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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat chandigarh Year: 2004 Page 1 of about 54 results (0.058 seconds)

Apr 22 2004 (TRI)

The A.C.i.T. Vs. Nahar International Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Apr-22-2004

..... assessee or department in a subsequent year. but this rule is subject to limitations and there should be finality and certainty in all litigations including litigation arising out of the income-tax act. it has further been held that if a decision has been arrived after a due inquiry, if no fresh facts are placed before the tribunal giving the later decision, ..... of the assessee. in our opinion, if the assessee spent any money for the welfare of the employees, then such expenditure is to be allowed rather than disallowed. the income-tax act also takes due recognition of such a principle. section 37(2a) for instance provides for disallowance of entertainment expenditure. the explanation to the said section enlarges the scope of entertainment ..... or the department in a subsequent year. but this rule is subject to limitations, for there should be finality and certainty in all litigations including litigation arising but of the income-tax act and an earlier decision on the same question cannot be reopened if that decision is not arbitrary or perverse, if it had been arrived at after due inquiry, if ..... purposes of the assessee. in our opinion, if the assessee spent any money for the welfare of the employees, then such expenditure is to be allowed rather than disallowed. the income-tax act also takes due recognition of such a principle. section 37(2a) for instance provides for disallowance of entertainment expenditure. the explanation to the said section enlarges the scope of "entertainment .....

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Jul 22 2004 (TRI)

Assistant Commissioner of Vs. Nahar International Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Jul-22-2004

Reported in : (2006)98ITD96(Chd.)

..... assessee or department in a subsequent year. but this rule is subject to limitations and there should be finality and certainty in all litigations including litigation arising out of the income-tax act. it has further been held that if a decision has been arrived after a due inquiry, if no fresh facts are placed before the tribunal giving the later decision, ..... purposes of the assessee. in our opinion, if the assessee spent any money for the welfare of the employees, then such expenditure is to be allowed rather than disallowed. the income-tax act also lakes due recognition of such a principle. section 37(2a) for instance provides for disallowance of entertainment expenditure. the explanation to the said section enlarges the scope of ' ..... or the department in a subsequent year. but this rule is subject to limitations, for there should be finality and certainty in all litigations including litigation arising out of the income-tax act and an earlier decision on the same question cannot be reopened if that decision is not arbitrary or perverse, if it had been arrived at after due inquiry, if ..... purposes of the assessee. in out-opinion, if the assessee spent any money for the welfare of the employees, then such expenditure is to be allowed rather than disallowed. the income-tax act also takes due recognition of such a principle. section 37(2a) for instance provides for disallowance of entertainment expenditure. the explanation to the said section enlarges the scope of 'entertainment .....

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Oct 21 2004 (TRI)

Phillips India Ltd. (Earlier Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Oct-21-2004

Reported in : (2005)92ITD441(Chd.)

..... this appeal of the assessee is relating to the treatment of set-off of mat credit under section 115jaa and charging of interest under sections 234b and 234c of the income-tax act. 1961 3. the relevant facts briefly stated are that the assessee is a company engaged in the sale and manufacture of lamps, fluorescent tubes and glass shells. for the- assessment ..... 115ja to which he is eligible under section 115jaa(4). at this stage, it will be relevant to reproduce the provisions of sections 207 and 208 of the income-tax act, 1961 which are as under:- "207. tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total ..... under sections 234b and 234c was to be calculated before allowing the set off of mat credit. it was pointed out that the income-tax act empowers the board to make the rules and such rules are no less than the act, it was pleaded that the appeal of the assessee may thus be dismissed.7. we have given our careful consideration to the ..... in this appeal. it may be recalled that finance act, 1987 incorporated chapter xiib in the income-tax act, 1961 providing special provisions relating to certain companies for payment of minimum tax. section 115j provided taxation of book profits @ 30% in respect of such companies where the profits computed in accordance with the provisions of the income-tax act, 1961 worked out to be less than 30% of .....

