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C.S. Atwal Vs. Commissioner of Income-tax, Ludhiana

Court : Punjab and Haryana

..... delving into the controversy involved in the present case, it would be advantageous to refer to the relevant portion of section 2(47) of the act defining 'transfer', which reads thus:- section 2(47) of income tax act, 1961 - definition of transfer in this act, unless the context otherwise requires- "transfer", in relation to a capital asset, includes, (i) ** ** ** (ii) the extinguishment of ..... including to execute lease agreement, licence agreements,construction contracts, supplier contracts, agreement for sale, conveyance, mortgage deeds, finance documents and all documents and agreements necessary to create and register the mortgage, conveyance, lease deeds, licence agreement, ..... shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in india or outside india) or otherwise, notwithstanding that such ..... been registered: provided that an unregistered document affecting immovable property and required by this act or the transfer of property act, 1882, to be registered may be received as evidence of a contract in a suit for specific performance under chapter ii of the specific relief act, 1877, or as evidence of part performance of a contract for the purposes ..... development as stipulated under the agreement; (iii) order dated 20.1.2011 passed by this .....

Pr. Commissioner Of Income Tax Central 3 Vs. Abhisar Buildwell P. Ltd.

Court : Supreme Court of India

..... vii) as regards the contention on behalf of the revenue that earlier scheme of block assessment under section 158ba envisaged assessment of undisclosed income whereas first proviso to section 153a(1) envisages assessment of total income which manifests the intention of the legislation to bring to tax total income , under section 153a of the act de hors any incriminating material, it is submitted that the said submission is without appreciating the object behind introducing the 153a regime as well as without appreciating the fact ..... the explanation to section 158b(a) also mandated that the assessment made under this chapter shall be in addition to the regular assessment in respect of each previous year included in the block period. e. ..... it is submitted that thereafter the finance act, 1995 introduced a special procedure for assessment of search cases. ..... commissioner of income tax (2016) 380 itr573(central)-iii vs. ..... ) 106 (itat/mum) dated 06.07.2012 and the decision of the delhi high court in the case of commissioner of income tax, central-iii v. ..... it is submitted that it is the settled position of law that what cannot be done directly, cannot be done indirectly. ..... (iii) in other words, both the income forming part of the regular assessment/reassessment falling under section 143/147 respectively, and the assessment on undisclosed income for block period would constitute together the total income. .....

Transmission Corpn. of Ap. Ltd. Vs. Acit [Alongwith Sp Nos. 25 to

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... the central government here by specifies public sector company as defined in clause (36a) of section 2 of the income tax act being such class of persons, as applicant for the purposes of chapter xix-b of the income tax act. 2. ..... chairman, central board of direct taxes and to request to lake necessary action in terms of the ..... direct taxes ..... 'authority for advance ruling' (2) the authority shall consist of the following members appointed by the central government, namely:- (b) an officer of the indian revenue service who is qualified to he a member of the central board of direct taxes; (c) an officer of the indian legal service who is or is qualified to be, an additional secretary to the govt. ..... 121 at page 127 & 129 (paras 14 & 15) wherein the bench held as follows: "14 in order to give effect to aforesaid directions of hon'ble supreme court, the cabinet secretariat has been issuing memoranda explaining procedure to be followed for settlement of disputes between different departments of ..... of total income specified in the application: provided that where an advance ruling has been pronounced, before the date on which the finance bill, 2003 receives the assent of the president, by the authority in respect of an application by a resident applicant referred to in sub-clause (ii) of this clause as it stood immediately before such date, such ruling shall he binding on the persons specified in section 245s; (i) is a non-resident referred to in sub-clause (i) of clause (a); or (iii) is a .....

Dewan Chand Amrit Lal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD200(Chd.)

