Judgment Search Results Home > Cases Phrase: finance act 1968 section 28 amendment of section 280zb Court: income tax appellate tribunal itat delhi Year: 1996 Page 1 of about 6 results (0.344 seconds)

Deputy Commissioner of Vs. British Motor Car Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD565(Delhi)

..... is allowable. admittedly, there is a close nexus between the debt and the asset, the value of which is chargeable under the wealth-tax act for the purpose of section 40 of finance act, 1983.as regards the proportionate deduction of liabilities which are charged or secured on chargeable asset, there is no dispute between the parties as ..... could not be considered for the purposes of being a direct charge against the asset, viz., 'pratap building'. drawing our attention to the provisions of section 40 of the finance act, 1983, it was argued that since a part of the asset was taxable it is only the proportionate debt, if at all, which has to be ..... , after deducting therefrom the debts owed, which are secured on or which have been incurred in relation to such assets. clause (vi) of sub-section (3) of section 40 of the finance act, 1983 specifies following asset :- "(vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, .....

Mohan Exports (i)(P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)60ITD473(Delhi)

..... to be owner of the building even if title is not registered deed in its name. the cwt (appeals) drew support from clause (b) of sub-section (5) of section 40 of the finance act, 1983. thus, levy of wealth-tax on land and structure in possession of assessee was upheld. the matter was remanded to the wto for determining value ..... includible in the wealth as dda had not executed any lease deed in favour of the assessee. the assessee claimed to be a licencee and contended that section 40 of finance act, 1983 was not applicable in his case. the assessee also relied upon decision of hon'ble supreme court in the case of nawab sir mir usman ali ..... -held company were brought under the umbrella of wealth-tax through introduction of section 40 of the finance act, 1983.the said section has been omitted through finance act, 1992 w.e.f.1-4-1993. when in operation, the scheme of the section as reflected in various sub-sections of section 40 was that closely-held company were liable to pay tax on aggregate .....

Pearl Agencies Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)61ITD511(Delhi)

..... the assessee should be receivable by the assessee in convertible foreign exchange. the expression 'receivable' was substituted by the words 'received in, or brought into india' by the finance act, 1990, w.e.f. 1st april, 1991. the assessee got deduction under s. 8ohhc in the relevant years when the export sales were made in accordance with the ..... subsequently amended with which we are not concerned. the words "receivable" used in s. 8ohhc(2)(a) was substituted by the words "received in or brought into india" by the finance act, 1990, w.e.f.1st april, 1991. the learned counsel also invited our attention towards judgments a. v. thomas & co. ltd. vs. cit (1963) 48 itr 67 ..... the plant or machinery is sold or otherwise transferred before the expiry of the 8 years or 10 years period as prescribed in the relevant sections. no such provision has been made in it act for withdrawal of deduction granted under s. 8ohhc if it is found that the export sales proceeds could not be recovered.in view of the .....

K.E. Hansen Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it was held in similar circumstances that the assessee was clearly entitled to exemption under section 10 (14) of the i. t. act.in that case, the decision of the bombay high court in the case of d.r. phatak (supra) and the amendment brought in by finance act, 1975, with retrospective effect from 1-4-1962 were also discussed. it was ..... a place where the duties of his office are ordinarily performed and, therefore, not exempt. this case is on the lines of the provisions of the explanation added by the finance act, 1975, similarly, the allahabad high court, in the case of addl. cit v. a. k. misra, ito [1979] 117 itr 342, held that city compensatory allowance is ..... said explanation was not considered, nor was it considered by the gujarat high court in the case of s. g. pgnatale (supra). the said explanation was introduced by the finance act, 1975, with retrospective effect from 1-4-1962.8. in the case of zdzizlaw skakuz (supra), referred to by the cit (appeals), it was held by the andhra .....

