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The Commissioner of Income-tax Delhi Ii Vs. the Punjab and Sind Bank L ...

Court : Delhi

Reported in : 2000VAD(Delhi)661; 86(2000)DLT438; 2000(54)DRJ370; [2000]244ITR393(Delhi)

..... doors and fire proofing and other decorative items, in their assessments to corporation tax they claimed that this expenditure qualified for capital allowance under section 41 of the finance act, 1971, as plant used in the carrying on of their respective trades. the special commissioners disallowed the claims in respect of shop fronts, floors and wall ..... to that section that income attributable to any one or more of the aforesaid activities included in its total income before it has not considered deduction under chapter vi-a, section 80a to 80u. a banking company cannot prima facie be held to be an industrial company. it is to be noted that the ..... -72. 2. factual position relevant for adjudication of the dispute essentially is as follows. assessed is engaged in the business of banking. for the assessment years 1970-71, 1971-72 disallowances were made by the assessing officer in respect of certain deductions claimed as depreciation and development rebate. depreciation was claimed in respect of .....

Durga Dass Uppal Vs. Union of India and ors.

Court : Delhi

Reported in : 1994(30)DRJ692

..... to it.(24) before proceeding further, it is necessary to clarify that i am not considering the effect of the words added to section 269ug(1) by the finance act, 1993. as per this addition on the purchase order being made by the appropriate authority, the property shall, on the date of the order, vest in the ..... petitioner commits default in making payment of the balance consideration as aforesaid, the interim orders made earlier shall stand vacated and necessary consequences as contained in chapter xx- c of the act shall follow as from the date when the stay stands vacated. (iv) the property in question shall be in custodia legis and the concerned ..... order of the appropriate authority stood vacated, by virtue of direction no. (iii) contained in the order dated 11.5.1989; thereforee, the necessary consequences under chapter xx-c, permitted by this court shall have to be clarified as to whether the statutory consequences would include auctioning of the property by the central government after .....

Sony India (P.) Ltd. Vs. Central Board of Direct Taxes and anr.

Court : Delhi

Reported in : (2006)206CTR(Del)157; [2007]288ITR52(Delhi)

..... cams, play stations and projectors etc. for sale in india.3. the finance act, 2001 substituted the earlier section 92 of the income tax act 1961 ('act') with sections 92 to 92f with effect from 1.4.2002. these provisions are found in chapter x of the act titled 'special provisions relating to avoidance of tax'. the sub-heading reads ..... 'computation of income from international transactions having regard to arm's length price.' a fairly detailed scheme for computing the arm's length price (alp) of international transactions is set out in these provisions. the finance act, 2002 ..... . in our view, the classification is not inconsistent with or contrary to the objective sought to be achieved by the provisions of chapter x of the act. the impugned instruction serves to supplement the statutory provisions to achieve the objective and not override them.32. the impugned instruction does .....

Commissioner of Income Tax Vs. Rashmi Kamdar

Court : Chennai

Reported in : (1996)131CTR(Mad)277; [1996]217ITR559(Mad)

..... . the finance act (16 of 1972) prescribed under s. 2(1) thereof subject to the provision of sub-s. (2) and (3), for the assessment year commencing on the first day of april, 1972, that income-tax would be charged at the rates specified in part i of the first schedule. chapter iii of the said act introduced in s. 2 of the it act with ..... arises, so far as the facts of the present case are concerned, for the first time for the asst. yr. 1970-71. the financial year preceding the same year 1970-71 was the period between 1st april, 1969, and 31st march, 1970. as has already been noticed, the accounts for a new source of income have been made up by the assessee as ..... on 31st july, 1969. that date falls within the financial year preceding the income-tax asst. yr. 1970-71. therefore, the previous year for this new source of income for the income-tax assessment is the income-tax asst. yr. 1970-71 and not the asst. yr. 1969-70. we agree with the contention put forth by sri anjaneyulu on .....

G.A. Renderian Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : (1983)32CTR(Cal)318,[1984]145ITR387(Cal)

..... of tax allowed to such a company. in order to appreciate the contentions, it would be necessary to refer to the relevant sections of the finance act of the year 1978. the finance act provides the definition as follows':''industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any ..... attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter via of the income-tax act) is not less than fifty-one per cent. of such total income.'4. the assessee, therefore, claimed that it was entitled to concessional rate ..... in the case of addl. cit v. a. mukherjee & co. (p.) ltd. : [1978]113itr718(cal) which also considered the expression 'manufacture' in the similar clause of the finance act, 1978, as given by the kerala high court in the case of cit v. casino (pvt.) ltd. : [1973]91itr289(ker) . we will have to refer to the said decisions .....

