Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 99 general rule as to evidence Sorted by: old Court: income tax appellate tribunal itat jaipur

inspecting Assistant Vs. Cosmopolitan Trading Corpn.

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1985)14ITD327(JP.)

..... . the value of the closing stock shown in this account is rs. 25,58,907. the ito has observed that proviso to section 145(1) of the income-tax act, 1961 ('the act') is applicable in the case of the assessee as held by the tribunal in the assessee's appeal [it appeal no. 946 (jp.) of 1979] for the assessment year ..... the expenses as relating to export instead of 50 per cent thereby directing the ito to modify the computation accordingly.the assessee claimed weighted deduction under section 35b of the act on expenditure aggregating to rs. 69,770 under various heads as detailed below :--------------------------------------------------------------------------------head of account amount of expenses amount in respect of debited under th which weighted deduc---------------------------------------------------------------------------------shop .....

Udaipur Mineral Development Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1990)35ITD172(JP.)

..... are closely related to each other and the transactions of purchases and sale of shares otherwise than for adequate consideration attracted the provisions of section 52(1) of the act. the ito's action in not applying these provisions and consequently allowing short-term capital loss to the extent of rs. 4,50,000 without working out the ..... he submitted that nowhere in these provisions or anywhere-else the ito was given powers to substitute fair market value at lower price than shown although according to the it act, a higher price could be substituted.he further submitted that in the instant case the seller of the shares are assessed to income-tax and wealth-tax and ..... the learned d/r is rejected.10. the objection regarding section 263 not being applicable in cases where assessment order was passed after directions under section 144b of the it act was not seriously pressed by the ld. counsel for the assessee and hence it is rejected. even otherwise we have, no doubt, in our mind that after .....

Jme Employees Co-operative Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2000)73ITD296(JP.)

..... distinct. therefore, if permission of the state government is given or not given is hardly matter because there is not effect on the provisions of the it act.therefore, we find weight in the contention of the learned departmental representative that the sanction of investment in any movable or immovable assets other than banking ..... , was engaged in carrying on the business, which was essentially and in pith and substance a business of banking. under the provisions of the banking regulations act or similar other laws, every banking company has to maintain a specified liquidity ratio or is statutorily required to invest in specified or approved securities or shares ..... during the year under consideration the assessee filed return declaring income for 21 months. the assessee claimed exemption under s. 80p(2)(a)(i) of the it act in respect of dividend income received by the appellant on shares of jmel held as banking activity. the ao disallowed the exemption by holding that the dividend income .....

Accurate Pipes and Plastics (P) Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2000)67TTJ(JP.)583

..... as per board's circular no. 696 (published at (1994) 122 ctr (st) 331 the claim is allowable if the legislature has amended the provisions of the act accordingly. he drew our attention on various papers of the paper-book where relevant evidence in regard to amendment and notification are enclosed.on the other hand, the learned ..... . ii dated 25-9-1987, (published at (1988) 68 ctr (st) 1091 which says about "sales tax deferment scheme-provisions of section 43b of the income tax act, 1961clarification regarding". para 4 of the circular says that "the matter has been examined in consultation with the ministry of law and the various state governments. the ministry of ..... of the undertaking. these sections do not anywhere mention that the deduction to be allowed is 20 per cent of the income computed in accordance with the provisions of the act, and after the deduction allowed under these two sections.in case of digchem industries v. income tax officer (1987) 27 ttj (jp) 593, the similar issue was .....

Chandra Cement Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... it, is entitled to be reimbursed by the other." 11. the transactions under consideration are evidently of the nature referred to in s. 69 of the indian contract act, 1872. the company was bound to pay for the construction expenditure. the director shri r. p.goyal paid it because he was interested in the capacity as ..... being arising out of bilateral transactions. the transactions in the present case whereas, though resembling a contract, are not in fact contracts as per chapter v of the indian contract act.4. the learned counsel also placed reliance upon the decisions reported at, muthoot m. george bankers vs. asstt. cit (1994) 47 ttj (coch) 434 : (1993) 46 ..... primarily obliged to pay such amount. the learned counsel stressed that the situations under the present appeals falls under the provision of s. 69 of the indian contract act, 1872, where the company's obligation to pay arises because of operation of this section and not because of any contract whatsoever. both loans and deposits are .....

