Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Sorted by: recent Court: delhi Page 17 of about 1,576 results (1.086 seconds)

Commissioner of Income Tax Vs. Greevees Enterprises (P) Ltd.

Court : Delhi

Reported in : (2003)182CTR(Del)80; [2003]264ITR347(Delhi)

..... 1st april, 1988. before that expression 'sub-section (3) of section 74a' was inserted by finance act 1974 w.e.f. 1st april, 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 of ..... (1) of section 139 or within such further time as may be allowed by the ito'.'80. submission of return for losses--notwithstanding 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 ..... section 74a.'.with effect from 1st april, 1989, by the amendment, in terms of direct tax laws (amendment) act, 1987, the provision read as follows :'80. submission of return for josses--notwithstanding any thing contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of .....

Paramount Enterprises Ltd. Vs. Dy. Cit

Court : Delhi

Reported in : (2002)76TTJ(Del)127

..... for the reasons recorded by the assessing officer in his order and supported the conclusion of the assessing officer in levying surcharge which in his opinion was provided under the finance act.35. we have heard the parties at length, gone through the paper books filed by the assessed and the department. we have also gone through the synopsis, ..... amount of rs. 1,66,59,280 held as undisclosed income representing loss suffered on the sale of shares cannot be the subject-matter of assessment under chapter xiv-b of the act as it is not an undisclosed income within the meaning of section 158b(b) as is apparent from the order of the assessment made in the ..... , rental from properties, interest on loans as also by way of service charges). it was further submitted that the present assessment is beyond the pale of chapter xiv-b of the act. it was contended by the learned counsel that there is no justification to hold that there was any undisclosed income of the assessed as no incriminating document .....

Paramount Enterprises Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... correct for the reasons recorded by the ao in his order and supported the conclusion of the ao in levying surcharge which in his opinion was provided under the finance act.35. we have heard the parties at length, gone through the paper books filed by the assessee and the department. we have also gone through the synopsis, ..... be rejected. in short, our considered opinion is that the aforesaid loss cannot be regarded to be undisclosed income and is thus outside the pale of chapter xiv-b of the it act.39. so far as documents referred to by the learned departmental representative are concerned, we have gone through very carefully each and every documents and in ..... . we agree with him that as per the provisions of section 113, separate surcharge cannot be levied in respect of search and seizure assessment made under chapter xiv-b of the it act. however, in view of the facts that we have held the entire assessment to be liable to cancellation, this particular ground becomes academic in nature." 50 .....

Bhatia Apartments (Pvt.) Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : [2001]252ITR244(Delhi)

..... tax, etc., the competent authority may initiate acquisition of such property and the manner in which the property can be acquired is enumerated in different provisions of chapter xx-a.4. significantly, chapter xx-c was inserted by the finance act, 1986, with effect from october 1, 1986, vide notification no. s.o. 480(e), dated august 7, 1986 (see : [1986]162itr1(mp) . this ..... chapter deals with 'purchase by central government of immovable properties in certain cases of transfer'. section 269u which is the first section of this chapter clearly lays down that the provisions of this chapter shall come into .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : 2001IAD(Delhi)613; 89(2001)DLT717; [2001]249ITR54(Delhi)

..... legislation was enacted and the provision for acquisition of property was made therein for a public purpose. we may here mention that, subsequently. chapter xx-c was inserted by the finance act, 1986, with effect from october 1, 1986, providing for purchase by the central government of immovable properties in certain cases of transfer and ..... in certain cases of transfer to counteract evasion of tax. in the said chapter, as originally enacted by the income-tax (amendment) act, 1981, section 269ab was inserted with effect from july 1, 1982, and section 269rr was inserted by the finance act, 198g, with effect from october 1, 1986.' 12. it was contended ..... 427) :'the government of india appointed the direct taxes inquiry committee under the chairmanship of justice k. n. wanchoo, former chief justice of india, in 1970 to recommend concrete and effective measures, inter alia, to unearth black money and prevent its proliferation through further evasion ; to check avoidance of tax through various .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : (2001)165CTR(Del)98

