Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2005)98TTJ(Nag.)1036
1. This is an appeal filed by the Revenue against the order of the learned CIT(A), Raipur, dt. 6th Aug., 2004 for the asst. yr. 2001-02 on the following grounds : "On the facts and3 circumstances of the case, the learned CIT(A) was not justified in : 1. Deleting the addition of unexplained cash credits appearing in the name of Shri Sadhuram Gupta, Smt. Lalita Gupta and Smt. Vimala Gupta amounting to Rs. 5,00,000, Rs. 5,00,000 and Rs. 50,000, respectively. 2. Deleting the addition made on account of the interest paid to the above three creditors. 3. Deleting the addition made on disallowance out of printing, stationery and telephone expenses amounting to Rs. 10,000 in each head." 2. In the first and second grounds of appeal, the Revenue has challenged the deletion of the addition of Rs. 10,50,000 made by the AO on account of unexplained cash credits and deletion of the addition made on account of interest paid to the creditors. The AO found that the assessee had shown cash credits tota...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)104TTJ(Nag.)869
1. ITA No. 252/Nag/2004 is an appeal filed by the Revenue against the order of the learned CIT(A)-II, Nagpur and ITA No. 253/Nag/2004 is also filed by the Revenue in the matter of penalty under Section 271(1)(c).Since both these appeals relate the same assessee and they were heard together, they are disposed of by this consolidated order for the sake of convenience.2. This is an appeal filed by the Revenue against the order of the learned CIT(A)- II, Nagpur, dt. 14th June, 2004 for the asst. yr. 1997-98 on the following grounds: 1. On the facts and in the circumstances of the case, the learned CIT(A) erred in deleting the addition of Rs. 2,80,000 on account of unexplained loans. 2. On the facts and in the circumstances of the case, the learned CIT(A) erred in holding that assessee has discharged its onus of proving the cash credits of Rs. 2,80,000. 3. On the facts and in the circumstances of the case, the learned CIT(A) erred in observing that names, addresses and confirmations in res...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)100ITD29(Nag.)
1. The assessee has preferred these appeals against the order of the learned Commissioner of Income-tax (Appeals) confirming penalties imposed by the Assessing Officer under Section 271C of the Income-tax Act, 1961 for the assessment years 1997-98 and 1998-99.2. The various grounds raised in the memo of appeal are with regard to only one issue that the levy of penalty under Section 271C of the Income-tax Act, 1961 is unjustified, unwarranted and bad in law.3. The brief facts of the case of the assessee are that the assessee is a Government Company and is operating a Steel Plant at Bhilai known as Bhilai Steel Plant. The assessee-company has got two categories of workers namely Executives/Officers and Non-executives/Staff. The Revenue Authorities have held that the assessee-company at the time of making payment of gratuity to various employees has short deducted tax at source. The Revenue Authorities had passed the order under Section 201 of the Income-tax Act, 1961 raising demand for ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)99TTJ(Nag.)1016
1. The Revenue is in appeal agitating the action of the learned CIT(A) on the solitary issue with respect to annulling the order of the AO under Section 147 of the IT Act, 1961 holding it as erroneous in law as well as on facts.2. The learned Departmental Representative while reiterating the facts submitted that for the year ended on 31st March, 1997, the total turnover and the relative purchases in the case of the assessee are as under : At Raipur head office there was a further purchase of Rs. 20,000 of diamonds and sale of the same at Rs. 22,394. The total purchases during the year was thus far Rs. 29,27,894 and sales at Rs. 31,85,694.During the accounting year ended on 31st March, 1998 the assessee shifted his nativity to Ahmedabad. A new office has been opened at Ahmedabad. The investment made in the opening of new office has not been explained. In the new set-up of business consisting of the offices of the assessee at Ahmedabad, Jaipur and Raipur, the total purchases are as give...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2005)98TTJ(Nag.)189
1. These are appeals filed by the Revenue and the cross-objections filed by the assessee against the order of the CIT(A) for the asst. yr.1998-99. Since these appeals and the cross-objections involve, more or less, identical issues, they were heard together and are disposed of by this common order for the sale of convenience. We shall first deal with ITA No. 69/Nag/2003 filed by the Revenue and C.O. No. 51/Nag/2003 filed by the assessee.2. This is an appeal filed by the Revenue against the order of the learned CIT(A)-II, Nagpur, dt. 22nd Jan., 2003, for the asst. yr.1998-99. The Revenue has raised the following grounds in its appeal : "1. Whether, on the facts and the circumstances of the case, the CIT(A)-II, Nagpur, is correct on cancelling the assessment order passed under Section 143(3) r/w Section 147 by the AO when there is change in IT Act after 1962-63, moreso, when the plain reading of Section 147, Expln. 2(b) in respect of reassessment of income is as under : When a return of...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)103TTJ(Nag.)554
1. This is an appeal filed by the assessee against the order of the learned CIT(A), Raipur dt. 7th Jan., 2005 for the asst. yr. 1998-99.The assessee has raised the following grounds in his appeal: (1) On the facts and in the circumstances of the case, the learned CIT(A) erred in confirming the assessment order passed by the AO in consequence of reinitiating of proceedings under Section 147 r/w Section 148. (2) Alternatively, on the facts and in the circumstances of the case, the learned CIT(A) erred in confirming the assessment order passed under Section 143(3) in consequence of an invalid notice under Section 147 issued without approval of Jt. CIT under Section 151(1). (3) On the facts and in the circumstances of the case, the learned CIT(A) further erred in confirming the disallowance made by the AO on account of expenses claimed from incentive bonus at Rs. 1,46,638 and depreciation on car at Rs. 23,675. (4) On the facts and in the circumstances of the case, the learned CIT(A) erred...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)100ITD1(Nag.)
