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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat amritsar Page 1 of about 348 results (0.066 seconds)

Sep 07 2005 (TRI)

The Asstt. Commr. of Income-tax Vs. Sachdeva and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)97TTJ(Asr.)1101

..... kumar sachdeva recorded by the fera authorities which was subsequently retracted. once the statement was retracted by sh. ashok kumar sachdeva, the ao should have recorded his statement under the income-tax act. no such enquiry was made and statement of sh. ashok kumar sachdeva or any other person was never recorded by the ao. the other statement which is against the assessee ..... the assessee that sh. ashok sachdeva admitted the fact of under invoicing of exports. it may further be mentioned that aims and objectives of the fera are different from the income-tax act. the object of the fera is to ensure that foreign exchange belonging to indian party is brought back into india. if such compliance is made by the party concerned, even ..... was issued after a period of four years from the end of the relevant assessment, year, the case of the assessee is covered under proviso to section 147 of the income-tax act. the amended provisions of section 147 and proviso thereunder have already been reproduced in the preceding paragraphs.a bare reading of the section 147 and proviso thereto shows that for ..... the assessee failed to rebut the presumption raised under the law that contents of the documents seized were "correct; he further referred to the provisions of section 92 of the income-tax act which was rightly invoked in the present case because of assessee's close connections with the foreign countries through whom transactions of under invoicing were routed. thus, he contended that .....

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Nov 30 2005 (TRI)

Sh. Durga Prashad Goyal Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD227(Asr.)

..... year). explanation 1.- for the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely:- (c) where such income has been made the subject of excessive relief under this act or under the indian income-tax act, 1922 (11 of 1922); or (d) where excessive loss or depreciation allowance has been computed. explanation 2.- production ..... tribunal has constituted a special bench under section 255(3) of the income tax act and referred the following questions:- (i)whether, on the facts and the circumstances of the case, the re-assessment proceedings intimated by the a.o. and confirmed by the cit(a) are valid? (ii)if answer to question no. 1 above is in affirmative, as to whether the ..... which might be treated to have been filed in response to notice under section 148 of the i.t. act. the assessee objected to the legality of the initiation of reassessment proceedings on the plea that full facts of credits were before income tax officer at the time of regular assessments, so the notices under section 148 could not be issued. the assessee ..... dass is recorded and no report or material is filed on record as suggested by ld. dr, we are of the opinion that the assessing officer merely acted on suspicion and assumption that income chargeable to tax has escaped assessment. acit investigation circle has merely passed on general information to the assessing officer about name lending racket by parshotam dass & associates and such .....

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Nov 30 2005 (TRI)

Durga Prashad Goyal Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD0227S(Asr.)

..... 30-3-1989 and was served upon the assessee on 31-3-1989, i.e., prior to the amendment in section 147 of the income tax act.section 147 of the income tax act prior to the substitution by direct tax laws (amendment) act, 1987 with effect from 1-4-1989, stood as under:- (a) 'off the assessing officer has reason to believe that, by reason of the ..... sustain the reassessment. on consideration of the above facts, we are of the view that assessing officer did not validly assumed jurisdiction in initiating proceedings under section 147 of the income tax act.considering the above discussion and relying on earlier order of itat amritsar special bench in case of assam tea co. (supra), we are of the view that cases of assessees ..... not material but material information is necessary. he has further submitted that statement of smt. savitri devi was recorded which justified the initiation of proceeding under section 147 of the income tax act. learned departmental representative however, could not say as to whether the decision of special bench in the case of assam tea co. (supra) is challenged by the revenue before the ..... said action has wrongly been upheld by the dcommissioner (appeals) jalandhar." the learned counsel for the assessee submitted that the legality and initiation of proceedings under section 147 of the income tax act have already been challenged in the case of the assessee durga parshad goyal and a specific ground has been taken in the grounds of appeal. learned counsel for the assessee .....

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Dec 06 1999 (TRI)

Shanker Rice Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2000)72ITD139(Asr.)

