Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)81TTJLuck389
..... genuineness of the loans taken by the assessee and made on addition of rs. 12,85,000 to the returned income of the assessee. the cit(a) confirmed it. on further appeal, the tribunal held that phraseology of section 68 of the it act, 1961, was clear that the legislature has laid down that in the absence of satisfactory explanation, the unexplained cash credit may ..... is treated as unexplained credit in the books of the assessee under section 68 of the it act, 1961, and is accordingly added back to the total income of the assessee-company." 35. the assessee challenged the addition made by the ao before the learned cit(a). the learned cit(a) has considered the issue in detail and has deleted the addition and has restored the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)78TTJLuck474
..... subsequent years.15. the learned counsel further made reference to the ad returns and computations relating to assessments under section 16 of wt act, of major s. qureshi for asst. yrs. 1983-84 to 1989-90 and income-tax assessments for these years. he also made reference to the ad of filing returns and computations relating to assessments under ..... it act and wt act pertaining to smt. arjumand bano begum for asst. yrs. 1986-87, 1987-88, 1988-89 and 1989-90. copies of these ..... the ito and directed him to proceed to make reassessment from the stage of filing of the returns and to recompute the taxable income. the orders of the cit passed under section 263 of the it act for two assessment years weie challenged before the tribunal.32. so far as the question of ownership of the property transferred as part .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2004)90TTJLuck878
..... 1, i.e., export freight. the commissioner initiated revisional proceedings under section 263 as, according to him weighted deduction under section 35b of the act was wrongly allowed by the income tax officer in respect of item nos. 2, 3 and 4 namely, foreign travelling, export service charges and export commission. the commissioner passed an order ..... ), while explaining the appellate powers of aac laid down under section 251 of it act, 1961, it was held by the hon'ble supreme court of india that the appellate power of aac was not confined to matter, which was considered by the income tax officer and the aac had jurisdiction to consider the new entries, which were ..... question is the income of the assessee, vide commentary on the law of income-tax by shri a. c. sampath lyengar 7th edn. vol. iii, p. 2466."14. there is another aspect to which we should address ourselves before disposing of this matter. in section 263 of the it act, 1961.explanation has been substituted by finance act, 1987, with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2008)117TTJLuck42
..... that the jurisdiction over its case does not lies with acit, range-iv, lucknow. after considering the objection of the assessee. the case was transferred to income tax officer-1(1), lucknow. who is having the jurisdiction over the said case.6. thereafter, the assessing officer-1(1) continued the proceedings and finally ..... 2000-2001 with acit, company circle lucknow. later there was change in the nomenclature of the assessing officers due to reorganization and re-structuring in the income-tax department and jurisdiction over the corporate assessees having their registered office in nishataganj area vested with acit, range-4. lucknow. the return for assessment year ..... act i.e. it passed a resolution in the meeting of the board of directors, gave due intimation to the registrar of companies and also put advertisement in the newspaper regarding change of address. it is claimed by the assessee that it intimated the income-tax authorities accordingly.relevant documents were filed before cit(a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2006)99TTJLuck801
..... had been credited to the accounts of the partners in their profit-sharing ratio. this surplus is chargeable to income-tax as capital gain in the year of actual sale/transfer as per the provisions of section 45(2) of the act.on these facts, the conversion of the shares/bonds held on investment account into stock-in-trade of business ..... the addition of rs. 33,16,225 which was correctly made by the ao by estimating the hire charges receipts by invoking the provisions of section 145(2) of the it act, 1961. 1(viii) that the learned git(a) has erred in law and on the facts of the case in directing the assessee. to allow full depreciation as claimed, without ..... the loss allocated to them in their individual assessments and to carry forward any loss which remained unabsorbed, as provided in ss. 32(2) and 75(2) of the it act, 1961.54. from the above, it is evident that the hon'ble supreme court of india has quoted with approval the observation of the jurisdictional high court in the case referred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2007)111TTJLuck540
