Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)74TTJ(Ahd.)507
..... handed over to the assessing officer having jurisdiction over such other person and that assessing officer shall proceed against such other person and the provisions of this chapter shall apply accordingly." a plain reading of this section clearly shows that the said provision can be invoked only if the assessing officer is satisfied that ..... y. 1994-95 in the purchase of maruti system vehicle, when no such addition is called for more particularly when all relevant documents for such investment from finance obtained from glfl has been filed.this hon'ble tribunal may, therefore, be pleased to hold that there is no justification for making the addition of rs ..... connected to suit the convenience of any party. an extract of the books of account maintained by the bank is very much relevant under the bankers books evidence act, 1891. the accountant member was, therefore, not justified in rejecting the additional evidence or in concurring with the decision of the commissioner (appeals) in rejecting .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)72TTJ(Pune.)341
..... or inducement for ascribing to original ncds. such an incentive/inducement has no acquisition value before section 55(2)(aa)(b)(iiia) was brought on the statute book by the finance act, 1995, with effect from 1-4-1996. in the case of cit v.modiram laxmandas (p) ltd. (supra), the honble bombay high court held that quota rights and import ..... on 1-4-1970, should be taken as cost of acquisition inasmuch as such lands became capital assets on that date. the high court following the decision of the gujarat high court rejected ..... by his grandfather prior to the year 1941, and the assessee had become the owner of the land by devolution. such agricultural lands were not capital assets till 1-4-1970, by virtue of definition in section 2(14).for the purpose of computing capital gains, it was contended on behalf of the assessee that market value of land as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2002)80ITD39(Bang.)
..... other hand, the learned departmental representative, shri n.s. raghavendra, placed strong reliance on the orders of the authorities below. he contended that the amendment brought about by the finance act, 1992, is only procedural and not substantive. therefore, the ao had all the powers to send intimation under section 143(1)(c) on 11th dec., 1995.6. we ..... that the ao had no jurisdiction to pass an intimation under section 143(1)(c) in this case. for this proposition, he invited our attention to the amendment brought by finance act, 1992 to section 143(1)(c) which was made effective from 1st april, 1993. his contention was that since the words "partner of a firm" and "firm" ..... for this purposes, he placed reliance on the judgment of the supreme court in the case of rayala corporation (p) ltd. and anr. v. director of enforcement air 1970 sc 494 at p. 503. it is further contended that section 143(1)(c) permits substitution only in cases where the communication under section 143(1)(a) in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)74TTJ(Mum.)620
..... 44ab would simply not take off. the income of the assessee before us is admittedly wholly exempt under section 10(23d) of the act. section 10(23d) is part of chapter iii of the act. the heading of chapter iii is "incomes which do not form part of total income". it is therefore, plain to us that provisions of section 44ab ..... 189 itr 81 (del) that when the provisions of statute are clear and unambiguous, there is no need to resort to the aims and objects of the provisions or finance minister's speech. the learned assessing officer also referred to the judgment of hon'ble bombay high court in the case of cit v. mirza ataulla beg (1993) 202 ..... gross receipts" referred to in section 44ab should be those which have in them embedded income taxable or loss allowable under the act. the assessee also relied upon the speech of hon'ble finance minister while introducing finance bill, 1984, and argued that the objective of the provisions of section 44ab was to discourage tax avoidance and tax evasion. as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)78TTJ(Mum.)358
..... of dy. secretary to the ministry of finance, government of india, in which the ministry of finance has clarified that in view of article 371f(n) of the constitution, for the purpose of indian it act, 1961, sikkim will have to be treated as outside india. he submitted that the purpose of chapter ix is to allow relief against double ..... the petitions was for quashing and setting aside notification no. s.o. 1028, dt. 7th nov., 1988. this notification having been superseded by section 26 of the finance act, 1989, this relief was clearly not available. action under section 147 in respect of five of the companies was initiated in delhi, all the respondents were located in ..... 6. the assessee has alternatively claimed relief under section 90/91 in respect of tds by the directorate of lotteries under the sikkim it manual. chapter ix of the it act starts with the head "double taxation relief". section 90 would be applicable only in respect of foreign countries with whom there is an agreement by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2002)76TTJ(Nag.)76
..... in consonance with the object and purpose of enacting the same. if this is done, it cannot be said that section 40(b), after the amendment made by the finance act, 1992, entirely debars the admissibility of the interest and remuneration paid to the partners.the learned counsel for the assessee has also contended that the deed of partnership of ..... as per the definition of "gross total income" given in section 80b(5) the same means the total income computed in accordance with the provisions of the act before making any deduction under chapter vi-a. she, therefore, contended that the relevant provisions governing the deductions under sections 80c to 80u which include sections 80hh and 80-i are very ..... to the specific terms and conditions of the partnership deed. relying on the decisions of hon'ble supreme court in the case of cit v. j.p. kanodia & co. (1970) 77 itr 515 (sc) as well as that in the case of khanjan lal sewak ram v. cit (1972) 83 itr 175 (sc) he contended that the department ought .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2000)82ITD18(Pune.)
