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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat jaipur Year: 2004 Page 1 of about 22 results (0.073 seconds)

Oct 06 2004 (TRI)

The Dy. C.i.T., Sr-i Vs. Mangalam Cement

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Oct-06-2004

..... dismissed the appeal of the revenue.13. on account of above difference, the matter has been placed before me under section 255(4) of the income-tax act.14. i have heard both the parties. there is no dispute that facts and circumstances in the assessment year under consideration are identical with facts in ..... of actual cost of the new machineries of the new unit of the assessee company can be claimed as deduction under section 36(1)(iii) of the income-tax act." 2. the learned accountant member, on the other hand, proposed the following four questions for consideration: (i) in view of the findings and fact ..... that making of entries in the books is not decisive for allowability of claim under income-tax act.all above details/information not placed before cit( a) in a.y.1992-93.all above details were before ao as well as cit(a) in assessment year 1 992-93.in tata chemicals on fact it was ..... the assessment year 1992-93 where the matter was decided in favour of the assessee. although relevant portion of order of income-tax appellate tribunal for above year has been reproduced by the respective members in their orders, yet in order to resolve the controversy it is desirable ..... 1. on account of difference between learned members of the income-tax appellate tribunal, jaipur, the matter has been referred to me under section 255(4) of i.t.act. the members do not agree even on the question which would cover the difference. the learned judicial member has proposed the following .....

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Sep 13 2004 (TRI)

Vijay Solvex Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Sep-13-2004

Reported in : (2005)92ITD24(JP.)

..... officer has erred in law as well as on facts in charging interest under sections 234b and 234c of the income-tax act, 1961 on the income computed under section 115j of the income-tax act, 1961.4. the ld. a.r. submits that it is a legal ground based on the decision of ..... "whether in the facts and circumstances of the case, the issue of: allowing depreciation as per rate applicable in income-tax while computing the assessee's income under section 115j of the income-tax act is settled issue by the decision of the hon'ble supreme court of india in the case of surana steels ( ..... . whether in the facts and circumstances of the case, the issue of allowing depreciation as per rate applicable in income-tax while computing the assessee's income under section 115j of the income-tax act is settled issue by the decision of the hon'ble supreme court of india in the case of surana steels ..... the circumstances of the case, the tribunal is correct in law in allowing depreciation as per rate applicable in income-tax while computing the assessee's income under section 115j of the income-tax act, 1961.the above question was answered in favour of the revenue in view of the decision of hon'ble ..... ld.judicial member. the ld. counsel further submitted that balance sheet and profit & loss account adopted by assessee for purposes of section 115j of income-tax act stood approved by board and also at the general meeting. there is no further dispute that these were filed with authorities under the company law .....

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Oct 16 2004 (TRI)

Shri Ramesh Chand Ludhani, Prop. Vs. the Asstt. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Oct-16-2004

..... therefore, entitled to benefit of entire cash found with the above concern. the ld. d/r further relied upon presumption under section 132(4a) of income-tax act to support the case of the revenue and proposed order of ld. accountant member. he argued that assessee failed to establish live link between addition ..... enterprises and the assessee as main partner of this group was dealing with gpi, as was evident from order passed under section 132(5) of the income-tax act. it was further submitted that credit for rs. 4,635/-was given out of addition of rs. 1,22,659/- and this way, rs. ..... s. godfrey philips (india) ltd. (gpi for short) and its allied companies and their associates were subjected to search operation under section 132 of income-tax act on 09.01.1986. m/s. vaishali enterprises, ajmer was a wholesale dealer of gpi and assessee as a partner of above concern was also searched ..... of the assessee is partly allowed.1. the learned members of itat jaipur bench have referred this appeal to me under section 255(4) of the income-tax act. the members could not agree on the question which would cover the difference and have, accordingly, referred the following questions for consideration : "whether on ..... in (2002) 256 itr 385 wherein it was held (page 390): "at this juncture, we cannot resist observing that the judgment delivered by the income-tax tribunal was very much binding on the assessing officer. the assessing officer was bound to follow the judgments in its true letter and spirit. it was .....

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Sep 28 2004 (TRI)

Rameshchand Ludhani Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Sep-28-2004

Reported in : (2005)92ITD161(JP.)

