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    [0] =>  ..... , 1957 prescribing the break-up method for valuing unquoted equity shares is directory and not mandatory. in connection with the applicability of section 52 of the income tax act, 1961, we would like to invite your, goodself s kind attention to the decision of the supreme court in the case of k.p. varghese reported at 131 itr 597. it  .....  my part in view of what is said above, i will treat the appeal as having been allowed for statistical purposes.order under section 23(11) of the gift-tax act, 1958, read with subsection (4) of section 255 of the income-tax act, 1961 in view of there being difference between us (members/constituting the bench), we refer to the hon'ble president of the ..... 
    [1] =>  ..... actual payment and incurring of liability to pay as per system of accounting if definition of word, "paid" given as per clause (2) of section 43 of income-tax act is taken into account. it was, therefore, not right for the revenue to contend that title of computers did not pass on to the assessee because full consideration .....  have a direct bearing on the matter involved in these appeals. the revenue, therefore, sought permission of this bench to file additional evidence under rule 29 of income-tax rules.copies of statements and additional evidence sought to be produced were placed on record. the aforesaid request of revenue was opposed by the assessee.12. shri o ..... learned revenue authorities disallowed the claim mainly on the ground that these bottles were not put to use and, therefore, conditions of section 32 of the act were not satisfied. the cit (appeals) held that only 11 out of 50 trucks of bottles sent by the manufacturer (supplier) had entered into the factory premises of the lessee  ..... 
    [2] =>  ..... to 153 and that sanction of the higher authority to initiate action was duly taken. he accordingly justified action of the assessing officer under section 147 of the income-tax act. there is no substance in the submissions advanced on behalf of the revenue. the time limit mentioned in section 149 is applicable only to cases where a .....  assessment for the relevant assessment year at the time of filing of its original return.shri aggarwal invited our attention to proviso to section 147 of the income-tax act and submitted that the same prohibits the assessing officer to reopen an assessment after the expiry of four years from the end of the relevant assessment year  ..... when he took the view that the notice issued by the assessing officer under section 148 had proper sanction, as contemplated under section 151(1) of the income-tax act and accordingly assumption of jurisdiction and issue of notice under section 148 was proper. on merit of the case also he upheld the order of the assessing officer ..... 
    [3] =>  ..... held that : "it is settled proposition of law that the circular issued by the central board are binding on officers and persons employed in the execution of the income-tax act." he further contended that it is settled law that benevolent circulars supplant the law and do not supplement it and even if the circulars are relied on for the .....  alternative to take into account the loss on account of discount allowed and the profits on account of commission and dividend on own chits every year. either way the correct income would be reflected. the assessee has chosen the second method which should be accepted. the itat delhi bench 'c' in ~muthoot m. george chits (india) ltd.'s  .....  to rs. 2,57,407.4. briefly stated the facts of the case, as found out from the orders of the authorities below, are that the assessee derives income from chit fund business. on an examination of the books of account, maintained by the assessee, the assessing officer, inter alia, observed that in the profit and loss ..... 
    [4] =>  ..... erred on facts and in the circumstances of the case in upholding the order of assistant commissioner of income-tax, tds circle 22(1), new delhi (acit) charging interest under section 201(1a) of the income-tax act, 1961 (act)." 2. the learned cit(a) has erred on the facts and in the circumstances of the case in treating the conveyance  ..... of the case in upholding the order of assistant commissioner of income-tax tds circle 22(1), new delhi (acit) alleging short deduction of tax at source under section 201(1) of the income-tax act, 1961 (act) and deeming the appellant to be an assessee in default." "2. the learned cit(a) has erred on the facts and in the circumstances .....  to the other allowances paid the assessee had been deducting tax at source. in any case, the provisions of sections 192, 201 and other connected sections of the income-tax act, 1961 regarding the deduction of tax at source are only machinery provisions. the employer is to deduct tax for and on behalf of the employee and to pay  ..... 
