Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: kolkata Page 6 of about 717 results (0.087 seconds)

Bhagwati Prasad Kedia Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (2001)167CTR(Cal)336,[2001]248ITR562(Cal)

..... as and when they are approached.13. here we have been invited to interpret the explanation inserted by the finance (no. 2) act, 1998, incorporated in section 158ba(2) of the income-tax act, 1961 (hereinafter referred to as 'the said act 1961').14. the said explanation is quoted below :'for the removal of doubts, it is hereby declared that- ..... income relating to the block period shall not include the income assessed in any regular assessment as income of such block period ;(c) the income assessed in this chapter shall not be included in the regular assessment of any previous year included in the block period.' 15. as we have said at the outset that every ..... the block period ; (b) means total undisclosed income relating to the block period cannot be tagged with regular assessment ; (c) states that the income under chapter xiv-b, i.e., block assessment shall not be included in regular assessment and other than undisclosed income is assessable in regular assessment under section 143(3) of the .....

Jubilee Investments and Industries Ltd. Vs. Assistant Commissioner of ...

Court : Kolkata

Reported in : (1999)155CTR(Cal)397,[1999]238ITR648(Cal)

..... all matters relating to deductions made by the government of west bengal or on behalf of the government of west bengal under all the sections in chapter xviib (except section 195) of the income-tax act, 1961. the said assistant commissioner of income-tax, circle 21(1) will also exercise powers vested under sub-sections (1) and (1a) of ..... loss suffered by us in the share business which was mostly carried out with borrowed funds affected our cash flow position very severely and the lenders who have been financing our business were reluctant to send us any more money. all this had cumulative effect of causing severe constraints.'3. the assistant commissioner of income-tax has considered ..... prescribed time-limit. section 271c, clause (a), provides where a person fails to deduct the whole or any part of the tax as required by or under the provision of chapter xviib. clause (b) provides--'pay the whole or any part of the tax as required by or under sub-section (2) of section 115-o'. clause (ii) .....

State Bank of India Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1983)6ITD225(Kol.)

..... taken that the amended law stood during the assessment year and the ito did not allow deduction correctly under section 80m. sections 80aa and 80ab were introduced in chapter via by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968 and 1-4-1981. it has been stated earlier that for reopening the assessment under section 147(b), ..... be said that two views are possible. when two views are available, one which is favourable to the assessee may be adopted--cit v. kulu valley transport co. (p.) ltd. [1970] 77 itr 518 (sc), cit v. naga hills tea co. ltd. [1973] 89 itr 236 (sc), cit v. vegetable products ltd. [1973] 88 itr 192 (sc) and mahendrakumar ishwarlal & ..... . bombay dyeing & mfg.co. ltd. [1971] 82 itr 892 (sc).7. the direct decision of the supreme court on the issue is available in v. jaganmohan rao v. cit [1970] 75 itr 373. the supreme court in the above decision observed that once the assessment is reopened by issuing a notice under section 34(1)(b) of the indian income .....

Union of India (Uoi) and ors. Vs. Tulsidas Bhimji and ors.

Court : Kolkata

Reported in : [1977]109ITR557(Cal)

..... demand under section 156 and in case of default, take proceedings for recovery. for determining the income-tax payable on declaration of income contemplated under section 24 of the finance (no. 2) act, 1965, which is accepted unless thereis a proceeding under sub-section (4), there is no scope for any hearing of appeal. accordingly, the direction in the ..... considered and rejected by the tax recovery officer. it was held that the notice of demand under the income-tax act, 1961, for the assessment year 1965-66 and the notice of demand under the finance (no. 2) act of 1965 were in respect of separate and distinct liabilities and as such it could not be said that the latter ..... serve him a notice of demand under section 156 of the income-tax act, 1961, and provisions of chapter xv and chapter xvii-d of, and the second schedule and third schedule to, that act as far as may be apply as if the said sum was payable under that act. 9. the learned commissioner in his judgment under challenge has held .....

Shivram Poddar Vs. Income-tax Officer, Central Circle Ii, Calcutta, an ...

