Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2007)112TTJ(Jodh.)717
..... 5,14,900 made by the ao on account of unexplained cash credits under section 68 of the act.the facts of this ground are that it was noticed by the ao that cash credits were brought in the books of accounts in the names of 33 persons. ..... a survey under section 133a of the act was carried out at the business premises of m/s hindustan lime products, mertacity on 15th jan. ..... 50,918 under section 69 of the act as unexplained investment in the stock. ..... 2 lakhs in the hands of the assessee under section 69 of the act as unexplained investment. ..... 3,780 when the income of the assessee has been determined under section 44af of the it act, 1961.11. ..... 1,200 on account of telephone expenses more particularly when the income of the assessee has been determined under section 44af of the it act, 1961. 3. ..... hence, we accept all the cash creditors as genuine and delete the entire addition so made under section 68 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2003)78TTJ(Jodh.)736
..... the ao cannot invoke the provisions of section 145(1) or 145(2) of the act on this basis alone.the ao should have pointed out any specific mistake or deficiency in the books of account. ..... he, therefore, invoked the provisions of section 145(2) of the act and applied enhanced gross profit rate of 20 per cent which was confirmed by the cit(a).5. ..... 72,000 made by the ao under section 68 of the act for unexplained cash credit and interest thereon at rs. ..... without recording the finding that the profits and gains cannot be properly deduced from such books of account, correctness of book results cannot be challenged and the ao cannot resort to the provisions of section 145(2) of the act. ..... mere non-maintenance of stock register of purchase and consumption of raw material will not lead to invocation of the provisions of section 145(2) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2005)92ITD611(Jodh.)
..... of the assessee-company indicates to the effect that: "on conversion of the partnership firm into a company limited by shares under these presents to acquire by operation of law under part ix of the companies act, 1956, as going concern and continue the partnership business now being carried on under the name and style of m/s chetak enterprises including all its assets, movables and immovables, rights, debts and liabilities in ..... it becomes explicitly clear that m/s chetak enterprises declared to the state government, in the very beginning itself, that the firm win be converted into company under part ix of the companies act and no objection was raised by the government authorities and all the further agreements were entered into with m/s chetak enterprises "to mean and include its successors and assigns".eventually, the erstwhile ..... the assessee strenuously argued that the authorities below were not justified in denying the deduction as the assessee came into being in terms of part ix of the companies act.it was further contended that the learned cit (a) failed to consider the proviso below sub-clause (c) of section 80-ia(4)(i) in the right perspective while rejecting the assessee's claim in this regard. ..... held that if the constitution of the partnership firm is changed into that of a company by registering it under part ix of the present act, there shall be statutory vesting of title of all the properties of the previous firm in the newly incorporated company without any need for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2006)281ITR162(Jodh.)
..... assessee-company indicates to the effect that: "on conversion of the partnership firm into a company limited by shares under these presents to acquire by operation of law under part ix of the companies act, 1956, as going concern and continue the partnership business now being carried on under the name and style of m/s chetak enterprises including all its assets, movables and immovables, rights, debts and ..... the facts of the instant case, it is gathered from the main object of the company that the earlier firm named as m/s chetak enterprises was genuinely converted under part ix of the companies act into company as going concern acquiring all the assets, rights and liabilities of the erstwhile firm, (b) the ao denied the benefit of deduction by coming to the conclusion that the enterprise is ..... m/s chetak enterprises declared to the state government, in the very beginning itself, that the firm will be converted into company under part ix of the companies act and no objection was raised by the government authorities and all the further agreements were entered into with m/s chetak enterprises "to mean and include its successors and ..... argued that the authorities below were not justified in denying the deduction as the assessee came into being in terms of part ix of the companies act.it was further contended that the learned cit(a) failed to consider the proviso below sub-clause (c) of section 80-ia(4)(i) in the right perspective while rejecting the assessee's claim in this regard. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2004)83TTJ(Jodh.)414
..... a search under section 132 of the it act (for short the act) was carried out on 17th aug. ..... a survey under section 133a of the act was also carried out at the business place and the office premises at jaipur. ..... the assessee-company by now became a public limited company under section 43a of the companies act, 1956. ..... 1,37,785 made under section 40a(2)(b) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2006)284ITR1(Jodh.)
..... are referred to in the form of questions which are as under: whether, on the facts and in the circumstances of the present case, the disallowance made by ao under section 43b of the it act, 1961 can be treated as a purely legal ground which can be entertained by the tribunal as an additional ground for the first time even though the assessee has not raised this ground before the learned ..... , the appellant had not specified the section under which the deduction is to be allowed by the ao, even then i am of the considered opinion that this deduction is allowable under section 36(1)(iii) of the act after investigation into the facts of the case by the ao, in order to claim deduction of expenditure under section 36(1)(iii) the following conditions should be satisfied : (iii) it must have been borrowed for the ..... the learned departmental representative had contested that the assessee had not been able to discharge the onus cast upon it by the provisions of section 63 of the act and had discussed in detail the distinction between the private and public limited company and had contended that the provisions of section 68 are applicable in the share application ..... to be time-barred by 31st march, 1992, the appellant-company on 3rd march, 1992 made a specific prayer to the ao to issue summons to all the shareholders under section 131 of the it act, if the ao wishes to cross-examine them as the necessary particulars of all the shareholders were duly submitted to him by the appellant-company. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2005)93ITD390(Jodh.)