    [5] =>  ..... technical services for the purpose of explanation 2 to section 9(1)(vii) of the income-tax act, 1961. payments for such services to a foreign company, therefore, will be income chargeable to tax under the provisions of section 44bb of the income-tax act, 1961 and not under the special provisions for taxation of fees for technical services contained in section .....  is that the foreign enterprise is not engaged in trade or business in india.the words 'in india' does not find mention in section 44bb of income-tax act, 1961. it is, therefore, clear that m/s. ff are carrying on the business of off-shore drilling operation at a global level and possessed rich  .....  ita no. 4834 (delhi) dated 7-9-1987 for assessment year 1985-86 held that the income of the assessee is assessable under section 44bb of income-tax act, 1961 and not as fees from technical services under section 44d of income-tax act. the commissioner (appeals) also relied upon the appellate order passed in assessee's own case by the ..... 
    [6] =>  .....  facts of this case were identical to the facts of the assessee's case and the orders passed by the assessing officer had been set aside by the cit under section 263 of the income-tax act. he submitted that in this case, the prayer was for slay of proceedings before the assessing officer in consequence of order passed under section 263 and the .....  demand in a sum of rs. 1,60,35,67,210 arising as a result of assessing officer's order under section 143(3), read with section 263 of the income-lax act, 1961 for the assessment year 1995-96.2. with a view to appreciating the prayer of the assessee, it would be relevant to refer to the facts of the case ..... . to be stated succinctly these are thus. for the assessment year under consideration, the assessee, a public sector undertaking, had filed its return declaring a total income of rs. 9,94,40 ..... 
    [7] =>  .....  has been pleased to constitute this special bench for the disposal of the caplioned appeals filed by the asscssce against the consolidated order of the commissioner of income-tax, meerut (cit) under section 263 of the income-tax act, 1961 dated 8-3-1991 for the assessment years 1987-88 and 1988-89.2. in the appeal petitions, the asscssee has taken as many as 11/10 .....  whole gamut of facts and circumstances of the case, the material to which our attention was invited and the rival submissions. from a bare reading of section 263 of the income-tax act, 1961, it is quite evident that for the exercise of jurisdiction under the said provision, the commissioner has to be satisfied of two cumulative conditions, namely, (1) the order of the ..... 
    [8] =>  ..... s trade. the hon'ble supreme court also concluded that payments made by the assessee were not of capital nature and allowable under section 10(2)(xv)of the income-tax act, 1922 because arrangement between the assessee and h.v.low & co, was not for fixed term but could be terminated at any time at the violation of  .....  hearing the learned counsel did not press this ground.accordingly ground no. 1 stands rejected as not pressed. 2. action of the cit(a) in upholding following disallowances is unjust, illegal, arbitrary and against  .....  assessee, is directed against cit(a)'s order dated 25-8-1992 relating to the assessment year 1989-90.2. so far as ground no. 1 is concerned the same relates to the validity of assessment framed in pursuance of notice under section 143(2) of the income-lax act, 1961 (hereinafter referred to as the 'act'). at the time of ..... 
    [9] =>  ..... case and in law the authorities below erred in treating a sum of rs. 1, 48, 471/- as falling under the purview of section 158-bc(c) of the income tax act. 1961 read with clause (c) of subsection (1) of section 158-bb ibid. 11 is prayed that the said sum cannot be called undisclosed or such which has not  .....  period which was disclosed by the assessee in the return filed u/s 158bc. search operations were conducted by the income-tax authorities at the residential premises of the assessee on 9.8.95 u/s 132 of the income-tax act. the locker of the assessee with indian overseas bank. model town, was also searched on 11.10.95.subsequently  ..... purely legal issue. with a view to determine the question whether the assessee would have disclosed the income for asstt. year 1994-95 for the purposes of income-tax act, it would, in any case, require investigation into fresh facts regarding the nature of the income, mode and manner of records kept in respect thereof and facts connected therewith. it is in ..... 
