Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat chandigarh Page 8 of about 507 results (0.218 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. .....

Deputy Commissioner of Vs. Groz-beckert Saboo Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)77ITD126(Chd.)

..... , 'owner' is a person who is entitled to receive income in his own right and the said section did not require registration of the sale deed. it was held that amendment of section 27 by the finance act, 1987 was only clarificatory in nature. in view of ratio of the said decision, learned accountant member held that once consideration for purchase ..... was difference of opinion on the aforesaid two points, the matter was referred to a third member by the hon'ble president of the tribunal under section 255(4) of the income-tax act, 1961. the third member by means of an order dated 16-6-2000 has agreed with the view of the accountant member on both the ..... 1. as a result of difference between the learned members constituting the division bench, hon'ble president of the tribunal in exercise of powers conferred on him under section 255(4) of income-tax act, 1961, has referred the issues as mentioned in the following questions, to me to express my opinion as a third member :-- "1. whether the view .....

Deputy Commissioner of Vs. Metalman Auto (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)78ITD327(Chd.)

..... was the contention of the ld counsel for the assessee that there being specific section in the act, expenditure incurred should be allowed under section 35ab. for this purpose, it would be relevant to refer to the memorandum explaining the purpose of provisions of section 35ab inserted by the finance bill, 1985 as published in 152 itr 155 (statutes) which is as under ..... of scientific and technical knowledge shift rapidly, and what is current today may become obsolete in no time. the thread of reasoning which runs from ciba 's case [1968] 69 itr 692 (sc) to alembic's case[1989] 177 itr377(sc) and through the several judgments of our high courts noticed by us, supports the view ..... agency, the expenditure is allowable only if the same is incurred exclusively for the assessee.for this proposition, he relied on two judgments in citv. ciba of india ltd, [1968] 69 itr 692 (sc) and indian telephone industries ltd. v. cit [1979] 117 itr 682 (kar.). in the light of these facts, he pleaded that the .....

Morinda Co-operative Sugar Mills Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)78ITD189(Chd.)

..... produce of its members, as agricultural produce 'belonging to' its members which is not necessarily raised by such member. thus, when the provisions of section 80p of the act admit of a wider exemption, there is no reason to cut down the scope of the provisions, as indicated in assam co-operative apex marketing society ..... , etc. the marketing functions may involve exchange functions such as buying and selling, physical functions such as storage, transportation, processing and other commercial functions such as standardisation, financing, market intelligence, etc.' ld. counsel has further relied on the decision in kerala state co-operative marketing federation ltd. s case (supra), wherein the meaning given to ..... court was interpretation of the words 'produce of its members' as used in sub-clause (iii) before its amendment in 1999 w.e.f. 1-4-1968. it is observed at page 820 of the report that 'so long as agricultural produce handled by the assessee belonged to its members, it was entitled to .....

Sat Pal Singh Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2000)67TTJ(Chd.)602

..... rs. 5,600 for assessment year 1991-92 on account of share of amount surrendered in super pipes after firm's tax. in view of the amendment by the finance act, 1996, with effect from 1-7-1995, undisclosed income of the firm so determined shall not be chargeable to tax in the hands of partners, whether on ..... vi-a would be admissible. we feel that the aforesaid observations of learned author deserve to be accepted and, therefore, we hold that the provisions of section 2(45) of the act would apply and the assessee would be entitled to deductions and adjustments under chapters iv, vi and vi-a while determining total income for each previous year ..... truck income was not shown. for assessment year 1996-97, the assessee never intended to disclose truck income of rs. 32,000. he referred to provisions of section 158ba, which start with non obstante clause and submitted that the said income had been rightly treated as undisclosed.we have carefully considered the rival submissions and have perused .....

Deputy Excise and Taxation Vs. Income-tax Officer (Tds)

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)77ITD108(Chd.)

