Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 40 offences relating to force court Court: income tax appellate tribunal itat allahabad Page 1 of about 3 results (0.197 seconds)

Abbas Wazir (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)16ITD210(All.)

..... (supra). in the case of cosmopolitan trading co. {supra), in one of the years, it was found that the financial position of the debtor had become bad and the assessee acted in response to the call of commercial expediency and sound business methods in changing over to the mercantile system of accounting insofar as the commission and interest receivable were concerned ..... fact there was no agreement even with bhadohi cold storage or carpet traders for charging of any interest and that the charge of interest by the assessee was an unilateral act. he specifically pointed out that no such interest was credited by bhadohi cold storage in its books of account. his second submission was that there was no accrual of interest .....

Sri Girdhar Gopal Gulati Vs. Dy. Cit. [Alongwith Ita Nos. 66 and

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2004)88ITD585(All.)

..... passed without making any enquiry mechanically without application of mind. (v) because it is settled principle of law that the proceeding under section 263 of the act can not be initiated on the basis of any subsequent material available on record. office note after passing assessment order, report of the inspector were wholly irrelevant ..... to come to an end after the building was constructed. the ao granted registration to the petitioner-firm under sections 184 and 185 of the income-tax act, 1961 and made the assessment for the first assessment year 1971-72 accordingly. the commissioner initiated revision proceedings under section 263 and cancelled the assessments on ..... income-tax officer should not have allowed the deductions. the commissioner, therefore, issued a notice for revision to the assessee under section 263 of the income-tax act, 1961. the assessee wanted that it should be allowed to cross examine dr. vyas. the commissioner then passed an order under section 263 setting aside the .....

D.P. Kanodia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1991)36ITD346(All.)

..... entire dealings were nothing but an adventure in the nature of trade. a little careful scrutiny of the entire facts will show that the whole argument is nothing but fallacious. act of an individual cannot be tagged with the action of the other individual. for the purpose of income-tax the individual assessees are independent and even if they belong to ..... wrong. he has further pointed out that it was nothing but an investment in gold bond and any profit out of the said transaction was exempt under the income-tax act and thereby the said amount could not be brought to tax. he has also pointed out various decisions of the tribunal of allahabad benches in which in similar circumstances the .....

Raj Kumar Singh and Co. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1994)51ITD628(All.)

..... case. 6. the learned cit(a) also erred in holding that reasonable rate of interest payable to depositors/creditors covered by section 40a(2)(b) of the income-tax act, 1961 could be estimated at 20% per annum ignoring the following facts:- (a) that the other depositors/creditors were also paid interest @ 24% per annum which according ..... face value in order to give a fair and correct view of the appellanfs balance sheet as required for the purposes of report under section 44ab of the income-tax act, 1961; (d) that similarly the appellant also revalued its machinery to bring these assets to their correct valuation; (e) that since, the appellant commanded good reputation, ..... orders for all the years from assessment years 1984-85 to 1989-90 lay set aside either by cit (appeals) or by cit under section 263 of income-tax act, 1961. 3. without prejudice to above grounds, the learned cit (appeals) erred in holding that the credit entries of goodwill, revaluation of machinery and on account of .....

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2005)95TTJ(All.)489

..... record from department nor the learned standing counsel for department was able to explain anything on this point.29. a perusal of section 158bb of the act reproduced above shall show that fundamental statutory requirement for computation of total undisclosed income of previous years falling during the block period are that : (2 ..... establishing the identity of various shareholders and cash credits, was not sufficient for discharging the onus put on the assessee under section 68 of the act, the learned departmental representative further submitted that assessments under section 143(1) in case of various persons who had invested the money with the appellant ..... sources allegedly representing unexplained cash credits and investment in shares. the assessment completed is, therefore, also violative of the provisions of section 142(3) of the it act, 1961. (iv) that the findings/inferences drawn by the learned ao relating to genuinity of creditors, their capacity to give loan/invest in shares, etc .....

India Polyfibres Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1997)60ITD433(All.)