Goyal Gases (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... of income, he is liable for penalty under s. 271(1)(c).11.1 we are afraid, we cannot endorse the view expressed by the learned counsel for revenue. the finance act, 1964, omitted the word "deliberately" from s. 271(1)(c) and also inserted explanation reading as under : "explanation. - where the total income returned by any person is ..... his part, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income for the purposes of cl. (c) of this sub-section." 11.2 the effect of above explanation would be that the assessee would be deemed to have concealed the particulars of income if the returned income was less than ..... 10. in the rejoinder it is submitted by the learned counsel for the assessee that burden is upon the assessee only when explanation is applied and not in main section. since in this case penalty is not levied under explanation, burden was upon the revenue to establish the guilt of the assessee.11. we have carefully considered the .....

Sudershan Auto and General Finance Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil. sec. 197a (2) : the person responsible for paying any income of the nature referred to in sub-s. (1) or sub-s. (1a) shall deliver ..... cit himself and he could not validly delegate the power to initiate penalty proceedings to his subordinate authorities.the satisfaction about the initiation of penalty under the aforesaid section has to be recorded by the ao himself and he cannot levy the penalty on the basis of borrowed satisfaction made by the asstt. cit, hqrs. ..... respect ofsuch sums is not includible in the total income of any other personunder ss. 60 to 64 of the it act, 1961:name and address of the person sudarshan auto & generalto whom the sums are given on finance, 2, commissioner'sinterest. lane, civil lines, delhi-54----------------------------------------------------------------------amount of such date(s) on which period for which .....

Degremont India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)59ITD423(Delhi)

..... , except as defined in s. 33b for specific purpose. - cases have come up for decision bearing on definition of an industrial company as given in various finance acts and otherwise for specific purposes. however, the industrial undertaking and industrial company are two different concepts. see the following illustrative decisions : in kiran tobacco (1993) 201 ..... word, commercially speaking, but must involve production/manufacture. hence, s. 32a refers to 'construction'. budharaja's is a civil construction case, pure, and simple. (i) sec. 32a uses 'construction'. commercially 'construction' may be more apt than 'manufacture' or production and the terms must be read ejusdem generis. but s. 80-i does ..... the assessee that assembling of plant would lead to manufacture where components are not manufactured by the assessee. reliance has been placed on cwt vs. gouri shankar bhar (1968) 68 itr 345 (cal); cit vs. penwalt india ltd. (1992) 196 itr 813 (bom); cit vs. u.p. state agro industrial corpn. ltd. .....

Surtax Officer Vs. Mehrae-di-hatti [P.] Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)1ITD362(Delhi)

..... all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the indian income-tax act, 1922 (11 of 1922), or the income-tax act or in any finance act, income tax shall be charged in respect of the income so declared (such income or being hereinafter referred to ..... as the voluntarily disclosed income) at the rate or rates specified in the schedule. (2) nothing contained in sub-section (1) shall apply in relation ..... to - (i) the income assessable for any assessment year for which a notice under section 139 or section .....

Snc/Acres Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD419(Delhi)

..... agreement made before the 1st day of april, 1976, and approved by the central government." it may be mentioned that clause (vii) of sub-sec. (1) of sec. 9 of the act was inserted by the finance act, 1976 with effect from 1-6-1976.while provisions of clause (i) cover different sources of income, that of (vii) cover only one ..... source of income. further unlike clause (i), clause (vii) does not speak of business connection. then whereas section 9(1)(i) is general in nature, sec. 9( ..... provision could exclude a general provision dealing with income accruing or arising out of any business connection". examining the provision of clause (vii) of sub-sec. (1) of sec. 9 of the act, we find that the clause is worded in clear and unambiguous language and the same has to be given the usual and normal interpretation. the literal .....

Apparel Export Promotion Council Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD609(Delhi)

..... its undertaking, it shall act on business principles." on the basis of above provision, it was submitted that activities of the ..... by development of road transport. the other objects, duties and powers are incorporated in sections 18 and 19 of the act. the principle on which the corporation was expected to carry on its undertaking is stated in section 22 of the act is reproduced below : "22. general principle of corporation's finance - it shall be the general principle of a corporation that in carrying on .....