Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat it Page 9 of about 138 results (0.080 seconds)

Mahaveer Kumar JaIn Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1993)45ITD634(JP.)

..... ), finds it difficult to agree with his further views that "mere fact that section 5 would be applicable does not automatically mean that all the provisions of it act and the finance act would be applicable". in the opinion of this bench once the provisions of section 5 are found applicable to the case of a person computation of his total ..... does not apply for the obvious reason that the income in question had not earlier been included in the total income of the assessee. the provisions contained in chapters iii and ix are obviously not applicable hereto. thus the inclusion of the income in question in the total income of the assessee for the year under consideration ..... income-tax from the sikkim state employees. the scope of rule 12 seems to have been widened by notification no. 155-500/it & st, dated 21-4-1970 whereby it was inter alia provided that income accruing or arising directly or indirectly from the salaries received either from the services rendered to the sikkim government or to .....

Ram Gopal Neotia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD160(Kol.)

..... the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter... for the imposition of penalty.a perusal of this provision makes it abundantly clear that the iac will have the ..... 's vanaspati factory from the date it gets power connection for commencing production. thereupon the appellant approached financiers for financing the project and initiated negotiations with manufacturers for the purchase of machinery for the factory. in december 1968, the ..... ahead with the setting up of the vanaspati factory. thereafter, the state government took a policy decision in january 1970, that new vanaspati units will be given only a graded partial concession during the first three years of production ..... it is not necessary, in order to attract the applicability of the doctrine of promissory estoppel, that the promisee, acting in reliance on the promise, should suffer any detriment. what is necessary is only that the promisee should have altered .....

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 .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... contrary.14. the delhi high court in r. dalmia v. cit [1972] 84 itr 661 observed that it was well recognized that specific dates in the 1961 act and the finance act, 1955, had reference to assessment years and had nothing to do with the accounting years of an assessee which might differ from person to person. thus, the amendment ..... there is no room for trying to go behind the clear language of the section.31. maxwell on interpretation of statutes, twelfth edn. observes at p.28 under chapter 2 while discussing the general principles of interpretation that the primary rule is of literal construction. the rule of construction is 'to intend the legislature to have meant what ..... 457 was dealing with disallowance under section 40(a)(v) of reimbursement by employer company of medical expenses incurred by managing director in the assessment years 1969-70 and 1970-71 when the said provision was in force. [section 40(a)(v) was deleted and substituted by section 40a(5) with effect from 1-4-1972.] the .....

Kirtilal Kalidas and Co. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)67ITD573(Chennai)

..... from the contents of the assessment orders passed and impugned in these appeals. sri santhanakrishnan submitted that the provisions of chapter xiv-b are enacted as a special procedure for assessment of search cases brought on the statute book by finance act, 1995, and the purpose is to subject to tax, as quick as possible, the undisclosed income as defined ..... of the board will not interfere with the judicial or quasi-judicial functions." (iii) the hon'ble supreme court again in the case of sirpur paper mill ltd. vs. cwt (1970) 77 itr 6 (sc) have clearly stated as under : "the power conferred by s. 25 is not administrative : it is quasi-judicial. the expression "may make such ..... the recording of reasons and conveying the same, thus, is one of the norms of 'natural justice'.in mahabir prasad santosh kumar vs. state of u.p. air 1970 sc 1302, shah, j., speaking for the bench, opined that recording of reasons in support of a decision by a quasi-judicial authority is obligatory as it ensures that .....

Grasim Industries Ltd Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... vs. k. l. tirani & co. ltd. (1996) 218 itr 149 (cal).49. we have heard the parties and considered the rival submissions.before the introduction of expln. 2 by the finance act, 1989, with retrospective effect s. 43b was held to be applicable only when a particular liability had become payable during the year under consideration but was not paid. it was ..... under sub-s. (1) of s. 143 or on regular assessment, as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income." it is therefore evident that assessed tax ..... appeal, the cit(a) took a different view of following the decision of the supreme court in the case of v. jaganmohan rao & ors. vs. cit & excess profits tax (1970) 75 itr 373 (sc), wherein it was held that if the payment was made to perfect a title or as consideration for getting rid of a defect in the title .....

M. Visvesvaraya Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD511(Mum.)

..... respect and held that for asst. yr. 1990-91 the assessment as short-term capital gains is not correct and the income is required to be assessed as business income. finance act, 1983, inserted w.e.f. 1st april, 1984, sub-section (4a) to section 11 which reads as under : "(4a) sub-section (1) or sub-section (2) or ..... income-tax is an annual levy of tax in respect of the total income of the previous year to be computed in accordance with the provisions of the act. chapter iv of the act, which deals with "computation of total income", does not draw any distinction as such between sale and lease and the classification thereunder is under the "heads ..... pay remuneration, to organise branches or offices, to insure property etc.15. the government of maharashtra, on being approached by the centre, by its resolution dt, 16th oct., 1970, issued sanction for the lease of about 71,071 sq. mtrs. of reclaimed land situate at what is now known as cuffe parade, subject to the terms and conditions mentioned .....

Asia Satellite Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD478(Delhi)

..... was relatable to exempt income. we find that this decision as rendered in year 2000. the finance act, 2001, inserted section 14a with retrospective effect from 1st april, 1962, providing that 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 ..... 6.26. during the course of the arguments before us the learned authorised representative has placed great emphasis on the insertion of clause (iva) to expln. 2 by the finance act, 2001, w.e.f. 1st april, 2002. the case as made out was that the use or right to use any industrial, commercial or scientific equipment was brought ..... income was not the company paying the dividends but the shareholding of that assessee. further reliance was placed on the case of cit v. lady kanchanbai and anr. (1970) 77 itr 123 (sc) to contend that where the assessee had head office at indore and branches at several places, it was held by the hon'ble supreme .....

Dewan Chand Amrit Lal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD200(Chd.)

..... for incorporation of sections 269ss, 269t, 271d and 271e, it would be relevant to trace the legislative intent for incorporation of such provisions of the act.sec. 269ss was newly inserted by finance act, 1984 (21 of 1984) w.e.f.1st april, 1984. the provisions are effective from 1st july, 1984. the scope and effect of ..... his income or furnished inaccurate particulars of such income. the following clause (d) shall be inserted after clause (c) of sub-section (1) of section 271 by the finance act, 2005, w.e.f. 1st april, 2006: (d) has concealed the particulars of the fringe benefits or furnished inaccurate particulars of such fringe benefits, (n) in ..... of penalty had commenced. in the year 1970, section 275 was amended so as to obviating difficulties in such cases where the assessments were subject-matter of appeals and the additions were either deleted or reduced. under the amended provisions of the act, the limitation for imposing penalty under chapter xxi ordinarily was for two years from .....

Punjab State Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)292ITR268(Chd.)

..... by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.15. it may be pertinent to mention that section 80m was omitted by the finance act, 1997 (26 of 1997) w.e.f. 1st april, 1998 in consequence ..... however, the said section was reintroduced from asst. yr. 2003-04 as the exemption in respect of dividend income was removed. subsequently, it was again omitted by the finance act, 2003 w.e.f 1st april, 2004 as the dividend income is now exempt in the hands of the shareholders. however, section 14a has been incorporated with retrospective effect ..... , the appeals are allowed. the application under section 256(2) of the it act made by the revenue shall be deemed to have been allowed, a reference made and answered in the manner indicated above. we may clarify that the assessment years concerned herein are 1970-71, 1971-72 and 1972-73.64. as a result of the decision .....