..... properties in certain cases of transfer to counteract evasion of tax. in the said chapter, as originally enacted, by income tax (amendment) act, 1981, section 269ab was inserted with effect from 1-7-1982, and section 269rr was inserted by finance act, 1986 with effect from 1-10-1986.'it was also contended by mr. chadha ..... therein for a public purpose. we may here mention that subsequently chapter xx-c was inserted by the finance act, 1986 with effect from 1-10-1986, providing for purchase by central government of immovable properties in certain cases of transfer and, thereforee, chapter xx-a relating to acquisition of immovable properties in certain cases ..... under :'the government of india appointed the direct taxes inquiry committee under the chairmanship of justice k.n. wanchoo, former chief justice of india in 1970 to recommend concrete and effective measures inter alia to unearth black money and prevent its proliferation through further evasion; to check avoidance of tax through various .....

G.N. Pant Vs. Commissioner of Income-tax

Court : Delhi

Reported in : 2001IAD(Delhi)48; 89(2001)DLT433; [2001]248ITR718(Delhi)

..... amount by which the winning's exceed five thousand rupees.'5. section 74a was introduced with effect from april 1, 1972. sub-section (2) thereof, which was omitted by the finance act, 1986, reads as follows : '(2) the sources referred to in sub-section (1) are-(a) lotteries ;(b) crossword puzzles ;(c) races including horse races ;(d) card ..... income, if any, from any source other than the activity of owning and maintaining race horses in that year and shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and--(a) it shall be set off against the income, if any, from the activity of owning and maintaining race ..... , reference to a few provisions as existed at the relevant point of time would be necessary. section 2(24)(ix), section 10(3), section 74a and section 80tt of the act read as follows :'2. (24) 'income' includes- . .(ix) any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any .....

G.N. Pant Vs. Commissioner of Income Tax

Court : Delhi

Reported in : (2001)164CTR(Del)326

..... the amount by which the winnings exceed five thousand rupees'.5. section 74a was introduced with effect from 1-4-1972. sub-section (2) thereof, which was omitted by finance act, 1986, reads as follows:'(2) the sources referred to in sub-section (1) are :(a) lotteries;(b) crossword puzzles;(c) races including horse races;(d) card ..... income, if any, from any source other than the activity of owning and maintaining race horses in that year and shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and :(a) it shall be set off against the income, if any, from the activity of owning and maintaining ..... the appellate assistant commissioner and submitted that winning in a jackpot was in the nature of winning from a lottery and, thereforee, deduction under section 80tt of the act is to be granted. appellate assistant commissioner upheld the conclusion of the income tax officer. the matter was carried in appeal before the tribunal by the assessee. .....

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 .....

Jyotsna Holdings Pvt. Ltd. Vs. Designated Authority Under the Kar Viva ...

Court : Delhi

Reported in : 2000IVAD(Delhi)461; 2000(53)DRJ696; [2000]243ITR246(Delhi)

..... taking up the afore noted questions for consideration, it would be necessary to briefly refer to the relevant provisions of the finance act. as noted above, the scheme is contained in chapter (iv) of the finance (no. 2) act, 1998, comprised in sections 86 to 98 (both inclusive) as also a schedule thereto. section 88 provides that subject ..... the petitioner only on the basis of their declaration, the amount now determined to be payable under the scheme could be recovered? 31. section 90 of the finance act vests jurisdiction in the designated authority to 'determine' the amount payable by the declarant under the scheme. according to the black's law dictionary the term ' ..... petitioner took the matter in further appeal to the tribunal. while the appeal was pending, the government of india introduced the kvss, contained in chapter iv of the finance (no. 2) act, 1998, with a view to provide a quick and voluntary settlement of tax arrears outstanding as on 31st march, 1998. initially the scheme was .....