Court : Patna
1. heard learned counsel for the parties.2. the tribunal after having considered the materials on record has found that section 68 of the income-tax act, 1961, is not attracted in the case for the reason that in this case credit in the books of account of the assessee-firm is on account of introduction of capital by the partners and the firm has failed to prove the amount credited in the books of account and as such it would be assessed in the hands of the partners as unexplained investment.3. in view of the aforesaid finding, in our view, no substantial question of law arises in this case warranting interference. accordingly, this appeal is dismissed.
Tag this Judgment!Court : Patna
..... common order as a common question is involved therein. 2. it appears that a best judgment assessment order was passed under section 144 of the income-tax act, 1961 {hereinafter referred to as the act), against the assessee in relation to four different years. prosecution of the petitioner was launched in these four cases because of passing of best ..... judgment assessment against the petitioner. it appears that against the said assessment order, the matter was taken in appeal before the commissioner of income-tax, who has set ..... aside the order of the assessing officer and remanded the matter. the said remand order has been upheld in further appeal by the income-tax appellate tribunal. it has been stated that since the basis of the order has gone, prosecution of the petitioner should not be allowed to continue. .....
Tag this Judgment!Court : Patna
..... . the assessing officer during the course of regular assessment proceedings for the assessment year 1992-93 examined the flat buyers under the provisions of section 131 of the income tax act but no incriminating material came on record from their cross-examination. further, during the course of block assessment proceedings also the assessing officer again made an effort to ..... it is pointed out in this context that the land on which these flats have been constructed was taken on lease by the assessee huf from tisco in 1961 for a period of thirty years on annual lease rent of rs. 87.55. lease period expired in march 1991 and according to the learned counsel the lease ..... venture to recapitulate the facts for proper appreciation as borne out from the records.2.1. the assessee-huf owned a plot taken on lease from tisco in 1961 and constructed thereon 18 flats during the period from 1988 to 1992. the assessee-huf sold 16 flats therefrom to different parties through agreements of sale entered into .....
Tag this Judgment!Court : Patna
..... of ajantha industries' case : [1976]102itr281(sc) , learned counsel for the petitioner has contended that the requirement of recording' reasons under section 127(1) of the income-tax act, 1961, for the transfer of a case from one income-tax officer to another is a mandatory direction under the law and non-communication thereof to the assessee is not saved by showing that the reasons exist ..... -97, dated december 6, 1996, issued by the commissioner of income-tax, patna, revenue building, gardiner road, patna, under section 127 of the income-tax act, 1961 (hereinafter referred to as 'the act'), transferring the file of the petitioner from the jurisdiction of the assistant commissioner of income-tax, investigation circle 1(2), patna, to the deputy commissioner of income-tax, special range, ranchi.2. it is contended that right from .....
Tag this Judgment!Court : Patna
..... application is being disposed of at the admission stage itself, the petitioners challenged the notice, dated june 16, 1999, issued under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act'), by the joint commissioner of income-tax, special range, ranchi, relating to the assessment year 1995-96. a copy of the said notice is made annexure-7 to this writ application.2 ..... is justified in issuing notice in terms of section 148(1) of the act. section 147 of the act of 1961, as amended, under which the assessment was completed under section 147 of the act, reads as follows :'147. if the assessing officer, has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions .....
Tag this Judgment!Court : Patna
..... tribunal has referred the following questions of law pursuant to the order of this court for its opinion under section 256(2) of the income-tax act, 1961, at the instance of the revenue :' (1) whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding ..... the order of the appellate assistant commissioner, who deleted the penalty under section 271(1)(c) of the income-tax act by wrongly putting the onus upon the department ?(2) whether, on the facts and in the circumstances of the case, the deletion of penalty under section 271 ..... )(c), as it originally stood was as follows ;' if the income-tax officer or the appellate assistant commissioner, in the course of any proceedings under this act, is satisfied that any person . . .(c) has concealed the particulars of his income or deliberately furnished inaccurate particulars of such income,he may direct that such person shall pay by way of penalty .....
Tag this Judgment!Court : Patna
..... the facts and in the circumstances of the case, the imposition of penalty of rs. 11,352 under section 271(1)(c) of the income-tax act, 1961, for the assessment year 1967-68 is legal and valid ?'2. as to how the reference has been called for we may note a few facts from the statement of ..... d.p. wadhwa, c.j.1. on an application filed under section 256(2) of the income-tax act, 1961, by the assessee, a bench of this court directed the tribunal to draft a statement of the case and refer the following question of law for a decision :'whether, on ..... assessee also brought up a draft statement of case for the benefit of the appellate tribunal. after setting out the order of the income-tax appellate tribunal imposing penalty under section 271(1)(c) of the act and the confirmation of the same by the appellate assistant commissioner, the assessee before stating the questions said as under : 'on further appeal to the tribunal .....
Tag this Judgment!Court : Patna
..... 20, 1980, the residential and business premises of the petitioner were searched under section 132(1) of the income-tax act, 1961 (hereinafter 'the act'). in the course of search a large number of incriminating books of account including duplicate sets of books were seized by the officers of the department. ..... petitioner in complaint case no. 68 of 1986 under section 276cc of the income-tax act, 1961, presently pending before the special court (economic offences), muzaffarpur. 2. only such of the facts as are necessary for disposal of the application need be stated. the income-tax officer, o.p. no. 2, filed a complaint alleging that on september ..... appears no doubt whatsoever that the petitioner is being prosecuted as he did not file the return of income pursuant to the notice under section 139(2) of the act issued to him by the income-tax officer. paragraph 9 of the complaint petition alleges that the accused wilfully failed to furnish in due time .....
Tag this Judgment!Court : Patna
..... . w. j. c. no. 3609 of 1995(r)), the operative portions of the orders read as under : 'assessed under section 143(3) of the income-tax act, 1961, on total income of (as determined in each case). issue demand notice, challan and copy of order and charge interest, if any.' 13. in the demand notices interest has been ..... we have heard common arguments. the questions raised are with respect to chargeability of interest under sections 234a, 234b and 234c of the income-tax act, 1961 (for short, 'the act'). these sections were inserted by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989. a bench of this court in ranchi club ltd. v. ot : [1996]217itr72 ..... dated december 15, 1994, observed as under : 'the next objection of the appellant is regarding the charging of interest under sections 234a and 234b of the income-tax act. according to learned counsel the appellant was not liable to pay any interest. in my opinion any order for charging interest under sections 234a and 234b is .....
Tag this Judgment!Court : Patna
..... . the assessee filed its return showing the same income as returned earlier. in the assessment proceedings, an addition of rs. 25,907 was sustained up to ..... law in deleting the penalty of rs. 23,907 imposed under section 271(1)(c) of the income-tax act, 1961 ?' 2. the proceedings relate to the assessment year 1953-54. the assessee has filed its original return disclosing total income at rs. 24,343. later on, pursuant to search and seizure made in the premises of ..... the assessee on december 16, 1966, reassessment proceedings were initiated and a notice under section 148 of the income-tax act, 1961 (hereinafter the 'new act' only), was issued on january 4, 1969 .....
Tag this Judgment!