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Latest Cases Home > Latest Court: income tax appellate tribunal itat amritsar Page 4 of about 360 results (0.230 seconds)

Jan 09 2007 (TRI)

R. Kakkar Glass and Crockery House Vs. Deputy Commissioner of Income T ...

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)108TTJ(Asr.)1

1. These cross-appeals-one by the assessee and another by the Revenue, have been filed against the order of the CIT(A), Jalandhar, for the asst. yr. 1990-91. Since the issues involved are common, these were heard together and are being disposed of by this consolidated order for the sake of convenience.2. First, we take up assessee appeal in ITA No. 429/2000. Ground Nos. 1 and 2 relate to sustaining the action of the AO for reopening the assessment under Section 147 which go to the very root of reassessment completed by the AO. These grounds are extracted as under: 1. That, on the facts and circumstances of the case, the learned CIT(A) has gravely erred in upholding the reopening under Section 147 as valid, which is bad in law and on facts and based on insufficient and inadequate material. 2. That, on the facts and circumstances of the case, the CIT(A) has gravely erred in holding that page No. 53 of Annex. A-9 of the seizure during search was the balance sheet of the business of the a...

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Dec 06 2006 (TRI)

Assistant Commissioner of Income Vs. Vinod Goel

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)111ITD70(Asr.)

1. These three appeals have been filed by the Revenue against three orders of CIT(A), Jalandhar, in three cases mentioned in the caption of this order in the block assessments for the block period from 1st April, 1988 to 23rd Dec, 1998. Since the issues involved in these appeals are identical, these were heard together and are being disposed of by this consolidated order for the sake of convenience.2. The main order in this case has been passed in the case of Sh. Vinod Goel in IT(SS)A No. 14/Asr/2005 and the same has been followed in the remaining two cases. In all the three appeals, the Revenue has taken following identical grounds as under: 1. That, on the facts and in the circumstances of the case, the learned CIT(A) has erred in quashing the assessment framed under Section 158BD r/w Section 158BC on the ground that it was a direct search on the assessee and hence proceedings under Section 158BD were not in accordance with law. 2. That, on the facts and in the circumstances of the ...

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Oct 06 2006 (TRI)

Sardarni Uttam Kaur Educational Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

1. This is a bunch of six appeals out of which four have been filed by the assessee against the consolidated order dated 21-5-2002 of Commissioner (Appeals), Bhatinda, for the assessment years 1994-95, 1995-96, 1997-98 and 1998-99 and two appeals have been filed by the revenue against the same order of Commissioner (Appeals). for the assessment years 1995-96 and 1996-97. Since the issues involved in the appeals filed by the assessee and by the revenue are inter-related and arise from the same consolidated order of Commissioner (Appeals), all the appeals were heard together and are being disposed of by this consolidated order for the sake of convenience.2. At the time of hearing of the appeals, the learned Counsel for the assessee submitted an application of the assessee dated 20-11-2005 requesting for admission of the following additional ground of appeals for the assessment years 199495,1995-96,1997-98 and 1998-99: That the order under appeal is void ab initio as legal requirements f...

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Sep 29 2006 (TRI)

Anil Kumar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)108TTJ(Asr.)22

1. By this order, I shall dispose of this appeal of the assessee filed against the order of CIT(A), Jalandhar, for the asst. yr. 2001-2002.2. The first effective issue raised in this appeal is that the learned CIT(A) was not justified in confirming an addition of Rs. 85,764 made by the AO by disallowing interest paid to M/s Dawar Cloth House, Banga.The facts of the case are that the assessee purchased goods worth Rs. 2,40,085 in the accounting year relevant to asst. yr. 1999-2000 and Rs. 4,74,623 in the accounting year relevant to asst. yr. 2000-01 from M/s Dawar Cloth House, Banga. The assessee was a partner having 35 per cent share in the said firm and other partners were also brother and sister of the assessee. The assessee did not make any payment of the amounts due to the sister concern. Therefore, the assessee paid interest @ 12 per cent per annum amounting to Rs. 85,764 on amount due to the sister concern at Rs. 7,14,708. The AO observed that these purchases were made at the fa...

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Sep 22 2006 (TRI)

Sera Com. Pvt. Ltd. Vs. the Income Tax Officer, Ward 2(3)

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)110ITD497(Asr.)

1. By this order, we shall dispose of this appeal of the assessee filed against the order of the CIT(A), Jammu with Hqrs. at Amritsar, for the assessment year 2001-2002.2. The first effective issue raised in this appeal is that the Ld.CIT(A) was not justified in sustaining an addition of Rs. 36,46,610/- rnr.de on account of valuation of quoted shares being field as investment. The facts of the case are that the assessee filed a return declaring therein income of Rs. 4,38,643/- from dividends, interest and miscellaneous income. The case was picked up for scrutiny and during course of assessment proceedings, the assessee was asked to produce the books of account, bills and vouchers and other information called for vide detailed questionnaire issued by the A.O. However, the assessee failed to comply with the requirement of notices issued Under Section 143(2) & 142(1) of the Income-tax Act, 1961 (In short 'the Act'). The AO, therefore, completed the assessment Under Section 144 of the...

