Judgment Search Results Home > Cases Phrase: finance act 1983 section 29 omission of section 80mm Court: allahabad Page 4 of about 45 results (0.047 seconds)

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the ld- counsel further submitted that in coming to this conclusion, they have decided the ..... counsel for the department referred to definition of interest in section 2(7) and stated that upto the amendment by the finance act of 1991 interest was specifically excluded and that exclusion being not retained in the amended definition of section 2(7) which would mean that it stood included within the ..... relating to the deletion of the erstwhile clause 'exclusion of interest on securities' in sub-clause (1) of the former section 2(7) of the interest tax act, 1974 by the finance act of 1991, the counsel for the asscssce stated that it would lead to inference that interest on securities was now included within the meaning of interest as defined in section 2(7) of the finance act, 1991. ..... has been ascribed either in the finance bill, 1991, or in the presenting speech of the finance minister or in the statements of objects and reasons of the bill, the well recognised mischief rule of interpretation laid down in heydon's case [1984] 76 er 637 does not and cannot apply to the omission of this hitherto erstwhile- sub-clause .....

Hirday NaraIn Yogendra Prakash Vs. Income-tax Officer, A-ward, Bareill ...

Court : Allahabad

Reported in : [1965]58ITR828(All)

..... that charge has been imposed by the finance act, the provisions of the income-tax act come into play and in accordance with its provisions the quality of the income is determined and the liability assessed.corresponding to section 3 of the income-tax act, 1922, and section 4 of the income-tax act, 1961, in india, is section 1 of the british income tax act, 1952, which read :'1. ..... of the contention of learned counsel would mean that parliament had intended, by enacting sub-clause (ii) of clause (d) of section 297(2), to provide that, notwithstanding the repeal of the act of 1922, if income had escaped assessment because of the omission or failure on the part of an assessee to make a return under section 139 for the assessment year 1962-63 or thereafter, the income-tax officer could take proceedings to assess such income under the act of 1961. ..... that being so, to give effect to the provisions of sub-clause (ii) of clause (d) of section 297(2) in this context, the phrase 'any income chargeable to tax had escaped assessment within the meaning of that expression in section 147' must be construed to mean simply income chargeable to tax which had escaped assessment because of the omission or failure on the part of the assessee to make a return for any assessment year or to disclose fully and truly all material facts necessary ..... 1,00,000 was available for being taxed, there was no omission or failure on the part of the assessee to disclose fully and truly all material fact necessary for .....

Ram Swarup Kaushal Vs. Union of India (Uoi) and anr.

Court : Allahabad

Reported in : [1983]139ITR887(All); [1981]6TAXMAN174(All)

..... the petitioner claims that till the year 1974 various finance acts passed by the union of india used to lay down rates for computing income-tax and surcharge which were uniformly applicable to all ..... if the assessee is a partner of unregistered firm (not being an unregistered firm assessed as a registered firm under clause (1) of section 183) any portion of the assessee's share in the profits and gains of the firm computed in the norms laid down as in section 67 of which income-tax is payable by the firm,(iv)... ..... juridical person referred to in sub-clause (1) of clause 31 of section 2, not being those to whom sub-para. ..... were to be applied in the cases of every individual, huf (other than that mentioned in sub-para, ii) registered firm or other association of persons or body of individuals, whether incorporated or not and every artificial person referred to in section 2(31)(viii) of the income-tax act, sub-para. ..... section 10(2) of the act lays down :' in computing the total income of previous year of any person, any income falling within any of the following clauses shall not be included... ..... section 110 lays down that where there is included in, the total income of an assessee, any income on which no income-tax is payable under the provisions of the act, the assessee shall be entitled to a deduction from the amount of income-tax with which he is chargeable on his total income of an amount equal to income-tax calculated at the average rate of income-tax on the amount on which .....

Commissioner of Income-tax Vs. Brij Transport Company Ltd.

Court : Allahabad

Reported in : [1973]87ITR52(All)

..... referred the following question for the opinion of this court:' whether, on the facts and in the circumstances of the case, the tribunal was right in holding that an order under section 23a of the act after its amendment by the finance act of 1955 is an order of assessment to which the period of limitation prescribed, under section 34(3) applies and such an order cannot, therefore, be made after the expiration of the period of four years from the end of the assessment year '5. ..... the supreme court held that an order under section 23a of the indian income-tax act, 1922, as amended by the finance acts of 1955 and 1957, made by the income-tax officer directing payment of additional super-tax was not an order of assessment within the meaning of section 34(3) of the act, and to such an order the period of limitation prescribed under section 34(3) did not apply. ..... relying upon the decision of the gujarat high court, the tribunal held that the order passed under section 23a after its amendment by the finance act of 1955 in the instant case was barred by time. ..... we hold that an order under section 23a of the act after its amendment by the finance act, 1955, is not an order of assessment to which the period of limitation prescribed under section 34(3) applies. ..... ) wherein the gujarat high court had held that an order under section 23a after its amendment by the finance act of 1955 was an order of assessment to which the period of limitation prescribed under section 34(3) applied. .....

