Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Sorted by: recent Court: delhi Page 11 of about 1,576 results (0.099 seconds)

Dcit Vs. Nits Softech Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... circumstances it is quite clear that the revenue should not exercise its powers in a mechanical power but should be circumspect while taking action under the provisions of chapter xiv-b of the act. that has not happened in so far as the present case is concerned and, therefore, we have no hesitation in giving a finding in favour of the assessee ..... compare the notice issued under section 158bd in the present case with the notice issued in the case of manish maheshwari (supra) and in the case of new delhi auto finance (p) ltd. (supra), we find that the notice in the case of the present assessee issued under section 158bd is identical to the notice issued in the case of new ..... delhi auto finance (p) ltd. (supra). in fact in this notice also even the date of search conducted in the case of manoj agrawal has not been mentioned nor any other detail .....

Vatika Farms Private Limited Through Its Director, Sh. Anil Bhalla and ...

Court : Delhi

Reported in : (2008)216CTR(Del)37; 2008(102)DRJ356; [2008]98ITR302(Delhi)

..... petitions is such that severe harm and prejudice will be caused to the petitioners if the provisions discussed by us and incorporated in the act by the finance act, 2007 are permitted to operate. this is particularly so since the provisions (despite the presumption) appear to be discriminatory and arbitrary. ..... superior, the commissioner, may have opposed the admission of the settlement application before the settlement commission [section 245d(1) before its amendment by the finance act, 2007]. under such circumstances, the petitioners cannot be expected to get a fair and just hearing or treatment from the assessing officer, who is ..... finance bill, 2008 has made a provision for it, with power being vested for granting immunity in the commissioner of income tax, through the insertion of section 273-aa and section 278-ab in the act.there is a fundamental distinction between a settlement under chapter xix-a of the act and a regular assessment through adjudication under the provisions of the act .....

Aquarius Travels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)111ITD53(Delhi)

..... (supra) and in the case of rajasthan state warehousing corporation (supra). the attention of learned authorised representative was drawn to section 14a which was inserted by the finance act, 2001 with retrospective effect from 1st april, 1962 as per which any expenditure incurred by the assessee in relation to the income which did not form part of ..... pertinent for deciding this issue. 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 relation to income which does not form part of the total income under this ..... these provisions, because the controversy involved in various questions, referred to the special bench, centers around the scope of these provisions.15. section 14a inserted in chapter iv under the caption "computation of total income" is as under: 14a(1) for the purpose of computing the total income under this .....

Millennium Infocom Technologies Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)456

..... the matter was restored to the file of ao to recompute the disallowance keeping in view the provisions of section 14a(2) and 14a(3) of the act which were inserted by finance act, 2006. he further submitted that cbdt has not prescribed any guidelines in this regard. on the other hand, learned departmental representative relied on the orders ..... proviso to sub-clause further says that where in respect of such sum tax has been paid or deducted under chapter xvii-b in any subsequent year, such sum shall be allowed as deduction in computing the income of the previous year in which such tax has been paid ..... public subscription before the 1st day of april, 1938), royalty, fees for technical services or other sum chargeable under this act, which is payable outside india on which tax has not been paid or deducted under chapter xvii-b shall not be deducted in computing the income chargeable under the head "profits and gains of business or profession". .....

Vatika Farms Private Limited Through Its Director, Sh. Anil Bhalla and ...

Court : Delhi

Reported in : (2008)216CTR(Del)25; 2008(102)DRJ88

..... learned additional solicitor general appearing on behalf of the respondents to place before us the statement of objects and reasons for enacting the amendments to the act by the finance act, 2007. the learned additional solicitor general informed us that there is no statement of objects and reasons for making the amendments. the learned additional solicitor ..... to dispose of the writ petitions finally but only dispose of the applications as mentioned above.procedure prior to 1st june, 20079. broadly, chapter xixa of the act deals with settlement of cases and this chapter, as it stood prior to 1st june, 2007, entitled the petitioners to move a settlement application under section 245c of the ..... act containing a full and true disclosure of their income, which had not been earlier disclosed before the assessing officer and to have .....

