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Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2007)288ITR226(Hyd.)

belonging to" a member-society. Immediately thereafter, in 1999 the provisions of Section 80P(2)(a)(iii) were amended by the Income-tax (Second Amendment) Act, 1998 (No. 11 of 1999) with retrospective effect from April 1, 1968, by substituting Sub-clause (iii) to read … issue in this appeal is whether the levy of surcharge in terms of the provisions of the Finance Act, 2002, is valid in a block assessment made under Section 158BC of the Income-tax Act. The tax has to … and applicable in the assessment year relevant to the previous year in which the search is initiated under Section 132 or the requisition is made under Section 132A. It may also be observed that there is no reference … Acts of 1996 to 1998 provide for levy of surcharge on non-domestic companies.8.5. Furthermore, it is one of the elementary rules of interpretation that there

Rojer Mathew Vs. South Indian Bank Ltd and Ors Chief Manager

Court : Supreme Court of India

Subject : Land Acquisition

of Chapters 1-B and 1-C of the Companies Act, 6 (2010) 11 SCC112 PART A1956as inserted by the Companies (Second Amendment) Act 2002 which provided for the constitution of a National Company Law Tribunal7 and the National Company Law Appellate Tribunal8 … High Courts with certificate of there being substantial constitutional questions under Article 132. (ii) Appeals against orders of High Courts in civil cases with certificate … demonstrate an apparent disparity in 96 age of superannuation of Members and Chairpersons/Presiding Officers of different Tribunals. Illustratively, Section 14D of the Telecom Regulatory Authority of India Act, 1997 provides a Member of Telecom Disputes Settlement and

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)98TTJ(Mum.)201

lessor and they have been introduced by the lessor or the group companies belonging to the lessor with the sole purpose of closing the financial … on paper and the documents were bereft of substance.6.1 In respect of second transaction of 2100 high pressure seamless gas cylinders, the learned AO held … far as the Finance Bill was concerned, the amendment was introduced to have prospective effect. Thus, the … or else the proceedings in question would not have arisen. In relation to the insertion by the Finance Act, 2002, in the provisions of Section 158B(b) with retrospective effect from 1st July, 1995, the learned Counsel for the … 1996.2. The facts of the case leading to this appeal, briefly, are that there was a search under Section 132 conducted at the premises of the assessee-company on 19th July, 1996. In the impugned order it is stated

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

or would not have been disclosed for the purpose of this Act and after the amendment by Finance Act, 2002 w.e.f. 1-7-1995 it includes also the any expenses, deduction or allowance claimed under this Act which is to … to the assessee itself or to Associate Company belonging to Group of Companies of assessee; that noticeably, the payment and reclamation of the bulk of … on paper and the documents were bereft of substance.6.1 In respect of second transaction of 2100 High Pressure Seamless Gas Cylinders, the learned Assessing Officer … a substitute of assessment under the general provisions of the Act and only an undisclosed income found under Section 132, can be subject matter of an order under Section 158BC. He concluded in para 93 of his order

Slocum Investment (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Service Tax

Reported in : (2006)101TTJ(Delhi)558

it would be notice to one and all that these two companies cease to exist.9. A search under Section 132(1) was conducted on 24th Jan., 2002 at the business premises of the assessee and residential premises of some … to 69C while computing undisclosed income. The reasons for introduction of the amendment have been explained as follows in the circular issued by the CBDT: … of the Act. These are contained in Chapter IV to Chapter XII-G of the Act. Prior to Finance Act, 2002, amending Section 158BB(1), w.r.e.f. 1st July, 1995, only provisions of Chapter IV were applicable while computing undisclosed income. … HCL Technologies Ltd. and movement of prices of the shares in the secondary market after listing, were also narrated by the appellant. (3) No share

