Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)39ITD454(Coch.)
..... be enough. the tribunal should look to the circumstances that prompted the assessee to file the returns. the investments made by the assessee came to the notice of the income-tax department as can be seen from the letter dated 8-1-1987 filed before the tribunal. the element of voluntariness is absent. the non-initiation of proceedings under ..... only and the satisfaction of the ito was not at all there. in fact, the issuance of the said penalty notices was not even under the directions of the income-tax officer in the assessment orders. no such direction also can be seen in the order-sheets, photostat copies of which are filed before us. the departmental representative contended ..... penalty [jiten & co. v. sto [1977] 39 stc 308 (delhi)]. the supreme court had held in cit v. s.v.angidi chettiar [ 1962] 44 itr 739 at page 745 that satisfaction before conclusion of the proceeding under the act, and not the issue of a notice of initiation of any step for imposing penalty is a condition for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)39ITD548(Coch.)
..... 1-7-198!) to 30-9-1981. this request was rejected by the income-tax officer on 12-11-1981. against this order, the assessee preferred a revision petition to the commissioner of income-tax, cochin. the commissioner of income-tax in his order dated 7-5-1983 under section 264 of the income-tax act, 1961, stated as follows:- 5. the assessee has been heard. it was pointed out ..... that the change of the previous year would not prejudice the interests of revenue. the income-tax officers denial was not based on any reason .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)39ITD568(Coch.)
..... it is leviable. we proceed to deal with the same as follows: a. income from contract: the assessee had admitted an income of rs. 52,200 from contract in the return submitted by him under section 139 of the income-tax act, 1961. the ito estimated the income at rs. 3,13,356. the appeal by the assessee resulted in the determination ..... as follows : if an assessee who was bound to disclose his real total income in the return filed by him under section 139 of the income-tax act, 1961, fails to do so, the offence of concealment or furnishing of inaccurate particulars with respect to his income in that return, becomes complete. it might be that where the ito invokes the ..... of the income at rs. 1,00,000, again on estimate basis. in the reassessment proceedings, the assessee admitted income from contract at rs. 1,00,000. that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)39ITD370(Coch.)
..... seized are given in annexure-ii to the assessment order. they are the title deeds of immovable properties. the search was conducted under section 132(1) of the income-tax act, 1961. section 132(4) reads as follows:- the authorised officer may, during the course of the search or seizure, examine on oath any person who is found to ..... that the sale deeds in respect of the immovable properties will not fall either under explanation 5 to section 271(1)(c) or section 132(4) of the income-tax act, 1961.further it was argued that the documents found are documents relating to the immovable property which cannot be seized as they are not valuable articles. hence, no ..... the train of words such as "money, bullion, jewellery or other valuable article or thing" occurring in section 132(5) read with section 132(4) of the income-tax act, 1961. the principle of ejusdem generis is to be applied in interpreting the words 'other valuable article or thing'. we do so and thus uphold the contention of the learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD125(Coch.)
..... dated 15-12-1979 either under section 271 or under section 273 and i also pray that no interest be levied against me under any of the provisions of the income-tax act, 1961.from the above two letters it is evident that the assessee had some explanation for the sum of rs. 5,50,000 suchmoneys have come by way of loans ..... penal proceedings against me either under section 271 or under section 273 and i also pray that no interest be levied against me under any of the provisions of the income-tax act, 1961. 9. if any further clarification is required, i am prepared to furnish the same. ref: 46-003-py-3323/aly-a/77-78-your letter dated 23-11-79 ..... levy of penalty under section 271 (1)(c) of the income-tax act, 1961, relating to the assessment year 1977-78.2. the assessee is a wholesale ration dealer and lorry owner. apart from the proprietary business, be derived income from the firm of m/s.j. paul mundackal as a partner. the income-tax officer noticed certain amounts in the cash book which were not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD296(Coch.)
..... whether the assessee has succeeded in establishing that his wife is entitled to a share after the commencement of the kerala joint hindu family system (abolition) act. in the case of shantilal c. shah v. cit [1988] 169 itr 805, the hon'ble kerala high court held that h.u.fs. in kerala ceased to exist after the commencement of the ..... originally belonged to the h.u.f. consisting of the assessee and his wife. in the first appeal, the assistant commissioner of wealth-tax held that in the light of the kerala joint hindu family system (abolition) act, 1975, only the presumptive share of the assessee in the property could be assessed in the hands of the assessee. the tribunal confirmed ..... kerala joint hindu family system (abolition) act with effect from 1-12-1976. in support of the contention of the assessee that in their community a share .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD3(Coch.)
..... not a case of succession of one firm by other firm". it was on such admission that the issue was decided applying the provisions of section 187 of the income-tax act, 1961. in that decision, no doubt, their lordships of the kerala high court have explained the import and content of section 188 succinctly in the following terms : -- ..... (supra) we hold that this is not a case falling within the provisions of section 187 of the income-tax act, 1961. the case is squarely governed by the recent decision of the kerala high court in united coir works v. cit. therefore, two assessments should have been made one in relation to the period from 1-4-1981 to ..... that by introducing the proviso after sub-section (2) of section 187 of the income-tax act, 1961, the act sought to recognise only a dissolution brought about by death of any of the partners within the meaning of section 42(c) of the indian partnership act and to derecognise all other forms of dissolution envisaged by sections 40 to 44 is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD273(Coch.)
..... the transactions. sri c.k.nair submitted that the assessee had recourse to this arrangement in view of section 269ss read with section 276dd of the income-tax act, 1961, which enables the income-tax officer to prosecute a person if the borrowing in excess of rs. 10,000 or the repayment thereof is otherwise than by account payee cheque or ..... account of the assessee in the books of manacaud enterprises is deleted.12. the other issues involved in this appeal relate to additions made under section 68 of the income-tax act, 1961, in respect of the following credits :- in all these cases, though the amounts were given in cheque by the creditors, the credits appeared in the bank ..... because the assessee was his personal friend and such safe keeping was against the rules of the bank. however, krishnan nair was examined under section 131 of the income-tax act, 1961 on 22-8-1986. he admitted having executed the cheque and the so-called 'pronote' to help t.p. george of geo motors, ernakulam, to tide .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD516(Coch.)
..... to the interpretation of the provisions of section 184 of the income-tax act, 1961, and the board's views thereon, arc set out herein above : (i) if a firm ..... 1. this is an appeal by the assessee against the order under section 185(1)(b) of the income-tax act, 1961.2. the assessee is a partnership firm. originally, it consisted of eight adult members and seven minors admitted to the benefits of partnership ..... 25) 1966, dated 31-1-1966 (chaturvedi and pithisaria's income-tax law, third edition, volume 4, page 3599):-- registration of firms - another departmental circular: - the following circular is also relevant to the provisions of sections 184 and 185 :-- registration of firms - section 184 of the income-tax act, 1961 - clarification regarding - certain points which have been raised in regard .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... for the manufacture of which the industrial undertaking was set up, that would be counted as the first year for the purpose of granting relief under section 84 of the income-tax act, 1961. the fact that the production of cellulose pulp was started did not mean that the assessee company had begin to produce or manufacture the articles because the cellulose was only ..... the previous year was the financial year 1965-66, the company claimed deduction from its total income under section 84 of the income-tax act, 1961, which is a predecessor of section 80j. the income-tax officer held that as production of cellulose pulp had started in the month of march 1961, the assessee had begun to manufacture or produce finished articles or goods in that year. he .....
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