..... the books of account and bills. the ao held that assessee has concealed its particulars of income deliberately and therefore ho imposed penalty of rs. 1.50 lakhs under section 271(1)(c) of the it act, 1961.4. on appeal, the learned cit(a) confirmed penalty levied by the ao stating that assessee had willfully and deliberately not produced ..... that assessee applied a different net profit rate and the ao and the learned cit(a) adopted different estimates and, therefore, it could not be said that assessee had concealed particulars of his income so as to attract section 271(1)(c) of the it act, 1961. recently, this bench of the tribunal in a similar circumstance cancelled penalty of ..... it could not be said that the assessee had concealed the particulars of his income so as to attract clause (c) of section 271(1) of the it act, 1961. in the instant case, the assessee applied a different net profit rate and the ao and cit(a) adopted different estimates and, therefore, it could not be said that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2008)114TTJLuck706
..... thus, the total income came to rs. 5,16,629.aggrieved by the ord0er of the ao, the assessee carried the matter in appeal before the cit(a). the main plea of the assessee before the cit(a) was that the ao has erred on facts and law in passing the assessment order under section 148/144 of the it act, 1961 dt. 14th feb ..... above facts and decision of the jurisdictional high court in case of addl. cit v. prem kumar rastogi (1980) 124 itr 381 (all) and other decisions as discussed above, the ao has not acquired jurisdiction to pass the impugned order under section 144/148 of the it act, 1961 therefore, the assessment order passed by the ao is illegal and without jurisdiction. ..... ., 2003 without service of any notice under section 148 of the it.act, 1961 on the assessee or any of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)84ITD563Luck
..... of the car by the directors cannot be ruled out. on that ground, he made a disallowance of rs. 10,000 under section 40a(2) of the it act, 1961, which was upheld by the learned cit(a).50. before us, the contention of the learned counsel for the assessee was that in the case of the company, the disallowance was not legally maintainable ..... questions arising in the course of the assessee's business touching upon the taxation laws. these problems cannot be separated itemwise nor can the fee paid to the consultant regarding income-tax cases before the authorities and fee paid regarding other matters be apportioned. the retainer fee is to be considered as one entity for the entire services kept ready by counsel ..... ) 138 itr 45 (guj).30. in that case, reference has also been made to the observation of sampath lyengar's law of income-tax, 9th edition, p. 2349, which is as under : "for the same reason a presumption appears to be permissible that where the assessee has his own capital as also the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2004)82TTJLuck471
..... under consideration, the assessee filed return showing nil income as the society claimed the benefit of section 10(22) of the-it act, 1961 (hereinafter referred to as the act). the assessment, however, was completed at an income of rs. 3,56,650 under section 143(3) of the act. it transpires from the record that cit, lucknow called for the record of the assessee ..... at p. 22 of the paper book, the assessee cannot be denied the benefit of exemption of its income under section 11 of the act as laid down by the hon'ble madhya pradesh high court in the case of madhya pradesh madhyam v. cit and anr. (2002) 256 itr 277 (mp) in which it was laid down that it authorities ..... .b. lal. rs. 84,018 was added to the total income by invoking provisions of section 43b of the act and in all total income was assessed at rs. 21,10,360.5. before the learned cit(a), several pleas were raised and after considering all the facts, the learned cit(a) noted that assessee was not entitled for exemption under section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)92ITD423Luck
..... .e.f. 1st april, 2001 arrear rent is charged to it act, 1961, as the income of that previous year in which such rent is received. however, as per computation of income he has not shown that arrear of rent. therefore, shown (sic) reasons to believe that income of rs. 80,604.60 chargeable to tax has escaped assessment. issue notice under section 148.29. from the ..... pending.15. our views find support from various sections of the act. for example, charging of interest under section 234b. this section provides for charging of interest on the 'assessed tax'. explanation to section 234b has also provided the definition of the words 'assessed tax'. as per this definition, the tax on the income to be determined under section 143(1) or on regular assessment .....
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