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Ramkumar Jalan Vs. Income Tax Officer. (Also Ito V.

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. As all these appeals concern the same group of the assessee, involve penalties imposed under ss. 271(1)(c), 273(c), 273(a) and 273(2)(a), they are being disposed off by this common order for the sake of convenience.2. The assessment in this case has a chequered history. The assessee is a registered firm and in the books of accounts, following cash credits appear in the books of Jalan HUF Amanat Account/Lohia Agricultural account.Asst. yr. P. Y. (Samvat year) Total cash credit appearing in Jalan------------------------------------------------------------------------1976-77 2031 25.491977-78 2032 219.001978-79 2033 213.001979-80 2034 36.001980-81 2035 15.001981-82 2036 25.00 3. For asst. yr. 1976-77 the return of income was filed on 22nd January, 1977, and the assessments for asst. yrs. 1976-77 and 1977-78 were completed under s. 143(3) r/w s. 144B of the Act. The assessee failed in the first appeal. However, on the second appeal, the Tribunal restored the matter back to the file of ...

Deputy Commissioner of Income Tax Vs. P.U.R. Polyurethene Products (P)

Court : Income Tax Appellate Tribunal ITAT Delhi

1. These two appeals filed both by the Revenue as well by the assessee are consolidated and disposed of by a single order. Appeals containing common issues relate to asst. yr. 1989-90.2. At the outset it may be pointed out that none appeared on behalf of the assessee despite notice having been sent through registered post.On perusal of the order sheet we further find that the appeals have been fixed right from the year 1996 onwards. Considering the several opportunities allowed, we proceed to dispose of appeals ex parts qua assessee but on merits. The submissions of the learned Departmental Representative and the paper book submitted by the assessee are taken into consideration while disposing of the appeals.3. Taking up the Revenue's appeal in ITA No. 599/Del/1992 first, we find that the first contention raised relates to disallowance of loss of Rs. 30,000 claimed by the assessee. The facts in brief are that the assessee-company who is having its factory at Okhla Industrial Area Phas...

Deputy Commissioner of Income Tax Vs. Prajapita Brahma Kumaris

Court : Income Tax Appellate Tribunal ITAT Jaipur

1. These are four appeals by the Department and four cross-objections by the assessee against the order of the CIT(A) dt. 21st September, 1995. The appeals relate to asst. yrs. 1988-89 to 1991-92. The assessments were completed under s. 143(3)/147 of the IT Act, on 29th March, 1995. The assessments were completed for all the four years separately.As the facts are similar in all the four years, therefore, the assessments were completed on the same day. The assessee claimed exemption under s. 10(22) of the IT Act and shown taxable income at Nil. These returns were filed in response to notice under s. 148 which was issued on 13th October, 1992, and served on assessee on 19th October, 1992. The assessee was required to file the details in regard to the claim under s. 10(22). The details were filed. The AO after considering all the details filed by assessee and discussing in detail in his assessment order dt. 29th March, 1995, disallowed the claim of the assessee by holding that assessee i...

Deputy Commissioner of Vs. Prajapita Brahma Kumaris

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1999)71ITD169(JP.)

Per Shri R.K. Gupta, 1M. - These are four appeals by the department and four cross objections by the assessee against the order of Commissioner (Appeals) dated 21-9-1995. The appeals relate to assessment years 1988-89 to 1991-92. The assessments were completed under section 143(3)/147 of the Income Tax Act on 29-3-1995. The assessments were completed for all the four years separately.As the facts are similar in all the four years, therefore, the assessments were completed on the same day. The assessee claimed exemption under section 10(22) of the Income Tax Act and shown taxable income at nil. These returns were filed in response to notice under section 148 which was issued on 13-10-1992 and served on assessee on 19-10-1992. The assessee was required to file the details in regard to the claim under section 10(22). The details were filed. The assessing officer after considering all the details filed by assessee and discussing in detail in his assessment order dated 29-3-1995 disallowed...

Lakhanpal National Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1999)69ITD9(Ahd.)

