Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1997)60ITD410(Chd.)
..... being unreasonable or excessive. the only thrust of his arguments has been that because of the amended provisions of law with regard to the allowance of depreciation, section 38(2) of the act has no application. this, in our view, is not the correct position of law. for the reasons mentioned above, we hold that the ld. cit(a ..... the long terms fiscal policy, the budget speech for 1986-87 and certain amendments made by the finance minister in the lok sabha on 5th may, 1986. this is clear from the explanatory notes to the taxation laws (amendment and miscellaneous provisions) act, 1986 as contained in circular no. 469 dated 23-9-1986. in his budget speech ..... for the year 1986-87, the finance minister had announced to introduce a system of allowing depreciation in respect of block of assets instead of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1998)60TTJ(Chd.)252
..... that the order of the learned cwt(a) should be upheld for both the years.8. we have given careful thought to the rival submissions of the parties. sec. 40 of the finance act, 1983, reintroduced levy of wealth in the case of closely-held companies. the assets which were charged to tax were specified in sub-s. (3) of said ..... facts and the statutory provisions, the learned cwt(a) held that the assessee was not entitled to deduction of proportionate liability in terms of s. 40(2) of the finance act, 1983.she accordingly held that the assessee had no case on merits. however, the learned cwt(a) was convinced that the reassessment proceedings were taken in this case merely ..... s. 40. the net wealth of a company liable to tax was defined in sub-s. (2), which sub-section has already been reproduced above. from the aggregate value of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1997)60ITD284(Chd.)
..... interest, then difference between interest paid to banks and interest recovered from directors was not allowable under section 36(1)(iii) of the act. it was also submitted that the press release dated 11-2-1987 issued by the ministry of finance (department of economic affairs) nowhere stipulated that no interest was chargeable on the loans advanced by ..... of rs. 1,31,18,000 to the employees was from the interest-bearing loans raised by the assessee from various banks. it was submitted that section 77 of the companies act imposed restrictions on purchase by the company, or loans by company for purchase, of its own or its holding company's shares. it was, however, ..... undertaking in collusion or otherwise with any other person arranges its profits of the industrial undertaking in such a manner that it gets higher deduction under section 80-i of the act. the assessing officer is entitled to step in only if such an arrangement between the industrial undertaking and any other person can be found out .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)57ITD192(Chd.)
..... of transfer exceeded the value of the consideration was deemed to be a gift made by the transferor. it was, however, submitted that by the finance (no. 2) act, 1991, section 4(1)(a) of the act was amended w.e.f. 1-4-1992 and it was provided in the amended provisions that where the property was transferred otherwise than for adequate ..... before us. we have also carefully gone through the material on record. the first question to be decided is as to whether the amendment brought about by the finance (no. 2) act, 1991 in section 4(1)(a) w.e.f. 1-4-1992 is a procedural amendment or a substantive amendment. before we develop this point further, it would be ..... been succinctly put forth by the learned counsel for the assessee and have been discussed above. the amendment brought about by the finance (no.2) act, 1991 in section 4(1)(a) of the act does not stipulate for the first time that in case of inadequate consideration, gift will be deemed. the deeming provision was already there and it is only .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)57ITD385(Chd.)
..... 1-4-1989 and was subsequently omitted by the finance act, 1992 w.e.f. 1-4-1993.section 206c was also enacted by the finance act, 1988. at the time section 44ac was omitted from the income-tax act, section 206c was amended by the finance act, 1992 w.e.f. ..... 1 -4-1992. after sub-section (8), an explanation was inserted. the word "buyer" ..... that the provisions of sub-section (1) shall not apply to a buyer (other than a buyer who obtains any goods, from any seller which is a public sector company) in the further sale of any goods obtained under or in pursuance of the sale under sub-section (1).section 44ac was enacted by the finance act, 1988 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)56TTJ(Chd.)252
..... the sale under sub-s. (1)." sec. 44ac was enacted by the finance act, 1988, w.e.f. 1st april, 1989, and was subsequently omitted by the finance act, 1992, w.e.f. 1st april, 1993. sec. 206c was also enacted by the finance act, 1988. at the time s. 44ac was omitted from the it act, s. 206c was amended by the finance act, 1992, w.e.f. 1st april ..... case of a liquor dealer, the provisions contained in s. 44ac intended to adopt the purchase price as the measure of tax.secs. 44ac and 206c are anti-evasion measures. sec. 44ac did not bar a regular assessment of the business income of the assessee in accordance with ss. 28 to 43c. this decision was followed by the punjab & haryana ..... the s. 44ac was omitted, the provisions were incorporated to the same effect in s.206c of the act. we have already examined the two provisions contained in the two sections on this issue. in our view, goods received by the retail vends were in the nature of second sale from l-13 licensee.there is no evidence on record .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)55ITD88(Chd.)