..... state can carry on a trade or business, such a charge is the normal incident of a trading or business transaction. (iv) with reference to the explanation to section 206c as inserted by finance act, 1992, the cit(a) opined as follows :- in my opinion, it is clear that the explanation creates two distinct types of buyer i.e. (i) a person ..... and 206c as they then stood and not advancing revenue's case whereas ramjee prasad sahu's case (supra) dealt with the provisions of section 206c as were introduced by the finance act, 1992 w.e.f. 1-4-1992 holding that 15% of the excise duty payable by the petitioners on account, of purchase of country liquor could not be ..... accepted offer in case of tender or any other mode. the said provisions were omitted by the finance act, 1992 w.e.f. 1-4-1993. as a result, the provisions of section 206c were also suitably amended. it may be mentioned that under section 206c, the liability is on the seller to collect the tax from the buyer of alcoholic liquor .....

Deputy Excise and Taxation Vs. Income Tax Officer (Tds)

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2000)77ITD108(Chd.)

..... state can carry on a trade or business, such a charge is the normal incident of a trading or business transaction." (iv) with reference to the explanation to section 206c as inserted by finance act, 1992, the commissioner (appeals) opined as follows : "in my opinion, it is clear that the explanation creates two distinct types of buyer i.e. (i) ..... and 206c as they then stood and not advancing revenues case whereas ramjee prasad sahu's case (supra) dealt with the provisions of section 206c as were introduced by the finance act, 1992 with effect from 1-4-1992 holding that 15 per cent of the excise duty payable by the petitioners on account of purchase of country liquor ..... offer in case of tender or any other mode. the said provisions were omitted by the finance act, 1992 with effect from 1-4-1993. as a result, the provisions of section 206c were also suitably amended. it may be mentioned that under section 206c, the liability is on the seller to collect the tax from the buyer of alcoholic .....

H.P. State Small Industries and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)69TTJ(Chd.)944

..... and the issue be decided on the basis of the facts and arguments available on record before the tax authorities. by referring to the relevant sections of the industrial disputes act, 1947, namely, sections 25f and 25ff, the learned departmental representative urged that the claim vis-a-vis the facts of the assessee's case was not tenable and, ..... a finding that the five units although carrying on activities which may not be akin to each other constituted the same business there being unity of control, common finances, etc., and the decisions relied upon by the learned counsel for the assessee in support of assessee's case would, therefore, squarely apply and those pressed into ..... fact that the oil mill did not have any independent bank account. the hon'ble high court also took into account the finding of the tribunal that the finances were centralised and the requirements of the oil mill were met by drawings of the head office and this showed a complete interlacing and unity of control. .....

H. P. State Small Industries and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... by the bench and the issue be decided on the basis of the facts and arguments available on record before the tax authorities. by referring to the relevant sections of the industrial disputes act, 1947, namely, ss. 25f and 25ff, the learned departmental representative urged that the claim vis-a-vis the facts of the assessee's case was ..... record a finding that the five units although carrying on activities which may not be akin to each other constituted the same business there being unity of control, common finances, etc.and the decisions relied upon by the learned counsel for the assessee in support of assessee's case would, therefore, squarely apply and those pressed into service ..... fact that the oil mill did not have any independent bank account. the hon'ble high court also took into account the finding of the tribunal that the finances were centralised and the requirements of the oil mill were met by drawings of the head office and this showed a complete inter-lacing and unity of control. .....

H.P. Agro Industries Corporation Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1999)69ITD89(Chd.)

..... tax act qua penalty. under s. 14b the appropriate government is entitled to recover damages. the provident fund commissioner demanded payment ..... twenty-five per cent of the amount of arrears, as it may think fit to impose.' the act goes on to make provision for imposition of penalty for continued delay as well as for prosecution resulting in fine and/or imprisonment. sec. 14b calls the imposition 'damages'. it stands on the same footing as interest under the sugarcane purchase ..... high court has held that the payment of interest under s. 3(3) of the u.p. sugarcane purchase tax act, 1961, is a penal liability which accrues on an infraction of the law. sec. 3(3) of the u.p. sugarcane purchase act, 1961, does seem to be in pari materia with s. 3(3) of the cess .....