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Jan 19 2004 (TRI)

ito Vs. BhasIn Rice and General Mills

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Jan-19-2004

Reported in : (2004)87TTJ(Chd.)1

..... order in question. thus on a fair and reasonable reading of the assessment order, i hold that no addition under section 68/69a of income tax act, 1961 act was made in the assessment order. there are contradictions in the assessment order and the same cannot be said to have been passed in ..... a difference of opinion between the members constituting division bench, the following questions were referred to third member for his opinion under section 255(4) of income tax act, 1961: "1. whether, on the facts and circumstances of the cases, can it be said that the order dated 29-8-1996 of the ..... case, it is seen that the said assessee did not produce books of account and therefore, the assessing officer proceeded under section 144 of income tax act, 1961. he collected information from the department of district food and civil supplies controller, ropar and found that the assessee had sold paddy as ..... addition on account of sale of paddy shown (but held bogus in books by the assessing officer) stood impliedly confirmed under section 68/69a of income tax act, 1961 by the tribunal as per order dated 28-3-1996 and therefore, the commissioner (appeals) had no jurisdiction to go into the question ..... arisen between the learned members in the above cases, the hon'ble president, tribunal has appointed me as third member under section 255(4) of income tax act, 1961 to resolve them. these differences are reflected in the following questions: "whether, on the facts and circumstances of the cases, can it be .....

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Sep 22 2004 (TRI)

ito Vs. Durga Dass Devki Nandan Kangra

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Sep-22-2004

Reported in : (2005)1SOT263(Chd.)

..... of the partnership deed of the firm reads as under: "that both the partners above mentioned shall be the working partners within the meaning of section 40(b) of the income tax act to be actively engaged in looking after the affairs of the business of the firm diligently and honestly and each of them will be paid a monthly salary as per ..... the income-tax provisions and which can be revised from time to time in the best interest of the partnership." from this partnership deed, it is clear that as per clause 6, the ..... ram dev dutt in ita no.247/chd./97 assessment year 1993-94 wherein the tribunal upheld the orders of the tax authorities below disallowed the salaries and remuneration paid to the working partners under section 40(b)(v) of the act because the rate of the salary was not fixed in the instrument of the partnership in that case.we are ..... of its working partners of the assessee, is not in accordance with the provisions of section 40(b)(v) of the act and also not in accordance with the circular no. 739 dated 25-3-1996 issued by the cbdt. hence, the cit (a) has wrongly deleted the impugned disallowance made by the assessing officer and accordingly, the impugned order of the .....

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Dec 24 2004 (TRI)

H.P. State Forest Corpn. Ltd. Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Dec-24-2004

Reported in : (2005)93ITD442(Chd.)

..... it was further contended the corporation did not have special privileges under the income-tax act. it did not enjoy the right to arbitrarily reduce the taxable income as it pleases. according to the ld. d.r., if the payment of correct tax were considered to be inconsequential in the case of govt. corporations, then ..... gathered that the omission was attributed to an intention or desire on the part of the assessee to hide or conceal the income so as to avoid imposition of tax thereon." in this case, assessee had disclosed all the facts before the ao in regard to reduction of the value of ..... respect of any facts material to the computation of the total income of any person under this act, - (a) such person fails to offer an explanation or offers an explanation which is found by the assessing officer or the commissioner ..... assessing officer or the commissioner (appeals) or the commissioner in the course of any proceedings under this act is satisfied that any person:- (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty, - explanation 1.- where in ..... did not find sound basis for reduction in the value of closing stock, he made addition to the income of the assessee of rs. 2,12,18,295. assessee appealed to the cit(a) but without success. the tribunal also confirmed the addition by holding that the reduction in value was .....

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Jan 07 2004 (TRI)

Sh. Surinder Pal Verma Vs. the A.C.i.T. [Alongwith I.T.A.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Jan-07-2004

..... learned vice president and learned accountant member, who heard these appeals and the following points of difference were referred by them to the hon'ble president, income-tax appellate tribunal under section 255(4) of the income-tax act, 1961:- "1. whether on the facts and in the circumstances of the case, there is justification to allow further relief of rs. 66,761/- ..... disallowance observed that other co-owners of properties, namely, smt. neelam verma and shri surinder pal verma did not claim any expenditure towards collection charges under section 24 of the income-tax act. she held that no collection charges were actually incurred and, therefore, disallowance of claim was justified. the assessee has brought the issue in appeal.however, no evidence is available ..... the total value of construction was required to be determined first to find disclosed and undisclosed investment.26. the next important provision to be considered is section 69 of the income-tax act which says that where in any financial year the assesses has made investment, which is not recorded in the books (sic) account and the assessee offers no explanation about ..... of disclosure was given even in the case of smt.neelam verma. this was in spite of fact that in the statement recorded under section 132(4) of the income-tax act, sh.surinder pal verma and smt.neelam varma clearly intended to cover investment in properties besides covering other discrepancies.7. the assesses challenged above additions in appeal and through .....

