Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)115TTJ(Kol.)390
1. This appeal of the assessee is directed against the order dt. 6th March, 2007 of the CIT(A)-XIV, Kolkata pertaining to asst. yr. 2003-04.In this appeal by the assessee, the following grounds are raised: 1. The learned CIT(A) erred in upholding the order of the AO passed under Section 143(3) substituting the value adopted by the stamp valuation authorities as the full value of consideration received of Rs. 3,34,42,244 as against Rs. 2,34,00,000 recorded in the record of sale. 2. That the CIT(A) failed to appreciate that during the course of assessment, appellant had challenged the value adopted by the stamp duty authorities and the AO was informed of fair market value adopted under Section 50C where the Department had a right to pre-emptive purchase in lieu of the purchaser.2. The brief facts leading to this appeal filed by the assessee, as narrated at the time of hearing and also borne out by records are that the assessee individual owned a property No. 63/2/C The Mall, Kanpur, U.P...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)90ITD248(Coch.)
These appeals are by the assessee and pertain to the assessment years 1990-91 and 1991-92. They are directed against the order dated 13-11-2000 of the Commissioner (Appeals)-II, Kochi, confirming the penalty of Rs. 3,68,800 and Rs. 3,14,800 respectively for the assessment years 1990-91 and 1991-92, levied under section 272A(2)(c) of the Income Tax Act, 1961.The facts of the case in brief are that the assessee filed returns for the assessment years 1990-91 & 1991-92 disclosing a loss of Rs. 24,42,200 and Rs. 24,68,020 respectively. Returns were processed under section 143(1)(a) of the Act on 21-3-1991 and 23-9-1991 respectively.Subsequently the assessments were completed under section 143(3) of the Act. The assessee produced a feature film named 'Oru Sayahnathinte Swapnom' and was released on 28-9-1989 and another feature film named 'Arangu' which was released on 22-3-1991. The assessing officer was of the view that the assessee was required to file a statement in Form No.52A, cont...
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