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income-tax Officer Vs. S. Viswanathan (Printers and

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)5ITD20(Mad.)

..... mischief sought to be remedied by the legislation and the object and purpose for which the legislation was enacted. when section 80e was originally introduced by the finance act, 1966, in chapter via, the finance minister said : ...as a measure of simplification, however, i propose to modify the form of the concession. at present a special rebate on income-tax ..... arriving at his conclusion. section 80qq was inserted in the income-tax act by the taxation laws (amendment) act, 1970 with effect from 1-4-1971 and was intended originally to grant the benefit for the period of four assessment years. the section was amended by the finance act, 1975 with effect from 1-4-1975 to extend the benefit for ..... , of an amount equal to 20 per cent of the profits from such business included in his gross total income. the deduction will be admissible for the assessment years 1970-71, 1971-72, 1972-73, 1973-74 and 1974-75." -[1969] 72 itr 101 (st.). it is thus seen that section 80e which was construed by .....

N.K. Proteins Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)83TTJ(Ahd.)904

..... 56. the legislature thought it fit to insert an explanation to section 158ba by the finance (no. 2) act, 1998 with retrospective effect from 1st july, 1995 to explain and declare that the assessment made under chapter xiv-b of the act shall be in addition to the regular assessment in respect of each previous year included ..... addition on account of either bogus purchases or inflated purchases will surely come within the ambit of undisclosed income as defined in section 158b(b) as amended by the finance act, 2002 with retrospective effect from 1st july, 1995. the said provision is reproduced below: (b) "undisclosed income" includes any money, bullion, jewellery or other ..... savings in all kinds of taxes, duties, utilisation of black money and various other factors, the legislature in its wisdom has amended section 40a(3) by the finance act, 1995 w.e.f. 1st april, 1996 which provides for disallowance of 20 per cent of such expenditure incurred otherwise than by crossed or account payee cheques. .....

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2005)95TTJ(All.)489

..... assessee's income from undisclosed sources. it was contended by the assessee that the query made by the ao was outside the scope and purview of chapter xiv-b of the it act. the ao rejected the contention of the assessee-company. the assessee submitted 50 affidavits of various corporate shareholders and also submitted income-tax orders, acknowledgment ..... case of stellar investment ltd. as decided by the hon'ble delhi high court at p. 105 of 205 itr (in case of sophia finance ltd.) "section 68 of the act was not referred to and the observations in the said judgment cannot mean that ito cannot or should not go into the question whether the ..... by 2 directors of 2 companies namely, sh. kamal kishore aggarwal, director of mohak trading company (p) ltd. and sh. vimal kishore aggrawal, director of profen finance investment ltd. that the books of account and other records were kept with chartered accountants only. these directors did not know number of shareholders, subscribed/paid up capital, .....

Sikkim Janseva Pratisthan (P.) Vs. Dy. Cit, Spl. Range-26

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)5SOT487(Delhi)

..... if by which income-tax was made applicable to the state of sikkim from 1-4-1989 i.e., assessment year 1989-90 and subsequent by section 26 of the finance act, 1989 the date was postponed to 1-4-1990 i.e., assessment year 1990-91 learned counsel for the assessee relied upon judgment of kerala high court in the matter ..... tax at the rate of 25 per cent on gross amount of dividend, interest income etc. as per the provisions of section 115a.he also observed that the deduction under chapter vi-a are not permissible to the assessee-company. the assessing officer accordingly passed the order against the assessee. the assessment orders for the assessment years 1992-93,1993-94 ..... by itat delhi bench 'b' by order dated 25-4-2003. section 115a of the income tax act relates to income of foreign company and provides the amount of income-tax calculated at fixed rate. it did not provide for deduction under chapter vi-a. the assessee offered income for tax purposes at the rate of 25% in computation of income .....

Shri Vijay Sehgal (Huf) Vs. the Asst. C.i.T., Range Ii

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)100ITD560(Asr.)

..... the assessee on this issue.22. issue no. 2:- whether the assessee has undisclosed income liable to be taxed in the block assessment under chapter xiv-b of the income tax act: (b) "undisclosed income" includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in ..... over to the assessing officer having jurisdiction over that other person, (iv) the assessing officer shall proceed against such other person under the provisions of this chapter. in other words, in a given case, where there is sufficient material to take action under section 15sbd, and the assessing officer has not specifically recorded ..... handed over to the assessing officer having jurisdiction over such other persons and that assessing officer shall proceed against such other person and the provisions of this chapter shall apply accordingly. the a.o., therefore, observed that clearly, section 158bd postulates the initiation of proceedings in respect of any person other than the .....

Banswara Syntex Ltd. Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)108ITD48(Jodh.)

..... of any previous year relevant to the a.y.commencing on or after 1st day of april 1997 but before 1st day of april 2001. one chapter xiib, containing section 115jb, was inserted by the finance act, 1987 (11 of 1987), w.e.f. 1988, which provided "special provisions relating to certain companies". as a result of various tax concessions ..... intent.the above clause is same to the clause (viii) similarly embedded in the provisions of section 115ja. this same clause (viii) in explanation to section 115ja by the finance act, 1997, w.e.f. 1st april 1998, i.e. a year later than the enactment of the provisions of section 115ja, which were brought into the statute book ..... under section 80hhe, computed under section 80hhe(3).9. now, section 115jb which provided special provisions for payment of tax by certain companies has been inserted by finance act 2000, w.e.f., 1.4.2001, as has already been mentioned. this section reads as under: (1) notwithstanding anything contained in any other provision of this .....

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 .....

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 .....

Dy. Cit Vs. Shree Synthetics Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2004)88TTJIndore717

..... representative submitted that case law relied on by the learned authorised representative were no more applicable in view of the latest provisions of section 14a which was inserted by finance act, 2001. he further submitted that this provision has been made specifically applicable with effect from 1-4-1962. as far as dilution of this section by circular ..... of assessee. he further submitted that section 14a would not hit assessee's case because it applies only to the situations where income has been computed under chapter iv. he further submitted that it should be held that section 14a is prospective. he also referred to pages 2822 and 2823 of commentary of income-tax ..... : - "35d.(1) where an assessee, being an indian company or a person (other than a company) who is resident in india, incurs, after the 31-3-1970, any expenditure specified in sub-section (2)- (ii) after the commencement of his business, in connection with the extension of his industrial undertaking or in connection with his .....

Prakash Bhalaji Bafna Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)82TTJ(Pune.)667

..... part of the income covered by chapter xiv-b of the act in making additions of rs. 82,500 on account of commission at 3 per cent alleged to have been ..... be held that invoking provisions of section 158bd is bad in law. it further be held that the case of the appellant is not covered by provisions of chapter xiv-b of the act. the order passed by the ao in terms of provisions of section 158bc r/w section 158bd is without jurisdiction and is vitiated. the order passed by the ..... proceed with the assessment in terms of provisions of the said chapter, on facts and circumstances of the case and as per provisions of law, it be held that the ao erred in considering amount of rs. 27,50,000 as investment alleged to have been done on account of finance for arranging bogus nre gifts and holding the same as forming .....