Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)87TTJ(Hyd.)1098
..... paragraphs, i.e., board circular no. 387, dated 6-9-1984 (supra). we are convinced with the learned assessee's counsel's argument 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 "such ..... departmental circular no. 56, dated 9-3-1971 : "time-limit for completion of penalty proceedings-sec. 275 of the income tax act which specified the time-limit for completion of penalty proceedings has been substituted by a new section. under the existing section, penalty proceedings for concealment of income ..... cases where the quantum assessment has a bearing on the penalty and the violation. the legislature amended section 275 through s, 50 of taxation laws (amendment) act, 1970 (42 of 1970) newly prescribing a limitation period for imposition of penalty. the change in law has been elaborately explained in the fcllowing portion of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)85ITD59(Mum.)
..... discharged the primary burden of proving that the interest paid by the assessee was utilised for the purpose of business. in the light of section 36(1) (iii) of the act, the primary burden of proving that the expenditure was incurred for the purpose of business is on the assessee. in the absence of any evidence on record to discharge the ..... transactions, the assessee-company could not have incurred a commercial loss of rs. 13.41 lakhs on such huge turnover. he, therefore, disallowed under section 36(1)(iii) of the act a sum of rs. 7,03,546.the ld. cit(a) affirmed the action of the assessing officer by observing that an identical issue was considered by him in the ..... concern, the amount remained with the assessee as a loan repayable to m/s. lloyd finance. it is well-settled that under section 36(1)(m) of the income-tax act interest payable on the amount borrowed, by whatever name it is called, is allowable as deduction only if it is used for the purpose of the business. it is also .....
Tag this Judgment!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 .....
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)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 West Bengal
Reported in : (2003)79TTJCal725
..... originally constituting this bench, then point of difference of opinion was referred to hon'ble vice president (kolkata zone) as third member under section 255(4) of the it act.2. in accordance with the majority view after duly taking into account the opinion expressed by the learned third member, we hold that the payment of service charges of ..... relevant facts and determine for himself whether the commission said to have been paid to the selling agents or any part thereof is properly deductible under section 37 of the act." 15. in the light of the above well-settled judicial principles of law, let me proceed to consider as to whether in this case the assessee can be ..... opinion amongst the members constituting the bench in regard to the following issues. i was nominated as third member by the hon'ble president under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the payment of service charges of rs. 10,48,895 to shri sanjiv taneja and shri .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD347(Kol.)
..... believe transaction and dubious means cannot be recognised. the hon'ble gujarat high court in the case of banyan & berry (supra) has observed that if the acts are unambiguous and bona fide, but results in reduction of tax liability or expectation of tax benefit in future does not amount to colourable device, dubious method or ..... -company to five sister companies were immediately transferred by the keventer in its share register in spite of the applicability of section 79 of the i.t.act and existence of a restrictive clause in the loan agreement entered into by the keventer with financial institutions whereby the keventer was restrained by financial institution not ..... setting off brought-forward losses as the assessee-company at that time had no holding or interest whatsoever in the keventer by the reason of its own act of selling previously the entire holding in keventer to five companies. the assessee-company's contention, which is mentioned in assessee's written submission filed before the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)87ITD165(Pune.)
..... show that the assessment was made in pursuance of a mutual understanding that no penal action would be taken against the assessee. besides, there is no provision in the act sanctioning such a compromise.15. the very fact that the assessee filed appeal against the order of ao clearly demonstrates that the addition was not on agreed basis. ..... in the light of material placed before me and precedents relied upon. on 4th oct., 1988, there was a survey action under section 133a of the it act, 1961 (hereinafter called the act), at the premises of the assessee-firm and its two sister concerns, viz., m/s kunden fabrics and m/s kunden saree shoppee.in the course ..... 18,402 is accordingly liable for inclusion in the assessee's income, since this income is not shown, in the return, penalty proceedings under section 271(1)(c) of the act, are separately initiated." 11. however, with respect to the ao's order the assessee challenged the addition before the learned cit(a) who vide order dt. 18th feb., .....
Tag this Judgment!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 Amritsar
Reported in : (2004)82TTJ(Asr.)967
..... .b.saini bros. adda hoshiarpur, jalandhar, the sister concern of the assessee. according to him, the payment in question was hit by the provisions of section 40a(3) of the it act. the assessee submitted before the ao that the goods purchased from m/s s.b. saini bros, jalandhar were on wholesale and discounted price on the condition of cash payment ..... ) 67 itr 11 (sc).3.3 the learned cit(a) after considering the submissions of the assessee found that one shri sohan singh who was manager of the assessee also acted as managing partner in the firm m/s s.b. saini & bros. jalandhar, he further noted that both the firms had common business premises and were having the same accountant ..... circumstances of the case the addition is prayed to be deleted. 4. that an amount of rs. 44,068 was disallowed by the ito under section 40a(3) of the it act and sustained by the cit(a) on flimsy grounds. the genuineness of the transactions was established and are covered by rule 6-ddj and circular no. 220 of the cbdt .....
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