M/S Fidelity Business Services India Pvt Ltd Vs. Assistant Commissione ...

Court : Karnataka

..... shares as reduced by the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed. explanation (81a): omitted by the finance act, 2018 w.e.f.1-4-2018. prior to its omission, explanation read as under: date of judgment :23-07-2018 i.t.a.no.512/2017 m/s. ..... (1 of 1956). 37. further, he drew our attention to section 115-o and section 115-q of the act, particularly, the explanation below section 115-q of the act which stands amended by finance act 2018, with effect from m/s. fidelity business services india pvt. ltd., vs. assistant commissioner of income-tax, & anr. date of judgment :23-07-2018 i.t ..... .a.no.512/2017 35/86 01/04/2018. the said provisions to the relevant extent are also quoted below for ready reference:- chapter xii-d special .....

Dcw Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)77ITD462(Mum.)

..... than the reserves specified in section 80hhd) or provisions, if any such amount is credited to the profit and loss account: section 115j, being the only section under chapter xiib, was inserted by the finance act, 1987, with effect from 1-4-1988. by virtue of section 115j, in the case of a company whose total income as computed under the provisions of ..... previous year of the assessee ends on 30-9-1987. section 115j imposing minimum tax on companies at the rate of 30% of the book profits was incorporated by the finance act of 1987 with effect from 1-4-1988. the object of incorporating section 115j was elaborated upon by the cbdt in its circular no. 495 dated 22-9-1987 ( ..... the income-tax act is less than 30% of the book profits computed under the section, the total income chargeable to tax will be 30% of the book profits .....

Paul John, Delicious Cashew Co. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD131(Coch.)

..... , the assessee is in appeal before the tribunal.4. assailing the order of the commissioner, , the assessee's representative submitted that section 14a was introduced by finance act, 2001 with retrospective effect from 1-4-1962. section 14a deals with certain expenditure incurred in relation to income not includible in the total income. section introduced ..... . the view taken by the commissioner does not stand legal scrutiny. as rightly contended by the learned representative of the assessee, section 14a was introduced by finance act, 2001 with retrospective effect from 1-4-1962. it will have far reaching consequences. the settled cases of almost half a century will unsettle by this retrospective ..... the proviso was already in the state book. section 14a reads as under:- "14a. for the purpose 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 .....

Smt. Bommana Swarna Rekha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)94TTJVisakha885

..... in the block assessment under chapter xiv-b since it is a special code of conduct for determining the undisclosed income on the basis of the material found during the course of search. our attention was drawn towards the provision of section 158bb and by referring to the amendment being made by the finance act, 2002, it was ..... disallowing the cash paid expenses during the asst. yr. 1994-95. after carefully considering the rival submissions, in our opinion, no addition in the block assessment under chapter xiv-b can be made on this account. only undisclosed income can be assessed as may arise on the basis of the material or evidence collected and requisitioned ..... of deficit stock found in the business premises during the course of survey action taken under section 133a in the block assessment as it is outside the scope of chapter xiv-b which deals with the assessment of undisclosed income as a result of search. section 158ba reads as under : "158ba. (1) notwithstanding anything contained in .....

Shri Lunawat Jayant Maniklal Vs. Dy. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD268(Pune.)

..... own satisfaction; as is mandatorily prescribed in this section. within this narrow legal compass, we hereby proceed to examine the concerned chapter xiv b and the impugned section 158 bd of i.t. act. the finance act 1955 introduced a new scheme of assessment of "undisclosed income" determined as a result of search. under this scheme, the ..... the assessing officer having jurisdiction over such other person and that assessing officer shall proceed [under section 158bc] against such other person and the provisions of this chapter shall apply accordingly.9. on careful reading of this section, it envisages two situations where the a.o is satisfied that (i) any undisclosed income ..... a.o having jurisdiction over such other person, thereafter (iii) that this other a.o. shall proceed against such other person and the provisions of this chapter shall apply accordingly. the intention of the legislature, thus, makes it clear that under section 158bd, the papers obtained during the search are to be handed .....