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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat amritsar Year: 1999 Page 2 of about 18 results (0.058 seconds)

Jun 28 1999 (TRI)

Smt. Badhurani Deepinder Kaur and Vs. Wealth Tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jun-28-1999

Reported in : (2000)74ITD187(Asr.)

..... complying with the requirements of the law such as the transfer of property act, registration act, etc. but, in the context of s. 22 of the it act, having regard to the ground realities and further having regard to the object of it act, namely, "to tax the income," we are of the view, "owner" is a person who is ..... assessee has received this enhanced compensation, so it was an asset within the meaning of s. 2(e) and 2(m) of the wt act and exigible to wealth-tax.11. we have already given a finding against the assessee while disposing of ground nos. 1(a) to 1(e) of appeal following the ..... raised to the status of a right and also to an asset within the meaning of s. 2(e) and (2m) of the wt act, exigible to wealth-tax. claim for enhanced compensation being in a flux in appeals, it cannot be legally deemed to be an asset till its final determination by a competent ..... to receive compensation including enhanced compensation and interest is an asset within the meaning of s. 2(e) and 2(m) of the wt act and hence exigible to wealth-tax. according to the assessee, the claim of enhanced compensation being in a flux in appeals, which cannot be legally deemed to be an asset ..... entitled to receive income from the property in his own right." 21. the learned departmental representative, however, contended that on perusal of these documents, it is .....

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Jun 28 1999 (TRI)

Kans Raj and Sons Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jun-28-1999

Reported in : (2005)92TTJ(Asr.)931

..... assessee, wherein he has stated that since no black money has been introduced and no tax evaded either by the assessee or by the depositors nor did they defraud the it department as all the depositors are existing income-tax assessees and their identities are also known to the department. if the intention of the ..... provisions of section 269ss have been violated by the assessee, so he imposed a penalty of rs. 89,650 under section 271d of the it act.7. in appeal, the cit(a) partly allowed the appeal of the assessee and reduced the penalty to rs. 23,000 by passing a detailed order wherein he ..... the assessee. on the contrary, the facts clearly show that the assessee has committed default for which the penalty is exigible under section 271d of the act; the lower authorities have rightly done so by passing a detailed order. hence, this second point is also decided against the assessee.21. now, after ..... (time or call deposits or hundi loans) and these are only covered under section 269ss of the it act; if the deposits are of any other kind, no contravention under section 269ss is made out. in the instant case, these deposits are not covered under ..... s counsel also pleaded before the ao that three depositors are existing assessees and further argued that the definition of loan or deposit under section 269ss of the it act means loan or deposit of money, which means that (1) the deposit of money is payable after notice, or (2) repayable after a period .....

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Feb 26 1999 (TRI)

Hansa Agencies (P) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Feb-26-1999

..... court. it would have been legally correct if appellant or revenue would have utilised its right by filing an application under s. 254(2) of the it act compelling the tribunal to decide all the issues. but in these cases, we feel a strict decision in accordance with these observations may lead to miscarriage ..... only modify order, if either assessee or revenue files an application. suo motu, the tribunal cannot invoke s. 254(2) of the it act. the andhra pradesh high court in the case of cit vs. trustees of h.e.h. the nizam's charitable trust (1981) 131 itr 497 (ap) has held that the tribunal under ..... (1989) 175 itr 574 (ap) has held that the tribunal should decide all the issues agitated before it. the bombay high court in the case of cit vs. ganesh builders (1979) 116 itr 911 (bom) has given finding that if the assessee takes alternate argument the tribunal should decide both original as well ..... where care is not taken by the legislature and therefore various courts have intervened and given their observations and interpretations of s. 260(1) of the it act. one of the thinking which consistently prevailed with the tribunal and the courts, was that in case the order of the tribunal is reversed or disturbed ..... there may be miscarriage of justice because both the revenue as well the appellant has not invoked s. 254(2) of the it act. the supreme court has decided the issue in the case of cit vs. jubilee mills ltd. (1968) 68 itr 630 (sc). the supreme court has held that high court should give .....

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Feb 25 1999 (TRI)

J and K Small Scale Industries Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Feb-25-1999

..... of delay otherwise the appeal will be summarily dismissed by the competent judge or authority, but this rule of the cpc cannot be strictly applied in the income-tax matters. the hon'ble gujarat high court has held in the case of naran anappa shethi vs. jayantilal chunialal shah air 1987 guj. 205 and ..... -46 that the first appellate authority is not prohibited to condone the delay in absence of an application. sec.249(3) of the it act does not prohibit the cit(a) to condone the delay in absence of an application for the condonation of delay. there are also various compelling circumstances which also ..... same treatment and the law is administered in an even handed-manner." 9. the supreme court has given judicial meaning to s. 5 of limitation act, 1963, and along with all the provisions of other legislative law and administrative rules where they have their own limitation control mechanism. these directions are ..... demands that an opportunity should have been given to the appellant to explain the reason for delay so that the cit(a) may use his discretionary powers under s. 249(3) of the it act and in case, there was sufficient cause for not presenting the appeal within the prescribed period, he should ..... ) on the merits of various addition and disallowances made by the ao.5. we have to give logical interpretation of s. 249 of the it act. sec.249 of the it act spells as follows : "249. (1) every appeal under this chapter shall be in the prescribed form and shall be verified in the prescribed .....

