Judgment Search Results Home > Cases Phrase: finance act 1965 section 13 amendment of section 40 Court: income tax appellate tribunal itat allahabad Page 1 of about 9 results (0.177 seconds)

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the ld- counsel further submitted that in coming to this conclusion, they have decided the matter on merits and not based their ..... arguments of the special counsel for the department referred to definition of interest in section 2(7) and stated that upto the amendment by the finance act of 1991 interest was specifically excluded and that exclusion being not retained in the amended definition of section 2(7) which would mean that it stood included within the definition of interest. ..... directions in order to safeguard the interest of the depositors.4.2 if a residuary non-banking company by its nature of activities fell within the definition of any of the financial companies, as defined in section 2(sb) of clauses (i) to (v) or of within the definition of a miscellaneous non banking company, as defined in clause (vi) of the section 2(5b), then there would have been no need to amend the law and insert sub-clause (va) in section 2(5b) of the interest tax act by finance act, 1992 w.e.f. ..... /debentures would not be covered by the definition of 'interest' in section 2(7) even after the amendment by the finance act, 1991.11. .....

income-tax Officer Vs. R.T. Lawrence

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)15ITD490(All.)

..... the cbdt which is in the nature of explanatory notes on the provisions relating to direct taxes in the finance act, 1983.paragraph 11.4 of this circluar, which is relevant, reads as under : the amendment takes effect retrospectively from april 1, 1979. ..... submission was that with the insertion of the explanation to section 9(1)(ii) by the finance act, 1983, any doubt, if there was one, has also ..... agreement with the stand of the assessees that the explanation inserted by the finance act, 1983, with effect from 1-4-1979 to section 9(1)(ii) cannot be applied to an assessment earlier to the assessment year 1979 ..... that subsequently an explanation to the above section was inserted by the finance act, 1975, with retrospective effect from 1-4-1962 ..... legislature wanted that the explanation should be treated as further retrospective, it could have very well made a provision like that as was done in the case of explanation to section 10(14) of the act, which was specifically made retrospective from the very beginning the act had come on the statute.he was also cirtical of the plea of the learned departmental representative shri upadhyay that the matter should be restored or set aside for reconsideration by ..... be permissible for assessees to contend that for the assessment year 1978-79 and earlier years, their assessments should be revised under section 264 [of the income-tax act, 1961] by ignoring the provisions of the new explanation and following the principle enunciated by the gujarat high court. .....

Subhra Motel (P.) Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1998)64ITD134(All.)

..... on comparison of two provisos inserted by finance act, 1987 in respect of clause (a) and finance act, 1989 in regard to clause (b) of section 43b of the act, it would be clear that the conditions for payment ..... regulations 1981 but for the proper adjustment in each quarter it will be necessary that cinema owner will prepare the total bill in proforma 42-g in respect of admissible grant-in-aid according to rule 209 of finance handbook volume-v part-i and he will deposit the same in the treasury within 7 days after the expiry of quarter by indicating 'payment of account through transfer' on the top of the bill after ..... sum referred to in clause (a) [or clause (c)] [or clause (d)] which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return : provided further ..... clause (b), be allowed unless such sum has actually been paid in cash or by issue of a cheque or draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realised within fifteen days from the due date. ..... 35.5 the amendment takes effect from 1st april, 1984, and will accordingly apply in relation .....

income-tax Officer Vs. Gauri Shankar Dalal

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)5ITD340(All.)

..... according to him the amendment made by the finance act was by way of clarification only.7. ..... in support of his submission, the learned representative for the department invited our attention to explanation 2 to section 64(2) which was inserted with effect from 1-4-1980 by the finance act, 1979. ..... this fact was accepted by the ito and in the assessment year 1973-74 as the ito included half share of the huf in the said three firms in the total income of the assessee by invoking the provisions of section 64(2) of the income-tax act, 1961 ('the act')- similarly, in respect of the assessment years 1974-75 and 1975-76, the ito included half share of the huf in the said three firms in the total income of the assessee. ..... in appeal, the assessee submitted that since the share of profit from the other two firms was clubbed with his other income under section 64(2), the share of loss from sidh gopal amar nath could not be ignored. ..... in the assessment year 1976-77, the ito included the full share of the huf in the said three firms in the total income of the assessee as there was an amendment in section 64. ..... inviting our attention to the provisions of section 64(jj) as they stood at the relevant time, the learned representative for the department submitted that under that provision only the positive income is to be clubbed with the other income of the assessee and not a share of .....

