Court : Allahabad
Reported in : [1977]108ITR271(All)
..... of the case, the tribunal was legally justified in holding that clause (iii) of sub-section (1) of section 271 of the income-tax act, 1961, as substituted by the finance act, 1968, was not retrospective in effect and as such not applicable to theassessment years 1960-61 and 1961-62, even though the revised returns were filed after ..... april 1, 1968 ?' 2. the facts leading up to this reference fall within a narrow compass. two assessment years, viz., 1960-61 and 1961-62, are ..... a contrary view. this being so, penalty was imposable at the rate as prevailing in the year in question, and not at the rate introduced by the amending act of 1968. we, therefore, answer the question in the affirmative and against the department. the assessee is entitled to hiscosts which we assess at rs. 200. counsel's .....
Tag this Judgment!Court : Allahabad
Reported in : [1977]109ITR474(All)
..... ' was omitted in sub-section (1)(c) and the explanation was added to sub-section (1) with effect from april 1, 1964.11. by the finance act of 1968, with effect from april 1, 1968, the present clause (iii) of sub-section (1) was substituted for the old clause. the present clause is as under :'(iii) in the cases referred ..... in the circumstances of the case, the tribunal was correct in holding that the provisions of section 271(1) as they stood prior to the amendment by the finance act of 1968 should be applied in the present case ?2. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding ..... proceedings cannot be equated with assessment proceedings. the said decision was rendered with reference to the explanation added by the finance act of 1964. however, the ratio would be equally applicable to the amendments introduced by the finance act of 1968. it was laid down that any one who files an incorrect return after april 1, 1964, is liable to .....
Tag this Judgment!Court : Allahabad
Reported in : [1977]110ITR419(All)
..... which the particulars have been concealed or inaccurate particulars have been furnished.' clause (iii) which fixes the quantum of penalty was amended by the finance act, 1968, with effect from 1st april, 1968, but we are not concerned with the amendment in the present case as the penalty relates to an earlier year, and the inspecting assistant ..... evidence to prove the contention regarding the genuineness of certain loans. in pursuance of this order, the income-tax officer made a fresh assessment on november 21, 1968, determining the total income at rs. 1,17,779. this was reduced in appeal to rs. 1,13,277 by the appellate assistant commissioner. the income ..... provision for imposition of penalty runs :'271. (1) if the income-tax officer or the appellate assistant commissioner, in the course of any proceedings under this act, is satisfied that any person--... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall .....
Tag this Judgment!Court : Allahabad
Reported in : [1979]116ITR356(All)
..... tribunal was legally correct in holding that for the purposes of calculating penalty under section 271(1)(c), the provisions of section 271(1)(c) as amended by the finance act, 1968, with effect from april 1, 1968, were not applicable and that the penalty has to be calculated according to the provisions of the ..... act which was applicable as per the provisions in force prior to april 1, 1968 2. whether, on the facts and in the circumstances of the case, the tribunal was legally correct in reducing the amount of penalty imposed under section 271(1)(c) ..... by the two earlier decisions mentioned above.6. we answer the first question by holding that the provisions as they stood prior to their amendments with effect from april 1, 1968, were applicable and the second question by holding that the tribunal was justified in reducing the amount of penalty. we, therefore, answer both the questions in favour of the .....
Tag this Judgment!Court : Allahabad
Reported in : (1979)9CTR(All)169; [1979]116ITR811(All)
..... was legally correct in holding that the assessee-company was an 'industrial company' within the meaning of section 2(7)(d) of the finance (no. 2) act, 1967 or section 2(6)(d) of the finance act, 1968, so as to be entitled to concessional rates of tax in the assessment year 1974-75 '3. the relevant and material portion of ..... , c.j. 1. the assessee manufactures and sells carpets. for the assessment year 1974-75, it had claimed relief under section 2(8)(c) of the finance act, 1974 (20 of 1974). it claimed that it was an industrial company as denned in these provisions and so it was liable to tax at the rate of ..... [1978]113itr84(sc) , the supreme court had occasion to consider the expression 'attributable to' occurring in section 80e (as it stood prior to its amendment by the finance (no. 2) act, 1967). the court had held hat the legislature had deliberately used the expression 'attributable to' having awider import than the expression 'derived from', thereby intending to cover receipts .....
