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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat cochin Year: 1999 Page 1 of about 25 results (0.057 seconds)

Nov 01 1999 (TRI)

Al-madeena Charitable Trust Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Nov-01-1999

Reported in : (2001)76ITD214(Coch.)

..... general public utility." in the case of sole trustee, loka shikshana trust (supra), explaining the sense in which the word 'education' has been used in section 2(15) of the income-tax act, 1961, his lordship, justice khanna observed -- "the word 'education' has not been used in that wide and extended sense, according to which every acquisition of further knowledge constitutes education. ..... even in respect of the donations received towards the corpus. in this case, justice khanna, speaking for the court held that "the word 'education' in section 2(15) of the income-tax act, 1961, connotes the process of training and developing the knowledge, skill, mind and character of students by normal schooling, and has not been used in the wide and extensive sense ..... ) came to the conclusion that the assessee has not complied with all the conditions that are necessary to make a charitable trust eligible for exemption under section 11 of the income-tax act, 1961. the assessee has not carried on any of the charitable objects mentioned in the trust deed. printing and publishing of a newspaper and doing odd work cannot be ..... . he further noted that the trust was created, nourished and maintained by this organisation for achieving its goals.3. the assessee formed a charitable trust and got registered under the income-tax act, 1961. on a perusal of the deed of trust, the assessing officer noted that the assessee was to be engaged in the following activities of charitable nature : (1) educational - .....

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Oct 28 1999 (TRI)

Deputy Commissioner of Income Tax Vs. C.P. Lonappan and Sons

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Oct-28-1999

Reported in : (2001)75ITD301(Coch.)

..... capital gains could be considered for assessment for the assessment year 1993-94 only.sub-section (5) was inserted in section 45 of the income tax act by finance act, 1987 with effect from 1-4-1988. new sub-section (5) provided that the initial compensation awarded or determined or approved on compulsory acquisition ..... 000 received by the assessee during the previous year ending on 31-3-1992 was assessable to capital gains under section 45(5)(a) of the income tax act. accordingly he computed the capital gains assessable for the assessment year 1992-93. as per the award, the assessee also became entitled to get ..... exemption for roll-over of capital gains, within the specified time period, through investment in specified assets.23.2 section 45 of the income tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset way of compulsory acquisition under any law ..... this is an appeal directed against the order of the commissioner (appeals), cochin in the income-tax assessment of the assessee, m/s.c.p. lonappan & sons, trichur for the assessment year 1992-93.in the ..... of property shall be deemed to be assessee's income of the previous year in which the transfer took place. in case any enhanced compensation is received subsequently the compensation so received will be charged to tax .....

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Apr 05 1999 (TRI)

P.A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-05-1999

Reported in : (2000)69TTJ(Coch.)566

..... excise department. on 12-12-1996, the it department conducted a search in the residence of the assessee under section 132 of the income tax act. in response to a notice issued under section 158bc, the assessee filed the return of income in form no. 213 on 17-6-1997. in the course of the assessment proceedings the assessing officer found that the assessee ..... amount. the basic exemption is available only at the time of levying tax at the rates as provided in the finance act for the respective assessment year. in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under section 112 of the income tax act. there is no provision either in chapter xiv or in section ..... 112 providing for basic exemption and restricting the levy of tax on the excess amount alone.the contention of the learned counsel ..... this is an appeal arising out of the order passed by, the asst. cit, (inv) circle- 1, dvn. 1, trichur, under section 158bc of the income tax act on the assessee, shri p.a. chandran, trichur, for the block period from 1-4-1986, to 12-12-1996.the assessee is a government servant employed as excise inspector .....

