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Govindram M. Oberoi Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)58ITD73(Pune.)

..... as a branch manager of the lic, shri juneja did derive substantial income and did keep some money with his mother who in turn thought the assessee to be the most truth-worthy custodian.the most important point which according to ..... this claim is made after two and half months of the raid.the position of money was suppressed at the initial stage and the ito's order does not have any lacuna ..... of the trustees made a representation to the ito vide his letter, page 53 of the department's paper book, demanding the amount attached under the panchnama. ..... the audit report for 1976-77 (page 102 of paper book), the following remark was made vide para 10 ..... , 1978 (page 109 of the paper book) wherein the following remark was ..... carefully perused the various documents and papers available on record. ..... also perused the relevant documents and papers available on record.8. ..... pointed out that page 70 was not before the lower authorities and the statement is inconsistent.page 65 of the assessee's paper book is regarding rs. ..... , 1974 (page 80 of the paper book). ..... not been given due importance is that the amount has been returned by cheque at aurangabad (pate 79 of his paper book).19. ..... the building fund is at pages 116, 117 and 118 of the assessee's paper book. ..... by letter which is on page 123 of the paper book. ..... , 1980, and the connected evidence is on page 79 of his paper book. ..... pointed out certain statements from her evidence from pages 19, 21 and 22 of the department's paper book. ..... paper book ..... paper book ..... paper book .....

Shradha Construction Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)76ITD85(Pune.)

..... hence the addition made by the assessing officer on account of 'on money' in purchase of flats as undisclosed income of the assessec based on some noting on piece of paper seized at the lime of search did not relate to the assessee, is not correct and ..... jadhav; (b) a careful analysis of the notings in the paper would show that they give details of money paid and balance to be paid by the assessee and the group; (c) it is clearly mentioned that ..... as regards the submissions of the assessee that annexure to the assessment order (page 21 of the paper book) itself did show that the assessing officer had accepted that the assessee's disclosed income for assessment year ..... that even though a paper was found at the residence of the partner, it was found amongst other papers which clearly belong to the business and to that of the assessee-firm.when other papers lying in the residence of the partner could belong to the assessee firm, there is no merit in the contention that this particular paper does not belong to ..... 7,09,750 on account of 'on money' in flat purchase on piece of paper seized at the time of search which did not relate to the assessee as the flats are purchased by the partners and ..... this profit was as per the working given on page 26 of the paper book which shows a statement of affairs for the entire period from the start of the firm till ..... paras 11, 12 and 13 of the assessment order has discussed this issue of payment of 'on money' for purchase of flats at pune and added rs. .....

Maharashtra Scooters Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)85TTJ(Pune.)808

..... cit(a) has failed to appreciate that the assessee on a continuous basis was lending money as inter/corporate deposit and was earning interest thereon, which constituted business activity. ..... 27, 28 and 36 of the paper book n; --that attention was also drawn to the memorandum of association of the assessee-company; --that this separate business was of lending money, to turn over that money; --that the activity from which interest was earned was business itself as it had the requisite characteristics of volume, frequency, continuity and regularity; --that for the above arguments, reliance was placed on ..... 37 itr 66 (sc), wherein it has been held that for the amount to qualify for business expenditure, it should be towards the liability actually existing at the time but not putting aside the money for an expenditure or a happening of an event and, therefore, such putting aside of money cannot be held and allowed as an expenditure during the current year. ..... 16 of the memorandum of association of the assessee-company reads as under : "to lend money to such persons, firms or companies and on such terms as may be deemed expedient and in particular to customers, agents and employees and others having dealings with the company and to guarantee the performance of contracts, by ..... learned authorised representative of the assessee was that the assessee-company was engaged in a separate business activity of lending money and of 'turnover of that money' and that it was of the nature of a moneylender. .....

Sunflower Builders (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)61ITD227(Pune.)

..... (supra) wherein it has been held that deposit/loan must be made through money and constructive loan or deposit could not come within the mischief of provisions of section ..... this clearly shows that this section can be applied only where money passes from one person to another by way of 'loan or ..... did not arise.secondly, it was argued by him that according to section 269ss, explanation (iii) 'loan or deposit' means loan or deposit of money.since no money had been taken by the assessee from mr. ..... this provision cannot therefore, be applied where the money does not pass from one person to another but the debt is acknowledged by passing entry in the books of account, depending upon the facts of the ..... for example, a person may give the money to a vendor by way of advance against the supply of ..... what he has confirmed is that he had invested money in cash in purchasing the plot in the name of the assessee out of available funds with him.the land was admittedly purchased on ..... banthia has never said that he gave money in cash by way of loan to the assessee ..... such transaction at the time of giving money would not come within the ambit of the words 'deposit or ..... we are of the opinion that the provisions of section 269ss cannot be applied where the assessee merely acknowledges the debt incurred earlier and there is no transfer of money from one person to another. ..... , director of the assessee-company in the financial year 1990-91, in the course of which, it was found from the papers seized that mr. .....

