Judgment Search Results Home > Cases Phrase: finance act 1970 chapter i preliminary Court: income tax appellate tribunal itat delhi Page 1 of about 58 results (0.176 seconds)

Sukh Ram Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)99ITD417(Delhi)

..... computation of undisclosed income of the assessee for the block period. as regards the reliance placed by the assessee on the amendment made subsequently by the finance act, 2002 in the said provisions with retrospective effect from 1-7-1995, he contended that application of such amended provisions, which were not in the ..... requisitioned under section 132a in the case of any person, then, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions of this chapter. "132a, (1) where the [director general or director] or the [chief commissioner or commissioner], in consequence of information in his possession, has reason to ..... same was a subject-matter of regular assessment. explaining further, hon'ble calcutta high court observed that a composite reading of the relevant provisions contained in chapter xiv-b makes it crystal clear that the legislature thought it fit to make a distinction between the block assessment and the regular assessment and the .....

Kailash Moudgil Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD97(Delhi)

..... 1995. the chapter is styled as "special procedure for assessment of search cases". this chapter is mainly intended to curb black money and where undisclosed income was found out in the search proceedings for a block ..... now, let us examine the provisions of chapter xiv-b themselves in order to appreciate the correct set up in which the proviso to section 158bg occurs and to appreciate the enactment of that proviso. chapter xiv-b comprising of sections 158b and ending with 158bh came into the statute by the finance act, 1995 with effect from 1-7- ..... the tribunal and the rules under which it functions." similarly, their lordships also approvingly quoted their earlier decision in a. k. kraipak v. union of india air 1970 sc 150, particularly the portion extracted by them from page 157 : "what particular rule of natural justice should apply to a given case must depend to a great .....

Escorts Founder'S Welfare Trust Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)21ITD342(Delhi)

..... income of the previous year", etc., etc. the other relevant provisions of the section we have already reproduced. the section was substituted by the finance act, 1970 with effect from 1-4-1971 and "or section 12" was inserted by the finance act, 1972 w.e.f. 1-4-1973. sub-section (1a) to section 11 was brought on the statute book by the ..... in sub-section (1a). the appellant also relied on the board's circular issued explaining the provision contained in sub-section (1a) when the same was inserted by the finance (no. 2) act, 1971. the board's instructions are contained in department circular no. 1972 dated 6-1-1972. the relevant portion of the circular reads "under section 11 of the ..... finance (no. 2) act of 1971 and it does not state that notwithstanding anything contained to the contrary in this act. on the other hand it is only for the purpose .....

Motorola Inc., Erisson Radio Vs. Deputy C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)1

..... of interest used the expression "may" thereby giving a discretion to the authorities concerned to either reduce or waive the interest. the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory." (underlining ours) the above ..... virtue of default in furnishing a return of income, default in payment of advance tax or interest for deferment of advance tax are concerned, part f of chapter xvii has been obligated with the duty of levy of interest, as also to make the necessary changes in the payment of interest dependent on the change that ..... explain the scheme.their lordships made the following pertinent observations at page 547:- "the decision of the supreme court in the aforesaid kulu valley transport's case (1970) 77 itr 518, meets the argument of mr. chanderkumar that any return filed by an assessee after the receipt of a notice under section 148 but beyond .....

Farrukhabad Investment (i) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD230(Delhi)

..... "nextly, the commission has elaborately discussed the object of introduction of chapter xiv-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through the finance act, 1987 to hold that in exercising its power under chapter xix-a, it has almost unbridled power to arrive at a ..... 1995) 83 taxman 255 (jp)(mag). it may be mentioned that the legislature amended the provisions of section 275 through section 50 of taxation law (amendment) act, 1970 (42 of 1970), newly prescribing a limitation period for imposition of penalty. the change in law has been elaborately explained in the departmental circular no. 56, dt. 9th march, ..... reduce most of the remedial and beneficial legislation to futility. hon'ble supreme court in the case of vo tractor export v. tarapore & co. air 1970 sc 1168 observed as under : "a statute not be construed as a theorem of euclid but the statute must be construed with some imagination of the .....

