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Dec 20 2007 (TRI)

income Tax Officer Vs. Lokmanya Shiksha Samiti

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)115TTJIndore135

1. This appeal by Revenue is directed against the order of learned CIT(A)-I, Indore dt. 29th Aug., 2006 for asst. yr. 2003-04 on the following grounds of appeal : On the facts and in the circumstances of the case, the learned CIT(A) erred: 1. In deleting the addition of Rs. 9,51,229 made by the AO on account of surplus income and disallowance of expenses. 2. While coming to the above conclusion the learned CIT(A) has not appreciated the facts on record: (a) The appellant was involved in providing transportation facilities and mess activities which were not necessary for running of educational institution. (b) There was no pre-condition that for imparting high quality of education, [sic] increased from year to year as well invested. 3. The order of CIT(A) is thus erroneous in law as well as on the facts of the case. 4. Thus it is prayed that the order of CIT(A) be set aside and the order of AO be restored.2. We have heard representatives of both the parties and gone through the orders ...

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Nov 30 2007 (TRI)

Asstt. Commissioner of Vs. Shree Sajjan Mills Limited

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)112ITD135Indore

1. On account of difference between the learned Judicial Member and the Accountant Member of Indore Bench of the Appellate Tribunal, following question has been referred to me as a Third Member under Section 255(4) of the Incometax Act: Whether, on the facts and in the circumstances of the case, the ld. CIT (A) was justified in deleting the addition of Rs. 13 lacs on account of disallowance of commission payment claimed during the assessment years, in question.2. The facts of the case are that the assessee company was engaged in the business of manufacture and sale of cotton cloth in the relevant period. The company was closed down in February, 1986 because of heavy losses and was restarted in July, 1989 under the Management of M.P.Government through M.P. State Textile Corporation Limited. For the assessment year, under consideration, it filed a return declaring loss of Rs. 6,06,15,483/-. After making various disallowances/additions, the Assessing Officer assessed the assessee at a lo...

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Nov 30 2007 (TRI)

Assistant Commissioner of Income Vs. Shree Sajjan Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)115TTJIndore145

1. This appeal of the Revenue is directed against the order passed by the CIT(A), Ujjain, on 31st May, 2004, for asst. yr. 1993-94.2. None appeared on behalf of the assessee, therefore, the case was heard ex parte.3. The first ground of appeal is that the learned CIT(A) erred in allowing brokerage payment of Rs. 13 lakhs, which was disallowed by the AO on account of company's failure to prove the nexus between the commission payment and sales.4. Facts of the issue are that the assessee is a limited company, which filed return of income declaring loss of Rs. 6,06,15,483. The assessee is engaged in the business of manufacturing cotton cloth. The company was closed in February, 1986, because of heavy losses suffered by it and was restarted in July, 1989, under the management of Madhya Pradesh Government through M.P. State Textile Corporation Ltd. The assessment was completed at the loss of Rs. 1,86,09,750. The AO noted that the assessee in the P&L a/c, debited commission and brokerag...

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Sep 28 2007 (TRI)

Maya Spinners Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

1. These cross appeals are directed against the order of ld. CIT(A)-I, Indore dated 31.3.1997 for AY 1993-94. Ld. Counsel for assessee did not press grounds No. A, 5, 6, 8, 16, 18, 19 and 20 of the appeal of the assessee. The same are dismissed.2. Ld. Counsel for assessee raised preliminary objection to the passing of the assessment order on the grounds that the assessment order is time barred Under Section 153 of the IT Act and that no opportunity was given at the time of referring the books of account for special audit Under Section 142(2A) of the IT Act therefore same is bad in law and would not extend time limit for completion of the assessment and that exparte assessment order Under Section 144 is bad in law and invalid because books of accounts were impounded by the revenue department and assessee submitted proper reply before the AO at the assessment stage therefore there is no failure on the part of the assessee to comply with statutory notices. He has further submitted that l...

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Sep 21 2007 (TRI)

Asstt. Commr. of Incometax Vs. M.P. Export Corporation Limited

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)302ITR42Indore

1. This appeal by the revenue is directed against the order of the CIT(A)--II, Bhopal, dated 29^th March, 2004 for the assessment year 1992-93 on the on the following grounds: On the facts and in the circumstances of the case, the CIT(A) erred in 1. quashing the re-assessment proceedings initiated by the Assessing Officer Under Section 147 of the Incometax Act, 1961.2. We have heard the learned representatives of both the parties and gone through the material available on record.3. Briefly, the facts of the case are that the assessee filed the original return of income on 31^st December, 1992 declaring income at Rs. 3,14,900/-. The assessee revised the return on 31^st March, 1994 and declared loss of Rs. 69,20,248/-. The Assessing Officer has declined to accept the revised return and completed the original assessment Under Section 143(3) on 13^th February, 1995 on the basis of the original return on total income of Rs. 38,40,535/-. Thereafter, the proceedings Under Section 147/148 wer...

