Court : Kerala
Decided on : Jan-10-2012
..... two assessees, one by name m/s.bimbis south star and the other by name m/s.khyber foods, both assessed based on search conducted under section 132 of the income tax act. even though there is only one assessment, the two appeals happened to be filed in the case of two assessees only because both the revenue as well as the assessee ..... the same telephone number 382357, which intrinsically prove that all the concerns are owned and managed by same party, though under separate group names and concerns for the purpose of income tax benefits. on going through the tribunal's order we notice that tribunal has taken only one line from the warrant wherein the premises to be searched is stated as bimbis ..... of group concerns with names of the assessees separately stated therein. senior counsel for revenue has relied on division bench decision of this court in jose cyriac vs. commissioner of income tax reported in (2011) 336 itr 241 wherein this court reversed the said order of the tribunal relied on by them in allowing the assessee's claim in these cases. since .....Tag this Judgment!
Court : Kerala
Decided on : Mar-29-2012
Reported in : 2012(3)KLT79(SN)(C.No.84)
..... both the appeals filed by the revenue are against common order issued by the tribunal cancelling a block assessment completed against the respondent under section 158bd of the income tax act (hereinafter called "the act") on the ground that the assessing officer before issuing notice for assessment did not record reasons and that the assessment is also barred by limitation. we have ..... block assessment confirmed in first appeal for the reason that assessing officer has not recorded reasons for issuance of notice for assessment under section 158bd of the income tax act (hereinafter called "the act"). we notice that the tribunal held in favour of the assessee following their order in appeal in the case of m/s.panchajanyam management agencies case ..... wherein also similar issue arose for consideration. however, senior counsel appearing for the revenue referred to the judgment of this court in commissioner of income tax vs. panchajanyam management agencies ..... be considered is limitation claimed by the assessee and accepted by the tribunal. counsel for the assessee relied on decision of the punjab and haryana high court in commissioner of income tax vs. parveen fabrics (p) ltd. reported in (2011) 198 taxman 463 wherein the punjab high court held that simultaneous with section 158bc-assessment initiated against the searched .....Tag this Judgment!
Court : Kerala
Decided on : Jun-13-2012
..... petitions have been filed with the prayer to quash the assessment orders passed by the respondent under section 144 read with sections 153c and 153a of the income tax act 1961 (hereinafter referred to as the act for short) for the assessments years 2003-04 to 2009-10. 2. issues raised in these writ petitions being connected these cases were heard together and are ..... letter reads thus; from dr. k.m. mehaboob, baywatch, west hill, calicut. to the asst. commissioner of income tax, circle 2(1), calicut. dear sir, sub: income tax asst. year 2003-2004 to 2008-2009 notice u/s. 153a (a) r.w.s 153c of the income tax act regarding. ref: your notice no.adtpm0486e dated 16.03.2010. kindly refer to your above notice. i shall ..... documents produced therein. 3. according to the petitioner, he had received ex.p9 summons dated 26.03.2009 issued under section 131 of the act from the assistant director of income tax (investigation). mangalore requiring him to appear at the income tax office, mangalore on the 25th april 2009 with various details and documents. petitioner submits that thereupon, he made enquiries and came to know ..... . 11. it is stated that in the aforesaid circumstances, the assessments for the years 2003-04 to 2009-10 were completed under section 144 of the act, with the prior approval of the joint commissioner of income tax, calicut, vide his order dated 29.12.2010. according to the respondent, the assessment orders were despatched to the petitioner by speed post on 30 .....Tag this Judgment!
