Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)262ITR1(Ahd.)
..... for the purpose of clause (a) the following shall be deemed to be cash maintained in india, namely : (i) any balance maintained by a scheduled state co-operative bank with the reserve bank in excess of the balance required to be maintained by it under section 42 of the reserve bank of india act, 1934 (2 of 1934), (ii) any cash or balances maintained in india by a co-operative bank, other than a scheduled state co-operative bank with itself or with the state co-operative bank of the state concerned, or in current accounts with the reserve bank or by way of net balance in current accounts and in the case of a primary cooperative ..... the entire income of the bank has been shown on the credit side of the p&l a/cs which has been utilised for meeting the expenditure of the bank such as interest on deposits, staff salary and bonus, rent, taxes, postage, telephone, stationery, audit fees, etc. ..... 10,60,900 at the relevant time.in due course of time the bank received bonus shares numbering 2,224.the appellant paid an instalment of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)82ITD362(Ahd.)
..... quintal for the export of pulses into the state bank of india or the state bank of indore to the credit of the chief minister's draught relief fund and obtain duplicate receipt from the bank. ..... the donations, having no direct nexus with the business of the assessee, would not qualify for deduction, under section 37(1).the earlier decisions of the ahmedabad bench in the connected cases of the assessee cited supra further support the view ..... essential commodities act, 1955, passed an order which, inter alia, prohibited any person from exporting gram from madhya pradesh except under and in accordance with the permit issued by the state government. ..... was not justified in not granting entire interest under section 244a merely because the return was delayed by six months ..... the next ground is against the deduction under section 80-i in respect of the disclosed amount as well as ..... the payment of royalty has been disallowed under section 40(a) since tax has been deducted and paid in ..... contention of the assessee for deduction under section 80g, we would direct the ao to consider the claim of the assessee for deduction under section 80g in accordance with law.13. ..... the assessee has claimed deduction under section 37(1) in respect of donation made to the charitable trust merely on the strength of letter ..... 1991, in the three connected cases viz : wherein donations made to charitable institutions claimed as permissible business expenses under section 37(1) has been held as disallowable by the tribunal. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)75TTJ(Ahd.)576
..... of pulses into the state bank of india or the state bank of indore to the credit of the chief minister's draught relief fund and obtain duplicate receipt from the bank. ..... thus, the proposition laid out in the full bench decision in kubersingh bhagwandas case (supra) would in fact reinforce the case of the department against deduction under section 37(1) in the present case.we may also refer to the supreme court decision in shri venkata satyanarayana rice mills' case (supra) donations have been made at the instance of the andhra ..... the donations, having no direct nexus with the business of the assessee, would not qualify for deduction under section 37(1).the earlier decisions of the ahmedabad bench in the connected cases of the assessee cited supra further support the view taken by us.for the aforesaid reasons we hold that disallowance ..... charitable foundation has been rightly disallowed by the assessing officer under section 37(1).regarding the alternative contention of the assessee for deduction under section 8og, we would direct the assessing officer to consider the claim of the assessee for deduction under section 80g in accordance with law.the next ground is against the ..... (sc).in kubersingh bhagwandas' case the facts were that the government of madhya pradesh had under the essential commodities act, 1955, passed an order which, inter alia, prohibited any person from exporting gram from madhya pradesh except under and in accordance with the permit issued by the state government. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1988)24ITD97(Ahd.)
..... , the provision for bad and doubtful debts requires and invariably undergoes a close scrutiny by the statutory auditors before the finalisation of accounts besides being subjected to a critical scrutiny by the banks own internal auditors and auditors of the reserve bank of india and state bank of india.5.7 the authorities below have not at all gone through properly each and every account in the protested bills account, the details of which had been placed together with the ..... bad and irrecoverable portion of protested bills account corresponding to identified bad debts is claimed as a deduction as bad debts written off in the income-tax assessment of the bank.5.5 in respect of the amounts involved in frauds and embezzlement of funds, the actual practice uniformly followed by the bank-in fact for that matter, by the state bank of india and all its subsidiary banks like the state bank of saurashtra is to transfer the amounts to protested bills account pending recovery proceedings, if any, wherever possible. ..... is known to the department and also accepted by it.5.6 the quantification of bad and doubtful debts and provision thereof is a necessary process and in the process of drawing up of the profit and loss account and balance sheet of the bank as per the provisions of the banking regulation act, 1949 (section 29 and third schedule of the act), the provision for bad and doubtful debts has to be to the satisfaction of the statutory auditors of the ..... cit [1955] 27 itr 700 (bom. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1985)11ITD132(Ahd.)
