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Blue Dart Express Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD414(Mum.)

..... the assessee are directed against consolidated order dated 19-3-1991 of the commissioner of income-tax under section 263 of the income-tax act, for the assessment years 1994-95 and 1995-96.2. ..... upto and for the assessment year 1991-92 approval of agreement by the board/chief commissioner or dg was a must.in assessment year 1992-93 while considering the assessee's claim of deduction under section 80-o the assessing officer in his order dated 25-11-1994 under section 143(3) of the act observed that the assessee is rendering linehaul services and international inbound and received foreign exchange earnings of rs. ..... he argued that on these facts, it is submitted that the cit was in total error in invoking section 263 the act.further, in his impugned order under section 263 the commissioner has not dealt with the merit of the assessee's case or the judicial pronouncements cited by ..... page 150 their lordships held as under :- "the basic purpose of section 80-o is the spread by an indian assessee of any patent, invention, model, design, secret formula or process, or similar property right, or information concerning industrial, commercial or scientific knowledge, experience or skill of the assessee for use outside india and in that process to receive income to augment the foreign exchange resources of the country. ..... section 80-o provides for deduction of 50% from the income of an indian company or a non-corporate indian resident by way of royalty, commission, fees or any similar payment from .....

Surat Tennis Club Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)75ITD362(Ahd.)

..... officer and since the full details relating to the income and expenditure/receipts and payments account are not before us, we consider it necessary to restore this matter to the file of the assessing officer for fresh computation of the taxable income, if any, in the hands of the assessee trust in accordance with the provisions of sections 11, 12 & 13 of the income-tax act, 1961.accordingly, the issue of fresh computation of taxable income, if any, is restored to the file of ..... : promotion of sports - whether a charitable purpose - clarification regarding : the expression "charitable purpose" is defined in section 2(15) of the income-tax act, 1961, to include relief of the poor, education, medical relief and the advancement of any other object of general public ..... in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included - (23) any income of an association or institution established in india which may be notified by the central government in the official gazette having regard to the fact that the association or institution has as its object the control, supervision regulation or encouragement in india of the games of cricket, football, tennis or such other games or sports as the ..... of southern india [1981] ..... the members of the club and that, therefore, the club was not a body established for the general public nor a charitable purpose, but as held by lord wright in all india spinners' association v. ..... india .....

Ravindra Traders Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2000)67TTJ(JP.)579

..... 50,000 as unexplained and the same was added to the total income as income from undisclosed sources under section 68 of the income tax act, 1961.on first appeal, the deputy commissioner (appeals) has upheld the order of the assessing officer and dismissed the assessee's appeal.now the assessee ..... megh raj duh chand, calcutta, in his letter dated 24-1-1981, addressed to the income tax officer, j-ward, district iv(3), calcutta, has denied in response to summons under section 131, to advance any loan of rs. ..... the assessee requested the income tax officer to call m and k for cross-examination, ..... on 25-8-1970, on any other date either subsequently or formerly vide his letter dated 24-6-1981, addressed to the income tax officer j-ward, distt. ..... was no failure of natural justice and the income tax officer was entitled to draw an inference that the cash credits in the names of m and k were assessable as assessee's income. ..... interest treating the loan as non-genuine and as income from undisclosed sources without allowing any opportunity to the assessee to cross-examine the creditor.the brief facts of the case are that the assessee is a registered firm.the original assessment was completed under section 144/146 on 29-11-1985, on a total income of rs. ..... dated nil was filed by the assessee in the year 1973, at the time of original assessment proceedings which was not accepted by the assessing officer as the creditor in response to summon issued under section 131 has denied to advance any loan of rs. .....

Banyan and Berry Construction (P.) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)77ITD367(Ahd.)