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Apr 20 1999 (TRI)

Divine Builders Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-20-1999

Reported in : (2000)66TTJ(Coch.)474

..... is not within the statutory time. it was clarified by the departmental representative that no search was authorised by the department under section 132 of the income tax act on the assessee, m/s divine builders. shri ramachandran also admitted that there was no warrant or authorisation issued under section 132 in respect of ..... divine builders, trichur, against the order passed by the assistant commissioner, in v. cir. 1, trichur, unders 158bc r/w section 158bd of the income tax act for the block period from 1st april, 1986 to 22nd april, 1996.the assessee is a partnership firm carrying on business in real estate.on 2nd april ..... , 1996, the department conducted a search under section 132 of the income tax act at the residential premises of shri m.l. ittoop who is the father of the managing partner of the assessee-firm.proceedings under section 158bd ..... of the income tax act were initated on the firm on the ground that during the search incriminating documents were found showing the dealings of the firm in ..... without giving the assessee an opportunity of being heard was null and void. we may point out that the bangalore bench of the tribunal in mcroland ltd. v. income tax officer (1999) 63 m (bang) 701 : (1999) 67 itd 446 (bang) as also in kirloskar investment & finance ltd. v. assistant commissioner (1999) .....

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Sep 27 1999 (TRI)

Alukkas Jewellery Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Sep-27-1999

Reported in : (2000)68TTJ(Coch.)700

..... records.this appeal by the assessee is against the order of the learned commissioner, dated 30-3-1995, invoking the jurisdiction invested under section 263 of the income tax act, 1961. the facts of the case are as under : in this case the assessment was completed on 9-3-1993, under section 143(3). the ..... been adopted only at the cost incurred by the assessee and, therefore, on the erroneous adoption of the value of opening stock at market value, income chargeable to tax has been underestimated. therefore, he held that the order passed by the assessing officer was erroneous and prejudicial to the interests of revenue. in response ..... adopted only at the cost incurred by the assessee and, therefore, on the erroneous adoption of the value of opening stock at market value, income chargeable to tax has been underestimated--therefore, he held that the order passed by the assessing officer was erroneous and prejudicial to the interests of revenue--it was ..... and it cannot be held that the order of the assessing officer is even prejudicial to the interest of revenue as the revenue has realised its tax at the stage when stock was valued at market price, therefore, order passed by the commissioner is set aside.in the connected case of the ..... it cannot be held that the order of the assessing officer is even prejudicial to the interest of revenue as the revenue has realised its tax at the stage when it was valued at market price. in view of the above, we set aside the order of the learned commissioner passed .....

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Sep 30 1999 (TRI)

Saraf Trading Corporation Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Sep-30-1999

Reported in : (2000)66TTJ(Coch.)754

..... in the circumstances of the case, the revenue could treat the firm as registered under section 183(b) of the income tax act, 1961 ?" the assessee-firm engaged in the business of commission agent and export of tea was originally constituted as a partnership firm by three parties under a partnership deed dated ..... /1989 dated 24-6-1993, and ita no.32/coch/1990, dated 20-7-1994. in compliance with the directions of the high court under section 256(2) of the income tax act, the tribunal referred the following question at the instance of the revenue for the assessment years 1982-83 and 1986-87, for its esteemed opinion : "whether, on the facts and ..... that though the assessee had not complied with the conditions prescribed for registration of the partnership firm under the income tax act, yet it was advantageous for the revenue to confer registration on the firm under the provisions of section 183(b) of the income tax act. he went through the provisions of the partnership deed dated 16-9-1981, and held that as per clause ..... equal proportion.on appeal, the commissioner (appeals) held that the assessing officer was justified in invoking section13(b) of the partnership act in making the assessment in the status of a registered firm under section 183(b) of the income tax act. on further appeal, the tribunal by the order dated 24-6-1993, adverted to the provisions of the partnership deed dated 16 .....

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Mar 18 1999 (TRI)

Dy. Cit Vs. Araf Trading Corporation

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Mar-18-1999

Reported in : (2001)73TTJ(Coch.)741

..... 1998 for referring certain questions, said to be questions of law, to the hon'ble high court of kerala for opinion under section 256(1) of the income tax act. the tribunal by its common order dated 16-11-1998, declined to refer the questions on the ground that it was on an appreciation of the facts ..... by this miscellaneous petition under section 254(2) of the income tax act, 1961, the department requests the tribunal to modify its common order, dated 14-7-1998, in ita nos. 694 and 695/coch/1994 ..... , we hold that the department is at liberty to file the miscellaneous petition by the competent authority within the time-limit prescribed under the act. if so advised. in this view of the matter, we are not inclined to consider the merit of the application.in the result, the miscellaneous petition ..... by the departmental representative, the same is not maintainable.after considering the submissions of the learned representative of the assessee and perusing section 254(2) of the act, we are satisfied that since the miscellaneous petition has been filed by the departmental representative and not by the assessing officer, the same is not maintainable. hence ..... in this case was not an obvious and patent mistake, the learned representative of the assessee relied on the following decisions : (1) sagar co-operative central bank ltd. v. cit (1990) 186 itr 292 (mp); (4) bharat commerce & industries ltd. v. ito (1988) 31 ttj (del) 357; and apart from contending that the view .....