Vishwanath Prasad Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2003)86ITD516(All.)

..... for re-making, copy of the assessee's letter dated 6-10-1997, alongwith duly sworn affidavit of eight customers, who have given the ornaments for remaking, copy of the notice dated 8-10-1997 under section 142(1) of the income-tax act, copy of the assessee's letter dated 22-10-1997 alongwith record of personal appearance of various customers, who have already appeared before the assessing officer on 20-10-1997 on 21-10-1997 and 22-10-1997, copy ..... assessing officer that any part of income referred to in sub-clause (1) relates to an assessment year for which the previous year has not ended or the date of filing the return of income under sub-section (1) of section 139 for any previous year has not expired and such income or transaction relates to such income are recorded on or before the date of search or requisition in the books of account or other document maintained ..... was his undisclosed income.the assessing officer in the case of the assessee has also mentioned in the opening of the impugned assessment order that:-- in pursuance of warrant of authorisation under section 132(1) of the income-tax act, the search and seizure operation was conducted on 3-11-1996 at the business premises of the assessee-firm and residential premises of ashok kumar and ors.it appears from the above facts and ..... 1995 is issued by the cbdt on the subject of finance act, 1995 - explanatory notes on provisions relating to direct taxes ..... by finance act, 1995 ..... chapter was explained by the finance minister dr. .....

Assistant Commissioner of Income Vs. U. P. National Mfg Ltd. (Asstt. C ...

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... this case that in the context of penalty provisions "reasonable cause" would mean a cause which is beyond the control of the assessee and means a cause which prevents a reasonable man of ordinary prudence acting under normal circumstances, without negligence or inaction or want of bona fide, advances the assessee's case rather than the revenue's case because in the present cases the assessees were neither negligent nor remained inactive ..... 194h of the it act, 1961 (hereinafter called as "the act"), as a result of finance act, 1991, which received the assent of the president of india on 27th september, 1991, all these respondents were under an obligation to deduct and pay the tax at source @ 10 per cent from all payments or ..... the learned departmental representative, however, submitted that the respondent-assessees had no intention to comply with the provisions of the act because had they intended to comply with or had its intention been bona fide, they should have filed their annual return of ..... that no action in the matter has been taken until the matter is finally decided by the ministry of finance as well as till the disposal of our writ petition before the high court of judicature at allahabad. ..... elaborating the sequence of events from the date of introduction of it (second amendment) bill, 1991, in the parliament and till the date of deduction and payment of tax at source, the assessee's counsel submitted that all these 3 assessees were honest and diligent throughout the period - .....

Wealth-tax Officer Vs. S. Inder Singh

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1987)20ITD544(All.)

..... 2) act, 1965, was to the order of the central board under section 24(6) and not to the assessment of tax made on the declaration furnished under the scheme.in a voluntary disclosure, the statement was accepted without enquiry or satisfaction that disclosed amount represented income of the assessee and, therefore, the certificate granted by section 215 of the finance act, 1965, would not preclude an examination of the explanation, although such declaration may be admissible piece of evidence, but not conclusive. ..... it is stressed that the purpose of section 16(3) of the wealth-tax act is completely and basically different from that of section 132(12) of the income-tax act, particularly when the commissioner of income-tax did not give any finding or reason before stating that the above sum had been spent away by the assessee and was not available in the assessment ..... it was further pointed out that the commissioner of income-tax in his order under section 132(12) of the income-tax act, 1961 ('the 1961 act') had categorically stated that rs. ..... cit [1981] 130 itr 244, indicated amongst other things that the finality under section 24(8) of the finance (no. ..... the first common point of appeal by the revenue is that the commissioner (appeals) went wrong in cancelling the order passed under section 35 of the wealth-tax act, 1957 ('the act') by the wto.3. ..... it was pointed out that there was a vital difference between an order under section 132(5) and order under section 226(5) of the 1961 act. .....

