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Dec 29 2006 (TRI)

Anand Affiliates Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)108TTJ(Chd.)877

1. These are three appeals by the assessee against a common order of the CIT(A) dt. 1st Sept., 2005 pertaining to the asst. yrs. 1997-98, 1998-99 and 1999-2000. In all these appeals the solitary issue involved is regarding denial of deduction under Section 80-IA of IT Act, 1961 (in short 'the Act') to the assessee in respect of the profits of its Parwanoo Unit on the ground that the assessee was not carrying out any manufacturing activity so as to qualify for benefit under the aforesaid section.2. The assessee before us is a partnership firm owning a factory established in an industrially backward area of Himachal Pradesh. The factory of the assessee is registered with the Director of Industries, H.P. under Small Scale Industry and also under the Factories Act. The assessee produces automobile filter elements, which are used in the manufacture of automotive filters for automobiles. It manufactures the product for M/s Puralator India Ltd. who is the manufacturer of automobile filter. T...

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Nov 28 2006 (TRI)

D.C.i.T. Vs. Ruchira Papers Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

1. We find it convenient to dispose of these four appeals of the revenue for assessment years 1992-93, 1903-94, 1994-95 and 1995-96 by this consolidated order.2. We have heard the parjties and perused the record. The relevant facts in this case are that assessee is engaged in manufacture of Kraft paper for the purpose of which it had set up two separate units Production of Unit No. 1 was started in the previous year relevant to assessment year 1985-86 and production in Unit No. 2 commenced in the previous vear relevant to assessment year 1992-93. For assessment year 1992-93, assessment was originall made Under Section 143(3), Vide order dated 25.11.1994 determining the loss at Rs. 18,13,230/-. For assessment year 1993-94 return of income had been filed declaring income a 'nil' The said return was processed Under Section 143(1)(a).Subsequently, it was found by the Assessing Officer that assessec had claimed deduction Under Section 80IIII at Rs. 1,38,930/from Unil No.1., when the gross ...

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Nov 28 2006 (TRI)

The A.C.i.T., Range Vi Vs. Sh. Balbir Chand Maini

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)111TTJ(Chd.)160

1. The appeal of the Revenue for assessme n t year 1998-99 is directed against the order dated 23.3.2004 of Commissioner of Income-tax (Appeals)-II, Ludhiana The effective grounds of appeal are as under: 1. The learned Commissioner of Income-tax (Appeals)-II, Ludhiana has erred both in law as well is facts of the case while ordering the deletion of Rs. 1 2,47,500/- as rightly made by the Assossing Officer on account of bogus capital gain on sale and purchase of shares by the assessee. 2. That while ordering deletion of the addition of Rs. 12,47,500/-, the learned Commissioner of Income-tax (Appeals)-II, Ludhiana did not appreciate the well brought out findings given by the Assessing Officer in his order from which it is clearly discernible that the purchase and sales of shares of M/s. Ankur International Ltd. as transacted by the assessee were indeed bogus and not genuine. 3. That the learned Commissioner of Income-tax (Appeals)-II, Ludhiana further erred in ignoring the fact that the...

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Nov 10 2006 (TRI)

ind Sphinx Precision Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)293ITR17(Chd.)

1. We find it convenient to dispose of these two appeals of the assessee relating to asst. yrs. 2000-01 and 2001-02 by this consolidated order. The dispute involved in both these appeals is relating to validity of the orders passed by the CIT, Shirnla, H.P., under Section 263 of the IT Act, 1961. The impugned orders are both dt.12th April, 2004. We have heard the parties and perused the records.2. The facts for both the assessment years are similar. We first take up the appeal for asst. yr. 2000-01 and our decision shall apply mutatis mutandis to asst. yr. 2001-02. For asst. yr. 2000-01, the assessee had filed the return of income on 28th Nov., 2000 declaring income of Rs. 23,51,870 after claiming deduction under Section 80HHC of Rs. 21,07,522 and deduction under Section 80G of Rs. 14,128. Similarly, return for asst. yr. 2001-02 was filed on 25th Oct., 2001 declaring income of Rs. 53,39,230 after claiming deduction under Section 80HHC of Rs. 62,08,242 and deduction under Section 80G o...

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Oct 31 2006 (TRI)

income Tax Officer Vs. Sru Knitters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)110TTJ(Chd.)671

1. The appeal of the Revenue for asst. yr. 1998-99 is directed against the order dt. 27th July, 2002 of CIT(A)-1I, Ludhiana. The only dispute involved in this appeal is relating to cancellation of penalty of Rs. 4,22,772 imposed under Section 271(1)(c). We have heard the parties and perused the record.2. The relevant facts, briefly stated, are that the assessee had filed the return of income for asst. yr. 1998-99 on 30th Nov., 1998 declaring income of Rs. 63,300. Subsequently, the return of income was revised declaring an income of Rs. 49,160. The assessment was completed under Section 143(3) of the IT Act, 1961 vide order dt. 28th March, 2001 at an income of Rs. 50,61,650. The assessee had appealed to the CIT(A) against the addition made by the AO. The CIT(A) allowed relief of Rs. 38,04,570 to the assessee. After giving effect to the order of the CIT(A) the final assessed income of the assessee was Rs. 12,57,080. The AO had initiated penalty proceedings for concealment of particulars...

