Judgment Search Results Home > Cases Phrase: finance act 1968 chapter i preliminary Sorted by: old Court: income tax appellate tribunal itat allahabad Page 1 of about 9 results (0.112 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Allahabad

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

..... 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. it provides for a special procedure for ..... found as a result of illegal search was permissible. with 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. he also submitted that once the intention of the statute was clear, it had to be accepted. 16. ..... 136 itr 513 (all.) is concerned, i have gone through the decision relied on and also through the decision in the case of ito v. firm madan mohan damma mal [1968] 70 itr 293 (all.) - observations at page-301, which has been relied upon, carefully and with due regards to the hon'ble high court, i am unable to subscribe .....

Vishwanath Prasad Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

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

..... the merits of the appeal, we feel it appropriate to decide the above preliminary issue first.12. chapter xiv-b inserted by finance act, 1995 w.e.f. 1st july, 1995 provides special procedure for assessments in search cases. section 158bc of the income-tax act provides special procedure for block assessment. where any search has been conducted under section 132 of the income ..... search.22. circular no. 717 dated 14th august, 1995 is issued by the cbdt on the subject of finance act, 1995 - explanatory notes on provisions relating to direct taxes. clause 39.3 of this circular provides salient features of the scheme provided under chapter xiv-b. the relevant clause is reproduced from this circular: where the previous year has not ended or the .....

Cawnpore Sugar Works Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1982)2ITD654(All.)

..... of tax at source on payments made to any undertaking or body including a society registered under the societies registration act, 1860, financed wholly by the government. in these circumstances, according to dr. vaish, considering the purpose of chapter xvii under which section 194a appears, it is obvious that there was no liability on the assessee to deduct tax ..... warrant the cancellation of the penalty imposed by the ito under section 221, read with section 201. our attention was also invited to the scheme of the act, particularly chapter xvii where sub-section (1) of section 190 lays down that notwithstanding that the regular assessment in respect of any income is to be made in a ..... be quashed. elaborating on this argument, dr. vaish pointed out that the penalties for the assessment year 1969-70 relating to the payments made on or about 1968 from which no tax was deducted at source at that time after about 10 years on 23-10-1978 amounted to abuse of power for imposition of penalty and .....

Kothari Products Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1991)37ITD285(All.)

..... in the compilation) all tobacco products are totally exempt from u.p. sales-tax act.5. the learned counsel for the assessee has further pointed out that even at the time of presenting the finance bill, 1991 according to the hon'ble finance minister, prof. madhu dandavate, in the chapter containing proposals regarding union excise duties, the classification of pan masala has been at ..... which has been filed in the compilation, pan masala as well as pan masala containing zarda has been grouped and classified in a separate chapter no. 24. in the same way, under the u.p. sales-tax act, the company has been charged to sales-tax of zarda yukt pan masala whereas vide sales-tax notification no. st/4069/10-960(4 .....

Verma Roadways Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2000)75ITD183(All.)

..... states that the assessment made under this chapter shall be in addition to the regular assessment.126. in the case of shaw wallace & co. ltd. (supra ..... to assess the undisclosed income in accordance with the provisions of this chapter. therefore, by a plain reading of section 158ba, it is clear that this provision is intended to assess the undisclosed income in distinction to a regular assessment. the explanation inserted by the finance act no. 2 of 1998 with effect from july 1, 1995 ..... been issued in pursuance of search which took place under section 132 of the income-tax act. referring to the speech of hon'ble finance minister reported in 212 itr 87 statute para 71(81), he pointed out that the provisions of chapter xiv-b were introduced to make the procedure more effective and, therefore, only procedural .....

V.V.S. Alloys Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... hierarchy in the (p) di wing has got the powers to call for witnesses and examine them under various provisions as are contained in part c of chapter xiii of the act, particularly those contained in s. 131(1a). it was further argued that even if the authorised officer or the asstt. director of income-tax does not ..... to/unanswered. it was also submitted by the learned counsel for the appellant that the capital cost of the project, which included the investment in factory building also, was financed by the u.p. financial corporation ltd. the 'cost' as incurred by the assessee was within the purview of the financial institution also, which did not find any ..... irregularity in this regard and the stipulated finance was provided.109. on behalf of the department, shri s. chopra submitted that the report prepared by the valuation cell was based on the authentic rates as declared .....

Assistant Commissioner of Income Vs. U.P. Hotel Ltd.

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2002)83ITD443(All.)

..... sake of convenience, section 275(1)(a) and (c) are reproduced below : "sec. 275(1) no order imposing penalty under this chapter shall be passed- (a) in a case where the relevant assessment or other order is the subject-matter of an appeal to the cit( ..... the tribunal. the department's view is fully supported by the decision of the hon'ble allahabad high court in the case of rampur finance corporation ltd. v. cit (1991) 67 taxman 162 (all)." 2. the assessee has preferred cross-objection no. 1 of 2002 ..... rs. 39,823 was not allowable in the. year in question on the ground that the liability has arisen in the years 1968-69 to 1973-74?" it was held by the hon'ble high court that if any liability, though relating to the earlier ..... ) has erred in upholding the validity of the penalty proceedings which had clearly barred by limitation in terms of section 275 of the it act. 2. because the learned cit(a) has failed to appreciate that the penalty proceedings had not been validly initiated and hence the .....

Shervani Industrial Syndicate Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2006)99TTJ(All.)123

..... the basis of such an advice being the express provision which got inserted in section 55(2)(a) by the finance act, 2001. 6. it is further submitted that the said amendment was brought in terms of clause (32) of the finance bill, 2001, true import of which was explained in the memorandum of notes on clauses which reads as under : ..... capital gain and the transaction came within the purview of computational provisions of section 45. this position has been amply clarified in the 'memorandum of notes' on clauses of the finance bill, 2001, also. so, from the asst. yr. 2002-03, the 'transfer' of 'trademark' or 'brand name' attracts taxability under the head 'capital gain'. since the ' ..... & co. (1897) ac 22, 38 (hl), "intention of the legislature' is a common but slippery phrase". in ito v. t.s. devinatha nadar and ors. (1968) 68 itr 252 (sc) : air 1968 sc 623, the supreme court of india observed that the rule that (p. 257) : "we must look to the general scope and purview of the statute and at .....

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

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

..... 's income from undisclosed sources. it was contended by the assessee that the query made by the ao was outside the scope and purview of chapter xiv-b of the it act. the ao rejected the contention of the assessee-company. the assessee submitted 50 affidavits of various corporate shareholders and also submitted income-tax orders, ..... by 2 directors of 2 companies namely, sh. kamal kishore aggarwal, director of mohak trading company (p) ltd. and sh. vimal kishore aggrawal, director of profen finance investment ltd. that the books of account and other records were kept with chartered accountants only. these directors did not know number of shareholders, subscribed/paid up capital, ..... , nevertheless, under no circumstances can the amount of share capital be regarded as undisclosed income of the assessee." the hon'ble supreme court in civil appeal no. 1968 of 1996 vide order dt. 20th july, 2000 has dismissed the appeal of the revenue against order of delhi high court (1991) 192 itr 287 (del) .....