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Sterling Tools Ltd. Vs. Dy. Cit

Court : Delhi

Reported in : (2004)91TTJ(Del)261

..... (2002) 80 itd 429 (chen), but highlighting at the same time that it was only the amendment carried out in sub-section (1) of section 158bb by the finance act, 2002, with effect from i-6-2002, that the evidence gathered in post-search enquiries could be made the basis for proceeding with a block assessment.13. reliance was ..... assessment framed after the search. the income tax officer in re-examining the issue may, thereforee, examine the legal position vis-a-vis the scope of an assessment under chapter xiv-b. the decision relied upon by the learned counsel in the first two grounds in the present appeal would, thereforee, be quite relevant.39. coming to ground ..... from various reported judgments, the learned counsel placed reliance on cit v. ravi kant jain (2001) 250 itr 141 for the proposition that the scope and ambit under chapter xiv-b was limited to material unearthed during the course of the search, on cit v. rajendra prasad gupta for the same proposition i.e., a block assessment having .....

S.Rm.M.Ct.M. Thiruppani Trust Rep. by Its Trustee, M.Ct. Pethachi Vs. ...

Court : Chennai

Reported in : 1997(1)CTC695

..... of the banking companies (acquisition and transfer of undertakings) act, 1970 (central act 5 of 1970)(e) the industrial finance corporation of india, established under the industrial finance corporation act, 1948 (central act 15 of 1948), the life insurance corporation of india, established under the life insurance corporation act, 1956 (central act 31 of 1956), the unit trust of india, ..... 29. it is clear from a perusal of section 20 (1) (iv) of the tamil nadu urban land (ceiling and regulation) act, 1978 that the provisions contained in chapter iii shall not apply to certain vacant lands held by any public charitable or religious trust (including wakf) and required and used for ..... fourteen years.'and in this connection, the supreme court has observed as follows:_'in his other book, 'challenge of world poverty' (published in 1970) he discusses elaborately in chapter 6 'education' - the reason for and the consequences of neglect of basic education in this country. he quotes j.p. naik, (the .....

The South Indian Bank Ltd. Vs. The Commissioner Of Income Tax

Court : Supreme Court of India

..... such tax exempted income is not allowed as a deduction while calculating total income for the concerned assessee.6. section 14a was introduced to the income tax act by the finance act, 2001 with retrospective effect from 01.04.1962. page 3 of 22 the new section was inserted in aftermath of judgment of this court in the ..... interests from such securities and bonds as also dividend income on investments in shares of companies and from units of uti etc. which are tax free.5. chapter iv of the act provides for the heads of income for computation of total income. in section 14, the various incomes are classified under salaries, income from house property, profit ..... extracted hereinbelow: - 14a. expenditure incurred in relation to income not includible in total income - (1) for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this .....

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)28ITD499(Mum.)

..... their order dated 25-8-1983. section 245f (which was omitted by finance act, 1987 with effect from 1-6-1987) read as under: 245m (1) notwithstanding anything contained in this chapter, any assessee who has filed an appeal to the appellate tribunal under this act which is pending before it shall, on withdrawing such appeal from the ..... relation to the case. now, the term "income-tax authority" is defined in sections 245a(6) (as it existed prior to the amendment of the section brought about by finance act, 1987 with effect from 1-6-1987) as under :-- (b) "income-tax authority" means a director of inspection, a commissioner, a commissioner (appeals), an appellate ..... appellate tribunal before the 1st day of october, 1984, be entitled to make an application to the settlement commission to have his case settled under this chapter : provided that no such assessee shall be .....

Dhansukhlal C. Patel Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT157(Mum.)

..... of otherwise." "forthepurposes of thissub-clause, the expression"industrial undertaking' means any undertaking which is engaged in - this explanation was introduced with effect from 1-4-1991 by finance act, 1991, explanation (ba) came into statute book with effect from 1-4-1998 onwards. this means the interest arising to these central government employees, who had been absorbed ..... paid in a subsequent year after the lapse of seven years. the assessing officer as well as the cit (a) did not accept the above.chapter iii in the income tax act enumerates the income which do not form part of total income. section 10 states that "in computing the total income of the previous year of any ..... recognized tables of mortality.(iii) any payment in commutation of pension received from a fund under clause (23aab))".it is the case of the revenue that under chapter 3 which deals with the income that does not form part of the total income, what is exempted under section 10a is only the amount of commutation of .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the clauses ofsection 14a), of section 14a. the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. 14 of 2001 issued by the central board of direct taxes, which reads as under: 25. no ..... the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. section 14a has been inserted in the income ..... and again by section 7 of the finance act, 2006. section 14a as so amended reads now as under: 14a. expenditure incurred in relation to income not includible in total income.-(1) for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to .....

Suman Savings and Investments Private Ltd. Vs. Commissioner of Income- ...

Court : Andhra Pradesh

Reported in : [1998]229ITR727(AP)

..... is to say, a company [not being a company referred to in sub-clauses (i) to (iii)] which carries on, as its principal business, the business of providing finance, whether by making loans or advances or otherwise;' 6. a financial company among others, includes (1) a loan company which is explained to be a company not being a ..... ) emphasises on three aspects : firstly, that the company must be a loan company; secondly, the principal business of the company must be that of providing finance; and thirdly, that providing of finance may be either by way of loans or advances or otherwise. the expression 'or otherwise' has to be construed ejusdem generis, that means it must be ..... . a perusal of section 45-i(c)(v) of the reserve bank of india act shows that the definition contained therein was for the purpose of chapter iii-b of that act. obviously, that definition has no application for the purposes of the income-tax act. on this aspect, the tribunal has rightly held so. 9. for the above reasons, .....

Rajan Gupta Vs Commissioner of Income Tax

Court : Delhi

..... may also point out that in case of applications made under section 245c on or after 01.06.2007, two provisos have been made applicable by virtue of the finance act, 2007 with effect from 01.06.2007. the two provisos to sub-section (2) read as under:- "provided that where an application has been made under section ..... to be further proceeded with, as the case may be.14. an analysis of the above provisions indicates that in the course of regular assessments under chapter xiv of the said act, if the assessing officer considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed the assessee's ..... while construing the expression assessment proceeding as appearing in the said explanation 1, the supreme court examined various provisions dealing with the procedure for assessment as contained in chapter-xiv and held:-the process of assessment thus commences with the filing of the return or when the return is not filed by the issuance by the assessing .....

isg Traders Ltd Vs. Commissioner of Income-tax, West

Court : Kolkata

..... retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. "23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 or pass ..... relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the assessing officer either ..... was inserted in the act with retrospective effect from 1st april, 2002. the said provision is quoted below: 14-a. expenditure incurred in relation to income not includible in total income.--for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in .....

Om Parkash Vs. Union of India and Another

Court : Punjab and Haryana

..... . 45.4 therefore, a new clause (c) has been inserted in sub-section (2) to empower the board to relax any of the provisions of chapter iv or chapter via of the act, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of singh gurbachan 2014.06.10 11:04 i ..... of this document high court chandigarh cwp no.3815 of 2013 -5- before each house of parliament. . 7. clause (c) of section 119(2) of the act was inserted by finance (no.2) act, 1991 with effect from 1st october, 1991. under the aforesaid provision, the board is empowered to issue general or special order to relax any requirement in respect of ..... any of the provisions of chapter iv or chapter vi-a of the act, if it considers it desirable or expedient so to do for avoiding genuine hardship in .....