Court : Delhi
Reported in : ILR1971Delhi51B; [1972]84ITR451(Delhi)
..... or the tax payable upon a self assessment as contended by the petitioner. this section appears in chapter xxii-b of the act relating to tax credit certificates. this chapter comprises of sections 280y to 280ze and was inserted by the finance act, 1965 with effect from april 1, 1965. the petitioner is a public limited company and carries on ..... assessment year 1967-68, to get tax credit certificates for rs. 6,28,795.00 even before the regular assessment for the assessment year 1965-66 on march 30, 1970. the petitioner, thereforee, wrote a letter dated august 19, 1967 to the concerned income-tax officer stating :- 'accordingto our calculations, the tax payable for the year ..... the assessment year 1967-68. the petitioner continued to correspond with the respondents and to make representations but nothing came out of it except that on july 13. 1970, the concerned income-tax officer issued a tax credit certificate for rs. 6,23,264.00 in respect of the assessment year 1967-68. the concerned income .....
Tag this Judgment!Court : Kolkata
Reported in : [2003]130TAXMAN524(Cal)
..... is strengthened by instruction no. 1a88 issued by the central board of direct taxes of the government of india, ministry of finance, department of revenue. . ..' this document emphasized that the main object of chapter xx-c was to check proliferation of black money in real estate transactions and to enforce declaration of the true value of ..... 15 per cent in respect of market value and the apparent value. it had observed in the said decision at page 538 that in the interim report (1970) the wanchoo committee pointed out that understatement of prices in sale deeds of immovable properties was a widespread method of tax evasion and recommended a drastic remedy ..... the court cannot sit on appeal with regard to the valuation given in the valuation report while deciding such a question. the learned single judge had, however, virtually acted as the court of appeal. therefore, the order should be set aside.3. mr. bajoria, learned senior counsel for the assessee-respondent, on the other hand, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1982)2ITD654(All.)
..... the cancellation of the penalty imposed by the ito under section 221, read with section 201. our attention was also invited to the scheme of the act, particularly chapter xvii where sub-section (1) of section 190 lays down that notwithstanding that the regular assessment in respect of any income is to be made in ..... or before us to show that the co-operative cane development unions or co-operative cane development councils were wholly financed by the government and, therefore, even the notification no. 3489 dated 29-10-1970 cannot be said to cover the payments by way of income from interest to these bodies. the other persons mentioned ..... no. so 3489 dated 22-10-1970 whereby there was exemption from deduction of tax at source on payments made to any undertaking or body including a society registered under the societies registration act, 1860, financed wholly by the government. in these circumstances, according to dr. vaish, considering the purpose of chapter xvii under which section 194a appears .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1985KAR955; [1985]152ITR618(KAR); [1985]152ITR618(Karn)
..... to be justified mainly on the ground of deep rooted sentiment and social security which this institution provides to its members. 3.26. we notice that the taxation law (amendment) act, 1970, and the finance (no.2) act, 1971, have plunged the leakage of tax through the device of throwing self-acquired property into the common hotchpot by and the income-tax ..... ') of direct taxes enquiry committee - final report (published by the government of indian n december, 1971). the wanchoo committee examined tax avoidance prevalent in the country in great detail in chapter iii - 'tax avoidance' - and made various recommendations action thereto. on huf, with which alone we are concerned in this case, the committee at paras 3.22 to 3.31 on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. 2) act 1967, finance act, 1970, finance (no. 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted with effect from 1-4-1985. (b) in a ..... not is another point, with which we are not concerned. however, similar difficullics as detailed above would be encountered if 'total income' is construed as income before allowing deductions under chapter vi-a, but after making deduction under section 36(1)(viii). section 2 dealing with the definitions is prefaced by the words 'unless the context otherwise requires'. section 36(1 .....
