Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: allahabad Page 1 of about 431 results (0.168 seconds)

Cawnpore Sugar Works Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1982)2ITD654(All.)

..... the cancellation of the penalty imposed by the ito under section 221, read with section 201. our attention was also invited to the scheme of the act, particularly chapter xvii where sub-section (1) of section 190 lays down that notwithstanding that the regular assessment in respect of any income is to be made in ..... or before us to show that the co-operative cane development unions or co-operative cane development councils were wholly financed by the government and, therefore, even the notification no. 3489 dated 29-10-1970 cannot be said to cover the payments by way of income from interest to these bodies. the other persons mentioned ..... no. so 3489 dated 22-10-1970 whereby there was exemption from deduction of tax at source on payments made to any undertaking or body including a society registered under the societies registration act, 1860, financed wholly by the government. in these circumstances, according to dr. vaish, considering the purpose of chapter xvii under which section 194a appears .....

Commissioner of Income-tax Vs. Vishwanath

Court : Allahabad

Reported in : (1992)107CTR(All)330; [1993]201ITR920(All); [1993]67TAXMAN92(All)

..... 'capital gains lax' as the agricultural lands transferred by it fell within the purview of 'capital asset' as defined in section 2(14) of the act after its amendment by the finance act, 1970. however, in the computation of ' capital gains ', the assessee put forward a claim that it was entitled to deduct from the full value of ..... agricultural land in question had come within the purview of the definition of 'capital asset' with effect from april 1, 1970, by virtue of the amendment in section 2(14)(iii) of the act effected by the finance act, 1970. the first question is, accordingly, answered in the affirmative.9. this brings us to the second question which raises ..... our inability to sustain the view taken by the tribunal. we can neither accept any of the contentions put forward on behalf of the assessee.13. chapter iv-e of the act deals with capital gains. it provides an integrated code concerning the determination and computation of the charge under the head 'capital gains'. it has within .....

Sukhdeo Prasad Vs. Astt. Cit

Court : Allahabad

Reported in : (2004)87TTJ(All)604

..... kumar sarraf, varanasi (supra) vide order dated 29-8-2002, on similar facts. certain important points were noticed by the tribunal, which we may mention briefly. chapter xiv-b inserted by finance act, 1995, with effect from i-7-1995, provides special procedure for assessments in search cases. sec. 158bc of the income tax ..... completed the block assessment vide assessment order dated 31-7-1998, and determined the income of the assessee at rs. 1,26,940 in accordance with chapter xiv-b of the act. the assessee feeling aggrieved with the block assessment order filed this appeal on preliminary grounds and grounds on merits. however, we take up the appeal on ..... other person and that assessing officer shall proceed against such other person and the provisions of chapter xivb shall be applicable. the distinction between these two provisions- under chapter xiv-b would be that for section 158bc of the income tax act there should be a search and consequent to the search there was recovery and seizure of .....

Chandra Prakash Agrawal Vs. Assistant Commissioner of Income-tax and o ...

Court : Allahabad

Reported in : (2006)206CTR(All)505; [2006]287ITR172(All)

..... account and other documents, which have been requisitioned, have been delivered to the requisitioning authority.12. chapter xtv-b containing sections 158b to 158bh has been inserted by the finance act, 1995, with effect from july 1, 1995. as is clear from the heading given under chapter xtv-b, it introduced a new scheme of assessment of undisclosed income determined as a result of ..... of ten previous years, now reduced to six previous years by the finance act, 2001, with effect from june 1, 2001, preceding the previous year in which the search was conducted and also the previous year of the current year up to the date of search.13. chapter xiv-b of the act provides for special procedure for the assessment of search cases. it .....

Commissioner of Income-tax Vs. Shri B.L. Garg

Court : Allahabad

Reported in : (2006)202CTR(All)145; [2007]289ITR218(All)

..... or an academic subject. 11. section 10 sets down various items of income which are outside the purview of total taxable total income. section 10 of the act is in chapter iii of the act, the heading whereof is ' incomes which do not form part of total income'. the heading of section 10 is quite clear and does not admit any ..... to be exempt under section 10(16) of the act.8. we have given careful consideration to the respective submissions of the learned counsel for the parties. the meaning of word 'scholarship' as per webester's third new ..... that there is no dispute that the amount was paid as scholarship to the assessee's son by the company. the payment was made gratis. section 10 of the act grants exemption to certain incomes. elaborating the argument it was submitted that even assuming for the sake of argument that the amount of scholarship was perquisite, it is liable .....

