Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat delhi Page 5 of about 3,787 results (0.218 seconds)

Finance Officer, Maharishi Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113TTJ(Delhi)914

..... reference to the basic pay. similar was the position in the case of the assessee for financial year 2000-01. in the annual return of salaries furnished under section 206 of the act, the assessee was deducting taxes on the basis that the accommodation was provided to the employees at concessional rate for which 5 per cent of basic pay was ..... the hon'ble supreme court. a gainful reference in this regard can be made to the decision of the supreme court in the ease of union of india v. kamlakshi finance corporation ltd. (1991) 55 elt 433 (sc). we deem it fit and proper to reproduce hereinafter the following extracts of the above decision: the high court has, in ..... in this appeal, the primary grievance of the assessee is that the cit(a) erred in holding that the assessee is in default under sections 201 and 201 (1a) of the it act, 1961 (in short the act) for the impugned financial year in spite of the fact that in the immediately financial year, the tribunal had adjudicated the issue in favour .....

Nalwa Investments Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... . before discussing the objection raised by the learned counsel for the assessee it has to be mentioned that the provisions of section 14a were introduced by the finance act of 2001 with retrospective effect from 1-4-1962. a proviso was introduced to the provisions of section 14a by the finance act of 2002 with retrospective effect from 11-5-2001 (the dates on which the ..... finance bill 2001 inserting the provisions of section 14a received the assent of the president of india). under the proviso the assessing officer had no power to re-open .....

Rbf Rig Corpn. Lic (Rbfrc) as Agent Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)297ITR228(Delhi)

..... is concerned, would be involved. this is more than clear from provision of sections 192(1a) and section 195, and section 195a and from other consequent changes made through finance act, 2002 w.e.f.1.4.2003 noted above. sub-section (1a) to section 192 introduced through the same finance act, quoted above provides that the employer, "may pay at his option, tax ..... said case at the appropriate stage hereinafter.12. in the background of above decisions, shri tulsiyan drew our attention to provision of clause (10cc) of section 10 introduced in the statute by finance act, 2002 w.e.f. 1.4.2003: 10. in computing the total income of a previous year of any person, any income falling within any ..... appeals, referred to the bench.2. the facts leading to the constitution of special bench are that after the introduction of clause (10cc) in section 10 w.e.f. 1.4.2003 by the finance act, 2002, it was claimed by the assessee as an employee that where the employer has paid tax on the salary of the employee, the .....

Van Oord Acz India (P) Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)112ITD79(Delhi)

..... in which such tax has been paid or deducted.20. on reading this provision, it is clear that as per sub-clause (i) of clause (a) of section 40 which has been substituted by finance act 1988 w.e.f 1st april 1989 to extend the applicability of the clause also to the payments made to non-resident of royalty, fee for technical ..... /- claimed by the assessee as mobilization and demobilization costs debited by the assessee in the p&l account under section 40(a)(i) of the act.19.1 the relevant provisions of sub-clause (i) of clause (a) of section 40 after substituted by finance act 1988 tax w.e.f. 1st april 1989 relevant to assessment year 2003-04, under consideration, is stated as .....

Amadeus Global Travel Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113TTJ(Delhi)767

..... india. thus, as per the conjoint reading of section 5(2) and section 9(1)(i) of the act, only if the income is arising directly or indirectly through or from any business connection in india, can be taxed in india. the expression 'business connection' was earlier not defined in the act. the finance act, 2003 w.e.f. 1st april, 2004 ..... i.e. as applicable to asstt. year 2004-05 and onwards has inserted two new explanations to clause (i) of section 9(1) clarifying that expression 'business connection' will include a person acting on behalf of non resident and who carried on ..... in india, source of income in india as also business connection in india. the assessee is therefore taxable in respect of business operation in india under section 5 read with section 9 of the act for the asstt. years 1996-97 to ay 1998-99. (i) having 'fixed place of business' through which its business is carried on in .....

