Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 26 abetment of false returns etc Court: income tax appellate tribunal itat amritsar

income Tax Officer Vs. J and K Bank Ltd. [Alongwith Ita

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)94TTJ(Asr.)836

..... interest on such debentures must be treated as interest on investments, which (all outside the purview of the interest tax act, 1974 and not as interest on loans and advances taxable under the interest tax act, 1974 ..... departmental representative, this judgment is with reference to interest tax act, 1974, which is applicable to the interest received by banks and later extended to financial ..... hon'ble madras high court held that interest on investment made in debentures in accordance with banking regulation act was not interest on securities in terms of sections 18 and 193 of the it act, so as to go out of purview of interest-tax act. ..... investment in stock at cost, but in the assessment year under appeal, it decided to change the method of valuation of investment in securities to bring in line with the provision in the banking regulation act wherein it is provided that for deciding whether a particular banking company was maintaining cash and unencumbered approved securities at a specified percentage of total deposits, the market value of the securities at the close ..... that whenever the assessee earned profit running into crotes on account of change in the method of valuation of closing stock, the same was duly reflected in the returns filed for the subsequent assessment years. ..... case-laws quoted by the learned counsel, the following position emerges : (a) under the banking regulation act, 1949, investment in approved government securities is considered at par with holding of gold, cash etc. .....

Onkar Capital Growth Pvt. Ltd. Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)92ITD453(Asr.)

..... the assessee is a chit fund company as defined in the chit funds act, 1982, that a return declaring total chargeable interest at nil was filed; that in the course of assessment proceedings, it was stated on behalf of the assessee that the business carried on by it was that of conventional chits and hence it was not a credit institution as defined in section 2(5a) read with (5b) of the interest tax act, 1974 (hereinafter called the act) and hence the subscriptions received in respect of chit fund were not ..... to "any other financial company".sub-section (5b) defines "financial company" to mean a company, other than a company referred to in sub-clause (i), (ii) or (iii) of clause (5a), being hire purchase finance company and an investment company etc. ..... above discussion, it is clearly deducible that the subscription received by the chit fund companies cannot be termed as deposits and accordingly clause (va) of section 2(5b), being a residuary non-banking company which receives any deposit under any scheme or arrangement etc. ..... turn, refers, inter alia, to conducting any other form of chitty or kuri etc. ..... member of the group, the subscriber becomes entitled to the prize amount which is determined by lot or by auction etc. ..... contribution or subscriptions or by sale of units or certificates or other instruments or in any other manner; or' a bare perusal of the above extracted provision indicated that it is a company which, inter alia, receives any deposit under any schema or arrangement etc. .....

The Asstt. C.i.T., Range 1 Vs. the J and K Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)110ITD603(Asr.)

..... that reference in the said provisions and the rule to the assessee, shall be construed as reference to an assessee has defined in this act.8.1 according to the learned counsel for the assessee, a reading of section 21 of the interest tax act itself shows that section 295 of the income tax act has not been made applicable to interest tax act; and that being so, rule 46a(3) of the income tax rules, 1962 is also not applicable to the interest tax act.8.2 the contention on behalf of the assessee is, we find, correct to the extent that ..... for facility, section 21 of the interest tax act is being reproduced hereunder: the provisions of sections and schedules of the income tax act and the income tax (survey proceeds) rules, 1962 as enforced from time to time shall apply that necessary modification as if the said provisions and the rule referred to interest tax instead of income tax act; and 2(44), 119, 129, 131, 132, 132a, 132b, 133 to 136 (both inclusive), 138, 140, 145, 156, 160, 161, 162, 163, 166, 167, 170, 173, 175 ..... this, according to the learned counsel for the assessee, is so since section 21 of the interest tax act, which lays down the sections or the income tax act which are applicable to the interest tax act, does not mention section 295 of the income tax act. ..... in the computation of taxable interest, as per the revised return filed by the assessee, the assessee claimed deduction on account of interest on commercial paper, to the tune of rs. .....