Tag this Judgment!Court : Orissa
Reported in : 74(1992)CLT202; [1992]197ITR344(Orissa)
..... is not very material for us. sub-section (2) of section 274 of the act was amended by the taxation laws (amendment) act, 1970, with effect from april 1, 1971. there was a further change in section 271(1)(c) in clause (iii) by the finance act, 1968, with effect from april 1, 1968. prior to the amendment, the ..... of rupees one thousand, the income-tax officer shall refer the case to the inspecting assistant commissioner who shall, for the purpose, have all the powers conferred under this chapter for the imposition of penalty.' 8. (in sub-section (2), as originally enacted, the words and brackets ' the amount of income (as determined by the ..... was omitted by the said amendment act with effect from april 1, 1976, and the inspecting assistant commissioner had no jurisdiction to deal with the matter imposing penalty. section 274, as originally enacted with sub-section (2), read as follows :'274. procedure.-- (1) no order imposing a penalty under this chapter shall be made unless the assessee .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1980)15CTR(MP)142; [1980]124ITR680(MP)
..... ito, however, is subject to the provision made in section 274 which before its amendment by the taxation laws (amendment) act, 1970 (act 42 of 1970), read as follows :'274. procedure.--(1) no order imposing a penalty under this chapter shall be made unless the assessee has been heard, or has been given a reasonable opportunity of being heard. (2 ..... would govern the quantum of penalty imposable on the assessee for concealment of particulars of income. clause (iii) of section 271(1), as amended by the finance act, 1968 (act 19 of 1968), with effect from 1st april, 1968, was applicable to the case of the assessee for the return was filed and penalty was incurred after ..... the imposition of penalty. (3) an appellate assistant commissioner on making an order under this chapter imposing a penalty, shall forthwith send a copy of the same to the income-tax officer.' 5. by section 49 of the taxation laws (amendment) act, 1970, which came into force on 1st april, 1971, for the words ' the minimum penalty .....
Tag this Judgment!Court : Kerala
Reported in : [1972]83ITR362(Ker)
..... 44/71 have been preferred.4. criminal appeals nos. 210 and 211 of 1970 are appeals preferred by the same income-tax officer against the finding of the lower court that since section 276b was introduced in the act only from april 1, 1969, by amendment of the indian finance act, 1969, since the failure to deduct the tax from the dividend took ..... section. section 276(d) is to the effect that 'if a person fails without reasonable cause or excuse .... (d) to deduct and pay tax as required by the provisions of chapter xvii-b or under sub-section (2) of section 226 .. .. '13. so, to fasten guilt upon the accused the complainant must show that they failed to deduct and pay ..... the tax as required by the provisions of chapter xvii-b and we have already seen from section 194 which falls under chapter xvii-b that the principal officer when he declares and pays dividends under sub-clause (a), (b), (c), (d) or (e) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)278ITR41(Chennai)
..... to incorporate a new thing by including section 158bc in section 140a. therefore, according to the learned counsel, at any stretch of imagination, the amendment carried out by finance act, 1999, cannot be treated as retrospective in operation. therefore, according to the learned counsel for the assessee, the provisions of section 140a(1) is not applicable in ..... by way of amendment is a new class of assessees. in other words, the legislature brought a section of assessiges whose income are subject to be assessed under chapter xiv-b, in section 140a compelling them to pay self-assessment tax. therefore, in our considered opinion, it cannot be said that the amendment was to clarify ..... intended to apply the provisions of section 140a before 1-6-1999. this was also made clear in the memorandum explaining the finance bill, 1999, by saying that there is no corresponding provision in chapter xiv-b for payment of self assessment tax at the time of the filing the return. since there is no express .....
Tag this Judgment!Court : Kolkata
Reported in : [1993]203ITR422(Cal)
..... deduction under this clause, i.e., clause (viii) of section 36(1) and chapter vi-a. 8. the question is whether, before the amendment made by the finance act, 1985, with effect from april 1, 1985, the computation of the total income for the purpose of relief under section 36(1)(viii ..... income for the above purpose was required to be computed before making any deduction under the newly added (from that year) chapter vi-a (at present comprising sections 80a to 80w). 7. by the amendment of the finance act, 1985, with effect from april 1, 1985, it has been provided that the total income shall be computed before making any ..... not only the computation should be made before making any deduction under chapter vi-a but before making also any deduction under the aforesaid provision, i.e., section 36(1)(viii). 18. section 10 of the finance act of 1985 has amended section 36(1)(viii) of the act with effect from april 1, 1985. the object of the said .....
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