Judgment Search Results Home > Cases Phrase: limitation act 1963 36 of 1963 section 5 extension of prescribed period in certain cases Court: income tax appellate tribunal itat allahabad Page 1 of about 4 results (0.140 seconds)

Sahara India Mutual Benefit Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... issues raised in this appeal--as borne out from the records and the orders of the revenue authorities available on records.4.1. the assesses is a limited company registered under the companies act and was carrying on the business of para-banking activities. the assessee-company started two deposit schemes, namely, golden fixed deposit account (in short known ..... scheme--being contractual obligation i.e, on accrual basis.15.5. explaining further, the learned counsel submitted that under gfda scheme, the fixed period was for 12, 24, 36, 48 or 60 months and as per condition no. 5, interest was payable on quarterly compounding basis as per the chart mentioned in the scheme (supra). as per ..... to revise the order passed by the aac. when the assessment order of the ito was rectified by him under section 154 of the act, the order in existence was the order as rectified. vedentam raghaviah v. ito (1963) 49 itr 314 (mad) and s. authanari v. ito (1972) 83itr 828 (mad) relied on. the application of the .....

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2005)95TTJ(All.)489

..... but it will be in the fitness of things to recapitulate the factual position in a summarized manner.3. assessee is a public limited company which was incorporated under the companies act, 1956, on 3rd march, 1992 for retail business of refining "used oils" (petroleum products) as its main business and manufacturing ..... (b) non-company 24,32,000 12,33,00 0 44,000 nil3. business income nil nil nil 1,28,856___________________________________________________________________ total 26.45,000 36,76,000 52,05,000 52,78,856___________________________________________________________________ 6. while computing the undisclosed income, the ao had proceeded on the basis of search materials found ..... (b) non-company 24,32,000 12,33,000 44,000 nil3.business income nil nil nil 1,28,856 total : 26,45,000 36,76,000 52,05,000 52,78,856____________________________________________________________________ (a) no incriminating document or books of account or valuable or undisclosed assets except cash which has been .....

Assistant Commissioner of Income Vs. Fertilizer Traders [Alongwith

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2004)83TTJ(All.)473

..... was disallowed by the ao without appreciating the fact that the assessee did not write off this amount in its books during the block period as envisaged under section 36(2) of it act, 1961. 3. that the learned cit(a) has erred in giving relief as regards excess stock/shortage of stock found during the course of search vis-a ..... as such in no circumstances they have left credit balances as they themselves are doing business on credit. the ao further observed that they withdrew from their cash credit limit and made payment of their bills. the ao further observed that they all asserted that they never made advances for future supply and that they asserted that they ..... relevant provisions of law. the language used in section 254(1) of the it act, 1961, conferring powers on the tribunal is in the widest possible terms. the itat rules, 1963, framed by the tribunal in exercise of its power under section 255(5) of the act are wholly for the purpose of regulating its own procedure and the procedure of .....

M.P. Udyog Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1989)28ITD85(All.)

..... charge more than what was laid down in these notifications. we do not agree with this submission. the notes below the notifications clarify the position.they state that the price limits for sales were exclusive of excise duty, sales tax, octroi, terminal tax and similar other local taxes. in other words, the charge of the sales tax is not a ..... house within the meaning of sub-section (4) of section 37. the disallowance was confirmed by the commissioner of income-tax (appeals) in view of section 37(5) of the act.36. the assessee is now in appeal before us. it was not disputed before us that the assessee was not entitled to the deduction of any expenditure in view of the ..... paid, if the circumstances so warrant, has to be found elsewhere. we do not think that the decision of the bombay high court in kohinoor mills co. ltd. v. cit [1963] 49 itr 578 has any relevance here. these aspects of the matter were considered in detail by the calcutta high court in ikrahnandi coal co.'s case (supra) and by .....

V.V.S. Alloys Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... ) search operations having been conducted on 30th august, 1995, according to s. 158be assessment framed on 31st march, 1997, were barred by limitation; (2) that the ao did not act independently in making enquiries and in framing the impugned assessment but was greatly influenced and carried by the directions/instructions issued by ddi (inv.) ..... entered in the books, the same would be treated as unaccounted sales effected during this period. thus, the figures of unaccounted sale of rs. 7,36,44,274 (as worked out by the ao) would be substituted by the figure of 1,84,28,782 as worked out hereunder :------------------------------------------------------------------------period quantity in ..... on various issues, particularly the stocks etc. found at the time of search for which specific ground had been taken by the appellant in this appeal.36. sri s. chopra the addl. standing counsel seriously objected to this plea, mainly on the ground that after having withdrawn the ground relating to validity .....

