Court : Delhi
Reported in : (2004)87TTJ(Del)127
..... . asstt. cit (2000) 113 taxman 74 (cal)(mag), wherein it has been held that 'chapter xiv-b consisting of sections 158b to 158bh, was inserted by the finance act, 1995 with effect from l-7-1995 and section 113 was also simultaneously introduced by the finance act, 1995 with effect from l-7-1995. since the tax is specified in sub-section (2 ..... section 158ba read with section 113, viz., at the rate of 60 per cent, there was no question of increasing the same by surcharge as per the finance act, 1996. in the finance act, 1995, in so far as section 113 is concerned, there is no provision for charging surcharge on income-tax as per part-i of the first schedule. ..... another reason is that para 'e' of part-i of the first schedule to the finance (no. 2) act, 1996 does not contain any reference of section 113 in the provisions regarding surcharge of income-tax. the provisions contained in chapter xiv-b are applicable in respect of searches initiated after 30-6-1995. for completion of block .....
Tag this Judgment!Court : Delhi
Reported in : (2004)88TTJ(Del)165
..... examined by the ahmedabad bench. relevant observation of the tribunal are as under :'section 115j has been introduced by way of an independent chapter xii-b in the income tax act by the finance act, 1987, and it came into force from the assessment year 198889. while introducing section 115j, the legislature deleted section 80vva which provided ..... as there is no ambiguity in the statutory language, resort to any interpretative process to unfold the legislature intent becomes impermissible. section 115j was introduced by the finance act with effect from, 1-4-1988, to charge income-tax on zero-tax companies, the companies which declares the nil income or in loss though earn sufficient ..... tax credit in respect of tax paid on deemed income while computing tax for the subsequent assessment years. it appears that under the new scheme introduced by the finance act, 1997, the concept of tax credit has been brought in on grounds of equity by the legislature. since section 115ja(3) in the new scheme is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2003)85ITD230(Delhi)
..... "nextly, the commission has elaborately discussed the object of introduction of chapter xiv-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through the finance act, 1987 to hold that in exercising its power under chapter xix-a, it has almost unbridled power to arrive at a ..... 1995) 83 taxman 255 (jp)(mag). it may be mentioned that the legislature amended the provisions of section 275 through section 50 of taxation law (amendment) act, 1970 (42 of 1970), newly prescribing a limitation period for imposition of penalty. the change in law has been elaborately explained in the departmental circular no. 56, dt. 9th march, ..... reduce most of the remedial and beneficial legislation to futility. hon'ble supreme court in the case of vo tractor export v. tarapore & co. air 1970 sc 1168 observed as under : "a statute not be construed as a theorem of euclid but the statute must be construed with some imagination of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)81ITD379(Delhi)
..... work done by him; or (b) activity involving application of his skill, talent or specialised knowledge and experience, has to be included. section 10(32), inserted by the same finance act, however, provided that income to the extent it does not exceed rs. 1,500 in respect of each minor child, will not be includible. section 64(1 a) thus uses ..... 1 a) is the gross total income which is defined in section 80b(5) as the total income computed in accordance with the provisions of the act, before making any deduction under chapter via of the act, which includes, inter alia, section sol. it was contended that deduction under section 80l is to be allowed only once in the case of ..... of section 64(1 a) it was clear that what was to be clubbed was "income" and not the "gross total income" of the minors before allowing deductions under chapter via. it was also submitted that section 64(1 a) mandates clubbing of income and not the assessee (persons) and in this connection support was drawn from the view .....
Tag this Judgment!Court : Delhi
Reported in : (2002)173CTR(Del)123
..... tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000, and the assessed has paid the amount of shortfall on or before 15-3-2001, in respect of the installment of advance ..... financial year in which the advance tax is paid or payable as reduced by the amount of tax deductible or collectible at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.(2) the provisions of this section ..... under sub-section (1) of section 143 or on regular assessment reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.explanation 2.where in relation to .....
