Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1998)67ITD425(Asr.)
1. The appellant has filed appeal against the order filed by the CIT(A) vide order No. 413/1990-91/II(4)/Asr dt. 15th May, 1991.2. The appellant filed return of income on 29th June, 1986, showing income of Rs. 1,09,538 and assessment was completed by the ITO under s.143(3) on an income of Rs. 1,28,677. The AO observed that the appellant was required to get the accounts audited in accordance with s. 44AB of the IT Act, 1961, because the sale exceeded to Rs. 40,00,000. The appellant filed accounts for the first period running from 27th August, 1986 to 15th August, 1987, and reflected sale of Rs. 29,95,264 and for the second period from 16th August, 1987, to 31st March, 1988, the appellant reflected sale of Rs. 16,61,549. The AO issued show-cause notice dt. 21st February, 1990, to explain why penalty under s. 271B may not be imposed. The appellant filed reply on 5th March, 1990 and took the plea that the asst. yr. 1988-89 was transitional period for change of the previous year to financi...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1993)46ITD104(Asr.)
1. The appeal of the Revenue for the assessment year 1975-76, and the cross-objection relating thereto are conveniently considered together and disposed of by a common order.2. The major objection of the Revenue through its first ground is about the cost of construction of a cinema building by the assessee-firm and the addition made on account of unexplained investment. The Income-tax Officer made an addition of Rs. 6,56,186, which represented the difference between the cost of construction as per the Departmental Valuation Officer of Rs. 23,76,505 and the cost of construction as per the assessee's books of Rs. 17,20,320. It was pointed out from para 8 of the order of the Commissioner of Income-tax (Appeals) that the Departmental Valuation Officer made valuation five times and each time the cost of construction worked out was different. The first assessment which was made by the Income-tax Officer by order dated March 28, 1979, was set aside by the Commissioner of Income-tax (Appeals)...
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