Court : Kerala
Decided on : Feb-23-2012
..... 1. this appeal is filed under section 260a of the income tax act against the orders of the tribunal with a delay of 206 days. we have heard advocate sri. p. balakrishnan, appearing for the assessee. 2. at the time of hearing the ..... ltd v. cit (1985) 156 itr 185 (sc). we, therefore, do not find any merit in the appeal as well as in the delay condonation petition. accordingly, both delay condonation petition and appeal ..... the claim of gratuity, which is a liability of immediate preceding year. the tribunal, after examining the matter, disallowed the claim under section 40a(7)(a) of the i.t. act holding that liability is not allowable if it is not paid in the previous year. here again, the tribunal rejected the claim following the principles laid down in sajjan mills ..... is that it is an abortive capital expenditure which should be allowed as revenue expenditure. however, the tribunal, following the decision of the supreme court in brooke bond ltd v. cit 225 itr 798) rejected the claim. we do not think, the question can further arise for decision by the high court when it is decided by the tribunal based on .....Tag this Judgment!
Court : Kerala
Decided on : Mar-05-2012
..... search conducted on the premises of another assessee, the officer transferring the file should record his satisfaction about the undisclosed income to be assessed at the hands of other assessee under section 158bd of the income tax act, 1961 (hereinafter referred to as the act for short). 2. we have heard learned senior standing counsel shri.p.k.r.menon appearing for the revenue ..... view in the decision above referred, the learned counsel for the respondent assessee has referred to the decision of the supreme court in manish maheshwari v. asst. commissioner of income tax and another, reported in 289 itr 341, wherein the supreme court has taken the view that if satisfaction is not recorded by the assessing officer for transferring the file under ..... assessing officer transferring the file to the other assessing officer, the assessment is invalid. 6. the revenue has brought to our notice the decision of this court in commissioner of income tax v. panchajanyam management agencies and services, reported in 239 ctr (ker) 424, wherein the division bench of this court of which one of us (cnr(j)) is a member, ..... provision provides for assessment for block period pursuant to search made under section 132 or based on requisition of accounts or documents under section 132a of the act. the provisions for assessment of undisclosed income of the assessee searched under section 132 or whose books of accounts and other documents are requisitioned under section 132a, are contained in section 158bc of .....Tag this Judgment!
Court : Kerala
Decided on : Feb-24-2012
..... seized assets against "existing liability" under the aforesaid acts only. on the other hand, the latter part of this clause provides for application of ..... out of such assets: 11. a close reading of section 132b(1)(i) of the act shows that it consists of two parts. the former part provides for application of the seized assets against "the existing liability under the income tax act, wealth-tax act, expenditure-tax act, gift-tax act and the interest-tax act. thus it is clear that this part of clause (i) provides for application of the ..... since payments have been made within thirty days as per ext.p8, there is no liability to pay interest as per the provisions contained in section 220(2) of the income tax act. as far as the penalty proceedings initiated against the petitioner as per ext.p10 and similar other notices issued on 31/12/10 are concerned, the contention of the ..... in which mainly three contentions are raised. first is that, as per ext.p10 dated 31/12/10 and other similar notices issued under section 271(1)(c) of the income tax act, penalty proceedings have already been initiated against the petitioner and that if penalty is imposed, petitioner will have a liability between rs.14,72,494 and rs.44,17,482 .....Tag this Judgment!
Court : Kerala
Decided on : Jan-18-2012
..... is submitted, i find that even the second application made by the petitioner invoking both section 190 (2) as also 220 (2a) of the income tax act was considered by the chief commissioner and the latter prayer was again rejected for non co-operation evidenced by default in making payment. it was after ..... in which no return was filed. for the subsequent years due to non co-operation of assessee, assessment was completed under section 144 of the income tax act. the assessment as such is not the subject of challenge in the above writ petition and the petitioner claims only waiver of interest levied under ..... first respondent for waiver under section 220 (2a) of the income tax act. the petitioner was a stock broker and on the claim that he had no sufficient income for the years 1990-91 and 1991-92, did not file any return of income. for the assessment year 1992-93, the petitioner filed returns ..... two unsuccessful attempts that the petitioner again approached the commissioner of income tax by ext.p5 which was again rejected on the ground of non co-operation by ext.p6. in my opinion, the power conferred under section ..... the invocation of the powers under section 220 (2a). i find that the petitioner had approached the commissioner of income tax invoking powers under section 220 (2a) of the act with an earlier petition which was rejected by ext.p2 finding that the petitioner has not paid the amounts demanded as .....Tag this Judgment!