..... after setting aside the order of the ld. assessing officer, issued a direction for making assessment afresh, which was not permissible under the provisions contained in section 263 of the act. the high court further held that the commissioner had to come to a firm decision that the order of the ito was erroneous and prejudicial to the ..... we find in the instant case. in that case for assessment year 1979-80, the assessing officer completed the assessment. the ld. commissioner intervened under section 263 of the act and set aside the order of assessment with a direction to make fresh assessment on the ground that business loss of the assessee amounting to rs. 30 ..... of the assessees compilation.4. the ld. commissioner, after enumerating the nine items mentioned the show-cause notice in the body of the order passed under section 263 of the act, took cognizance of the reply submitted by the assessee but held that it was neither proper nor possible for him to verify the explanation furnished by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)54ITD550(Chd.)
..... nos. 569 and 570 of 1988] the hyderabad bench held that poultry sheds and hatchery buildings have to be treated as plant within the meaning of section 43(3) of the act. the bombay bench also took the same view in the case of deccan poultry industries [it appeal no. 4046 of 1982], vide its order dated ..... of the aforesaid judicial pronouncements, submitted that poultry sheds as well as the water-line sheds definitely fell within the definition of "plant" under section 43(3) of the income-tax act. the learned counsel has conceded that water-line in the residential quarters would not qualify for this purpose and, therefore, he would not press ..... and specifications could not be used for any purpose other than poultry operations.5. our attention has been drawn to the definition of "plant" contained in section 43(3) of the income-tax act which reads as under : "plant" - includes ships, vehicles, books, scientific apparatus and surgical equipment used for the purposes of the business or profession .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)54TTJ(Chd.)681
..... honble high court.7. shri sudhir sehgal, the learned counsel for the assessee, however, submitted that the relevant provisions of s. 206 had been amended by the finance (no. 2) act, 1991 w.e.f. 27th sept., 1991 in which it was mentioned that the prescribed person shall prepare and deliver or cause to be delivered such returns in ..... or cause to be delivered the returns to the it authorities. according to the learned counsel for the assessee, this was based on the plain reading of the section and hence no referable question of law arises.as regards the second question dealing with the technical default, the learned counsel for the assessee submitted that whether the default ..... as it stood originally did not prescribe any time limit for preparation and delivery of the return under s. 206.according to the tribunal, the reference in the section was only to the preparation of the return before a particular date. it was noted by the tribunal that the returns for financial years 1987-88 and 1989-90 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)55ITD423(Chd.)
..... or mainly for charitable purposes. it was further noted that the society had not been registered with the commissioner of income-tax under section 12a of the income-tax act. therefore, section 11 as well as section 12 were also held to be not attracted.4. the id. counsel for the assessee has submitted that the assessee-society had received ..... the association was a mutual association. similarly, our attention has been drawn to a decision of the andhra pradesh high court in the case of cit v. nataraj finance corpn. [1988] 169 itr 732. in that case it was held that an entity would be a mutual benefit association if all the participators to the common fund ..... cash nor voluntary receipt. the matter was restored by the tribunal to the assessing officer to see if the income was exempt under section 10(22) and sub-section (22a) of the income-tax act. the tribunal further directed the assessing officer to see if separate accounts had been maintained in respect of the different receipts and also .....
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