Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)42ITD380Ctk
..... to them in the computation of their total income for a particular previous year. the purpose of and object behind the various amendments made in section 80c from time to time was elaborately explained by the cbdt in their circular nos. 72 dated 6-1- ..... of the dc (appeals) is that investments had been made by the assessees out of their past incomes which had already suffered taxation. this position is not challenged by the assessees and they have not contended that their savings bank accounts contained their current incomes ..... ending 31-3-1988 relevant to the assessment year 1988-89 which is under consideration, they claimed deductions under section 80c of it act, 1961 in respect of the sums of rs. 10,000 each paid by them on 5-8-1987 as contribution to the ..... revenue.4. the learned departmental representative submitted that the opinion expressed by the ito was correct in law in view of the express language used in section 80c. he further submitted that the learned dc (appeals) was not at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)279ITR200Ctk
..... are not at all on the issue under consideration. these judgments cited by him are mostly on collateral issues like scope of 'income escaping assessment' under the amended provisions, sufficiency of reasons to believe, whether during the period of four years since the end of the assessment year, failure or omission on the part of ..... that if there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on facts and law, could reasonably entertain the belief, the inevitable conclusion is that the ao could not have reason to believe that any part of the income of the assessee had ..... of the reopening proceedings under section 147 on the ground of lack of jurisdiction. the assessee is a public limited company formed under section 25 of the companies act, 1956, with the object of working as a recognised stock exchange in orissa and controlling and regulating the operations of transactions and broking activities in stocks and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)99TTJCtk316
..... of share capital according to the assessee-corporation.8.1 in this connection the assessee-corporation has contended that during the years 1983 to 1987, pending amendment to sfcs act and enhancement to the authorised capital of the corporation, both the state government and idbi have contributed to the share capital of the corporation in the ..... iv) because of the nature of the business undertaken by the assessee-corporation it is quite different from that of general assessees. therefore, the application of the case laws of woodcrafts industries (supra) will not be justified to the present set of, circumstances of the case. the revenue's ground no. 5 is, therefore, ..... asst. yrs. 1990-91 and 1991-92. pages 29 and 30 contain the explanation on brokerage and underwriting commission on issue of bond with citation of case law in support of the contention taken by the assessee. page 31 contains the booklet of osfc employees' provident fund regulation, 1959 containing 20 pages. page 32 contains .....
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