Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: old Court: income tax appellate tribunal itat chandigarh Page 8 of about 507 results (0.132 seconds)

H.P. State Forest Corpn. Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)80ITD591(Chd.)

..... but the assessment was set aside by the tribunal on 28th march, 1942, on the ground that the indian finance act, 1939, was not in force during the asst. yr. 1939-40 in chota nagpur. on a reference under section 66 of the it act, 1922, the high court agreed with the view of the tribunal. on 30th june, 1942, bihar regulation ..... the ito issued to the assessee on 12th feb., 1944 a notice under section 34 on the ground that income for the year 1939-40 had escaped assessment. on the ..... iv of 1943, was promulgated by which the indian finance act, 1939 was brought into force in chota nagpur retrospectively from 30th march, 1939. .....

Shiv Nandan Kaushik Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... were brought in the statute book to counter the evasion of tax in certain cases as stated under chapter xx-b of the it act. the intention of the legislature in bringing these sections in the statute book was to avoid certain instances of tax evasion whereby huge transactions were made outside the books of accounts by way ..... on 30th sept., 1998. he submitted that kvss clearly provided immunity from penalty and prosecution. therefore, the dy. c1t was not correct in imposing a penalty under section 271d on 30th sept., 1998, after the assessee had made the declaration.7. the learned departmental representative did not make any specific submissions except relying on the orders ..... view that where genuineness of loan has not been doubted, there is no justification for levying penalty under section 271d. this also finds support from the decision of tribunal, jaipur bench in the case of asstt. cit vs. jag vijay auto finance (p) ltd. (2000) 68 ttj (jpj 44 and the decision of tribunal, calcutta bench in .....

Shiv Nandan Kaushik Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)74TTJ(Chd.)761

..... brought in the statute book to counter the evasion of tax in certain cases as stated under chapter xx-b of the income tax act. the intention of the legislature in bringing these sections in the statute book was to avoid certain instances of tax evasion whereby huge transactions were made outside the books of accounts by way ..... on 30-9-1998. he submitted that kvss clearly provided immunity from penalty and prosecution. therefore, the deputy commissioner was not correct in imposing a penalty under section 271d on 30-9-1998, after the assessee had made the declaration.the learned departmental representative did not make any specific submissions except relying on the orders of ..... the view that where genuineness of loan has not been doubted, there is no justification for levying penalty under section 271d. this also finds support from the decision of tribunal, jaipur bench in the case of asstt. cit v. jag vijay auto finance (p) ltd. (2000) 16 dtc 539 (jp-trib) : (2001) 78 itd 378 (jp-trib) and .....

Anil Aggarwal Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)90TTJ(Chd.)946

..... aggarwal & sons made a declaration under vdis vide his letter dated 26-12-1997, addressed to learned commissioner, which reads as under: sub : declaration under section 65(1) of the finance act, 1997, in r/o m/s. inder sain aggarwal & sons, huf, c/o new gulmarg hotel, shimla.enclosed please find a duly filled in ..... was neither erroneous nor prejudicial to interests of revenue and viewing the issue in the total circumstances, no action under section 263 stood attracted.2. that enclosure to declaration under vdis 1997 filed under section 65(1) of the finance act, 1997, having fully explained that a ledger (annex. a-13) noticed and seized from h. no. 81/ ..... 28a, chandigarh (residence of sh. anil aggarwal appellant), on 19-10-1994, during search under section 132 pertained to huf, inder sain aggarwal & sons, .....

Om Prakash Gupta Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)81ITD55(Chd.)

..... in the books of accounts of the assessee, the ao rightly called upon the assessee to establish the source and genuineness thereof as per provisions of section 68 of the it act. it is also a fact that none of the 51 parties had been produced. no confirmations or affidavits were also filed. later the assessee stated ..... , the assessee could not produce any of the persons. however, the assessee submitted before the ao that he received these advances because he was in dire need of finance. the assessee could also not furnish any evidence as to how the amounts in question were received from the so-called agents at bombay, bangalore, madras, pondicherry, ..... proceedings and penalty proceedings are separate proceedings but the material gathered during the course of assessment proceedings is quite relevant for deciding the issue of penalty under section 271(1)(c). even during the course of penalty proceedings, the assessee has not made any effort to lead any evidence than what was adduced before .....

Bank of Punjab Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)91TTJ(Chd.)422

..... at the back of the assessee with reference to abovementioned, leased transactions which, according to him, revealed that the transactions were only paper transactions for securing finance and in several cases the assets which were the subject-matter of lease were not in existence. a perusal of the assessment order shows that the assessing ..... falsely claimed depreciation on leased assets on the ground that either the assets were not actually in existence or that the lease arrangements were nothing but pure financing transactions. the assessing officer held the above transactions of lease of assessee as a colourable device to evade tax and accordingly disbelieved the assessee's claim of ..... loss, on 19-11-1994.return filed was accompanied by audited balance sheet, p&l a/c and tax audit report, as required under section 44ab of income tax act. this return was processed under section 143(l)(a) on 30-4-1997. the case was subsequently taken for scrutiny and after issuing various notices under .....

Highway Cycle Industries Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)74TTJ(Chd.)171

..... -4-1987.the relevant portion of sub-sections (1), (2) and (3) of section 32ab reads as under : "32ab(1) subject to the other provisions of this, section, where an assessee, whose total income includes income chargeable to tax under the ..... clear finding on application of sub-section (3) of section 32ab of the income tax act. he also relied on the decisions of the tribunal in favour of the revenue as noted earlier.we have given careful thought to the rival submissions of the parties.we deem it appropriate to reproduce a portion of section 32ab, introduced through the finance act, 1986, with effect from 1 .....

Highway Cycles Industries Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)255ITR105(Chd.)

..... 1, 1987. the relevant portion of sub-sections (1), (2) and (3) of section 32ab reads as under : "32ab. (1) subject to the other provisions of this section, where an asses-see, whose total income includes income chargeable to tax under ..... finding on application of sub-section (3) of section 32ab of the income-tax act. he also relied on the decisions of the tribunal in favour of the revenue as noted earlier.17. we have given careful thought to the rival submissions of the parties. we deem it appropriate to reproduce a portion of section 32ab introduced through the finance act, 1986, with effect from april .....

Highway Cycle Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... , 1987. the relevant portion of sub-sections (1), (2) and (3) of section 32ab reads as under: "32ab(1) subject to the other provisions of this section, where an assessee, whose total income includes income chargeable to tax under the ..... clear finding on application of sub-section (3) of section 32ab of the it act. he also relied on the decisions of the tribunal in favour of the revenue as noted earlier.12. we have given careful thought to the rival submissions of the parties. we deem it appropriate to reproduce a portion of section 32ab introduced through the finance act, 1986, w.e.f. 1st april .....

H.P. State Indl. Dev. Corporation Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)80ITD639(Chd.)

..... notes under which such an inference could be drawn out of small amendment made to section 21 of interest-tax act. i have myself looked into the background papers as well as explanatory notes on the provisions relating to income-tax act introduced by finance act (2) of 1991, and i find it difficult to agree with the interpretation taken ..... by the ld. counsel of the appellant. i find that under section 145 of income-tax act profits and gains of business or profession have to be computed in ..... learned representatives of the parties, we deem it necessary to reproduce certain provisions of interest-tax act, 1971 as amended by finance (no.2) act, 1991, w.e.f. 1-10-1991 and as were applicable in the relevant assessment years before us. the provisions of sections 4, 5, 6, 7 and 10 are reproduced below:-- 4. (1) subject .....