Slocum Investment P. Ltd. (Now Vs. the Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Service Tax

it would be notice to one and all that these two companies cease to exist.9. A search under Section 132 (4 times) (1) was conducted on 24.1.02 at the business premises of the assessee and residential premises of … to 69-C while computing Undisclosed Income. The reasons for introduction of the amendment have been explained as follows in the circular issued by the CBDT: … of the Act. These are contained in Chapter IV to Chapter XII-G of the Act. Prior to Finance Act, 2002, amending Section 158 BB(1) with retrospective effect from 1.7.95 only provisions of Chapter IV were applicable while computing … of Rs. 10/- in the month of June, 99 to M/s WIPL. Secondly, the AO referred to Page No. 22 of Annexure-4 Party P4 a

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

issue of bogus bills for purchase and sale of shares as also jewellery, etc. He had floated various companies and benami concerns in the name of its employees and family members. He had opened a number of … the assessee's ground No. 1 and the department's ground are dismissed.15. The second ground relates to the commission income on the clearing deposits of Rs. … the assessee had produced an application made before the sales-tax authorities for amendment in the local registration certificate for adding the address of Kucha-Mahajani as … were provided to the assessee on 2^nd January 2002 and the assessee had 30 days time from … "accommodation entry giver". He is also a director of Bemco Jewellers Private Ltd. There was a search under Section 132 of the Act on 3^rd August 2000.The search took place at the residential and office premises of the

Commissioner of Income Tax vs.m. S. Aggarwal

Court : Delhi

Subject : Direct Taxation

the search. Legal position underwent a change with enactment of Section 158BFA by way of the Income Tax (Amendment) Act, 1997 with effect from 1st January, 1997, in respect of searches under Section 132 or requisition under Section … Acrylic company Pvt. Ltd. and Mono Acrylic Manufacturing Co. Pvt.Ltd. Both these companies are existing assesses and amounts advanced by the assessee and his HUF … for taxation during the course of search. There was no coercion. The second statement was recorded 40 days after the search in the presence of … AO and relatable to such evidence.‖ The expression ―relatable to such evidence‖ has been inserted by the Finance Act, 2002 retrospectively w.e.f. 1.7.1995. A bare reading of this provision would indicate that undisclosed income has to be computed

The Commissioner of Income Tax vs.m. S. Aggarwal

Court : Delhi

Subject : Direct Taxation

the search. Legal position underwent a change with enactment of Section 158BFA by way of the Income Tax (Amendment) Act, 1997 with effect from 1st January, 1997, in respect of searches under Section 132 or requisition under Section … Acrylic company Pvt. Ltd. and Mono Acrylic Manufacturing Co. Pvt.Ltd. Both these companies are existing assesses and amounts advanced by the assessee and his HUF … for taxation during the course of search. There was no coercion. The second statement was recorded 40 days after the search in the presence of … AO and relatable to such evidence.‖ The expression ―relatable to such evidence‖ has been inserted by the Finance Act, 2002 retrospectively w.e.f. 1.7.1995. A bare reading of this provision would indicate that undisclosed income has to be computed

Commr.of Income Tax-i,new Delhi Vs. Vatika Township P.Ltd.

Court : Supreme Court of India

Subject : Land Acquisition

thereof. However, initially, this surcharge was levied only on the income of companies i.e. corporate entities incorporated under the Indian Companies Act by specified surcharge … assessment under Chapter XIV-B and accordingly surcharge was leviable.23. Adverting to the second question formulated by the Bench, namely, whether insertion of the proviso in … may note that under certain circumstances, a particular amendment can be treated as clarificatory or declaratory in … Income Tax Act (hereinafter referred to as 'the Act') which was inserted in that Section by the Finance Act, 2002 is to operate prospectively or is clarificatory and curative in nature and, therefore, has retrospective operation. The Background … The facts in this appeal, which need recapitulation, are that there was a search and seizure operation under Section 132 of the Act on the premises of the assessee on 10.02.2001. Notice under Section 158BC of the Act