Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat madras Page 2 of about 80 results (0.147 seconds)

T.S. Kumarasamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)65ITD188(Chennai)

..... we would like to mention that neither the commissioner of income-tax nor the assessing officer have understood in proper legal perspective the provisions of chapter xiv-b brought on the statute book by finance act, 1995. these provisions have been enacted for speedy completion of assessment in search cases where undisclosed income is found or detected as defined in ..... more reason why the addition of rs. 1.68 crores cannot be sustained. the provisions of chapter xiv-b have been brought on the statute book by the finance act, 1995 for assessing udi of a person searched under section 132 of the act for the block period of 10 years.what is udi has been clearly stated and defined ..... 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. v. cwt [1970] 77 itr 6 at pages 7 & 8 have clearly stated as under :- "the power conferred by section 25 is not administrative : it is quasi-judicial. the expression .....

R. Ramanathan Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)65ITD108(Mad.)

..... we enter into the facts of the present case, the background of the block assessment should be considered first. chapter xiv-b is a special procedure for assessment of search cases, which has been incorporated by the finance act, 1995 with effect from 1-7-1995.the object of the special provision is reflected in the budget speech ..... of the finance minister as follows :- "hon'ble members are aware that the searches conducted by the income-tax ..... departmental representative has supported the order of assessment and brought to our notice the definition of the words 'undisclosed income' as prescribed in section 158b of the act. it was submitted that the definition is inclusive in nature and includes any money, bullion, jewellery or other valuable articles or thing or any income based on .....

Assistant Commissioner of Vs. Sri Malathi Chit Funds (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)67ITD11(Chennai)

..... application to the settlement commission after withdrawing the appeal from the appellate tribunal before the 1st day of october, 1984. the provisions of section 245m, omitted by finance act, 1987 w.e.f. 1-6-1987 only entitles the assessee to file applications before the settlement commission when an appeal is pending before the appellate tribunal. ..... the assessment years under consideration and the department was represented before the settlement commission by the cit(dr) and the assessing officer. it is submitted that chapter xixa of the act providing for "settlement of cases" is a comprehensive code in regard to the matters to be dealt with by the settlement commission, jurisdiction and powers ..... the appeals filed before the tribunal are pending. the arguments of the learned counsel for the assessee have no merit in view of the provisions of income-tax act in chapter xix-a. we would like to refer to the provisions of section 245c (1) r.w. section 245(a)(b) and sections 245d(4) and 245f .....

Premier Industrial Drives (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD800(Mad.)

..... . the deduction will be an amount equal to 20 per cent thereof, meaning such profits and gains of the eligible industrial undertaking.this section occurs in chapter via of the act, which is entitled 'deductions to be made in computing the total income'. section 80a states that in computing the total income of an assessee deductions specified ..... comes into operation at a stage subsequent to the computation of the total income arising from business done in accordance with sections 30 to 43a occurring in chapter iv of the act and, therefore, the unabsorbed losses cannot be set off before calculating the deduction under section 80e. it is not possible to accept the view that ..... supra), directly support the department's stands though it was rendered in the context of relief under section 80j. it was further submitted that there is nothing in the finance minister's speech referred to and relied on in the tribunal's order [1967] 64 itr (st.) 101, cited on behalf of the assessee, to support the .....

income-tax Officer Vs. M.A. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)14ITD411(Mad.)

..... that would come under the head 'income from other sources' and not under any other head.3. this section was inserted in the act by the finance act, 1972 with effect from 1-4-1972. the finance act, 1972 introduced substantial modification mainly of the provision contained in section 10(3) to remove or restrict the exemption granted under the provision ..... undertaken by the assessee, should be considered as a business operation, the loss of which is entitled to be set off under the provisions of the act contained in chapter via against the income from the same other sources or against the income from the other heads and only in the event of the income from other ..... ., by betting on horses the loss incurred by the assessee in the activity of owning and maintaining race horses, shall, subject to the other provisions of this chapter, be carried forward to the following assessment years to be set off against the income if income from the horse race provided the activity of owning and maintaining .....

Yenpeyees Rubber (P.) Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)5ITD605(Mad.)

..... in that case was repealed and substituted by a different provision coupled with a limitation in section 80a(2) of the act with respect to the gross total income. when chapter via was originally introduced, the finance minister said that he was replacing the system of rebates with a straight deduction from the profits of the priority industries to ..... case of cloth traders (supra). yet the controversy is sought to be revised by referring to the introduction of section 80ab of the act by the finance (no. 2) act, 1980, with effect from 1-4-1981. the budget speech of the finance minister for 1980-81 merely mentions : i also propose to make certain amendments in the income-tax ..... act to counteract certain court decisions which have resulted in unintended benefit to taxpayers....[1980] 123 itr (st.) 17, 22 however, since section 80ab was not .....

Late S. Ayyakannu by Lr Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... court in the case of cit vs. hindustan paper corpn. ltd. (1994) 77 taxman 450 (cal) are to the same effect. sec. 9(2) was inserted by the finance (no. 2) act, 1991 with retrospective effect from 1st april, 1972. the s. 90(2) envisages a situation where the central govt. has entered into an agreement with the government of any ..... form of demand draft to explain the investments, since it cannot be treated as disclosed income either in india or outside india for the purpose of assessment under chapter xiv-b of the it act. 11.2 the assessee has claimed a sum of rs. 10,00,000 was remitted through banks during the period of immunity as per remittances of foreign ..... form of demand drafts to explain the investments, since it cannot be treated as disclosed income either in india or outside india for the purpose of assessment under chapter xiv-b of the it act (see para 11.1 of assessment order). (iv) however, the receipt by way of demand drafts stand on a different footing in the sense that the source .....

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 .....

The Dy. Commissioner of Income Tax Vs. Mr. M. Bansilal Jain

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)99ITD8(Chennai)

..... 132(5) will not be applicable to any search initiated after 1.7.95. according to the learned counsel, under chapter xiv-b, a special procedure for assessment of undisclosed income for block period is prescribed by finance act 1995 with effect from 1.7.95. the learned counsel for the assessee again invited our attention to section 158bc(d) ..... special bench of the tribunal in the case of smt. mahesh kumar batra v. jcit (2005) 95 itd 152 (asr) (sb) examined the provisions of chapter xiv-b of i.t. act and held that the assessing officer gets the power to assess undisclosed income on the initiation of search. therefore, the assessing officer after completion of search shall ..... the order under sub-section (5) of 132 to the date of regular assessment or reassessment. as we have already discussed, section 132(5) of the income tax act is not applicable to this assessee since the search was initiated only on 31.7.97. therefore, there is no requirement for passing the order under section 132(5). .....

Gift-tax Officer Vs. Smt. Jayalakshmi Doraiswamy

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1987)21ITD591(Mad.)

..... : with reference to your letter of date proposing to give a gift of 1000 equity shares of rs. 10 each in sundaram finance ltd. saddled with gift-tax and stamp duty liability thereon. i am willing to accept the above gift with the liability attached ..... in addition on one more citation, viz., the decision of the calcutta high court in the case of cgt v. biswanath paul [1970] 76 itr 39. the cit (a) stated that what had to be estimated was the price which an asset would fetch if ..... court considered the gifts to be either onerous gifts or having reference to the provisions of section 40 of the transfer of property act, the calcutta high court held that there was an obligation arising out of the contract annexed to the ownership of the properties ..... as the shares were transferred on the clear understanding that the tax liability would be met by the donees only. the gift-tax act deals with two kinds of gifts viz., (i) where the transfer is wholly without consideration, and (ii) where the transfer is .....