Court : Karnataka
Reported in : (2009)221CTR(Kar)385
..... bullion was seized from the place of search conducted and attested by two witnesses for the purpose of initiation of the proceedings against the assessee under chapter xv of the it act on the ground that undisclosed income was found at the time of search in the office premises of the assessee. therefore, the tribunal is legally ..... requisitioned under section 132a in the case of any person, then, the ao shall proceed to assess the undisclosed income in accordance with the provisions of this chapter.(2) the total undisclosed income relating to the block period shall be charged to tax, at the rate specified in section 113, as the income of the ..... pass block period assessment order.4. the learned counsel for the revenue further submits placing strong reliance on the circulars relating to the provision in finance (no. 2) act, 1998 that certain clarificatory amendments in procedure for block assessment are provided. he has also placed strong reliance on the last unnumbered para contained at .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]240ITR762(Bom)
..... its business. that being so, interest on such borrowing, is allowable as a deduction under section 36(1)(iii) of the act. the controversy is, whether the full amount paid in this case by way of finance charges on the amount of rs. 2 lakhs which, in the opinion of the income-tax officer, is not merely by way ..... desai, learned counsel for the revenue, submits that the income-tax officer was justified in disallowing deduction of the finance charges in excess of 15 percent. per annum of the loan amount under section 36(1)(iii) of the act. it was pointed out by learned counsel that on the facts and circumstances of the case, the income-tux ..... assessments for the assessment years under reference were reopened under section 147(a) of the act. as in the assessment for the assessment year 1975-76, in reassessment orders made for these three assessment years, the income-tax officer allowed deduction of finance charges calculated at the rate of 15 percent. per annum as interest under section 36(1 .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]210ITR69(Bom)
..... a guest house :'8. this is a non obstante clause. it is applicable notwithstanding anything contained in the other provisions of section 33. it was inserted by the finance act, 1965, with effect from april 1, 1965, to take out of the purview of section 33 'plant and machinery' specified therein. this subsection thus carved out ..... p, dated october 11, 1965, of the central board of direct taxes explaining the provisions of the finance act, 1965, wherein it has been stated that the effect of the newly added sub-section (6) to section 33 of the act is that development rebate will not be admissible in respect of machinery such as air-conditioners, frigidaires, ..... counsel for the assessee is that the items specified in the memorandum explaining the provisions of the finance bill, 1965, and the board's aforesaid circular dated october 11, 1965, clearly go to show that section 33(6) of the act is applicable only to 'machinery and plant' such as air-conditioners, frigidaires, room heaters, electric .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(3)BomCR104
..... powers of the commissioner under this sub-section shall extend to such matters as had not been considered and decided in such appeal.the explanation was further amended by finance act, 1989 with retrospective effect from 1-6-1988 on the basis of which the explanation (b) to section 263(1) came to be as :(b) 'record ..... this amendment explanation (b) was inserted reading as:(b) 'record' includes all records relating to any proceeding under this act available at the time of examination by the commissioner.it was amended in the present form by the finance act, 1989 with retrospective effect from 1-6-1988. in the present form it reads as under :(b) 'record' ..... assessment and directing a fresh assessment.this section was thereafter first amended by the taxation laws (amendment) act, 1957 with effect from 1-4-1958. this amendment was of not much consequence. the section was again amended by the finance act, 1988 with effect from 1-6-1988. by this amendment explanation to section 263(1) was amended .....
Tag this Judgment!Court : Gujarat
Reported in : (1996)131CTR(Guj)206; [1996]219ITR359(Guj)
..... immovable property under the provisions of s. 269ud requires to be supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the it act, namely, to counter attempts to evade tax. 8. the aforesaid decision of the hon'ble supreme court came to be followed by this court in ..... . 226 of the constitution of india challenges the order dt. 31st july, 1995 passed by the appropriate authority under s. 269ud(1) in chapter xx-c of the it act, 1961 (hereinafter referred to as 'the act'). the petitioner has also prayed for an order directing respondent no. 1 to issue no-objection-certificate in terms of s. 269ul of the ..... the case of anagram finance ltd. vs. appropriate authority and in special civil applications nos. 3853 of 1995 and 5328 of 1995, both decided on 19th sept., 1995. .....