New Light Tannery Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1982)1ITD733(All.)

..... his further submission was that the case of happy sound industries (supra) related to the assessment year 1975-76, while the amendment, as pointed out above, was carried out in sub-clause (iii) by the finance act, 1978, with effect from 1-4-1978 and, therefore, also that decision had no application to the present case. ..... 1,2, 3 and 4, these are all covered by section 35b(1)(6)(iii) as these are related to distribution, supply or provision outside india of such goods in which the appellant is dealing and under the amended law any such expenditure after 1-4-1978, is not to be allowed for relief under section 35b. ..... it is mentioned in this paragraph that the customs duty paid and the packing charges incurred by the said branches for the import of the textile goods from india were entitled to weighted deduction under section 35b, as they did not fall in the category contemplated by clause (b). ..... the learned counsel for the assessee submitted before us that in the first place its claim could not be rejected under sub-clause (iii) of clause (b) of section 35b(1) as was contended on behalf of the department. ..... it, among others, claimed the relief under section 35b on the following expenses incurred by it in connection with the export of its goods :1. ..... the common contention in these appeals relate to the assessee's claim under section 35b of the income tax act, 1961 ("the act"). ..... [1978] 114 itr 485, the assessee was entitled to the relief under section 35b in respect of the above items. .....

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2005)95TTJ(All.)489

..... was recovered from the premises of m/s jalan enterprises, a separate assessee, and it was not handed over by the ao of m/s jalan enterprises to the ao of the present assessee-company by following the procedure prescribed under section 158bd of the act, the ao of the assessee-company was having no material with it on the basis of which block assessment in relation to share capital/share application money in connection with income-tax files could have been made ..... return under this clause shall not be entitled to file a revised return; (b) the ao shall proceed to determine the undisclosed income of the block period in the manner laid down in section 158bb and the provisions of section 142, sub-sections (2) and (3) of section 143 and section 144 shall, so far as may be, apply; (c) the ao, on determination of the undisclosed income of the block period in accordance with this chapter, shall pass an order of assessment ..... was made on a separate sheet of paper which was not signed by the ito the hon'ble karnataka high court held that as the assessment order was made after the insertion of section 292b by taxation laws (amendment) act, 1975, impugned assessment order was in substance in conformity with and according to the provision of the it act ..... in that decision the cit had not referred to section 68 of the act and, therefore, the decision of hon'ble supreme court was only on the facts of the case and, therefore, decision of full bench of delhi high court in case of sophia finance ltd ..... ito (1965 .....

Dr. A.K. Bansal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2000)73ITD49(All.)

..... in the first place it is contended that under section 132 of the income-tax act, 1961, as amended in 1965, no search warrant could be issued unless the commissioner (who issued the search warrant) had information in his possession in consequence of which he had reason to believe that the assessee would not produce the books of ..... before venturing to give reasons for dissenting with the learned judicial member, i consider it necessary to refer to the objectives of introducing chapter xiv-b, which can be gainfully used as an aid to interpretation.3.1 chapter xiv-b of the act was brought on the statute book by the finance act, 1995 with effect from the 1st july, 1995. ..... " the above speech and clause (32) of the notes on clauses of the finance bill, 1995, spell out that the government's own perception in regard to the new provisions is to devise a procedure for assessment in search cases which is cost effective, efficient and ..... a view to gather the intention of the statute, he thereafter referred to memorandum explaining the provisions of chapter xiv-b in the finance bill, 1995 found in itr 212 page 345. ..... in his arguments, we can turn to the budget speech of the hon'ble finance minister delivered on 15-3-1995 on the floor of the parliament. ..... view to gather the intention of the statute, he thereafter referred to memorandum explaining the provisions of chapter xiv-b, in the finance bill, 1995 found in 212 itr 345.(st). ..... board of direct taxes, ministry of finance, north block, new delhi. 2 .....