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Fenoplast Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2002)82ITD178(Hyd.)

the provisions of the Expln to Section 158BA inserted with retrospective effect from 1st July, 1995 by the Finance (No. 2) Act, 1998, it is claimed that this is only a protection to the assessee inasmuch as it prohibits the inclusion … this section was amended in 1993. But, there is no such change effected in Section 158BB or in Section 113 under which the undisclosed income is taxed.In support of his contentions, the authorised representative relied on the following

Cargo Clearing Agency (Gujarat) Vs. Joint Commissioner of Income Tax

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(7A), 3, 4, 4(1), 32(2), 64, 65, 66, 68, 69, 69A, 69B, 69C, 113, 132, 132A, 132B, 132(5), 132(7), 139, 139(1), 139(5), 142, 142(1), 143, 143(1A), 143(1B), 143(2), 143(3), 144, 145, 147 to 153, 153(2), 158B, 158BA, 158BA(1), 158BA(2), 158BB, 158BB(1), 158BB(2), 158BC, 158BD, 158BE, 158BG, 158BH and 245D; Finance Act, 1995; Finance (No. 2) Act, 1996; Finance (No. 2) Act, 1998; Finance Act, 2001; Finance Act, 2002

Reported in : (2008)218CTR(Guj)541; [2008]307ITR1(Guj)

in case of all assessees.(iii) The amendment will take effect retrospectively from 1st July, 1995.12.2. Again by the Finance (No. 2) Act, 1998 certain further amendments were made in Chapter XIV-B of the Act and the same have been explained by … of Section 158BA of the Act, it was submitted that for the purpose of charging tax not only Section 113 of the Act was material but even Section 4 had to be considered as laid down by the

Commissioner of Income Tax vs.m. S. Aggarwal

Court : Delhi

Subject : Direct Taxation

any one or more assessment years was pending or not. Explanation which was inserted by the Finance (No.2) Act, 1998, with retrospective effect from July 1, 1995, is a cause of some debate, as do the subsequent amendments … the said Chapter. Initially undisclosed income relating to the block period was taxed at 60% as prescribed under Section 113, with immunity from specified interest and penalty contemplated under Section 158BF on the undisclosed income. This had no

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

Court : Delhi

Subject : Direct Taxation

any one or more assessment years was pending or not. Explanation which was inserted by the Finance (No.2) Act, 1998, with retrospective effect from July 1, 1995, is a cause of some debate, as do the subsequent amendments … the said Chapter. Initially undisclosed income relating to the block period was taxed at 60% as prescribed under Section 113, with immunity from specified interest and penalty contemplated under Section 158BF on the undisclosed income. This had no

Commissioner of Income Tax, Central-1, New Delhi Vs. Shailendra Mahto

Court : Delhi

Subject : Direct Taxation

any one or more assessment years was pending or not. Explanation which was inserted by the Finance (No.2) Act, 1998 with retrospective effect from 1st July, 1995 is a cause of some debate, as do the subsequent amendments … total undisclosed income relating to the block period shall be charged to tax, at the rate specified in Section 113, as income of the block period irrespective of the previous year or years to which such income relates

Commissioner of Income Tax and anr. Vs. T.S. Chandrashekar Through Lrs ...

Court : Karnataka

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 110(sic), 113, 115, 132, 132(1), 132(3), 132(4), 132(13), 132A, 132(1A), 139(1), 158B, 158BA, 158BA(1), 158BE, 158BE(1), 158BE(2) and 295; Finance (No. 2) Act, 1998; Code of Criminal Procedure (CrPC) , 1973; Income Tax Rules, 1962 - Rules 104, 105(sic), 112(4) and 112(6); Income Tax (Amendment) Rules, 1997 - Rule 112 and 112A

Reported in : (2009)221CTR(Kar)385

learned Counsel for the Revenue further submits placing strong reliance on the circulars relating to the provision in Finance (No. 2) Act, 1998 that certain clarificatory amendments in procedure for block assessment are provided. He has also placed strong reliance on … total undisclosed income relating to the block period shall be charged to tax, at the rate specified in Section 113, as the income of the block period irrespective of the previous year or years to which such income

Mange Ram Mittal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

retrospectively from the 1-6-1995." (231 ITR (St.) 228, 256). After insertion of Explanation to Section 158BA(2) by the Finance (No. 2) Act, 1998 with retrospective effect from 1-6-1995, there is no dispute now that the block assessment under Section 158BC is … the block period has to be taxed at a flat rate of 60 per cent as given in Section 113. The order of assessment for the block period is to be passed within one year from the end

Mange Ram Mittal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2006)103ITD389(Delhi)

This controversy or doubt has been set at rest by clarification in the Memorandum Explaining the Provisions of Finance (No. 2) Bill, 1998 in the following words: To set at rest the controversy as to whether block assessment subsumes … 178 : (1998) 231 ITR (St) 228, 256.After insertion of Explanation to Section 158BA(2) by the Finance (No.2) Act, 1998 with retrospective effect from 1st July, 1995, there is no dispute now that the block assessment under Section … the block period has to be taxed at a flat rate of 60 per cent as given in Section 113. The order of assessment for the block period is to be passed within one year from the end

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

of July, 1995." [(1998) 231 ITR (St) 228, 256].78. After insertion of Explanation to Section 158BA(2) by the Finance (No. 2) Act, 1998, with retrospective effect from 1st July, 1995, there is no dispute now that the block assessment under Section … the block period has to be taxed at a flat rate of 60 per cent as given in Section 113. The order of assessment for the block period is to be passed within one year from the end

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

day of July, 1995." (231 ITR (St.) 228, 256).78. After insertion of Explanation to Section 158BA(2) by the Finance (No. 2) Act, 1998 with retrospective effect from July 1, 1995, there is no dispute now that the block assessment under Section … income of the block period has to be taxed at a flat rate of 60% as given in Section 113. The order of assessment for the block period is to be passed within one year from the end