Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)85TTJ(Pune.)501
1. These appeals by the Department are directed against the orders of the CIT(A)-II, Pune dt. 15th Sept., 1997 and 30th Dec., 1997 for asst.yrs. 1994-95 and 1995-96 respectively.2. The grounds raised by the Department in both the appeals are identical and are as under : "1. On the facts and in the circumstances of the case, the CIT(A) erred in allowing the deduction under Section 80-I of the IT Act, without appreciating the fact that gutkha is a tobacco preparation and will fall within item 2 of the 11th Schedule to the IT Act. 2. On the facts and in the circumstances of the case, the CIT(A) failed to appreciate the fact that gutkha takes the colour of tobacco preparation inasmuch as 7 per cent tobacco mixed with supari in gutkha/pan masala has the injurious affect of converting it into a tobacco preparation. 3. The order of the learned CIT(A) may be vacated on the above issues and that of the AO be restored. 4. The appellant craves leave to add, amend or alter any of the above ground...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)85TTJ(Pune.)698
This appeal by the assessee is directed against the order of the Commissioner of Wealth Tax (Appeals)-III, Pune dated 23-12-1997 for assessment year 1992-93."1. On the facts and circumstances prevailing in the case and as per provisions of law, it be held that the order passed by the assessing officer in violation of rules of natural justice is not tenable in law.The order so passed be cancelled.2. Without prejudice to ground No. 1, on facts and circumstances prevailing in the case and as per provisions of law, it be held that order passed by the assessing officer under the designation of Assistant Commissioner (Inv) Cir. 3(2), Pune, is an order passed without resuming jurisdiction under the relevant provisions of the Act and the order so passed is ab initio void. The order passed by the assessing officer be held as null and void.3. Without prejudice to ground Nos. 1 and 2, on facts and circumstances prevailing in the case and as per provisions of law, it be held that the value of sha...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)85TTJ(Pune.)510
1. These three appeals by the assessee are directed against the orders of the CIT(A), Kolhapur, dt. 1st Nov., 1989 for asst. yrs. 1986-87, 1987-88 and 1988-89. Since identical issues are involved, these appeals are being disposed of by a single order for the sake of convenience. 1.1 The learned CIT(A) erred in holding that the expenditure on the presentation/gift articles such as leather bags, sweets, clothes, silver articles, etc., given to the executives of the customers with a view to keep good business relation are subject to disallowance under Rule 6B(1) of the IT Rules. 1.2 The learned CIT(A) failed to appreciate that the presentation/gift articles presented by the appellant did not bear the brand name of the company, nor these were meant for advertisements of the product of the company, but these were for keeping good business relations with the business connections and thus, were for the business promotion and hence, the restrictions laid down in Rule 6B(1)(a) are not applicab...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
1. This appeal by the assessee is directed against the order of the CWT(A)-III, Pune dt. 23rd Dec., 1997 for asst. yr. 1992-93. "1. On the facts and circumstances prevailing in the case and as per provisions of law, it be held that the order passed by the AO in violation of rules of natural justice is not tenable in law. The order so passed be cancelled. 2. Without prejudice to ground No. 1, on facts and circumstances prevailing in the case and as per provisions of law, it be held that order passed by the AO under the designation of Asstt. CIT (Inv.) Cir. 3(2), Pune, is an order passed without resuming jurisdiction under the relevant provisions of the Act and the order so passed is ab initio void. The order passed by the AO be held as null and void. 3. Without prejudice to ground Nos. 1 and 2, on facts and circumstances prevailing in the case and as per provisions of law, it be held that the value of share considered by the appellant at Rs. 194.85 is the proper value and is in accorda...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)85TTJ(Pune.)808
1. This appeal by the assessee is directed against the order of the CIT(A)-II, Pune, dt. 9th Nov., 1992 for asst. yr. 1989-90. 1.1 In the facts and circumstances of the case, CIT(A) has erred legally and factually in confirming the additions of Rs. 17,44,486 made by AO being 5 per cent of total of Rs. 3,48,98,724 (para 6 p. 10), on the alleged conclusions that after the expiry of the stipulated period of 14 days from the intimation of delivery of the scooter, the order placed for booking of the scooter was to be treated as cancelled (para 5-pp. 7 and 8) and that 'it is clear that inspite of the fact that many of the customers forfeited their rights of getting the delivery of the scooter, the company continued to make provision for the interest payable of these amounts not only in the past but also in the current year. This is nothing but a provision for liability which does not exist or which cannot be quantified during the year under consideration and, therefore, the same cannot be t...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)85TTJ(Pune.)1001
1. This appeal by the assessee is directed against the order of the CIT(A)-II, Pune dt. 12th Jan., 2004 for asst. yr. 2000-01. "1. On the facts and in the circumstances of the case and in law, the CIT(A)-II is not justified in sustaining an addition of Rs. 25,000 on account of GP estimation and the said addition be deleted. 2. On the facts and in the circumstances of the case and in law, the CIT(A)-II Pune was not justified in confirming the addition of Rs. 6,73,000 under Section 68/69 of the Act though the sources of the investments were duly recorded in the books of accounts maintained. The addition be deleted. 3. The assessee denies his liability to pay interest under Section 234A, 234B and 234C of the Act and the same be deleted from the assessment. 4. The appellant craves to leave, add/amend or alter any of the above grounds of appeal.The ground No. 1 relating to the addition of Rs. 25,000 made by the AO and sustained by the CIT(A) was not pressed by the learned Authorised Repres...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2005)95ITD336(Pune.)
