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Assistant Commissioner of Income Vs. Sharda Gums and Chemicals. (Shard ...

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... 1. sec. 80hhc(3) prescribes the mode of computation of profit derived from export business. the provisions of s. 80hhc(3) as it existed prior to its amendment by the finance act, 1990, and which existed in the relevant year under consideration was brought to our notice by the learned counsel, shri jhanwar. he pointed out that if the ..... 90 per cent of such income was required to be excluded for computing the profits of business eligible for grant of deduction under s. 80hhc by an amendment made by finance (no. 2) act, 1991, w.e.f. 1st april, 1992. this clearly and necessarily implies that prior to asst. yr. 1992-93 the interest receipts and the ..... and export incentives, etc. were considered as part of profits of business eligible for grant of deduction under s. 80hhc of the act. he submitted that the present appeal relate to asst. yr. 1989-90. the amendment so made from asst.yr. 1992-93 also clearly supports the assessee's contention with regard to interest receipt. such interest received .....

Assistant Commissioner of Income Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... the same has already been discussed above. it is worthwhile to note here that requirement of "furnishing" the audit report under s. 44ab was incorporated in s. 271b by amendment vide finance act, 1995, w.e.f. 1st july, 1995, and prior thereto such a general requirement of furnishing the report of audit under s. 44ab was no more there under s ..... furnishing of audit report under s. 44ab at any time prior to 1st july, 1995. the assessment year under appeal being 1993-94, that is, prior to amendment of s. 44ab vide the finance act, 1995, which became operative w.e.f. 1st july, 1995, the position of law under s. 44ab remains that as mentioned above as being prior to 1st ..... hon'ble jurisdictional high court in the case of abhey kumar (supra). in view of the discussions made above, we are of the view that prior to amendment of ss. 271b and 44ab vide finance act, 1995, w.e.f. 1st july, 1995, penalty for non-furnishing of audit report required under s. 44ab within specified date was not leviable. as .....

Sumerpur Co-operative Marketing Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... adjustment/disallowance claimed in the absence of evidence. the ao could not make adjustment to the income and loss declared in the return if on the basis of information available in such return, accounts or documents, deductions, allowance or relief claimed was prima facie inadmissible. no power was given to the ao to disallow a ..... errors in the return, accounts or documents, accompanying the return, (ii) loss carried forward, deduction, allowance or relief. which was prima facie admissible on the basis of information available in the return but not claimed in the return; and (iii) any loss carried forward, deduction, allowance or relief claimed in the return, which on the basis ..... in holding that the additional tax was chargeable since there was loss even after adjustments made. this ground was not pressed as there was an amendment in section 143(1a) by the finance act, 1993, retrospectively w.e.f. 1st april, 1989, and making additional tax leviable even in the cases of loss also.4. we have .....

Smt. Premlata Jalani Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... of t.s. balram, ito v. volkart bros. & ore. (1971) 82 itr 50 (sc). (ii) the provisions of section 234c was inserted by direct tax law (amendment) act, 1987, w.e.f. 1st april, 1989, providing for levy of interest for deferment of advance tax. the proviso to section 234c(l)(b) was inserted by direct tax laws ..... (amendment) act, 1989. to remove hardship in respect of payment of interest under section 234c in cases of capital gains which arises after due date of payment of instalment of advance ..... interest under section 234c in respect of instalments prior to accrual of capital gains. (xiii) it was submitted that the interest under section 234b would be consequently amended if the demand for interest under section 234c is cancelled, as the variation is on account of adjustment of tax first against interest.7. the learned departmental representative .....

Uttam Chand Nahar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... scope and effect of the newly substituted provision w.e.f.1st april, 1989, section 147 by direct tax laws (amendment) act, 1989, and subsequently amended by direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989, as also under ss. 148 and 152 have been elaborated in the departmental circular no. 549, dt. 31st oct., ..... not have any column calling from appellant/assessee to disclose investment/expenditure in construction of house then the appellant/assessee is legally not under any obligation to give such information. moreover, his return of income was not found defective under section 139(9) as no such notice required for under s, 139(9) was issued. moreover, ..... assessee did not maintain books of accounts and, therefore, the ao is not correct in saying so. in letter dt. 9th march, 1995, the appellant has informed the ao that he has maintained the books of accounts for the purpose of cost of construction of the residential house. such books were earlier produced before predecessor-in .....