Ms Md Overseas Limited Vs. Director General of Income Tax and Others

Court : Allahabad

..... evidence collected during search; in substance, there was no material difference in assessment proceeding whether the search was valid or invalid. post finance act 1995 position changes by finance act, 1995 (iii) the finance act 1995 inserted chapter xivb titled 'special procedure for assessment of search case' with effect from 1.7.1995. (iv) this was done to make ..... period. there is also no exemption for interest and penalty. (ix) the position of assessment in post finance act 1995 is as follows: (a)in case a search is valid then assessment for the block period under chapter xiv b or assessment for six previous assessment years under section 153a to 153c can be done; (b ..... search or requisition. the words 'undisclosed income' was also explained in the chapter xiv-b. (v) a flat rate of tax at 60% was charged for the block period. changes by finance act 2003 (vi) the aforesaid procedure was again changed by the finance act 2003. now, the procedure for assessment in case of search is governed .....

Commissioner of Income-tax - II, Kanpur Vs. N.K. Laminates (P.) Ltd.

Court : Allahabad

..... made inapplicable in case of search initiated under section 132 or section 132a after 31.5.2003 by introduction of an amendment to the chapter by finance act, 2003. section 158ba of the act contemplates the assessment of undisclosed income. section 158b(b) defines "undisclosed income" which says any money, bullion, jewellery or other valuable article or thing which has not been or would ..... result of search, which has assessed separately as the income of designated period consisting of 10 previous years now reduced to 6 previous years by the finance act, 2001 w.e.f. june 1st, 2001. this chapter provides for special procedure for assessment of the block period in respect of the undisclosed income, as a result of search conducted under section 132 or .....

Commissioner of Income-tax Vs. Vaish Brother's and Co.

Court : Allahabad

Reported in : [2001]247ITR385(All); [2001]117TAXMAN579(All)

..... construction of roads, etc., does not amount to processing of these materials and the assessee was not an industrial company within the moaning of section 2(7)(c) of the finance act, 1973, and the tribunal was wrong in holding so. we, therefore, answer the aforesaid question in the negative, i.e., in favour of the commissioner and against ..... engaged in the manufacturing of eatable food and drinks was held to be an industrial undertaking within the meaning of the provisions of section 2(7)(c) of the finance act, 1982. this case is also distinguishable because the present assessee is not claiming to be manufacturing anything, and as. such, the case would fail because of the ..... attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act), is not less than fifty-one per cent, of such total income.' 5. this claim was negatived by the assessing officer as well as by .....

J.K. Iron and Steel Co. Ltd. Vs. the Income Tax Officer and anr.

Court : Allahabad

Reported in : AIR1967All248; [1967]65ITR386(All)

..... the impugned order itself has not been assailed.8. the learned advocate general appearing for the petitioner has stressed that section 23-a after its amendment by the finance act 1955, was a charging section and an order passed thereunder was an order of assessment to which section 34 (3) was attracted section 34 (3) provides ..... adjudge the nature and character of these two provisions. both these sections are in chapter iv which is headed as 'deductions and assess merits'. this chapter consists of sections 18 to 39. the expression 'assessment' has been used in various sections of the act. it is settled that the expression 'assessment' has been used in the income ..... -tax act to convey different con notations. in commr. of income-tax v. khemchand ramdas. .....

Ram Autar Agarwal Vs. Commissioner of Income Tax Alld

Court : Allahabad

..... (supra). the madhya pradesh high court also placed reliance upon cbdt circular dated 27th august, 2002 in which it was laid down as under:- "61.3.2-the finance act, 2002, has amended s.158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information ..... evidence found in the search." 19. in cit v. ravi kant jain (delhi), (2001) 250 itr 141, the delhi high court held that the special procedure of chapter xiv-b is intended to provide a mode of assessment of undisclosed income, which has been detected as a result of search. its scope and ambit is limited in that ..... assessing officer. the said question refers to addition of rs. 2,49,350 made on account of unexplained expenses in construction of residential bungalow by the assessee. here also, chapter xiv-b has no application. the tribunal, rightly, found that the addition is made on the basis of the report of the department valuer, according to the assessing officer .....