Judgment Search Results Home > Cases Phrase: finance act 1968 Court: kolkata appellate Year: 1999 Page 1 of about 4 results (0.021 seconds)

Gkw Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD161(Kol.)

..... 1987-88 i.e., for a period of 4 years. the provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i e., for a period of ..... provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. these provisions were contained in section 80vva and remained on the statute book from assessment year 1984-85 to assessment year ..... materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. the rationale offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar .....

Ms. Enfield Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... a matter of fact, these two provisions, i.e. sub-section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act, 1964, have nothing in common. most importantly, unlike the latter, there is no presumption for concealment in the former. so onus would lie heavily with the department ..... . the decision of the gauhati high court is based on the applicability of the explanation to section 271(1)(c) which was inserted by section 40 of the finance act, 1964 with effect from 1-4-1964. the explanation reads as under: explanation : where the total income returned by any person is less than eighty per cent ..... not reflected in its original return.therefore, there was a clear case of concealment of undisclosed income, inviting thereby penal consequence under section 158bfa(2) of the act.the cit(a), therefore, was perfectly justified in treating the difference between the disclosure made originally and the subsequent revising the same by way of further declaration .....

Deputy Commissioner of Vs. Central Concrete and Allied

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD288(Kol.)

..... assessment order of the income-tax officer with a view to find out new sources of income and the power of enhancement under section 31(3) of the (1922) act is restricted to the sources of income which have been the subject-matter of consideration by the income-tax officer from the point of view of the taxability. in ..... on the basis of the above arguments and taking into consideration the reliance placed on different judgments, the cit(a) came to the conclusion that the assessing officer had acted in excess of his jurisdiction, while passing the fresh assessment order, in seeking to tax by way of disallowance the expenditure either in part or in full incurred under the ..... income-tax (appeals)-i, calcutta, erred in deleting the disallowance of rs. 3,07,000 for the assessment year 1986-87 under section 30a(3) of the income-tax act.3. so far as the assessment year 1985-86 is concerned, the assessment was originally completed by the assessing officer on 11-3-1988, in which he rejected the method .....

Unique InvIn Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD43(Kol.)

..... date if transacted shares with a third party also. this proves the genuineness of the rate as well as the transactions. it is well settled that strict rules of evidence act are not applicable to it proceedings. in the absence of any corroborative evidence, in the case before us, the ao refused to solely rely upon the self-serving documents in ..... shares and the return filed by that company for the asst.yr. 1990-91 was accepted by the same ao, in an order passed under s.143(3) of the act and this proves the genuineness of the transaction and the department cannot play hot and cold i.e., accepting the transaction as genuine in the case of the seller and ..... doubt on the actual delivery of the shares, if not the very genuineness of the transactions itself.13. it is well settled that under the it act, the ao is not bound by the rigours of evidence act. this share transactions appeared to the ao to be sham and, therefore, be called upon the assessee to corroborate the transactions by producing third .....