Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)83TTJ(Ahd.)904
..... the course of search exposes the falsity of the entries made in the regular books of accounts, the consequent concealed income cannot be assessed as undisclosed income in block assessment under chapter xiv-b.in the present case the addition in respect of purchases made from the alleged bogus suppliers has originated on the basis of material found and seized during the search. ..... --the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the ao and relatable to such evidence, as reduced by the ..... in that case also the addition was made by the ao on the ground that there were suspicious features like the sellers having their bank accounts in the same branch, sales-tax registration numbers of those sellers were cancelled, the amount paid by the assessee to the suppliers towards the payment of purchase price of goods was immediately withdrawn subsequently by way of self ..... block period is to be charged to tax at the higher rate of 60 per cent presently specified in section 113 of the act after such undisclosed income is assessed in accordance with the provisions of this chapter by the ao as income of the "block period" as defined in section 158b(a) of the act. ..... doing miscellaneous work .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)292ITR268(Chd.)
..... the high court, that since section 66 required the computation of the total income by including all income on which no income-tax was payable under chapter vii, the income on which no income-tax was payable by a co-operative society under section 81(i)(d) falling in chapter vii had to be necessarily included in its total income. ..... the head 'income from other sources', no deduction in respect of any expenditure or allowance in connection with such income shall be allowed under any provision of this act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature, whatsoever: provided that ..... forms a partof the concerned assessee is to be computed and according to the parenthetical clause, which contains the key words, the same is to be computed in accordance with the provisions of the act except section 80e and since in this case it is income from business, the same will have to be computed in accordance with sections 30 to 43a which would include section 32(2) (which provides for ..... abandoned projects is credited to the miscellaneous income in the year of actual receipt ..... again omitted by the finance act, 2003 w.e.f 1st april, 2004 as the dividend income ..... 2004) 84 itj (kol) 143 : (2004 ..... (2004) 84 ttj (kol) 143 : (2004) 89 itd 44 (kol) wherein the tribunal has examined decisions of the supreme court and the various high courts and held that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2005)96TTJ(Bang.)211
..... of industrial undertakings claiming deduction under sections 80hh and 80-i and has held as under in para 34.4, the relevant portion is extracted hereunder : "we have, therefore, no hesitation in holding that the miscellaneous income which is in the nature of trading receipt, like discount received from suppliers for early payment and the amount written back in respect of sundry credit balances would form part of the profit derived ..... india-- (a) for the granting of relief in respect of income on which have been paid both it under this act and income-tax in that country, or (b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country, or (c) for exchange of information for prevention of evasion or avoidance of income-tax chargeable under this act or under corresponding law in force in that country, or investigation of cases of such evasion or avoidance, or ..... in respect of software exports not covered by section 10a, it is entitled to deduction under section 80hhe and that since the deduction under chapter vi-a excluding the deduction under section 80hhe, exceeded the gross total income, a claim was not made in the return of income. ..... debt has become bad and irrecoverable requires to be established for claiming deduction under section 36(1)(vii) of the it act and the said provision does not dispense with this requirement. ..... 26-11-2002 , 8-1-2003, 16-12-2003, 18-2-2003 & 23-1-2004" on the basis of the aforesaid memo filed, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2005)96TTJ(Bang.)221