..... been invited and have given our anxious consideration to the arguments advanced by the learned counsels for the rival parties. in the provisions of section 32a of the it act, there is no ambiguity about the year in which investment allowance is to be granted and, therefore, we do not consider it necessary to reproduce the relevant ..... , for the obvious reason that for the healthy functioning of a corporate democracy, right of information to members of a company is necessary. section 217 of the companies act, 1956 prescribes the information which must be made available by the board of directors to a member. one such information, as per sub-section (1) of section ..... necessarily to be allowed in assessment year 1988-89, it may be mentioned that for the purpose of computing the yearly profits and losses under the income-tax act, each year is a separate self contained unit and, therefore, the deductions admissible for the period before the commencement or after the end of the previous year .....

Shri Bhagirathi Ram, Through His Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2004)89ITD642(All.)

..... income.hon'ble allahabad high court in the matter of banaras textorium v. cit (169 itr 782) held as under: "in the scheme of the act, the proceedings for imposition of penalty, though emanating from proceedings of assessment, are essentially independent and a separate aspect of the proceedings which closely follow the ..... has concealed the particulars of his income or furnished inaccurate particulars of such income.therefore, penalty proceedings, though initiated in the proceedings under income-tax act, yet it is independent in nature and have to be considered separately. the quantum proceedings and penalty proceedings are essentially different proceedings altogether.hon'ble supreme ..... unexplained investment in construction of house was deleted. on facts and circumstances, the a.o. issued notice under section 271(1)(c) of the income-tax act and, after considering the reply of the assessee and the previous proceedings, imposed the penalty under section 271(1)(c) vide order dated 24th august, .....

Assistant Controller of Estate Vs. Late Shri J.P. Srivastava

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1989)29ITD98(All.)

..... remind ourselves that the legislature made provision for time within which any proceeding either assessment, penalty, etc., could be initiated and finalised under the income-tax act, wealth-tax act, etc. but as far as the completion of the estate duty assessment once validly initiated, there is no time limit prescribed. we do not intend ..... the valuation shown in the statement of account filed about 3 decades ago. the appellate controller also considered the provisions of section 71 of the estate duty act and also commentaries and decisions of other various high courts relating to that point as evident in the appellate order. after considering all these implications, the ..... proceedings must be completed within a reasonable time. different case laws were cited in that regard.7. it was submitted also that section 73a of the act placed limitation for commencement of proceedings or reassessment from which it could be seen that the intention of the legislature was to prescribe reasonable period of .....

Assistant Commissioner of Income Vs. U. P. National Mfg Ltd. (Asstt. C ...

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... reasonable cause" would mean a cause which is beyond the control of the assessee and means a cause which prevents a reasonable man of ordinary prudence acting under normal circumstances, without negligence or inaction or want of bona fide, advances the assessee's case rather than the revenue's case because in ..... assessee. "reasonable cause" means cause which prevents a reasonable man of ordinary prudence acting under normal circumstances, without negligence or inaction or want of bona fide from furnishing their turn in time." 10. concluding his submissions, the learned departmental representative ..... an opportunity of persuading the officer concerned that he has a reasonable cause for the default. the words "reasonable cause" have not been defined under the act but they could receive the same interpretation which is given to the expression "sufficient cause". therefore, in the context which is beyond the control of the .....

Jai Bharat Engineering Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1982)1ITD337(All.)

..... any debate or discussion.he, therefore, urged that the ito should be directed to entertain the application made under section 154 of the act and pass suitable order thereon.7. the learned representative for the department, on the other hand, strongly relied on the order of the income-tax authorities and ..... forgings ltd. [1978] 112 itr 389. therefore, the learned counsel for the assessee invited our attention to the assessee's application made under section 154 of the act and highlighted the fact that each of the mistakes pointed out in the said letter were apparent from the face of the record and could have been rectified without ..... is thekarta of the huf 1,766 -------- -------- 3. on receipt of the said order of the ito, the assessee made an application under section 154 of the act requesting the ito to rectify his order in respect of certain items. in order to better appreciate the rival submissions of the parties, we reproduce below, the relevant .....