    [10] =>  ..... is whether, the excise duty refund was derived from the agartala manufacturing business within the meaning of section 80-ib(1) of the it act, 1961 (hereafter called the act, for short). it was submitted that the income-tax (sic-excise duty) refund was not only attributable to the agartala business but was also derived from the agartala manufacturing business. in  ..... duty. if the assessee was exempted from payment of duty under that act, he is not exempted from payment of income-tax on refund of such duty which has taken part of its income.however, the settled law is that refund of excise duty is not an income derived from industrial undertaking. reliance was placed on the decision of  .....  refund of excise duty, therefore, could not be excluded from the profits and gains of business for the purpose of computing total income under section 80tb of the act. finding reached by the learned cit(a) that the net effect of book entries is nil is not shown as perverse on facts. we therefore do not find ..... 
    [11] =>  ..... of actual refund. the second grievance of the assessee is that the learned cit(a) is not justified in not deciding the ground relating to grant of interest on refund of interest of rs. 11,58,105 in terms of section 244(1) of the it act, 1961 (in short 'the act'). same ground is taken in ita no. 5089/del/1994 where the  .....  fresh assessment. the proviso further states that if the assessment is annulled, the refund shall become due only on the amount, if any, of the tax paid in excess of the tax chargeable on the total income returned by the assessee. considering the fact that in the present case, the assessment has not been set aside, cancelled or annulled, the proviso to .....  section 243 provides for payment of interest if it is not granted within a period of three months from the end of the month in which the total income is determined under this act. clause (b) of sub-section (1) of section 243 provides granting of refund within three months from the end of month in which the claim for refund ..... 
    [12] =>  .....  1999-2000 and 2000-01, in the matter of order passed under section 143(3) r/w section 11 of the it act, 1961. following are the common issues in both the years: 1. that the learned cit(a)-ii, dehradun, has erred in law and on facts in holding that society fulfils conditions for exemption unders. 11. 2 ..... order granting registration to the assessee's society under section 12aa of the it act, 1961.14. in view of the above discussion, we can safely conclude that assessee society fulfils all the conditions required for exemption under section 11. the property from which income is derived is held under trust and such property is held for  ..... income derived from trust was property (which) is being applied for charitable purpose. nothing was brought on record by the department to controvert the detailed finding recorded by the cit(a) while dealing with each and every allegation of the ao with regard to allowability of assessee society's claim for exemption under section 11 of the it act, 1961 ..... 
    [13] =>  .....  the revenue may accept the same or after pointing out the specific defect may reject the books of account and proceed to determine the assessee's income as per the provisions of section 145.income-tax provisions nowhere either authorize the ao or cast an obligation on the assessee to prove the negative result, i.e., to prove as to why  .....  1. this is an appeal filed by the assessee against the order of the cit(a), dt. 5th feb., 2002 for the asst. yr. 1998-99, in the matter of order passed under section 143(3) of the it act, 1961.2. first grievance of the assessee revolves around estimation of net profit rate of 8 per cent on gross contract receipts. in ..... scrolls as to by whom payment is made and against what work done.4. after having made above observations, the book results declared by the assessee were rejected and net income was estimated at @ 8 per cent of declared gross receipts.5. while rejecting the book results, as also the method of accounting followed by the assessee, reliance was  ..... 
    [14] =>  .....  mangoes grown in vijayawada during the mango season starting in the middle of march till the end of june. search and seizure operation under section 132(1) of the it act, 1961 was carried out by the investigation wing of the it department, vijayawada in the case of shri shaik johny saheb on 13th feb., 1997 and was concluded on 21st feb .....  and his group for necessary action. on 4th dec, 2001, the ao of the assessee viz., asstt. cit, circle 19(1), new delhi issued a notice under section 158bd to the assessee calling upon the assessee to file a return of income for the block period. it is in the aforesaid facts and circumstances that ground nos. 1 to 3 raised ..... was pointed out, taking cue from section 132(9a), that it should be done within 15 days of the seizure. the obvious implication is that the satisfaction that the income reflected in the seized material belongs to some person other than the person searched should also be reached within the aforesaid period of 15 days so that the same can ..... 
