Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1994)51ITD378Indore
..... of section 153(1) (a) (iii) of the income-tax act, 1961, are applicable as the notice was issued under section 148/147(a) of the income-tax act, 1961. this fact can also be verified from the registers maintained by the income-tax department.4. the ld. cit (a) has disposed of the appeal ex parte qua the assessee. the ld. cit (a) disposed of the assessees ground relating to the ..... ito a ward, bhopal. for the assessment year 1975-76, the ito, a ward, bhopal, completed the assessment on total income of rs. 1,01,700 on 20-3-1984 under section 144 of the income-tax act, 1961 (hereinafter referred to as the act).he initiated penalty proceedings and vide his order dated 21-11-1987 imposed a penalty of rs. 1,10,000 under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1995)54ITD562Indore
..... failure to fulfil that condition would vitiate the entire proceedings. that was the case under the income-tax act, 1922. the ratio of the said decision would apply with full force to the reopening of an assessment under section 147 of the income-tax act, 1961.13. the decision of the bombay high court in the case of khan bahadur hormasji maneckji ..... dossabhoy hormasji bhiwandiwalla & co. (supra), is directly on the point. in this case, the honble high court has held that in order that the ito may form the belief that income has escaped assessment due ..... no. 3 of the appeal.19. these appeals have been filed against the levy of penalty under section 271(1) (a) of the income-tax act. as already stated above, no returns of income were filed by the assessee. the assessee also failed to file the returns even after issue of notices under section 148. in the circumstances, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD332Indore
..... taxed the balance of rs. 29,000 in the hands of the assessee.3. the assessee took up the matter ..... ambassador car. according to the assessee the said receipt was not income at all and as such it was not taxable.2. the ito was not satisfied with the said explanation. according to him the said receipt is an income as defined in section 2(24) (ix) of the income-tax act, 1961 ("the act"). after giving an exemption of rs. 1,000, the ito ..... in appeal and, inter alia, contended that this receipt in question is not taxable under any provisions of the act. the ito has misconstrued .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)60ITD343Indore
..... the market price. the issue of valuation of stock in the case of a dissolved firm was referred to the madras high court under section 66(2) of the income-tax act, 1922. after considering various authorities, a division bench of the madras high court held that the closing stock should be valued at the market rate and the principle ..... appeal by the assessee arises out of the order dated 28-2-1992 of the commissioner of income-tax (hereinafter referred to as 'the commissioner'), bhopal under section 263 of the act, pertaining to the assessment year 1989-90.2. the assessee-firm derived income from manufacture of circles of non-ferrous metals. the firm consisted of four partners and had come ..... in holding that the closing stock has to be valued at the market price when the firm is dissolved.in the case of g.r. ramachari & co. v. cit [1961] 41 itr 142 (mad.), a partnership firm had been valuing its opening and closing stock at the cost price when the firm was carrying on business. on the dissolution .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2004)90TTJIndore989
..... to be made. he submits that the trust was created prior to 1-4-1962.therefore, the bars provided under section 13(1)(b) of the income tax act, 1961 were not applicable in the case of the assessee.he submits that originally the trust was created as a religious trust and there were various objects stated ..... the assessee has questioned refusal of registration under sections 12a/12aa of the income tax act, 1961, by the learned commissioner on several grounds.the assessee-trust has applied for registration under section 12a(a) of the income tax act under the prescribed format on 18-6-2002, praying for registration with effect from 26-9-1956, which has been ..... has been shown registered with the registrar of public trusts, barnagar. we agree with the learned authorised representative that the requirements of section 13 of the income tax act are clear that the trust must be created or established, it does not suggest registration as a condition precedent. the computation filed with the returns for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)2ITD235Indore
..... assessment year 1975-76. it appeal no. 927 is directed against the commissioner's order under section 263 of the income-tax act, 1961 ('the act') setting aside the ito's assessment order passed under section 143(3)/144b of the act on 12-9-1978, and it appeal no. 1723 is directed against the commissioner's order under section 154 of ..... convenience.2. the assessee in this case is a private limited company which was registered on 6-2-1946. it had income from supply of high speed rotary presses imported directly from usa or, by acting as commission agent of foreign manufacturers. due to foreign exchange difficulty, the assessee-company started manufacture and sale of a sophisticated ..... fact that the provisions considered in those decisions were of section 35 of the 1922 act and/or section 154 of the 1961 act, which, to our mind, are certainly not identical with those of section 33b of the 1922 act and section 263 of the 1961 act, it may be noted that even the insertion of sub-section (1a) in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1984)9ITD300Indore
1. this is an assessee's appeal against imposition of penalty under section 271(1)(a) of the income-tax act, 1961 ('the act'). the assessee is a registered firm and the assessment year in question is 1978-79.the assessee was bound to file its return on 30-6-1978, which it actually ..... the hon'ble gujarat high court had also placed reliance on a ruling of the hon'ble supreme court in cit v. s.v. angidi chettiar [1969] 44 itr 739, in which, interpreting identical provisions under the indian income-tax act, 1922 ('the 1922 act'), the hon'ble supreme court held that penalty could be levied on a registered firm for not filing its return ..... although a registered firm by itself was not liable to pay any tax. thus, while one high court, viz., the gauhati high gourt, has taken .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)17ITD1Indore
..... the ito on protective basis and that income was assessed in the hands of the husband for the assessment years 1978-79 ..... , respectively, and the point in issue is the inclusion of income from a house property purchased by smt. yeshodabai, the wife, from the funds gifted to her by her husband, shrihari tiwari, in the latters income under section 64(1) (iv) of the income-tax act, 1961, (the act). in the assessment of the wife, the income from property for the assessment year 1978-79 was assessed by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD545Indore
..... not find favour with the learned ito as well as with the learned commissioner (appeals) and the assessee is thus now before us.4. section 45 of the income-tax act, 1961 ('the act') provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to ..... income-tax under the head 'capital gains' and shall be deemed to be the income of the previous year in which the transfer took place. it was conceded on both sides that the joint stock shares held by ..... is a case of a family settlement. admittedly, the assessee was the exclusive owner of the shares in question. it was admitted that the assessee was being assessed to income-tax in the status of an individual. it, therefore, cannot be contended that the assessee's wife had any interest in these shares. the question of a family settlement comes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD225Indore
..... revenue, the dispute is whether the aac was justified in annulling the assessment under section 155 of the income-tax act, 1961 ('the act') on the ground that the assessee having filed form no. 6a against the assessment made under section 143(1) of the act tantamounts to cancellation of the original assessment and, therefore, rectification could not have been carried out.2. ..... which clause (d) of sub-section (1) of section 153 was brought into statute with effect from 1-10-1984 : 18.1 under section 153(1) of the income-tax act, an order of assessment cannot, ordinarily, be made after the expiry of two years from the end of the assessment year in which the ..... a revised return, whichever is later. this provision has resulted in a practical difficulty in cases where an order of assessment is made by the income-tax officer under section 143(1) of the act without requiring the presence of the assessee or the production by him of any evidence in support of the return filed by him. in such cases .....
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