Shanti Builders Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)74TTJ(Pune.)578

..... "' the learned commissioner also directed in his order at page 78 of the paper book that the tax amount collected from the firm through its partner mr. ..... gidwani as he had invested the moneys on behalf of the firm into the specified assets. ..... accordingly, the assessing officer refunded the moneys to mr. .....

Deputy Commissioner of Vs. Dhanji R. Zalte

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)78ITD397(Pune.)

..... cit [1996] 56 ttj(ahd) 580 has held that where the department itself was not sure whether return of money was deposit or loan, penalty under section 271d was not attracted; (this was one of the reasons for deleting the ..... example, in case of companies when the company borrows money by way of deposits, there is borrowing only and, in that sense, in the present case also, the assessee had not borrowed money, but the persons who had advanced money to the assessee were depositing the same with the assessee ..... in case of company, when the company borrows money by way of deposits there is borrowing only and, in that sense, in the present case also the assessee had not borrowed money but the persons who had advanced money to the assessee were depositing the same with the ..... short, the department's case has always been that the assessee has borrowed different sums of money-by way of loans in different years from 1990-91 to 1996-97 in contravention of section 269ss ..... borrowing is primarily for the benefit of the borrower although the person who lends the money may also stand to gain thereby by earning interest on the amount lent. ..... but in the case of a deposit the delivery of money is usually at the instance of the giver and it is for the benefit of the person who deposits the money - the benefit normally being earning of interest from a party who customarily accepts ..... patil (page 23 of the paper book) was also perused by usr he was also asked regarding the loans obtained by the assessee from .....

Shanti Builders Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... 6 crores be refunded to mr.gidwani as he had invested the moneys on behalf of the firm into the specified assets. ..... 78 of the paper book that the tax amount collected from the firm through its partner mr.gidwani amounting to approximately over rs. ..... accordingly, the ao refunded the moneys to mr.gidwani.6. .....

Assistant Commissioner of Vs. Meherjibhoy Nawrozji Satha

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)72ITD535(Pune.)

..... object clauses provide that the income of the trust can be spent on the relatives of the settlor as well as the general charitable objects provided therein.in this connection, he referred to pages 48 and 49 of the paper book.he further submitted that from this, it was clear that numberwise the clauses on charity are more than the clauses for benefit of the relatives. ..... loss account and the balance-sheets for all these years have been placed on page 22 onwards of the paper book which clearly indicate the details of other expenses on establishment, property maintenance etc. ..... from the chart on page 21 of the paper book, it is crystal clear that during all these years, the trustees did not spend any money for the benefit of the relatives but whatever was spent, it was ..... our attention to the profit and loss account and balance sheet for all these years (page 22 of the paper book) which clearly indicate the details of other expenses on establishment, property maintenance etc. ..... get priority over other relatives.the learned counsel drew our attention to the chart on page 21 and submitted that during all these years, the trustees did not spend any money for the benefit of the relatives but whatever was spent, it was totally on charity. ..... attention to the objects of the trust on page 48 of the assessee's paper book and pointed out that clause 2(a) was not charitable in nature. ..... clear from the chart of details of "income/expenditure as per audited accounts" placed at page 21 of the paper book. .....

Dy. Cit Vs. Rajneesh Foundation

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)73TTJ(Pune.)649

..... of the objects of the trust or any of them or part of them; (p) to undertake and execute any trust which may be or indirectly conducive to any of the objects of the trust either gratuitously or otherwise; (q) to invest moneys belonging to the crust in such securities or otherwise and in such manner as laid down and/or provided for in the statutes and/or permission by the appropriate authorities from time to time; (r) to provide for the relief of poor people ..... " regarding his preachings about the religion, it was held by the larger bench (at p 220 of the paper-book) as under : "the first difficulty is the lack of clarity in the said preaching so as to be considered with reference ..... on the speeches quoted by the tm and appearing at para 218 of the paper book in support of his submission that the views of shri rajneesh are against public ..... in support of this, he brought to our notice the complete extracts filed in the paper book which was before the tm to show that osho was only against the system of education and was never the favour of disorder in ..... the larger bench in para 8 of its order (p 226 of the paper-book) held as under : "therefore, the grant of certificate has no legal implication.secondly, the tribunal has the power to decide the eligibility of an assessee for exemption under section 11 and if the commissioners certificate ..... 16,93,977.the following finding was recorded (p 224 of paper-book) : "further, we find on a scrutiny of the balance sheet for the year ended 31-12-1978, .....

Assistant Commissioner of Income Vs. Dhariwal Tobacco Products (P)

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)85TTJ(Pune.)501

..... , cigarettes, bidis, smoking mixtures for pipers and cigarettes, chewing tobacco and snuffs' suggest that in all these items, the basic content is tobacco, whether it is prepared with the help of a leaf or with the help of a paper or with some other help. ..... 1 of his paper book which shows comparative consumption (in percent) of in all 16 ingredients out of which four ingredients in descending order of their share (by weight) are as under : 10. ..... 16 of the paper book show that the content of supari (by weight) was 73.21 per cent; that the articles mentioned in item no. .....