Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)91ITD173(Pat.)
..... court in the case of i.t.o. v. ch. atchaiah [(supra) held that there is difference between indian income-tax act, 1922 and the income-tax act, 1961 in regard to the option of the a.o. to assess the association of persons or its members individually. whereas under the income-tax act, 1922 there was an option with the a.o. to either assess the association of persons or its members individually, under the income-tax act, 1961 there is no such option with the a.o. the association of persons under the income-tax act, 1961 is a unit of assessment and the i.t.o. shall have to make an assessment in respect of the profits and gains derived .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1984)10ITD81(Pat.)
..... filed. this appeal is also being disposed of accordingly.3. the appeal filed by the department is against the order of the commissioner (appeals) reducing the quantum of penalty levied by the ito for concealment under section 271(1)(c) of the income-tax act, 1961 ('the act'). the assessee is a contractor. he declared receipts of only rs. 5,95,461. the ito made direct enquiries from the office of the paying authority [executive engineer (civil), all india radio, calcutta] and ..... t in the facts of that case no element of profit was involved in the turnover represented by the cost of materials supplied by the government to the assessee. it is argued that their lordships of the patna high court in the case of ramesh chandra chaturvedi v. cit [1980] 121 itr 116 have held as under : the answer to the question as to whether the value of the materials supplied by the government would figure for the purpose of ascertaining a contractor's net profit would be different according to the form of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)90ITD90(Pat.)
..... the belief cannot be investigated by the court." 11. the hon'ble supreme court in the case of sri krishna pvt. ltd. v.i.t.o. [221 i.t.r. 538 (sc) held as under:- "the income-tax officer can issue notice under section 148 of the income-tax act, 1961, proposing to reopen an assessment only where he has reason to believe that on account of either the omission or failure on the part of the assessee to file the return or on account of the omission or failure on the part of the assessee to disclose fully ..... . ito [203 i.t.r. 456 at 477 (sc], their lordships of the supreme court held as under:- "from a combined review of the judgments of this court, it follows that an income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that by reason of omission or failure on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1989)31ITD1a(Pat.)
1 to 15. [These paras are not reproduced here as they involve minor issues.] 16. The next contention is in respect of direction of the CIT(A) to compute investment allowance at Rs. 11,59,076 on newly installed plant & machinery used for manufacturing and bottling of soft drinks and allow the same in subsequent year when the requisite reserve is created. In compendium, the learned CIT(A) recorded the enunciation of assessing officer for refusal of grant of investment allowance and they are : (i) The claim was not made in original return submitted on 31-12-1981 but it was made in the return filed on 2-7-1988 which was invalid as the time for filing the original return had not been extended ; a revised return Under Section 139(5) could not have been validly filed as the original return itself had not been submitted Under Section 139(1) or Under Section 139(2). (ii) Section 32A(2)(iii) specifically excludes plant and machinery used for manufacture of an article specified in the list i...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)54ITD88(Pat.)
..... search day, then the assessee would have invested such sum and earned some income or it could have perhaps utilised the said seized sum for business purposes and would have earned some income, gains or profits which in turn would have been offered and subjected to tax in accordance with the provisions of the i.t. act, 1961. when such income which could have been earned on the seized amount can be taxed on accrual basis, we fail to understand why the interest awarded to the assessee on the said ..... seized sum of rs. 4,51,700 in accordance with the provisions of section 132b(4) of the act should not be assessed accordingly on accrual basis .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1996)56ITD544(Pat.)
..... decision of the supreme court in case of mcdowell & co. ltd. (supra) is not applicable. in durga prasad candy prasad's case (supra) the question was cancellation of registration under section 23(4) of the indian income-tax act, 1922 (corresponding to section 144 of the income-tax act, 1961). it was held that the cancellation was in the nature of a penalty and the penalty can be imposed even against a genuine firm in case of default. in the case before us, the assessment was not completed under section ..... s decision does not also help the department. in case of s.p. gramophone co. (supra) the assessment year concerned was assessment year 1961-62 and the question was granting of registration under section 26a of the indian income-tax act, 1922 (corresponding to section 185 of the income-tax act, 1961 partly).there was no provision in the act of 1922 for holding that the firm was not genuine in case one of the partners was a benamidar either or another partner or of a third party. earlier it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1987)20ITD209(Pat.)
..... expenses in the form of the printing and distribution of calendars, as had been claimed by the assessee, was given.subsequently, for this assessment year, the ito took reassessment proceedings. the reason recorded by the ito for the issue of notice under section 148 of the income-tax act, 1961 ('the 1961 act') was that he had occasion to critically examine such a deduction claimed in respect of advertisement expenses for the assessment year 1963-64 and it was noticed that the sum of rs. 63,000 which had been claimed in respect of those expenses for that ..... were initiated within the period of four years laid down in regard to section 34(1)(b).in this case decided by the bombay high court, the reassessment proceedings under section 34(1)(a) of the indian income-tax act, 1922 ('the 1922 act'), had been initiated. the question that had arisen was whether in the reessessment such items which satisfied the conditions of section 34(1)(b) and not of section 34(1)(a) could also be brought .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)47ITD22(Pat.)
..... he did not include this amount. while giving effect to the appellate order filed by the assessee on other points, the assessing officer in his order under section 251/154 of the income-tax act, 1961 included this amount in the income of the assessee. the assessee preferred an appeal against this order.3. the learned dc (a) was of the opinion that when the assessee did not object to the observation of the assessing officer in this respect in the appeal originally filed he ..... could not raise objection in this appeal. he relied on the decision of the hon'ble patna high court in the case of ramanand singh & co. v. cit [1987] 164 itr 78. in the context of the assessee's other objections against charging of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD153(Pat.)
..... profit on contract should be estimated after disallowing partly specific items of expenses or should be estimated by applying a flat rate of net profit ?" 24. under sub-section (4) of section 255 of the income-tax act, 1961 (hereinafter referred to as the "act" for brief), i have been nominated by the hon'ble president of the "appellate tribunal" to act as a third member for giving my opinion on a dissent on the following identical points of difference between the learned members, who heard this appeal : "whether in the facts and circumstances of the case and in law, net profit on contract should be estimated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2000)72ITD544(Pat.)
1. These two appeals are directed against common order dated 6-11-1992 of the ld. CIT(A), Ranchi, whereby he confirmed the orders of the Assessing Officer taxing the assessee-company under section 143(3)/163(2)/251 for the assessment years 1978-79 and 1979-80 treating the assessee as Agent of TSVEMETPROMEXPORT, Moscow. The Assessing Officer held that the income of Rs. 1,96,957 for the assessment year 1978-79 would be deemed to have arisen in India by virtue of section 9(1)(vii) of the Income-tax Act. He observed that the payment of the amount in question by the assessee-company to the said foreign company was in respect of the Contract No. 05-022/30700 dated 17-9-1975 which contract had not been approved by the Central Government before 1-4-1976 and, as such, the proviso to clause (vii) of sub-section (1) of section 9 of the Act was not applicable in the case. Accordingly, he charged income-tax on the income of Rs. 1,96,960 for the assessment year 1978-79.2. As for the assessment year...
Tag this Judgment!