Galileo International Inc. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... thus, as per the conjoint reading of section 5(2) and section 9(1)(i) of the act, only if the income is arising directly or indirectly through or from any business connection in india can be taxed in india. the expression 'business connection' was earlier not defined in the act. the finance act, 2003 w.e.f. 1st april, ..... 2004 i.e. as applicable to asstt. year 2004-05 and onwards has inserted two new explanations to clause (i) of section 9(1) clarifying that expression 'business connection' will include a person acting on behalf of non resident and who carried ..... order dated 15.12.2004) 6.6 shri kapila, therefore, submitted that the assessee have a 'business connection' resulting in deemed income under section 9 read with section 5(2) of the act. the facts narrated above clearly establishes that there is a real, intimate and continuous connection between the assessee's business outside india and the .....

Ms Mayawati Vs. Dy Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113TTJ(Delhi)178

..... gift made by sh. pankaj jain. here it may be pointed out that a gift may be made to a stranger. section 123 of t.p. act referenced which has been made above does not require that gift should be made to a relation only. thus the ld. a ..... assessing officer has observed that shri pankaj jain made a gift of rs. 2,00,000/ after borrowing the amount from blue bells finance co. ltd. the observations of the assessing officer in this regard are as under: it is seen that the entire gift made by ..... been given through a/c payee cheque, and out of repayment of deposits of the donor lying with the said m/s blue bell finance company. in the light of the above, the genuineness of the gift is conclusively established, in as much as the identity and capacity ..... gifted by him during various years to the assessee and her family members was out of the amount received from m/s blue bells finance co. after recording this fact, the ao also observed that it is surprising that the donor made gifts out of the loan taken .....

SaIn Processing and Weaving Mills Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... that the business in respect of which it had arose ceased to exist in the year of such set-off. after the amendment was brought in by finance (no. 2) act, 1996 with effect from 1-4-1997, i.e., assessment year 1997-98, the unabsorbed depreciation of earlier years can be carried forward to the ..... and departmental representative as well as discussion by the lower authorities in their respective orders. section 32(2) deals with allowance of depreciation, carry forward and set-off of unabsorbed depreciation. there was an amendment in section 32(2) by finance (no.2) act, 1996 with effect from assessment year 1997-98. prior to the amendment, it provided ..... of the act. this controversy has been elaborately dealt with in case of poddar project ltd. (supra), wherein it was held that: with regard to the clarification given by the finance minister in his speech delivered while coming the finance (no. 2) bill 1996, in the lok sabha and giving harmonious meaning; and reasoning; to the amended section 32( .....

British Airways Plc. Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114TTJ(Delhi)220

..... even though the court before whom the matter arises afterwards might be of a different view. the learned attorney general contended that the interpretation given to section 90 of the it act, a central act, by several high courts without dissent has been universally followed; several transactions have been entered into based upon the said exposition of the law; that ..... leading upto the passing of the penalty order must fail. to the similar effect is the decision of hon'ble delhi high court in the case of shri bhagwant finance company ltd. v. cit (supra) wherein it was held that established cannons of law impose a duty upon the concerned authorities of apply their mind, record ..... it was again reiterated by the hon'ble delhi high court in the case of bhagwant finance co. ltd. v.cit (2005) 196 ctr (del) 462 that satisfaction of the ao is a condition precedent to initiation of penalty proceedings under section 271(1)(c) and as such penalty proceedings initiated as a coercive measure to recover the .....

Tahil Ram Moolchandani Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)692

..... same can be transmitted along with the books of account, documents, etc. seized during the search. the period of 15 days has been amended, to 60 days by the finance act, 2002 w.e.f. 1st june, 2002. it is noteworthy that the amendment had come into force even during the pendency of the block assessment proceedings in the case ..... the eye of law and liable to be quashed. 3. on the facts and circumstances of the case, there was no justification for initiating the proceedings under section 158bd of the act and as such the assessment framed thereof is null and void and liable to be declared so.3. the facts and circumstances necessary for adjudication of the ..... the completion of the assessment of the searched person. in the present case, the block assessment of manoj aggarwal was completed on 29th aug., 2002 but the notice under section 158bd was issued only on 22nd march. 2004, that is about 19 months later. the further contention based on the judgment of the gujarat high court in khandubhai .....