Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Sorted by: old Court: income tax appellate tribunal itat chandigarh Page 3 of about 508 results (0.176 seconds)

Nishan Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1986)16ITD154(Chd.)

..... (5). the ito considering the revised return, completed the assessment under section 144 of the act proceedings vide his order dated 14-3-1978, which was reopened under section 146 of the act vide his order dated 20-3-1978.afterwards, assessment proceedings went on and under section 143(3) of the act on 28-1-1983 assessment was framed on 'protective basis', as the addition on account ..... -10-1975, as per which extension by limit of one year under section 153(1)(b) was not available in respect of revised returns filed under section 139(5) where original return was filed under section 139(4). in support of this contention, we have a special bench decision in bohra film finance's case (supra), in addition to our own decision in the .....

inspecting Assistant Vs. Punjab United Pesticides and

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1989)31ITD535(Chd.)

..... 80, return filed on 28-6-79 was non est in law because it contained basic infirmity and it could not be amended or ratified. section 139(9) was brought on the statute book by finance act,1980 w.e.f. 1-9-1980 wherein the income-tax officer could call upon the assessee to amend the return but this provision was ..... invalidity of the return filed on 28-6-1979 for the assessment year 1979-80 had been issued when the department had for the assessment years 1977-78 and 1978-79 acted upon the returns filed under the signature of the secretary of the company and had completed the assessments of the basis of such returns without demur. it was ..... of accounts on mercantile system of accounting. its previous year ends on 30th september. thus, for the assessment years under appeals, the previous years ended respectively on 30th september, 1978, 30th september, 1979 and 30th september, 1981. in accordance with the provisions of law, the return of income from the assessee was due on or before 30th of june .....

B.B. Singal (Huf) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1990)32ITD567(Chd.)

..... the legislature in the same finance act also made a provision for assessment after partial partition of a hindu undivided family by inserting section 20a into the wealth-tax act, 1957 with effect from 1-4-1980. this section reads as under:- 20a. where a partial partition has taken place after the 31st day of december, 1978, among the members of a ..... be the property of shri b.b. singal bigger huf. according to the wealth-tax officer, the partial partition, "being after 31-12-1978, the same cannot be accepted as per the finance act, 1980". the sum of rs. 2,50,000 kept aside by the assessee for the marriage expenses of miss archana singal by taking it ..... assessee. these assessments were challenged in appeal before the commissioner of wealth-tax (appeals) who made the orders after insertion of sub-section (9) of section 171 of the income-tax act, 1961 by finance (no. 2) act, 1980 and confirmed the view taken by the wealth-tax officer. hence the present proceedings.5. we have heard the parties and .....

income-tax Officer Vs. Parbhat Forgings (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1991)38ITD359(Chd.)

..... with contents of the assessee's paperbook (45 pages) have been considered and taken note of.section 115j finds mention in chapter xii-b and deals with the topic, 'special provisions relating to certain companies'. this chapter was inserted by the finance act, 1987, with effect from 1-4-1988 and reads as under:- 115 j(1) ..... required to set off against the profit of the relevant previous year as if the provisions of clause (b) of 1st proviso to section 1 of section 205 of the companies act is applicable. section 205 provides that, if the company has not provided any depreciation for any previous financial year, it shall before declaring or paying dividend ..... notwithstanding anything contained in any provision of this act, where in the case of an assessee being a company, the total income, as computed under .....

income-tax Officer Vs. Ved Parkash Deepak Kumar

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1991)39ITD400(Chd.)

..... capacity. this appears to be the position for the assessment years 1982-83 and 1983-84.5. finance (no. 2) act, 1980 which received the assent of the president on 21 -8-1980 brought on the statute book by way of insertion of sub-section (9) to section 171, effective from 1-4-1980, which reads as under: - 171(9) notwithstanding anything contained ..... he relied on the judgment of the bombay high court in the case of ctt v. smt. godavaridevi sara/[1978] 113 itr 589. it was further submitted by the learned counsel for the assessee that if a provision in the act has been struck down by a high court, the tribunal in the appellate proceedings may take note of such judgment ..... (9) is restricted only to a claim in respect of partial partition effected after 31st december, 1978 made for the first time in the assessment year 1980-81 and that the provisions of section 171(9)(a) would not affect a partial partition which has already been recognised in the assessment year 1979-80 and in respect of which a .....

income-tax Officer Vs. Sat Pal Ved Parkash, Kiryana

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1991)39ITD39(Chd.)

