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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat amritsar Year: 1999 Page 1 of about 18 results (0.073 seconds)

Dec 06 1999 (TRI)

Shanker Rice Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Dec-06-1999

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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Jan 01 1999 (TRI)

Kasturi Lal Dhir Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jan-01-1999

..... court is of the opinion that loss due to confiscation is nothing but a business loss and same should be allowed under section 10(1) of the income-tax act, 1922.10. the hon'ble punjab & haryana high court got an occasion to discuss the ratio of the decision piara singh (supra), while deciding ..... customs authorities. but the dates were released subsequently on payment of fine. the assessee's claim to deduction under section 10(2)(xv) of the indian income-tax act, 1922, was rejected on the ground that the amount was paid by way of penalty for a breach of the law. an infraction of the ..... . piara singh represented that in case he is engaged in smuggling of gold then he is entitled to deduction under section 10(1) of the income-tax act as a loss incurred in the business.the itat again gave finding of fact that the assessee was carrying on regular smuggling activity which consisted of taking ..... finding of the fact has been that the assessee was carrying on business of smuggling of gold. the allowing of loss under section 37 of the income-tax act, is consequential to the carrying on of the business. in the case reported in 159 itr 689, again finding of the assessing authority was that the ..... that he was not its real owner was on that person. the hon'ble supreme court widened the expression of income mentioned in section 69a of the income-tax act and observed that the meaning of income includes anything which comes in or results in gain. we are of the opinion that under such circumstances and in .....

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Feb 26 1999 (TRI)

Akhara Ghamanda Dass Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Feb-26-1999

Reported in : (2000)68TTJ(Asr.)244

..... gains is to be assessed under section 11(1a)(a) of the income tax act or capital gain is to be taxed in accordance with chapter-iv of the income tax act read with chapter y read with sections 45 to 69 of income tax act.chapter iv of the income tax act deals with the computation of total income of any assessee including the assessee enjoying status of aop and having ..... conditions envisaged under section 11(l)(a) of the income tax act. therefore, income of the appellant is exempted from the income tax act, the appellant has also taken ground regarding charging of interest under sections 234a and 234b of the income tax act. the assessing officer charged interest under section 234a as well as section 234b of the income tax act, the appellant took specific ground before the learned commissioner ..... therefore, under the facts and circumstances of the case, the appellant is entitled for total exemption under section 11(l)(a) of the income tax act.we will now discuss the scope of section 11(1a) of the income tax act.the appellant is also entitled for exemption under section 11(1a). sec.11(1a) is attracted in cases where capital asset being property ..... assessing officer has ignored this fact even though the assessing officer has admitted that the taxability of capital gains is to be analysed under section 11(ia) of the income tax act. the learned counsel pleaded that since the amount of rs. 20,70,609 has been applied for the advancement of religious and charitable purposes under section 11(l)(a .....

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May 27 1999 (TRI)

income-tax Officer Vs. Sadhu Singh and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : May-27-1999

Reported in : (2000)73ITD15(Asr.)

..... rate of g.p. by filing a revised return accordingly for the second and third party subject to no penalty under section 271(1)(c) of the income-tax act, 1961. even these observations of the cit (a) that the revised return was filed by the assessee in response to an undertaking given by the assessing officer have not been assailed by the d ..... books of account of the assessee. though the assessee offered an explanation that this amount was withdrawn from the books of account of m/s. joginder singh and parduman singh, income-tax assessees and the same was wrongly credited to the bank account of the assessee-firm due to wrong entry made in the deposit slips. similarly, we find that the assessing ..... mens rea. that penalty proceedings under section 271(1)(c) are not at all attracted and in any case the amount has already been treated as income of the assessee and the assessee has suffered tax on this amount. that during the course of hearing when the ito pointed out that gp rate for the second and third period was low, the ..... officer is not able to bring on record any sufficient material to establish that this amount, treated by him to be the concealed income of the assessee, in fact represented the concealed income of the assessee. in our opinion, the cit (a) was fully justified in deleting the penalty imposed by the assessing officer in respect of the deposits of rs. 80,000 .....

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Aug 30 1999 (TRI)

Piara Mal Kanahaya Lal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Aug-30-1999

Reported in : (2004)91TTJ(Asr.)710

..... fixed, takes steps to issue retrenchment notice in accordance with law governing the industrial relations resulting in the creating of a liability regarding which deductions can be claimed under the income tax act, then it can reap the benefit of that. the transferor of the undertaking, when the control of management still vests in it, can create that liability, which, though based ..... 25ff which is to the mutual advantage of employee and employer cannot be denied under section 37(1) of the income tax act. the hon'ble high court has given following observations : the provisions of sections 25f and 25ff of the industrial disputes act, which are for the mutual benefit of the employer and the workmen, are to be liberally construed. these provisions ..... interpretation to section 25ff which is reproduced above holding that the management of ownership is not transferred by agreement. they are strictly going by income-tax law regarding change in constitution and continuation of firm. for the purpose of income-tax one can give finding that the firm is in continuation but so far as section 25ff is concerned, there is change in ownership ..... of the management. to decide the issue of retrenchment compensation, we are to define change in the management keeping in view section 25ff of the industrial disputes act, 1947. this issue came before .....

