Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 19 revision of order prejudicial to revenue Court: income tax appellate tribunal itat indore Page 1 of about 4 results (0.174 seconds)

State Bank of Indore Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)64ITD209Indore

..... the cit exercised his revisional jurisdiction under section 19 of the interest-tax act, and set aside the order of the assessing officer after holding that the order of the assessing officer is erroneous and prejudicial to the interest of the revenue. ..... where the facts and circumstances of the case are sufficient to establish that the assessing officer has not applied his mind while passing the order for allowability of interest on sticky loans, his order is erroneous and prejudicial to the interests of the revenue for which revision under section 19 may be made by the commissioner.1. i.t.a. ..... she has drawn our attention to section 2(7) of the interest-tax act in which the word 'interest' has been defined and submitted that the interest tax was brought on the statute in the year 1974 after the export credit scheme which was announced in the year 1968. ..... [1988] 171 itr 141/[1987] 34 taxman 443 in which their lordships have held that if the ito has considered the requisite information furnished by the assessee and completed the assessment, the order of revision by the cit on the ground that the assessing officer has not made proper inquiries would not hold good. mr. ..... she has also drawn our attention to the original return and revised return for the assessment year 1985-86 which are placed at pages 51 to 56 in which the assessee failed to mention the method of accounting. .....

Maya Spinners Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

..... audit under section 142(2a) of the it act therefore same is bad in law and would not extend time limit for completion of the assessment and that exparte assessment order under section 144 is bad in law and invalid because books of accounts were impounded by the revenue department and ..... which the assessing officer received the declaration under sub-section (1) of section 158a and ending with the date on which the order under sub-section (3) of that section is made by him, or (v) in a case where an application made before the income-tax settlement commission under section 245c is rejected by it or is not allowed ..... accounts of the assessee and the interests of the revenue, is of the opinion that it is necessary so to do, he may, with the previous approval of the [chief commissioner or commissioner], direct the assessee to get the accounts audited by an accountant, as defined in the explanation below sub-section (2) of section 288, nominated by the [chief ..... section 153 of it act as was applicable to the ay in appeal reads as under: (1) no order of assessment shall be made under section 143 or section 144 at any time after the expiry of- (a) two years from the end of the assessment year in which the income was first assessable; or (b) one year from the end of the financial year in which a return or a revised return relating to the assessment year commencing on the 1^st day of april, 1988, or any earlier assessment year, is filed under sub-section (4) or sub-section (5) of section .....

Dewas Silk Mills Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)92TTJIndore481

..... order of the assessing officer sought to be revised is erroneous and (2) that the order is prejudicial to the interest of the revenue.section 263 cannot be invoked to correct each and every mistake and/or error committed by the income tax officer. ..... it has been held by calcutta high court in this case that dropping the proceedings after obtaining the approval of the iac is also an order which can be revised under section 263 of the income tax act. ..... proceeding under this act, and if he considers that any order passed therein by the assessing officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment.from the plain reading of the section, it becomes very ..... in the facts and circumstances, in our opinion, cit was not justified in invoking provisions of section 263 for revising the order of dropping of reassessment proceedings under section' 147 of the act, of the assessing officer, which, as aforesaid, were dropped by the assessing officer after due and proper inquiries.the order of the cit on merits, is therefore, not sustainable, and accordingly requires to be vacated.in the result, appeals of the assessee are allowed. .....

Asstt. Commissioner of Wealth Tax Vs. Smt. Mrunalinidevi Puar of Dhar

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD541Indore

..... the hon'ble high court further noted that the appeal filed by the revenue under section under section 27-a of the wealth tax act against an order, dated 27/10/98, passed by i.t.a.t. in w.t.a. no. ..... administrators appointed by a court in respect of the estates of those dying intestate are made assessable under section 160(1)(iii) of the income tax act as representative assessees-as persons appointed by or under any order of a court who receive or are entitled to receive income on behalf or for benefit of any other person. ..... while relying upon the order of the assessing officer has pleaded that since late husband of the assessee died without executing any will, therefore, provisions of section 19a of wealth tax act which corresponds with the provisions of section 168 of income tax act was for as explanation contained in this provision is concerned, does not apply in this case. ..... section 168(3) further provides that separate assessments will be made for each year of the estate and that of the beneficiaries according to their several interest till complete distribution of the estate is done. ..... (5) separate assessments shall be made under this section in respect of the net wealth as on each valuation date as is included in the period from the date of the death of the deceased to the date of complete distribution to the beneficiaries of the estate according to their several interests. .....

Rakesh Tapadia Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)113TTJIndore622

..... assessment year for which a notice under section 142 or section 148 of the income-tax act has been served upon such person and the return has not been furnished before the commencement of this scheme; (ii) the income in respect of the previous year in which a search under section 132 of the income-tax act was initiated or requisition under section 132a of the income-tax act was made, or survey under section 133a of the income-tax act was carried out or in respect of any earlier ..... the case of the assessee in the present facts and circumstances is on the better footing because the scheme declared under vdis is approved by the department of revenue and as per the scheme, once a certificate is granted, the same cannot be questioned in subsequent regular assessment proceedings. ..... 12 lacs, the assessee and the department preferred appeals before the tribunal and the tribunal vide order dated 23^rd september, 2003 set aside the matter to the ao by affording opportunity to cross examine the persons vide para 6.2 as regards the addition of rs. ..... a declaration without paying the tax under that section and the declarant may file the declaration and the declarant may pay the tax within three months from the date of filing of the declaration with simple interest at the rate of two per cent for every month or part of a month comprised in the period beginning from the date of filing the declarationj and ending on the date of payment of such tax and file the proof .....

