Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: income tax appellate tribunal itat chandigarh Page 11 of about 508 results (0.254 seconds)

D.D. Kuthiala Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)57ITD192(Chd.)

..... of transfer exceeded the value of the consideration was deemed to be a gift made by the transferor. it was, however, submitted that by the finance (no. 2) act, 1991, section 4(1)(a) of the act was amended w.e.f. 1-4-1992 and it was provided in the amended provisions that where the property was transferred otherwise than for adequate ..... before us. we have also carefully gone through the material on record. the first question to be decided is as to whether the amendment brought about by the finance (no. 2) act, 1991 in section 4(1)(a) w.e.f. 1-4-1992 is a procedural amendment or a substantive amendment. before we develop this point further, it would be ..... been succinctly put forth by the learned counsel for the assessee and have been discussed above. the amendment brought about by the finance (no.2) act, 1991 in section 4(1)(a) of the act does not stipulate for the first time that in case of inadequate consideration, gift will be deemed. the deeming provision was already there and it is only .....

A.C.i.T. Vs. Amar Chand Raj Kumar [Alongwith

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)89ITD96(Chd.)

..... the said audit report in the prescribed form duly signed and verified in the prescribed manner.the words "obtained before" have been substituted by words "furnishing by" in section 44ab by finance act, 1995 w.e.f. 1.7.1995. prior to the aforesaid amendment, there was no specific penalty provided for failure to furnishing of the report. the said provisions ..... the return of income filed u/s 139(1) or alongwith the return of income filed in response to a notice u/s 142(1) of the act. the substantial requirement of section 44ab are i) to get the audit of accounts completed before the specified date and also ii) to furnish the said audit report before that date alongwith ..... in the circumstances of the case, the id. cit (a) (c) has erred in deleting the penalty imposed u/s 271b of i.t. act, 1961 for not complying with the provisions of section 44ab within the stipulated period." 2. the relevant and material facts for the disposal of this ground of appeal are that the assessee firm was required .....

Dy. Cit Vs. Haryana Warehousing Corpn.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)1SOT257(Chd.)

..... this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act." section 14a is attracted in respect of expenditure incurred by the assessee which does not form part of the total income of the assessee.however, in this case, the issue ..... not right in law to delete the same. it may be pertinent to mention here that the bombay high court in the case of kotak mahindra finance ltd. (supra) has explained that provisions of section 234b in the light of the decision of the supreme court in the case of anjum m.h. ghaswala (supra), on the basis of which ..... we may further place reliance on the decisions of supreme court in the cases of cit v. sant ram mangat ram jewellers (2003) 264 itr 564 (sc) and kotak mahindra finance ltd. (supra). we, therefore, set aside the order of the cit (a) in regard to this issue and restore that of the assessing officer.consequential relief shall, however, be .....

Commissioner of Income Tax Vs. Senior Post Master.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)54TTJ(Chd.)681

..... honble high court.7. shri sudhir sehgal, the learned counsel for the assessee, however, submitted that the relevant provisions of s. 206 had been amended by the finance (no. 2) act, 1991 w.e.f. 27th sept., 1991 in which it was mentioned that the prescribed person shall prepare and deliver or cause to be delivered such returns in ..... or cause to be delivered the returns to the it authorities. according to the learned counsel for the assessee, this was based on the plain reading of the section and hence no referable question of law arises.as regards the second question dealing with the technical default, the learned counsel for the assessee submitted that whether the default ..... as it stood originally did not prescribe any time limit for preparation and delivery of the return under s. 206.according to the tribunal, the reference in the section was only to the preparation of the return before a particular date. it was noted by the tribunal that the returns for financial years 1987-88 and 1989-90 .....

H.P. State Small Industries and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)69TTJ(Chd.)944

..... and the issue be decided on the basis of the facts and arguments available on record before the tax authorities. by referring to the relevant sections of the industrial disputes act, 1947, namely, sections 25f and 25ff, the learned departmental representative urged that the claim vis-a-vis the facts of the assessee's case was not tenable and, ..... record a finding that the five units although carrying on activities which may not be akin to each other constituted the same business there being unity of control, common finances, etc., and the decisions relied upon by the learned counsel for the assessee in support of assessee's case would, therefore, squarely apply and those pressed into ..... placed reliance on the following decisions :b.r. ltd. v. v.p. gupta, cit (iv) cit v. p.i. simpon (1991) 56 taxman 224 (ker) (considering) (1978) 113 itr 647 (sc)) the further submission of the learned counsel was in respect of the nature of these receipts in the hands of the employees and his submission was .....