..... provisions of this section as they stood immediately before their amendment by the direct tax laws (amendment) act, 1987 (4 of 1988), shall apply to and in relation to any ..... 32.1 with a view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the it act debarring persons from taking or accepting after 30th june, 1984, from any other person any loan or deposit otherwise than ..... in clause (b), in addition to tax, if any, payable by him, a sum of ten thousand rupees for each such failure; (iii) in the cases referred to in clause (c) or clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefits or the furnishing ..... reheard under the proviso to section 129; (ii) any period during which the immunity granted under section 245h remained in force; and (iii) any period during which a proceeding under this chapter for the levy of penalty is stayed by an order or injunction of any court, shall be excluded.16. ..... the satisfaction that the appellant had concealed his income and made the assessment order on 27th march, 1972, the amended provisions of section 274(2) were in operation and they entitled the ito to impose penalty in cases where the amount of income in respect of which particulars had been .....

Abdulgafar A. Nadiadwala Vs. Assistant Commissioner of Income Tax and ...

Court : Mumbai

Reported in : (2004)188CTR(Bom)232; [2004]267ITR488(Bom)

..... 1990, which was issued by the cbdt to explain the substance of the provisions relating to direct taxes in the finance act, 1990 and one of such provisions explained therein is section 80hhc of the act thus, to explain the scheme and various shades of section 80hhc r/w section 28, as amended by the finance act, came to be illustrated by the following examples(rs. in lakhs)case i exclusively export businesscase ii 2/3rd export 1/3domestic salescase iii 1/2 export 1/2 domestic salescase iv 1/3 export 2/3 domestic sales(i) turnover (a) fobexports100100100100 (b) domestic ..... of above sub-section (5) is one of the indications to say that the assessee who is entitled to claim deduction under section 80hhf may also be found entitled to claim deduction in respect of the very same income under some other provision falling in chapter vi-a of which section 80hhc is part he, therefore, submits that merely because section 80hhf came to be inserted w e f 1st april, 2000, that by itself does not mean that section 80hhc cannot be ..... section 80hhc, it is not in dispute that the deduction of income of the nature involved in the present appeal would also qualify under section 80hhf being a specific and special provision however, reading of sub-section (5) of section 80hhf would make it clear that the legislature has clearly envisaged possibility of same receipt qualifying for deduction under any other section of chapter vi-a including that of section 80hhf and has specifically provided .....

Commissioner of Income-tax Vs. Voltas Ltd.

Court : Mumbai

Reported in : [1994]205ITR569(Bom)

..... , could not be invoked for the purpose of reducing the capital base proportionately having regard to the deductions the assessee-company had obtained in terms of chapter vi-a of the income-tax act in the computation of its total income (2) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the excess provision for taxation is includible in the capital base of the assessee-company for the purpose ..... conclusion, he once again urged that since in the case of banque nationale de paris : [1992]194itr167(bom) , this high court was not directly concerned with the issue involved in the present reference, certain observations made by the court in connection with the explanation inserted in rule 1 of the first schedule to the surtax act, with effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us. 10. ..... , under section 57(iii) of the 1961 act, should be excluded from the total income in determining the chargeable profits as per the first schedule to the surtax act and not the amount of dividend arrived at after considering the deduction granted under section 80k/80m of the 1961 act, as was done by the surtax officer. ..... from an indian company' refer to the gross dividend received by the assessee as reduced by expenses permissible under section 57(iii) of the 1961 act or whether they refer to the net dividend after deduction allowed under section 80k/80m of the 1961 act also. .....

Commissioner of Income-tax Vs. Voltas Ltd. (i.T.R. No. 177 of 1980).

Court : Mumbai

Reported in : (1993)122CTR(Bom)201; [1993]205ITR569(Bom)

..... that since in the case of banque nationale de paris : [1992]194itr167(bom) , this high court was not directly concerned with the issue involved in the present reference, certain observations made by the court in connection with the explanation inserted in rule 1 of the first schedule to the surtax act, with effect from april 1, 1981, by the finance act, 1981, should not influence our mind in deciding the question referred to us.shri dwarkadas, learned counsel for ..... in any clause of this rule, the amount of any income or profits and gains which is required to be excluded from the total income under that clause shall be only the amount of such income or profits and gains as computed in accordance with the provisions of the income-tax act (except chapter vi-a thereof), and in a case where any deduction is required to be allowed in respect of any such income or profits and gains under the said chapter vi-a, the amount of such income or profits and gains computed as aforesaid as reduced ..... , under section 57(iii) of the 1961 act, should be excluded from the total income in determining the chargeable profits as per the first schedule to the surtax act and not the amount of dividend arrived at after considering the deduction granted under section 80k/80m of the 1961 act, as was done by the surtax officer.we have considered the submissions made by learned counsel for the assessees and have carefully gone through the decision of this court in the .....