The Asstt. Commr. of Income-tax Vs. Sachdeva and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)97TTJ(Asr.)1101

..... on various documents seized during the course of search for which the assessee failed to rebut the presumption raised under the law that contents of the documents seized were "correct; he further referred to the provisions of section 92 of the income-tax act which was rightly invoked in the present case because of assessee's close connections with the foreign countries through whom transactions of under invoicing were routed. ..... for the relevant assessment year, no action shall be taken under this section after the expiry, of four years from the end of the relevant assessment-year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his ..... as regards other grounds relating to deductions under section 80-hhc and 80-i and charging of interest under section 234a and 234b, these are consequential only. ..... vinod sachdeva brother of the assessee also abetted of the offence.thereafter, on internal page 3, it has been mentioned that failure of the assessee to bring into india foreign exchange of ..... ao was also directed to allow reasonable opportunity for producing any documents, evidence or material etc. ..... (a) also directed the ao that the assessee should be given proper opportunity to produce all evidence, documents, material etc.17. .....

NavIn Kumar and Ashu Bagla Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... years 1995-96 and 1996-97 respectively by holding that there is contravention to the provisions of section 269ss of the act.against this order of imposition of penalties, the assessee took up the matter in appeal and it was contended by the counsel of the assessee in appeal proceedings that the assessee is employed as salesman in a cloth shop at fazilka and has never filed income-tax return. ..... 10,000 and had returned it with interest at a nominal ..... of section 269ss or section 271d or section 276dd unconstitutional on the ground that the provisions are draconian or expropriatory.the object of introducing section 269ss is to ensure that a taxpayer is not allowed to give false explanation for his unaccounted money, or if he makes some false entries, be shall not escape by giving false explanation. ..... day and once the principal including the interest is returned, they have taken again further loan ..... therefore, in the interest of justice and in order to have fair play in the matter, i find it just and appropriate to set aside the orders of authorities below and restore the matter back on the file of the assessing ..... therefore, in the interest of justice and in order to have fair play in the matter, i find it just and appropriate to set aside the orders of authorities below and restore the matter back on the file of the assessing ..... that the assessing officer, while making the assessment of m/s.juneja traders, fazilka, found that this concern has advanced loans to various persons against interest. .....

Durga Prashad Goyal Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD0227S(Asr.)

..... , prior to the amendment in section 147 of the income tax act.section 147 of the income tax act prior to the substitution by direct tax laws (amendment) act, 1987 with effect from 1-4-1989, stood as under:- (a) 'off the assessing officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make a return under section 139 for any assessment year to the assessing officer or to disclose fully and truly all material facts necessary for his assessment for that year ..... from the survey of the aforesaid apex court and the jurisdictional high court decisions can be summed up as under: (a) in general, if the events subsequent to the completion of the assessment show that the assessee had recorded false entries in its account books, the assessing officer would be justified under section 147(a) to initiate reassessment proceedings provided the information gathered after the completion of the assessment is specified, reliable and relevant. ..... such loan was stated to have been raised and returned in cash though interest on such loan was paid by cheque/bank draft. ..... this contention was repelled by observing that "when the bogus hawala hundi proprietors, namely, meghraj, etc. .....

Asstt. Commr. of Income Tax Vs. Sachdeva and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)97ITD425(Asr.)

..... by the fera, authorities, confessional statement of shri ashok sachdeva, statement of shri kranti arora and other statements recorded by the fera authorities for the purpose of initiating action under section 147 of the income tax act.now the issue that requires to be considered by this bench is whether such material was sufficient for the assessing officer for initiating action of under ..... the notice of learned cit(a) that the tribunal had sent the order to cit, amritsar, where the assessee was earlier being assessed to tax.however, subsequently the case was assigned to central circle.therefore, the learned cit, amritsar, had returned the order to the tribunal vide letter dated cit/asr/judicial/24, dated 2-4-1998 with the remarks that jurisdiction over the case rested with the ..... . since the addition made for the assessment year 1989-90 has been deleted, these grounds are only of academic interest.therefore, these grounds are disposed of in these terms.in the result, the appeal filed by the revenue for the assessment year 1989-90 is partly allowed and the appeal filed ..... learned cit(a) also directed the assessing officer that the assessee should be given proper opportunity to produce all evidence, documents, material, etc.section 261 of the act confers on the cit wide powers for deciding the appeals ..... assessee had violated the various provisions of the fera, 1973.show-cause notice also referred to the fact that shri, vinod sachdeva, brother of the assessee also abetted of the offence. .....

