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Lancer Army School Society Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90TTJ(Ahd.)1024

..... v. khushlal chand nirmal kumar (2003) 263 itr 77 (mp) wherein their lordships have examined the impact of the amendment in the provisions of section 158bb made by finance act, 2002.their lordships held as under : "if the provisions of section 168bb are read in proper perspective, we are inclined to respectfully agree with the view expressed by ..... 2002) 258 itr (st) 131 which has been referred to above in para 61.3.2 has laid down as under (p. 58) : '61.3.2. the finance act, 2002, has amended section 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 gathered ..... other material or information as are available with the assessing officer and relatable to such evidence as provided in section 158b(6). block assessment under chapter xiv-b of the income tax act, 1961, is not intended to be a substitute for regular assessment. its scope and ambit is limited in that sense to material unearthed during search .....

Chhajed Steel Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)69TTJ(Ahd.)232

..... . therefore, it is not right to contend that provision of section 40a must override provisions of section 40(b) of the income tax act. the provisions of section 40(b) were amended by finance act, 1992, with effect from 1-4-1993, and remuneration paid by a firm to its working partner has been allowed as a deduction ..... clause, 'book-profit' means the net profit, as shown in the p&l a/c for the relevant previous year, computed in the manner laid down in chapter iv-d as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing ..... below : "the board have received representations seeking clarification regarding disallowance of remuneration paid to the working partners as provided under section 40(b)(v) of the income tax act. in particular, the representations have referred to in two types of clauses which are generally incorporated in the partnership deeds these are : (i) the partners have agreed .....

Vahid Paper Converters and ors. Vs. Ito and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD165(Ahd.)

..... to be allowed while computing the income for the purpose of computation of deduction under chapter vi-a even prior to above amendment, therefore, it is unnecessary to examine the rival contentions with regard to retrospective effect of explanation 5 to section 32 introduced by the finance act, 2001.71. the following 26 appeals where other issues are also involved, they are to ..... normal computation of income, has to be allowed while computing the deductions under chapter vi-a viz. 80hh, 80ia, 80ib, etc. of an industrial undertaking.70. before we part with the matter, we may state that the revenue has contended that explanation 5 to section 32 introduced by the finance act, 2001 with effect from 1-4-2002 is retrospective while the learned .....

N.K. Proteins Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)83TTJ(Ahd.)904

..... 56. the legislature thought it fit to insert an explanation to section 158ba by the finance (no. 2) act, 1998 with retrospective effect from 1st july, 1995 to explain and declare that the assessment made under chapter xiv-b of the act shall be in addition to the regular assessment in respect of each previous year included ..... addition on account of either bogus purchases or inflated purchases will surely come within the ambit of undisclosed income as defined in section 158b(b) as amended by the finance act, 2002 with retrospective effect from 1st july, 1995. the said provision is reproduced below: (b) "undisclosed income" includes any money, bullion, jewellery or other ..... savings in all kinds of taxes, duties, utilisation of black money and various other factors, the legislature in its wisdom has amended section 40a(3) by the finance act, 1995 w.e.f. 1st april, 1996 which provides for disallowance of 20 per cent of such expenditure incurred otherwise than by crossed or account payee cheques. .....

Shan Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)678

..... section 143(3). in para 23 above, we have also extracted the definition of undisclosed income under section 158b(b).the definition of undisclosed income was enlarged by the finance act, 2002, with retrospective effect from 1st july, 1995. by the above amendment the following words were included in the definition of undisclosed income : "or any expense, ..... the basis of the evidence found and material available as a result of the search conducted by the authorised officer under section 132 of the act." from the above, it is evident that under chapter xiv-b, the assessment of undisclosed income is to be made and not of total income. we have also extracted in para no. ..... the case of n.r. paper and board ltd. and ors. v. dy. cit . in that case, their lordships have clearly pointed out that block assessment under chapter xiv-b and normal regular assessment under section 143(3) are two separate proceedings and both are having different purpose. the ao has to make both the assessments separately. .....

Samir Diamond Manufacturing (P) Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... undertaking. further 'gross total income' has been defined in s. 80b to mean the total income computed in accordance with the provisions of this act before making any deduction under this chapter, i.e., chapter vi-a. we also note that in the case of himson textile industries ltd. the revenue audit raised objection of the nature similar to that ..... of the present case and the ministry of finance in its letter dt. 23rd december, 1994, did not accept the objection raised on the ground ..... that provisions of ss. 80hh and 80-i are independent provisions referable to gross total income and the it act nowhere provides that the deduction under s. 80hh is to be .....

Samir Diamond Manufacturing (P) Vs. Commissioner of Income-tax.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)60TTJ(Ahd.)34

..... undertaking. further gross total income has been defined in s. 80b to mean the total income computed in accordance with the provisions of this act before making any deduction under this chapter, i.e., chapter vi-a. we also note that in the case of himson textile industries ltd. the revenue audit raised objection of the nature similar to ..... that of the present case and the ministry of finance in its letter dt. 23rd december, 1994, did not accept the objection raised on the ground ..... that provisions of ss. 80hh and 80-i are independent provisions referable to gross total income and the it act nowhere provides that the deduction under s. 80hh is to be .....

income-tax Officer Vs. Amreli Jilla Sahakari Kharid

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)39ITD65(Ahd.)

..... and dividends derived from its investments with any other co-operative society. section 14 of it act, 1922 dealt with exemptions of general nature and was not a section appearing under the chapter of deductions like section 80p appearing in chapter vi-a in the it act, 1961. chapter vi-a of the it act, 1961 provides for deductions to be made in computing total income. prior to introduction ..... various sections under the chapter should be calculated with reference to the gross dividend, gross royalty etc. and not with reference to the net amount after deducting the allowable expenditure. this view was confirmed by the supreme court in cloth traders (p.) ltd. v. addl. cit [1979] 118 itr 243. to supersede this view, the finance (no. 2) act, 1980 introduced section 80aa .....

Minor Prahlad Ugardas Patel Oral Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53TTJ(Ahd.)115

..... view to put an effective curb on the proliferation of such trusts and to reduce the scope of tax avoidance through such means, the finance act, 1970, replaced s. 164 of the said act by a new section under which a representative assessee who received income for the benefit of more than one person whose shares in such income ..... the provisions of these sections were simplified and recast on the lines of the corresponding provisions in the south african it act. under the provisions of s. 164 of the said act, before the amendment made by the finance act, 1970, income of a trust in which the shares of the beneficiaries were indeterminate or unknown was chargeable to tax as ..... income did not accrue or arise to the specific beneficiary. the provisions of s. 166 reads as under : "166. nothing in the foregoing sections in this chapter shall prevent either the direct assessment of the person on whose behalf or for whose benefit income therein referred to is receivable, or the recovery from such person .....

Harish Krishnakant Bhatt Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)91ITD311(Ahd.)

..... incurred in respect of income not forming part of total income under the act. it was introduced by finance act 2001 with retrospective effect from 1-4-1962 and it reads 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 which does not form part of the total income under this act." 11 ..... it is saved by proviso to section 14a prohibiting the re-assessment or enhancement of assessment already completed. the proviso to section 14a is inserted by the finance act, 2002 with retrospective effect from 11-05-2001 to save certain completed actions otherwise. it reads as under: "provide that nothing contained in section shall empower .....