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Bombay Coal Ash Co. and ors. Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... sub-section (1) and send a copy of its order to the commissioner." 4.4. in connection with the amendments made in chapter xix-a by the finance act, 1979, this is what the deputy prime minister and minister of finance had to say in his "budget speech". (see [1979] 116 itr (st.) 34) : "while i want to step up ..... furnishing an opportunity of hearing as required by the provisions of the first proviso to section 245d(1). when the said application was pending, on april 1, 1979, the finance act, 1979, inserted sub-section (1a) after section 245d(1), which empowered the settlement commission to overrule the objections of the commissioner. on may 29, 1979, the ..... power to overrule the objections of the commissioner." 4.6. from the above, it is abundantly clear that, according to the supreme court, the amendments made by the finance act, 1979, with effect from april 1, 1979, which had the effect of depriving the commissioner of income-tax of his "veto" power and empowering the settlement commission .....

Surana Steels Pvt. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)1ITD45(Hyd.)

..... . this measure will yield a revenue gain of approximately rs. 75 crores." 12. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 (see [1987] 166 itr (st.) 26). in the bill as introduced, the provisions of item (iv) of the explanation to ..... by way of provision for losses of subsidiary companies ; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies ; or (g) the amount withdrawn from the reserve account under section 80hhd, where it has been utilised for any purpose other than those referred to in ..... ) amounts withdrawn from reserves, if any such amount is credited to the profit and loss account ; (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the profit and loss account ; and (iii) the amount of any brought forward losses or unabsorbed depreciation, whichever is .....

Surana Steels Pvt. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)46TTJ(Hyd.)458

..... % of its book profit. this measure will yield a revenue gain of approximately rs. 75 crores." consequently, s. 80vva was omitted by s. 40 of finance act, 1987 and s.115j was introduced by s. 43 of finance act, 1987 [ (1987) 166 itr (st) 26]. in the bill as introduced the provisions of item (iv) of the explanation to s. 115j did ..... by those reserves or provisions (out of which the said amount was withdrawn) under this explanation; or (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the profit and loss account; or (iii) the amounts as arrived at after increasing the net profit by the amounts ..... (i) amounts withdrawn from reserves if any, such amount is credited to the profit and loss account; (ii) the amount of income to which any of the provisions of chapter iii applies, if any such amount is credited to the profit and loss account; and (iii) the amount of any brought forward losses or unabsorbed depreciation whichever is less as .....

Andhra Pradesh State Electricity Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1994)49ITD552(Hyd.)

..... and by this provision, it cannot be concluded that the agricultural income forms part of the total income as such.the provisions of section 2(2) of the finance act, 1993, make it clear and provide that where the assessee has in the previous year any net agricultural income exceeding rs. 600 in addition to the total income ..... the total income under chapter iii. agricultural income is one income which is not to be included while computing the total income of an assessee and that is provided in sub-section (1) of section 10 of the it act. the inclusion of agricultural income for determining the tax payable by the assessee is under the finance act but that is ..... sections 10 to 13a provides for certain incomes not forming part of total income. one such exemption is agricultural income provided under section 10( 1) of the act. chapter iv provides how the total income is to be computed and section 14 thereof provides that the computation of total income would be classified under various heads. a .....

Oil and Natural Gas Commission Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1999)69ITD69(Delhi)

..... a bargain only shows a mutual asset but it is the transfer of property which is the actual sale. analogy of lands clauses consolidation act 1845, stamp act and other acts was invoked and later finance acts were also called in aid where such compulsory transactions were described as sale or purchase. the house of lords by a majority of 4 ..... only in relation to a "capital asset" as defined under s. 2(14) the term "transfer" is in relation to computation of "capital gains" coming under chapter iv-e of the act. (ii) the though the term "owned by the assessee" is used in s. 32(1). it could not mean that the assessee should have remained the owner ..... by the assessee-commission and it successor corporation.1.6(iii). the learned senior departmental representative further relied upon the fourth proviso to s. 32 added by the finance (no. 2) act, 1996 w.e.f. 1st april, 1997. he contended that the said proviso is clarificatory and is fair, reasonable and equitable. without prejudice to the disallowance .....

Farrukhabad Investment (i) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD230(Delhi)

..... "nextly, the commission has elaborately discussed the object of introduction of chapter xiv-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through the finance act, 1987 to hold that in exercising its power under chapter xix-a, it has almost unbridled power to arrive at a ..... 1995) 83 taxman 255 (jp)(mag). it may be mentioned that the legislature amended the provisions of section 275 through section 50 of taxation law (amendment) act, 1970 (42 of 1970), newly prescribing a limitation period for imposition of penalty. the change in law has been elaborately explained in the departmental circular no. 56, dt. 9th march, ..... reduce most of the remedial and beneficial legislation to futility. hon'ble supreme court in the case of vo tractor export v. tarapore & co. air 1970 sc 1168 observed as under : "a statute not be construed as a theorem of euclid but the statute must be construed with some imagination of the .....

Davi SarIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2003)84ITD391Agra

..... .30. we are unable to accept the view taken by the ao. the finance act, 1995 inserted a new chapter xiv-b in the act. the chapter provides a new concept for the assessment in cases relating searches conducted under section 132. of the act or requisitions made under section 132a of the act after 30th june, 1995. the assessment relating to actions initiated under sections 132 ..... as to whether block assessment subsumes the regular assessment or is independent of the latter, finance (no. 2) act, 1998, has inserted the clarificatory explanations with retrospective effect from 1st july, 1995, after sub-section (2) of section 158ba of the it act clarifying that assessments completed under chapter xiv-b shall be in addition to regular assessments in respect of each previous year included .....

Shri M.S. Aggarwal Vs. D.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... . the first issue as indicated above concerns the scope and ambit of undisclosed income as contemplated under chapter xiv-b of the income-tax act. chapter xiv-b consisting of sections 158b to section 158bh was introduced by the finance act, 1995 with effect from 1.7.1995 to make procedure of assessment of search case more effective ..... . the chapters 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 ..... 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. 1.7.1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the basis .....

Prakash Chand Vij Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)95TTJ(Chd.)409

..... income of each previous year for the purpose of aggregation be taken as total income in accordance with the provisions of this act. earlier in place of "act", the word used was "chapter iv" and the amendment had been inserted by the finance act, 2002, with retrospective effect from 1st july, 1995. therefore, combined reading of the entire section 158bb definitely leads to an impression ..... that the intention of the legislature was to compute total income in accordance with the provisions of chapter iv, now substituted with the words .....

Dy. Cit(A) Vs. Subham Industries

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... the ao had the power to make reference to the valuation officer.obviously, since section 142a was not actually on the statute book till it was inserted by the finance act, 2004, the power could not have been exercised by making a specific reference to section 142a. but now when section 142a is inserted and when the legislature has ..... only. the tribunal dismissed the revenue's appeal for more or less identical reasons. section 40a(7) was introduced in the income-tax act, with retrospective effect from april 1, 1973, by the finance act, 1975, on may 12,1975. since the assessment order and the appellate order of the appellate assistant commissioner were completed long before the ..... whether report obtained by the ao can be relied upon or not in view of the provisions of section 142a inserted by finance (no. 2) act of 2004 or not. under chapter iv of the income-tax act, dealing with computation of capital gains, the ao is entitled to make reference to the valuation officer under section 55a of .....