Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)99TTJAgra212
..... first submission, advanced by the counsel for the assessee was that as per provisions of section 275, there is limitation for imposition of penalty under the it act and this section prescribes different limitations under different circumstances. referring to provisions of section 275, the counsel submitted that limitation prescribed under clauses (a) and ..... .e., board circular no. 387, dt. 6th july, 1984, (supra). we are convinced with the learned assessee's counsel's arguments that the finance act, 1984, states the legislative intent and describes a situation where explanation of taxpayer of loans obtained from "various persons". it also speaks of confirmatory letters from ..... the transaction can be attributable to various exigencies and vicissitudes of business and thus constitutes a "reasonable cause" as contemplated by section 273b of the act, as the company had issued certain cheques and as they were coming up for encashment. the active director of the company considered it expedient to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)103ITD207Agra
..... banking business, but is engaged in the business of rrb, which is a separate business by itself and the provisions of two separate acts viz. banking regulation act, 1949 and rrb act, 1976, need not be mingled with each....16. as the decision that rrbs are not co-operative societies goes to the root of ..... by the learned departmental representative that no arguments on income from slr or non-slr investments were advanced and no distinction between co-operative societies act or rrb act were advanced and as such had not been considered as the question was materially distinct.8.32 it was further emphasized by the learned departmental representative ..... issue since it would be consequential to the finding to the earlier grounds. the learned departmental representative, in the circumstances, relied upon the provisions of the act and the orders of the tax authorities.20. having heard the rival submissions, in the aforementioned facts and circumstances, the ground being consequential to the findings .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2003)87ITD77Agra
..... counsel further submitted that the observations of the cit(a), while annulling the original assessments, were not directions for issuing fresh notices under section 148 of the act because after having annulled the assessments, the cit(a) had no reason to give any direction. driving home this plea, the learned counsel, after referring to ..... may also be mentioned. (v) the aforesaid valid notices must be served on the assessee and in accordance with the provisions of section 282 of the act.8.2 after having complied with the aforesaid requirements, the assessing officer assumes jurisdiction to proceed with the assessment process i.e., assumes valid jurisdiction to issue ..... considered the aforesaid provisions and keeping in view that all these provisions are part of process for making of assessment or reassesment under section 147 of the act, it is the cumulative effect of these provisions which has to be taken into account and therefore when the assessment/reassessment is to be framed within .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2007)108ITD115Agra
..... such return of income, assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this act.21. thus, as per this section any clerical mistake in the notice or summons or proceedings undertaken by the assessing officer will not be held invalid merely ..... to believe that the amount of rs. 1,02,047/- has escaped assessment. in order to assess the income escaping assessment, issue notice under section 148 of income-tax act, 1961. (i). during the course of survey, huge quantity of books of accounts, bank pass books, cheque books were found and impounded. (ii). assessee is maintaining ..... by the assessing officer before reopening the assessment for the a.yr. 1998-99. the reasons are as under: a survey operation under section 133 a of the it. act 1961 was carried out at the business premises of shri jugal kishore soni, forest range barrier, jhansi raod, talbehat district lalitpur. during the course of survey operations, .....
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