Judgment Search Results Home > Cases Phrase: finance act 1968 chapter i preliminary Sorted by: old Court: income tax appellate tribunal itat cochin Page 1 of about 11 results (0.182 seconds)

Mamatha Motels Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)85TTJ(Coch.)154

..... return and 'not a person aggrieved' by the order, does not stand to reason.14. it is to be seen that as a consequence of the search under chapter xiv-b of the it act, 1961, a notice of demand under section 156 was served on the appellants. section 156 reads as under : "when any tax, interest, penalty, fine or any ..... severally to satisfy the tax demand. in this case, this view has been taken by the revenue. they had been served notice of demand under section 156 of the it act.25. therefore, respectfully following the above decisions and for the reasons stated hereinabove, we hold that the appellants before the tribunal are competent to file the appeals. we overrule ..... with the principles of natural justice in reaching his conclusions even though he is not fettered by technical rules of evidence and pleadings, and that he is entitled to act on material which may not be accepted as evidence in a court of law".therefore, it is a preliminary duty of any authority passing a quasi-judicial order to .....

Mamatha Hotels, by K.L. George and Vs. the Asst. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Cochin

..... act, 1961, a notice of demand under section 156 was served on the appellants. section 156 reads as under: "when any tax, interest, penalty, fine or any other ..... to satisfy the tax demand. in this case, this view has been taken by the revenue. they had been served notice of demand under section 156 of the income-tax act.25. therefore, respectfully following the above decisions and for the reasons stated herein above, we hold that the appellants before the tribunal are competent to file the appeals. we over ..... any proceedings -- done under this act. therefore, the meaning, the department wants to import into section 253 is that an assessee is a `person' who filed the return and not a person aggrieved' by the order, does not stand to reason.14. it is to be seem that as a consequence of the search under chapter xiv-b of the income-tax .....

Thangalkunju Musaliar Vs. Authorised Official and

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195425ITR120(Coch.)

..... altered or repealed or amended by a competent legislature or other competent authority.(3) march 31, 1950. the finance act, 1950 (central act xxv of 1950) came into force and the indian income-tax act, 1922 (central act xi of 1922) was extended to travancore-cochin.(4) april 18, 1950. the opium and revenue laws (extension ..... requirements notwithstanding anything in any law to the contrary. failure to comply with the requirements of the said authorised official may amount to an offence under chapter x of the indian penal code.and the subsequent correspondence ending up with his letter dated the march 13, 1952, (exhibit c), the opening paragraph ..... income-tax investigation commission, by its secretary, new delhi. the enactment under which investigation is being made is the travancore taxation of income (investigation commission) act, 1124 (travancore act xiv of 1124), and the frist notice issued to the petitioner dated december 10, 1949, (exhibit a) reads as follows :- whereas the income-tax .....

Apollo Tyres Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)43ITD464(Coch.)

..... trust of india from the eligible business profit for purposes of computing the deduction under section 32ab of the income-tax act, 1961.43. we have thus heard rival submissions and perused the records.section 32ab was inserted by finance act, 1986 with effect from 1-4-1987. we are now concerned with the assessment year 1988-89.sub-sections (1 ..... " is a loss and the assessee has income assessable under the head "capital gains", such loss may, subject to the provisions of this chapter be set off against the income, if any, of the assessee assessable for that assessment year under any other head including income from capital gains relating to short term ..... to have set-off, if at all it had been intended, was specifically provided for, as for instance, in section 71(2). as it stood prior to 1-4-1968, the said proviso was as follows :- (2) where in respect of any assessment year the net result of the computation under any head of income other than "capital gains .....

Muthoot M. George Brothers Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)47TTJ(Coch.)434

..... to 32.7) [(1984) 43 ctr (tlt) 3 at 17] explaining the provisions of ss. 269ss and 269t inserted by the finance act, 1984 for the proposition that the impugned provisions were intended only to curb black money transactions and on this basis it was contended ..... levy of penalties for failure to comply with the provisions of ss. 269ss and 269t - under the old provisions of chapter xxi of the it act, no penalties were prescribed for failure to comply with the provisions of ss. 269ss and 269t, which require that taking ..... penalty under s. 271(1)(c) was imposed on the basis that the section as amended w.e.f. 1st april, 1968 applied. the tribunal held that there was a case of levy of penalty but directed that the penalty should be only on ..... 1989.2. board has received a number of representations regarding the date of applicability of the above mentioned amended sections of the it act. it is hereby clarified that the amended provisions of ss. 269ss and 269t will apply to payments or repayments made on .....

