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In Re: Ashwani Kumar Aggarwal

Court : Income Tax Appellate Tribunal ITAT IT

..... with notification no. 1/45/tech/90/sc, dated december 3, 1991, to examine legal issues arising from the amendments made to chapter xixa of the income-tax act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. 2), 1991. vide notification dated december 20, 1991, the chairman, settlement commission, directed that, in order to determine the scope of ..... , 234b and 234c was mandatory and could not be waived, the word "interest" brought into section 245d(6) by the finance act, 1987, with effect from june 1, 1987, would not have been retained after the amendment of the act by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989 (sic). he then pointed out to "notes on clauses of .....

Parakh Foods Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1998)64ITD396(Pune.)

..... .6. dr. pathak, the learned counsel for the assessee took us through various provisions of chapter xiv-b consisting of section 158b to section 158bh as well as the budget speech of finance minister in the parliament and explanatory notes on the finance bill and finance act, 1985. his first contention was that the intention of the legislature is to assess only undisclosed ..... in the parliament in this regard which is 87 itr 212 (sic). he also drew our attention to the explanatory notes on finance bill, 1995 and the finance act, 1995 which are reported ar 212 itr 306 (st.) 212 itr 346 (st.). it was also contended by him that the undisclosed income must be determined as a ..... particular concern is a benamidar of the other. reference was made to the madras high court decision in the case of first ito v. m. r. dhanalakshmi ammal [1978] 112 itr 413. he pointed out that no evidence has been brought on record either to prove that the capital of the firm was contributed by the assessee or profits .....

T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD573(Hyd.)

..... paragraph 60 at page 391, wherein it was observed that these directives issued by the rbi to non-banking institutions under chapter iiib of the said act were statutory regulations. this principle was reiterated in rbi v. peerless general finance & investment co. ltd. (1996) 1 scc 642.the nbfc's are bound to comply with such directions and ..... by virtue of any such law." as such, the provisions of section 45ja contained in chapter iiib of the rbi act override the income-tax act, 1961, as well as the agreements entered into between the assessee company and its hirer/lessees/loanees.in peerless general finance & investment co. ltd. and anr. v. reserve bank of india (1992) 2 ..... scc 343, the apex court, dealing with similar provisions contained in sections 45k3) & (4) and 45l(1)(b) and forming part of chapter iii b of the reserve bank of india act, 1934, clearly laid down that the .....

Dy Cit, Central Circle 5 Vs. Mrs. Meena Nayan Chandan

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT1(Mum.)

..... 142(1), 143(2) or 142(ia), 147/148. the undisclosed income falling in this domain will suffer tax at normal rates as prescribed in the yearly finance act and also suffer interest and penalty as provided under sections 234a, 234b, 234c, 271(1)(c), 271b etc. the undisclosed income falling under search domain will have ..... direct or prima facie, which is later supported by further evidence collected on post-search enquiries and investigation, addition as undisclosed income cannot be made under chapter xiv-b.cit v. khushlal chand nirmal kumar "search and seizure-block assessment-un explained expenses-investment in construction-addition cannot be made on basis of departmental ..... procedure laid down in the two categories of assessments provide assessment of undisclosed income. thus a perusal of the provisions of section 147/148 and that of chapter xiv-b shows that there are two domains of undisclosed income. one is undisclosed income relating to money, jewellery, valuable or articles or things or .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the provisions of section 14-a.108. the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under:- "14a 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 ..... arguments of the learned special counsel for revenue, it is significant that both the provisions of section 14a and section 94(7) were introduced by the same finance act, 2001. while the provisions of section 14a have been given retrospective effect from 1.4.1962, the provisions of section 94(7) have been introduced prospectively ..... the legislature became alive to the hardships which the retrospection of the provision could cause to the tax payers. hence the proviso above mentioned was inserted by the finance act, 2002 with retrospective effect from 11th may, 2002.it, therefore, meant that an assessment order already made could not be disturbed or interfered with on the .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a 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 ..... from out of the funds received by it, which were essentially in the nature of subscription funds.referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and three months subsequent to the declaration ..... by describing an agreement in a particular form though in essence and in substance it may be a different transaction."union of india v. gosalia shipping p. ltd. (1978) 113 itr 307(sc), honble supreme court held, "it is true that one could not place over-reliance on the form which the parties give to their .....