..... paragraphs."on the facts, in the circumstances of the case and as per law, the learned assessing officer was not justified in invoking provisions of chapter xiv-b of the act in making this assessment." dr. pathak learned counsel for the assessee, submitted that provisions of section 158bd have been wrongly invoked in this case. ..... real estate transaction in the metropolitan city of mumbai. though technically the report of national institute of public finance and policy, cannot be substituted for evidence, but one has to take note of this practice coupled with the attendant circumstances of this case. therefore, when ..... establish that this amount was paid for the purchase of the flat in cash to the assessee. a report was published by the national institute of public finance and policy in march 1985, titled "aspects of black money in india". the report has discussed the prevalence of notorious practice of payment of black money in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)87ITD147(Mum.)
..... considering the facts of the case let us examine the legislative intention in respect of section 2(47) in which sub-clause (v) has been inserted by the finance act, 1987 w.e.f 1-4-1988. the purpose of the insertion was to neutralise certain devices and transactions pursuant to which capital assets or interest therein were ..... obtained all the necessary permissions and authorities as provided in clause 8 above and upon receipt of the no objection certificate from the appropriate authority under, chapter xxc of the income-tax act, 1961, the vendor shall grant to the purchaser and/or its nominee(s) an irrevocable licence to enter upon the vendor's share of the ..... borne by the purchaser and the purchaser has to indemnify the seller and as per clause 9 on receipt of the no objection certificate from the appropriate authority under chapter xxc the seller viz. the appellant has to give an irrevocable licence to the purchaser i.e., m/s. floreat to enter the property, ld. commissioner (appeals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)87ITD607(Mum.)
..... in the previous year in which the said search was conducted or requisition was made.14. chapter xiv-b, consisting of sections 158b to 158bh was inserted by the finance act, 1995, w.e.f. 1st july, 1995. the heading of the chapter is "special procedure for assessment of search cases". section 158ba deals with assessment of undisclosed ..... that power under section 147 could be invoked by the ao if it is a case of escape of assessment of income for a particular year.13. the finance act, 1995, introduced a scheme of assessment of undisclosed income determined as a result of search. under this scheme, the undisclosed income detected as a result of ..... income as a result of search. this section opens with a non obstante clause and thus enacts provisions of overriding nature so as to prevail over any other provisions of the act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2003)81TTJ(Chennai)440
..... assessee would agree to the principal amount and thereby waiving any interest that was due to it. the assessee could not pay the interest because it had no finance. consequent to this the assessee had to write back interest in the financial year 2000-01. he submitted that the assessee........ (sic) however, considering the fact ..... vii, chennai in connection with the decision of tax for the asst. yrs. 1997-98 to 2000-01. in this letter it was stated as under: "our finance manager, sri muralidharan, who appeared before you has suddenly left our office without any information. we have been sending our staff to his house to obtain the details ..... authorities.4. rival contentions in regard to the above have been very carefully considered. section 275 of the act falls under chapter xxi containing the caption "penalties imposable". according to this section no order imposing a penalty under this chapter shall be passed in any other case, after the expiry of the financial year in which the proceedings .....
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