Tag this Judgment!Court : Mumbai
Reported in : [1984]10ITD63(Mum)
..... granted by the uk authorities regarding the income or loss and the wear and tear allowance.3. section 44b of the income-tax act, 1961 (the act) which was inserted in the act, by the finance act, 1975, with effect from the assessment year 1976-77, made a special provision for computing profits and gains of shipping business in ..... submissions and facts and record. we find that prior to coming into force of section 44b as well as the amendment to section 172 of the act made by the finance act, 1975, the taxable profits of the foreign shipping enterprises were determined by suitably apportioning their profits between their indian business and foreign business or on the ..... learned counsel for the assessee to the effect that circular no. 7 of 1942 would be binding on the assessing authorities even after insertion of section 44b by the finance act, 1975.8. we, however, find that circular, no. 169, dated 23-6-1975, contains elaborate directions regarding the manner in which the assessment of the non .....
Tag this Judgment!Court : Mumbai
Reported in : (2003)185CTR(Bom)336; [2003]264ITR38(Bom); 2004(1)MhLj853
..... globalisation, banking is not restricted to receiving deposits for the purposes of lending. banks offer various facilities to its customers. they provide lockers, safe deposit vaults, finance for margin trading, collecting dues and charges for and on behalf of the government, local authority, mtnl, best, mseb, etc. section 6(1)(a) of the banking ..... -bank from hiring out safe deposit vaults was income from the business of banking and, therefore, deductible under section 80p(2)(a)(i) of the income-tax act. now, in the present case, mseb and mpcs are the public undertakings. both these public undertakings were the customers of the assessee-banks. they were having ..... aforestated two public undertakings was income derived from business of banking and, as such, the said income was exempt under section 80p(2)(a)(i) of the act. according to the assessee, collection of electricity bills was a facility extended by the bank to its customers. according to the assessee, such an activity was a .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]32ITD331(Mum)
..... since it speaks for itself and its effect is so very clear inasmuch as it speaks of, with effect from 1-6-1988.7. in the memo explaining provision in finance act, 1988, vide para 48, dealing with the topic, amendment of provisions relating to revision of orders prejudicial to revenue, it is stated in very clear terms and that speaks ..... injunction of any court shall be excluded.'4. now the issue for our decision is whether the explanation appended to sub-section (1) of section 263 of the act, which was substituted by the finance act, 1988 with effect from 1-6-88 will apply and, if so, to what effect. the assessee claims that this explanation being effective from 1-6-1988 ..... if we have to take that to be so, which, in this case, is then explanation appended to sub-section (1) of section 263 of the act, which was substituted (as mentioned above by finance act, 1988), is to be effective from 1-6-88. the cut off date if clearly mentioned and accordingly it has to be held that the statute speaks .....
Tag this Judgment!Court : Mumbai
Reported in : 1991(4)BomCR301
..... to construe the transaction as a transaction of hiring or leasing truly and properly so called and it cannot be considered as a colourable transaction or a financing transaction or as a transaction of hire purchase or as a transaction of loan. throughout, the plaintiff has shown the suit equipments as of their ownership ..... contended in the said affidavit in reply that on a true construction of the said agreements, the alleged lease agreement is nothing but hire purchase agreement or loan finance agreement. the first question, therefore, which arises for consideration of the court is as to what is the true nature of the suit transaction, at least ..... plaintiff has been claiming depreciation in respect of the suit machinery as owners thereof as permissible under income-tax act, 1961. the defendant had been paying rental as agreed to the plaintiff till march 1988.11. lease financing is a well-recognised form of legal transaction whereunder the lessor remains the owner of the equipment leased .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2005SC4168; 2004(3)BLJR2157; 2004(5)CTC515; 2004(178)ELT55(SC); [2006(3)JCR183(SC)]; JT2004(10)SC93; 2004(9)SCALE501; (2005)1SCC368; [2005]139STC74(SC)
..... and 58 dated 2nd march, 2000, a notification was issued in exercise of the power conferred in sub-section 3(b) of section 7 of the bihar finance act, 1981 (bihar act no.5 of 1981) incorporating certain amendments in the previous notification s.o. 479 dated 22nd december, 1995 issued by the department of commercial taxes. under ..... 12.1995) was issued by the state government in exercise of powers conferred under clause (b) of sub-section(3) of section 7 of the bihar finance act, 1981 (bihar act no.5 of 1981) by which the governor of bihar granted exemption to those new industrial units which start production between the period ist september, 1995 ..... to 31st august, 2000 who have obtained the registration certificate from the competent authority under the aforesaid act and the tax exemption certificate after making information in form t.e. (purchase ii) and with this notification from levy of sales tax payable on purchase direct .....
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