Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD1(Coch.)
..... and the interest thereon have been determined in accordance with section 143(1) of the income tax act, 1961, as under : rs. taxesreturned total income/loss 79,66,386(-) tax on total incometotal income/loss after surchargeadjustment under section 143(1)(a)net agricultural income additional tax under section 143(1)(a)chargeable of special rates of total taxsection amount (rs.) rated ..... 1958] 34 itr 143 and contended that in view of the retrospective amendment to section 143(1a) of the income-tax act, 1961, as inserted by the finance act, 1993, there was a mistake apparent from record in that the additional tax was not levied on the amount of loss disallowed by the assessing officer and, therefore, the same was ..... 1990-91 ended on 31-3-1990. the appeal is against the order of the cit (appeals) sustaining action under section 154 of the income-tax act, 1961.2. the facts of the case in brief are : the appellant filed its return of income on 31-12-1990 admitting a total loss of rs. 2,79,43,720 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD151(Coch.)
..... . the profit and loss account in the arrack business showed a net loss of rs. 8,15,940.however, in the return of income the assessee applied the provisions of section 44ac of the income-tax act, 1961, and admitted an income of rs. 1,96,536, by estimating the profit at a presumptive rate of 40% on the purchase price of arrack totalling rs ..... . 4,91,341 as provided for under section 44ac of the act. this was accepted by the income-tax officer on which there is no dispute before ..... only in the hands of the partners as the credits and loans are found in the accounts of the firm - a totally different person - within the meaning of the income-tax act as has been held by the allahabad high court in sunder lai jain's case (supra). for this reason also, the impugned sum, at least to the extent of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)51ITD493(Coch.)
..... the records, we are of the opinion that this is a fit case for the commissioner to intervene under the powers given to him under section 273a of the income-tax act and it is for him to pass such orders as he may deem fit in accordance with law and in the interests of substantial justice, we do hope that ..... it appears that the assessing officer was forced to levy penalty as he himself cannot waive or reduce the penalty imposed or imposable in terms of section 273a of the income-tax act. shri kalathu the learned chartered accountant of the assessee, argued that this is a case where even according to the assessing officer the assessee had made full and true ..... that the ingredients of offence of concealment are not established so as to attract the provisions of section 271(1)(c) of the income-tax act. in terms of section 273ait is for the learned commissioner of income-tax to pass such orders as he may deem fit in reducing or waiving the penalty imposed or imposable.in the case of the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50TTJ(Coch.)33
..... admitted by the assessee but for the search and seizure under s. 132 of the it act.2. the learned cit(a) erred in holding that there is no concealment of income in view of the true and complete disclosure of income as provided under s. 273a. the learned cit(a) failed to appreciate that only for the purpose of s. 273a these disclosures are ..... over the asst. yrs. 1980-81 to 1985-86 on the basis of accretion to the net wealth. the assessee appealed against the assessments questioning the apportionment of the income and the cit(a), while confirming the quantum of addition, directed the assessing officer to apportion the addition in the ratio of 2 : 1 as between the assessee-firm and its ..... holding that the ingredients of offence of concealment are not established so as to attract the provisions of s.271(1)(c) of the it act.in terms of s. 273a it is for the learned cit to pass such orders as he may deem fit in reducing or waiving the penalty imposed or imposable.in the case of the assessee even .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD280(Coch.)
..... this, the assessee filed a return of loss and also filed a revised return and the assessment was completed under section 143(3) read with section 148 of the income-tax act, 1961. therefore, it is contended that the levy of interest under sections 139(8) and 215 were not proper. the assessee relies on the decision of the karnataka high ..... in a way compelling the assessee to have a change in the system of accounting regularly followed by the assessee which is not permissible under the provisions of the income-tax act.5. shri abraham, the learned departmental representative submitted that no doubt there was an obligation on the part of the assessee to refund the incentive received in ..... always remained a small scale unit and that the assessee was processing and manufacturing tea and therefore the embargo found in section 35b(1a) of the income-tax act will not be applicable to the case of the assessee. the revenue is on appeal.30. we have heard rival submissions. section 35b(1a) was inserted by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)52ITD276(Coch.)