Shri M.S. Aggarwal Vs. D.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... . the first issue as indicated above concerns the scope and ambit of undisclosed income as contemplated under chapter xiv-b of the income-tax act. chapter xiv-b consisting of sections 158b to section 158bh was introduced by the finance act, 1995 with effect from 1.7.1995 to make procedure of assessment of search case more effective ..... . the chapters is titled "special procedure for assessment of search cases." the scheme of block assessment enacted under this chapter laying down procedure for block assessment proceedings is ..... other materials or information as are available with the ao and relatable to such evidence." the expression "relatable to such evidence" has been inserted by the finance act, 2002 retrospectively w.e.f. 1.7.1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the basis .....

Napar Drugs Pvt. Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)98ITD285(Delhi)

..... the prevalent malpractice that was noticed by the direct taxes enquiry committee and the recommendations made by the said committee which led to the amendment of the act by the finance act of 1972, whereby the exemption from tax that was available in respect of winnings from lotteries, crossword puzzles, races, etc., was withdrawn. similarly, the ..... disclosed to the department by the assessee in its recorded books of accounts maintained prior to the date of search under section 132, the provisions of chapter xivb could not be invoked against the assessee since the fact was not in dispute that the share capital was recorded in the account books maintained by ..... commissioner were not maintainable because this ground was already concluded by the tribunal in its earlier order in income tax appeals nos. 225 and 226 (ahd.) of' 1970-71. the tribunal, while dealing with the said preliminary objection, rightly found that, while deciding the earlier appeals, the tribunal has not actually gone into the .....

Mange Ram Mittal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 69d have been consciously incorporated in section 158bb(1) by way of substitution made by the finance act, 2002 with retrospective effect from 1-7-1995 whereby the words "provisions of chapter iv" have been substituted by the words "provisions of this act". still, all said and done, one cannot lose sight of the fact that it amounts ..... phraseology, we propose to go into this aspect in greater detail.75. the finance act of 1995 inserted a new chapter xiv-b in the incometax act. it provided a new concept for assessment in relation to searches conducted under section 132 of the act or requisition made under section 132a after 30-6-1995. the purpose of ..... out that the parliament has enacted a separate chapter xiv-b laying down special procedure for assessment of search cases by the finance act, 1995 with effect from 1-7-1995, the fact that separate chapter was inserted instead of any amendment of existing provisions showed that this chapter had been inserted as a self-contained code.therefore .....

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 1997, section 68 cannot be invoked when the declared asset is sold later and the sale proceeds are credited in the books of account.section 68 of chapter iv of the finance act, 1997, which provided for the voluntary disclosure of income scheme, 1997, says that the amount of the voluntary disclosed income will not be included in ..... scheme and the purport behind the introduction of a special chapter for dealing with cases of search i.e. chapter xiv-b as part and parcel of the income tax act, 1961. this chapter deals with the procedure for making assessment in cases of search and was introduced by the finance act, 1995 and it comprises of various sections 158b to ..... 158bh and it came into force with effect from 01.07.1975. the various provisions contained in this chapter underwent changes from time to time keeping in mind various decisions rendered by the .....

Mannalal Soorana Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)4ITD131(Delhi)

..... the valuation dates but only the ascertainment of that liability was postponed to a future date. the supreme court, therefore, held that income-tax paid under the finance act, 1965 with reference to the concealed income for earlier assessments was allowable as a deduction on the valuation dates relevant to those assessment years. considered from this ..... arrived at after filing the return, its non-inclusion did not amount to concealment. it may be mentioned that the settlement covers only the assessment up to 1970-71. the assessment under consideration is not covered by the settlement. the addition of rs. 85,919 was necessary because a similar addition was made for the ..... at the time the assessment was completed and it was only on this account this addition was made but the said capitalisation was made during the assessment year 1970-71 (sic) and not during the assessment year under reference. it is only the consequential addition after the settlement was arrived and, therefore, again this .....