Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat vizag Page 1 of about 7 results (0.050 seconds)

i. Appala Raju Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)100TTJVisakha438

..... also could not be able to point out any discrepancy in the reconciliation since all these credits were duly disclosed.12. chapter xiv-b which consists, of section 158b to section 158bh was introduced by the finance act,.1995 w.e.f. 1st july, 1995 to make procedure of assessment of cases in which search is initiated under ..... section 132 or where books of account, other documents or any assets are requisitioned under section 132a. the chapter is titled (special procedure for assessment of search ..... and such other materials or information as are available with the ao and relatable to such evidence." the expression "relatable to such evidence" has been inserted by the finance act, 2002 retrospectively w.e.f. 1st july, 1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the basis of .....

Madhavi Finvest (P) Ltd. and ors. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)99TTJVisakha933

..... basis of the bank statements and the receipt and payment account filed by the assessee in the course of block assessment proceedings. chapter xiv-b which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. 1st july, 1995 to make procedure of assessment of cases in which search is initiated under ..... validated by the subsequent letter of the ao and the assessment framed is bound to be quashed only on this basis.25. chapter xiv-b which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. 1st july, 1995 to make procedure of assessment of cases in which search is initiated under ..... section 132 or where books of account, other documents or any assets are requisitioned under section 132a. the chapter is titled 'special procedure for assessment of search cases .....

Smt. Bommana Swarna Rekha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)94TTJVisakha885

..... in the block assessment under chapter xiv-b since it is a special code of conduct for determining the undisclosed income on the basis of the material found during the course of search. our attention was drawn towards the provision of section 158bb and by referring to the amendment being made by the finance act, 2002, it was ..... disallowing the cash paid expenses during the asst. yr. 1994-95. after carefully considering the rival submissions, in our opinion, no addition in the block assessment under chapter xiv-b can be made on this account. only undisclosed income can be assessed as may arise on the basis of the material or evidence collected and requisitioned ..... of deficit stock found in the business premises during the course of survey action taken under section 133a in the block assessment as it is outside the scope of chapter xiv-b which deals with the assessment of undisclosed income as a result of search. section 158ba reads as under : "158ba. (1) notwithstanding anything contained in .....

P. Govinda Satyanarayana Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)98TTJVisakha908

..... no. 3 (is in) negative, whether the assessee has succeeded in disproving the admission and establishing genuineness of the investments in question chapter xiv-b consisting of section 158b to section 158bh was introduced by the finance act, 1995, w.e.f. 1st july, 1995, to make procedure of assessment of search cases more effective. the ..... chapter is titled "special procedure for assessment of search cases." the scheme of block assessment enacted under this chapter laying down procedure for block assessment proceedings is ..... such other materials or information as are available with the ao and relatable to such evidence". the expression "relatable to such evidence" has been inserted by the finance act, 2002, retrospectively, w.e.f. 1st july, 1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the .....

A.C.i.T. Vs. Vinman Finance and Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

..... departmental representative as well as the learned counsel for the assessee in this regard and carefully perused the record. the assessee, as the name suggests, is a finance and leasing company established during the previous year relevant to the assessment year 1994-95. the company accepted certain deposits in cash and also repaid certain amounts in ..... to the contrary, it cannot be considered that the company could not make payment by cheque. the assessee being a finance and leasing company, it is duty bound to abide by the provisions of the act and thus merely on account of the fact that the transaction is genuine, it cannot be said penalty is not leviable ..... had full knowledge of its right to exemption so as to warrant an inference that the appellant waived such right by addressing the letter dated 25^th june, 1970. that the tax laws of this country are complex and complicated and often require for compliance, therewith the assistance of tax practitioners specializing in this field, is .....

income-tax Officer Vs. K. Ramabrahmam and Sons (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD48Visakha

..... of income tax (rsp & pr) wherein it is prominently pointed out that the rate of deduction is 2%. further drawing my attention to part-ii of the annual finance act, prescribing for deduction of tax at source, the learned representative pointed out that the provisions thereof did not cast any additional obligation on the persons responsible for making payments to ..... , while deducting the tax at source, it did not deduct the surcharge which was required to be deducted in terms of sub-section (5) of section 2 of the finance act, 1994. the relevant provision is contained in the grounds of the revenue extracted herein above. so, the assessing officer levied interest under section 201(1a) vide his order dated ..... tax on which it is imposed as surcharge. sarojini tea co. (p.) ltd. v. collector of dibrugardh air 1992 sc 1264, 1269 [assam land revenue and land (surcharge) act, 1970 section 3].in the light of the above, it is evident that the surcharge is included in the term 'tax'. section 4 of the i.t .....

Deputy Commissioner of Income Tax Vs. All Saints Christian Educational

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2007)111TTJVisakha109

..... the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, assessment or recomputation as specified in sub-section (2) of section 153 ..... strength of the authorization. as a search under section 132 was conducted, the cit(a) ought to have appreciated that the assessment proceedings were rightly completed under chapter xiv-b of it act. 2. the learned cit(a) ought to have appreciated that the assessee did not offer any additional income on which it wanted to pay tax during ..... at the time of hearing of the appeal. 1. the learned cit(a) erred in considering the facts and circumstances of the case regarding the assessment completed under chapter xiv-b. a survey under section 133a was conducted in the assessee's premises on 9th nov., 1999 and later on it was converted into search and seizure operation .....