..... years from the eligible profits of industrial undertakings claiming deduction under sections 80hh and 80-i and has held as under in para 34.4, the relevant portion is extracted hereunder : "we have, therefore, no hesitation in holding that the miscellaneous income which is in the nature of trading receipt, like discount received from suppliers for early payment and the amount written back in respect of sundry credit balances would form part of the profit derived from ..... assessee contended before the assessing officer that in respect of software exports not covered by section 10a, it is entitled to deduction under section 80hhe and that since the deduction under chapter vi-a excluding the deduction under section 80hhe, exceeded the gross total income, a claim was not made in the return of income. ..... indispensable requirement of establishing that the debt has become bad and irrecoverable requires to be established for claiming deduction under section 36(1)(vii) of the income tax act and the said provision does not dispense with this requirement. ..... 1996 and other connected appeals dated 23-7-2004, has held that mere provision for bad and doubtful debts without establishing the debt to have become bad cannot be allowed by the assessing authority under the provisions of the income tax act. ..... per:62(93)/eop : 11(93), dated 7-7-1993 to stp scheme, etc.documents dated 25-9-2001, 18-7-2001, 26-11-2002, 8-1-2003, 16-12-2003, 18-2-2003 & 23-1-2004" on the basis of the aforesaid memo filed, sri e.r. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)97TTJ(Mum.)516
..... in an award any clerical mistake or error arising from any accidental slip or omission; (e) administer to any party to the arbitration such interrogatories as may, in the opinion of the arbitration or umpire, be necessary.section 30 of arbitration act provides for grounds for s etting aside award, which reads as under : section 30 : grounds of setting aside award--an award shall not be set aside except on one or more of the following grounds namely : (a) that an ..... " where the assessee enters into a series of transactions with the intended object of tax avoidance and the transactions are not really meant to be acted upon, it would be open to the taxing authorities to go behind the transaction and bring the real income to tax.3.24 regarding diversion or application of income, the ao observed that the issue whether transfer of kbc income to m/s abcl was a case of diversion of income by overriding title or of application of income, needs to be ..... . 111/mum/2001.the revenue's miscellaneous application arising out of that order has already been rejected by the tribunal and the matter is now reported to ..... the learned authorised representative of the assessee pointed out that ma no.277/mum/2004 filed by the revenue has been rejected and ultimately submitted that claim ..... . chapter ii of the arbitration act provides arbitration without intervention of the court, while chapter iii of the arbitration act provides arbitration without intervention ..... against the order of cit(a), central-vii, mumbai, dt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)101TTJCtk948
..... from 'cash basis' to 'accrual basis' based on the said 'actuarial valuation' and as per accounting standards and as approved by the judicial pronouncements of the hon'ble supreme court and other courts, is allowable under the act in the year under consideration and hence this direction of disallowance of liability towards 'leave encashment' for the period upto 31st march, 1996, is arbitrary, unwarranted, unjustified, wrong and legally not tenable.102. ..... has to be borne by the assessee for safe transportation of his goods from and out of his pocket, it is highly impossible to accept the contention that the term 'turnover' would include the excise duty and sales-tax components which are all indirect taxes and which the assessee has to collect and pay over to the government and such statutory dues will not have any element of profit of business. ..... ' on six items which are as under:(i) other manufacturing expenses 2.51 lakhs(ii) employees remuneration and benefits 226.48 lakhs(iii) administrative, selling and distribution 227.58 lakhs(iv) depreciation 108.38 lakhs(v) interest and finance charges 66.77 lakhs(vi) miscellaneous expenses written off 348.69 lakhs the assessee suo moto had added back an amount of rs. ..... 15,94,666 and interest under section 115p of the act for delay in payment of dividend tax as per provision of section 115-o(iii) of the it act, 1961 r/w 115p and explanation of chapter xii-d. ..... cit (2004) 87 ttj (mumbai) 771 : (2004) 91 itd 196 (mumbai).87. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)5SOT805(Bang.)