Court : Kerala
Decided on : Feb-10-2012
..... for payments over a certain limit in cash, black money generation and circulation cannot be controlled because the disincentives on cash dealings contained under the various provisions of the income tax act have failed to achieve the objective. further, by prohibiting use of cash in major transactions terror and mafia funding and corruption could be arrested to a large extent. ..... the films produced or directed by the respondent- assessee were distributed through sri.p.d.abraham alias sri.appachan, swargachitra films. the income tax department conducted search under section 132 of the income tax act (hereinafter called "the act") in the residence and business premises of sri.appachan as well as the respondent-assessee and another film producer by name sri.a.h ..... in the premises of the respondent- assessee on 29.7.1997 wherein several documents and accounts were seized by the income tax department. pursuant to notice under section 158bc of the act, assessee filed return in form 2b returning undisclosed income for the entire block period totaling rs.38.58 lakhs. however, the assessing officer based on materials received during search ..... in the course of search, the assessment under section 158bc read with section 158bd is supported by statutory provision namely, section 158bb of the act. the tribunal cannot cancel the assessment of undisclosed income if the same is based on tenable and acceptable evidence recovered in the course of search and which is not disproved by the assessee. keeping .....Tag this Judgment!
Court : Kerala
Decided on : Jan-19-2012
..... 1. petitioner made an application seeking waiver of interest as provided under section 220(2a) of the income tax act (in short 'the act'). that application was considered and by ext.p8 order, waiver to the extent of 50% of the interest due, has been granted. ..... proceeding for the recovery of any amount due from him. 4. in gtn textiles ltd. v. deputy commissioner of income tax and another (217 itr 653 [ker] ) and dr.k.parameswaran nair v. assistant commissioner of income tax and another (245 itr 210 (ker), relied on by the learned counsel for the revenue, it has already ..... counsel appearing for the petitioner who mainly contends that although the petitioner has satisfied the three conditions laid down in section 220(2a) of the act, the commissioner has acted illegally in denying full benefits. however, having gone through ext.p8 order and the provisions contained in section 220(2a), i am unable to ..... that the commissioner has found the petitioner eligible for the benefit of section 220(2a) of the act and having regard to the fact that the petitioner has various assets in her name and also has many income there from, the commissioner has not satisfied that the petitioner was eligible for the full waiver. ..... of the demand. it is also seen that the default in payment of tax on which interest under section 220(2) was charged was due to liquidity problem as the legal heir did not have a regular source of income to cover all the liabilities including upkeep and maintenance of the family. at .....Tag this Judgment!
Court : Kerala
Decided on : Jan-11-2012
..... required. 2. the assessee, a partner of a roller flour mill, filed his return of income for the assessment year 2005-06, which was processed under section 143(1)(a) of the income tax act (for short the act). on the case of the assessee being taken for scrutiny, notice was issued under section 143 ..... (2) of the act and the cash flow statement submitted by the assessee for the period 01.04 ..... offered by the assessee is not satisfactory in the opinion of the assessing officer, then the sum so credited is to be charged to income tax as the income of the previous year. the expression the assessee offers no explanation was also held to mean the absence of any proper, reasonable and ..... assessee is not satisfactory and the source of the receipt of loans having been not proved, the same is liable to be treated as undisclosed income of the assessee. on first appeal by the assessee, the first appellate authority, based on the confirmation letters of the creditors, held that there ..... ample opportunity to produce the said documents before the assessing officer as also the two appellate forums, which constitute the fact finding authorities under the act. the tribunal of facts having confirmed the finding of the assessing officer that the assessee has not explained the receipts satisfactorily, there is no .....Tag this Judgment!