Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)81TTJLuck389
..... india financial corporation ltd. hereby agrees that it will bear max. 60 per cent of the total expenditure incurred by sahara india, in consideration of sahara india acting as agents for and on behalf of sahara india financial corporation ltd. and in consideration of shara india carrying out all such actions as are laid down in ..... , proceeds to complete the assessment in conformity with the estimate of the valuation officer. it is to be pointed out that no such provision has been made in it act, 1961, for making assessment in conformity with the special audit report.17. the caption of section 142 and section 142(2a) is "inquiry before assessment". this ..... full compliance of the directions of the asstt. cit, cci, as approved by the cit (central) in accordance with the provisions of s. 142(2a) of the it act, 1961." (x) the learned cit(a) after considering the relevant portion of the assessment order, relating to the special audit and after hearing the arguments recorded his conclusions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2008)116TTJLuck239
..... illegal or invalid, the entire re-assessment proceeding would be without jurisdiction and would be void and illegal.35. itat allahabad bench decision in the case of ito, azamgarh v. bal govihd singh 2004 (4) mtc 1101 - in this case it was held that no reasons had been given by the ac) for serving the notice on the minor son ..... of authorized representative of assessee seeking adjournments are contained.thereafter, he referred to page 17 of the paper book wherein copy of notice under section 142(1) of the act dated 13.3.2003 alongwith detailed questionnaire issued to the assessee is contained.20. the ld. dr submitted that service of notice should be seen in substance and in ..... kumar rastogi 124 itr 381 (alld.)laxmi narain anand prakash v. 1980(st2)-gjx-011-allcommissioner of sales taxbhagwan devi saraogi and ors. v. 118 itr 906 (cal)itoito v. bal govind singh 2004(4) mtc 1101 (all)gorakhpur petro oils ltd v. i.t.a. no. 1951/alld/1996addl. citchandra agencies v. ito 89 itd 1 (del)duli chand .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2004)90TTJLuck878
..... the allowance of weighted deduction in respect of the aforesaid three items. the legislature has, however, by incorporating explanation (c) to section 263 of the act conferred powers on the revisional authority which are co-extensive with the powers of the appellate authority. it is only with a view to empower the revisional ..... the time of making assessments and not thereafter. consequently, the explanation now substituted explains the records to include all records relating to any proceedings under this act at the time of examination by the commissioner. though this explanation is with effect from 1-6-1988, it is clarificatory in nature because the explanation ..... section 263. the tribunal had accepted this contention and observed that the commissioner had practically abdicated his function to the income tax officer inasmuch as he acted upon his request. in the reference preferred by the assessee the submission on behalf of the department was that there was nothing wrong in income tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)94ITD70Luck
..... otherwise the appeal filed by the department against the impugned order of ld. cgt(a) has no substance.he submitted that section 4(1)(c) of the gift-tax act covers only certain deemed gift viz., where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contract or other actionable claim or of any ..... in the present appeal, has already been deleted by the first appellate authority. at this, the ld. d.r. submitted that the proceedings under the income-tax act, 1961, are different proceedings and even if the addition of the interest in the income tax proceedings has been deleted by the appellate authority/authorities still a thing/right ..... given. he completed the assessment computing the taxable gift of rs. 1,70,00,000/- by applying the provisions of section 4(1)(c) of the gift tax act.11. being aggrieved, the assessee filed appeal before the first appellate authority contending that there was no covenant and/or mutual agreement to charge interest on the advances/ .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)79TTJLuck416
..... of ram krishna oil mitts v. cit (supra) the hon'ble delhi high court has held that the conditions, for getting the deduction under section 36(1)(iii) of the it act in respect of interest are : (iii) the assessee must have paid interest on the same amount and claimed it as a deduction.the hon'ble court also held that once ..... hostile title; it may also comprehend payment of statutory dues and taxes imposed as a precondition to commence or for the carrying on a business; it may comprehend many other acts incidental to the carrying on the business but, however, wide the meaning of the expression may be, its limits are implicit in it; the purpose shall be for the carrying ..... counsel for the assessee before us.9. so far as the requisite conditions for allowing the claim of deduction under section 10(2)(iii) and section 10(2)(xv) of it act, are concerned in the case of madhav prasad jatia (supra), the hon'ble supreme court of india has laid down the same. in the above-mentioned case, the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)84ITD563Luck
