Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat Page 1 of about 1,373 results (0.137 seconds)

Sri Surajbhan and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1992)42ITD473(Hyd.)

..... total income other than the income from such self-occupied property but without deductions allowable under chapter via, the excess is to be disregarded. however, as a result of substitution with effect from 1-4-1987 of section 23(2) by finance act, 1986, the method of determining the annual value of a self-occupied house property has ..... , the annual value is determined in the manner as if the property were let out to tenants. the amendment to section 23(2) by taxation laws (amendment) act, 1970, effective for and from assessment year 1971-72, assures that full municipal taxes payable are to be deducted in such computation. secondly, the amount of annual value so ..... the total income for this purpose is to be computed without including therein any income from such self-occupied property and before making any deductions under chapter via of the income-tax act.12. it is, therefore, clear from the provisions of section 23(2) that the maximum value of the income from house property which is .....

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 .....

Gopal Srinivasan Trust Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD157(Mad.)

..... shall be charged on trust income as if such income were the total income of an association of persons. (b) in section 164(1) as substituted by the finance act, 1970, the income received by the trustees of a discretionary trust was chargeable at the rate of sixty five per cent or the rate which would be applicable if such ..... section 80l.in this regard, the learned counsel for the assessee highlighted the fact that section 164 does not preclude the grant of any deduction/allowance enumerated under chapter via of the act.thirdly, no doubt, section 2(31) contains an inclusive definition of the term "person". even so, apart from the consideration that the definition contained in ..... in respect of such income, however, is deemed to be made upon him in his representative capacity only and the tax, subject to the other provisions contained in chapter xv, is to be levied upon and recovered from him "in like manner and to the same extent" as would be leviable upon and recoverable from the person .....

Mirje Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1986)18ITD25(Pune.)

..... for year ending 20-10-1979. a similar issue came in cit v. bombay photo stores (p.) ltd. [1970] 76 itr 84 (cal.). in the case of closely-held companies, statutory percentage was changed by the finance act, 1959, which received the assent of the president on 28-4-1959 with effect from 1-4-1960. it was ..... , which they did and fetched for the beneficiaries whopping profits as seen above. the beneficiaries were defined in chapter ii clause 1(a). they are not mentioned here separately as they come into the picture again in chapter iv, which gives the relevant provisions touching the issue as below : the trustees shall hold and stand possessed ..... of the trust fund upon the trust with and subject to the powers, provisions, acts, directions and discretions hereinafter referred to contain and concerning the same .....

Akhara Ghamanda Dass Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2000)68TTJ(Asr.)244

..... decided that the above instructions should continue to be operative notwithstanding the changes made in the schemes of tax exemption of charitable or religious trustee through the finance act, 1970. " we are, therefore, of the opinion that income under capital gain is to be calculated in accordance with sections 45 to 59 of the income tax ..... took place.all exceptions, exemptions, deductions and benefits are mentioned under various sections, sub-sections and clauses from sections 45 to 59 of the income tax act. nowhere in sub chapter 'e', it is mentioned that the capital gains in case of trust property is to be taxed and calculated in a different manner than what is provided ..... ,609 has been applied for the advancement of religious and charitable purposes under section 11(l)(a), benefit of this amount has not been allowed while computing income as per chapter-hi of the income-tax. the learned counsel of the appellant relied on the decision of s.rm.m. ctm nruppani trust v. cit (1998) 145 ctr (sc .....

Nemichand Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2005)93TTJ(Bang.)564

..... favour of the assessee who has co-operated with the department in getting the undisclosed income assessed to tax at a higher rate of taxation, than under the normal finance act. instead, the ao used the discretion against the assessee in imposing the penalty, which according to us, is unreasonable and as we have already explained, even on ..... counsel to bring to our attention the possible harassment the ao can cause to the taxpayers for want of necessary provisions in this regard for imposition of penalties under chapter xiv-b. we, therefore, even on merits do not agree with the imposition of penalty. the same stands cancelled.10. before parting, we would like to ..... deal with the full bench decision of the andhra pradesh high court in the case of state of andhra pradesh v. godavarthi kasiviswanadham (1970) 25 stc 1 (ap), wherein while dealing with penalties, it has been observed as under : "imposition and collection of penalty also are clearly dealt with in a .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. 2) act 1967, finance act, 1970, finance (no. 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted with effect from 1-4-1985. (b) in a ..... not is another point, with which we are not concerned. however, similar difficullics as detailed above would be encountered if 'total income' is construed as income before allowing deductions under chapter vi-a, but after making deduction under section 36(1)(viii). section 2 dealing with the definitions is prefaced by the words 'unless the context otherwise requires'. section 36(1 .....

Lason India Pvt. Ltd. (Formerly Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)301ITR306(Chennai)

..... for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years. provided ..... by an undertaking from the export of such articles or things or computer software: the section has clearly employed the expression "deduction" though section 10b is contained in chapter iii which deals with the incomes which do not form part of total income, but still at least after 01.04.2003 this provision would amount to deduction only ..... allowed as deduction which means whole of income is not exempt and therefore the same cannot be treated as exempt. the mere fact that section 10b is contained in chapter iii will not make much difference as hon'ble supreme court in the case of prakash nath khanna and anr. v. cit 266 itr 1 (sc) has .....

T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD573(Hyd.)

..... 60 at page 391, wherein it was observed that these directives issued by the rbi to non-banking institutions under chapter iiib of the said act were statutory regulations. this principle was reiterated in rbi v. peerless general finance & investment co. ltd. (1996) 1 scc 642.the nbfc's are bound to comply with such directions ..... and cannot lawfully be assessed on deemed accrual basis.11. in view of the aforesaid submissions, the learned counsel contended that the additions on account of unrealized finance charges, unrealized lease rentals and unrealized interest, sustained by the first appellate authority, should be deleted.12. on the other hand, the learned departmental representative ..... fact that in the books of account the securities were shown as investments. the decision of the hon'ble supreme court in investment ltd. v. cit (1970) 77 itr 533, 538, wherein the apex court had already held that showing the shares and securities in the balance sheet as investments was not decisive of .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of the provisions of section 14-a.108. the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under:- "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... individuals did not contribute any capital. the three partners contributing the land retired from the partnership w.e.f. august 31, 1970. the land was sold in december, 1973 for rs. 15 lakhs. hon'ble gujarat high court held that where there was a purchase of land if there was ..... land in july, 1959. when the assessee purchased the land the title to the land was in dispute. the land was not yielding any regular income. in april, 1970, the assessee, along with other co-owners, entered into a partnership with 7 other individuals and contributed the land as their capital contribution to the partnership. the other 7 .....