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Feb 11 1992 (HC)

Seth Banarsi Dass Gupta (Huf) Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1993]202ITR428(All)

..... for disposal of the assessee's appeal on merits.12. in our opinion, the initiation of the proceedings for reopening the assessment under section 147(a) of the income-tax act by the income-tax officer was perfectly valid and justified. the discrepancy arising between the assessment of sri banarsi dass gupta recorded on august 4, 1962, that the full consideration of a ..... the significance of the discrepancy between the two statements. judged in the light of those facts, we have no hesitation in holding that the initiation of reassessment proceedings by the income-tax officer was legitimate and proper.14. sri bharatji agarwal, learned counsel for the applicant, attempted to demonstrate that the statement of the assessee made in 1962 was wrong and, ..... truly the material facts necessary for the assessment. the third member was clearly right.13. as mentioned earlier, the question before us is a limited one, namely, whether the income-tax officer could legitimately have reasons to believe that the assessee had failed or omitted to disclose fully and truly all the material facts necessary for the assessment year 1949-50 ..... -50.8. aggrieved by the aforesaid order, the assessee appealed to the appellate assistant commissioner. the appellate assistant commissioner allowed the appeal and came to the conclusion that the income-tax officer had no jurisdiction to reopen the assessment. he pointed out that the question whether the assessee had received the 'on money' or not had been the subject-matter .....

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Feb 29 1984 (HC)

Addl. Commissioner of Income-tax, Delhi-ii Vs. Gokal Chand Jagan Nath

Court : Delhi

Reported in : (1985)46CTR(Del)30; [1986]157ITR187(Delhi)

..... ladies are partners in the assessed-firm. when this firm, m/s. jai and co., applied for registration under section 185 of the income-tax act, 1961, the income-tax officer came to the conclusion that the said firm was a benamidar of the assessed-firm and so registration was refused. the ..... appeals filed by m/s. jai and co. failed up to the tribunal. on account of alleged concealment of income for not including the income of m/s. jai and co. in its disclosed income, the income-tax officer initiated penalty proceedings, which were referred to the inspecting assistant commissioner on account of the minimum penalty being more ..... . however, it is good evidence.' 10. in the present case, if we consider the explanationn as being the set of facts before the income-tax officer in the case of m/s. jai & co., we could not treat it as positive evidence that there had been a concealment. on ..... partnership is a relationship between individuals which is treated as an entity for income-tax purposes. but the income is to be apportioned to the relevant partners. we fail to understand how the income of m/s. jai & co. can be treated as the benami income of the assessed-firm. at best, the partners can be treated benami ..... members of the family. 6. it was on the sum total of the above facts that the income-tax authorities came to the conclusion that the income of m/s. jai & co. should be included in the income of the assessed as a benamidar. now, the question is whether this establishes that there is concealment .....

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Aug 26 1981 (HC)

The Additional Commissioner of Income Tax Vs. Gedore Tools (India) Pvt ...

Court : Delhi

Reported in : (1982)27CTR(Del)63; [1982]134ITR592(Delhi)

..... for our present purposes provided that income tax was not payable by an assessed on so much of the profits and gains derived ..... the controversy in the reference raises a question of the interpretation of rule 19 of the income-tax rules, 1962. it may be convenient before setting out the facts to refer to the statutory provisions. section 84 of the income-tax act, 1961 as it stood at the relevant time and in so far as it is relevant ..... before the appellate assistant commissioner and was not raised by the department even in the fresh ground of appeal raised before vs. (6) the commissioner of income-tax is aggrieved by the order of the tribunal and on his application the two following questions have been referred to us: '1. whether the tribunal ..... 25,606 due to the assessed company. the average of the two figures mentioned above was rs. 14,40,998 and it is this figure that the income-tax officer substituted, for the figure of rs. 18,25,606 taken into account earlier. (5) on appeal, the appellate assistant commissioner was of opinion that ..... such undertaking computed in the prescribed manner. the computation of the capital for the purposes' of this section was provided for by rule 19 of the income-tax rules. 1962. this rule has. six sub-clauses but for our purposes it is sufficient if the first subclause is set out. rule 19(1) .....

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Oct 08 1991 (HC)

S.L. Singhania and ors. Vs. Assistant Commissioner of Income Tax/Wealt ...