Indian National Shipowners Association Vs. Union of India (Uoi)

Court : Mumbai

Reported in : (2009)222CTR(Bom)234; [2009]16STJ175; 2009[13]STR235

..... section 66a came into force.5. the learned counsel appearing for the petitioners submitted that though the service tax was introduced for the first time in the chapter v of the finance act, 1994 in the year 1997 the definition of the term 'taxable service' was substantially amended. according to the petitioners, the indian shipping industry is ..... jammu and kashmir. the expression 'india' includes the territorial waters of india. indian territorial extend up to twelve nautical miles from the indian land mass. chapter v of the finance act which governs the levy of service tax has not extended to the levy to designated areas in the continental shelf and the exclusive economic zone of india ..... which authorises levy of service tax in relation to the services rendered outside india.13. service tax was introduced for the first time under chapter v of finance act, 1994. section 66 of the act was the charging section and provided for a levy of service tax at the rate of 5% of the value of the taxable .....

Stumpp, Schuele and Somappa Pvt. Ltd. Vs. Second Income-tax Officer, C ...

Court : Karnataka

Reported in : [1976]102ITR320(KAR); [1976]102ITR320(Karn); 1975(1)KarLJ481

..... the total income on which no income-tax was payable under chapter vii. chapter vi-a of the income-tax act was introduced for the first time in the year 1965 by the finance act 10 of 1965. chapter vi-a was later on substituted by the new chapter vi-a by the finance (no. 2) act of 1967 containing sections 80a to 80t. section 80u was added ..... by act 19 of 1968. sections 80-i and 80j were enacted by the finance (no. 2) act of 1967. section 80a(1) provides that ..... in computing the total income of an assessee there shall be allowed from the gross total income in accordance with and subject to the provisions of that chapter the deduction specified in sections 80c to 80u. that means, if .....

Narender Gopal Baldwa and ors. Vs. Director, Town and Country Planning ...

Court : Andhra Pradesh

Reported in : 2004(2)ALD191

..... a competent legislature. interference with the right to use the property otherwise than through statutory measures impinges upon the fundamental rights guaranteed to the citizens under chapter iii of the constitution of india. such rights may have various facets of different degrees ranging from equality to freedom.15. it is not as if ..... 3rd respondent has accorded its permission to convert the lands for non-agricultural purpose. the gram panchayat gave its consent. being the competent authority under the act, the approval of the 1st respondent is needed for such layout. the panchayat secretary of the village forwarded the applications to the 1st respondent together with ..... cannot be sustained in law. according to them, none of the grounds fit into the criteria laid down under the a.p. town planning act (for short 'the act') and the rules made thereunder, and thereby the applications stood rejected on extraneous reasons and considerations.6. the matter underwent several adjournments and the .....

Diploma Engineers Association and anr. Vs. State of U.P. and ors.

Court : Allahabad

Reported in : 2003(1)AWC541

..... to recruitment and appointment to the aforesaid posts, the corporation has framed the u. p. state industrial development corporation employees service rules. the relevant extract of chapter iii of the service rules has been annexed as annexure-1 to the writ petition. 6. in this writ petition, the petitioners are aggrieved by the impugned ..... posts. as stated in paragraphs 13 and 16 of thepetition, some of the posts are single posts, e.g., general manager (project/finance), general manager (development), etc. the reservation policy under the 1994 act in applicable to the u. p. s.i.d.c. 21% reservation are for scheduled caste, 2% for scheduled tribes and ..... percentage prescribed under the u. p. public services (reservation in favour of the scheduled caste, scheduled tribe and other backward classes) act, 1994, (hereinafter referred to as the 1994 act) in accordance with hundred point roster after taking into account the reservation qua the cadre strength with regard to individual posts and only .....