Shri NavIn Kumar S/O Shri Sohan Lal Vs. the Jt. C.i.T. [Alongwith I.T. ...

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... with law.there being difference of opinion amongst the members constituting the bench in above noted appeals, following point of difference is formulated and referred to learned president for nominating third member under section 255(4) of the income tax act whether penalty under section 271d, in view of facts and circumstances, can be entirely deleted or matter can be restored back on the file of the assessing officer for reconsideration 1. ..... reported in 255 itr 258 and hon'ble supreme court while upholding the validity of the provision has held as under: section 269ss of the income tax act, 1961, prescribing the mode of taking or accepting certain loans or deposits, is not discriminatory and it not violative of article 14 of the constitution of india; nor was it enacted by parliament ..... has held that bonafide belief will constitute a reasonable cause for not invoking the provisions of section 271d and 271e of the income tax act.he has also relied upon the decision of the i.t.a.t, chandigarh bench reported as (1994) 48 ..... per day and once the principal including the interest is returned, they have taken again further loan of ..... the main object of section 269ss was to crub this menace of making false entries in the account books and later giving an explanation ..... object of introducing section 269ss is to ensure that a taxpayer is not allowed to give false explanation for his unaccounted money, or if he makes some false entries, he shall not escape by giving false explanation for the .....

Wealth-tax Officer Vs. Walaiti Ram (Huf)

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (1998)66ITD46(Asr.)

..... the hon'ble president has referred this matter to me under section 24(11) of the wealth-tax act read with section 255(4) of the income-tax act, on account of difference between the members of amritsar bench who heard the appeals in the first instance. ..... furthermore, in the said case, their lordships of the hon'ble supreme court held that it could not be laid down as a general rule applicable to all situations and circumstances that a multiple approximately equal to the return from gilt-edged securities prevailing at the relevant time forms and adequate basis for finding out the market value of the land and building, which shows that by this method the value of the ..... on or before 31-3-1978 and 31-3-1979, then it cannot be relied upon, because on these dates the bank was in competition to have capital by way of deposits and, therefore, on such deposits, it can and has to allow higher rate, interest than that of nationalised banks or state bank of india or on bonds by government of india or reserve bank of india.20. ..... madhu 1974 klt 143 and gujarat high court decision in cit v. ..... therefore.there is demand for godowns for storing the wheat, rice, etc. .....

T.S. Manocha Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD242(Asr.)

..... jammu bottling co.were taken over by buyer except for working directors.we may refer to section 28(va) of the income tax act which provides that the following income shall be chargeable to income-tax under the head "profits and gains of business and profession", "any sum, whether received or receivable, in cash or kind, under an agreement for (b) not sharing any know-how, patent, copyright, trademark, licence, franchise or ..... amount from gillette being a part of the non-compete agreement and non-compete agreement merely providing certain restrictions on the assessee in the line of non-undertaking any competitive enterprise hampering with the interests of gillette, the receipt must be considered to be directly related to the said restrictive activities and could not be stretched to be pertaining to any other duties of the nature of active performances. ..... 1 crore statement was annexed with the return in which it was mentioned that the assessee has received a sum ..... it is in this background that the protection of technical know-how etc.assumes a lot of importance for the survival of the organisation.therefore, secracy with respect to the same has to ..... in this agreement clearly shows that the assessee independently agreed and restricted himself from doing same business or profession to be carried out as well as not disclosing the know-how and business secret etc. ..... officer also observed that business goodwill will include the market reputation, trading style and distribution know-how etc. .....