Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)108ITD432(Ahd.)
..... shares in respect of which it is a member, would not, thereby obviate, or cause to nullify or render nugatory, the effect of section 536(2) of the companies act, which shall have effect, as also confirmed by the ol, with all its incidental effects and consequences. the assessee has pressed an argument that it has, instead of ..... the surplus arising out of liquidation proceedings, as also contended by the assessee, so that the same having been declared as void under section 536(2) of the companies act, 1956, there was no question of any capital gain or loss arising out of the transaction(s) of said transfer.aggrieved, the assessee preferred an appeal before the ..... to secure the financial assistance by idbi to rmil, and to which transaction the asses see-company was/is a guarantor/surety; (d) section 536(2) of the companies act, 1956 proclaims any transfer of shares in a company, or alteration in the status of its members, after the commencement of its winding-up, as void, unless ordered .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)918
..... circular no. 2 of 2002 dt. 15th feb., 2002 issued by the central board of direct taxes ('cbdt for short) under section 119 of the it act, 1961 (the act' hereinafter).the criticism of the said circular is enumerated at paras 30 to 33, with the latter enlisting the infirmities as found therein. prior to that, ..... making assessments likely to result into demands and in effecting their recovery, they are lethargic and indifferent in granting refunds and giving reliefs due to assessees under the act. dilatoriness or indifference in dealing with refund claims (either under section 48 or due to appellate, revisional, etc. orders) must be completely avoided so that ..... assessee did not appeal against the assessment for block period because assessed undisclosed income was 'nil', but thereafter, moved an application under section 154 of the act dt. 23rd march, 2005 stating therein that the assessee's system of accounting being cash system and the ao having mentioned the system as mercantile system without .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90TTJ(Ahd.)174
..... as the assessee-company had not done the business of consignment agent for any outside parties. the assessing officer had also pointed out that the assessee could not have acted as an agent without a specific resolution as per provisions of section 149(2a). the assessee furnished a reply which according to the assessing officer was not satisfactory. ..... that the findings of the revenue authorities in this regard may be reversed and the claim of the assessee that it carried on the business of financing, trading and acting as agent, etc. may be accepted. it was also contended that since the assessee has carried on the business during the year under appeal, the expenses incurred for ..... if it is assumed that such a resolution was passed, it cannot be said to be in compliance to the provisions of section 149(2a) of the companies act as no other resolution was passed after the incorporation of the company within the meaning of section 149(2a). therefore, the claim of the assessee that the business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... material such as books of account etc. of the respective industrial undertakings, computation of depreciation attributable to such eligible industrial undertakings allowable under it act, verification of advance licence benefit on accrual basis included in the profits of such industrial undertakings will be made by the assessing officer by ..... recognition is postponed under the accrual basis of accounting. such postponement of revenue recognition is not unknown under the it act too which recognises in appropriate cases, the real income theory in determining income under the accrual basis of accounting. the bombay high court in ..... of the significant uncertainties. usually where the right to receive revenue has become vested in the recipient and therefore considered as accrued under the it act, its measurability and collectibility is not likely to be significantly uncertain. but in case its measurability and/or collectibility is significantly uncertain, its .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)78TTJ(Ahd.)876
..... ' over and above the invoice price in relation to the transactions with various parties, is correct?" 1. this is a reference under section 255(4) of the it act, 1961, pursuant to a difference of opinion between the learned members constituting the division bench. both the learned members have dissented on two issues and i must at ..... of the machinery, he could identify the instances where such cash was taken. in reply to question no. 20 of the statement recorded under section 133a of the it act, shri ashwinbhai b. patel admitted to have received the following cash from following parties on account of under-invoicing of sales bills : 7. subsequently, the ao recorded ..... assessee against the order dt. 28th jan., 1999, passed by the learned dy. cit circle-10(1), ahmedabad, under section 158bc r/w section 158bd of the it act, 1961. the learned dy. git has grievously erred in law and/or on facts in making following additions as undisclosed income : unaccounted income on account of various credits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)84ITD243(Ahd.)