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Sep 15 2006 (TRI)

Asstt. Cit Vs. Ranjit Singh Ghuman

Court : Income Tax Appellate Tribunal ITAT Amritsar

1. The appeal of the revenue has been filed against the order of the Commissioner (Appeals), Ludhiana, in the block assessment relating to the block period ending on 8-2-2000 and the other appeal has been filed by the assessee against order of Commissioner (Appeals), Ludhiana, dated 11-12-2003 passed under Section 154 of the Income Tax Act, 1961, relating to the same period of the block assessment completed by the I assessing officer. Since the issues raised in both the appeals arise from the same block assessment completed by the assessing officer and appeals decided - by the Commissioner (Appeals), both were heard together and are being disposed of by this consolidated order for the sake of convenience.2. First, we take up appeal filed by the revenue, where following two grounds of appeal have been taken: l. That the learned Commissioner (Appeals) has erred both in law and on the facts of the case in deleting the addition of Rs. 46,47,070 made on account of. interest paid by the ass...

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Sep 08 2006 (TRI)

income Tax Officer Vs. Bansi Lal Gupta

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)113TTJ(Asr.)898

1. By this order, we shall dispose of this appeal of the Revenue filed against the order of the CIT(A), Jalandhar, for the asst. yr. 2001-02.2. The first ground of appeal relates to deletion of an addition of Rs. 2,84,425 made by the AO on account of cash credits. The facts of the case are that during the course of assessment proceedings', the AO found from balance sheet credits in the names of five persons standing in the books of account of the assessee. All these were old credits brought from the year 1995-96 onwards. The AO issued summons under Section 131 to confirm whether such credits were genuine. One Sh. Arjan Dass in whose name an amount of Rs. 50,000 was shown outstanding appeared before the AO and stated that he has not given any loan to anybody during and before the financial year 2000-01. Summons issued to Sh. Vipan Kumar and Smt. Kanchan Gupta were returned 'unserved'. The AO, therefore, held that such credits standing in the names of these persons for more than three y...

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Aug 10 2006 (TRI)

Assistant Commissioner of Income Vs. Chowdhary Motor Agency

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)108TTJ(Asr.)998

1. By this order, we shall dispose of this appeal of the Revenue filed against the order of the CIT(A), Jalandhar, for the asst. yr. 1991-92.2. The only effective issue raised in this appeal is that the learned CIT(A) was not justified in deleting the additions of Rs. 12,38,888 and Rs. 3,62,307 made by the AO on account of unexplained sundry advances received from the customers. The facts of the case are that the AO noticed sundry creditors amounting to Rs. 18,98,265 in the head office and Rs. 18,08,437 in the branch office. On being asked to furnish complete names and addresses of these creditors, the assessee stated that books of account for the current year had been lost. A copy of FIR and affidavit of one of the partners was also filed. However, subsequently the assessee supplied a list of all sundry creditors along with their addresses. The AO sent enquiry letters at the addresses supplied by the assessee. But these were received back with the remarks that the addresses mentioned...

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Jul 18 2006 (TRI)

The Asstt. C.i.T., Range 1 Vs. the J and K Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)110ITD603(Asr.)

1. This is department's appeal, under the Interest tax Act, for the assessment year 1998-99, against the order dated 24-2-2003, passed by the learned CIT(A), Bhatinda. It has been pleaded that the learned CIT(A) has erred in allowing any opportunity to the Assessing Officer before admitting additional evidence produced by the assessee, whereas providi ng of such opportunity was a statutory requirement as per Rule 46A(3) of the Income tax Rules, 1962 read with Section 15(4) of the Interest Tax Act.2. In the computation of taxable interest, as per the revised return filed by the assessee, the assessee claimed deduction on account of interest on Commercial Paper, to the tune of Rs. 24,65,095/-. Before the A.Q., the assessee submitted that an investment of Rs. 9,50,25,039/- had been made by it with M/s. Kotak Mahindra Finance Ltd., on which, interest @ 10.25% was earned, for 90 days, amounting to Rs. 24,65,095/-. The A.O., however, observed that the assessee had not tiled any evidence or ...

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Jul 14 2006 (TRI)

income-tax Officer Vs. Lally Motors Ltd.

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)102ITD271(Asr.)

1. This is bunch of six appeals filed by the Revenue against six identical orders dated 31-10-2005 of CIT(A), Jalandhar, for the assessment years mentioned in the caption of this order. Since the issues involved in all the appeals are identical, these were heard together and are being disposed of by this consolidated order for the sake of convenience.2. In these appeals, the Revenue has raised following two identical grounds for all the assessment years: 1. That on the facts and in the circumstances of the case the learned Commissioner of Income-tax (Appeals) has erred in vacating the demand created under Sections 201 and 201(1A) of the Act holding that ownership of rented premises should be considered individually in the hands of the co-owners of the property in question. 2. That the ld. CIT(A) has failed to appreciate that Calcutta High Court in its judgment in 219 ITR 327 (Cal.) have held that composite congregation of persons co-owning one property falls under Section 194-I(b) of ...

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