..... cit examined the record of the proceedings and treated the assessment order as erroneous in so far as prejudicial to the interest of the revenue for purposes of section 263 of the income-tax act as the assessing officer failed to bring to charge the interest received on fdrs, the assessment order was revised and modified by directing that interest be charged in accordance with law after affording reasonable opportunity to the assessee to ..... this appeal by the assessee for the assessment year 1993-94 is directed against the order of the commissioner of income-tax (cit) under section 263 of the income-tax act revising assessment of the assessee dated 26-3-1996 made under section 143 and directing the assessing officer to bring to tax interest received by the assessee on fdrs. ..... cit, in our considered opinion, rightly exercised the jurisdiction vested in him under section 263 of the income-tax act.5.2 shri shah had also vehemently contended that amount given to the assessee under the order of the court was lying with the assessee in a fiduciary capacity and as there was possibility to return the amount. ..... argument that the assessing officer took one of the two possible views and, therefore, the commissioner was not right in treating the assessment order as erroneous and prejudicial to the interest of the revenue under section 263 of the income-tax act.in fact, the assessing officer passed order of "nil assessment" without application of mind. .....

Rajinder Gupta Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... the first ground of appeal in all the cases relate to the issue that the cit(a) was not justified in confirming the addition made by the assessing officer by resorting to the provisions of section 2(24)(iv) of the income-tax act. ..... advances to the assessees either directly or through other two companies and/or paid any interest on the amounts given to the assessees, we hold that the assessees had not derived any 'benefit' or 'perquisite' to attract the provisions of section 2(24)(iv) of the act.while coming to such a finding, we have also followed the decision of the chandigarh bench of the tribunal in the case of varinder gupta (supra) ..... the assessing officer noted that benefit in the form of interest free loan had been derived by the director of the company which is liable to tax under section 2(24)(iv) of the act.accordingly he estimated the interest @ 21 per cent on loan of rs. ..... . kartikeyan's case (supra), these are to support the view that concept of 'income' has wide connotations and this covers several items of income which are not specifically exempt under the various sections of the act ..... he, therefore, submitted that in view of the provisions of section 2(24)(iv) of the act, loans obtained by these assessees, which were utilised for purchase of prime property at ludhiana should be considered as benefit derived by the assessees and, therefore, should be brought to tax. .....

Dy. Cit Vs. Eloor Constructions

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)91TTJ(Coch.)590

..... case relating to acquisition of electricity undertaking and the apex court held in the context of section 41(2) of the income tax act relating to balancing charge that the profits became chargeable to tax in the year of receipt of the compensation and that pending arbitration proceedings for enhancement of the compensation would not affect the liability to tax of the compensation already received. ..... 3,87,118 as computed in the abovesaid letter dated 30-3-1988, after deducting the expenses and the portion of interest income already offered as part of contract receipts.during the assessment proceedings, the assessing officer obtained the particulars of interest awarded to the assessee and it was noticed that the total interest awarded was of the ..... return was not accompanied by any fresh p&l a/c but it was accompanied by a letter dated 30-3-1998, addressed to the assessing officer which read as follows : "we have filed a revised return of income for the assessment year 1985-86 and the assessment has been completed vide order dated 30-3-1987. ..... of the apex court relied on by the learned counsel for the assessee and as per the decision of the juridictional high court in the context of levy of penalty under section 271(l)(c), the said interest income has only to be treated as part of business receipts. ..... 1991 in which the penalty levied on the assessee under section 271(1)(c) for the assessment year 1985-86 has already been ..... lakh into state bank of india, alwaye, towards self- assessment tax. .....

Shantilal M. Lalwani Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)82ITD59(Pune.)

..... such income are, recorded before the date of the search in the books of account, if any, ..... search, but the return of income for such year has not been furnished before the said date, or where such return has been furnished before the said date, such income has not been declared in the return, the assessee shall, for the purposes of imposition of penalty under section 271(1)(c) of the income-tax act, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income unless such income is, or the transactions resulting in ..... wanchoo was appointed by the government of india to examine and suggest legal and administrative measures for countering evasion and' avoidance of direct taxes and to recommend concrete and effective measures for unearthing black money and preventing its proliferation through further evasion.explanation 5 was brought into force as a result of the experience of the department that during the course of search under section 132 where the assessees were found to be the ..... itr 411 as early as in 1961 and the same remained undisturbed. .....

