assessing authority to impose penalty under section 27ib of the act. ..... it may be mentioned here that separate penalty has been provided for non-maintenance of accounts, i.e. ..... if there is any fault in the matter, the said fault can be examined with reference to non-maintenance of books of account. .....

P.N. Misra and ors Vs. Union of India and ors.

Court : Delhi

Reported in : [2005]143TAXMAN343(Delhi)

..... (c) with regard to rate prescribed by the icai are only for reference, our appointment for special audit under section 142(2a) of the income tax act, 1961, in case of the p. n. ..... section 142(2d) reads as under '(2d) the expenses of, and incidental to, any audit under sub-section (2a) (including the remuneration of the accountant) shall be determined by the chief commissioner or cit (which determination shall be final) and paid by the assessed and in default of such payment, shall be recoverable from the assessed in the manner provided in chapter xvii-d for the recovery of arrears of tax. ..... (h) to comment upon maintenance of accounts and if possible to indicate whether accounts have been maintained in the regular course of business or not.2. m/s. ..... it was felt that the books of account and documents seized from the premises of the assessed did not give a true and correct picture of the income of the assessed for the years covered under the block period. ..... it may be noted that an order was made earlier under section 142(2a) of the act whereby a chartered accountant was appointed as a special auditor to examine the matters and to submit a report. ..... 1775 of 2000 in which it is stated that 'the daily record of the man-hours spent by much qualified chartered accountant and other staff was maintained by the special auditor and counter signed to ensure authenticity of such a record by the then assessing officer. .....

Jt. Cit Vs. Apten Corpn.

Court : Delhi

Reported in : [2004]140TAXMAN57(Delhi)

..... circumstances, we find no merits in the stand taken by the revenue merely on the basis of audit report filed along with the return of income that the method of accounting followed by the assessed was mercantile and the services having been rendered in the earlier years, deduction under section 80-o could not have been allowed in the year under consideration ..... to him, the fees received for services rendered by the assessed in earlier year could not qualify for deduction under section 80-o during the year under consideration and since the assessed was following mercantile system of accounting, it should have accounted for the fees in the year of its accrual when the services had actually been rendered in favor of the foreign ..... of the case, we are of the opinion that all the objections raised by the assessing officer for disallowing the claim of the assessed for deduction under section 80-o had been properly and satisfactorily met by the assessed during the course of appellate proceedings before the learned commissioner (appeals) and such claim having been allowed by the learned commissioner (appeals) on proper appreciation of detailed submission made on behalf of the assessed as well as ..... out by the learned counsel before us, even if this stand of the revenue is accepted, there was no case to tax the fees received by the assessed in the years under consideration as per the mercantile system of accounting and consequently, there was no question of claiming any deduction under section 80-o .....

Commissioner of Income Tax Vs. Bhullar Builders (P) Ltd.

Court : Punjab and Haryana

Reported in : [2006]280ITR686(P& H)

..... jain, c.j.this appeal by the revenue under section 260a of the income tax act, 1961 (hereinafter referred to as 'the act'), is directed against the order dated 17-5-2004, passed by the income tax appenate tribunal, chandigarh bench-a (hereinafter referred to as 'the tribunal'), in i. t. a. ..... the order of the commissioner (appeals) it has been specifically noted that the audit accounts along with the audit report, balance-sheet, profit and loss account, fixed assets and depreciation chart, as prescribed, had been filed with the department. ..... it to note that the only issue before the tribunal was that when a net profit rate is applied because of non-maintenance of proper books of account, the assessee is still entitled, to claim other business expenses, like salary, interest and depreciation, etc.a similar issue came up for consideration of this court in cit v. ..... the question in favour of the assessee, this court opined that such a claim had to be separately taken into account provided the requisite particulars had been furnished by the assessee.in an attempt to distinguish the said decision, mr. ..... according to the revenue, the impugned order gives rise to the following substantial question of law :'whether, the hon'ble incoine tax appellate tribunal was right in law in separately allowing depreciation to the assessee for the assessment year 1994-95 when the net profit rate at 8,ra ..... was adopted thereby deeming that the deductions under sections 30 to 38 have already beemgiven full effect .....

M.P. Udyog Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1989)28ITD85(All.)

..... by order dated 24-2-1986, the following question has been referred to me under section 255(4) of the income-tax act, 1961: whether, on the facts and in the circumstances of the case, the assessee was allowed a deduction within the meaning of section 41(1) of the income-tax act, 1961 in earlier years in respect of sales tax payable by it to the government 2. dr. r.o. ..... accordingly, the point of difference of opinion was stated as below: whether, on the facts and in the circumstances of the case, the assessee was allowed a deduction within the meaning of section 41(1) of the income-tax act, 1961 in earlier years in respect of sales tax payable by it to the government the matter was referred to the president. ..... for the above reasons, i answer the question referred to me as below: on the facts and in the circumstances of the case, the assessee was indeed allowed deductions within the meaning of section 41(1) of the income-tax act, 1961 in the earlier years in respect of the sales tax payable by it to the government.the case will now go back to the bench, which originally heard the appeal for being disposed of in accordance with the provisions of the income-tax act, 1961.1. ..... the commissioner of income-tax (appeals) was of the view that the form of the accounts or their maintenance in any particular, way did not affect the legal position. ..... vaish for the work done by him relating to income-tax matters as also for matters pertaining to audit, company law and industrial law. .....