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Aug 17 2007 (TRI)

Shri A.M. Mathur, Senior Advocate Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

1. This appeal by assessee is directed against the order of CIT(A), Indore dated 20.7.2004 for AY I999-00.2. We have heard ld. representatives of both the parties and gone through the material available on record. During course of hearing, ld.counsel for assessee did not press ground No. 2, therefore, same is dismissed. 1.1 The assessee had donated a sum of Rs. 200000/- to a Public Trust, registered Under Section 12A of the Act with specific direction that the amount should be utilized for the purpose of library at M.P, High Court, Indore. 1.2 The assessee is a Senior Advocate and derives professional income from practicing at Supreme Courts and High Court. He enjoys high reputation amongst his juniors and other colleagues. 1.3 The ld. CIT(A) has not appreciated the facts properly. The amount of Rs. 200000/- was claimed as business expenditure Under Section 37(1) of the Act. Under no circumstances this expenditure can be treated as capital or personal expenditure. 1.4 the disallowance...

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Jul 27 2007 (TRI)

Asstt. Commissioner of Incometax Vs. Mupnar Films Limited

Court : Income Tax Appellate Tribunal ITAT Indore

1. Both of these appeals by the revenue are directed against different orders of the learned CIT(A)-I, Indore, dated 13^th June, 1995 for the assessment years 1990-91 and 1991-92.2. Both these appeals were disposed of by ITAT, Indore Bench, vide order dated 28^th June, 2000. The revenue preferred the appeals before the Hon'ble High Court of Madhya Pradesh in ITA NOS. 62/2000 and 61/2000 in the matter of CIT v. Mupnar Films Limited, Indore. Hon'ble High Court of Madhya Pradesh admitted the appeals of the revenue for final hearing on the following substantial questions of law: (1) Whether ITAT was justified in holding that assessee is entitled to claim the benefit of fluctuation rates in the currency by adding it into the cost of the assets, though in fact, he did not make the payment on the basis of said fluctuation rates? (2) Whether ITAT was justified in placing reliance upon the law laid down by the Patna High Court in 158 ITR 595, Gujrat High Court in 146 CTR 207 and Madras High Co...

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Apr 05 2007 (TRI)

Rakesh Tapadia Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)113TTJIndore622

1. This appeal by the assessee is directed against the order of the CIT(A)-II, Indore, dated 4.1.2001 for the block assessment 1988-89 to 1998-98.2. We have heard the learned representatives of both the parties and gone through the material available on record.3. Earlier this appeal alongwith other appeals of the connected persons was decided by earlier Bench of this Tribunal vide order dated 23^rd September, 2003 deciding several issues. The order of the Tribunal was challenged before the Hon'ble High Court of Madhya Pradesh in ITA No.23/04 in the matter of Rakesh Tapadia v. CIT and Hon'ble High Court of Madhya Pradesh admitted this appeal for final hearing on following substantive questions of law: 1. Whether Tribunal was justified in holding that the amount disclosed in VDIS by the assessee prior to commission of raid effected Under Section 132 of the Incometax Act cannot be considered against the estimation of income from alleged Hawala business? 2. Whether assessee is entitled to...

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Nov 23 2006 (TRI)

Arihant Builders Developers and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD10Indore

1. These appeals were referred to Special Bench by the President, Income Tax Appellate Tribunal for disposal in accordance with law.After hearing both the appeals, a decision was pronounced by the Special Bench vide order dated 30^th October, 2006. The question referred to the Special Bench was decided in favour of the Revenue by holding that notice issued by the Assessing Officer in this case Under Section 143(2) of the Income-tax Act, 1961 (hereinafter referred to as the "Act" ) after issue of the refund to the assessee was valid. The appeal in I.T.A. No. 952/Ind/1994 was accordingly dismissed. However, I.T.A. No. 92/Ind/96 was allowed partly. While pronouncing the decision in both these appeals vide our order dated 30^th October, 2006, it was directed that the detailed reasons for the conclusion would be separately furnished. We, therefore, give our reasons for decision in continuation of our order dated 30^th October, 2006 ( supra ) and pass this order disposing of both the appeal...

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Aug 31 2006 (TRI)

income Tax Officer Vs. Project India

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)109ITD87Indore

1. This appeal by the revenue is directed against the order of CIT(A)-I, Bhopal dt. 16.7.03 for AY 97-98 on the following ground: On the facts and in the circumstances of the case, the ld. CIT(A) has erred in annulling the assessment made in pursuance to notice Under Section 148 of the Income Tax Act, 1961 for the AY 1997-98 holding that the reasons recorded by the Assessing Officer for reopening the assessment was inadequate and as such the AO had no proper justification to reopen the assessment.2. Briefly, the facts of the case are that the assessee is a partnership firm engaged in the business of construction as civil contractor along with the business of transportation (truck plying) and return for the assessment year under appeal was filed on 31.10.97 declaring total income of Rs. 1,35,174/- along with copy of the audited accounts (Form 3CB and 3CD). The return was processed Under Section 143(1) (a) on 30th Dec, 98 and later after finding that assessee has declared less profit th...

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