..... therefore, entitled to benefit of entire cash found with the above concern. the ld. d/r further relied upon presumption under section 132(4a) of income-tax act to support the case of the revenue and proposed order of ld. accountant member. he argued that assessee failed to establish live link between addition made ..... vaishali enterprises and the assessee as main partner of this group was dealing with gpi, as was evident from order passed under section 132(5) of the income-tax act. it was further submitted that credit for rs. 4, 635 was given out of addition of rs. 1, 22, 659 and this way, rs. ..... m/s. godfrey philips (india) ltd. (gpi for short) and its allied companies and their associates were subjected to search operation under section 132 of income-tax act on 9-1-1986. m/s. vaishali enterprises, ajmer was a wholesale dealer of gpi and assessee as a partner of above concern was also searched. ..... ble president, i.t.a.t.1. the learned members of itat jaipur bench have referred this appeal to me under section 255(4) of the income-tax act. the members could not. agree on the question which would cover the difference and have, accordingly, referred the following questions for consideration: whether on the ..... 1-1986 of gpi ltd. is not at all acceptable. hence rs. 2, 00,000 will be added to the total income of the assessee under section 69a of the income-tax act, representing unexplained cash. further the assessee has relied upon the entries in annexure g-12 document no. 91 which do not .....

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Aug 09 2004 (TRI)

The Dy. Commr. of Income-tax Vs. Maharaja Shree Umaid Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Aug-09-2004

Reported in : (2005)94ITD291(JP.)

..... the department is before us.3. with this background, the ld. d/r submitted that interest on interest is not allowable as there is no statutory provision available in the income-tax act. further, the ld. d/r relied on the ratio laid down by bombay high court in the case of sandvik asia ltd. v ..... completed under section 143(3) on 11.3.1974 and not upto the date of assessment completed on 27.05.1978.10. we have set aside the order of the cit(a). in the instant case, the department has already allowed the interest upto the date of regular assessment. when it is so, then there is no merit in the ..... doshi and d.j. works, supra, were filed under the writ petition and not in regular appeals. so lastly he made a request to uphold the order of the cit(a).5. after hearing both the parties and on perusal of record, it is evident that there is no provision of granting the interest on interest. the hon'ble bombay ..... grant of interest under section 214 for the delay. the ao has rejected the application under section 154 against which the assessee went to the first appellate authority. the cit(a), by the impugned order, has directed the ao to allow interest on interest for the delay from 27.05.1978 to 30.09.1992 on the refund of ..... . narendra doshi (2002), 254 itr. 606. he also relied on the decision of hon'ble gujarat high court in the case of d.j. works v. dy. cit (1992), 195 itr 227.further, the ld. a/r relied on the decision of itat jaipur bench (by the same bench) in the case of hemraj udyog v. ito .....

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Sep 15 2004 (TRI)

Triveni Pharma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Sep-15-2004

Reported in : (2005)92ITD125(JP.)

..... judicial member. the learned jm thereafter observed that in the following three circumstances, the assessing officer could make best judgment assessment under section 144 of the income-tax act: - (i) if the method of accounting adopted is neither pure cash nor pure mercantile, in other words, if a mixed method of accounting ..... gather proof of the case in the assessment order. he did not go for special audit as provided under section 142(2a) of the income-tax act. no defect in the accounts maintained was stated in the impugned order. there was further no change in the method of accounting employed by ..... members of jaipur bench of the tribunal on account of difference between them, have referred this matter to me under section 255(4) of the income-tax act. the learned members have different perception of controversy as is reflected from different questions referred to by the learned members. the questions referred are as ..... express any such inability in the assessment order.even the enabling provision for resorting to special audit as provided under section 142(2a) of the income-tax act, 1961 were not invoked by the assessing officer. it is too late in the day to have raised such a plea and without pointing ..... 883 giving gross profit rate of 7.34% in the immediately preceding year. the assessing officer after rejecting the accounts under section 145 of the income-tax act, 1961 estimated the sales at rs. 5,70,00,000 and applied gross profit rate of 6. 5% thereby making trading addition of rs .....

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Oct 21 2004 (TRI)

Gyarsi Lal Gupta and Sons, Prop. of Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Oct-21-2004

Reported in : (2005)94ITD329(JP.)

..... ultimately, he submitted that the ao can make even trading addition while making re-assessment in pursuance of the notices issued under section 148 of the income-tax act. the ld.cit(a) erred in deleting the additions, thus, made by the ao.25. the ld. a/r submitted that the declared trading results had been ..... accepted by the ao in the original assessment proceedings when the returns were processed in a summary manner under section 143(1)(a) of the income-tax act. no defects had been pointed out in the reasons recorded by the ao. the reasons recorded were in respect of excess expenditure claimed on account of ..... the assessment year 1997-98.21. the brief facts of the case are that while making reassessment in pursuance of notices issued under section 148 of the income-tax act, the ao made the trading addition of rs. 9,84,500/- for the assessment year 1996-97 and trading addition of rs. 10,81,760/- ..... perusal of the order of the ao, we find that he has given specific direction for charging of interest under sections 234a, 234b & 234c of the income-tax act. the ao is directed to allow consequential relief, if any.19. the ground no. 4 in both the appeals filed by the assessee is general ground, ..... to call for information from the government valuer. in the case before us, the ao was authorized to call for information under section 133(6) of the income-tax act. the ld. a/r also relied upon the decision of hon'ble calcutta high court in the case of grindlays bank ltd. v. ito (supra). .....

