Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2008)116TTJAgra951
..... have taken into account the insertion of clause (iiib) in section 28 by the finance act, 1990. further, it is also relevant to note that by the same finance act, 1990, clause (iiib) was inserted into section 28 and changes were also made in section 80hhc(3). therefore, section 80hhc as it stood at the relevant time was required to ..... be r/w section 28(iiib) because both the sections have been amended by the same finance act of 1990.4. in the circumstances ..... , the words 'business profits' in the above formula under section 80hhc(3) would include cash compensatory allowance and duty drawback and accordingly the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)99TTJAgra212
..... per para 6(e) to para 7 of its order, has held as under : on the question of legislative intent, the cbdt has explained the object of introduction of section 269ss by the finance act, 1984, in its circular no. 387, dt. 6th july, 1984, (1985) 152 itr (st) 1 thus : 'unaccounted cash found in the course of searches carried ..... penalty a sum equal to the amount of the deposit so repaid. (2) any penalty imposable under sub-section (1) shall be imposed by the dy. jt. cit' the provisions of sections 269ss and 269t were brought on the statute by the finance act, 1984 w.e.f. 1st april, 1984. the intention behind bringing the above provisions on the statute ..... was clarified by the cbdt vide its circular no. 387, dt. 6th sept., 1984 [sic-memorandum explaining the provision of the finance bill, 1984] [reported in ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2004)82TTJAgra689
..... amendment in sub-clause (b) of clause (c) of sub-section (1) of section 158 bb by finance act, 2002 w.e.f. 1st july, 1995.27. we have carefully considered the rival contentions and we noted that by finance act, 2002, sub-clause (b) of clause (c) of sub-section (1) of section 158 bb has been inserted with retrospective effect from 1st july, ..... 1993-94 18,000 1994-95 18,000 1995-96 18,000 38. the learned counsel for the assessee has argued that as per the provisions of section 158bb of the it act, 1961, there is no scope for estimating the income incurred on household expenditure. no documents or information in this regard was found during the course of ..... below taxable limit for the asst. yr. 1995-96.8. according to the ao, the income has not been computed in accordance with the provisions of section 158bb of the it act for the reason that the assessee has claimed estimated expenses mentioned above, which are not reflected in the seized documents. the ao further mentioned in the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2003)84ITD391Agra
..... to accept the view taken by the ao. the finance act, 1995 inserted a new chapter xiv-b in the act. the chapter provides a new concept for the assessment in cases relating searches conducted under section 132. of the act or requisitions made under section 132a of the act after 30th june, 1995. the assessment relating to actions ..... officer.36. even prior to the insertion (w.e.f. 1st july, 1995) of expln. 2 to section 158be by the finance (no. 2) act, 1998, it has been held that on a plain reading of section 158be, execution of the authorisation means completion of search or implementation of search order. any other interpretation would ..... meaning of the words "execution" and "requisition" while calculating the period of limitation in section 158be of the it act, the finance (no. 2) act, 1998, has inserted a clarificatory explanation with retrospective effect from 1st july, 1995. expln. 2 to section 158be enacts deeming provisions and provides that for the removal of doubts, it is hereby .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2004)87TTJAgra488
..... instructions are of administrative nature without expressing any opinion as to whether the instruction in question has been issued in exercise of power conferred on cbdt under section 119 of the act or not. this issue has been considered by this bench in assistant commissioner, circle-1, jhansi v. jain motors tractors, kachahari chauraha, jhansi (supra ..... 210 itr 129 (sc), for the view that instructions cannot override provisions of act, has since been overruled by the hon'ble ..... be within the power conferred under section 119 of the act. he has further mentioned that the language of the circular in question issued by cbdt would show that they were issued under section 119 of the act.he has further mentioned that the reliance made upon the decision in the case of kerala finance corporation v. cit (1994) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2003)81TTJAgra751
..... [(2000) 244 itr (st) 54).13. we have carefully considered the rival submissions. we have also gone through the provisions of expln. (1)(baa) of section 80hhc(4b), which says as under (inserted by finance act, 1999, w.e.f. 1st april, 1992) : "(baa) "profits of the business" means the profits of the business as computed under the head ..... "profits and gains of business or profession" as reduced by -- (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and fiiic) of section 28 or of ..... (2003) 260 itr 371 (bom) has held as under : "explanation (baa) to section 80hhc of the it act, 1961, was inserted by the finance (no. 2) act, 1991, w.e.f. 1st april, 1992. under that explanation, "profits of the business", for the purposes of section 80hhc does not include receipts, which do not have an element of turnover like rent, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2004)90ITD641Agra
..... the statutory period of limitation. it is, however, seen that the provisions contained in section 153(2a) of the act is an exception to the above general rule. this sub-section has been inserted in the act by the taxation laws (amendment) act, 1970.this sub-section was substituted by the finance act, 2001 w.e.f.01.06.2000. prior to this substitution which is relevant for ..... our consideration reads as under:- "(2a) notwithstanding anything contained in sub-sections (1) and (2), in relation to the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2004)91TTJAgra621
..... offered would apply only in a field or cases where section 40(b) had no application. therefore, it is not right to contend that provision of section 40a must override provisions of section 40(b) of the income tax act. the provisions of section 40(b) were amended by finance act, 1992 with effect from 1-4-1993 and remuneration ..... paid by a firm to its working partner has been allowed as a deduction provided it is within the limit prescribed. the relevant sub-clause (v) of clause (b) of section ..... maintained. the assessing officer, after having considered the explanation of the assessee in this regard, rejected the books of accounts of the assessee under section 145(2) of the act. the assessing officer further mentioned that the assessee had shown gp rate of 35.72 per cent in the second period of assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2004)91TTJAgra547
..... , 1995, with effect from 1-7-1995. thus, prior to the amendment the obligation of an assessee to whom section 44ab applied was merely to get the accounts audited and obtain an audit report before the specified ..... section 44ab of the income tax act, 1961, as it stood prior to 1-7-1995, was merely to get the accounts audited before the specified date. there was no obligation to furnish that audit report before the assessing officer before the specified date.this obligation has been created by substituting the words "furnish by" for the words "obtain before" by the finance act ..... submission of the assessee. according to him, non-furnishing of audit report within the time prescribed under section 139(1) of the, act, would attract penalty under section 271b of the act. since the return had been filed under section 139(4) and no reasons had been given for not filing, the audited report within the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2004)88ITD620Agra
..... hence was in the nature of loan/advance. the assessing officer also referred to the amended definition of "credit institution" inserted by the finance act, 1991 w.e.f. 1-10-1991 in section 2(5b)(i) of the act. the assessing officer further held that the assessee's case fell within the tests laid down in the board's circular no. 760, ..... the cbdt issued a circular no. 738 dated 25th march, 1996, and clarified that the finance charges accruing or arising to hire purchases finance company are in the nature of interest as defined in section 2(7) of the interest-tax act, and, therefore, chargeable to interest-tax act.13. however, in another circular no. 760, dated 13-1-1998 the cbdt has again ..... dated 13-1-1998. after referring to the board's circular and the decision of the hon'ble supreme court in the case of sundaram finance ltd. v. .....
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