Court : Allahabad
..... evidence collected during search; in substance, there was no material difference in assessment proceeding whether the search was valid or invalid. post finance act 1995 position changes by finance act, 1995 (iii) the finance act 1995 inserted chapter xivb titled 'special procedure for assessment of search case' with effect from 1.7.1995. (iv) this was done to make ..... period. there is also no exemption for interest and penalty. (ix) the position of assessment in post finance act 1995 is as follows: (a)in case a search is valid then assessment for the block period under chapter xiv b or assessment for six previous assessment years under section 153a to 153c can be done; (b ..... search or requisition. the words 'undisclosed income' was also explained in the chapter xiv-b. (v) a flat rate of tax at 60% was charged for the block period. changes by finance act 2003 (vi) the aforesaid procedure was again changed by the finance act 2003. now, the procedure for assessment in case of search is governed .....
Tag this Judgment!Court : Karnataka
..... -a, so that the aggregate deductions under section 80-1a and other provisions under heading c of chapter vi-a did not extend 100% of the profits of the business of the assessee. in fact, the explanatory notes under provisions of the finance act 2/1998 deals with the amendment to section 80-hhd and section 80-1 to prevent double deduction from ..... gross total income by the amount of deduction under s. 80hh of the act by finance (no.2) act, 1977 w.e.f. 1st april, 1978 was inserted. sec. 80-i was inserted in its present from by finance (no.2) act, 1980 w.e.f. 1st april, 1981 and by the same finance act, s.80hh (9) was amended and the words s. 80-i or ..... tax reported in (1998) 229 itr 123(mp) where they held as under:- sub-s.(9) of s. 80hh, as it stood prior to insertion of 80-1 by finance (no.2) act, 1980 w.e.f. 1st april, 1981, originally included only s.80j. sec.80j providing for deduction in respect of the profits and gains from newly established industrial undertakings .....
Tag this Judgment!Court : Allahabad
..... made inapplicable in case of search initiated under section 132 or section 132a after 31.5.2003 by introduction of an amendment to the chapter by finance act, 2003. section 158ba of the act contemplates the assessment of undisclosed income. section 158b(b) defines "undisclosed income" which says any money, bullion, jewellery or other valuable article or thing which has not been or would ..... result of search, which has assessed separately as the income of designated period consisting of 10 previous years now reduced to 6 previous years by the finance act, 2001 w.e.f. june 1st, 2001. this chapter provides for special procedure for assessment of the block period in respect of the undisclosed income, as a result of search conducted under section 132 or .....
Tag this Judgment!Court : Delhi
..... not have any ita5932018 page 4 of 12 merit. reliance was placed on the memorandum issued by the income tax department explaining the amendments in chapter via vide clause 29 and 36 of the finance act, 2009.13. at the outset, we must record and state that the revenue does not dispute the correctness of the revised computation made ..... (2006) 284 itr323(sc). it was also submitted that the first appellate authority and the tribunal have failed to take notice of the amendment to section 80a (5) vide finance act, 2009 w.e.f. 1st april, 2003. in support, reference was made to the judgment of this court in nath brothers exim international ltd. vs. union of india ..... first time in the revised return. on being denied this claim, constitutional vires of sub-section 5 to section 80a, as inserted by finance act, 2009 and 4th proviso of section 10b (1) of the act, were challenged. the challenge was rejected by the division bench of this court holding that the amendment made cannot be faulted and quashed .....
Tag this Judgment!Court : Delhi
..... is difference between assessment in law, be it regular, re-assessment or intimation under section 143 (1); and assessment by settlement under chapter xix-a of the act. clause 56 of the explanatory note pertaining to the provisions of the finance act, 2015 states that insertion of section 234b (2a) was not retrospective.7. on the question of retrospective legislation reference was made to ..... interest beyond the date of application for settlement. this is the position even after the finance act of 2007.39. moreover, as stated above, under the act, there is a difference between assessment in law [regular assessment or assessment under section 143(1)]. and assessment by settlement under chapter xix-a. the order under section 245-d(4) is not an order of regular .....
Tag this Judgment!Court : Delhi
..... is difference between assessment in law, be it regular, re-assessment or intimation under section 143 (1); and assessment by settlement under chapter xix-a of the act. clause 56 of the explanatory note pertaining to the provisions of the finance act, 2015 states that insertion of section 234b (2a) was not retrospective.7. on the question of retrospective legislation reference was made to ..... interest beyond the date of application for settlement. this is the position even after the finance act of 2007.39. moreover, as stated above, under the act, there is a difference between assessment in law [regular assessment or assessment under section 143(1)]. and assessment by settlement under chapter xix-a. the order under section 245-d(4) is not an order of regular .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)28ITD1a(Mad.)
..... circular dated 16th may, 1986, which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 2690 of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes ..... in 159 itr (statutes) page 105. this circular reads as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 3961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD523(Delhi)
..... assessees claim that concessional rate of tax at 20% is applicable under chapter xii-a of the income-tax act, 1961. the assessing officer has rejected the claim of the assessee in this regard and has imposed the tax at normal rates as applicable under the finance act of 1987. the cit(a), faridabad, has dismissed the appeals filed ..... favours the subject has to be adopted as held by their lordships of the supreme court in the case of cit v. kulu valley transport co. (p.)ltd. [1970] 77 itr518. since, however, in our view, the language of the statute is unambiguous and that the short term capital gains falls within the definition of "investment income ..... exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973) and any ' rules made thereunder. 'foreign exchange asset' means any specified asset which the assessee has acquired or purchased, with, or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)99TTJAgra212
..... previous paragraphs i.e., board circular no. 387, dt. 6th july, 1984, (supra). we are convinced with the learned assessee's counsel's arguments that the finance act, 1984, states the legislative intent and describes a situation where explanation of taxpayer of loans obtained from "various persons". it also speaks of confirmatory letters from "such ..... of section 269ss were brought in the statute book to counter the evasion of tax in certain cases, as clearly stated in the heading of chapter xx-b of the it act, 1961 which reads requirements as to mode of acceptance, payment or repayment in certain cases to counteract. 'evasion of tax'. legislative intention in bringing ..... the transactions are genuine. both the assessee and the director were on the records of the it department and both declared these transactions to the department. the chapter xx-b and section 269ss begins with the heading "requirement as to mode of acceptance, payment or repayment in certain cases to counteract evasion of tax". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)100TTJ(Rajkot.)337
..... price unaffected by the returns on investment received in the meantime. the revenue's argument related to the provisions of section 14a, which has been inserted by the finance act, 2001 with retrospective effect from 1st april, 1962. on a plain reading of the provisions of section 14a, it is clear that if any part of ..... construction. provisions of section 14a cannot be considered defunct or redundant for the reason only that these provisions should have been inserted in chapter iii and not chapter iv. after all both chapter iii and chapter iv are an integral part of the same enactment. further, there was no expenditure incurred by assessee in respect of the income ..... expenditure an assessee claims in the computation of his income chargeable to tax. such expenditure if found to have been incurred in relation to income exempt under chapter iii shall be disallowed by virtue of the provisions of section 14a. in the instant case, the assessee had claimed expenditure on purchase of the units of .....
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