Court : Delhi

Reported in : (1991)100CTR(Del)199; 46(1992)DLT399; 1991(1)DRJ(Suppl)76

..... kashi ram aggarwalla but the supreme court observed that 'this decision is not of any assistance to the revenue in the present case since that was transfer from one income-tax officer to another income tax officer in the same citv, or, as stated in the judgment itself, 'in the same locality' and the proviso to section 127(1). thereforee, applied. (10) it is ..... the petitioner before us. in view of this we need not go into the submissions of learned counsel for the respondent that the provisions of section 124(3) of the income tax actwere attracted in the present case and the petitioners did not raise the question of jurisdiction within the time prescribed by the said provisions. (14) we have no doubt in ..... that the impugned orders cannot be challenged on the ground that the board has not recorded reasons in directing the transfer of the cases pending against the assessed from one income-tax officer to another in the same locality.'(13) from the aforesaid it is clear that the order passed under section 127(3), as the said provision now exists, is merely ..... reaso's for the transfer should have been communicated. the section cantention is that the order dated 7th may 1990 was not served on the assessed by the commissioner of income tax and lastly, it is contended that the order of transfer is effective onlyfronv the date when it was communicated to the petitioners. intbisconriclionitis- submitted that any action taken prior to .....

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Sep 22 2006 (HC)

Indian Management Advisors and Leasing Pvt. Ltd. (Now Known as Spiceco ...

Court : Delhi

Reported in : (2007)207CTR(Del)333; [2007]289ITR179(Delhi)

..... .1. this is an appeal under section 261a of the income tax act filed by the appellant against the itat, delhi order dated 23.9.2003 in respect of assessment year 1991-92. 2. the undisputed facts are that the assessed/ petitioner filed its income tax return for the assessment year 1990-91. by this return ..... . in the annexure to the lease itself the rate of depreciation is shown to be 100% and this certainly was meant for consumption of the income tax officer as it had nothing to do with the lessee.20. we find no substantial question of law arises. whether or not there was a ..... the lease agreement are contrary to what actually transpired between the parties. it is apparent that the lease agreement was merely meant for consumption of income tax department to claim depreciation. fact is that neither bottles were recalled by the assessed nor lease was renewed and the bottles became the property of ..... and disallowed the claim of depreciation of rs. 30,70,122/ -. 3. aggrieved by the order of the assessing officer, assessed filed appeal before cit (a). cit (a) observed that in order to allow depreciation in respect of soft drink bottles leased by the assessed to m/s coolade beverages pvt. ltd., ..... the assessed cannot be known only by a self serving statement made in return of income or from a self serving lease agreement. it is to be seen whether the lease agreement was a camouflage to evade tax. where the terms and conditions of a document are confusing, the surrounding circumstances and .....

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Dec 19 1985 (HC)

Popular Workshops Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [1987]166ITR348(Ker)

..... discharged (see addanki narayanappa v. bhaskara krishnappa, : [1966]3scr400 ).6. it is, therefore, clear that for the purpose of assessment of a dissolved firm under section 189 of the income-tax act, 1961, the income of the firm has to be computed with reference to the market value of the closing stock and not the book value of such stock. on the other hand ..... assessee-firm was rs. 1,04,770. this was on the basis that the closing stock was correctly valued at rs. 94,390.75. subsequently, the assessment was reopened. the income-tax officer held that on dissolution of the firm on june 30, 1971, the closing stock should have been taken not at the cost price as shown in the books, but ..... , he determined the value of the closing stock as on june 30, 1971, at rs. 1,17,987, and the taxable income was determined on that basis. on appeal, the appellate assistant commissioner affirmed the principle followed by the income-tax officer, but gave some reduction by determining the market value of the stock on the closing day by adding 20 per cent ..... t. kochu thommen, j.1. the following question has been, at the instance of the assessee, referred to us by the income-tax appellate tribunal, cochin bench :'whether, on the facts and in the circumstances of the case, the closing stock should be valued at the market value as claimed by the department .....