Rbf Rig Corpn. Lic (Rbfrc) as Agent Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)297ITR228(Delhi)

..... the appropriate stage hereinafter.12. in the background of above decisions, shri tulsiyan drew our attention to provision of clause (10cc) of section 10 introduced in the statute by finance act, 2002 w.e.f. 1.4.2003: 10. in computing the total income of a previous year of any person, any income falling within any of the following clauses ..... effect from ist april, 2003 and will, accordingly, apply in relation to the assessment year 2003-04 and subsequent years. 64.6 necessary changes in various provisions of chapter-xvii relating to collection and recovery of taxes have been made to give effect to the new scheme. amendment in section 192 has also been made, so as to ..... sub-section (1 a) of section 192, where under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased .....

Van Oord Acz India (P) Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)112ITD79(Delhi)

..... as mobilization and demobilization costs debited by the assessee in the p&l account under section 40(a)(i) of the act.19.1 the relevant provisions of sub-clause (i) of clause (a) of section 40 after substituted by finance act 1988 tax w.e.f. 1st april 1989 relevant to assessment year 2003-04, under consideration, is stated as under: ..... under chapter xvii-b in any subsequent year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid or deducted.20. on reading this provision, it is clear that as per sub-clause (i) of clause (a) of section 40 which has been substituted by finance act 1988 ..... w.e.f 1st april 1989 to extend the applicability of the clause also to the payments made to non-resident of royalty, fee for technical services or any other payment chargeable under this act. now, the inclusion of the words 'any another payments' in the amended .....

New India Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)917

..... vii) provides that any bad debt or part thereof written off as irrecoverable shall not include any provision for bad and doubtful debts. the said explanation was inserted by finance act, 2001, with retrospective effect from 1st april, 1989, and hence applicable to asst. yr. 1989-90 onwards. neither this section nor the explanation provides the manner ..... the rbi may give directions to nbfc generally or to a class of nbfc or even to an nbfc individually. as per section 45q of rbi act, the provisions of chapter iii-b shall have effect notwithstanding anything inconsistent therewith in any other law for the time being in force or any instrument having effect by virtue ..... financial corporation or a state industrial investment corporation, an amount not exceeding five per cent of the total income (computed before making any deduction under this clause and chapter vi-a). 36(2) in making any deduction for a bad debt or part thereof, the following provisions shall apply. (i) no such deduction shall be .....

Western Geo International Ltd. Vs. Assist. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the claim of the assessee is that multi-stage grossing up cannot be resorted to in view of the insertion of section 10(10cc) in the income tax act by the finance act, 2002 with effect from assessment year 2003-04, which provides that tax on income being a perquisite, not provided for by way of monetary payment, which has ..... the said section reads as under: 195a. where under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter, is to be borne by the person by whom the income is payable, then for the purposes of deduction of tax under those provisions such income shall be increased ..... in accordance with section 44bb. there is no need to refer to section 28(iv). section 195a comes under chapter xvii of the income tax act which deals with collection and recovery of taxes whereas section 44bb comes under chapter iv which deals with computation of business income. therefore, section 195a cannot be evoked to apply the concept of .....

Honeywell International (India) Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108TTJ(Delhi)924

..... reliefs admissible under sections 80c to 80u (i.e., chapter vi-a deductions), which cannot exceed the gross total income. the resultant figure is the 'total income', with reference to which the tax is payable under the provisions of the act.section 10a of the act, as substituted by the finance act, 2000, w.e.f.1st april, 2001, provides ..... been amended to do away with restriction on carry forward of business loss and unabsorbed depreciation arising in asst. yr. 2001-02 and subsequent year.the explanatory notes on finance act, 2003 vide cbdt circular no. 7 of 2003 dt. 5th sept., 2003 [(2003) 184 ctr (st) 33] provide, in this regard, as under: 20. ..... finance act, 2000 w.e.f. 1st april, 2001 the provision of section 10a has been substantially amended. as per section 10a(1) deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software shall be allowed from the total income of the assessee. thus though section 10a is part of chapter .....