..... the ito and the fixation of the quantum were confirmed on revision and on an application for revision under section 78 of the kerala agriculture income-tax act, 1950, their lordships of the kerala high court confirmed the view taken by the ito on all the grounds. the facts in the present ..... hon'ble high court on the application of proviso to section 13 of the 1922 act as follows : "the assessee carrying on a business returned an income and filed a statement of profit and loss. the income-tax officer however added a certain sum to the profit as given by the assessee ..... and sale thereof were not accepted by the food and civil supplies department as it involved criminal prosecution and the cancellation of licence. the income-tax officer in such a case should have been slow to disbelieve the accounts maintained by the assessee-firm unless very strong evidence was available ..... books of account and records maintained by the assessee were "manufactured" and periodic verification and signing by "any other authority" was not relevant for income-tax purposes. further the entries on the date of verification may be valid but not on the other days during the year. the ld. d.r ..... they were circumstances which might provoke an enquiry. the income-tax officer must discover evidence or material aliunde before he could give such a finding. in increasing the taxable income the income-tax officer did not adopt any method or basis and he was not acting according to the provisions of the statute." 47. similarly .....

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Nov 17 2005 (TRI)

NavIn Kumar and Ashu Bagla Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... such definite evidence is available in this case to show that the assessee contravened provisions of section 269ss to justify levy of penalty under section 271d of the income tax act. the learned commissioner of income tax (appeals) on the basis of statement of the assessee assumed that he must have received loan or deposit of rs. 30,000 and, therefore, imposed penalty of an ..... of rs. 80,000 for the assessment year 1995-96 and rs. 1,00, 150 for the assessment year 1996-97 and the said section of the income tax act, 196 1.the learned commissioner of income tax (appeals) while considering and accepting the plea of the assessee partly has concluded to uphold the penalty of rs. 30,000 for each of these two years ..... to the observations of the assessing officer that the assessee was making repayment of loans regularly. he noted the circumstances under which penalty was imposed under section 269ss of the income tax act.the learned judicial member thereafter noted the proceedings which took place before the learned commissioner (appeals). he further referred to the statement of shri harbans lal juneja where he had ..... the members constituting the bench in above noted appeals, following point of difference is formulated and referred to learned president for nominating third member under section 255(4) of the income tax act: "whether penalty under section 271d, in view of facts and circumstances, can be entirely deleted or matter can be restored back on the file of the assessing officer for .....

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Sep 07 2005 (TRI)

Asstt. Commr. of Income Tax Vs. Sachdeva and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)97ITD425(Asr.)

..... recorded by the fera authorities which was subsequently retracted. once the statement was retracted by shri ashok kumar sachdeva, the assessing officer should have recorded his statement under the income tax act. no such enquiry was made and statement of shri ashok kumar sachdeva or any other person was never recorded by the assessing officer. the other statement which is against ..... statement of shri ashok sachdeva, statement of shri kranti arora and other statements recorded by the fera authorities for the purpose of initiating action under section 147 of the income tax act.now the issue that requires to be considered by this bench is whether such material was sufficient for the assessing officer for initiating action of under section 148. the paper ..... assessee failed to. rebut the presumption raised under the law that contents of the documents seized were correct. he further referred to the provisions of section 92 of the income tax act which was rightly invoked in the present case because of assessee's close connections with the foreign countries through whom transactions of underinvoicing were routed. thus, he contended that ..... further support to the fact that there was underinvoicing for the assessment year under reference also.(xi) he also referred to the provisions of section 92 which refer to income tax act, 1961 as per which if the business is carried on between a resident and non-resident and owing to close connection between them it appears to the assessing officer .....

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Feb 08 2008 (TRI)

The Dy. C.i.T., Range I Vs. J and K Small Scale Ind. Dev. Corp.

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)117TTJ(Asr.)706

..... agitate the matter before hon'ble itat whereas the appeal before the hon'ble itat was only on the issue relating to exemption under section 11 of the income tax act, 1961. i observe-that the assessing officer has not followed the directions of hon'ble itat. the hon'ble bench has held that "further while deciding ..... its legal effect, taking the instruction as it is in its actual amended form; that in the present case, the notice under section 143(3) of the income tax act for all the assessment years under consideration, were issued after the articles of association to the assessee were amended; that the a.o. had erred in not ..... advancement of any other object of general public utility. when an institution is not created for charitable purpose, it cannot claim exemption under section 11 of the income tax act, 1961. in the case reported at 225 itr 235 it has clearly been held that so long as there is provision of distribution of profit by way ..... is not relevant for our present purposes. whatsoever considered herein is the eligible or otherwise of the assessee to exemption under section 11 of the income tax act. the a.o.'s case has been that since in clauses 106 to 114 of the articles of association of the assessee, there was a ..... of the share holders of the trust and this being the case, the trust was not entitled to exemption under section 11 of the income tax act. for this, the a.o. relied on the decision of the hon'ble supreme court in the case of "delhi stock exchange association ltd. v .....