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Sep 15 2006 (TRI)

Acit, Cc-iv Vs. Sweety Traders

Court : Income Tax Appellate Tribunal ITAT Chandigarh

1. This appeal is by the revenue challenging the order of the Id CIT(A) dated 1,10.2004 on the following grounds: 1. The Id CIT(A) has erred both in law and on facts of the case in deleting the addition of Rs. 26,24,981/- made on account of payment of unexplained fabrication charges and unexplained investment in the purchase of yarn. 2. It is prayed that the order of the Id CIT(A) be cancelled and that of the Assessing Officer may be restored. 3. The appellant craves leave to add or amend any grounds of appeal before the appeal is heard or disposed off.2. The brief facts in the present appeal are that search was conducted on 23.2.2002. Notice under Section 158BC of the act was issued on 22.10.2003 as per which the assessee was required to file the return.The assessee filed the return in the prescribed form on 7.11.03 declaring undisclosed income at NIL. A detailed questionnaire was issued on 15.1.04, in response to which the authorized representatives of the assessee attended the asse...

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Sep 14 2006 (TRI)

The A.C.i.T. Vs. Aggarwal Construction Co.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

1. On account of difference between the Hon'ble Members of Income-tax Appellate Tribunal, 'B' Bench, Chandigarh, the matter has been referred to me Under Section 255(4) for resolving the difference.2. After hearing both the parties and with the consent of their learned representatives of the parties, the following question was reframed for arguments of the parties: Whether on the facts and in the circumstances of the case, the deletion of penalty of Rs. 1 lac imposed Under Section 271A of Income-tax Act is justified.3. The assessee in the relevant period carried on the business of Civil Contractor and filed return declaring an income of Rs. 8,62,910/-. The Assessing Officer rejected the books of account and applied flat rate of 12% to the contract receipts and computed assessee's income at Rs. 18,68,735/-. On appeal, some relief was allowed to the assessee.Further appeals before the Income-tax Appellate Tribunal were dismissed.4. The Assessing Officer also initiated penalty proceeding...

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Aug 30 2006 (TRI)

Vesta Investment and Trading Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)104TTJ(Chd.)284

1. A consolidated order in 48 Departmental appeals was passed on 7th April, 2005. The assessee has filed application under Section 254(2) of the IT Act, 1961 pointing out certain mistakes in the order. The mistakes have been classified in three categories, namely, (a) typographical errors, (b) decision of the coordinate Bench of the Tribunal in the case of 5 companies not taken note of, and (c) findings of facts given by the CIT(A) in other cases not recorded.2. We have heard the parties and perused the record. Before we deal with the alleged mistakes in our order, it would be pertinent to mention that in the course of hearing of the application under Section 254(2), a question was raised as to whether the Tribunal can exercise its powers under Section 254(2) when appeal against the said order has been admitted by the Hon'ble jurisdictional High Court under Section 260A and is pending disposal. Apart from making submissions before the Bench, the learned Counsel for the applicant-asses...

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Jul 31 2006 (TRI)

ito Vs. Paramount Industrial Corpn.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

1. This is an appeal by the revenue against the order of the Commissioner (Appeals) order dated 20r-5-2004 pertaining to assessment year 2001-02.2. In this appeal the only issue is with regard to the claim of deduction under Section 80--IB of the Income Tax Act, 1961 (in short 'the Act') on income by way of duty drawback earned by the assessee.The assessee claimed deduction under Section 80TB on income inclusive of income by way of duty drawback on imported material used for the manufacture of the goods which were ultimately exported out of India.The deduction under Section 80-IB was claimed at Rs. 28,73,753. The assessing officer restricted the claim to Rs. 20,94,545. The difference was on account of denial of deduction under Section 80-IB with respect to income earned by the assessee by way of duty drawback with respect to export made by it. The Commissioner (Appeals) has since allowed the claim of the assessee on the ground that the duty drawback income can be said to have been der...

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Jul 31 2006 (TRI)

Punjab State Co-operative Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107TTJ(Chd.)677

1. This is an appeal by the assessee against the order of the learned CIT(A), dt. 30th Aug., 2005 pertaining to the asst. yr. 2002-03. The grounds of appeal preferred by the assessee are as follows: 1. That the order of the AO as upheld by the CIT(A), Chandigarh, is bad in law and beyond all the cannons of law and justice. 2. That the order of the AO as upheld by the CIT(A), Chandigarh, disallowing exemption of Rs. 2,37,22,175 claimed by the assessee under Section 10(20A) of the IT Act being the amount of profits worked out from the activity assigned by the Government of Punjab for development, construction and satisfying the need of housing in the State of Punjab at Bathinda is bad in law and needs to be allowed, moreso, in view of the facts of the case and the law laid down by the Courts in this behalf. 3. That the appellant while executing this project has dealt with its member-societies and as such the income derived therefrom is income from the members and as such shall fall othe...

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