Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)3ITD151Indore
1. These appeals are by the assessee pertaining to the assessment years 1979-80 and 1980-81. The point in issue in both the appeals is the same. So, both the appeals were heard together and are being disposed of by a common order.2. The assessee is an individual. For the previous years, relevant to the assessment years 1979-80 and 1980-81, the assessee filed the returns declaring income of Rs. 12,220 and Rs. 17.860 respectively. In the assessment year 1979-80, a revised return was filed on 30-6-1981 disclosing income of Rs. 7,580. Similarly, for the assessment year 1980-81, a revised return was filed on 30-6-1981 showing income of Rs. 12,515.3. In both the years under consideration, the assessee had claimed deduction under Section 80U of the Income-tax Act, 1961 ('the Act').The learned ITO was of the view that the case of the assessee is not covered under the CBDT Circular No. 2,46, dated 20-9-1978. So, he disallowed the claim in both the years under consideration.4. The assessee took...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)3ITD354Indore
1. All the above appeals are by different assessees involving a common point and the facts are also identical. Hence, the appeals are consolidated and are disposed of by this single order for the sake of convenience.2. None is present on behalf of the assessee when the cases are called up for hearing. On behalf of the revenue, the learned departmental representative states briefly the facts of the case and the background in order to clarify the position why the Commissioner took action under Section 25(2) of the Wealth-tax Act, 1957 ('the Act'). According to him, there was full justification for the Commissioner to take action under the above section in view of the facts as narrated by him in the revision order. It is stated that the WTO committed error in allowing liabilities as deduction from the value of the wealth of the assessee which resulted in a loss to the revenue. It is submitted that the Commissioner took action to cancel the assessment orders passed by the WTO under Sectio...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD924Indore
1. This is an appeal by the revenue which is directed against the order of the AAC by which he has deleted the penalty imposed by the WTO under Section 18(1)(a) of the Wealth-tax Act, 1957 (''the Act").2. From the orders of the authorities below the relevant facts, as obtained are that the assessee is the legal heir of late Shri Kapoorchand who died on 7-7-1972. The wealth-tax return was due to be filed on 31-7-1972. From the order of the WTO it is seen that the return was filed on 2-9-1975, i.e., there was a delay of 25 months.Notice was issued by the WTO under Section 18(1)(a). From his order it is seen that the assessee was silent which, according to the WTO, would go to suggest that the assessee has without reasonable cause failed to file the return within the stipulated time. Accordingly, the WTO noted that he was satisfied that the assessee has without reasonable cause failed to furnish the return within the time and has committed a default under Section I8(1)(a) for which he wa...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD615Indore
1. The appellant-assessee by these four appeals challenges the consolidated appellate order dated 26-2-1981 of Shri P.N. Pathak, the learned AAC, for the assessment years 1971-72, 1972-73, 1973-74 and 1974-75, inter alia, on the following identical grounds: 1. That the learned AAC erred in confirming the disallowance of tax liabilities of Rs. 30,043 which were ascertained liabilities after completion of assessment as permissible under Section 2(m) of the Wealth-tax Act, 1957 ("the Act"). 2. That the learned AAC erred in observing that because the returns were filed after relative valuation date pertaining to the assessment year 1971-72, the tax liabilities though finally quantified cannot be claimed as deduction. He erred in holding that such income-tax liabilities accrued and arose much beyond the valuation date. In fact, the time of accrual was earlier than the valuation date but the same was quantified at later date. 3. That the learned AAC ought to have applied the decision of the...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD343Indore
1. The appellant-assessee by this appeal under Section 253(1) of the Income-tax Act, 1961 ("the Act"), challenges the first appellate order dated 3-12-1980 of Shri Rajendra Mohan, the learned Commissioner (Appeals), for the assessment year 1967-68, inter alia, on the following ground : The learned Commissioner (Appeals) erred in holding that proceedings initiated under Section 148 read with Section 147(a) are valid.2. The assessee is a limited company by status and its business is banking. The relevant accounting period is the calendar year ending 31-12-1966. The original assessment appears to have been completed some time in 1970. The learned ITO, thereafter, felt reason to believe that by reason of omission or failure on the part of the assessee to disclose truly and fully all material facts necessary for each assessment year, the income chargeable to tax had escaped assessment.The omission on the part of the assessee is said to be that it had not shown the appreciated amount of Rs....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD288Indore
1. In this appeal, the assessee has challenged the findings and conclusions given by the AAC on the appeal preferred by it against the order of the ITO. Briefly speaking, the facts of the case are as under : 2. The assessee filed his return, showing an income of Rs. 57,990, on 18-9-1978, in the status of an individual. Computation of the income was furnished. The return was also accompanied by closed and adjusted copies of accounts, i.e., trading accounts, etc. Copy of the balance sheet was also enclosed. The ITO further noted in the assessment order that on 6-10-1979 a return, noted as "revised" under Section 139(5), was filed, showing the status as a firm while declaring an income of Rs. 19,048. He further noted that no reasons were given for the revised return. The balance sheet accompanying the revised return was superscribed "books maintained on cash basis . Before the ITO, the assessee claimed that a revised return was filed due to change of accounting system from mercantile to ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)2ITD235Indore
1. Both these appeals by the assessee relate to the assessment year 1975-76. IT Appeal No. 927 is directed against the Commissioner's order under Section 263 of the Income-tax Act, 1961 ('the Act') setting aside the ITO's assessment order passed under Section 143(3)/144B of the Act on 12-9-1978, and IT Appeal No. 1723 is directed against the Commissioner's order under Section 154 of the Act passed on 22-3-1980, by which the learned Commissioner rectified a mistake apparent from the record which had occurred in his order under Section 263. Both the appeals have been heard together and are being disposed of by this common order for the sake of convenience.2. The assessee in this case is a private limited company which was registered on 6-2-1946. It had income from supply of high speed rotary presses imported directly from USA or, by acting as commission agent of foreign manufacturers. Due to foreign exchange difficulty, the assessee-company started manufacture and sale of a sophisticate...
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