Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat chandigarh Page 2 of about 507 results (0.189 seconds)

Assistant Commissioner of Income Vs. Parker Cycle Industries

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)104TTJ(Chd.)983

..... the learned cit(a) has erred in law and facts in directing not to reduce the premium on sale of depb which is sold after close of the finance act (sic-financial year) by ignoring that the same cannot be treated to have accrued during the previous year.14. the relevant facts relating to this common issue ..... the premium received for the transfer of the export quotas would be treated as a part of export profit eligible for deduction under section 80hhc of the it act or not. 2. deduction under section 80hhc is allowed on export profits with a view of encourage earnings in convertible foreign exchange. since the premium payment on export quotas ..... the subsequent year and accordingly the income relating to such transaction is assessable in the subsequent assessment year. the ao is accordingly directed to rework the deduction under section 80hhc after excluding the sale proceeds of depb licences from the turnover as well as from the profits of the business. we direct accordingly. 4. that the .....

Punjab State Co-op. Milk Producer Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)104ITD408(Chd.)

..... on the net component of interest computed in accordance with the provisions of the act.16. it is also pertinent to mention that section 14a has been incorporated in the income-tax act, 1961 by the finance act, 2001 with retrospective effect from 1.4.72. the said section reads as under: 14a.for the purposes of computing the total income under ..... , which provided for exemption to a cooperative society from payment of income-tax, was incorporated in the income-tax act with effect from april 1, 1968, by deletion of section 81, with which we have dealt. jeevan reddy j. (one of us), who spoke then for the division bench of that high court, answered the aforesaid question ..... in the negative, taking the view that what was deductible under sub-section (1) of section 80p was only that portion of the said .....

Punjab State Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)292ITR268(Chd.)

..... after referring to the decision in the case of distributors (baroda) (p) ltd. (supra) as well as the fact of introduction of section 80aa by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968, overruled the judgment of the bombay high court; in the case of cit v. united general trust (p) ltd. . the position ..... referred to its own decision in the case of cit v. united general trust ltd. (supra) and the provisions of section 80aa introduced by the finance (no. 2) act, 1980 w.e.f. 1st april, 1968 to support the answer in favour of the revenue. the hon'ble supreme court having answered the question raised by the ..... , i.e., dividend minus admissible expenditures. with a view to supersede the aforementioned decision of the supreme court, section 80aa was inserted by finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 providing that deduction under section 80m is to be allowed on the net dividend as computed in accordance with the provisions of the .....

Asstt. Cit Vs. Amolak Ram Jerath

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... as the assessee was over 80 years of age and further requiring fortnight's time to produce all the records. the dcit framed assessment under section 158bc(c) read with section 158bd and section 144 of the act on 31-8-2000 computing the undisclosed income at rs. 1,77,280 and tax @ 60% amounting to rs. 1,06,368 upon ..... with the assessing officer for forming a belief that there was any undisclosed income.plea was also raised that every kind of mistake cannot be rectified under section 292b of the act and the department cannot take the benefit of its own wrongs. both the learned representatives relied upon certain judicial pronouncements which we will discuss while concluding the ..... to material unearthed during search.nitin p. shah v. dy.cit c (2005) 276 itr 411 in that case, lts group was engaged in the business of financing and acting as a private bank. in 1996, a search operation was conducted at the premises of the group and certain loose papers were recovered wherein the name of the assessee .....

income-tax Officer Vs. Keshwa Enterprises (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)100ITD365(Chd.)

..... year cannot set off against any other income. assessing officer also noted that the law, which was, substituted with effect from 1997-98 was again substituted by finance act 2001 with effect from assessment year 2002-03 and reinstated the original provisions which were available on the statutory book up to 1996-97. assessing officer taking cognizance ..... any, be set off against the income under other heads, namely "income from house property' and 'income from other sources'. (iii) the provisions of section 32(2) as amended by finance (no. 2) act, 1996, have been duly explained by circular no. 762, dated 18-2-1998. the amendment does not deal with the problem of setting off of ..... iv) in fact the intent and purpose of the amendment made in 1996 has been clarified by the finance minister on the floor of the parliament as under: clause 11 of the bill seeks to amend section 32 of the income-tax act, 1961 relating to depreciation. during the course of discussion on the general budget, a number of .....

