Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat delhi Page 4 of about 284 results (0.218 seconds)

Deputy Commissioner of Income Tax Vs. Royal Jordanians Airlines

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)283ITR28(Delhi)

..... lords and now "restrictive" doctrine of immunity applied, both to actions in rem and in personam.these common law developments were embodied in the state immunity act, 1978 in england. "commercial transaction" was defined and it extended to "any other transaction or activity (whether of a commercial, industrial, financial, professional or other ..... the subject of the european convention on state immunity (1972) which led to the law being placed on a statutory basis by the state immunity act, 1978. legislative authority for immunity is essential. an argument that the european community should have an independent claim to sovereign immunity by analogy to a foreign ..... its commercial transactions. these common law developments are now, in substance, embodied in the 1978 act. "commercial transaction" is defined to include not only contracts for the supply of goods or services but also the provision of finance through loans and the like, and any guarantee or indemnity in respect of such transactions .....

Sikkim Janseva Pratisthan (P.) Vs. Dy. Cit, Spl. Range-26

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)5SOT487(Delhi)

..... if by which income-tax was made applicable to the state of sikkim from 1-4-1989 i.e., assessment year 1989-90 and subsequent by section 26 of the finance act, 1989 the date was postponed to 1-4-1990 i.e., assessment year 1990-91 learned counsel for the assessee relied upon judgment of kerala high court in the matter ..... tax at the rate of 25 per cent on gross amount of dividend, interest income etc. as per the provisions of section 115a.he also observed that the deduction under chapter vi-a are not permissible to the assessee-company. the assessing officer accordingly passed the order against the assessee. the assessment orders for the assessment years 1992-93,1993-94 ..... by itat delhi bench 'b' by order dated 25-4-2003. section 115a of the income tax act relates to income of foreign company and provides the amount of income-tax calculated at fixed rate. it did not provide for deduction under chapter vi-a. the assessee offered income for tax purposes at the rate of 25% in computation of income .....

Dy. Commissioner of Income Tax Vs. Lurgi India Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114ITD1(Delhi)

..... pointed out that subvention payment related to the deficit, expressly made in an agreement between the paying company and the payee company, governed by section 20 of the finance act, 1953 (u.k). it was further pointed out that there was no corresponding legislation in india. it was also pointed out that if the debts in respect ..... expenditure incurred on the project. therefore, it would be appropriate that no profit & loss was estimated for that year. however, in the previous year relevant to assessment year 1978-79, the project had been completed and 80% of the area had been sold. therefore, it was feasible to reasonably estimate the profits. further, he referred to the ..... of a multi-storeyed building. the construction was completed in the previous year relevant to assessment year 1978-79, and 80% of the area was sold by that time. the assessee filed return for assessment years 1977-78 and 1978-79 showing nil income. it was mentioned that the income could not be assessed until the whole .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... 821 section 234d 7. he submitted that section 234d was introduced in chapter xvii in the act by the finance act, 2003. to advance his arguments, he referred to the scheme of the act as laid down in the various chapters containing the relevant provisions as follows:chapter iii - incomes which do not form part of total incomechapter iv ..... the procedural provisions of the act. the memorandum explaining the provisions in the finance bill, 2003 also indicate likewise. that section 234d is procedural in nature is evident from the fact that it finds place in chapter xvii of the act. otherwise it would have found place in chapter ii of the act. that the said section ..... used the expression 'may' thereby giving discretion to the authorities concerned to either reduce or waive the interest. the change brought about by the amending act (finance act, 1987) is clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory.19. concluding his .....

Pramod Kumar Gupta Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD1a(Delhi)

..... contract was already included in the definition of transfer then there was no point in amending section 2(47) of the act by the finance act, 1987 w.e.f.1-4-1988. it may be that the execution of the release deed, the giving of ..... we have carefully considered the rival submissions as also the facts on record. this is common ground that the release deed dated 20-11-1978 was not registered. the delhi high court in the case of mercury general corporation (p.) ltd. (supra) has clearly held that even ..... rameshwar das who died in 1966. these co-owners floated a company named m/s ramesh apartments (p.) ltd. on 6-11-1978. they relinquished all the rights, claim, titles, interest etc. in the aforesaid property in favour of m/s ramesh apartments (p.) ltd. ..... by release deed dated 20-11 -1978. release deed was, however, not registered. in return, the aforesaid company paid shares of the face value of rs. 10,000 each .....

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 .....

Dev Kumar JaIn Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)82TTJ(Delhi)703

..... (1981) 131 itr 597 (sc). our attention was also invited to cit v. late gulshan kumar. reliance was also placed upon section 50c which was introduced by the finance act, 2001 for the proposition that on a reading of it, the legislature thought it necessary to lay down that the circle rates could be taken into consideration. it was further ..... the valuation of a capital asset to a valuation officer with a view to ascertaining the fair market value of a capital asset for the purposes of "this chapter" i.e. chapter iv which deals with "computation of total income".27. at this juncture, we propose to examine the principle laid down by their lordships of the apex court ..... to dvo for arriving at the correct valuation of property including the cost of construction for the purpose of computing the total income of the assessee as envisaged under chapter iv. nowhere in this section it is mentioned that the ao is to make a reference for ascertaining the fair market value of the capital asset for the .....

East West Rescue Pvt. Ltd. Vs. Dy. Cit, Spl. Range 14

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)89ITD259(Delhi)

..... account of collusive arrangement for abuse of the tax concession admissible u/s.80-o. he further contended that section 80-o was amended from to time and vide finance act (no.2) of 1991, clause (iii) to explanation to section 80-o was inserted w.e.f. 1.4.1992 which further explained that services rendered or ..... the total income of the assessee. thus, the addition was deleted.49. being aggrieved, the revenue took the matter before the tribunal and vide order dated 30.8.1978 the tribunal allowed the appeal of the revenue. subsequently, the assessee moved misc. application u/s 254(2) seeking rectification of the said order. the first application was ..... court made the following observation : "applying the afore noted principles governing an application under section 254(2) of the act, we are of the opinion that the tribunal was justified in recalling its order dated august 30, 1978, on the ground that while deciding the appeal, it had admittedly relied on a wring section, which had no application .....

Dang and Co. (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)94ITD29(Delhi)

..... any limitation to assess the undisclosed income in accordance with the provisions of chapter xiv-b of the act which is a special procedure for assessment of search cases.8. the definition of 'undisclosed income' under section 158b(b) of the act has also been amended by the finance act, 2002, w.e.f. 1st july, 1995, by inserting 'or any ..... basis of material found as a result of search. regular assessment was also not made nor it is shown that it was to be made. the insertion by the finance act, 2002, with retrospective effect from 1st july, 1995. in the definition of section 158b(b) which permitted to find out undisclosed income from regular books of account ..... expense, deduction or allowance claimed under this act which is found to be false', so as to read as under : "undisclosed income includes any .....

PromaIn Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)281ITR107(Delhi)

..... shri v.h. patil appearing for m/s first global stock broking (p) ltd. as intervener submitted that chapter xiv-b prescribing special procedure for assessment of search cases was introduced in the statute by the finance act, 1995, and since the assessment for the block period assessing undisclosed income has now to be made in the ..... cases where search has been conducted, the validity of search has become of vital importance. he submitted that since the block assessment under chapter xiv-b is made consequent to ..... be beyond the pale of expression "where a search is initiated" or the expression "where any search is conducted" used by the legislature in chapter xiv-b of the act.53. section 132(1) empowers the authorities mentioned therein to authorize certain authorities to enter and search any premises where, the person authorizing has reasons .....