Tag this Judgment!Court : Delhi
Reported in : 2002IIIAD(Delhi)569; 96(2002)DLT269; [2002]254ITR755(Delhi)
..... said so in explicit terms. 32. we can take judicial notice of the fact that the legislature has enacted section 271f w.e.f. 01.04.1999 by finance (no.2) act of 1998, providing for a penalty, in case of a person, who is required to furnish a return of his income as required under sub-section (1) ..... interpretation clause also beings with the word 'unless the text otherwise requires'. advance-tax has been defined to mean the advance-tax payable in accordance with the provisions of chapter 27c. such a definition is not an exhaustive one. if the word 'advance-tax' is given a literal meaning, the same apart from being used only for the ..... the 'constitution') before this courtseeking for a writ of categorized mandamus in respect of the said order passed undersection 264 of the act upholding levy of interest under section 232a of the act.3. the heading of chapter xvii-f is 'interest chargeable in certain cases.'it comprises of sections 234a, 234b and 234c. the said provisions were inserted bydirect .....
Tag this Judgment!Court : Delhi
Reported in : (2002)172CTR(Del)465
..... have said so in explicit terms.19. we can take judicial notice of the fact that the legislature has enacted section 271f with effect from 1-4-1999 by finance (no. 2) act of 1998, providing for a penalty, in case of a person, who is required to furnish a return of his income as required under sub-section (1) of section ..... . the interpretation clause also begins with the word 'unless the text otherwise requires'. advance tax has been defined to mean the advance tax payable in accordance with the provisions of chapter xxvii-c. such a definition is not an exhaustive one. if the word advance tax is given a literal meaning, the same apart from being used only for the purpose ..... of chapter xxi-c may be held to be tax paid in advance before its due date, i.e., tax paid before its due date. the matter might have been otherwise, had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)80ITD251(Delhi)
..... book.according to him, it is nothing but the price of the property transferred which was paid in instalments along with interest. this arrangement was stated to be a financing arrangement and, therefore, it was pleaded that it could not be considered as lease.20. proceeding further he also pointed out that the sealing unit at bhiwadi had ..... ) wherein it has been held that divesting of exclusive possession and enjoyment would tantamount to "otherwise transferred". the decision of supreme court in the case of cit v. shan finance (p) ltd (1998) 231 itr 308 (sc) was distinguished by him on that ground that issue of 'transfer' was not before the supreme court and the court was ..... act at all." in view of the above legal position, the contentions of assessee's counsel that the definition of 'transfer' as given in clause (f) of section 269ua should also be considered, does not hold good. the meaning of the transfer in clause (f) of section 269ua has to be restricted only for the purpose of chapter .....
Tag this Judgment!Court : Delhi
Reported in : 95(2002)DLT217; 2002(80)ECC72; 2002(139)ELT36(Del)
..... order of the nature referred to in the first proviso to sub-section (1), which is pending immediately before the commencement of section 40 of the finance act, 1984 before the appellate tribunal and any matter arising out of or connected with such appeal and which is so pending shall stand transferred on such ..... destination if goods unloaded at such destination are short of the quantity required to be unloaded at that destination; (c) payment of drawback as provided in chapter x, and the rules made there under; provided further that the appellate tribunal may, in its discretion, refuse to admit an appeal in respect of an ..... & gold (control) appellate tribunal (in short the 'tribunal') refusing to condone the delay in filing of the appeal under section 129a of the customs act, 1962 (in short the 'act) and consequentially directing dismissal thereof.2. factual background highlighted by the petitioner is essentially as follows:petitioner, a trading unit, imported a consignment of 44000 .....
Tag this Judgment!Court : Delhi
Reported in : [2003]127TAXMAN668(Delhi)
..... 1-4-1988. before that expression 'sub-section (3) of section 74' was inserted by finance act 1974 with effect from 1 -4-1975. by the amendment and miscellaneous provisions act of 1986 referred to above, the amendments made by finance act, 1970 as referred to above was omitted and in its place the expression 'by the thirty first day ..... 1) of section 139 or within such further time as may be allowed by the income tax officer'.'80.subinission of return for lossesnotwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed within the time allowed under sub-section (1) of section 139 or within such ..... of section 74a.'with effect from 1-4-1989 by the amendment, in terms of direct tax laws (amendment) act, 1987, the provision read as follows :'80. submission of return for lossesnotwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub- .....
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