Muthoot M. George Bankers Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)46ITD10(Coch.)

..... of the board of direct taxes no. 387 dated 6-7-1984 (paras 32.1 to 32.7) explaining the provisions of sections 269ss and 269t inserted by the finance act, 1984 for the proposition that the impugned provisions were intended only to curb black money transactions and on this basis it was contended that once the transactions are found to ..... new sections 271d and 271e to provide for levy of penalties for failure to comply with the provisions of sections 269ss and 269t.-under the old provisions of chapter xxi of the income-tax act, no penalties were prescribed for failure to comply with the provisions of sections 269ss and 269t, which require that taking or accepting of certain loans or ..... . 9,604 respectively in those years became final. penalty under section 271(1)(c) was imposed on the basis that the section as amended with effect from 1-4-1968 applied. the tribunal held that there was a case of levy of penalty but directed that the penalty should be only on the basis of the law as it stood .....

indo Marine Agencies (Kerala) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1995)51TTJ(Coch.)18

..... assessing officer.16. we have heard rival submissions. the claim made by the assessee falls under item (g) of the explanation to sub-s. (1a) of s. 115 of the it act. sub-s. (1a) was inserted by the finance act, 1989 w.e.f. 1st april, 1989. item (g) in the explanation thereto was also inserted by the direct tax laws (amendment ..... by - (i) amounts withdrawn from reserves if any, such amount is credited to the p&l a/c (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the p&l a/c, and (iii) the amount of any brought forward losses or unabsorbed depreciation whichever is less as ..... cannot be upheld in terms of cl. (b) of the first proviso to sub-s. (1) of s. 205 of the companies act. the assessee has furnished before us a working sheet basing its computation from the accounting year 1968-69 (asst. yr. 1970-71) onwards under the first option (see annexure to this order). prima facie, its computation appears to be .....

Mrs. Nalinibai V. Saraf Vs. Assistant Controller of Estate

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1996)58ITD536(Coch.)

..... 83 to 1985-86; (h) copy of tribunal's order in gta no. 31/coch./1983; (i) copy of tribunal's order in gta no. 34/coch/78-79; (j) chapter on "valuation of goodwill" in advanced accountancy by shukla & grewal; (1) copy of the order of the tribunal dated 24-6-1993 in the case of saraf trading corporation in ..... and therefore there was no passing of property on the death of shri v.g. saraf. he relied on the decision of the house of lords in gartside v. irc [1968] 70 itr 663. he also submitted that as far as the profits of the year in which the death took place is concerned, unless an account was taken of theassets ..... for ascertaining earning capacity of the firm because the commercial profits would be subjected to disallowances, deductions and additions on several counts including the deeming provisions of the income-tax act. in context of considering the smallness of profit and profits available for distribution, the supreme court in cit v.gangadhar banerjee & co. (p.) ltd. [1965] 57 itr 176 held .....

S. Gopakumar Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... could not be accepted. it may be mentioned here that by way of explanation in section 158ba, it is clarified by finance (no. 2) act, 1998, with effect from 1-7-1998, that an assessment made under chapter xiv-b is in addition to the regular assessment in respect of each previous year included in the block period. but that ..... cit (supra) the tribunal, patna bench held that the provisions of section 145 for estimating the income could be applied in regular assessment and not in block assessment under chapter xiv-b. we notice that in the present case, though in para 5(1) of the assessment order, the assessing officer has stated that applying the provisions of ..... assessee (huf) apart from what had already been considered in the assessment of the assessee (individual), there was actually no undisclosed income for the purpose of assessment under chapter xiv-b. the entire assessment was based on the declaration of income by the assessee itself in the returns filed by it. in the face of such facts .....

S. Gopakumar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)79ITD285(Coch.)

..... ) could not be accepted. it may be mentioned here that by way of explanation in section 158ba, it is clarified by finance (no. 2) act, 1998, w.e.f. 1st july, 1998, that an assessment made under chapter xiv-b is in addition to the regular assessment in respect of each previous year included in the block period. but that ..... assessee (huf) apart from what had already been considered in the assessment of the assessee (individual), there was actually no undisclosed income for the purpose of assessment under chapter xiv-b. the entire assessment was based on the declaration of income by the assessee itself in the returns filed by it. in the face of such facts it ..... in the above case the tribunal (madras bench) annulled the block assessment for the reason that there could be no undisclosed income 'for the purpose of assessment .under chapter xiv-b even though the return had been filed belatedly. our attention was also drawn to the decisions of the tribunal reported in jaya s. shetty v. asstt. cit .....