Provided further that the provisions of the preceding proviso shall not apply where the undisclosed income determined by the Assessing Officer is in excess of the income show in the return and in such cases the penalty shall be imposed on that portion of undisclosed income determined which is in excess of the amount of undisclosed income shown in the return.”
Whether, in the facts and circumstances of the case, the CIT(Appeals) is justified in holding that no addition can be made in the hands of the assessee towards undisclosed income from the liquor business carried on by the firms M/s. Malabar Associates.
The facts leading up to the levy of penalty have been stated in the dissenting orders and there is no dispute regarding their accuracy. The only question is whether on these facts there was reasonable cause within the meaning of sec.273B preventing the assessee from accepting the sum of Rs. 15,00,000 from N.K. Chemist by account payee cheque or draft as required by sec.269SS.
I entirely agree that unless and until the terms and conditions of advance are known and agreed between the parties or through Government of Kerala, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. This is well settled position.
Section 115JA of the Income-tax Act, 1961 – Minimum alternate tax – Assessment year 2000-01 – Assessee had created a reserve in assessment year 1986-87 by enhancing value of assets – Assessee had withdrawn Rs. 1.53 crores from said reserve and credited it to profit and loss account – In assessment year 2000-01 assessee-company claimed deduction of Rs. 1.53 crores from book profit for calculating adjusted book profit under section 115JA – Assessing Officer allowed assessee’s claim
The effect of omission of section 34 and Rule 5AA and consequential amendment in section 32 by omitting reference to section 34 makes it clear that one cannot taken support from the decision of the Hon’ble Apex Court in the case of Mahendra Mills, supra, after the amendment. Section 43(6) of the Act which defines the term “Written Down Value” reads as under :-
Section 10B of the Income-tax Act, 1961 – Export oriented undertaking – Assessment year 2003-04 – Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA – It had claimed exemption under section 10B – Assessing Officer observed that assessee was not manufacturing or exporting anything, as it was simply providing services of laboratory
Section 254 of the Income-tax Act, 1961 – Appellate Tribunal – Powers of – Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed statutory powers it has got inherent power to pass such orders as may be necessary for ends of justice – Held, yes –
The assessee, a statutory Board, was set up for prevention of pollution of streams and wells in the State and other allied activities. It derived income from various testing charges etc. The CIT granted registration u/s 12AA of the Act on the basis that the activities of the assessee constituted a “charitable purpose” u/s 2 (15) and that its’ income was eligible
ACIT Vs M.K. Agrotech Pvt. Ltd. (ITAT Bangalore) Per A. Mohan Alankamony, Accountant Member These two appeals preferred – (i) by the assessee and (ii) another by the Revenue– are directed against the order of the CIT (A), Mysore, for the assessment year 2005-06. ITA NO.401 (By the assessee): 2. The assessee company has raised […]
