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Judgment Search Results Home > Cases Phrase: mediation Court: income tax appellate tribunal itat pune Year: 2003 Page 1 of about 4 results (0.078 seconds)

Aug 07 2003 (TRI)

Swasik Asbestos Products Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Aug-07-2003

Reported in : (2004)89TTJ(Pune.)393

..... should give up its claim for amounts due and supplies effected by it and nsi will not make any counterclaim for compensation for damages. pursuant to this opinion of the mediators, the assessee had written off the debt due by nsi in its books of accounts. according to the assessee the debt had really become bad and all the conditions under .....

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Mar 07 2003 (TRI)

Charbhai Bidi Works Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Mar-07-2003

Reported in : (2003)87ITD189(Pune.)

2. the assessee-firm is a bidi manufacturer. it has manufacturing centres in andhra pradesh and sales depots at bhavngar and in pune.3. we first take up the assessee's appeal i.e., ita no. 557/pn/1994 where the only ground raised relates to the addition of rs. 23,64,940 on account of alleged excess payment to bidi workers. during the course of assessment proceedings, the ao observed that the total sales during the year were rs. 17,22,44,444 on which the assessee had declared gp at 16.8 per cent as against 17.14 per cent declared in the immediate preceding year. the ao compared the case of the assessee with the cases of other bidi manufacturers assessed in pune, namely, m/s thakur savdekar & co. and m/s desai brothers and came to the conclusion that : (b) the assessee is claiming higher wages than others. the ao observed that the wages in andhra pradesh were same for all the areas and for all the manufacturers. the assessee had claimed that higher wages were paid as compared to others as from the month of december, 1989 onwards the assessee had paid wages to the workers at an amount which included cost of leaves as well, as the leaves had been supplied by workers also. this meant that the assessee had supplied only tobacco to the workers and the workers had utilised their own leaves for the production of bidis. the assessee, therefore, claimed wages at a higher rate i.e., 33.40 per 1,000 bidis. the ao made further enquiry into the case and came to the conclusion that the .....

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Feb 25 2003 (TRI)

G.C. Bafna Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Feb-25-2003

Reported in : (2004)90ITD115(Pune.)

1. the assessee. shri g.c. bafna, is an individual and is the proprietor of m/s g.c.b, goods transport which is engaged in the business of goods transport. the assessee also derives income by share profit from various concerns in bafna group of cases. he is also a director in a private limited company promoted by the family.2. the revenue carried out extensive search operations on bafna group covering the residential premises on 12th sept., 1996. bafna group consists of about 98 assessees, consisting of individuals, firms, aops, etc. the group is mainly engaged in the business of transport and it has allied businesses. in the search proceedings, cash of rs. 4,48,089 was noticed out of, which cash of rs. 2,50,000 was seized. apart from the cash, jewellery, shares, securities, various loose papers, account books, etc. were also seized. however, there was no declaration of any undisclosed income made during the course of the search. out of the group, 10 regular firms and few individuals were filing their returns regularly, but in other cases, including that of the assessee, no returns were filed and no assessments had taken place before the search action was taken. as far as the firms were concerned, the returns were filed for the asst. yr. 1995-96 and the assessments were also made.apart from these partnership firms which had filed their regular returns, there were 42 aops, 23 partnership firms, 3 hufs, 3 family trusts and 15 individuals out of whom the assessee is one such .....

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Mar 07 2003 (TRI)

Krishnagopal Nagpal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Mar-07-2003

Reported in : (2004)82TTJ(Pune.)481

"1. on the facts and in the circumstances of the case, the learned ao erred in denying the exemption under section 54 in respect of the seven row, houses constructed by the appellant. this exemption was claimed by the appellant against the capital gains on sale of a flat at mumbai of rs. 1,08,30,625. 2. in this context, the learned ao was not justified in holding the view that as the appellant had invested the sale proceeds of the flat at mumbai in a joint venture and as the seven row houses are received by the appellant towards his share of investment and profits, no exemption under section 54 was admissible to the appellant. 3. accordingly, the learned ao further erred in taking the capital gains of rs. 1,08,30,625 on sale of flat at mumbai as undisclosed income of the appellant. 4. the appellant submits that as per law, he was entitled to the exemption under section 54 because of his acquisition of the row houses and thus the capital gains of rs. 1,08,30,625 in respect of a flat at mumbai were not taxable as undisclosed income of the appellant. 5. without prejudice to the above grounds, even presuming that the capital gains on sale of the flat at mumbai were taxable, the same could not be considered as undisclosed income of the appellant under chapter xiv-b of the it act. 6. the appellant craves leave to add, alter or amend any of the grounds of appeal." 2. the assessee has also raised following additional ground vide application dt. 1st march, 2003. "without prejudice to .....

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