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Assistant Commissioner of Income Vs. O.P. Chawla

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)116TTJ(Delhi)755

..... made by the hon'ble court: the scope and effect of section 147 as substituted w.e.f. 1st april, 1989; by the direct tax laws (amendment) act, 1987, and subsequently amended by the direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989, as also of sections 148 to 152 have been elaborated in circular no. 549, dt. 31st oct., ..... to escapement of the income of the assessee from assessment. the fact that the words 'definite information' which were there in section 34 of the act of 1922, at one time before its amendment in 1948, are not there in section 147 of the act of 1961, would not lead to the conclusion that action can now be taken for reopening assessment ..... even if the information is wholly vague, indefinite, far-fetched and remote. the reason for the formation of .....

Deputy Commissioner of Income Tax Vs. Shubham Industries

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)106TTJLuck34

..... the court "to make a local investigation" and also "to hold a scientific, technical or expert investigation". the authority of valuation officer was created under the wt act by taxation laws (amendment) act, 1972, w.e.f. 15th nov., 1972. the scope of power under section 131 vested in an ao to make a reference to the valuation officer for ..... obtained by the ao under section 131(1) of the act be deemed to be a valid report and as such the addition made ..... 's report, which has been obtained under section 131(1) of the act. in the light of the above findings of the tribunal, the department has filed application and has stated that in view of the amendment made by the finance act, 2004, by inserting section 142a of the act, which is effective from 15th nov., 1972, the dvo's report, .....

Dhanaraj Singh and Co. Vs. Commissioner of Income Tax and anr.

Court : Patna

..... pleas raised before us, we have to bear in mind that the provisions of ss. 147, 148 and 151 of the it act, as they stood prior to the substitution of those sections by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989, are the relevant statutory provisions governing the matter. for appreciating the controversy ..... during the assessment proceedings of the same assessee for a subsequent year, that the alleged agreement between the assessee and ratiram was bogus, there was no other information or material from any other external source which came to the notice of the ito after the assessment proceedings which could enable the ito to form a ..... draft. a confirmatory letter from the company was also produced. the assessments were completed on that basis. thereafter, the ito having jurisdiction over the calcutta company informed the ito of the assessee in a different place that the managing director of the calcutta company had made a confession to the effect that the company was .....

Krishi Utpanna Bazar Samiti Vs. G.P. Hardas and anr.

Court : Mumbai

Reported in : 1985(1)BomCR357

..... . commissioner of income tax, : [1977]108itr922(cal) in which road transport corporation under the road transport corporation act, 1960, as amended by the road transport corporation (west bengal amendment) act, 1959, was not held to be a 'local authority' within the meaning of section 10(20) of the ..... the market, maintenance of market, maintenance of standard weights and measures, salaries of servants, payment of interest of loan, collection and dissemination of information regarding matters relating to crop statistics; propaganda in favour of agricultural improvement and orderly marketing and payment of allowance to the members, grant of ..... vehicular traffic, (ii) settlement of disputes, (iii) prosecution for violation of the provisions of the act and rules, (iv) maintenance of the market, (v) acquiring, holding or disposing of properties, (vi) collecting or maintaining information in respect of production, sale, storage, processing, prices and movement of agricultural produce, (vii) taking .....

SkIn Institute and Public Services Charitable Trust Vs. Assistant Dire ...

Court : Delhi

Reported in : (1998)61TTJ(Del)29

..... in this connection reference may be made to circular no. 45, dt. 2nd september, 1970, which contains the explanatory notes on the provisions of the taxation laws (amendment) act, 1970, which clarifies the position that hospitals and other institutions which exist solely for philanthropic purposes and not for purposes of profit will be totally exempt from tax, ..... to the community at large, there is no reason to reject the claim of exemption under s. 10(22a)/11 of the it act. the learned assessees counsel very vehemently argued that the information regarding the activities of the trust is given in pp. 48 to 62 of the paper-book, wherein it was pointed out ..... has been registered as a charitable trust under the societies registration act, and orders were passed granting exemption from time to time, which is on record from pp. 34 to 47. the learned assessees counsel also pointed out that the asstt. director of it (exemption) was informed vide letters dt. 29th september, 1994, and 14th november, .....

Capt. Harminder Singh Vs. Income Tax Officer.

