Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)45ITD63(Pat.)
..... in the case of prakash lal khandelwal v. ito [1989] 180 itr 604. besides, to settle the controversy appropriate amendment was made to section 139 by inserting an explanation 2 to section 139 by the taxation laws amendment act, 1984. therefore, no interest is chargeable either under section 139, obviously and also for same reasons no interest can ..... be charged even under section 217(1a) of the act.8. the appeals are now restored to the division bench for passing an ..... 1-4-1971. it may be stated here that neither the learned judicial member nor the learned accountant member has referred to this particular amendment while considering section 11(4) of the act and, therefore, considering the facts of this case i do not find it necessary to go into details and advert to the implications of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD1(Pat.)
..... the provisions contained in sections 30 to 43a.4. the id. counsel for the assessee submitted before us that "43b" was substituted for "43a" by the direct tax laws (amendment) act, 1987 with effect from 1-4-1989 only. thus, as far as assessment year 1986-87 was concerned, the income from business had to be computed in accordance with the ..... it in line with the insertion of section 43b of the act w.e.f 1-4-1984. the amendment in section 29 was operative from 1-4-1984. we, therefore, hold that section 43b ..... case justify amply a similar view with respect to section 29 of the act. this view is further reinforced by the non obstante clause at the beginning of section 43b of the act. we, therefore, conclude that this substitution of "43a" by "43b" by the direct tax laws (amendment) act, 1987 w.e.f.1-4-1989 was only clarificatory and to bring .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD237(Pat.)
..... section 44ab, then the defaulter has to be penalised in the manner laid down therein. then he went on tracing the development of section 271b and the amendments which occurred in that section. he came to the conclusion that after 10-9-86, it is for the assessee to prove the existence of reasonable cause ..... "without reasonable cause" not only from section 271b but also from different penal provisions contained in it act by virtue of taxation laws (amendment and miscellaneous provisions) act, 1986 w.e.f. 10-9-1986 and new provision section 273b was inserted in the it act, 1961. this new provision (section 273b) in clear terms lays down that a person who ..... of proof from the revenue to the person charged for the alleged offence or contravention in respect of various obligations and mandates contained in different provisions of the it act, 1961. therefore, mere making a submission or tendering an explanation about a reasonable cause by a person/assessee will not be adequate discharge of onus or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD129(Pat.)
..... .7. apart from supporting the view taken by the learned accountant member, the learned departmental representative invited my attention to expln. 6 inserted in s. 271 of the act by direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989, which runs as under : "explanation 6. - where any adjustment is made in the income or loss declared in ..... omitted to file the return which he was required to file under s. 139(1) of the act or having filed it, there is omission to disclose true and full facts in relation to the chargeable income or the ao has information in his possession that proper income escaped assessment to tax then he may upon formation of a reasonable ..... belief issue a notice to the assessee as provided in s. 148 of the act directing such person to file a return.there are then provisions contained .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... retirement from service from inclusion in the assessee's total income, was inserted into section 10 to be effective from april 1, 1978, by the finance act, 1982, no consequential amendment of section 17(3)(ii) was made. that demonstrates the intention of parliament to the effect that all categories of payment by way of leave encashment ..... legislation which is relevant to appreciate the point.3. capital gain was not included in the definition of term "income" in the indian income-tax act, 1922 prior to amendment of section 2(6c) and insertion of new section 12b relating to capital gains the above was done under entry 54 in list i of the ..... seventh schedule of the government of india act, 1935. this entry with which definition of "income" was challenged before the constitutional bench of supreme court in the case of navinchandra mafatlal (supra). their lordships upheld the validity of amendment and held that capital gains after amendment was taxable "income".4. in the case of manubhai .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1999)69ITD207(Pat.)
..... the concept of "block assets" for the purpose of depreciation allowance. again, s. 41(2) was also omitted w.e.f. 1st april, 1988, for similar reasons. sec. 50 was amended w.e.f. 1st april, 1988, as a result of the introduction of the concept of block assets, for computation of capital gains in case of depreciable assets. again, s ..... . (42a) of s. 2, where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian it act, 1922 (11 of 1922), the provisions of ss. 48 and 49 shall be subject to the following modifications :- (1) where the full value of the consideration received ..... the concept of block assets only capital gains could be computed on sale of depreciable assets as per the provisions of s. 50, and under no other provisions of the it act any profit could be computed and brought to tax on the sale of the depreciable assets. we have already held above that in view of the facts and circumstances of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at592
..... member of aop. since no return was filed in response to the notice under section 148, a notice under section 142(1) was issued and the assessee was also informed as to how the department was thinking that the aop's income had escaped assessment. however, no return was filed. the ao, accordingly, passed an ex parte order ..... similar was the position in the case of the firm which was sought to be assessed as unregistered firm. however, in 1956 there was an amendment in section 23(5) of the 1922 act by virtue of which both firm as well as its individual partners were made exigible to tax in the manner provided therein. as a result thereof, ..... a building was constructed at khazanchi road, patna, which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the it act, 1961 in the residential premises of dr. narendra prasad/dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr, (mrs.) leela .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at547
..... 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 the ..... we refer the below given question for consideration of third member as provided in sub-section (4) of section 255 of the act and request the hon'ble president accordingly. "whether on the basis of information available on account of registration of charge-sheet by the cbi in the case of assessee's relatives and their concerns would be sufficient ..... assessment even if the information is wholly vague, indefinite, far-fetched and remote. the reason for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at570
..... 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 the ..... certain materials. it is not enough for the ao to have the material in his possession. he must perform further necessary mental act of accepting the material and information as reliable and confirming the belief that can be acted upon. in view of these principles of law, one has to see what was the material before the ao to have a ..... assessment even if the information is wholly vague, indefinite, far-fetched and remote. the reason for the formation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD181(Pat.)
..... have to be "no".8. the valuation cell of the department was established after the insertion of section 16a in the w.t. act by virtue of tax laws (amendment) act, 1972, w.e.f. 1-1-1973 for the purpose of determining fair market value of properties belonging to assessee and declared ..... of accounts and affairs verified in the manner specified by the (assessing officer), the deputy commissioner (appeals), the (deputy commissioner), or the commissioner (appeals), giving information in relation to such points or matters as, in the opinion of the (assessing officer), the deputy commissioner (appeals), the (deputy commissioner) or the commissioner ( ..... in this connection, reference could also be advantageously made to the provisions of sub-section (6) of section 133 of the act which permits an assessing officer as follows :- "133. power to call for information. - the (assessing officer), the deputy commissioner (appeals), the (deputy commissioner) or the commissioner (appeals) may, for the .....
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