..... contention of the learned counsel for the assessee was that in the case of the company, the disallowance was not legally maintainable under section 40a(2) of the act, because company is a separate person and cannot do anything personally. according to the learned counsel for the assessee, addition on account of personal user of the car ..... borrow interest-bearing funds for one division, while it advanced interest-free loans on advances to others. according to him, there was no commercial expediency involved in such an act either. the learned cit(a), however, has not recorded any finding on the following issues : (i) whether any part of borrowed funds was diverted for non- ..... businessman would borrow interest-bearing funds for one division while it advanced interest-free loans and advances to others. there is no commercial expediency involved in such an act either. therefore, i fully agree with the action of ao on his issue. i also rely upon the allahabad high court decision in the case of cit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2006)99TTJLuck801
..... of 'on dissolution' and, consequently, the transfer of capital assets otherwise than by way of distribution on dissolution can also be covered by section 45(4) of the act, in our opinion, cannot be accepted. if that were the case, all transactions, whether by or between the firm, aop or boi, would be covered by the ..... device simply to avoid incidence of lawful tax payment.36. the learned cit (departmental representative) also pointed out that provisions of section 45(2) of the act were not applicable because assessee should have given the amount of difference of conversion from investment into stock-in-trade to reserve account and thus accounts prepared by ..... from their respective profit-sharing ratio in the firm. on all these, the learned counsel for the assessee argued that provisions of section 45(4) of the act were deeming and fictional provision must be construed strictly and unless and until all the ingredients of the section were satisfied, it should not be applied, particularly to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)87ITD407Luck
..... to 'words and phrases" (permanent edition), irregularity has been defined "want of adherence to some prescribed rule or mode of proceeding" whereas nullity is "void act or an act having no legal force or validity". so the safest rule of distinction is whether a party can waive the objection. if he can waive, it amounts to ..... background that the provisions of section 144b, being a procedural section was held to be applicable. the judgment nowhere lays down that all the provisions of the act are to be applied in their entirety. hence, in our view, this judgment does not advance the proposition canvassed by the learned counsel for assessee.34. ..... of section 158bb under chapter xiv-b. every fiscal statute prescribes a procedure to be followed for making assessment. the legislature inserted chapter xiv-b by finance act, 1995, for assessing the undisclosed income in search cases, instead of prescribing a procedure for making such assessment, the legislature has referred to the provisions of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2007)110TTJLuck357
..... them number of days after purchase of goods and that no exceptional circumstances compelled the assessee to make the payment in violation of provisions of section 40a(3) of the it act, 1961.4. on appeal, the cit (a) confirmed the addition stating that in my view no exceptional circumstances have been brought out for payment by cash/bearer cheques ..... of crossed cheque/draft and the purchaser's business interest would suffer due to non-availability of goods otherwise than from this particular seller; or (e) the seller, acting as a commission agent, is required to pay cash in turn to persons from whom he has purchased the goods; or (f) specific discount is given by the ..... this case also with equal force. accordingly, we hold that there was no justification in making the disallowance of rs. 1,73,631 under section 40a(3) of the it act, 1961.14. vide para 18 of the assessment order, the ao has mentioned that in the case of seven parties, the assessee has shown payments through cheques. further, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2007)109ITD1Luck
..... no. 1, no other material change is required. accordingly, we are referring the points of difference to the hon'ble president under section 255(4) of the act for necessary action and point of difference are annexed separately.(keshaw prasad) (phool singh)accountant member vice president 15. since there is a difference of opinion between the ..... the situations, funds of the company were not utilized for advancing loan to the assessee and, therefore, provisions of section 2(22)(e) of the income-tax act are not applicable.18. the other decision of madras high court in the case of alagusundaram chettiar (supra) is not applicable as facts involved in that case were ..... 290 itr 433 (s.c.) wherein on identical facts, their lordships of supreme court upheld the application of provisions of section 2(22)(e) of the income-tax act. ld. departmental representative accordingly supported the order of the ld. am.8. i have given careful thought to the rival submissions of the parties. the questions, on .....
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