Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)92TTJLuck1054
1. Both the appeals have been directed by the assessee against the separate orders of the learned GIT(A), dt. 31st March, 1995, pertaining to asst. yr. 1993- 94. While ITA No. 1150/Alld/1995 related to the order of the AO under Section 143(3) of the Act which was the subject-matter of appeal before the learned CIT(A), ITA No.1149/Alld/1995 relates to the order under Section 154 of the Act passed by the AO which was the subject-matter of appeal before the learned CIT(A). For the sake of convenience, we will first take up the appeal in respect of assessment under Section 143(3) of the Act.2. Though various grounds have been raised, all the grounds are related to the finding of the learned CIT(A) to the effect that the assessee was not entitled to exemption under Section 11 of the Act in respect of accumulation of funds.3. Briefly, the facts of the case are that the return of income filed by the assessee was processed under Section 143(1)(a) of the Act on 31st March, 1994, determining th...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)92ITD22Luck
1. Both the appeals have been directed by the assessee. While the appeal for assessment year 1996-97 has been directed against the order of the ld. CIT(A) dated 16.9.99. the appeal for assessment year 1997-98 has been directed against the order of the ld. CIT(A) dated 19.5 2000.As the issues in both the appeals are common, these are being disposed off by a consolidated order.2. In the original grounds, the assessee has challenged the disallowance of salary paid to S/Shri Love Gary, Gunjan Garg and Vivek Garg by invoking the provisions of Section 40(b) of the Act. However, these grounds of appeals have not been pressed, hence, the same are dismissed.3. The learned Counsel had also raised two additional grounds. In one additional ground, the assessee has challenged the levy of interest Under Section 234B and 234C of the Act on the ground that in the assessment order there was no direction to charge interest under the specific section. By another additional ground, the learned Counsel ha...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)92ITD47Luck
All the four appeals have been directed by the assessee against the separate orders of the learned CIT (A) dated 19-9-2002 pertaining to assessment years 1993-94, 1994-95, 1996-97 and 1997-98. As the common issue is involved in all the appeals, these are being disposed of by a consolidated order.The assessee has challenged the initiation of proceedings under section 147 of the Act as well as the additions made in the re-assessment order.Briefly, the facts of the case are that the assessee is a company which is engaged in the business of promotion and development of residential projects. The assessee maintains regular books of account which are subjected to audit and tax audit report. It filed the return of income of the respective years and these were processed under section 143(1)(a) of the Act. While the assessment for assessment year 1994-95 was made under section 143(3), no notice under section 143(2) appears to have been issued in respect of other three assessment years.During th...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)92ITD37Luck
1. All the four appeals have been directed by the assessee against the separate orders of the ld. CIT(A) dated 19.9.02 pertaining to assessment years 1993-94, 1994-95, 1996-97 and 1997-98. As the common issue is involved in all the appeals, these are being disposed off by a consolidated order.2. The assessee has challenged the initiation of proceedings Under Section 147 of the Act as well as the additions made in the re-assessment order.3. Briefly, the facts of the case are that the assessee is a company which is engaged in the business of promotion and development of residential projects. The assessee maintains regular books of account which are subjected to audit and tax audit report. It filed the return of income of the respective years and these were processed Under Section 143(1)(a) of the Act. While the assessment for assessment year 1994-95 was made Under Section 143(3), no notice Under Section 143(2) appears to have been issued in respect of other three assessment years 4. Dur...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)93TTJLuck476
1. Both the appeals have been directed by the Revenue against the order of the learned CIT(A) dt. 31st Dec, 2002, cancelling the penalty under Section 271B of the Act pertaining to asst. yrs. 1987-88 and 1989-90.We will first take up the appeal for asst. yr. 1987-88.2. Briefly, the facts of the case are that the assessee is a private limited company which is required to get its accounts audited under the Companies Act. The report on such audit was to be filed along with the return of income filed by the assessee. The due date for furnishing the return of income was 31st Dec, 1987. The audit of the assessee was completed on 4th Jan., 1988. Thus, there was a delay of four days.However, the return of income along with the audit report was filed on 25th April, 1988. The penalty proceedings under Section 271B of the Act were initiated in 1992. However, the penalty was imposed in the year 2001. The imposition of penalty was challenged before the learned CIT(A), who cancelled the same by obs...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2005)96TTJLuck631