Assistant Commissioner of Income Vs. Ramesh Chand Soni

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2003)81TTJ(Jodh.)253

..... case. finally, the learned counsel has submitted in this regard that calculating from either after applying the provisions of section 142(2a) of the. act, or in the alternative, applying amended provisions of finance act, 2002 which would have retrospective effect, the assessment passed is within limitation.9. on the other hand, the learned counsel for the assessee, ..... to the learned cit jodhpur for obtaining approval and also copy of approval granted by the learned cit jodhpur but the same has not been replied and no information regarding the above facts was supplied to the assessee. even when he enquired from the learned counsel, shri bhandawat on the date of hearing, he could ..... 95 to 1999-2000 (upto 15th july, 1998, that is, for six years. the assessee's representative has rightly raised the plea that the assessee was nowhere informed of the original time allowed to the firm for submitting the report as well as the extended period of 180 days. the learned counsel for the department could .....

income Tax Officer Vs. Choudhury Farrque Ali and Marble

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)82TTJ(Jodh.)1

..... , and instead, as many as four explanations have been inserted to section 271(1)(c) of the act prescribing different deeming provisions. explanation 5 has been added in 1984. explanation 6 has been added in 1989.12. amendments made by the taxation laws amendment act, 1975, w.e.f.1976 are prospective in effect and are hot applicable in asst. yr.1974 ..... punjab & haryana high court in the case of vishwakarma industries v. cit (1982) 135 itr 652 (p&h)(fb) that in view of the amendment of section 271(1)(c) by the finance act, 1964, and the insertion of the explanation, the import of the explanation is to shift the onus to prove from the department where the returned income ..... are not unknown to fiscal and other civil laws, but deeming, provisions in criminal and quasi criminal laws are, abhorrent to the judiciary. still, as the law stands after 1975 amendment, they do exist.p.r.basavappa & sons v. cit (2000) 243 itr 776 (kar) in which the 'headnote' reads that in case of amount of loss declared and .....

Gyan Chand JaIn Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)337

..... section 271(1)(c).4.7 from our above discussions, it would be clear that there were no such provisions in the act before the amendment that the reduction in the loss would also be liable to be penalised. in our opinion, the issue is squarely covered ..... of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income." 4.6 before that amendment, the position was not clear with respect to the reduction in the loss. in other words, it was not clear whether the ..... cit (2003) 259 itr 229 (mad). learned counsel for the assessee further submitted that expln. 4 to section 271(1)(c) had been amended w.e.f.1st april, 2003 and before that, there was no such provision that penalty should be imposed even if the loss is ..... assessee that the entries were made on the basis of the payment. it is also seen that the amendment had been made in expln. 4 to section 271(1)(c) by the finance act. (no. 2) w.e.f. 1st april, 2003 and it has been inserted that : .....

Shree Rajasthan Syntex Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93ITD78(Jodh.)

..... where the issues are debatable.32. the scope and effect of section 147 as substituted with effect from april 1, 1989, by the direct tax laws (amendment) act, 1987, and subsequently amended by the direct tax laws (amendment) act, 1989, with effect from april 1, 1989, as also of sections 148 to 152 have been elaborated in circular no. 549 (see (1990) 182 ..... on leased assets allowed to lessee.56. the facts of company's leasing business being continued and increased in lease rentals during the assessment year 1997-98 were also informed to the ao vide our letter dated 12.01.2000. it may be pertinent to state that in case of lease transaction, what is actually received is the rental ..... dated 14-10-1995 and 25-11-1995, copies of all the bills in respect of assets given on lease, details of cost of each leased assets and other information were submitted vide letter dated 25-10-1999 on 08-02-1999 and also from time to time in various hearings. after considering all these material facts disclosed by .....

Mangilal Rameshwarlal Soni (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)83TTJ(Jodh.)770

..... be based on : 41. in the instant case, the entire books of accounts were available with the ao and except these books of accounts, there was no material or information which was in the possession of the ao to show that the assessee had earned any income over and above the income shown in the books of accounts. the income ..... year has not been filed? (iii) whether block assessment made by assessing authority as modified by tribunal can be sustained in view of the amended clause (c) of section 158bb of the it act, 1961 as inserted by the finance act, 2002, w.e.f. 1st july, 1995? (iv) whether, in the facts and circumstances of the case, there was any foundation ..... as under: "thus, the limitation is provided only for the purpose of filing the appeal. once the appeal is filed within the limitation, the memo of appeal can be amended as per the practice and procedure. the view does not require any precedent to support. if it is required, even for cosmetic purposes; learned counsel has referred to a .....