Silpa Finance and Investment (P.) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)80ITD185(Hyd.)

..... rs, 24,155 of deduction short allowed under section 32ab, of income-tax act, 1961, wrongly assuming dividends on chits subscribed by the company as income from other sources whereas factually it is 'income from business' as one of the objects of your appellant is to make investments.3. ..... the appeal emanates from the assessment order passed under section 143(3) of the income-tax act, 1961.2. ..... profits of the business of an assessee for the purpose of deduction under section 32ab have to be computed as per the provisions of parts ii and iii of sixth schedule to the companies act and not in accordance with the provisions of income-tax act. ..... therefore, splitting of profits of the business of the appellant company into different heads of income like under profits and gains of business or profession or income from other sources, is not required as is done for the purpose of computation of total income under income-tax act. ..... the present appeal has been preferred by the assessee against the order of the commissioner of income-tax (appeals) iv, hyderabad dated 17-1-1994 and it relates to assessment year 1989-90. ..... ' it was further argued by him that deduction under section 32ab cannot be allowed with reference to the income assessable under the head 'income from other sources' but was allowable only in relation to income chargeable to tax under the head 'business or profession. ..... ' he relied upon the judgment of the hon'ble madras high court in the case reported in south india shipping corpn. .....

Saral Enterprises Vs. Ac (inv)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD558(Mum.)

..... he also contended that under the income-tax act, an assessee has no discretion or freedom of choosing a method of accounting which tends to violate the fundamental assumption or concepts of ..... occupied by the other parties who were requested to shift to other parts of the complex so as to make it convenient for the income-tax department to occupy the aforesaid area wholly. ..... in this case, there was a change in accounting method which was found bona fide and the income of the assessee could be properly deduced when the interest payable by the assessee was being accounted for on actual ..... the income-tax officer was of the opinion that the interest on bridge loans could not be accepted on cash ..... there cannot be piece meal method of accounting in respect of the same business or the same source of income or expenditure as has been laid down by the gujarat high court in the case of super scientific clock ..... the choice of method of accounting lies with the assessee, but the assessee must show that he has followed the method regularly for his own purposes.section 145 and the proviso read together, clearly make such a method regularly employed by the assessee a compulsory basis for the computation, unless in the opinion of the assessing officer, the income, profits and gains cannot be properly deduced, there from. ..... satyam shivam sundaram building at ghatkopar to the president of india for the office of the income-tax department. ..... iii) treating the lease rent from president of india of rs. .....

ito Vs. Tilak Rice Mills

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2002)75TTJ(Asr.)20

..... further observed that even if there was difference in two stocks, the same could not be made a basis for the addition under section 69 of the income tax act. ..... the burden is on the revenue to prove that the income sought to be taxed is within the taxing provisions and there was in fact income.the assessee had shown the value of the stock in its books of account.the income tax officer thought that the figures relating to the value of the stocks in the book could not be regarded as the correct value of the stocks as the assessee had given a declaration to the ..... swamy (supra) held that : "the assessee's income is to be assessed by the income tax officer on the basis of the material which is required to be considered for the purpose of assessment and ordinarily not on the basis of the statement which the assessee may have given to a third party ..... income tax officer computed the difference between the value as recorded in the books and that found in the declaration to the bank and treated the same as income ..... is also furnished which is placed at page 1 of the paper book and the contents of that affidavit are reproduced below : "1, om parkash s/o hans raj, age 45 years, resident of jammu do hereby solemnly affirm and declare as under : 1. ..... not mentioned the relevant section in which the addition had ..... value of the stocks as stated by him in the declaration given to the bank was inflated, that he had not suppressed the value of the stock, and that there was no income from undisclosed sources. .....