Court : Delhi

Reported in : (1997)58TTJ(Del)348

..... of any provision were possible, the interpretation beneficial to the assessed must prevail.3.1. the learned cit(a) considered the submissions and observed that the amendment made by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989, ushered in complete change in the scenario of such special allowances as laid down in s. 10(14 ..... circular no. 701, dt. 23rd march, 1995, [published at : [1995]213itr1(bom) of the said circular it has been clarified that consequent to the amendment of s. 10(14) by the direct taxes laws (amendment) act, 1987 (w.e.f. 1st april, 1989), all circulars, instructions and clarifications issued by the board regarding s. 10(14) up to 31st march, ..... no basic change in the provisions of s. 10(14) as they stood before 1st april, 1989, and as they have been amended w.e.f. 1st april, 1989, by the direct tax laws (amendment) act, 1987. he has also emphasised that the view taken by the cbdt in its earlier instructions/circulars is still valid even with reference .....

Rajasthan Spinning and Weaving Mills Vs. Deputy Commissioner of Income ...

Court : Rajasthan

Reported in : (2005)199CTR(Raj)305; [2006]281ITR177(Raj)

..... as shown in the p&l; a/c for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956.'after the amendment, with the insertion of sub-section (1a) read with the explanation it reads as under :'(1a) every assessee, being a company, shall, for the purposes of ..... in respect of finding that the computation of book profit made under section 115j by the ao was erroneous. for this purpose, he referred to following table about the information furnished by the assessee in his return regarding applicability of section 115j :profit as per p&l; a/c 31,65,800less : amount credited to p&l; a ..... which he thinks ought to be fair and true result by resorting to conceptual theory of true and fair result, by foraying into various other provisions of the companies act, that may provide many other matters to be taken into account for various other purposes. for example, section 49 requires determination of profit for the purpose of determining .....

Ukt Software Technologies Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 10b the same was required to be recomputed on the assessed income and benefit of the same ought to have been allowed. 12. that the appellant craves leave to add, amend or alter any of the grounds of appeal. 3. the brief particulars of the case are that assessee's assessments originally were computed u/s 143(1) which were ..... later on reopened u/s 147/148 of the it act. the assessment orders were reopened in view of searches on s.k. gupta group of companies, who were indulging in providing accommodation entries and from the statements recorded in ..... be treated as returns filed in response to notice u/s 147/148. the assessing officer then completed the reassessment proceeding without issuing notices u/s 143(2) of the it act. the ld. cit (a) also did not consider the contentions of assessee and the matter finally reached hon'ble tribunal, which vide its order dated 11th feb. 2011 .....

Vaikundam Rubber Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1997)63ITD56(Coch.)

..... it was pointed out that notice under section 148 was issued on 1-3-1989 and so the provisions as existing prior to the amendment of section 147(a) by the direct tax laws (amendment) act, 1987 with effect from 1-4-1989 are applicable to the facts of this case. shri sarangan explained that under the provisions of section ..... over the years to which the same pertained." in giving effect to the finding of the tribunal, the assessing officer gets the jurisdiction under section 150(1) of the it act. section 150(1) overrides the provisions of section 149 prescribing the time-limit for issue of notice under section 148. section 150(1) provides that a notice under ..... accrual and the direction for spread-over of interest income in various previous years. the re-assessments were thus held to be valid under section 150(1) of the it act independent of section 149.aggrieved with the order of the cit(appeals) confirming the re-assessments, the assessee has filed these appeals before the tribunal.5. before us .....

Punjab Fibres Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD68(Delhi)

..... copies of the relevant entries were also submitted in the compilation. he contended that the rates of depreciation prescribed in sch. xiv inserted by companies (amendment) act, 1988, in the companies act, 1956, provide for minimum rate of depreciation. it does not prohibit writing off depreciation on the revalued cost of assets.he invited our attention towards ..... . 11. depreciation on assets has been calculated for the period on straight line basis of the rates specified in sch. xiv (inserted by companies amendment act, 1988) in the companies act, 1956 instead of the rates hitherto followed by the company. 19. during the year 1984-85, the company revalued land and buildings of its works ..... was in conformity with the accounting standards and guidance notes issued by the icai.10. the provisions contained in sch. xiv of companies act, 1956, inserted by the companies (amendment) act, 1988 do not prohibit writing off the depreciation on the revalued amount.11. let us now examine whether s. 115j of .....