Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Court: income tax appellate tribunal itat guwahati Page 1 of about 70 results (0.273 seconds)

Goyal Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1989)28ITD265(Gau.)

..... (guj.) was followed. amongst other things, the hon'ble supreme court in the case of jamnaprasad kanhaiyalal (supra) has held that there was nothing' in section 24 of finance (no. 2) act, 1965, which prevented the ito, if he was not satisfied with explanation of the assessee about the genuineness or source of the amount found credited in its ..... was not permissible for the department to go into the question of the nature and source of the amount declared in a voluntary disclosure under section 24 of the finance (no. 2) act, 1965 and to say that the amount did not represent income or declarant. but this decision was overruled by the hon'ble supreme court ..... under the amnesty scheme would not automatically give rise to amnesty to the assessee against enquiries or verification of those facts. there was nothing in section 24 of the finance (no.2) act, 1965, which prevented the income tax officer, if he was not satisfied with explanation of the assessee about the genuineness or source of the .....

George Williamson (Assam) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1991)37ITD392(Gau.)

..... authorities below and other connected papers placed before us for our consideration. as stated earlier, the assessee claimed weighted deduction under section 35b which was introduced in the statute with effect from 1-4-1968 by the finance act 1968. among other things, section 35b prescribed certain weighted deduction to be allowed to the assessee if such assessee has incurred any expenditure as mentioned in the ..... on account of "such other activities for the promotion of sale outside india of such goods, services or facilities as may be prescribed". section 35b itself was introduced in the statute by the finance act 1968 with effect from 1 -4-1968. but what would be "such other activities" nothing was provided. at a later stage, rule 6aa of the income-tax rules, 1962 was .....

Assistant Commissioner of Income Vs. Tea Agency Trading Centre

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2004)88ITD96(Gau.)

..... made by the finance act, 1999, is not applicable and accordingly the assessee is not liable to pay capital gains tax.now, ..... insurance policy was brought to tax as capital gain under section 45(1a) of the act. since the case before us is for the asst. yr. 1993-94 the amendment ..... an extinguishment of right not brought about by transfer was outside the purview of section 45." respectfully following the decision of the hon'ble apex court as mentioned above the amount received from insurance company is not, assessable under the head capital gains.subsequently by finance act, 1999, w.e.f, 1st april, 2000, the money received under the .....

Asstt. Commissioner of Vs. South Point Montessori School

Court : Income Tax Appellate Tribunal ITAT Guwahati

..... .13. the main issue in this case is in a narrow compass and the determination thereof depends upon the true and correct interpretation of section 10(22) of the act. section 10(22) of the act as it stood at the material time reads as under: 10. in computing to total income of a previous year of any person, ..... , the society or institution shall be held to be "existing for educational purposes and not for purposes of profit" and shall be entitled for exemption under section 10(22) of the act. the word "surplus" means excess of income over expenditure i.e. profit.18. further in the case of inspecting assistant commissioner v.matrusri educational society ..... (22) of the act and is eligible for grant of exemption under that section.23. from the reading of clauses of article (5) of the constitution of the assessee society it shows that the power like management and finance of the school, appointment of teaching and other staff etc. are vested with the executive committee of the assessee society. .....

Shrimanta Shankar Academy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

..... educational institution and its income was exempt from the assessment year 1993-94 to 1998-99 under section 10(22) of the act and the claim of the assessee was accepted by the department. the section 10(22) of the act was omitted by the finance (no. 2 ) act, 1998 with effect from 01-04-1999 and for the assessment years 1999-2000 and 2000-2001 ..... the exemption was claimed under section 10(23c)(iiiad) of the act and the returns for the aforestated assessment years were duly filed in .....

Shrimanta Shankar Academy Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2007)109TTJ(Gau.)426

..... educational institution and its income was exempt from the asst. yrs. 1993-94 to 1998-99 under section 10(22) of the act and the claim of the assessee was accepted by the department. the section 10(22) of the act was omitted by the finance (no. 2 ) act, 1998 w.e.f. 1st april, 1999 and for the asst. yrs. 1999-2000 and 2000 ..... -01 the exemption was claimed under section 10(23c)(iiiad) of the act and the returns for the aforestated assessment years were duly filed ..... in response to notices issued under section 142(1) of the act. the relevant .....

The Assam State Textbook Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2003)87ITD99(Gau.)

..... hereinafter : (1) the main issue in this case is in a narrow compass and the determination thereof depends upon the true and correct interpretation of section 10(22) of the it act. section 10(22) of the act, as it stood at the material time, reads as under : in computing the total income of a previous year of any person, any income ..... (22) and it was held that if the claim of society which was only a financing body was held not to come within the scope of "other educational institutions" as specified in section 10(22) of the act, it would be unreal and hypertechnical as the object of the society was to establish, run, manage or assist colleges or schools ..... to the office of the director of public instructions. in 1950, the name was changed to assam textbook committee with 10 members nominated by the state government. again in 1968, the government constituted it as the board for textbook production and research. in 1972, the board was converted into a corporation by the name of the assam state .....

Thard Hardware Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2003)87ITD391(Gau.)

..... of registration to the assessee-firm for the year under consideration.8. it is on this difference of opinion that the matter was referred to me under section 255(4) of the act. at the hearing before me, shri sanjay mody learned authorized representative appeared for the assessee and shri b.b. dev learned senior departmental representative appeared for ..... other partners an opportunity of cross-examination. further, from the records it is also evident that the request of the assessee to summon smt.sarala devi under section 131 of the act was also turned down by the ao. in the circumstances, respectfully following the above decision of the hon'ble ahmedabad bench of the tribunal and considering the ..... in filling of the declaration. the above view also finds support from the decision of the hon'ble hyderabad bench of the tribunal in the case of ito v. sandhya finances (1992) 43 ttj (hyd) 133 : (1992) 40 itd 424 (hyd).8. however, as it has already been held by me that non-grant of continuation of .....

income-tax Officer Vs. H.S. Chittaranjan

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1993)45ITD273(Gau.)

..... it was also contended before the dcit(appeals) that the sda at the most could be treated as a casual and non-recurring receipt being exempt under section 10(3) of the act. the dcit(appeals) agreed with the submissions made before him and directed the assessing officer to delete the said addition. the assessing officer not being satisfied ..... him or at a place where he ordinarily resides or to compensate him for the increased cost of living. in chapter iii of the income-tax act, 1961, the legislature enacted section 10 stating that in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not ..... the civilian employees of the central government serving in the states and union territories of the north eastern region as per notification of the government of india, ministry of finance, department of expenditure in office memorandum no. 20014/3/1983-e-iv dated 14-12-1983. it was also contended that the allowance was in pursuance of .....

Bongaigaon Refinery and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1999)68ITD531(Gau.)

..... 80hh and 80-i and, therefore, on these issues, the cit, ner, shillong is justified in setting aside the assessment under s. 263 of it act. according to him, these two sections specifically talk about profit and gains derived from an industrial undertaking which means that separate books of account should be maintained. according to him, "accounts" ..... of the units.3. in response to show-cause notice of cit, ner, shillong shri p. k.mookherjee, authorised representative and shri s. k. barua, finance manager of the assessee-company appeared and submitted a written reply stating therein that all relevant details relating to the bifurcation of profit amongst the three units of the ..... years relevant to the initial assessment year and to every subsequent assessment year upto and including the assessment year for which the determination is to be made." sec. 80-i(6) enacts provisions of overriding nature and lays down a special mode of computation of the profits and gains eligible for quantum of "tax .....