H. P. State Small Industries and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... by the bench and the issue be decided on the basis of the facts and arguments available on record before the tax authorities. by referring to the relevant sections of the industrial disputes act, 1947, namely, ss. 25f and 25ff, the learned departmental representative urged that the claim vis-a-vis the facts of the assessee's case was ..... record a finding that the five units although carrying on activities which may not be akin to each other constituted the same business there being unity of control, common finances, etc.and the decisions relied upon by the learned counsel for the assessee in support of assessee's case would, therefore, squarely apply and those pressed into service ..... fact that the oil mill did not have any independent bank account. the hon'ble high court also took into account the finding of the tribunal that the finances were centralised and the requirements of the oil mill were met by drawings of the head office and this showed a complete inter-lacing and unity of control. .....

Deputy Commissioner of Vs. Groz-beckert Saboo Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)77ITD126(Chd.)

..... , 'owner' is a person who is entitled to receive income in his own right and the said section did not require registration of the sale deed. it was held that amendment of section 27 by the finance act, 1987 was only clarificatory in nature. in view of ratio of the said decision, learned accountant member held that once consideration for purchase ..... was difference of opinion on the aforesaid two points, the matter was referred to a third member by the hon'ble president of the tribunal under section 255(4) of the income-tax act, 1961. the third member by means of an order dated 16-6-2000 has agreed with the view of the accountant member on both the ..... 1. as a result of difference between the learned members constituting the division bench, hon'ble president of the tribunal in exercise of powers conferred on him under section 255(4) of income-tax act, 1961, has referred the issues as mentioned in the following questions, to me to express my opinion as a third member :-- "1. whether the view .....

indira Motors (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)93TTJ(Chd.)783

..... to discharge his onus to prove the question which arose in view of explanation introduced by the finance act, 1964, to section 271 of the act." "held, affirming the decision of the high court, that the penalty was validly levied. the explanation to ..... deposit, the credit was held to be ingenuine and an addition of rs. 20,000 was made as unexplained cash credit under section 68 of the act. consequently, the interest of rs. 2,000 accrued and paid to smt. surjit kaur on the above deposit was added back to ..... it was also found that this amount of rs. 6,000 was deposited on 1st aug., 1978, whereas the creditor received the amount, from m/s bala financiers on 7th aug., 1978. it clearly establishes the falsity of her statement that the amount of rs. 6,000 deposited by ..... her on 1st aug., 1978, was received by her from m/s bala financiers, when, in fact, the same was received by her on 7th aug., 1978, which means that this amount of rs. 6,000 at the time of .....

B.R. Talwar Vs. Ito, Ward 2, Panchkula

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)5SOT645(Chd.)

..... property belonging to a joint family or both, in other to curb the practice of creating illegal hufs by making partial partition, the finance (no. 2) act, 1980 inserted sub-section (9) in section 171 with effect from 1-4-1980 whereunder partial partition of huf effected after 31-12-1980 are not recognised for tax purposes. ..... joint status may be disrupted but such disruption of family status is not recognized by the legislature for the purposes of income-tax. (emphasis supplied), section 171 of the act and the explanation to it prescribe a special meaning of partition, it is different from general principle of hindu law. it contains a provision under ..... case the memorandum itself does not create or extinguish any right in immovable, properties and therefore does not fall within the mischile of section 17(2)(sic), [section 17(i)(b)] of the registration act and is, therefore, not compulsorily registrable.(5) the members who may be parties to the family arrangement must have some antecedent .....

Dev Raj Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)100TTJ(Chd.)415

..... -99. the headnote to the said section reads as "special provisions for computing profits and gains of retail business", it is evident from ..... they relate to the business referred to in sub-section (1) and in computing the monetary limits under those section, the total turnover or, as the case may be, the income from the said business shall be excluded.the above section was inserted w.e.f. 1st april, 1998, by the finance act, 1997 and is operative from asst. yr. 1998 ..... the headnote as well as the language of section 44af, quoted above, that the section is applicable for computation of profits of .....