..... of the machinery, he could identify the instances where such cash was taken. in reply to question no. 20 of the statement recorded under section 133a of the it act, shri ashwinbhai b. patel admitted to have received the following cash from following parties on account of under-invoicing of sales bills :name of the party amount taken ..... also denied the receipt of cash from m/s york fabrics after nearly one month from the original confessional statement recorded under oath under section 133a of the it act, to this effect which was made by the assessee under free will and without any pressure. the assessing officer further found from the various notings made in the ..... respect of which 'on money' receipts had been confirmed and such parties had in replies to the assessing officer furnished under section 133(6) of the i.t. act, 1961 stated that they had paid only the amount mentioned in the invoice; (5) all the purchasers aforesaid were assessed to tax and copies of the correspondence between .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)80TTJ(Ahd.)278
..... applied and whether the conclusion arrived at by the tribunal in earlier decisions is in conformity with the clear provisions relating to computation of capital gains contained in the it act, 1961.17. the tribunal in the case of amazon investments ltd. (supra) has rendered three important findings; viz. (a) the first finding given by the ..... share for determination of cost of "right offer" embedded in original share in view of elaborate reasons given hereinafter.18. a plain reading of section 48 of it act, 1961, provides, that the income chargeable under the head "capital gains" shall be computed by deducting from the full value of consideration received or accruing as ..... kolah further contends that in the said cost of rs, 341 is included the cost of the right conferred on the assessee under section 105c of the companies act. when the board of directors of the company decided by passing the resolution of 12th march, 1956, to issue additional capital, that right became crystallised. referring .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)78TTJ(Ahd.)55
..... ) or chapter xiv-b. the aforementioned contention advanced on behalf of appellants ignores the scheme for determination of undisclosed income. undisclosed income is defined under the act and the scheme provides for assessment of the same. for better appreciation of position of law, it would be useful to refer to section 158bb which has ..... provisions of section 158bb(2) would become redundant if under no circumstances section 68 could be invoked in proceedings for block assessment. all the provisions of the act are to be read in coherence and in conjunction with each other and reasonably interpreted in accordance with the legislative intention. i am, therefore, of the ..... received wherein they have denied in clear words to have made any such investment in acquisition of shares of champawat group. further, a summon under section 131 of it act was issued to shivkuwar viransingh r/o post-sowania, tal-bilara, dist. jodhpur, presently, she resides with her family at plot no. 161, ajeet colony, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)84ITD91(Ahd.)
..... the undisclosed income of the block period on the basis of evidence found and material available as a result of the search conducted under section 132 of the it act 26. it is apparent from the aforesaid discussion that the decisions cited by the learned counsel on behalf of the assessee do support the viewpoint canvassed on ..... of section 145 are not applicable to block assessments although section 158bh states as follows : "save as otherwise provided in this chapter, all other provisions of this act shall apply to assessment made under this chapter." 22. the learned am has opined that provisions of section 145 are not applicable but in my opinion the decisions ..... in the normal course. in the present case the revenue has not proved that the books were being maintained for a purpose other than the provisions of the it act and under these circumstances the income on the basis of the books regularly maintained in the normal course of business cannot be treated as undisclosed income. the indore .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)98ITD119(Ahd.)
..... ltd. (supra) decided by the same learned accountant member. the said case related to assessment year 1991-92 whereas explanation with retrospective effect was added through finance act, 1990. thus, the amended provision was introduced much before the date of filing of return and assessee could not claim benefit of decision of hon'ble supreme ..... additional tax where returned income is increased as a result of adjustment made under section 143(1)(a). -the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to show lesser ..... order of learned judicial member. he argued that adjustment made was perfectly justified in view of amendment of section 36(1)(vii) of the income-tax act. once adjustments were made the adjusted income was to be considered for purposes of charging of additional tax which in his view was automatic and mandatory. .....
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