Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: allahabad Page 11 of about 2,540 results (0.176 seconds)

Motors and Diesels P. Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : (2009)221CTR(All)49; [2008]307ITR298(All); [2009]180TAXMAN328(All)

..... that the stored articles have undergone a 'process' within the meaning of section 2(7)(c) of the finance act, 1973.held accordingly, that the appellant-company running a cold storage was not an 'industrial company' for the purpose of section 2(7)(c) of the finance act, 1973, and schedule i thereto and was not entitled to concessional rate ..... that no manufacture or production of any article or thing was involved in the cold storage. hence, the assessee was not entitled to investment allowance under section 32a of the act. further the punjab and haryana high court in the case of cit v. kissan friends ice factory and cold storage observed that (headnote):a perusal of ..... that the assessee is running a cold storage and had claimed that it was an industrial undertaking. by producing chilled air, the assessee claims investment allowance under section 32a of the act. in the similar case, the claim of the assessee was denied in the case of cit v. kothiwala cold storage : [1993]199itr399(all) , where .....

income-tax Officer Vs. Gauri Shankar Dalal

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)5ITD340(All.)

..... in support of his submission, the learned representative for the department invited our attention to explanation 2 to section 64(2) which was inserted with effect from 1-4-1980 by the finance act, 1979. the said explanation states that 'for the purposes of this section, 'income' includes 'loss'. the learned representative for the department, therefore, submitted that since we are ..... the other hand, supported the order of the aac by stating that the loss is nothing but a negative income. according to him the amendment made by the finance act was by way of clarification only.7. we have considered the rival submissions of the parties and we find considerable force in the stand taken on behalf of ..... the ito included half share of the huf in the said three firms in the total income of the assessee by invoking the provisions of section 64(2) of the income-tax act, 1961 ('the act')- similarly, in respect of the assessment years 1974-75 and 1975-76, the ito included half share of the huf in the said .....

Jai Kishan Srivastava Vs. Income-tax Officer, Kanpur and anr.

Court : Allahabad

Reported in : AIR1960All19; [1960]40ITR222(All)

..... section 34(1) which is applicable to section 34(1 a) savs that the tax shall be chargeable at the rate at which it would have been charged had the income not ..... or other person liable to pay such tax a notice of demand in the prescribed form specifying the sum so payable. in fact the liability to tax is created by section 3 read with the finance act passed each year. the liability is on the 'total income' according to the rates mentioned as applicable to that total income, under the ..... has to issue a potice of demand under section 29 because in consequence of the order nsissed by him determinnig the total income for the purposes of the income-tax act he has the implid duty to charge the income or determine the tax due to give effect to section 3 of the act read with the finance act of that year. the second proviso to .....

Commissioner of Income-tax Vs. Rashid Exports Industries

Court : Allahabad

..... c of chapter vi-a. with a view to prevent the taxpayer taking undue advantage of the existing provisions of the act, section 80-ia was amended by the finance (no.2) act, 1998, so that the deductions allowed under section 80-ia and various sections under heading c of chapter vi-a are restricted to the profits of the business of the undertaking/enterprise. 14 ..... restricted the deductions only to the extent of 100% of the amount of profits and gains. 13. the object of amending section 80-ia by the finance (no.2) act, 1998, as is evident from the memorandum explaining the provisions in the finance (no.2) bill, 1998 ([1998] 231 itr (st.) 252), is that it was noticed that certain assessees were claiming more than .....

Commissioner of Income-tax Vs. Hemantpat Singhania (H.U.F.)

Court : Allahabad

Reported in : [1991]188ITR618(All)

..... for the words 'seventy-five', the word 'fifty' had been substituted.' 4. the words within brackets were substituted for the words 'the relevant previous year' by the finance act, 1990, with retrospective effect from april 1, 1962. however, counsel for both the parties stated before us that this amendment has no relevance on the question at issue ..... 1967-68. for this assessment year, the assessee claimed development rebate of rs. 42,178. he created a development rebate reserve as required by section 33 read with section 34(3)(a) of the act. the development rebate was, accordingly, allowed. however, in the course of the assessment proceedings for the assessment year 1972-73, the income- ..... may be set out for the purpose of completeness too ; 'explanation.--for the removal of doubts, it is hereby declared that the deduction referred to in section 33 shall not be denied by reason only that the amount debited to the profit and loss account of the relevant previous year and credited to the reserve .....

