Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)46ITD10(Coch.)
..... dates on which, these returns were filed were not on record but assessments were completed in 1962 and 1963 respectively. subsequently, notice under section 148 of the income-tax act, 1961, was served on the assessee for both the years on 9-3-1965. however, the assessee chose to file its returns in response to the notices only ..... section 269ss and 269t.7. we have considered rival submissions carefully. there is no indication in section 269ss or section 269t or any other provisions of the income-tax act, 1961, that the amount of deposits or loans accepted or the amount of deposits repaid otherwise than by an account payee cheque or account payee bank draft are ..... , bangalore, muthoot bankers, new delhi and muthoot m. george chitty, faridabad, in violation of the provisions of section 269t of the income-tax act, 1961 and therefore levied penalty under section 271e of the said act in a sum equal to the amount of rs. 58,50,000. the appellant carried the matter in appeal against the levy of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)47TTJ(Coch.)434
..... edition, of chaturvedi & pithisarias income-tax law and the same is as follows : "amendments to ss. 40a(3), 269ss and 269t by the direct tax laws (amendment act, 1987 - date of applicability -clarification regarding - provisions of ss. 40a(3), 269ss and 269t of the it act, 1961 have been amended by the direct tax laws (amendment) act, 1987 (act no. 4 of 1988), ..... the quantum of penalty also, levied in this case under ss. 271d and 271e respectively of the it act, 1961.3. the learned cit(a) accepted the contention of the appellant that the many transactions considered by the learned dy. cit as falling within the purview of s. 269ss or s. 269t did not really attract the provisions ..... 1963 respectively.subsequently, notice under s. 148 of the it act, 1961, was served on the assessee for both the years on 9th march, 1965. however, the assessee chose to file its returns in response to the notices only on 27th feb., 1969 disclosing the same incomes as in the original returns.the ito made certain .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)47TTJ(Coch.)195
..... , 1984 relevant to the asst. yr. 1984-85. in response to a notice under s. 148 of the it act, 1961, the the assessee filed a return showing net taxable income of rs. 4,26,210, besides agricultural income of rs. 20,000. the income from business was arrived at after deducting a sum of rs. 2,60,000 as bad debt arising from money ..... and it was that claim which was allowed. in the case of the assessee, the claim was made in 1983-84 assessment year itself though under bad debts. the cit(a) in his appellate order while dealing with m/s. manickanamparambil chitties had adverted to the financial difficulties in which the debtor-company was placed and also the fact that ..... is force in the contention of sri srinivasan, the learned chartered accountant, that having found that only a sum of rs. 23,291 was not covered by any other income, the cit(a) instead of upholding the addition to the extent required has sustained an addition of rs. 75,000 on presumptive basis and that too without regard to the fact .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)46ITD260(Coch.)
..... to be deemed to be the income of the recipient and chargeable to tax. as per section 189(1), the income-tax officer is authorised to make an assessment on a firm even if it is dissolved as if no such discontinuance or dissolution has ..... in this case was not the firm but only the partners of the firm. that was why the respective shares were assessed in the hands of the partners. the income-tax officer did not agree with these contentions of the assessee. according to him, under section 176(3a) where any business is discontinued any sum received after the discontinuance is ..... to the facts of this case.5. the provisions of section 189(1) which are part materia of section 44 of 1922 act has been succinctly explained starting from c.a. abraham v. ito [1961] 41 itr 425 (sc), cit v. rqja reddy mallaram [1964] 51 itr 285 (sc), the apex court approved the assessment of the firm even after the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)47ITD138(Coch.)
..... the ito is more than rs. 1 lakh, therefore, 20% of rs. 1,54,808 which means rs. 30,962 will be disallowable. thus, he enhanced the income to the extent of rs. 30,962.3. we have heard rival submissions. the expenditure coming under section 37(3a) are- in our considered opinion the value of fancy ..... is a registered firm and dealing in jewellery which has one shop in broadway, ernakulam. while completing the assessment, the assessing officer made disallowance under section 37(3a) of the act, amounting to rs. 18,732, which is as follows:-advertisement ... rs. 1,22,767sales promotion ... rs. 36,257hotel bill ... rs. 7,277car maintenance expenses ... rs. 27.357 ... ..... -----------------balance ... rs. 93,65820% thereon ... rs. 18,732.2. the assessee went in appeal. the cit (appeals) issued a notice on 14-3-1988 in respect of a proposal to enhance the disallowance under section 37(3a) of the act. in the aforesaid notice, the assessee was asked to state as to why the items like sales discount, sales .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)46ITD221(Coch.)