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Sep 09 1999 (TRI)

M.M. Nagalinga Nadar Sons Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Sep-09-1999

Reported in : (2000)66TTJ(Coch.)271

..... serious dispute and quarrel between them, was not it the duty of the assessing officer to comply with the assessee's request to issue summons under section 131 of the income tax act? was the assessing officer justified in ignoring the assessee's request and to proceed with an ex parte assessment as if the failure to produce the accounts was without reasonable ..... for the assessment year 1986-87. the assessee has filed this appeal with the plea that the commissioner (appeals) erred in confirming the assessment completed under section 144 of the income tax act.2. the assessee filed the return for the assessment year 1986-87 on 2nd aug., 1988, showing a loss of rs. 16,20,830. though the assessing officer first treated ..... serious dispute and quarrel between them, was not it the duty of the assessing officer to comply with the assessee's request to issue summons under section 131 of the income tax act? was the assessing officer justified in ignoring the assessee's request and to proceed with an ex parte assessment as if the failure to produce the accounts was without reasonable ..... . there is also another contention raised before us by the learned representative to the effect that the assessee had been unjustifiably denied interest under section 214 of the income tax act on the excess payment advance tax. the commissioner (appeals) has dealt with this ground stating that if the assessee was really aggrieved, they could have taken up the matter when the appeal had .....

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Nov 24 1999 (TRI)

Jose Brothers Jewellery Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Nov-24-1999

Reported in : (2000)67TTJ(Coch.)222

..... and 1-11-1996. during the course of the search operation, documents seized revealed investments made by the partners in movable and immovable properties out of the undisclosed income. a notice under section 158bc of the income tax act, 1961 was issued to the assessee on 21-1-1997. in response to this notice, the assessee-firm filed a return declaring undisclosed ..... jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, ..... gold and silver ornaments from the business premises of the assessee as on the date of search section 1581313(2) of the income tax act in this context is relevant and the section reads as under: "158b13(2) in computing the undisclosed income of the block period, the provisions of sections 68, 69, 69a, 69b and 69c shall, so far as may be ..... assessing officer himself, while computing the undisclosed income, he is pressing the claim only with regard to kuri loss and depreciation. the learned departmental representative supported the order of the assessing officer.chapter xiv-b is a special procedure for assessment of search cases.the definition of "undisclosed income" under section 158b of the income tax act, 1961, includes "any money, bullion, .....

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Aug 24 1999 (TRI)

Kerala Financial Corporation Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Aug-24-1999

Reported in : (2000)74ITD360(Coch.)

..... did not exist during the relevant previous year as it had been transferred to the provision for bad and doubtful debts account. the contention that the cit had acted on the suggestion of the audit wing and so the impugned order requires to be quashed cannot, therefore, be accepted. the case law relied on ..... 36(1)(viii). the learned representative of the assessee has not furnished any evidence before us to show that the cit was acting on any suggestion of the audit wing without applying his mind. on the other hand, the reasons given in para 1 of the impugned order ..... the entire amount had been transferred to the provision for bad and doubtful account. shri ambasanker dev submitted that there was nothing to show that the cit had acted on the suggestion of the audit wing without applying his mind and so that contention of the learned representative of the assessee was not correct.5 ..... for the deduction under s. 36(1)(viii).14. we do not also accept the contention that in this case the cit had not applied his mind and that he had merely acted on the suggestion of the audit wing in holding that the assessee had not strictly complied with the requirement of s. ..... the kerala financial corporation, trivandrum, against the order passed by the cit, trivandrum under s. 263 of the it act, for the asst. yr. 1994-95.2. the assessee, an undertaking of the kerala government was assessed for the asst. yr. 1994-95 on a total income of rs. 1,04,38,220. in the assessment under s .....

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