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Jun 24 1999 (TRI)

Anil Duggal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jun-24-1999

Reported in : (2004)91TTJ(Asr.)1140

..... shall be signed and verified by the person who is authorised to sign the return of income under section 140 of the income tax act. as per the provision of section 140 of the income tax act, the return of income will be signed and verified either by the individual himself or by a person who holds ..... given by sh. anil kumar duggal was assigned in the name of father before leaving india. to come under section 140(a)(ii) of the income tax act, for the purpose of rules 45 and 47, if the appellant is outside india at the time of filing of the appeal before the learned ..... sh. yash pal as sh. anil duggal was not in india. the appellant has also pointed out to the provisions of section 140 of the income tax act as well as sub-rule (3) of rule 45 of the it rules, as reproduced below : secondly, your honour's kind reference is invited ..... pal duggal, his father, before leaving india) filed before the learned commissioner (appeals) against the additions/disallowances made in the assessment under section 144 of income tax act, dated 27-3-1997, where; during hearings, detailed explanations covering all aspects of the case were duly filed before the learned commissioner (appeals).2. the ..... of verification appended thereto relating to an assessee: shall be signed and verified by the person who is authorised to sign the return of income under section 140 of the income tax act, 1961 , as applicable to the assessee.rule 47 deals with the procedure regarding filing of appeals before the tribunal. rule 47 is .....

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Jun 28 1999 (TRI)

Jagan Nath Gurbachan Singh Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jun-28-1999

Reported in : (2002)73TTJ(Asr.)878

..... . keeping in view the above discussion, we are of the opinion that the authorities below were justified in invoking section 145(1) of the income tax act.we would also like to derive support from the finding and law laid down by the jurisdictional high court, which is binding on all subordinate ..... stock record regarding details of wastage, shortage, shrinkage and other defects, the assessing officer will be justified in invoking section 145(1) of the income tax act.the yield becomes also relevant for arriving at correct profit because one has to accept whether there is possibility of creating the sale outside the books ..... and false entries are recorded and entries are not recorded at all then the assessing officer can invoke proviso to section 145(1) of the income tax act.the maintenance of stock register is one of the most important ingredient for proper maintenance of accounts. if there is no quantitative and qualitative tally ..... the assessing officer is within his right to estimate an addition both under section 145(1) as well as under section 143(3) of the income tax act, 1961.section 145(1) deals with method of accounting and the method is definitely different than the books of accounts. one has to make a ..... false, incorrect or incomplete, the officer has the power to reject such books and that power can be taken from section 143(3) of the income tax act. sections 145 and 143(3) have to be read in harmony and has not to be read in isolation. under no circumstance section 145 will .....

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Jan 28 1999 (TRI)

Ram Lal and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jan-28-1999

..... of davenport & co.(p.) ltd. (supra). the hon'ble supreme court has given guidance which is reproduced as follows :- "section 6 of the indian income-tax act, 1922, enumerates the heads of income chargeable to income-tax. section 24(1) of the act provides that where an assessee sustains a loss under any of these heads in any year, he shall be entitled to have the loss ..... the high court erred in holding that in order to take a transaction out of the definition of 'speculative transaction' in explanation 2 to section 24(1) of the indian income-tax act, 1922, there must be actual delivery of the commodity itself and that delivery of pucca delivery orders without anything more did not constitute 'actual delivery' within the meaning of that ..... sustained in transactions of a certain kind. it may be that such transactions are not speculative in the light of section 30 of the contract act.... in enacting the explanation 2 of section 24(1) of the income-tax act, the legislature did not intend, to affect any transaction of sale wherein the goods were not physically delivered by the seller to the buyer ..... set, off against his income, profits or gains under any other head in that year. this general provision is qualified by the first proviso which permits .....

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Sep 16 1999 (TRI)

Assistant Commissioner of Income Vs. Sakay Traders

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Sep-16-1999

Reported in : (2001)74ITD497(Asr.)

..... the same is rejected and the order of the commissioner (appeals) wherein he held that the application made by the assessee before the assessing officer under section 154 of the income tax act, is maintaining, is sustained, though, of course, on a different reasoning as hereinabove given in our order. we further direct the assessing officer to amend the intimation under section ..... -10-1993, the power of the assessing officer to rectify under section 154 was only limited to the exemption/deduction relating to the first proviso to section 43b of the income tax act. however, this provision of rectification was further broadened in the subsequent circular no. 689 dated 24-8-1994 wherein even deduction/exemption claimed under section 80hhc(4), 12a(b), ..... that circular) but does not file any evidence in support thereof then the assessing officer can prima facie disallow the same as inadmissible under, section 143(1)(a) of the income tax act, 1961 and the same, later on, cannot be allowed by the assessing officer by passing an order under section 154 even if the assessee subsequently furnished the evidence in ..... assessee later on furnishes evidence in support thereof." this clause of the circular hereby indicates that if evidence in support of exemption/ deduction claimed under section 80hhc(4) of the income tax act, 1961 has not been filed along with the return then such exemption/deduction is to be disallowed as prima facie inadmissible for want of evidence in support thereof under section .....

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Oct 26 1999 (TRI)

ito Vs. Dinesh Saraa

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Oct-26-1999

Reported in : (2004)91TTJ(Asr.)719

..... a sum of rs. 1 lakh as the value of car won in prize during the assessment year in question and has agreed to pay tax on the same. so the provisions of section 208 of the income tax act comes into play which have not been taken into consideration by the commissioner (appeals) while disposing of the appeal of the assessee. section 208 ..... following effective grounds "1. that, on the facts and in the circumstances of the case, the learned commissioner (appeals) has erred in deleting the interest charged under section 234b of income tax act.1a. that, while allowing relief at '1' above, learned commissioner (appeals) has ignored the fact that when the lottery prize is paid in kind, no ..... been charged.in appeal, filed by the assessee, before the commissioner (appeals), the assessee took the following pleas that the income assessed is from winning from lottery which was received in the form of maruti car. as per relevant provisions of income tax act, tax is required to be deducted from winning of lottery of prize money, etc. therefore, it was duty of m/s ..... . jfg investment (j&k) (p) ltd., who paid prize money to deduct tax from the value of such prize. in fact, income tax officer, ward 2(4) jalandhar, did take up this matter .....

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