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Jun 20 2001 (TRI)

Badridas Keshawprasad Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. This appeal is directed against the order of penalty dated 14-4-1989 passed by the CIT(A) for the assessment year 1975-76.2. The facts in brief are that during the appellate proceedings against the assessment made by the Assessing Officer the learned CIT(A) found that the assessee's claim for interest of Rs. 3,04,000 as business expenditure was unsustainable. As the Assessing Officer had already disallowed Rs. 45,000 the learned CIT(A) enhanced the assessment by Rs. 2,59,000 disallowing the entire expenditure. The learned CIT(A) further viewed that the assessee's claim for Rs. 2,59,000 towards interest before him was not a bona fide claim and hence penalty under section 271(1)(c) of the Income-tax Act, 1961 was exigible. He, therefore, imposed penalty accordingly.3. Before us, the learned counsel for the assessee submitted that the assessee's claim was bona fide and hence penalty could not be levied.The ld. DR on the other hand strongly supported the order of the ld.CIT(A).4. We ha...

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Jun 20 2001 (TRI)

Badridas Keshawprasad Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT West Bengal

This appeal is directed against the order of penalty dated 14-4-1989 passed by the Commissioner (Appeals) for the assessment year 1975-76.The facts in brief are that during the appellate proceedings against the assessment made by the assessing officer the learned Commissioner (Appeals) found that the assessees claim for interest of Rs. 3,04,000 as business expenditure was unsustainable. As the assessing officer had already disallowed Rs. 45,000 the learned Commissioner (Appeals) enhanced the assessment by Rs. 2,59,000 disallowing the entire expenditure. The learned Commissioner (Appeals) further viewed that the assessees claim for Rs. 2,59,000 towards interest before him was riot a bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act, 1961 was exigible. He, therefore, imposed penalty accordingly.Before us, the learned counsel for the assessee submitted that the assessees claim was bona fide and hence penalty could not be levied.The learned Departmental Repre...

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Jun 11 2001 (TRI)

Assistant Commissioner of Vs. Ajoy Bhauwala

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. This is an appeal by the revenue against the order of Deputy CIT(A) for assessment year 1992-93. The following ground is raised in this appeal : "That, on the facts and in the circumstances of the case, the learned Deputy Commissioner of Income-tax (Appeals) has erred in treating the capital expenditure of Rs. 50,000 as a revenue expenditure." 2. There is delay of 2 days in filing the appeal. We are satisfied that there are sufficient and reasonable cause for such delay in filing the appeal. The delay is condoned and the appeal is disposed of on merits.3. The assessee was dealing in shares consequent upon his admission to the Membership of Calcutta Stock Exchange in the previous year relevant to the assessment year 1991-92. He had paid a sum of Rs. 5 lakh to the Calcutta Stock Exchange Association by way of development fees, 1/10th of which was claimed as deduction under Section 35D of the Act.4. During the course of the proceedings before the Assessing Officer the assessee also ma...

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Jun 11 2001 (TRI)

Mahadevia and Mehta Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. These appeals filed by the assessee are directed against consolidated order dated 9th October 1995 passed by the learned Commissioner of Income-tax (Appeals) - Calcutta V, in the matter of order under section 186 r.w.s. 184(7) of the Income-tax Act, for the assessment years 1990-91,1991-92 and 1992-93. The appellant has raised a number of grounds of appeal but the basic issue arising for our adjudication is whether on the facts of this case, the learned C1T(A) was justified in upholding refusal of registration to the appellant firm.2. M/s Mahadcvia & Mehta, the assessee before us, is a partnership concern and it has undergone some changes in constitution of the firm from time to lime. One of the clauses of the partnership deed dated 10th November, 1977, namely clause No. 17, provided as under : "17. On the death of any party, the deceased's legal heirs shall be the partner and the partnership business shall continue, subject to the articles of this deed of partnership." 3. Shri...

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May 28 2001 (TRI)

Kanoi Paper and Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)79ITD26Cal

1. In the assessment order in this case addition of an amount of Rs. 3,06,006 in respect of late payment to the provident fund account of the employees was made presumably by taking recourse to the provisions of Section 43B and Section 36(1)(va) of the Act. The amount under consideration seems to be consisting of two portions, viz., employees contribution portion and the employer's contribution portion.2. So far as employer's contribution is concerned, an appellate ground taken up as ground No. 1 in this appeal filed by the assessee has not been pressed by the learned counsel for the assessee at the time of hearing of the appeal before us. Hence, this particular ground has been dismissed.3. However, the assessee strongly objects to the addition of the portion representing employees' contribution to the provident fund. It is contended that the payments of wages/salary pertaining to a particular month are being made in the next month. By referring to Clause 38 of Employees' Provident Fu...