Mangilal S. JaIn Vs. Commissioner of Income-tax and anr.

Court : Karnataka

Reported in : ILR2003KAR2066; [2002]257ITR31(KAR); [2002]257ITR31(Karn)

..... the effect of section88(a)(iii) of the finance act is that notwithstanding anything contained in the income-tax act, the amount payable under the kvs scheme by a declarant (other than companies and firms), who files a declaration between september 1, 1998 and january 31, 1999, shall be 30 per cent. ..... to find an answer to the issue, detailed reference to the relevant provisions of the kvs scheme contained in the finance act, as also the clarification given by the central board of direct taxes (the 'cbdt') will be necessary. ..... , a declaration to the designated authority in accordance with the provisions of section 89 in respect of tax arrear, then, notwithstanding anything contained in any direct tax enactment or indirect tax enactment or any other provision of any law for the time being in force, the amount payable under this scheme by the declarant shall be determined at the rates specified hereunder, namely : -- (a) where the tax arrear is payable under the income-tax act, 1961 (43 of 1961),-- (i) in the case of a declarant, being a company or a firm, at the rate ..... the kar vivad samadhan scheme, 1998 (the 'kvs scheme' for short), was brought into force on september 1, 1998, as per chapter iv of the finance (no. ..... but the issue will have to be examined not with reference to section 140a of the income-tax act, but with reference to the provisions of the kvs scheme, as contained in chapter iv of the finance (no. .....

Mangilal S. JaIn Vs. Cit and anr.

Court : Karnataka

Reported in : (2002)175CTR(Kar)347

..... the effect of section 88(a)(iii) of finance act is that notwithstanding anything contained in the income tax act, the amount payable under the kvs scheme by a declarant (other than companies and firms), who files declaration between 1-9-1998, and 31-1-1999, shall be 30 per cent of disputed income, in case where the tax arrears includes income-tax as also interest or penalty. ..... , a declaration to the designated authority in accordance with the provisions of section 89 in respect of tax arrear, then, not withstanding anything contained in any direct tax enactment or indirect tax enactment or any other provision of any law for the time being in force, the amount payable under this scheme by the declarant shall be determined at the rates specified hereunder, namely :(a) where the tax arrear is payable under the income tax act, 1961 (43 of 1961),(i) in the case of a declarant, being a company or a firm, at the ..... but the issue will have to be examined not with reference to section 140a of the income tax act, but with reference to the provisions of kvs scheme, as contained in chapter iv of finance (no, 2) act, 1998. ..... the kar vivad samadhan scheme, 1998 (hereinafter referred to as the 'kvs scheme' , was brought into force on 1-9-1998, as per chapter iv of finance (no. .....

Prannoy Roy and anr. Vs. Commissioner of Income Tax and anr.

Court : Delhi

Reported in : 2002IIIAD(Delhi)569; 96(2002)DLT269; [2002]254ITR755(Delhi)

..... the purpose and object of income tax act is to realize direct tax. ..... 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) of section 139 of the act. ..... for the purposes of computing interest under this section, additional income-tax payableunder the new section 158b shall not betaken into consideration; iii. ..... it is now a well-settled principle of law that for the purpose of constructions of a statute, the entire is to be read as a whole, the chapter by chapter and then section by section. 35. ..... (iii) sub-section (3) provides for charge and mode of computation of interest where during the course of reassessment proceedings (after an assessment has been completed under section 143(3) or 144 or 147)the return of income is either filed late or not filedin response to a notice under section 148.(iv). ..... (iii) section 216 relating to levy of interest for deferment of installments of advance-tax. ..... of addition of word had been held to be permissible in the following words:- 'we are of the view that having regard to the pattern in which clause (a) of sub-section (3) of section 10 of the act is enacted and also the context, the words 'if the landlord required it for his own use or for the use of any member of his family' which are found in sub-clause (ii) 0f section 1093) (a) of the act have to be read also into sub-clause (iii) of section 10(3)(a) of the .....