Tag this Judgment!Court : Allahabad
Reported in : (1982)27CTR(All)103; [1982]133ITR520(All); [1982]9TAXMAN202(All)
..... 130. 8. counsel for the department urged that for a correct interpretation of section 271(1)(c)(iii), the subsequent amendment made in clause (iii) by the finance act, 1968, may also be looked into. his contention is that under clause (iii), as it stood, once there was a variance in the returned income, and the assessed ..... caught in the net of clause (iii). such an interpretation would run counter to the intention of the legislature as envisaged in section 155(1) of. the act, which specifically talks of rectification on completed assessment of partners, on the assessment or reassessment of the firm.10. we, accordingly, answer the question in the ..... testing the correctness of this contention :' 271. (1) if the income-tax officer or the appellate assistant commissioner, in the course, of any proceedings under this act, is satisfied that any person--...... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income,he may direct that such person shall .....
Tag this Judgment!Court : Allahabad
Reported in : (1982)29CTR(All)301; [1983]142ITR185(All)
..... , or that the assessee-company was an ' industrial company ' within the meaning of section 2(7)(d) of the finance act, 1966, and the finance (no. 2) act, 1967, or section 2(6)(d) of the finance act, 1968, or section 2(6) of the finance act, 1969, so as to be entitled to the concessional rates of tax in the assessment years 1064-65, 1965-66, 1966-67 ..... to the concessional rate of income-tax as provided in clause 1(a)(1)(ii) of the proviso to paragraph f of part i of the first schedule to the finance act, 1968 (3) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the amounts paid to mr. martin and mrs ..... to the concessional rate of income-tax as provided in clause 1 (a)( 1 )(ii) of the proviso to paragraph f of part i of the first schedule to the finance act, 1968 (2) whether the income-tax appellate tribunal was light in holding that the assessee is not a company as is mentioned in section 108(b) on the ground that the .....
Tag this Judgment!Court : Allahabad
Reported in : (1983)34CTR(All)78; [1983]143ITR793(All); [1983]12TAXMAN351(All)
..... the sale of import licences, that the assessee is an industrial company within the meaning of clause (d) of sub-section (7) of section 2 of the finance act, 1966. in our opinion, the income of the assessee has been wrongly taxed at 65% and this was an error which could be rectified under section 154 of the ..... . v. cit : [1978]113itr84(sc) , the supreme court had occasion to consider the expression occurring in section 80e (as it stood prior to its amendment by the finance (no. 2) act, 1967). it was held that the legislature had deliberately used the expression ' attributable to', having a wider import than the expression ' derived from ', thereby intending to cover ..... when he completed the original assessment. the assessee went up in appeal. it also made an application before the ito under section 154 of the i.t. act on december 3, 1968, claiming that it was an industrial company in which the public are not substantially interested and it was liable to be taxed at fifty-five per cent. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1988)25ITD555(All.)
..... not included his share in the profits of the other. the ito instituted penalty. proceedings under clause (iii) of section 271(1) of the it act, 1961 (as it stood amended by the finance act, 1968) and, having regard to the minimum penalty leviable, referred the case to the iac.the iac levied penalty of a sum equal to the income concealed ..... . the assessee appealed to the tribunal and contended that the section as it stood in the assessment year 1964-65 and not as it stood amended in 1968 applied ..... tribunal was right in applying the provisions of clause (iii) of section 271(1) as amended in 1968.on these facts, the hon'ble supreme court held that a penalty is imposed on account of the commission of a wrongful act. is committed which determines the penalty. where penalty is imposed for concealment of particulars of income, it .....
Tag this Judgment!Court : Allahabad
Reported in : [1991]188ITR370(All)
..... ]91itr289(ker) merely says that a hotel being mainly a trading concern cannot be treated as an industrial company within the meaning of section 2(6)(d) of the finance act, 1968. the decision of the madras high court in cit v. standard motor products of india ltd. : [1962]46itr814(mad) related to an assessee who was engaged in ..... section 80j. learned counsel for the assessee also drew our attention to the definition of 'manufacture' contained in clause (iii) of the explanation appended to section 10a of the act. the same definition occurs in the explanation appended both to sections 10a and 10b. it reads thus : 'manufacture' includes any :--(a) process, or (b) assembling, or ..... formation of tractor which has propulsion amounts to manufacture and the assessee was thus an industrial undertaking entitled to relief under sections 80-i and 80j of the income-tax act, 1961 ?'2. in i. t. r. no. 614 of 1977, a further question is referred. it readsthus :'whether, on the facts and in the circumstances .....
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