..... return filed on 21-7-1979, there cannot be said to be "any omission", hence first limb of justification for filing of revised return under sub-section (5) of section 139 of the act was not applicable.7. now coming to the words "any wrong statement", the assessee had estimated the profits in the return as also in the so ..... for sales could not be a subject matter of concealment. further that return was filed voluntarily and it was so revised suo mow and voluntarily under section 139(5) of the act.yet further that there was no detection by the income-tax department about any unaccounted for sales or else understatement of net profit much less inaccuracy of ..... total income, hence there is no question of revenue proving anything further for bringing home the offence of concealment by the assessee under the provisions of section 271(1)(c) of the act. yet further, before concluding, we like to clarify that concealment penalty shall be levied by working out the income-tax evaded by the assessee vis- .....

income-tax Officer Vs. Rajendera Trading Co.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1994)48ITD210(Chd.)

..... be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.section 269ss deals with the topic "mode of taking or accepting certain loans and deposits". it was inserted by the finance act, 1984 w.e.f.1-4-1984. in relation to assessment year under appeal, it reads as under ..... : section 269ss. no person shall, after the 30th day of june, 1984, take or accept from any other person (hereafter in this section referred to as the deposit or), any loan or deposit ..... firm and, therefore, the deposit by the karta of the huf is a deposit by the partner himself also stood negatived. strict reliance was placed on section 269ss and penalty imposed under section 271d of the act.4. on appeal by the assessee, the ld. first appellate authority relying on the order-sheet entries dated 5-9-1990 and 17-9-1990 .....

S. Pala Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1992)41ITD482(Chd.)

..... -tax officer in bringing the sale proceeds of the agricultural land to tax under the head 'capital gains' relying simply upon an explanation appended in section 1(a) of the income-tax act by the finance act, 1989. 2. that the learned cit (appeals) was also not justified in rejecting ground no. 3 wherein it was contended before him that ..... on prolonged litigation should not have been out rightly rejected.2. as regards ground no. 1 in view of the retrospective amendment of section 2(1 a) of the income-tax act, 1961 by the finance act, 1989 w.e.f. 1-4-1970, the issue has got to be decided against the assessee.adopting the reasoning and conclusions of ..... received by the sons of the assessee in the hands of assessee's huf. 4. that the learned cit (appeals) should have completely allowed deduction under section 54b of the it act, 1961 and inevitable delay of 4 months made towards reinvestment of sale consideration should have been condoned. 5. that allowance of development expenses of rs. 50, .....

Deputy Commissioner of Vs. Shree Lalit Fabrics Pvt. Ltd. and

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... carefully considered the rival submissions as also the authorities cited at the bar. section 32a of the act was inserted by the finance act, 1976, with effect from april 1, 1976. the finance (no.2) act, 1977, substituted sub-clauses (ii) and (iii) to clause (b) of section 32a(2) by two new sub-clauses. under the new provisions, investment ..... according to shri bansal, the commissioner of income-tax (appeals) in these cases was justified in allowing the assessees' claim for investment allowance on new machinery under section 32a of the act, 13. shri sudershan kapur, appearing for s. r. s. textiles and some other assessees, adopted the arguments of shri bansal and further submitted that, ..... also contended that the decision of the jurisdictional high court is binding on the tribunal as has been held in the case of cit v. mohan lal kansal [1978] 114 itr 583 (p & h). since the decision of the jurisdictional high court would be binding on the authorities within its jurisdiction, it would be an .....

Sodhi Harbhajan Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1993)47ITD48(Chd.)

..... be deemed to be the income of the previous year in which the transfer took place. he has pointed out that sub-section (5) thereof was inserted by the finance act, 1987, w.e.f. 1-4-1988. before the said date, section 45(1) was applicable and, therefore, we have to look to the date of transfer. his main plank of argument is ..... on a decision of the supreme court in the case of k.p. varghese v. ito [1981] 131 itr 597 : 7 taxman 13. that was a case where section 52(2) of the act was under examination and it was to be determined whether that provision had any application in case of a transfer of land. the question there was whether full ..... the punjab act. thereafter, the improvement trust made a request to the collector for acquisition and delivery of possession by a letter dated 30-10-1969. the collector accepted the application made by the trust, vide order dated 31-10-1969. the possession was thereafter taken on 21-4-1971. notice to file claim was published on 27-9-1978 and the .....