..... the legal position is concerned, the assessee was entitled to carry forward the losses if the return had been filed under sub-section (3) of section 139 of the i.t.act which deals with returns of losses and allow the benefit of carry forward of the business losses under sub-section (2) of section 72 or sub-section (2) of section ..... jain were correct at all, it was entirely an unethical and malicious act on his part and a definite professional misconduct by him under section 25 of the advocates act to have accepted the impugned notices on the alleged date particularly in view of the fact that the ..... jain were correct at all, it was entirely an unethical and malicious act on his part and a definite professional misconduct by him under section 25 of the advocates act to have accepted the impugned notices on the alleged date particularly in view of ..... at the time of issuing of notice under section 271(1)(c) of the act r/w section 274 was not having any concrete evidence that the assessee was having any concealed income on which penalty under section 271(1)(c) of the act was leviable, therefore, the notice dated 21.3.88 claimed to be served on the assessee had been issued just to get the extended time available under section ..... the assessment had become time barred on 31.3.88 and the assessing officer had tried to manipulate that show cause notice was issued under section 271(1)(c) of the i.t.act on 17.3.88 so that the period of limitation may be extended under section 153(1)(b) of the i.t. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2003)79TTJ(Jodh.)1
..... the hon'ble supreme court also observed that even assuming that the entries in loose sheets are admissible under section 9 of the evidence act to support an inference about correctness of the entries still those entries would not be sufficient without supportive independent evidence. ..... in our considered opinion, it may hardly be deniable that the indian evidence act or for that matter the statutory provisions of the indian evidence act may not be applicable strictly to the proceedings under the it act but the basic/broad principles of the law of evidence do apply to the said proceedings. ..... cit (1980) 125 itr 713 (sc) it has been held that though proceedings under it act are not governed by strict rules of evidence and the letter could be taken into account as evidence even without calling manager of the bank in evidence to prove his letter, but before the it authorities could rely on ..... advani, observed that the indian evidence act is not applicable to proceedings under the it act which is not correct inasmuch as the broad principles of evidence act do apply in the proceedings under it act and the same have been applied by hon'ble supreme court, high courts and tribunals. ..... 196 to 198/del/2002, disputes the validity of initiation of reassessment proceedings under section 148 of the it act. ..... shukla 3 scc 410 the hon'ble supreme court has held that loose sheets of paper cannot be termed as 'book' within the meaning of section 34 of evidence act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2001)76ITD282(Jodh.)
..... assessee was to be assessed on the interest received as reduced by the amount of interest paid on the loan taken on the security of such deposit, and that the tribunal was right in holding ; (a) that the act of making the deposit and the act of borrowing on such deposit could not be viewed as representing two different transactions; (b) that there was thus a nexus between the deposit and the borrowing; and (c) that the principle of mutual dealings could ..... once the profits and gains of business are computed in accordance with the provisions of the act, the assessee will be entitled to grant of 100 per cent deduction in respect of such profits derived from the business of the export of goods in a case where the business carried on by the assessee consisted exclusively of the export of ..... the provisions of section 80hhc(3) as it existed prior to its amendment by the finance act, 1990 and which existed in the relevant year under consideration was brought to our notice by the ld ..... 1,27,446 as part of business income while computing deduction under section 80hhc of income-lax act, 1961 under the facts and circumstances of the case. 2. ..... 446 as part of business income, for purposes of computation of deduction under section 80hhc of income-lax act, 1961, the id. ..... the above referred sub-section (3) clearly indicates that first of all profit of the business should be computed under the head "profits and gains of business or profession" in accordance with the provisions of income-tax act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2005)278ITR214(Jodh.)
..... tax payable thereon, which are reproduced as under: (b) being a person other than a company, if his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the ..... any other law for the time being in force; or (iii) a working partner of a firm whose accounts are required to be audited under this act or under any other law for the time being in force, the 31st day of october of the assessment year; (b) in the case of a person other than a company referred to in the first ..... in order to appreciate the controversy, it will also be useful to refer to section 251 of the act which gives the powers to the cit(a).the section reads as under: (1) in disposing of an appeal, commissioner (appeals) shall have the following powers- (a) in an appeal against an order of assessment, he may confirm, reduce, enhance or ..... it is relevant to reproduce sub-section (6) of section 253 of the act which reads as under:- (6) an appeal to the appellate tribunal shall be in the prescribed form and shall be verified in the prescribed manner and shall, in the case of an appeal made, on or after the 1st ..... i have referred to various provisions of the act relating to the filing of returns and making of assessment by the assessing officer and subsequent appellate proceedings .....
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