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Oct 14 2004 (TRI)

Vijay Solvex Ltd. Vs. the Asstt. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Oct-14-2004

Reported in : (2004)85TTJ(JP.)932

..... would cover depreciation also. their lordships were not dealing with question as to at what rate the depreciation should be provided to the assessee for purposes of section 115j of income tax act. in the light of direct decision of hon'ble supreme court, i deem it unnecessary to deal with further case cited on behalf of the revenue. 1 see no distinguishing ..... , surpa, was also misconstrued by the ld. judicial member. the ld.counsel further submitted that balance sheet and profit & loss account adopted by assessee for purposes of section 115j of income-tax act stood approved by board and also at the general meeting. there is no further dispute that these were filed with authorities under the company law. the ao had no authority ..... of opinion between hon'ble members of itat, jaipur bench, this case has come up before me under section 255(4) of income-tax act. the ld. members have referred the difference between them as per the following questions : 1. "whether in the facts and circumstances of the case, the issue of allowing depreciation as ..... dated 13th september, 2004, has concurred with the view of the ld. accountant member, who has rightly shown that it had no profit for purposes of section 115j of the income-tax act.3. therefore, in accordance with the majority view, the issue is decided in favour of the assessee and the appeal of the assessee is allowed.4. on account of difference .....

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Oct 14 2004 (TRI)

Triveni Pharma Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Oct-14-2004

Reported in : (2004)85TTJ(JP.)950

..... proposed order of the learned judicial member. the learned jm thereafter observed that in the following three circumstances, the ao could make best judgment assessment under section 144 of the income-tax act:- (i) if the method of accounting adopted is neither pure cash nor pure mercantile, in other words, if a mixed method of accounting is adopted. (ii) if the accounting standards ..... did not express any inability to gather proof of the case in the assessment order. he did not go for special audit as provided under section 142(2a) of the income-tax act. no defect in the accounts maintained was stated in the impugned order. there was further no change in the method of accounting employed by the assessee. value of stock was ..... of the assessee.the learned members of jaipur bench of the tribunal on account of difference between them, have referred this matter to me under section 255(4) of the income-tax act. the learned members have different perception of controversy as is reflected from different questions referred to by the learned members. the questions referred are as under:- under the facts, findings ..... . 6,14,616/-.10. the learned judicial member did not agree with the above view of the learned accountant member. he noted provisions of section 145 of the income-tax act as amended by the finance act, 1995 with effect from 1.4.1997 and quoted three sub-sections. thereafter took note of notification no. so 69(e) dated 25^th january, 1996 notifying .....

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Jun 29 2004 (TRI)

Dy. Cit Vs. Narendra Kumar Lunawat

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Jun-29-2004

Reported in : (2004)90TTJ(JP.)467

..... kumar & co., which is an exporter of precious and semi-precious stones and related items. in this case, search under section 132 of the income tax act was conducted on 10-3-2000. the value of the excess stock was computed by the assessing officer by applying a gp rate of 38.26 ..... while calculating the stock as per the books, there cannot be any motive of the assessee to make bogus purchases as total income was exempt under section 80hhc of the income tax act. the assessing officer and the learned commissioner (appeals) have grossly erred in holding that these purchases were bogus purchases or addition ..... to the extent of excess stock found is to be made. the assessee is a 100 per cent exporter, whose income is 100 per cent exempt under section 80hhc of the income tax act. the deduction under section 80hhc is to be allowed as per the. profits and gains of the business computed as ..... goods. there cannot be any attempt on the part of the assessee to reduce tax incidence as in this case the income of the assessee is 100 per cent exempt under section 80hhc of the income tax act and the assessee has no income from any source. under such circumstances, the case law relied upon by the ..... in such cases manipulation of gp rate is not required for the purpose of reducing profit, as the profit from export earning were exempt from income-tax in the relevant assessment year. the learned commissioner (appeals) observed that the assessee has filed the details of the opening stock at the beginning .....

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