income-tax Officer Vs. Motilal Rakhabchand

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2003)86ITD637Indore

..... , 155 (sub-section (1a) of section 201, sections 210, 211, 234a, 234b, 234c, 271 and 273 or otherwise), general or special orders in respect of any class of incomes or class of cases, setting forth directions or instructions (not being prejudicial to assessees) as to the guidelines, principles or procedures to be followed by other income-tax authorities in the work relating to assessment or collection of revenue or the initiation of proceedings for the imposition of penalties and any such order may, if the board is of the opinion that it is necessary in the public interest so to do, be published ..... only in relation to the specified provisions of the act relating to assessment or collection of revenue or the initiation of proceedings for the imposition of penalties.sub-section (2), however, does not empower the board expressly in the matter of appeals and revisions as in chapter xx of the act or in the matter of appeals to the appellate tribunal as in sections 252 to 255 part-b of the said chapter. ..... chief controller of imports air 1974 sc 1539 and km shanmugam v.s.k.v.s. (p. .....

Assistant Commissioner of Vs. Kishanchand Baheti

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1993)47ITD429Indore

..... cit(a) erred in deleting interest charged under section 215 of the income-tax act.3. ..... it is clearly mentioned in section 156 that when any tax, interest, penalty, fine or any other sum is payable inconsequence of any order passed under the act, the ao shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable (emphasis ..... (a) found that there was no direction in the assessment order for charging interest under section 215 of the act, even then it was charged in the demand notice. ..... on account of tanker bharai is hit by section 40a(3) of the income-tax act. ..... aggrieved by the order dated 25-2-1992 of the cit(a)-i, indore for the assessment year 1988-89, the revenue is in appeal on the following grounds: (i) the cit(a) erred in allowing tanker bharai ..... did not point out if any proviso to section 145(1) was applicable to support his action ..... there is mandate in section 145(1) of the act that income chargeable under the head "profit & gains of business or profession" shall be computed in accordance with the method of accounting regularly implied by ..... we find no merit in the grievance of the revenue that the cit(a) should not have deleted the ..... thus, evident that there has been arbitrariness not only in framing the assessment order but it has perpetrated in the notice of demand as well. ..... and thereon it should be assumed that the assessee had income equivalent to interest @ 20 per cent per annum. ..... the objection of the revenue on this score is without .....

Malwa Texturising (P) Ltd. and ors. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2002)77TTJIndore995

..... appeals filed by the assessee before the commissioner (appeals) itself was incompetent regarding the allocation of overhead charges in rectification proceedings, since the assessee could not be considered to be a person aggrieved by the order passed under section 154 by the income tax officer because assessee had agreed to such rectification.on the other hand, learned authorised representative relied on three judgments which are, according to him, contrary to the above decisions.now we shall proceed to examine ..... he submitted that chapter xx of the act which deals with appeals and revisions has five sections, out of which part a deals with appeals before deputy commissioner (appeals) and commissioner (appeals) starting from section 246 to 251, part b of the chapter deals with the appeals before the tribunal which consists of sections 252 to 255 and parts c, cc, d, e and f consist of sections 256 to 269 which deals with references, appeals before high court and supreme court and revisionary ..... we do not agree with the contention of learned authorised representative that in view of the group having gone for kvss and obtained certificate accordingly, the preliminary objections raised by the revenue are only academic and the appeals are deemed to have been withdrawn in the month of april, 1999, only. ..... he submitted that according to the black's dictionary, aggrieved person is one whose right of pecuniary interest is directly affected by the adjudication. .....

Ayush Ajay Construction Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2001)69TTJIndore579

..... in the assessment order the assessing officer has simply stated "charge interest as per law" which does not enjoin the revenue to issue as demand notice of interest under section 234b of the act.shri brijesh gupta, the learned senior departmental representative, on the other hand, has submitted that charging of interest under section 234b is of compensatory nature. ..... the order to charge interest is to be specific and clear as for that matter any order to charge any tax, penalty or fine.when the assessment order is silent whether any interest is leviable, notice of demand under section 156 of the act or not go beyond the assessment order and the assessee cannot be served with any such notice demanding interest. mr. ..... (ii) that the learned commissioner (appeals) erred in appreciation that the appellant had satisfied all the requirements of section 80-ia(4a) of the income tax act, 1961, and as such the disallowance made by the assessing officer is wrong. ..... notes on clauses relating to amendment or the report of the joint parliamentary committee which preceded the legislation concerned, will be useful to ascertain the intention of the legislature.it is also a settled position of law that while construing the tax provisions besides determining the intention of the legislature for its introduction to the statute, the expression used therein should ordinarily be understood in a sense in which they best harmonise with the object of the statute and .....

Smt. Nirmala Baxi Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2004)87TTJIndore627

..... the "valuation officer" has been defined in section 2(r) of the wealth tax act wherein the valuation officer appointed under section 12a includes a regional valuation officer, a district valuation officer, and an assistant ..... quantities and rates should be necessarily controverted item-wise with evidence and reasons, after detailed investigation, and (6) it is obligatory on the part of the valuation officer to furnish to the assessee, in the interest of natural justice, his working of the cost of index and the rates adopted by him for various material considered in working out the cost index.we however do not agree with the submission of the learned ..... 15,050 being cash credit in the name of shri kailashchandra, and (v) not adjudicating the point about levy of interest under sections 234a and 234b.besides above, the learned authorised representative prays for allowing the following additional ground for consideration and adjudication of the tribunal since the issue raised therein, is legal one ..... cit (1991) 191 itr 634 (sc) do not find substance in this ground and the same is thus rejected.the revenue has questioned the first appellate order on the following grounds that the learned commissioner (appeals) has erred in reducing unexplained investment in : (i) purchase of plot ..... (v) : this ground is related to levy of interest under sections 234a and 234b, in support of which the learned authorised representative refers the decisions of the different benches of the tribunal mentioned at .....