..... years from the eligible profits of industrial undertakings claiming deduction under sections 80hh and 80-i and has held as under in para 34.4, the relevant portion is extracted hereunder: "we have, therefore, no hesitation in holding that the miscellaneous income which is in the nature of trading receipt, like discount received from suppliers for earlier payment and the amount written back in respect of sundry credit balances would form part of the profit derived from ..... on account of direct and indirect expenses, it was found that on account of improper expenditure allocation as referred to therein, the amalner unit has ended up showing good profits which is in turn utilized for claiming deduction under chapter vi-a of the it act.thus, taking into consideration all such facts and circumstances and in the light of findings recorded in paras 131 to 139 of the assessment order, the assessing authority allocated an expenditure of rs. ..... it is submitted that the fundamental ingredient envisaged under the provisions of section 36(1)(vii) of the income tax act for allowing the bad debt is to the effect that the debt in question should have become ..... ) of 1996 dated 23-7-2004], we find that the facts in that case are not similar to the present ..... 10/ 1996 and other connected appeals dated 23-7-2004), has held that mere provision for bad and doubtful debts without establishing the debt to have become bad cannot be allowed by the assessing authority under the provisions of the income tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)103ITD207Agra
..... thus, he was of the view that as per the break up of profits given by the assessee himself, the assessee has admittedly earned income from three distinct sources as under: (iii) interest and miscellaneous income earned from banking activities.5.19 he observed that admittedly income from banking activities after deducing expenditure, which has been shown by the assessee at rs. ..... of time again interjected that each decision has to be applied in the context of the ratio laid down therein and moreover, the principle of res judicata, and ratio decided in the case of income-tax proceedings is well established.9.1 the next reply of the learned authorised representative was that the order of the tribunal in the case of rayalaseema qramin bank (supra) pertains to slr as well as non-slr. ..... it has been noted that section 56 of the act under chapter v which is titled as "application of the act to co-operative bank" is not required to be considered so as to decide the issues in the present appeal as the assessee bank is not a co-operative bank.11.12 the relevant provisions which need consideration of the rrb act, 1976 are the preamble to the act which is set out as under: an act to provide for the incorporation, regulation and winding up of rrbs with a view to developing the rural ..... 2004 in assessee's own case in writ civil miscellaneous ..... (vii) hence, the argument, regarding the ambiguity and the interpretation to be in favour of the revenue, is far-fetched, and has no relevance in the context .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2005)95TTJ(All.)489
..... (2) and (3) of section 143 and section 144 shall, so far as may be, apply; (c) the ao, on determination of the undisclosed income of the block period in accordance with this chapter, shall pass an order of assessment and determine the tax payable by him on the basis of such assessment; (d) the assets seized under section 132 or requisitioned under section 132a shall be retained to the extent necessary and the provisions of section ..... not bear authentic signature of the ito the hon'ble calcutta high court held as under : "held, that there should not have been a place for a miscellaneous petition under section 254(2), nor the occasion for the tribunal to pass an order thereon ..... assessment proceedings which have been filed by the assessee and are placed on record", the same could not be treated as appellant's income for the purpose of income-tax or undisclosed income for the purpose of chapter xiv-b of the act--copy of assessment order for the asst. yr. ..... (2004) 83 ttj (del) 692 : (2004) 90 itd 80 (del) in which it was laid down that where any asset or any income recorded in books or document had been disclosed or intended to be disclosed to income-tax authorities, that would not be treated as undisclosed income under clause (b) of section 158b of the ..... undisclosed income within the meaning of section 158b(b) of the it act, 1961, is ultra viies the provisions of section 158bb read with section 158b(b) of the it act, 1961. ..... . (vii) in many cases, the number ..... ..... vii ..... (vii) that the learned ao .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)918
..... section 142, setting forth his total income including the undisclosed income for the block period: provided that no notice under section 148 is required to be issued for the purpose of proceeding under this chapter: provided further that a person who has furnished a return under this clause shall not be entitled to file a revised return; (b) the ao shall proceed to determine the undisclosed income of the ..... of the aforesaid extract of the decision, we are of the opinion that there is no doubt about the proposition of law that it authorities are under obligation to charge, levy and collect only the legitimate tax and if an assessee due to any reason fails to claim deduction/exemption available to it under the law or commits a mistake in showing any income which is otherwise not taxable or shown any income in the ..... chapter xtv-b of the act was completed on 30th june, 2004, assessing the undisclosed 'income at nil, and the method of accounting was mentioned the ao as "mercantile".2.9 the assessee did not appeal against the assessment for block period because assessed undisclosed income was 'nil', but thereafter, moved an application under section 154 of the act ..... miscellaneous - refund and reliefs due to assessees - departmental attitude towards - the board have issued instructions from time to time in regard to the attitude which the officers of the department ..... (vii) even otherwise, even if revenue's plea that press note/release was ..... (vii) the learned counsel for the assessee further .....
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