Addl. Commissioner of Income-tax Vs. Atma Singh Steel Rolling Mills

Court : Allahabad

Reported in : (1979)11CTR(All)246; [1979]120ITR590(All); [1979]1TAXMAN30(All)

..... years. 6. the assessee took the matter in appeal to the tribunal. in appeal the tribunal held that section 271(1)(c) as it stood before its amendment by the finance act, 1964, was applicable. the explanation added by this finance act was hence not available to the department. 7. on merits, it was held that the assessee could not ..... 1961. assessments for the assessment years 1962-63 and 1963-64 were completed on the 19th february, 1963, and the 24th december, 1963, respectively, under section 143(3) of the act. it is thus evident that the returns were filed prior to the date of the assessment orders. in other words, the returns of income for all these ..... in order to bring out the true controversy as follows : ' whether, on the facts and in the circumstances of the case, the explanation to section 271(1)(c) of the income-tax act, 1961, was applicable to proceedings for the assessment years in question for which the original returns were filed before, but subsequent returns were filed after .....

Commissioner of Wealth-tax Vs. Abdul Qayyam

Court : Allahabad

Reported in : [1996]217ITR414(All)

..... finance act, 1969.6. therefore, the tribunal was not right in holding that the penalty should be worked out on the basis of law, as it existed on ..... subsequent to april 1, 1969, at the prescribed rates in terms of law under the amended section 18(1)(a)(i), as it stood after its amendment by the ..... -69, this court held that the penalties under section 18(1)(a)(i) of the wealth-tax act were to be levied for the period of delay prior to april 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the act as it stood prior to its amendment by the finance act, 1969, and for the period of delay .....

Abbas Ali Meerza Vs. the Controller of Estate Duty, U.P., Lucknow

Court : Allahabad

Reported in : AIR1971All167; [1970]78ITR759(All)

..... it is subsequently enjoyed to the entire exclusion of the donor or of any benefit to him for at least two years before the death.' by the finance act of 1965 a second proviso to section 10 was added and it runs as follows: 'provided further that a house or part thereof taken under any gift made to the spouse, son, ..... case of george da costa v. controller of estate duty : [1967]63itr497(sc) that the second proviso to section 10 added by the finance act of 1965 is effective from april 1, 1965 and has no retrospective operation. this second proviso to section 10 is not, therefore, attracted in the present case. it may also be mentioned at the stage that the ..... assessment to estate duty. originally, this period was one year but, subsequently, the period was enlarged to two years by an amendment of the section. section 10 of the act may be treated as a continuation of section 9 and it relates to gifts made by the deceased of property in respect of which he, as donor, was not entirely excluded. the .....

Hindustan Metal Works and Others Vs. Commissioner of Income-tax U. P. ...

Court : Allahabad

Reported in : [1968]68ITR798(All)

..... of the court was given on march 27, 1964. on april 28, 1964, the finance act of 1964 was enacted by parliament. section 30 of the finance act amended section 132. this amendment, however, did not touch the searches already made under section 37(2) of the income-tax act, 1922, or under section 132 as it stood before the amendment. on account of this omission in the amendment ..... , the president of india promulgated an ordinance again amended section 132. section 6 of the ordinance dealt .....

Jubilant Organosys (Formerly Vam Organic Chemicals Ltd.) Vs. Commissio ...

Court : Allahabad

Reported in : (2004)187CTR(All)574; [2004]265ITR420(All)

..... necessary credit in the account of the party.10. as observed by the supreme court in union of india v. s. muthyam reddy : [1999]240itr341(sc) :'by the finance act, 1989, explanation to section 2(1a) is inserted with effect from april 1, 1970, to supersede the view expressed in the order under appeal and several decisions setting out similar ratio. this declaratory ..... laid down under section 36(1)(vii).7. section 36(1)(vii) of the income-tax act states :'subject to the provisions of sub-section (2), the amount of any bad debt or part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year.'8. to this provision an explanation was inserted by the finance act, 2001, with effect .....