..... the surrounding circumstances to be considered must be objective facts, evidence adduced before the taxing authorities and acceptance of facts based on common human experience in life.order under section 255(4) of the income-tax act, 1961 - because of difference of opinion between two members, the following question is referred to for the opinion of third member: whether, on the facts and in the circumstances of the case, the amount of rs ..... it was stated that there was a branch of bank of india at raval since 15 years but he used to keep cash with him ..... in matters of this type, especially in the context of the newly introduced section in the 1961 act, namely, section 68, which was not present in the 1922 act, it was entirely for the assessee to establish the genuineness of any alleged loan ..... though loan (with interest) was outstanding to be paid to bank of india, he had not received any interest on advance of rs. ..... 12,000 from bank of india for installing pipeline to his ..... as stated earlier, section 68 is a deeming provision introduced only in the 1961 act. ..... the provisions contained in section 68 of the income-tax act, 1961 ('the act'), are new ones as compared to the indian income-tax act, 1922 ('the 1922 act'). ..... section 68 essentially contains a deeming provision and phraseology of the section is very clear ..... however, under the 1922 act, unexplained cash credits used to be added under the general law of income-tax ..... cit [1963] 49 itr 723, which pertained to the provisions under the 1922 act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)87ITD475(Ahd.)
..... . (supra), the assessee was required to give guarantee to the state bank of india in respect of the land taken on lease for construction work and for that ..... net profits of the company for the financial year computed in the manner laid down in section 349 of the companies act, 1956 [subject to deducting the depreciation to the extent allowable under the income-tax act, 1961 instead of specified in section 350 as stated in sub-clause (k) of clause (4) of the said section 349] and except that the remuneration to director shall not be deducted from the gross ..... entitlement is the export promotion scheme of the central government and, therefore, there is "no direct nexus involving the profits and gains of industrial undertaking.to claim benefit under section 80hh, their lordships observed, "the assessee has to establish that the profits and gains were derived from industrial undertaking and it was just not sufficient that the ..... assessment years" had been substituted : provided further that in the case of an assessee carrying on the business of repairs to ocean-going vessels or other powered craft, the provisions of this sub-section shall have effect as if for the words "seven assessment years", the words "four assessment years" had been substituted : (i) an industrial undertaking which begins to manufacture or produce articles or ..... . cit [1955] 27 itr 1 (sc) and it was been held as under: no doubt, initial source which had produced revenue was land used for agricultural purposes, but .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)83TTJ(Ahd.)904
..... 5.1 without prejudice to above, it is submitted that if the contention of the assessee is accepted then the assessee should come forward and furnish details of actual suppliers who are in the knowledge of the assessee.state bank of india and anr. v. s.k. ..... 529 and 530 as under: "earlier the assessee invoked the writ jurisdiction of this court seeking to challenge the notices issued to them under section 143(2) of the act by which the assessees were required to attend the office of the revenue in connection with the return of income submitted by them for the asst. yr. ..... during the search showing that the assessee was the owner of the jewellery business run in the name of the third person and the assessee was not able to rebut the presumption arising under section 132 of the act, income from jewellery business was assessable in the hands of the assessee.kerala liquor corporation v. ..... cit (2000) 67 ttj (del) 471, tribunal, delhi: as per the provisions of section 132(4) of the act, diary found at the premises of assessee has to be presumed to be belonging to the assessee, in absence of any valid explanation that it belonged to somebody else. ..... of the claim for purchases shown as purchases made from these billing agents/name lenders resulting in addition on account of either bogus purchases or inflated purchases will surely come within the ambit of undisclosed income as defined in section 158b(b) as amended by the finance act, 2002 with retrospective effect from 1st july, 1995. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1995)55ITD33(Ahd.)