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Jan 07 2004 (TRI)

Surinder Pal Verma Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Jan-07-2004

Reported in : (2004)83TTJ(Chd.)24

..... , the total value of construction was required to be determined first to find disclosed and undisclosed investment.the next important provision to be considered is section 69 of the income tax act which says that where in any financial year the assessee has made investment, which is not recorded in the books of account and the assessee offers no explanation about ..... benefit of disclosure was given even in the case of smt.neelam verma. this was inspite of the fact that in the statement recorded under section 132(4) of the income tax act, sh. surinder pal verma and smt. neelam verma clearly intended to cover investment in properties besides covering other discrepancies.the assessees challenged above additions in appeal and through their ..... disallowance observed that other co-owners of properties, namely, smt.neelam verma and shri surinder pal verma did not claim any expenditure towards collection charges under section 24 of the income tax act. she held that no collection charges were actually incurred and, therefore, disallowance of claim was justified. the assessee has brought the issue in appeal. however, no evidence is ..... 736. 1/8th share in the unexplained investment was arrived at rs. 1,40,467 and included in the, hands of the respective co-owners under section 69 of the income tax act.aggrieved, all the assessees impugned the additions in appeals before the commissioner (appeals). during the course of hearing of appeals before the commissioner (appeals), it was contended that the .....

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Sep 16 2004 (TRI)

Ronaq Ram Nand Lal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Sep-16-2004

Reported in : (2005)92ITD514(Chd.)

..... full bench, observed that the object and intent of the legislature in omitting the word "deliberately" from clause (c) of section 271(1) of the income-tax act, 1961, was to bring about a change in the existing law regarding the levy of penalty so as to shift the burden of proof from the department ..... rs. 35,000 was deposited only one day before the withdrawal and accordingly made the addition of rs. 35,000. the cit(a) had also confirmed the addition of rs. 35,000 as income from undisclosed sources.4. on appeal, the tribunal has sustained the addition of rs. 35,000 mainly on the ground ..... assessee had surrendered the income was not sufficient for imposition of penalty under section 271(1)(c).9.3 the legislature has ..... itr 702 (ker). the apex court had considered the effect of change of law by the finance act, 1964, in the case of cit (addl.) v. jeevan lal sah (1994) 205 itr 244. with reference to the case of cit v. mussadilal ram bharose (1987) 165 itr 14, the apex court had approved the interpretation placed ..... the onus was on the revenue to establish that there was conscious concealment of particulars of income or a deliberate failure to furnish accurate particulars.9.2 in the case of sir shadilal sugar & general mills ltd. v. cit (supra), their lordships of the supreme court laid down that the mere fact that the .....

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Nov 30 2004 (TRI)

The Budhewal Co-op. Sugar Mills Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Nov-30-2004

Reported in : (2005)93ITD239(Chd.)

..... ltd. v. their workmen, reliance is also placed on the decision of the calcutta high court in the case of cit v. north west coal ltd., 167 itr 419, in support of the contention that under the provisions of the income-tax act, the real profits are to be assessed and all the possible liabilities are to be taken into account. the ld. counsel ..... rs. 18 per quintal had been taken to capital account of respective cane grower members. assessee had claimed deduction @ rs. 20 per quintal of sugarcane. revenue had denied the claim. income tax appellate tribunal had allowed deduction @ rs. 2 paid to the cane growers and disallowed rs. 18 claimed by way of credit to capital account. the tribunal held that the assessee ..... as under:- "1. that the appellant was entitled to claim of deduction under section 80p(2)(a)(iii) of the act being cooperative society engaged in marketing of agriculture produce of its members. hence its total income was not liable to be taxed. 2. that in the alternative, the appellant was entitled to be allowed claim for deduction amounting to rs. 17464478/- representing ..... because the mill had earned substantial profits and the assessee wanted to apply the income towards the enhancement of share capital and not making any payment to the cane growers.3. on appeal, the cit(a) confirmed the view of the assessing officer by holding that the assessee has acted in a unilateral manner to enhance the share capital and not making any .....

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