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Commissioner of Income Tax Vs. Purshottamlal Tamrakar Uchehra

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Finance Act, 2002; Income Tax Act, 1961 - Sections 40A(3) and 158BB

Reported in : (2003)184CTR(MP)349; [2004]270ITR314(MP)

4. It is pertinent to state here that the aforesaid provision came on the statute book by the Finance Act, 2002, w.e.f. 1st July, 1995. By virtue of this amendment, much confusion which had remained earlier really got cleared … and in the circumstances of the case, the Tribunal was right in law in holding that disallowance under Section 40A(3) of the Act were not called for once net profit rate has been applied to compute the income

Tcv Engineering Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act - Sections 40A(2), 132, 132A, 143(3), 158B, 158BD and 260A; Companies Act; DTL (Amendment) Act, 1987; Finance Act, 2002

Reported in : (2006)205CTR(Mad)161; [2006]284ITR470(Mad)

or any expense, deduction or allowance claimed under this Act which is found to be false. 6. The Finance Act of 2002 has inserted the words 'or any expense, deduction or allowance claimed under this Act which is … P.P.S. Janarthana Raja, J.1. The present Appeals are filed by the assessee under Section 260A of the Income-tax Act (hereinafter referred to as 'the Act'), against the order passed by the Income-tax … charges were not allowable and hence he disallowed the same under Section 40A(2) of the Income Tax Act and treated as undisclosed income and completed

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

Section 201. where the words "the whole or any part of the tax" have been inserted by the Finance Act, 2002 w.r.e.f. 1.4.1962 He then invited our attention to the decision of Andhra Pradesh High Court in the case … referred to para 41 of the decision. where the Tribunal has observed that while invoking the provision of Section 40A(2)(b).the onus was on the Assessing Officer to prove that the assessee had made payments in excess of fair

M.G. Pictures (Madras) Limited Vs. Assistant Commissioner of Income-ta ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 260A

Reported in : (2003)185CTR(Mad)185; [2003]263ITR83(Mad); (2003)3MLJ9

dubbing this expenditure, which was a genuine expenditure as undisclosed income. This amendment was brought in by the Finance Act 2002 with retrospective effect from 1-7-1995. Learned counsel suggests that since the date of search was 13-9-1996 and the … in the circumstances of the case, the Appellate Tribunal is correct in holding that the amended provisions if Section 40A(3) is not applicable to the facts of the case and that the entire amount added has to be

Yoshio Kubo Vs. Commissioner of Income Tax

Court : Delhi

Subject : Direct Taxation

would have been payable by the employee, is considered a perquisite, and is chargeable to tax. 64.2 The Finance Act, 2002 provides for a new scheme of taxation of perquisites, wherein an employer has been given an option to … it was urged that for this purpose, the Court would have to consider the provisions under Section 17(2); Section 40A(5); Section 192(1A), Section 195, Section 195(1A) and Section 198. On an overall consideration of these provisions, it was

National Federation of Insurance Field Workers of India and anr. Vs. U ...

Court : Uttaranchal

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 14, 15, 16, 17, 17(1), 17(2), 192(2C), 295, 295(2), 296 and 296(1); Finance Act - Sections 17(2); Income Tax (Amendment) Rules, 2001 - Rule 3

Reported in : (2004)187CTR(Uttranchal)180; [2004]265ITR84(Uttaranchal)

authority, to identify 'interest free loan/concessional loan' as a fringe benefit under Section 17(2)(vi) (as inserted by the Finance Act, 2001) with effect from April 1, 2002. In this connection, it was further argued that under Section 17(2)(vi) … Section 295(2)(c). It was further pointed out that by the Taxation Laws (Amendment) Act, 1984, Section 17(2) and Section 40A of the Income-tax Act were amended. That by the Taxation Laws (Amendment) Act, 1984, Parliament amended the Income-tax

Dy. Cit Vs. Manjara Shetkari Sahakari Sakhar Karkhana Ltd.

Court : Mumbai

Subject : Direct Taxation

Reported in : (2004)85TTJ(Mumbai)369

payments for goods and services, etc. In order to check such evasion, section 40A(2) was inserted by the Finance Act, 1968, with effect from 1-4-1968. The crucial words in section 40A(2)(a) are 'fair market value of the goods,

Deputy Commissioner of Income Vs. Manjara Shetkari Sahakari Sakhar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2004)91ITD361(Mum.)

payments for goods and services, etc. In order to check such evasion, Section 40A(2) was inserted by the Finance Act, 1968, with effect from April 01, 1968.The crucial words in Section 40A(2)(a) are "fair market value of the

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

XIV-B 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. … Court in the case of M.G. Pictures (supra). The said case was a case regarding applicability of Section 40A(3) to block assessment proceedings. The contention of the assessee was that if as a result of search some

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

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Service Tax

XIV-B 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 … High Court in the case of M.G.Pictures (supra). The said case was a case regarding applicability of Section 40A(3) to block assessment proceedings. The contention of the assessee was that if as a result of search some