1. All the three appeals have been directed by the assessee against the consolidated order of the learned CIT(A), dt. 11th Nov., 2002, pertaining to asst. yrs. 1997-98, 1998-99 and 1999-2000. As the issues involved in all the appeals are common, these are being disposed of by a consolidated order. For the sake of convenience, we will first take up the appeal for asst. yr. 1997-98.2. In ground No. 1, the assessee has challenged the order of the learned CIT(A) in upholding that the initiation of proceedings under Section 147 of the Act as well as the assessment order made thereunder was valid.3. Briefly, the facts of the case are that the assessee filed the return of income in the status of 'AOP' on 27th Oct., 1997. The return was processed under Section 143(1)(a) of the Act and the returned income as well as the status of the assessee was accepted by the AO.However, subsequently, the AO issued a notice under Section 148 of the Act by recording the following reasons : "Return of income ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2004)91ITD124Luck
1. This appeal of the Department is directed against order dated 23.3.1999 recorded by CIT(A)-III, Lucknow by which penalty of Rs. 1 lakh imposed by the A.O. Under Section 271B of the Income Tax Act, 1961 (hereinafter referred to as the Act) was deleted.2. Assessee, a partnership firm, was found involved in the business of construction. During the relevant assessment year 1997-98 assessee started construction of commercial-cum-residential building "Sookh" at Indira Nagar, Lucknow. From the perusal of return and other documents, A.O. noted that balance sheet as on 31.3.1997 was filed tallying at Rs. 3,07,93,592/-. The balance sheet was found accompanied by other annexures viz, expenses incurred during construction, list of sundry creditors, list of contractors, bank reconciliation and list of advances. He further noted that balance sheet revealed construction work in progress of Rs. 2,21,88,115/- and sundry creditors of Rs. 2,23,84,609/- which also included advances received for bookin...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
1. This appeal of the assessee arises out of the order dated 21.7.98 of the ld. CIT(A)-I, Lucknow, by which penalty of Rs. 14,000/- imposed by the Assessing Officer Under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the "Act"), was confirmed.2. The relevant facts are that the assessee was found deriving income from civil construction work and filed return for assessment year 1995-96 declaring business income at Rs. 1,26,878/- and income from other sources at Rs. 18,525/-. This return was processed Under Section 143(1)(a) of the Act vide order dated 29.3.96. The case was selected for compulsory scrutiny Under Section 44AD(5) of the Act and notice Under Section 143(2) dated 17.12.96 was issued and it was duly served upon the assessee. It appears that the assessee sought several adjournments and did not produce the books of account and other relevant documents called for by the Assessing Officer. The case was adjourned several times and lastly it was adjourne...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2004)270ITR189Luck
1. This appeal of the assessee arises out of the order dt. 21st July, 1998, of the learned CIT(A)-I, Lucknow, by which penalty of Rs. 14,000 imposed by the AO under Section 271(1)(c) of the IT Act, 1961 (hereinafter referred to as the "Act"), was confirmed.2. The relevant facts are that the assessee was found deriving income from civil construction work and filed return for asst. yr. 1995-96 declaring business income at Rs. 1,26,878 and income from other sources at Rs. 18,525. This return was processed under Section 143(1)(a) of the Act vide order dt. 29th March, 1996. The case was selected for compulsory scrutiny under Section 44AD(5) Of the Act and notice under Section 143(2) dt. 17th Dec., 1996, was issued and it was duly served upon the assessee. It appears that the assessee sought several adjournments and did not produce the books of account and other relevant documents called for by the AO. The case was adjourned several times and lastly it was adjourned for 3rd Jan., 1997, and ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2004)90ITD477Luck
1. This appeal of the assessee arises out of order dated 30.9.2002 passed by CIT-I, Lucknow under Section 12AA of the Income-tax Act, 1961 (hereinafter referred to as the Act).2. The relevant facts giving rise to this appeal are that assessee is a Society duly registered under the Societies Registration Act, 1860 under the name and style of St. Don Bosco Educational Society (hereinafter referred to as the Assessee Society). The objects of the Assessee Society as evident from the Memorandum of Association are as under:- "The object of the Society is to impart education to persons in India or any part thereof, irrespective of caste, creed, religion or community. The Society shall be solely for educational purposes and not for the purpose of profit. In furtherance to the above object, the society will carry out the following: i) Teach literary, scientific, social, cultural, moral, religious, industrial, technical, commercial and other useful educational knowledge. ii) Conduct classes, se...
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