Dr. A.K. Bansal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2000)73ITD49(All.)

..... 132 was called for. the opinion which has to be formed is subjective and, therefore, the jurisdiction of the court to interfere is very limited. a court will not act as an appellate authority and examine meticulously the information in order to decide for itself as to whether action under section 132 is called for. ..... the authorisation) which could lead to the formation of belief that the case of the assessee fell in the category of ...". reference was thereafter made to page 36 of the paper book, being another petition dated 8th of august, 1997 to the assessing officer wherein the first paragraph itself the validity of search operations was challenged ..... the authorisation) which could lead to the formation of belief that the case of the assessee fell in the category of ....". reference was thereafter made to page 36 of the paper book, being another petition dated 8-8-1997 to the assessing officer wherein the first paragraph itself the validity of search operations was challenged. lastly .....

Jagaran Publications Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)4ITD371(All.)

..... aside the assessment and sending the matter back to the iac (assessment) on the issue of whether the entire interest, which was claimed as a deduction under section 36(1)07/) of the act, in working out the business income was admissible in view of the debit balances appearing in the accounts of the partners on which no interest was charged. the ..... before him he can revise not only the ultimate computation arrived at by the ito, he can revise every process which led to the ultimate computation of assessment the only limitation on these powers being that he cannot in doing so bring to tax a new item or a new source of income which was not disclosed by the assessee in ..... the assessee in the grounds of appeal but also with regard to a matter which was considered by the ito and determined in the course of the assessment, the only limitation on this power of the first appellate authority being that in doing so, he cannot bring to tax an item or a source of income which was not disclosed by .....

income-tax Officer Vs. Smt. Tara Devi

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1993)47ITD649(All.)

..... order passed under section 143(1) in appeal filed against order passed under section 155 of i.t. act because the scope of order under section 155 is limited to enhancing the income or reducing a refund.2. the assessee by status in this case is an ..... on 24-2-1983. the total income of the assessee thereafter was determined at rs. 36,057 vide order dated 7-3-1983, framed under section 143(3) of the act. the copy of the said order is on the record.4. the said order dated 7 ..... a notice under section 143(2)(b) of the act was issued after the approval of the learned iac and served on the assessee and thereafter the income was said to have finally been assessed at rs. 36,060, after enhancing the income of the assessee. the ..... the issues at hand, raised on behalf of the contesting parties, the relevant provisions of law is contained in section 143(3)(b) of the act. according to that provision :- in a case where . . . the assessing officer is of the opinion that such assessment is incorrect, inadequate, .....

Assistant Commissioner of Income Vs. Mehtab Chand Panna Lal

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2005)93TTJ(All.)470

..... . this itself is no ground for rejecting the agreement. the document could be executed on stamp paper for the same purpose at any point of time. no time-limit is provided under the stamp act. similarly, the ao disbelieved the agreement as it was not endorsed by notary. there is no need to get the agreement endorsed by the notary public. the ..... assessee, the interest claimed by the assessee on interest bearing loan to the extent of advance to this sister concern cannot be allowed as business expenditure under section 36(1)(iii) of the it act. the view gets support from the hon'ble supreme court judgement in the case of m.p. jata v. cit 116 itr 205 (sic) and also the jurisdictional .....

Shervani Industrial Syndicate Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2006)99TTJ(All.)123

..... returns and in none of these two returns, he made any claim for exemption. it was only in the third return, which was an invalid return (filed beyond the time-limit prescribed in the act) that the claim for exemption from 'long-term capital gain' in relation to a sum of rs. 55 crores as had been received from wilkinson sword (india ..... third return) was filed on 30th oct., 2001.in the third return, the assessee excluded long-term capital gain arising out of the transaction with m/s wilkinson sword (india) limited. in the letter dt. 29th oct., 2001, accompanying the said return, it was claimed that "intellectual property assets" as had been transferred by the assessee, in the nature of ..... in which the assessee has disclosed the income in his return, was approved by the hon'ble supreme court in the case of rampur distillery chemicals co. ltd v. cit 36. at this stage, it is also very pertinent to refer to the decision of the hon'ble supreme court in the case of national thermal power co.ltd v. .....