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Judgment Search Results Home > Cases Phrase: rationale Court: income tax appellate tribunal itat indore Year: 1995 Page 1 of about 2 results (0.054 seconds)

Jun 16 1995 (TRI)

Shailendra Bhargava Vs. Wealth Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Indore

Decided on : Jun-16-1995

Reported in : (1995)53TTJIndore251

..... have determined the value as returned by the assessee at rs. 3,00,000 on the basis of material available before him at the time of framing the assessment. the rationale of this is that when the assessment was being framed, the learned wto was aware that the proceedings taken by the learned cwt, bhopal under s. 25(2) of the .....

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May 17 1995 (TRI)

Johnson Pedder Pvt. Ltd. Vs. Income Tax Officer (Dy. Cit V.

Court : Income Tax Appellate Tribunal ITAT Indore

Decided on : May-17-1995

Reported in : (1995)53TTJIndore284

the assessee as also the revenue are in appeal against the order dt.25th july, 1990, of the cit(a), indore, pertaining to the asst. yr.1984-85.2. the learned representatives of both the sides have been heard and their arguments have been taken into consideration.3. in assessees appeal in ita no. 902/ind/1990, the ground no. 1 relates to disallowance of rs. 12,000 representing penalty/redemption fine imposed under central excise rules, which has been confirmed by the cit(a). the facts have been narrated by the assessing officer in the following words : "during the year the central excise authorities has conducted a raid at ujjain division of the assessee-company on 15th sept., 1981. during the course of verification of stock lying in bonded show room, the excise authorities noted that there was a difference between the ascertained balance and the recorded balance in the rc-1 register in respect of some varieties of sanitaryware. no stock credits were mentioned. it was further found that in one register excess stock of 723 pieces of china and porcelain-wares (sanitarywares) valued at rs. 35,015 was there while in another variety shortage of 1,509 pieces valued at rs. 89,385 was found. accordingly, these goods were seized by the excise authorities on which a penalty of rs. 12,000 was levied. this sum has been debited by the assessee-company to the p&l account." since the assessee did not give any satisfactory explanation, the assessing officer made the impugned disallowance, .....

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