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Shankerlal Gafurbhai Patel Vs. Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Wealth Tax Act, 1957 - Sections 16(1), 27 and 27(1); Income Tax Act, 1961 - Sections 2(14) and 193; Gold Control Act; Taxation Law (Amendment) Act, 1962; Finance (No. 2) Act, 1965; Taxation Law (Amendment and Miscellaneous Provisions) Act, 1965

Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)

from 13.12.1962 by Taxation Laws (Amendment) Act, 1962 :'To exempt 6 1/2% Gold Bonds, 1977.'21. Subsequently, by the Finance (No. 2) Act, 1965, with effect from 1.4.1965, 7% Gold Bonds, 1980 were added in the said provision and thereafter under Taxation … law laid down in the judgments referred to by the learned advocates, the following factual position emerges :20. Section 5(1)(xvia) of the Act was enacted as under with effect from 13.12.1962 by Taxation Laws (Amendment) Act, 1962 … instrument. He has also invited my attention to the Circular No.415 dated 14th March, 1985, para 1 of the said circular provides 'these bonds were

Pioneer Trading Syndicate Vs. Commissioner of Income-tax

Court : Allahabad

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1965 - Sections 24(9), 24(10), 24(11) and 24(15)

Reported in : (1979)12CTR(All)349; [1979]120ITR5(All); [1979]2TAXMAN469(All)

was reiterated before the Tribunal that all the three creditors had made disclosures before the CIT under the Finance (No. 2) Act, 1965, of the following amounts : Rs.(i) Sri Jagat Ram 20,000(ii) Smt. Gita Singh 20,000(iii) Smt. Viranwali 10,000 4. … rival submissions will depend upon the interpretation of the various provisions of the Finance (No. 2) Act of 1965. Section 24 of this Act was headed as 'voluntary disclosure of income'. It consists of sixteen sub-sections. Sub-section (1) … Singh 18,600 2. The assessee had purchased a motor car for Rs. 14,500. According to him, the source of this money was two other deposits

Ram Kanai Jamini Ranjan Pal Private Ltd. Vs. Member, Board of Revenue

Court : Kolkata

Subject : Sales Tax

Reported in : [1970]26STC489(Cal)

and in the circumstances of the case, in exercise of his powers Under Section 20(3) of the Bengal Finance (Sales Tax) Act, 1941, the Additional Commissioner was competent to reassess the gross turnover of the petitioner by … the circumstances of the case, in exercise of his powers Under Section 20(3) of the Bengal Finance (Sales Tax) Act, 1941, the Additional Commissioner was … P.B. Mukharji, C.J.1. These two Sales Tax References Nos. 395 of 1965 and 521 of 1967 relate to the same facts and the same … 1960, of the Commercial Tax Officer of the Central Section, pursuant to the enquiry under Sub-section (1) of Section 14 of the said Act, initiated long before the filing of the revision petition in question by the petitioner

Commissioner of Wealth-tax Vs. Girdhari Lal

Court : Delhi

Subject : Direct Taxation

Acts : Finance Act, 1965 - Sections 68, 68(1) and 68(3); Wealth Tax Act, 1957 - Sections 2; Income Tax Act, 1961; Income Tax Act, 1922

Reported in : [1975]99ITR79(Delhi)

achieved.'13. The character of the amount declared under Section 68(1) is further clarified in a similar statute, namely, Finance (No. 2) Act, 1965. The relevant portions of Section 24 of this latter Act read as follows:'24. (1) Subject to the provisions … the Finance Act, 1965 (X of 1965), as if such amount were the total income of the declarant...' 14. The words ' in respect of the amount representing income chargeable to tax under the Indian Income Tax

Commissioner of Income-tax Vs. Kanhayalal Mukundlal

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 271(1); ;Finance (No. 2) Act, 1965 - Section 68

Reported in : [1987]166ITR274(Cal)

file a voluntary disclosure. In fact, the assessee subsequently filed a disclosure petition under Section 68 of the Finance (No. 2) Act, 1965.3. The Income-tax Officer did not accept the explanation of the assessee. He held that there was no connection … assessee was required to file its return by October 12, 1962, but filed the same only on January 14, 1966.2. For the delay in submission of its return, the Income-tax Officer initiated penalty proceedings against the assessee.

Radheshyam Tibrewall and Shree Ganeshdass Oil and Rice Mills Vs. Commi ...

Court : Guwahati

Subject : Direct Taxation

Acts : Finance (No. 2) Act, 1965 - Sections 24

of the disclosure petitions filed by Smt. Swati Devi and Smt. Bhagwati Devi under Section 24 of the Finance (No. 2) Act, 1965. The Tribunal held that the amount of taxes due on the disclosed income had been paid by the

Jamnaprasad Kanhaiyalal Vs. Commissioner of Income Tax, M.P., Bhopal

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 68, 139, 256 and 257; Voluntary Disclosures of Income and Wealth Act, 1976 - Sections 18; Indian Income Tax Act, 1922; Finance Act, 1965 - Sections 24, 24(1), 24(3), 24(6) and 24(8)

Reported in : AIR1981SC1759; (1981)23CTR(SC)146; [1981]130ITR244(SC); (1981)3SCC441; [1981]3SCR849

1. I agree. The acceptance of a disclosure statement made by a declarant under Section 24 of the Finance (No. 2) Act, 1965 cannot confer immunity on another person from tax liability in respect of the same sum of money. As

Sunita Sabharwal Vs. Commissioner of Income-tax

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 139 and 140; Finance (No. 2) Act, 1965 - Sections 24 and 24(4); Hindu Minority and Guardianship Act, 1956 - Sections 6, 8 and 11

Reported in : [1973]92ITR377(Delhi)

No. 85 of 1967 is Miss Sunita Sabharwal, minor daughter of H. L. Sabharwal. Section 24 of the Finance (No. 2) Act, 1965, provided for voluntary disclosure of income on conditions mentioned therein, by a person who had failed to furnish … the Income-tax Act, 1961. The provision as to who couldsign and verify the return is contained in Section 140 of this Act. Clause (a) of Section 140 provided for the case of an individual. Clause (b) related

Mst. Zulekha Begum (Khatoon) Vs. Commissioner of Income-tax

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 139, 139(4) and 153; ;Finance (No. 2) Act, 1965 - Section 24

Reported in : [1981]129ITR560(Cal)

was stated that the amounts of the loans and deposits had been disclosed under Section 24 of the Finance (No. 2) Act of 1965. Notices under Section 131 of the I.T. Act, 1961, were sent by registered post to the … the financial year 1962-63.2 .The facts found and/or admitted in the proceedings are as follows : On September 14, 1964, the assessee filed her voluntary return for the relevant assessment year showing an income of Rs. 10,294.

Laherchand Dhanji Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 24, 28 and 68

Reported in : [1995]213ITR145(Bom)

CIT : [1981]130ITR244(SC) . The question in that case was whether the provisions of section 24 of the Finance (No. 2) Act, 1965, could be construed as conferring any right, concession or immunity on any person other than the person making … aspect of purported double taxation also this court has held that there is no question of double taxation.' 14. In Radhe Shyam Tibrewal's case : [1984]145ITR186(SC) , an attempt was made by counsel for the assessee to