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May 31 1999 (TRI)

Assistant Commissioner of Income Vs. Ishar Dass Mahajan and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : May-31-1999

Reported in : (2000)73ITD77(Asr.)

..... the business property and observed that particular act of letting out property has to be decided in the circumstances of each case and in the setting ..... ), who vide her detailed order, held that rental and interest income of the assessee formed part of the profits of business as computed by the ao and in this view of the matter, the cit(a) directed the ao to recompute the deduction under s. 80hhc of the it act with reference to the profits so determined including interest and rent.4. against this ..... the business, the different heads of income being only the classification prescribed by the indian it act for computation of income." 8. this landmark judgment was followed by the various courts as and when this issue came before them for adjudication.9. the hon'ble madras high court in the case of b. nagi reddy vs. cit (1993) 199 itr 451 (mad) has dealt with ..... the issue of computing income earned from letting out of .....

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Nov 19 1999 (TRI)

J and K Sheep and Sheep Products Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Nov-19-1999

Reported in : (2005)92TTJ(Asr.)475

..... as per section 10, sub-section 20 of the it act, is clearly going against the provisions of the j&k state sheep & sheep products development board act of 1979, which power is not vested in any authority other than the ..... final disposal of the appeal.3. the basic issue to be resolved is whether or not the appellant is entitled for exemption from tax under section 10(20) of the it act, 1961.4. the learned departmental representative relied on the orders passed by the authorities below. the appellant is engaged in the ..... that the jammu & kashmir state sheep & sheep products development board, jammu, is entitled for exemption under section 10(20) of the it act.since the income is exempt, we are of the opinion that there is no need to adjudicate other grounds which relate to the taxability of ..... is based on incorrect and illegal surmises only to unjustifiably bring the appellant-board within the purviews of the it act, 1961. 4a. that even the different case rulings cited before the learned cit(a) in this regards have not found favour and the claim of the appellant has been fully disregarded, ..... act of 1979, as passed and enacted by the legislature of the state of jammu & kashmir whereunder in section 3(2) the appellant-board has been constituted as a local authority only. 3. that ignoring the claim of the appellant to be treated as local authority entitled for full exemption from payment of income-tax .....

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Oct 26 1999 (TRI)

ito Vs. A. Majid

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Oct-26-1999

Reported in : (2004)91TTJ(Asr.)1127

..... in giving details of sales; these were in accordance with sale vouchers and sale contract vouchers. these documents were produced before the income tax officer for verification.the income tax officer has worked out the marginal figure of discrepancy of rs, 3,13,739. shri bhasin submitted that on score of the ..... differences were fully explained supported by documentary evidence. further, the fact that order sales were not taken as sales is established when the learned income tax officer made an addition of rs. 20,181 on account of customers' advances where goods were not despatched. in this connection, shri bhasin invited ..... . this mistake has not been rectified till february, 1982. copies of these statements were furnished with the written submission as annexures. the learned income tax officer proceeded on an erroneous hypothesis that the bank hypothecation statements are to be at cost and that furnishing of higher value of the same ..... .5. the learned commissioner (appeals) also erred in law and on facts in deleting the disllowance of rs. 2,00,000 made by the income tax officer out of the commission account.6. while allowing the relief as at '5' above, the learned commissioner (appeals) misdirected himself in mixing this ..... not be made basis for addition.it is further submitted by shri bhasin that no prohibition is suggested in any of provisions of the act that a taxpayer could not adopt stock valuation for trading account at cost and the market rate for the bank when the quantity and .....

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Jul 16 1999 (TRI)

income Tax Officer Vs. Mohinder Singh Davinder Singh and

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jul-16-1999

Reported in : (2000)73ITD448(Asr.)

..... out the same to fci by raising the plinths block consisting of plinths office complex, check-post, chowkidar block, urine block with a boundary wall and the act of letting out the building of which one is an owner is not business. since we have held that the element of business is missing in the partnership ..... court that letting out of a building and realising rents, by no means, is doing a business. it is incidental to ownership. they further held that the act of letting out a building was one as an owner is not a business. following this decision, which is fully applicable to the facts of this case in ..... was no business in the act of letting out of a building of which one is an owner. in the instant case, the co-owners agreed to divide the rents by letting out ..... building and realising rents therefrom did not amount to carrying on of business. it was incidental to ownership. the expression used in s. 4 of the indian partnership act, 1932, are "agreed to share the profits of a business carried on by all or any of them", which implied the existence of a business. there ..... into partnership and accordingly partnership deed was executed on 10th march, 1986. the ao had rightly assessed the income in view of the decision of hon'ble supreme court in the case of s.g. mercantile corporation (p) ltd. vs. cit (1972) 83 itr 700 (sc)." 2. ita nos. 1064 & 1065/asr/1992 have been filed .....

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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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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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