Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat kolkata Page 1 of about 73 results (0.150 seconds)

Deputy Commissioner of Income Tax Vs. M.L. Dalmiya and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100TTJ(Kol.)613

..... oxford dictionary as "find unexpectedly or in the course of search. as per law lexicon 13l edition, the word "discover " (occurring in memorandum explaining the provisions of finance act, 2002) indicates a detection as result of uncovering, revealing and laying of open to view that was hidden, concealed or unknown. now, we will see the meaning of ..... the department and assessments have been completed then the same will be outside the scope of block assessment to be computed under special provisions of chapter-xiv-b of the income tax act, 1961.22. concluding his argument, it has been submitted by the ld. counsel that the entire addition made by the a.o. was ..... entered in the books maintained by the assessee regularly and disclosed to the department can also not be regarded to be undisclosed income. the assessment under this chapter shall be in addition to regular assessment and income assessed will not be included in regular assessment.32. the hon'ble tribunal in its celebrated case of m .....

W.C. Shaw Pvt. Ltd. Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD535(Kol.)

..... order under section 250/254/263 or 264, we have to refer to the relevant provisions provided elsewhere in the it act. at this stage, it is pertinent to note that new chapter xiv-b containing section 158b to 158bh was introduced by the finance act'95 w.e.f.1-7-95 laying down special procedure for block assessment for search cases, where a ..... of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. he ..... search is initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132 on or after 1st july, 1995. the scope and effect of chapter xiv-b (containing section .....

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)83ITD111(Kol.)

..... assessee added that in the present case also the assessments were already completed could not be reopened to be assessed in view of the provisions under section 158bc of the it act under chapter xiv-b. he reiterated that in the course of search no undisclosed income either in the form of money, bullion, jewellery or other article or thing were found ..... and hence the addition made in this regard is invalid, the learned counsel for the assessee has relied on the judgment of the tribunal in the case of kirloskar investments & finance ltd. (supra) and also on two other judgments viz., in the cases of smt rajrani gupta v. dy. cit (2000) 66 ttj (mumbai) 582 and agarwal motors v. ..... cylinders was much less or much higher than what had been charged by the assessee nor that the lease rent fixed was not in the vicinity of the net finance received and interest thereon as per the agreement for 38 months.5. the ao concluded from certain other facts like that the lease transactions in both the cases were .....

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD22(Kol.)

..... per cent, of the profits. this would secure that companies pay a minimum tax, on at least 30 per cent, of their profits." 34. thereupon, chapter vi-b was introduced by section 32 of the finance act, 1983 [1983] 142 itr (st.) 34 as follows : 80wa. restriction on certain deductions in the case of certain companies. --(i) notwithstanding anything ..... less while making the assessment for this year. interestingly, the department was aware of this position as can be seen from the memorandum explaining the amendment introduced by the finance act, 1989. at para 9.6 above (see page 191 supra), we have set down the amendment providing for the adjustment of amounts transferred from the book profit to ..... earlier year 1981-82, a similar issue came up before the tribunal in the assessee's own case and by an order dated february 15, 1985, in ita no. 1970/83, a similar disallowance was upheld, following the decision in the case of cit v. bazpur co-operative sugar factory ltd. [1983] 142 itr 1 (all). in .....

Dcit Vs. S.G. Investments and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD44(Kol.)

..... respect of expenditure incurred by the assessee in relationship to income which does not form part of the total income under this act." 9. a new section 14a in chapter iv of the income-tax act, 1961 was inserted by the finance act, 2001, with retrospective effect from 1-4-1962. the circular no. 14 of 2001, dated 22-11-2001 issued by ..... the new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an order ..... to in section 115-o shall not be included in computing the total income of a previous year of any person. section 115-o, which has been inserted by the finance act, 1997 provides the provision relating to tax on distributed profits by way of dividends of domestic companies. sub-section (5) of section 115-o further states that no .....

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD225(Kol.)

..... taken that the amended law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b), ..... be said that two views are possible. when two views are available, one which is favourable to the assessee may be adopted--cit v. kulu valley transport co. (p.) ltd. [1970] 77 itr 518 (sc), cit v. naga hills tea co. ltd. [1973] 89 itr 236 (sc), cit v. vegetable products ltd. [1973] 88 itr 192 (sc) and mahendrakumar ishwarlal & ..... . bombay dyeing & mfg.co. ltd. [1971] 82 itr 892 (sc).7. the direct decision of the supreme court on the issue is available in v. jaganmohan rao v. cit [1970] 75 itr 373. the supreme court in the above decision observed that once the assessment is reopened by issuing a notice under section 34(1)(b) of the indian income .....

income-tax Officer Vs. Shri Krishna Bhandar Trust

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD15(Kol.)

..... in the hands of the assessee 38. the gujarat high court considered the provisions of section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act, 1970. section 164 which was considered. by the gujarat high court was as follows : 164. where any income in respect of which the persons mentioned in clauses (iii) and ..... world income" with effect from 1-4-1965, consequent on the deletion of section 113 with effect from 1-4-1965.21. the finance act, 1970 substituted the following section in place of the earlier section with effect from 1-4-1970 : 164. (1) subject to the provisions of sub-sections (2) and (3) where any income in respect of which the ..... thereto are analogous to section 160(1) and 160(4) of the act. their lordships in the case of trustees of h.e.h. nizam's family (supra) have held that section 41 only comes into play after the income has been computed in accordance with chapter iii and then the question of payment of tax arises and it is .....

Neville De Noranha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)390

..... , the assessee, having 25 per cent ownership of the property, offered long-term capital gain on the aforesaid sale of the property at rs. 12,06,169.3. finance act, 2002 introduced a new section viz. section 50c, w.e.f.1st april, 2003, which reads as below: where the consideration received or accruing as a result of ..... amount of proposed consideration was mentioned in the application filed on 28th nov., 2001 by the assessee and others before the appropriate authority in terms of the requirement under chapter xx-c (as existing at the relevant time). the said authority got the property valued by the dvo at rs. 2,49,34,000 and on that basis, ..... very well, been transferred on that very date or immediately thereafter, had the legal requirements of getting the sanction (permission) of the appropriate authority in terms of chapter xx-c of the it act, 1961, not been there. thus, the assessee was debarred from entering into the transaction (of actual sale of the property) under a legal compulsion. at .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... filed before us, and deliberated upon the applicable legal position.7. we may first refer to the fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from 1^st june 1997. in this scheme of provisions and as provided by section 115 ..... - o of the act, any domestic company declaring, distributing or paying dividend after 1^st june 1997 was to pay ..... terms of the provisions of section 8, it cannot be included in the total income of the assessee, there is no question of its being covered by chapter iii of the act which refers to incomes exempt from tax. it is thus clear that assessee's case fails on both these tests. in our considered view, therefore, the .....

Coal India Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD514Cal

..... filed before us, and deliberated upon the applicable legal position.7. we may first refer to the fact that chapter xiid, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act, 1997 and with effect from 1st june, 1997. in this scheme of provisions and as provided by section 115 ..... -o of the act, any domestic company declaring, distributing or paying dividend after 1st june, 1997 was to pay additional ..... of the provisions of section 8, it cannot be included in the total income of the assessee, there is no question of its being covered by chapter iii of the act which refers to incomes exempt from tax. it is thus clear that assessee's case fails on both these tests.in our considered view, therefore, .....