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May 16 2005 (TRI)

Shri NavIn Kumar S/O Shri Sohan Lal Vs. the Jt. C.i.T. [Alongwith I.T. ...

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... in the statement rejected photocopies of accounts of m/s. juneja traders, fazilka relied upon by the revenue to justify levy of penalty under section 271-d of the income tax act. the learned cit(a) had made the following pertinent observations: it is also a factual position that ito and the ao has not produced clinching evidence that the appellant has in fact ..... . no such definite evidence is available in this case to show that the assessee contravened provisions of section 269ss to justify levy of penalty under section 271d of the income tax act. the learned cit(a) on the basis of statement of the assessee assumed that he must have received loan or deposit of rs. 30,000/- and, therefore, imposed penalty of a equal ..... the members constituting the bench in above noted appeals, following point of difference is formulated and referred to learned president for nominating third member under section 255(4) of the income tax act whether penalty under section 271d, in view of facts and circumstances, can be entirely deleted or matter can be restored back on the file of the assessing officer for reconsideration ..... ignorance of relevant provision of law. we hope that it constitutes a valid excuse and reasonable cause within the meaning of section 273b read with sections 271d, 271e of the income tax act, 1961. accordingly, we direct the assessing officer to delete the penalties.22. on having heard both the sides and considering the record. hon'ble jurisdiction high court has opined that .....

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May 28 1998 (TRI)

Wealth-tax Officer Vs. Walaiti Ram (Huf)

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (1998)66ITD46(Asr.)

..... two steps - one relating to determination of annual letting value of the property and the other the multiple to be applied. under section 23 of the income-tax act, the annual value of the property consisting of any building and land appurtenant thereto is as under :- "(a) the sum for which the property ..... rented properties, we refer the case to the president of the appellate tribunal in accordance with section 24(11) of the wealth-tax act, 1957 read with section 244(4) of the income-tax act, 1961 ?" as the issue involved in common and the facts are identical, these are dealt with together.2. reference as ..... that he could have the case referred to a full bench of the tribunal consisting of three or more members for which there is provision in the income-tax act itself." 17. as in the case of smt. gurmat kaur (supra), we have decided the issue of multiplier for the assessment year 1977-78 ..... per annum, lower than 10 times, to be reasonable in respect of properties sold in february 1973, which were subjected to acquisition proceedings under the income-tax act. in that decision the high court also took note of the multiple of eight and one-third times in section 11(1)(a) of the urban ..... high court in the case of prem nath anand (supra). the high court was considering a case of acquisition of an immovable property under the income-tax act. the competent authority determined the market value of the property for the purposes of acquisition proceedings on the basis of the report of the valuation .....

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Aug 17 2005 (TRI)

T.S. Manocha Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD242(Asr.)

..... jammu bottling co.were taken over by buyer except for working directors.we may refer to section 28(va) of the income tax act which provides that the following income shall be chargeable to income-tax under the head "profits and gains of business and profession", "any sum, whether received or receivable, in cash or ..... were earlier under the management and control of the assessee) to swc as terminal benefit and is taxable under section 28(ii) of the income tax act or same is exempt as capital receipt being non-competition fee by executing deed of covenant". the third member considered the facts of the case ..... stipulated period with restrictive conditions. therefore, it was capital receipt in nature. he has further argued that section 28(ii)(a) of the income tax act is not applicable. the learned counsel for the assessee further argued that the findings of the authorities below are against the law and facts of ..... the assessee is held to be taxable under the head profits and gains of the business or profession' under section 28(ii)(a) of the income tax act. the assessing officer clarified that in case the appeal filed by the department before the itat in the case of m/s. jammu bottling co ..... company sold the whole business to the purchaser. whatever compensation or other payments were-received by its directors are to be taxed under section 28(ii)(a) of the income tax act which provides that any person, by whatever name called, managing the whole or substantially the whole of the affairs of .....

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