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Apr 17 2001 (TRI)

Assistant Commissioner of Income Vs. Master Stores

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. The first ground in this Departmental appeal relates to the addition of an amount of Rs. 13,01,382 consisting of payments made by the assessee towards gratuity, retirement benefit, ex gratia, etc. to its employees, as deleted in the first appeal.The assessee claimed expenses towards payments of gratuity of Rs. 10,57,173, retirement benefit of Rs. 2,17,934 and also ex gratia payment of Rs. 1,75,500 to its retrenched workers. Another amount of Rs. 775 was also debited under the head 'Gratuity' in the head-office a/c. The assessee was running a flour mill. The assessee submitted before the AO that on account of deteriorating business condition, the assessee declared a closure in its flour mill after running the same for a period of two months only, viz., April and May, 1992, during the year under consideration. All the payments were claimed to have been made to the various workers and employees due to the said closure. The AO was, however, of the opinion that since the assessee had cl...

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Jan 02 2001 (TRI)

income-tax Officer (Exemptions) Vs. Bajoria Foundation

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2002)254ITR65Cal

1. This appeal, filed by the Revenue, is directed against the order dated October 31, 1995, passed by the learned Commissioner of Income-tax (Appeals-XIII), Calcutta, in the matter of order under Section 144 for the assessment year 1991-92. Solitary grievance of the Revenue is reproduced below : "That, on the facts and in the circumstances of the case, the learned Commissioner of Income-tax (Appeals) erred in deleting the income of the trust of Rs. 6,68,770 by way of granting exemption under Section 11 of the Income-tax Act, 1961, by admitting fresh evidence in violation of Rule 46A of the Income-tax Rules." 2. A brief facts of the case, as relevant for the purpose of this appeal, are that the assessment of the assessee-trust was completed under Section 144 as there was no compliance of both the notices issued by the learned Assessing Officer. The Assessing Officer observed that the assessee has made donations, in odd amounts, to Anandlok Hospital and that the assessee had also made a...

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Nov 22 2000 (TRI)

Eveready Industries India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. As several common issues are involved in all these appeals, we propose to dispose of these appeals by a common order for the sake of convenience.2. Deducibility of liability arising out of Bhopal accident - This issue is common in all the appeals other than ITA Nos. 108 and 2184 (Cal.) of 1993 and 1339 (Cal.) of 1997. Facts and circumstances leading to the dispute are as follows: Assessee-company derives income from manufacture and sale of batteries, chemicals, pesticides, etc. having its registered office at Calcutta and factories and branches located at several places in India. Union Carbide Corporation, USA is its parent company having majority shareholding. For the assessment year 1985-86, the previous year of the assessee ended on 25-12-1984. However, for the assessment year 1989-90 onwards, due to introduction of uniform previous year, financial year became the previous year.3. On the fateful night of 2nd December, 1984, there was an unprecedented occurrence in the company's ...

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Nov 10 2000 (TRI)

Deputy Commissioner of Income Tax Vs. Machino Techno Sales Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. This is an appeal, filed by the Department, against the order of CIT(A), dt. 4th May, 1994, for the asst. yr. 1990-91.2. The appeal is time-barred by 24 days. On the basis of the application dt. 26th September, 1994, as well as on the basis of argument submitted by the learned Departmental Representative, we condone the delay on merits and the appeal is admitted.3. The brief facts of the case are that the assessee-company is dealing in Maruti vehicles which are coming to the assessee's godown/showroom in the long trucks and trailers. After delivering the cars/vehicles, these trucks and trailers go back empty but the assessee is sending the goods through these trucks and trailers on their return journey. The assessee claimed the depreciation of 50 per cent on these trucks and trailers. The assessee received hire charges for plying the trucks and trailers on hire for which all necessary documents (bills and vouchers, octroi, etc.) were submitted before the AO but the AO has not allow...

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Oct 17 2000 (TRI)

Assistant Commissioner of Vs. Govind Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

1. All these appeals are filed by the revenue against the separate orders of the CIT(A) dated 10-3-1988 for the assessment years 1974-75 and 1975-76. There are common grounds in I.T.A. Nos. 1722 and 1723 (Cal.) of 1988. Those common grounds relate to the deletion of addition of Rs. 35,18,000 on account of unexplained loan received from M/s.Jethmull Bhojraj and interest of Rs. 3,38,334 on the said alleged unexplained loan. In I.T.A. No. 1723 (Cal.) of 1988 the deletion of addition of Rs. 3,60,000 on account of unexplained loan received from M/s. Jethmull Bhojraj and the interest of Rs. 3,81,144 on the said alleged unexplained loan is involved.2. The assessee is an individual and was carrying on business of money-lending. He was also having income from director's remuneration.The assessee filed the returns of income for the assessment years 1974-75 and 1975-76. He showed total income of Rs. 30,055 and Rs. 27,852 for the assessment years under appeal in its returns of income.The ITO comp...

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