S.S. Gems International Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... of the special provisions under chapter xiv-b, the return form devised for furnishing of block return also envisaged for allowing the deduction under chapter vi-a of the it act.the assessee's entire turnover being export turnover, therefore, the export profits are fully exempt under section 80hhc and the same cannot, therefore, be treated as undisclosed income ..... and the findings as brought out hereinabove, we hold that no addition could have been made on the basis of report of dvo under chapter xiv-b of the it act, 1961. accordingly, the ground of the assessee is allowed and that of the revenue is rejected.7. ground no. 2 in assessee's appeal relates to disallowance ..... , the reference made to the valuation by the department and adopting the estimation thereof for assessing the undisclosed income was beyond the scope of chapter xiv-b of the it act. the ao is also not found to have rejected the books of account maintained by the assessee, and, therefore, the reliance on the decision of cit v. .....

Rajeev Enterprises Vs. Assessing Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2003)78TTJ(JP.)330

..... in 1991 and, therefore, should be applied in this case.18. in rebuttal, the learned counsel for the assessee argued that amendment made by finance act, (no. 2) act, 1991, under section 80hhc was not declaratory or retrospective. it was prospective only. this was clear from circular no. 621 issued by cbdt on 19th ..... or income from "other sources". their lordships have laid down the following principles : "the following principles are applicable in assessing interest income under the provisions of the it act, 1961 : (i) interest on fixed deposits and other deposits before the commencement of business is an income from other sources; (ii) income from interest on ..... carried the business of money-lending. the learned departmental representative drew our attention to the definition of "money lend" as per. the rajasthan money lenders act. in this connection, the learned departmental representative placed strong reliance on decision of hon'ble rajasthan high court in the case of cit v. rajasthan land .....

Dy. Cit Vs. Narendra Kumar Lunawat

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2004)90TTJ(JP.)467

..... as per the books, there cannot be any motive of the assessee to make bogus purchases as total income was exempt under section 80hhc of the income tax act. the assessing officer and the learned commissioner (appeals) have grossly erred in holding that these purchases were bogus purchases or addition can be made for unexplained investment ..... is 100 per cent export unit. no documents evidencing even a single bogus purchase or local sales was found or noticed in action under section 132 of the act.(2) stock was calculated by taking opening stock + purchases minus cost of goods sold and on consignment (by application of inappropriate gp rate of 20 per cent ..... higher gp rate resulted into excess stock inventory and higher profit of the assessee for the year is subject to 100 per cent deduction under section 80hhc of the act. therefore, he deleted the addition made on account of valuation of closing stock.the learned departmental representative (it) argued at length. he submitted that the authorised .....

Vijay Solvex Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2005)92ITD24(JP.)

..... @ 15% 4227 5164vehicle 23250 7749 @ 20% 4650 3099 -------------- -------------------------- 7228897 2768990 4459907 -------------- -------------------------- book profit for the purpose of section 115j of the income-tax act : 4348348 since the book profit was more than the total income computed otherwise, the tax was levied on the 30% of the book profit by the assessing officer ..... clarified the position that the gross total income worked out under chapter via would mean the income after allowing deductions under various sections of the act upto chapter vi itself. this would, therefore, mean that deductions under chapter via are to be allowed on the net income worked out ..... authors, chaturvedi & pithisaria's in vol. 2, fourth edition of their book 'income-tax law' page 2416."computed in accordance with the provisions of the act" implies - (1) that deductions under appropriate computation sections have already been given; (2) that income of other persons, if includible under sections 60 to 64 .....

Arvind Bhartiya Vidhyalya Samiti Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2008)115TTJ(JP.)351

..... so saying, the appellate authority referred to the balance sheet. the appellate authority further noticed that the assessee samiti was a registered samiti under the rajasthan societies act and that it was also recognised by the cbse. he observed that if there was any misutilisation or mismanagement, action could be taken against the members ..... an educational institution solely existing for education and not for the purpose of profit and therefore, was entitled to exemption under section 10(22) of the act.adverting to the various allegations made by the ao in the assessment order, the learned authorised representative further submitted that the other allegations of the ao ..... dec, 1999. the case was selected for scrutiny.during the assessment proceedings, the ao noticed that the appellant was not having registration under section 12aa of the act nor any exemption under section 10(23c)(vi) was available. when asked, the appellant responded vide letter dt. 27th dec, 2005, mainly stating that the .....