These three appeals by the assessee are directed against orders of the CIT, Nashik dated 13-12-1999, passed under section 263 of the Income Tax Act, 1961, wherein he set aside the orders of the, Dy. CIT, Range-1, Nashik, forthe assessment years 1995-96 and 1996-97 dropping the penalties under section 271D and for assessment year 1996-97 dropping penalty under section 271E of the Act. In these appeals, the assessee has challenged the three separate orders of the CIT, Nashik dated 13-12-1999 mainly on the ground that the orders passed by the Dy.CIT, Range-1, Nashik, dropping the penalties were not erroneous and prejudicial to the interests of the revenue.The assessee-company was incorporated as a private limited company on 11-3-1993 to carry on the business as Finance and Investment Company.Dr. Sharad Patil and his wife Dr. (Mrs.) Anita Patil are the directors and promoters of the company. Substantial part of investment of the company initially was in Venus Eye Vision Ltd. a flagship co...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
1. These three appeals by the assessee are directed against orders of the CIT, Nashik dt. 13.12.1999, passed Under Section 263 of the Income-tax Act, 1961, wherein he set aside the orders of the Dy. CIT.Range 1, Nashik, for the assessment year 1995-96 and 1996-97 dropping the penalties Under Section 271D and for assessment year 96-97 dropping penalty Under Section 271E of the Act. In these appeals, the assessee has challenged the three separate orders of the CIT, Nashik dt.13.12.1999 mainly on the ground that the orders passed by the Dy. CIT, Range 1. Nashik, dropping the penalties were not erroneous and prejudicial to the interests of the revenue.2. The assessee company was incorporated as a private limited company on 11.3.1993 to carry on the business as finance and Investment Company. Dr Sharad Patil and his wife Dr (Mrs) Anita Patil are the directors and promoters of the company. Substantial part of investment of the company initially was in Venus Eye Vision Ltd. a flagship compan...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2005)95ITD326(Pune.)
explanation accepted without making relevant enquiryInvoking section 263 the CIT set aside assessment order on not making proper and relevant enquiries by the AO on issues, viz., considerable increase in salary and writing fees, genuineness of debts, cash transactions and unsecured loans. On these aspects the explanation of assessee was accepted by the AO without making relevant inquiries. Held: Acceptance of explanation of assessee on certain points without making relevant enquiry renders the assessment order passed by the AO an erroneous and prejudicial, therefore, Commissioner rightly set aside the assessment order.The appeal by the assessee is directed against order of the CIT, Nashik dated 15-9-1998, passed under section 263 of the Income Tax Act, 1961 for the assessment year 1995-96."On the facts and in the circumstances of the case, the CIT is not justified in invoking the proceedings of section 263 and in directing the assessing officer to verify the claims etc. without arrivi...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)100TTJ(Pune.)405
1. The appeal by the assessee is directed against order of the CIT, Nashik dt. 15.9.98, passed Under Section 263 of the Income-tax Act, 1961 for the assessment year 1995-96. "On the facts and in the circumstances of the case, the CIT is not justified in invoking the proceedings of Section 263 and in directing the AO to verify the claims etc. without arriving on any conclusion. 2. Both the conditions required for initiation of proceedings Under Section 263 that is erroneous and prejudicial to the interest of revenue are lacking. 3. Any other ground at the time of hearing with the permission of Tribunal." 3. The facts of the case are that the assessee firm is deriving income from fertilizer, seeds and agricultural equipment. For the assessment year under consideration, the assessee filed its return on 26.10.95 declaring income of Rs. 26,485/-. However, the AO determined the income of the assessee at Rs. 40,47/-vide order passed Under Section 143(3) dated 10.12.1996. Later on, the CIT, N...
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