Deputy Cit, Central Circle-v, Vs. Nahar Spinning Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)8SOT6(Chd.)

..... and there is no provision for considering the refund of tax at the time of processing the return under section 143(1) as not having been paid towards advance-tax. section 234d, which has been incorporated by the finance act, 2003 with effect from 1-6-2003, is on a different field, i.e., interest on excess refund. in our considered view, the controversy ..... as to whether section 234d is retrospective or prospective is unnecessary insofar as it has no bearing on the calculation of .....

income Tax Officer, Ward-1, Vs. Hari Sarup

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)7SOT439(Chd.)

..... year 1974-75 whereas the assessee case pertained to assessment year 2000-01 and since there was amendment in the definition of asset under section 2(14)(iii) in the finance act, 1989, the said judgment was distinguishable.the learned commissioner of income tax (appeals) after considering the rival submissions observed that there was ..... no change in the definition of agricultural land under section 2(14)(iii) of the income tax act, 1961 even after 1-4-1989. he further observed that ..... rural agricultural land merely on the ground that the land transferred had been subjected to corporation tax @ 5 per cent as per provision of section 147 of the delhi municipal corporation act, 1957, in spite of the fact that the assessee furnished a certificate from the office of the sub-registrar, sub-district vi (north .....

Dewan Chand Amrit Lal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD200(Chd.)

..... has concealed the particulars of his income or furnished inaccurate particulars of such income. the following clause (d) shall be inserted after clause (c) of sub-section (1) of section 271 by the finance act, 2005, w.e.f. 1st april, 2006: (d) has concealed the particulars of the fringe benefits or furnished inaccurate particulars of such fringe benefits, ..... explanation. 32.1 with a view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the it act debarring persons from taking or accepting after 30th june, 1984, from any other person any loan or deposit otherwise than by an account ..... mind, namely, who may impose the penalty and in what measure. it will be relevant to point out the facts of this case. for asst. yr. 1968-69, the assessee had filed return on 16th april, 1970.on 27th march, 1972, the ito made the order of assessment and initiated penalty proceedings against the .....

Aman Shiv Mandir Trust Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)5SOT788(Chd.)

..... it necessary to point out that up to 31-3-1997, there was no specific provision for processing of an application for registration made under section 12a. finance (no. 2) act, 1996 (33 of 1996) inserted section 12aa with effect from 1-4-1997 which lays down the procedure to be followed for grant or refusal of registration. the said ..... dated 22-6-2000 of the commissioner of income-tax, chandigarh by virtue of which application for registration of the assessee trust under section 12a and exemption under section 80g of the income ttax act, 1961 has been rejected."1. that the orders of the commissioner of income tax are contrary to law and the facts of the ..... section reads as under: "12aa. (1) the commissioner, on receipt of an application for registration of a trust or institution made under clause (a) of section 12a, .....

Assistant Commissioner of Income Vs. Asia Resorts Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)96TTJ(Chd.)909

..... deferred revenue expenditure of rs. 19,64,489 ignoring the facts that the assessee has claimed these expenses only after the expiry of time-limit of section 139(5) of the it act i.e., during the course of assessment proceedings, as the assessee has not claimed pre-operative expenses as well as deferred revenue expenditure at the time ..... of rs. 12,14,672, it was submitted before the cit(a) that the hotel in manali is also under the same management and there are common sources of financing, marketing, administrative activities, etc. it was further argued that both the units have interconnection, interrelation and interdependence on each other and, therefore, they constitute one business.in ..... regards asst. yr. 1997-98, as discussed above in the submissions, the said order of assessment by the ao was sought to be revised by invoking provisions of section 263 by the cit against which assessee preferred an appeal before the tribunal and in that year also by order dt. 11th march, 2003 in ita no. 219 .....