1. Since the issues and facts involved in all these appeals filed by the different assessees, as agreed by both the parties, are same and the arguments advanced by the learned Counsel for the assessees and the learned Departmental Representative in these appeals were identical, I am disposing of all these appeals by this single order for the sake of convenience.2. These are appeals by the different assessees against the orders of the learned CIT passed under Section 12AA of the IT Act, 1961, Nagpur, refusing to register them as charitable institution under Section 12A/12AA of the IT Act, 1961. It is admitted by both the parties that the grounds raised in all these appeals are common which read as under: "(1) On the facts and circumstances of the case, the learned CIT erred in rejecting assessee's application under Section 12AA of the IT Act, 1961. (2) The learned CIT failed to see that the objects of assessee-market committee are advancement of general public utility as contemplated u...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2005)95TTJ(Nag.)720
1. This is an appeal by the assessee directed against the order of learned CIT(A), Raipur, dt. 26th Dec., 2003, relating to block period 1st April, 1988 to 9th Dec., 1998. On the facts and in the circumstances of the case, the learned CIT(A) erred in sustaining the addition made by the AO at Rs. 1,00,000 on account of undisclosed investments in promissory note. The addition is unjustified, unwarranted and uncalled for.3. The brief facts giving rise to this appeal are that the assessee is aged about 80 years. During the course of search, certain blank promissory notes along with acknowledgement issued by M/s Akshami Investment (P) Ltd. for aggregate value of Rs. 1 lakh were found. The AO held that the blank promissory notes are the evidence for investment made by the assessee to the tune of Rs. 1 lakh and, therefore, he concluded that the sum of Rs. 1 lakh is assessable as undisclosed income in the block assessment. In the course of block assessment proceedings, the assessee had explai...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2005)96TTJ(Nag.)985
1. This appeal by the assessee is directed against the order of learned CIT, dt. 30th March, 2004, passed under Section 263 relating to asst.yr. 1999-2000. On the facts and in the circumstances of the case, the learned CIT has erred in holding the order of, AO as erroneous and prejudicial to the interest of the Revenue and thereby setting aside the case to the AO for fresh assessment. The order under Section 263 of learned CIT is bad in law being unjustified, unwarranted and uncalled for.3. In the order passed under Section 263 of IT Act, 1961, the learned CIT has set aside the assessment order of the AO passed under Section 143(3) of IT Act, 1961, to pass a fresh assessment order as per law after carrying out necessary verification and enquiry/investigation in respect of issues discussed in the order under Section 263. The assessee has challenged the order passed under Section 263 being not in accordance with law.4. The learned counsel for the assessee has invited my attention to the...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2004)85TTJ(Nag.)285
1. These five appeals filed by the assessee are directed against five separate orders passed by the learned CIT(A)-I, Raipur, for asst. yrs.1988-89 to 1992-93 and since common issues are involved therein, the same are being disposed of by a consolidated order for the sake of convenience along with Department's cross-appeal for asst. yr. 1988-89 being ITA No. 585/Nag/1997.2. The relevant facts of the case giving rise to these appeals are as follows. The assessee is an individual During the years under consideration, he derived income from salary as managing director of M/s Bhilai Engineering Corpn. Ltd., share of profit from the firm in which he was a partner as well as income from other sources. The income so derived was declared by the assessee in his returns of income filed originally under Section 139(1) for the years under consideration and the same was subjected to tax in the regular assessments. The CBI conducted a search at the residential and business premises of the assessee ...
Tag this Judgment!