1. These are two appeals preferred by the assessee relating to asst.yrs. 1982-83 and 1983-84 against the separate orders of the CIT(A) I, Baroda, dt. 19th February, 1990, for asst. yr. 1982-83 and 28th February, 1990, for asst. yr. 1983-84.2. While hearing these two appeals, the Division Bench, comprising of S/Shri B. M. Kothari and Jordan Kachchap, felt that in view of the conflicting decision in the matter of granting investment allowance, additional depreciation and extra shift allowance in cases where the actual cost of plant and machinery goes on increasing on account of fluctuation in foreign exchange rates vis-a-vis the Indian rupee value, especially when the plant and machinery were purchased from a foreign country in foreign currency on instalment basis and when the Indian party paying the instalments is obliged to pay the instalments in foreign currency to the foreign party, this is a fit case to be considered by a special Bench consisting of three Members of the Tribunal. B...

Titanor Components Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD514(Delhi)

1. This appeal of the assessee is directed against the order dated 15-1-1998 recorded by CIT(A) XIV, New Delhi, deciding the appeal of assessee for assessment year 1994-95.2. Grounds No. 1 to 11 relate to common issue about deduction claimed by assessee under section 80-IA of IT Act, 1961 (hereinafter referred to as the Act). Facts giving rise to this issue are that facts as available on record are that assessee-company was granted industrial licence by Ministry of Industry, Department of Industrial Development, Govt. of India vide No. SIA/EIR/915(90) dated 16-10-1990 for manufacture of coated metal electrodes (anodes and cathodes) at Kundain Industrial Area, North Goa, Goa State. It is also the case of the assessee that the assessee-company obtained necessary registration certificate from Excise Department vide letter No. M/PNJ/3/93 dated 23-6-1993 and entered into an agreement dated 26-2-1993 with U.H.D.E.India Ltd. for coating of titanium sub-strates numbering 1212 and started prod...

Virinder Bhatia Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... to the assessee.8. he further submitted that the assessing officer was not justified in making arbitrary addition as undisclosed income from garments export business in nepal by treating all nepali parties to be benami on mere suspicion and surmises.9. he further submitted that the assessing officer had not properly considered all the explanations and evidences furnished in the course .....

Virinder Bhatia and ors. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... report to the assessee.8. he further submitted that the ao was not justified in making arbitrary addition as undisclosed income from garments export business in nepal by treating all nepali parties to be benami on mere suspicion and surmises.9. he further submitted that the ao had not properly considered all the explanations and evidences furnished in the course of .....

Eveready Industries India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. As several common issues are involved in all these appeals, we propose to dispose of these appeals by a common order for the sake of convenience.2. Deducibility of liability arising out of Bhopal accident - This issue is common in all the appeals other than ITA Nos. 108 and 2184 (Cal.) of 1993 and 1339 (Cal.) of 1997. Facts and circumstances leading to the dispute are as follows: Assessee-company derives income from manufacture and sale of batteries, chemicals, pesticides, etc. having its registered office at Calcutta and factories and branches located at several places in India. Union Carbide Corporation, USA is its parent company having majority shareholding. For the assessment year 1985-86, the previous year of the assessee ended on 25-12-1984. However, for the assessment year 1989-90 onwards, due to introduction of uniform previous year, financial year became the previous year.3. On the fateful night of 2nd December, 1984, there was an unprecedented occurrence in the company's ...

Maharashtra State Electricity Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)81ITD299(Mum.)

1. This is an application for stay of the outstanding demand of Rs. 43,65,82,270 relating to the asst. yr. 1997-98.2. The brief facts resulting in the filing of the stay application are these. The assessee is the Maharashtra State Electricity Board, established under the Electricity Supply Act, 1948. It is wholly owned by the Government of Maharashtra and its sole objective is to generate and supply electricity. In making the assessment, the AO applied the provisions of Section 115JA of the IT Act, 1961, and computed the book profit for the purpose of income-tax at Rs. 460.88 crores and took 30 per cent thereof as income for assessment purposes, which came to Rs. 138.26 crores. On appeal, the assessment was confirmed. The tax demand was raised accordingly, out of which after giving credit for the payments made by the assessee, a sum of Rs. 43,65,82,270 is outstanding as of now in respect of which the stay is prayed for.3. The assessee's appeal before the Tribunal against the assessmen...