Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat it Page 1 of about 138 results (0.090 seconds)

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 .....

In Re: Ashwani Kumar Aggarwal

Court : Income Tax Appellate Tribunal ITAT IT

..... with notification no. 1/45/tech/90/sc, dated december 3, 1991, to examine legal issues arising from the amendments made to chapter xixa of the income-tax act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. 2), 1991. vide notification dated december 20, 1991, the chairman, settlement commission, directed that, in order to determine the scope of ..... , 234b and 234c was mandatory and could not be waived, the word "interest" brought into section 245d(6) by the finance act, 1987, with effect from june 1, 1987, would not have been retained after the amendment of the act by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989 (sic). he then pointed out to "notes on clauses of .....

Bombay Coal Ash Co. and ors. Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... sub-section (1) and send a copy of its order to the commissioner." 4.4. in connection with the amendments made in chapter xix-a by the finance act, 1979, this is what the deputy prime minister and minister of finance had to say in his "budget speech". (see [1979] 116 itr (st.) 34) : "while i want to step up ..... furnishing an opportunity of hearing as required by the provisions of the first proviso to section 245d(1). when the said application was pending, on april 1, 1979, the finance act, 1979, inserted sub-section (1a) after section 245d(1), which empowered the settlement commission to overrule the objections of the commissioner. on may 29, 1979, the ..... power to overrule the objections of the commissioner." 4.6. from the above, it is abundantly clear that, according to the supreme court, the amendments made by the finance act, 1979, with effect from april 1, 1979, which had the effect of depriving the commissioner of income-tax of his "veto" power and empowering the settlement commission .....

Airtech Pvt. Ltd., Harichand Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... payable on the income disclosed in the application exceeds fifty thousand rupees." 27. the above proviso was again substituted by a proviso containing two clauses. this was by the finance act, 1987, and with effect from june 1, 1987. the substituted proviso is as follows : (a) the assessee has furnished the return of income which he is or ..... be prescribed, to the settlement commission to have the case settled and any such application shall be disposed of in the manner provided in the provisions of chapter xix-a of the act. 28.3. the proviso to sub-section (1) lays down that no such application shall be made unless the additional amount of income-tax payable ..... unless the additional amount of income-tax payable on the income disclosed in the application exceeds rs. 50,000." 31. it would thus appear that though initially chapter xix-a was introduced only for the purposes of having a mechanism for the settlement of cases, without there being any requirement that there should be any disclosure .....

Acit Vs. Goldmine Shares and Finance Pvt.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD209(Ahd.)

..... year up to and including the assessment year for which the determination is to be made.21. the provisions of section 80ia were then divided in two parts by finance act, 1999 w.e.f. 1-4-2000- one, by the replaced 80ia and other, by the newly inserted section 80ib. for material purposes and in order to ..... . (supra) wherein supreme court held that in view of express provision defining the expression "gross total income" in clause (5) of section 80b, for the purpose of chapter via, gross total income must be determined by setting off, against the income, the business losses of the earlier years as required by section 72, before allowing deduction under ..... similar to the one addressed before this bench, were also very much raised and considered by the court. reference, in this regard, was made to ballabhdas mathuradas lakhani air 1970 sc 1002, 1003 wherein their lordships observed in the context of binding effect of decision of supreme court on the high court that: 4. ...the decision was binding .....

Kirloskar Investments and Finance Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1998)67ITD504(Bang.)

..... one appeal is provided that is directly to the income-tax appellate tribunal (itat for short). he submitted that the provisions contained in chapter xivb of the act are special provisions concerned with the search and seizure issues and this was why a separate assessment was provided for in regard to undisclosed ..... 2.sonic marketing blades india 26-5-1994 8000400 flameless pvt. ltd. furnace3.venus container gas & gas 27-6-1994 4118000 cylinders links enterprises4.udaymala fabs lords finance 19-4-1994 7067403 furnace & inds. pvt.5.the eng. & indl. aero pistons 21-4-1995 12384800 pit type services p. ltd. furnace----------------------------------------------------------------------6.the ..... has the power of enhancing the income. he pleaded that one another supreme court decision in nund & samont co. (p.) ltd v. cit [1970] 78 itr 268, for the proposition that where the assessee fails to produce evidence to establish existence of the asset and its ownership by the assessee, .....