Court : Kolkata

Reported in : [1962]46ITR1076(Cal)

..... present appeal has been preferred.the sole question which arises for determination in this appeal is whether under section 44 of the indian income-tax act, as it stood before it was amended by the finance act (xi of 1958), a partner of a dissolved firm could be assessed to income-tax and made liable for payment of such tax. ..... imposition of tax liability notwithstanding discontinuance of the business of firms. by a fiction, the firm is deemed to continue after discontinuance for the purpose of assessment under chapter iv.'so this case is an authority for the proposition that discontinuance of the business of a partnership firm, as a result of dissolution of the firm, attracted ..... firm to be assessed jointly and severally, (2) each partner is liable to pay the amount of tax payable by the firm, and (3) that the provisions of chapter iv, so far as may be, apply to such assessment.'towards the end of paragraph 5 of the report the following material observations were made :'in effect, the .....

income-tax Officer Vs. Shri Krishna Bhandar Trust

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD15(Kol.)

..... in the hands of the assessee 38. the gujarat high court considered the provisions of section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act, 1970. section 164 which was considered. by the gujarat high court was as follows : 164. where any income in respect of which the persons mentioned in clauses (iii) and ..... world income" with effect from 1-4-1965, consequent on the deletion of section 113 with effect from 1-4-1965.21. the finance act, 1970 substituted the following section in place of the earlier section with effect from 1-4-1970 : 164. (1) subject to the provisions of sub-sections (2) and (3) where any income in respect of which the ..... thereto are analogous to section 160(1) and 160(4) of the act. their lordships in the case of trustees of h.e.h. nizam's family (supra) have held that section 41 only comes into play after the income has been computed in accordance with chapter iii and then the question of payment of tax arises and it is .....

Coal India Limited Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... filed before us, and deliberated upon the applicable legal position.7. we may first refer to the fact that chapter xii d, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act 1997 and with effect from 1^st june 1997. in this scheme of provisions and as provided by section 115 ..... - o of the act, any domestic company declaring, distributing or paying dividend after 1^st june 1997 was to pay ..... terms of the provisions of section 8, it cannot be included in the total income of the assessee, there is no question of its being covered by chapter iii of the act which refers to incomes exempt from tax. it is thus clear that assessee's case fails on both these tests. in our considered view, therefore, the .....

Coal India Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD514Cal

..... filed before us, and deliberated upon the applicable legal position.7. we may first refer to the fact that chapter xiid, consisting of special provisions relating to tax on distributed profits of domestic companies, was inserted vide finance act, 1997 and with effect from 1st june, 1997. in this scheme of provisions and as provided by section 115 ..... -o of the act, any domestic company declaring, distributing or paying dividend after 1st june, 1997 was to pay additional ..... of the provisions of section 8, it cannot be included in the total income of the assessee, there is no question of its being covered by chapter iii of the act which refers to incomes exempt from tax. it is thus clear that assessee's case fails on both these tests.in our considered view, therefore, .....

Commissioner of Income-tax Vs. Mrs. Sunita Kumar

Court : Kolkata

Reported in : [1994]208ITR807(Cal)

..... race horses are of no aid since such decisions are concerned with the question in the context of the law that prevailed before the insertion of section 74a by the finance act, 1972, having effect from april 1, 1972. for example, in janab a. syed jalal sahib v. cit : [1960]39itr660(mad) , the assessee, besides carrying on the business of ..... off against income, if any, from any source other than the activity of owning and maintaining race horses in that year and shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and- (a) it shall be set off against the income, if any, from the activity of owning and maintaining race ..... of income except his winnings from races nor is it allowed to be carried forward to be set off against income from any source in any subsequent year. the finance act, 1974, has amended section 74a so as to provide that the losses incurred by owners of race horses in the activity of owning and maintaining such horses, to .....

Bharat Agencies Ltd. Vs. Income-tax Officer, C-ward and ors.

Court : Kolkata

Reported in : [1971]80ITR637(Cal)

..... income of the previous year . . . .' it is to be noticed that the percentages mentioned above have been changed from year to year by the relevant finance acts and during the years under consideration the percentage for distribution in the case of companies like the petitioner were hundred per cent as its accumulated profits and reserves exceeded ..... assessment, but of determining whether the liability should be charged and imposed .... section 23a, before it was amended by the finance act, 1955, was undoubtedly procedural.... section 23a(1) after it was amended by the finance act, 1955, provides within itself machinery for imposition of liability to pay additional super-tax, but it has not on that ..... in abraham's case, where the scope and extent of the meaning to be given to the expression 'assessment' as used in the sections in chapter iv of the act were considered, the court observed that that expression was not used merely in the sense of computation of income and there was no ground, for .....