Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD1(Pat.)
..... the provisions contained in sections 30 to 43a.4. the id. counsel for the assessee submitted before us that "43b" was substituted for "43a" by the direct tax laws (amendment) act, 1987 with effect from 1-4-1989 only. thus, as far as assessment year 1986-87 was concerned, the income from business had to be computed in accordance with the ..... it in line with the insertion of section 43b of the act w.e.f 1-4-1984. the amendment in section 29 was operative from 1-4-1984. we, therefore, hold that section 43b ..... case justify amply a similar view with respect to section 29 of the act. this view is further reinforced by the non obstante clause at the beginning of section 43b of the act. we, therefore, conclude that this substitution of "43a" by "43b" by the direct tax laws (amendment) act, 1987 w.e.f.1-4-1989 was only clarificatory and to bring .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1994)50ITD539(Pat.)
..... 155(7a) were omitted from 1-4-1992 by the direct tax laws (amendment) act, 1987. the provisions of section 45(5) were expressly made applicable only from the assessment year 1988-89. therefore they are not applicable for the year under appeal ..... the first instance would continue to be chargeable as income under the head 'capital gains' in the previous year in which the transfer took place. 24.7 these amendments will come into force with effect from 1st april, 1988, and will, accordingly apply from the assessment year 1988-89 and subsequent years. the provisions of section ..... present case.8. the judgments relied on by the ld. d.r. were concerned with the amendment to the laws of procedural nature and were therefore held to act retrospectively. those judgments do not apply to the present case where the amendment is to a substantive provision which has been held to be a charging section.9. for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)45ITD63(Pat.)
..... in the case of prakash lal khandelwal v. ito [1989] 180 itr 604. besides, to settle the controversy appropriate amendment was made to section 139 by inserting an explanation 2 to section 139 by the taxation laws amendment act, 1984. therefore, no interest is chargeable either under section 139, obviously and also for same reasons no interest can ..... be charged even under section 217(1a) of the act.8. the appeals are now restored to the division bench for passing an ..... 1-4-1971. it may be stated here that neither the learned judicial member nor the learned accountant member has referred to this particular amendment while considering section 11(4) of the act and, therefore, considering the facts of this case i do not find it necessary to go into details and advert to the implications of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2007)104ITD382(Pat.)
..... the appellant to raise a new ground of appeal not set forth in the memorandum of appeal. hon'ble bombay high court has held that even without a formal amendment of the grounds set forth in the memorandum of appeal, a new ground can be raised (new india life assurance co. ltd. v. cit 31 itr 844. ..... prejudicial to interest of revenue. in view of facts indicated above and justification given by cit in order passed under section 263, the order under section 263 of it act deserve to be confirmed. your honour is requested to consider the matter accordingly and decided the issue in favour of department and against the assessee.7. the learned ..... was appointed by revenue the power is given to ao by revenue, with certain duties, for which he was bound to discharge as assessing officer. he should have acted as investigator the assessment order passed by assessing officer clearly, not only erroneous but prejudicial to interest revenue. reliance is placed on following decisions: there should be error .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at570
..... must have reason to believe that there escaped assessment of income.earlier, the ao was required to make it in writing the same but after the amendment brought in provision of section 147 of the it act, w.e.f.1st april, 1988 no such record of satisfaction is required but there is introduction of strong words "has reason to believe" in ..... plenary. that 'reason to believe' does not mean 'reason to suspect'.6. while applying the case laws discussed above, we have also to keep in mind that under section 147 amended w.e.f. 1st april, 1989, it is only to be seen whether the ao had adequate materials on the basis of which he could have reasons to believe that ..... income of the assessee from assessment. the fact that the words "definite information" which were there in section 34 of the act of 1922 at one time before its amendment in 1948 are not there in section 147 of the act of 1961 would not lead to the conclusion that action can now be taken for reopening the assessment even if the information .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at547
..... assessee from assessment. the fact that the words "definite information" which were there in section 34 of the act of 1922 at one time before its amendment in 1948 are not there in section 147 of the act of 1961 would not lead to the conclusion that action can now be taken for reopening the assessment even ..... meantime. i would also direct the it department through the chief cit, bihar, to initiate such action as may be considered fit, necessary and expedient under the it act, wt act, etc., against persons whom he reasonably thinks to be involved in the 'scam' and possess unaccountable wealth and property, and take the proceedings to their logical conclusions ..... need not necessarily result into reassessment. the material sufficient for formation of the belief need not be sufficient for making the assessment/reassessment. the ao should not act arbitrarily, nor should he pretend of having a reasonable belief for reopening of an assessment, reopening is also not valid if there is no live link or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at592
..... similar was the position in the case of the firm which was sought to be assessed as unregistered firm. however, in 1956 there was an amendment in section 23(5) of the 1922 act by virtue of which both firm as well as its individual partners were made exigible to tax in the manner provided therein. as a result ..... derived therefrom was rightly disclosed in the hands of two individuals and there does not exist any aop which could be assessed separately under the provisions of the it act. the learned counsel contended that existence of the aop has not been established by the revenue and as such the issue of notice under section 148 and assessment ..... a building was constructed at khazanchi road, patna, which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the it act, 1961 in the residential premises of dr. narendra prasad/dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr, (mrs.) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)91ITD173(Pat.)
..... similar was the position in the case of the firm which was sought to be assessed as unregistered firm. however, in 1956 there was an amendment in section 23(5) of the 1922 act by virtue of which both firm as well as its individual partners were made exigible to tax in the manner provided therein. as a result ..... of persons being recognized as an entity in itself is separately assessable to tax dehorse the assessment of the individual members. as per the scheme under the 1961 act, the individuals, hufs, shareholders of companies or others being partners of a firm or members of an association of persons are also separately assessable to tax besides ..... constructed at khazanchi road, patna which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the i.t.act, 1961 in the residential premises of dr. narendra prasad/ dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr.(mrs.) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... retirement from service from inclusion in the assessee's total income, was inserted into section 10 to be effective from april 1, 1978, by the finance act, 1982, no consequential amendment of section 17(3)(ii) was made. that demonstrates the intention of parliament to the effect that all categories of payment by way of leave encashment ..... legislation which is relevant to appreciate the point.3. capital gain was not included in the definition of term "income" in the indian income-tax act, 1922 prior to amendment of section 2(6c) and insertion of new section 12b relating to capital gains the above was done under entry 54 in list i of the ..... seventh schedule of the government of india act, 1935. this entry with which definition of "income" was challenged before the constitutional bench of supreme court in the case of navinchandra mafatlal (supra). their lordships upheld the validity of amendment and held that capital gains after amendment was taxable "income".4. in the case of manubhai .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD129(Pat.)
..... .7. apart from supporting the view taken by the learned accountant member, the learned departmental representative invited my attention to expln. 6 inserted in s. 271 of the act by direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989, which runs as under : "explanation 6. - where any adjustment is made in the income or loss declared in the ..... times' was inserted w.e.f. 1st april, 1989, by virtue of taxation laws (amendment) act, 1989. but there is no alteration, change or substitution of the main provision of sub-cl. (c) of sub-s. (1) of s.271 nor any of its essential ..... do agree with my learned brother that the measure and quantum of imposition of penalty under cl. (iii) to s. 271(1)(c) has been substituted by taxation laws (amendment) act, 1975, and penalty of "twice" the amount of tax sought to be evaded was inserted as a measure of punishment. this word 'twice' was omitted and the words 'three .....
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