..... . it was spontaneously admitted by the surat parties in their statement recorded under section 132 that the brokerage at the rate of 50% of the net profit was paid to different persons including the assessed some cheques withdrawn from dena bank, fatehganj, baroda and state bank of india, mandvi, baroda showed the signatures of the assessee and his employees s/shri ..... a. patel in his affidavit stated that in his spare time he worked for shri pk in relation to the government contracts obtained by aec and se, that he was withdrawing cash from the bank accounts of the two khatiwala firms one in dena bank, fatehganj branch and the other in state bank of india, mandvi branch in baroda, that whenever he could not get time for withdrawing cash from the said bank account he used to deliver the "self cheques" signed by shri pk to the ..... shri pravinchandra khatiwala (pk) who was associated as the main man with the various firms of khatiwala group stated inter alia in his oath statement recorded under section 132(4) of the it act on 16-12-1986 as well as through various letters and petitions addressed to different authorities at different times and which have been clearly mentioned from pages 20 to 24 of the assessment order, that the government contracts were secured ..... v. cit [1955] 27 itr 630, in case the explanation given by the assessee is not accepted, or in a case where the assessee cannot give explanation, the revenue authorities are entitled to draw an adverse inference .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)95TTJ(Ahd.)867
..... 15 lacs was used for repayment of term loan contracted with state bank of india against land, building, plant and machinery, amount of rs. ..... "profits and gains of business or profession", may utilize - (a) the whole or any part of the amount deposited by him in a deposit account under clause (a) of sub-section (1) of section 32ab of the income tax act, or (b) any amount out of such income, without depositing the same under clause (a) of sub-section (1) of section 32ab of the income tax act, in accordance with this scheme, for any of the following purposes, namely :- (i) purchase of new ship or new aircraft or new machinery or new plant for ..... to any person (other than an employee of the assessee),- (a) for services (not being services by way of preparation of return of income) in connection with any proceeding under this act before any income tax authority or the commission constituted under section 245b or a competent authority within the meaning of clause (b) of section 269a or the appellate tribunal or any court ; (b) for services in connection with any other proceeding before any court, being a proceeding relating to tax, penalty, interest ..... " thus, in that case the hon'ble calcutta high court has allowed relief only on the ground that the inspecting assistant commissioner acting under section 144-b of the act cannot enhance the assessment.therefore, the above decision has no relevance so far as the facts of the case under appeal before us are concerned. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1996)54TTJ(Ahd.)107
..... stated that a bank account was opened in the dena bank, fatehgunj branch, baroda, in the name of aec which was introduced by the assessee and that another bank account in the name of seema enterprises was opened in the state bank of india ..... observed that from a perusal of facts of the case, it was clear that the assessee, in connivance with the khatiwala group of surat, had operated certain bank accounts in which the proceeds of supply of pipes to the irrigation department were deposited, that enquiries were made against the khatiwala group as well as the assessee, ..... the reply to the following questions of the ao given by the assessee proved beyond any shadow of doubt that the assessee was involved with the bank accounts and the kathiwala group : "question 28 : in the above dena bank today morning we have made enquiries when we have obtained photostat copies of certain cheques out of which details of three cheques are as under : the ..... who introduce someone or the other for opening bank accounts or who as a gesture of goodwill and friendship gets cash from the bank account of other persons on the "self-cheques" by signing on the reverse, while encashing such cheques, will be put in neck deep trouble at the hands of the it authorities under the provisions of the it act particularly the deeming provisions.we are afraid even ..... cit (1955) 27 itr 630 (pat), in a case where the explanation given by the assessee is not accepted or in a case where the assessee cannot give an explanation, the .....
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