    [15] =>  .....  a/c of export business. at the very same time such interest expenditure is required to be reduced from the interest income for bringing the net interest income to tax net under section 56 of the it act. however, before allowing such interest expenditure, the assessee is required to establish that it had incurred interest expenditure for getting  .....  1. this is an appeal filed by the assessee against the order of cit(a) dt. 1st sept., 2005 for the asst. yr. 2002-03, in the matter of order passed under section 143(3) of the it act, 1961, wherein following grounds of appeal have been taken : that the learned asstt. c1t-ii, moradabad (hereinafter referred to as .....  learned ao') as well as the learned cit(a), bareilly [hereinafter referred to as 'learned cit(a)'] both have grossly erred in law vis-avis the facts ..... 
    [16] =>  ..... all dy. directors of it (inv.) posted under directors of it (inv.) and all dy. cit, in-charge of income-tax ranges, including special ranges, were authorized to issue authorizations of search under section 132(1) of the act.6. we have considered the facts of the case and rival submissions. it is seen that notification ..... by the substituted authorities as a result of re-designation.the following substitution of it authorities has been globally made in the it act: asstt. director asstt. director or dy. director dy. cit jt. cit 3. it would, therefore, be evident that by reason of the said circular letter also, it has been categorically  .....  does not mention the designation of jt.director of it (inv.) as an authority specified for this purpose under section 132(1) of the act ..... 
    [17] =>  ..... in filing the return. in reply, shri sharma, for the assessee, submitted that even though the wordings of section 271(1)(a) of the income-tax act, 1961 ('the 1961 act') and section 18(1)(a) of the 1957 act were in pari materia, no decision had been cited on behalf of the revenue specifically with reference to section 18(1) (a).6. we ..... , etc., because due to the circumstances beyond the control of the assessee, mentioned above, the account books could not be finalised. the assessee had filed her revised income-tax return for the assessment year 1975-76 on 11-1-1978. there was a covering letter attached to that revised return, copy of which has been placed on the .....  by the due date, i.e., 30-6-1975. he also submitted that the details of travelling expenses filed by the assessee during the assessment proceedings on the income-tax side, showed that the assessee did business in bombay during the period in question and, therefore, there was no reasonable cause for the delay. he also referred to ..... 
    [18] =>  .....  following terms: 4.4 in my view, the contention regarding the irrelevance of the application of section 64 of the income-tax act to the question of the exemption of the impugned property under section 4(4) of the wealth-tax act is well-taken. the expression 'transfer' as inclusively defined in explanation (a) to section 4 is wide in its .....  ground is that the commissioner (appeals) was not justified in holding that the assessee is entitled to the deduction in respect of the income-tax liability determined under the voluntary disclosure of income and wealth act, 1976. this point has to be decided in favour of the assessee and against the revenue following with respect the decision of the  .....  ('the act'). the wto was, however, of a totally different view. the wto interpreted the deed of trust as in the nature of a will, that the assessee derived benefit from the trust by taking a huge amount of loan free of interest to pay income-tax, which was more in the nature of a settlement made for  ..... 
    [19] =>  .....  other hand, supported the order of the authorities below and contended that in view of the judgment of the tribunal on the issue of partition under section. 171 of the income-tax, 1961 the arguments on behalf of the assessee are untenable. the 1d. counsel for the assessee at this stage was fair enough to concede that the judgment of the tribunal in .....  section.171 was filed by the huf. the gto made the asstt. on the huf on 4-10-1982. this assessment was framed under section. 15(3) of the gift-tax act and the return declaring net gift of rs. 1,40,000 was accepted as such.6. in the return of gift filed by shri mani ram individual on 16-7 .....  protective asstt. was completed on 6-11-1984. in this asstt. which was protective in nature, the gto recorded that the application of the huf under section. 171 of the it act, 1961 had been rejected and the gifts made by shri mani ram, individual were to be clubbed in the hands of the huf of which shri mani ram was the karta ..... 
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