..... 1. this appeal by the revenue is against the cancellation of penalty imposed under section 271(1)(c) of the income-tax act, 1961. we are concerned with the assessment year 1985-86. the previous year of the assessee ended on 31-3-1985. the assessee is a registered firm doing business in textile ..... -1985. he found that it could not be said that the assessee had held any unaccounted stock as on 31-3-1985 and thus concealed its income. he also placed reliance on the decision in cit v. shri pawan kumar dalmia [1987] 168 itr 1 (ker.) and cancelled the levy of penalty. hence, the revenue is aggrieved and in second appeal before ..... of the stock and arrived at a stock value of rs. 78,73,614. the difference of rs. 40,73,614 was added to the total income of the assessee. the assessee appealed to the cit (appeals) who did not agree with the view of the assessing officer that 335 papers contained details of stock at rs. 86,52,322 which represented .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)46ITD149(Coch.)
..... to be taken to market." this definition is in relation to "agricultural income" and it cannot be extended to explain the meaning of "primary agricultural produce" used in section 80hhc of the income-tax act. the meaning of "primary" as per chambers twentieth century dictionary is "first, original; of the first order ..... seeds.2. being aggrieved by this rejection of the claim under section 80hhc in respect of dried seeds of cocoa, the assessee went in appeal to the cit (a). the cit (a) after considering the contention of the assessee came to the conclusion that the dried cocoa seeds are not "primary agricultural produce" and hence he allowed ..... the fruits. the wet seeds are obtained and dried for a week, which cannot be treated as a primary agricultural produce. "agricultural income" is defined under section 2(1) (b) (ii) as "income from land by the performance by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)47TTJ(Coch.)304
..... assessed to income-tax under s. 161(1a) of the it act, 1961. while completing the assessment, the assessing officer charged the tax at the maximum marginal rate of tax. while so doing, he charged the tax @ 55% on the income of the assessee because it represented the highest rate of tax prescribed in the finance act, 1985.4 ..... . being aggrieved, the assessee took up the matter in appeal before the cit ..... abraham, the learned senior departmental representative, contended that as per first schedule part i of income-tax and sur-tax on income-tax as provided in the finance act, 1985, the highest rate of tax is at 55% where the income exceeded rs. 1 lakh. therefore, this should represent the maximum marginal rate.on the other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)48ITD245(Coch.)
..... partnership firm which was originally granted registration under the income-tax act, 1961, for the assessment years 1981-82 to 1984-85. however, by an order under section 186 of the it act, the assessing officer withdrew the registration for the reason that licence to carry on the business under the gold (control) act, 1968 was only in the name of one ..... was illegal as it contravened to the provisions of the gold (control) act. he then placed reliance on the decision of the hon'ble high court of kerala in the case of cjtv. union tobacco co. [1961] 41 itr 115 and also the decision of the income-tax appellate tribunal in the case of narayanan & co. [it appeal no. ..... 155 (coch.) of 1985 dated 30-4-1989]. thus, the registration was cancelled for the impugned assessment years.2. on appeal, the learned dy. cit (appeals) noticed that the decision .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49ITD27(Coch.)
..... of sri george varghese who carried on the day-to-day affairs of the firm. the firm applied for registration under the income-tax act, 1961, in the prescribed form and within the prescribed time. the income-tax officer examined smt.sosamma varghese and smt. nimmi george on 5-11-1986 and was cross-examined by the chartered accountant on ..... to sri george varghese towards goodwill were a cloak to divert the income to more than one person and as sri george varghese was controlling the management and ..... and thus declined to grant registration. the assessee appealed. the dy.cit(appeals) after referring to the statements made by smt. sosamma varghese and also the contentions of the assessee that the partnership is a genuine one entitled to be registered under the income-tax act, held that the partnership and the payment of rs. 20,000 .....
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