Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49ITD229(Coch.)
..... . these appeals are by the assessee in relation to the assessment years 1979-80 and 1980-81 against the orders of the cit (appeals) in sustaining the levy of penalty under section 271(l)(c) of the income-tax act, 1961. the previous year of the assessee is the financial year for each of the assessment years. in the return filed for the ..... took only the proportionate share of the minor children and thus rs. 13,333 was included on estimate basis under section 64 of the income-tax act, 1961. it would appear that the assessee has not contested the addition in appeal. this addition became concluded on which penalty was levied.23. we have heard rival ..... assessment year 1979-80 on 27-9-1979, the assessee admitted income totalling rs. 22,940 from house property, own business in prawn-fishing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49ITD135(Coch.)
..... impugned amounts were to be allowed under section 36(1)(iii)or under section 37(1) or under section 57 or under section 67(3) of the income-tax act, 1961.besides the learned commissioner of income-tax was also of the view that the assessing officer has not examined whether the whole amount should be allowed or only a portion of it should be allowed ..... the records available to him in respect of any proceedings under the income-tax act, 1961; but the learned commissioner of income-tax has proceeded to invoke the jurisdiction on the basis of the wealth-tax records which are not records under the income-tax act.4. smt. susie b. varghese, the learned departmental representative submitted that income-tax and wealth-tax are supplementary and complementary to each other and, therefore, there was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)48ITD221(Coch.)
..... from the wording of the charging sections 4 and 5 of the income-tax act, 1961.the first paragraph of sub-section (1) of section 4 reads as below: where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that ..... on a loan taken for constructing the building. there cannot be any doubt that notional income from a house property can be charged to tax only under section 22 of the income-tax act, 1961 and as income from house property. this is no real income and the specific provision of section 22 has got to come to play for bringing ..... m. raghunandan's case (supra). we have also gone through the different provisions of the income-tax act, 1961. we find that the special bench of itat, held in the abovementioned case that what is taxed under section 22 is, only the yearly income of the person derived from property and that legally and etymologically also annual value cannot mean monthly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)48ITD494(Coch.)
..... the very assessment year on the plea that the books were lost or misplaced or not traceable on a petition under section 217 of the income-tax act, 1961 for waiver of interest, the dy.commissioner of income-tax had waived the interest to the extent of 50%. all these would go to strengthen our view additionally that the assessee had reasonable cause for ..... the assessee and levied penalty of rs. 1,21,231 under section 271(1)(a) of the income-tax act, 1961.2. in the appeal, the learned cit (appeals) upheld the levy of penalty but reduced the quantum by taking into consideration the payment of advance-tax. hence, the assessee is in second appeal.3. the assessee has taken additional grounds of appeal supported ..... 1. this is an appeal by the assessee against the levy of penalty under section 271(1)(a) of the income-tax act, 1961, we are concerned with the assessment year 1986-87. the assessee is a firm of abkari contractors. during the assessment year under consideration, the assessee has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49TTJ(Coch.)357
..... . 2,50,000 it was held that the assessing officer was justified in rejecting the explanation of the assessee and looking upon the said sum as taxable income under s. 68 of the it act, 1961, but it was not clear from the records whether the previous year relevant for the asst. yr. 1986-87 was for the period from march, 1985 ..... away the various investments that has been described in the assessment order. the assessees representative was asked to show whether there was any cash on hand in the wealth-tax assessment of the partners as on 31st march, 1985. but the assessees representative could not furnish such information. he was also asked to prove whether the payments were ..... has been made for the asst. yr. 1986-87 and there was no such evidence forthcoming on this scope. in these circumstances, he held that the tax payments had come out of the unaccounted income of the firm in the asst. yr. 1986-87. the assessee is aggrieved and in second appeal.7. we have heard rival submissions. out of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50TTJ(Coch.)442
..... materials and helped itself with a hefty sum of rs. 5,88.001 being the sale proceeds of the scrap materials. this sum was offered for assessment as business income and assessed as such. the payment of interest of rs. 4 lakhs for the delay in the payment of purchase consideration whether the purchase is to be effected by ..... interest at 18% per annum. the buildings on the lands purchased were demolished and the scrap materials were sold for rs. 5,88,001, which was treated as business income. under the agreement, the assessee had to pay an interest of rs. 4 lakhs for the delayed payment of purchase consideration. it was claimed as revenue expenditure but was ..... to 29th dec., 1986. the ito disallowed the interest payment on the ground that the payment was towards the purchase of capital asset. the cit(a) took the view that the assessee was only acting as an intermediary as between the vendor and the sister concerns and it was not necessary for the assessee to pay interest on the lands ultimately .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)51ITD405(Coch.)