..... appeal and decide the same on merits in accordance with law.6. for the assessment year 1984-85 the assessee is aggrieved against the determination of the income on estimate basis at 12% of the gross receipts excluding the cost of materials supplied by the government.the appellant is a civil contractor and his gross ..... assessee and depreciation of rs. 8,061 (the correct amount is to be quantified by the assessing officer after verification) which is an allowance granted under the it act should be viewed as a separate deduction. another reason for considering depreciation for separate deduction is that in some cases of contracts, huge machineries may have to be ..... point of time; the later decision has amplified the former decision of the bench of coordinate jurisdiction. in this view of the matter, we hold that the cit(a) should have adopted a liberal approach in the matter of condonation of delay, especially when the chartered accountant had categorically stated in the affidavit that he had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50TTJ(Coch.)389
..... of rs. 15,508.on appeal, the first appellate authority confirmed the penalty imposed under s. 271(1)(c) of the it act, 1961. the assessee is aggrieved.5. it is contended that there was no concealment of the particulars of the income. we do not agree. the assessee took credit for rs. 40,000 out of the estimated increase in the ..... the order of first appellate authority. but the order imposing penalty was passed beyond the period of six months after the receipt of the order first appellate authority by the cit. therefore, the order of imposing penalty is barred by limitation. no doubt the assessing officer need not have passed the order of penalty on 1st april, 1987 but ..... of penalty a sum which shall not be less than, but which shall not exceed twice, the amount of tax sought to be evaded by reason of concealment of particulars of his income or furnishing of inaccurate particulars of such income. the tax payable is an amount for which a demand notice is issued under s. 156.in the instant case, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)51ITD172(Coch.)
..... to the assessee states the offence as follows: furnished under sub-section (2)/(3) of section 18-a of the indian income-tax act, 1922, or under section 212 of the income-tax act, 1961, estimate(s) of advance tax payable by you for the assessment year 1982-83 which your know or had reason to believe to be untrue.sub-section ( ..... the assessment year 1982-83. the assessee, an individual, is a regular assessee under the provisions of the income-tax act, 1961. he filed a statement of advance tax in form no.28a on 15-9-1981 in which the income and tax payable were estimated at rs. 62,070 and rs. 21,159 respectively. based on this statement, the assessee ..... was made out against the assessee in the notice issued pursuant to the satisfaction reached by the income-tax officer in the course of the assessment proceedings in relation to an offence under section 273(2)(a) of the income-tax act, 1961. thus, the notice itself suffers from incurable defect as the default mentioned therein was not at all .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1996)54TTJ(Coch.)582
..... purposes.5. ita no. 969/coch/1990 : this is an appeal against the levy of penalty under s. 271(1)(c) of the it act, 1961, in relation to the asst. yr. 1985-86. on the facts narrated in the quantum appeal in the preceding paragraphs, the ao levied penalty ..... 00,000 under s.271(1)(c) of the act for concealment of income of rs. 3,12,692. the cit(a) reduced the amount of concealed income by rs. 86,692 and directed the ao to levy minimum penalty on the concealed income of rs. 2,25,000. aggrieved, the ..... courts of law. keeping this in view and having regard to the submissions made before us, we set aside the order of the cit(a) and restore the issues to the file of the ao to enable the assessee to approach the settlement commission for settlement of ..... to avert vexatious litigation. therefore, he prayed that either the addition should be deleted or atleast the order of the cit(a) may be set aside to enable the assessee to approach the settlement commission.sri c. abraham, the learned senior departmental representative .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)51TTJ(Coch.)142
..... equally clear that neither the assessee nor the department is able to have any access to these accounts and records in the custody of the court to enable the income-tax authorities to make a proper assessment and for the assessee to meet the case put forward by the departmental authorities by offering a proper explanation with reference to the ..... is as a result of the above directions that the impugned assessment order was passed on 27th march, 1991 under s. 143(3) r/w s. 254 of the it act, 1961 and in this assessment, the assessing officer had not given deduction for the kist payable in a sum of rs. 8,63,406 and had also not given deduction for ..... allowance, there is no statutory requirement to debit the accounts with the amount of depreciation. it is a statutory deduction given under the provisions of s. 32 of the it act, provided the prescribed particulars has been furnished. it is seen from the previous two assessment orders (page 3 and 16 of the paper book) that the depreciation has been .....
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