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Sep 23 1963 (HC)

Ratilal Khushaldas Patel Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Reported in : [1965]55ITR517(Guj)

..... p.n. bhagwati, j. 1. this is a reference under section 66(1) of the income-tax act at the instance of the assessee. the assessee is one ratilal khushaldas patel, who has been assessed as an individual. the assessment year with which ..... it is clear that the contention of the learned advocate-general is correct. it is supported by the decision of this court in keshavlal lallubhai patel v. commissioner of income-tax. in that case it was held by a division bench of this court consisting of k. t. desai c.j. (as he then was) and myself ..... vittal v. bolla rattain, a case which was accepted as laying down the correct law on this point by this court in keshavlal lallubhai patel v. commissioner of income-tax. this being the position, what we have to consider is whether the five annas share which until 31st march, 1956, the assessee held as his separate property ..... annas share was, therefore, not liable to be included in his individual assessment but could be included only in the assessment of the hindu undivided family. the income-tax officer took the view that the transfer of the five annas share by the assessee to the hindu undivided family was hit by section 16(3) (b) ..... hindu undivided family in the books of account of the partnership. in the course of the assessment of the assessee for the assessment year 1957-58, the income-tax officer sought to include the five annas share standing in the name of the assessee in the partnership in his individual assessment. the assessee contended that the .....

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Sep 11 1970 (HC)

Commissioner of Income-tax, Gujarat Ii Vs. Western India Engineering C ...

Court : Gujarat

Reported in : [1971]81ITR712(Guj)

..... have legitimately taken a stand that the entries posted by the assessee do not represent the real income accrued to it. the reason is that under section 5 of the indian income-tax act, what is to be included in the total income of an assessee is the income which really and actually 'accrues or arises' to him. therefore, if an account entry posted in accordance ..... with the mercantile system of accounting is found to be not representing the real income of the concerned assessee, that entry cannot supply ..... might, in certain circumstances, have been made in the books of account. similar view is also taken in the bombay case of h. m. kashiparekh & co. ltd. v. commissioner of income-tax. 11. now, so far as the facts of this case are concerned, it is undoubtedly true that the assessee has credited the whole amount of bills preferred by it in ..... kasar amount is of rs. 26,000. the contention of the assessee is that this amount should not be added back for the purpose of assessing its income during the accounting period. 7. being dissatisfied with this decision of the income-tax officer, the assessee preferred an appeal before the concerned appellate assistant commissioner who also agreed with the view taken by the .....

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Jun 25 1970 (HC)

Kuberdas Hargovindas Modi Vs. K.N. Lalchandani, Income-tax Officer, Ci ...

Court : Gujarat

Reported in : [1972]83ITR783(Guj)

..... bhagwati, c.j.1. this petition is directed against a notice dated 28th march, 1969, issued by the income-tax officer, circle ii, ward c. ahmedabad, against the petitioner under section 148 of the income-tax act, 1961, seeking to reopen the assessment of the petitioner for the assessment year 1960-61. in or about 1930 ..... rule absolute by issuing a writ of mandamus quashing and setting aside the notice dated 28th march, 1969, issued by the income-tax officer under section 148 of the income-tax act, 1961. the respondent will pay the costs of the petition to the petitioner. ..... of the profit embedded in the sale proceeds of the plots was liable to be assessed during the relevant assessment year. it was for the income-tax officer to decide whether the interpretation of the judgment contended for on behalf of the petitioner was the correct interpretation or whether the judgment laid ..... assessment year in question. 8. before we proceed to consider whether the petitioner has succeeded in showing that on the material on record the income-tax officer could have no reason to believe that there was any omission or failure on the part of the petitioner to disclose material facts necessary ..... and truly all material facts necessary for his assessment for that year. 7. both these conditions are conditions precedent to be satisfied before the income-tax officer could have jurisdiction to issue notice for assessment or reassessment beyond the period of four years but within the period of eight years from .....

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Feb 16 1976 (HC)

Marghabhai Kishabhai Patel and Co. Vs. Commissioner of Income-tax, Guj ...

Court : Gujarat

Reported in : [1977]108ITR27a(Guj)

..... distributed is not prohibited. a taxpayer may resort to a device to divert depends not upon considerations of morality, but on the operation of the income-tax act. legislative injunction in taxing statutes may not, except on peril of penalty, be violated, but it may lawfully be circumvented. it is a well accepted principle of law that an assessee can so arrange ..... in taxing statutes may not, except on peril of penalty, by violated, but it may lawfully be circumvented.' 18. in the instant case, it is nobody's case that the transactions of ..... commissioner of income-tax v. a. raman & company : [1968]67itr11(sc) : 'avoidance of tax liability by so arranging commercial affairs that charge of tax is distributed is not prohibited. a taxpayer may resort to a device to divert the income before it accrues or arises to him. effectiveness of the device depends not upon considerations of morality, but on the operation of the income-tax act. legislative injunction .....

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