..... appeal, the crucial and relevant date is the date of initiation of the assessment proceedings, i.e., the date of issue of notice under section 143(2) of the income-tax act, 1961. it is the law existing on the day the proceeding was first initiated which governs the exercise and enforcement of the right of appeal. a subsequent amendment cannot curtail ..... which the power of the cit(a) and dy. cit(a) to condone the lapse of admitted tax has been withdrawn.3. the facts in brief are as follows : the assessee filed its return of income on 9-2-1989 admitting a total income of rs. 83,54,950. tax to be paid thereon under section 140a of the income-tax act, 1961, was rs. 13,68,096 ..... . this was not paid. the assessment was completed on 30-3-1989 determining the total income at rs. 1,45,06,670. against this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49TTJ(Coch.)343
..... later by the cit(a). the assessee is on further appeal.3. in view of the insertion of cl. (iiib) to s. 28 w.e.f. 1st april, 1967 there is no merit in the appeals of the assessee.4. the revenue in its appeals is aggrieved against the deduction allowed under s. 80hhc of the it act, 1961. in both ..... assessee gets orders through export houses. the export houses receive import entitlements on such exports, out of which the assessee is given an export premium which constitutes the additional income of the assessee. in fact, it is this export premium received from the export houses that is responsible for earning profit on exports. such export premium received from ..... the export houses have also been assessed to tax in the hands of the assessee.this is a way of doing export business to minimise losses or to maximise profits by increasing the export turnover. all the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50TTJ(Coch.)435
..... of rs. 43,400.49 in respect of additional lorry hire, hire advance, trip advances and spare bills payable to saradhi lines p.ltd. the same was disallowed. the cit(a) stated that the expenditure did not relate to the asst. yr. 1985-86. on second appeal also the tribunal held that it did it did not relate to the ..... liability for any damage or loss in respect of goods in excess of the value of rs. 100 incurred to the scheduled articles (articles prescribed under the schedule to the act) unless a declaration has been made in the proper form. the scheduled articles are as follows : currency-notes of the (central government) or notes of banks, or securities for ..... 31st march, 1986, the liability to the extent of rs. 32,09,670 was neither ascertained nor accepted. hence, he disallowed the claim in such sum. the assessee appealed. the cit(a) noticed that an identical issue, though different in figures, had come up before him for the asst. yr. 1985-86 and for the detailed reasons stated in his order .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49TTJ(Coch.)240
..... by the division bench. therefore, the high court directed the tribunal to rectify the mistake in the light of s. 254(2) r/w s. 154 of the it act, 1961.13. from the facts narrated above, it will be abundantly clear that the tribunal in the case of kil kotagiri tea & coffee estates co. ltd. (supra) has ..... through the medium of miscellaneous petition.11. shri abraham further contended that in the main ground of appeal itself the department was aggrieved against the direction of the cit(a) to grant investment allowance "subject to other conditions being fulfilled by the assessee ......" and contended before us that the expression subject to other conditions being ..... not whether the assessee was engaged in manufacturing activities, etc.10. shri abraham vehemently contended that the revenue has a general ground namely that the order of the cit(a) "is erroneous in law, facts and circumstances of the case" and therefore, this general ground would comprehend all the aspects of the issue. no specific .....
Tag this Judgment!