Law: Income Tax Act, 1922

Section: 31,31(6)(a),(11)

[Income Tax Act, 1922 (Xl of 1922)]........Section 31 (6) (a), (11)-Appeal to Appellate Assistant Commissioner-Assessment made ex-parte in the absence "of proper service of statutory notices-Assessment whether liable to be cancelled and not to be set aside Held yes. B Income Tax Act, 1922 (XI of 1922)-Section 46 (I)-Penalty- Demand created not exigible under the law-Pem1lty imposed for non-payment of lax on the basis of such demand-Whether sustainable Held no. C Income Tax Rules-Rule 39 (3)-Perquisites-Company-Director of company not in receipt of any salary- Value of the perquisites provided to the Director-Whether exigible to tax-Held no. D. Income Tax Act, 1922 (X I of 1922)-Section 9-Property-House properly-Actual rental of the property exceeding the Annual Letting Value-Share income from property whether assessable in the hands of assesses on the basis of notional Annual Letting Value of the property--Held yes. JUDGMENT [The order was passed by M.T. SIDDIQUI, President].-We propose to dispose of these seven appeals by this consolidated order as most of the fact are common and the objections for most of the years are identical. 2. The appellant is deriving income from various sources, including dividends etc, and is the Chairman of a number of concerns. The facts of the case show that originally assessments for the years 1959-70, 1970-71, 1971-72 and 1972-73 were finalized on 30-5-71, 6-4-71, 31-5-72 and 30-6-75. These assessments were, however, re-opended under Section 34 of the Income Tax Act on the ground that some income was concealed. Records of the case show that the action for the assessment year 1969-70 was originally started under Section 31 of the Income Tax on 31~12»1973» the appellant filed a return on 8-5-74 and notice under Section 23 (2) of the Income Tax Act was also issued for 4-6-74. It appears that no proceeding were thereafter taken till 30-6-1975 by which date the assessment became time barred. However, for this year again, alongwith the other three years noted above actions under section 34 initiated by issuance of notice on 9-12-1975. Returns were again filed under protest on 8-1-76 as no cause for action was disclosed to the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492