Commr. of Income-tax, U.P., Lucknow Vs. Radhaswami Satsang Sabha

Court : Allahabad

Reported in : AIR1954All291; [1954]25ITR472(All)

..... . marriott', 1926 ac 192 (w), in which viscount cave pointed out that-'by the finance act, 1921 (section 30), exemption is granted from income-tax under schedule d in respect of the profits of a trade carried on by any charity, if the work in connection with the trade is mainly carried on by ..... business income of a charitable or religious trust when the income was applied solely to the purposes of the institution and that the word 'property' in clause (i) of sub-section (3) of section (4), income-tax act, does not bear the restrictedmeaning that it bears in section 9 of the act but includes business, profits or share in a business.that the term 'property' does not necessarily bear a restricted meaning was also held by their lordships of the ..... upon to consider whether the fees realised by the school were exempt from taxation on the ground that they were an annual payment forming part of the income within the meaning of section 37, income-tax act, 1918, said that the answer was twofold, namely, first that the fees received from the scholars were not properly described as an annual payment, and secondly, that it ..... .' and as regards the property and funds on the dissolution of the sabha the tribunal has held that--'under the statutory provisions of sections 13 and 14, societies registration act (21 of 1360) the possibilities of a dissolution of the sabha are rendered remote and even if dissolution takes place any property left after the satisfaction of the sabha's debts and .....

Commissioner of Income-tax Vs. Dhampur Sugar Mills Ltd.

Court : Allahabad

Reported in : [1996]220ITR671(All)

order--sec. 263(1)(c) inserted by finance act, 1989, effect of.ratio :order of tribunal holding that assessing officer's order merged in the order of appellate authority requires reconsideration as section 263(1)(c) was inserted by the finance act, 1989, with retrospective effect from 1-6-1988 and the order of the tribunal was passed much earlier.held :section 263(1)(c) was inserted by the finance act, 1989, with retrospective effect from 1-6-1988. if the amended provision is taken into aid, then the tribunal will not be right in holding that the order of the assessing officer stood merged in the order of the appellate authority. since the tribunal did not and could not advert to clause (c) of section 263(1), as it passed its order on much earlier date, the matter requires reconsideration in view of section 263(1)(c) of the assessing officer. application :not to current assessment years.income tax act 1961 s.263

Orient Arts and Crafts Vs. Commissioner of Income Tax

Court : Allahabad

Reported in : (2005)198CTR(All)378; [2005]279ITR581(All)

..... any plant and machinery upto the prescribed limit would not be entitled to claim weighted deduction under section 35b of the act, in view of clause (1a) of section 35b, as it stood by the finance act, 1978.9. ..... section 2(7) of the finance act, 1966, inter alia, reads as follows :'for the purposes of this section ..... section 35b was amended by insertion of section 35b(1a) by the finance act, 1978, w.e.f ..... be allowed in relation to any expenditure incurred after the 31st day of march, 1978, unless the following conditions are fulfilled, namely :(a) the assessee referred to in that sub-section is engaged in--(i) the business of export of goods and is either a small scale exporter or a holder of an export house certificate; or(ii) the business of provision of technical know-how, or the rendering of services in connection ..... the tribunal, delhi, at the instance of the assessee has referred the following question of law under section 256(1) of the it act, 1961 (hereinafter referred to as 'the act'), for opinion to this court:'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that it was obligatory for the ..... ' means a valid export house certificate issued by the chief controller of imports and exports, government of india;(c) 'provision of technical know-how' has the meaning assigned to it in sub-section (2) of section 80mm;(d) 'small-scale industrial undertaking' has the meaning assigned to it in clause (2) of the explanation below sub .....

In Re: Income-tax Assessment of Misrimal Gulabchand of Beawar for the ...

Court : Allahabad

Reported in : AIR1950All270

..... -section (1) of section 6, finance act, 1939, income-tax for the year beginning on 1st april 1939, is directed to be charged at the rates specified in part 1 of schedule ii, and rates of super-tax are also provided for, and by sub-section (3) it is provided that 'for the purpose of this section and of schedule ii, the expression 'total income' means total income as determined for the purposes of income-tax or super-tax as the case may be, in accordance with the provisions of indian income-tax act ..... is concerned, it is conceded that the assessee is not entitled to claim that the losses incurred in the business in the indian states should be set off against the income from business in british india under section 24 (1), in-come tax act, for that section applies only when losses sustained under one head are sought to be set off against income, profits and gains under some other head and not under the same head, mentioned ..... 'similar provisions are contained in section 6, finance act of 1914, and on a parity of reasoning the law applicable on 1st april 1944 the assessment year being 1st of april 1944 to 31st march 1945, would be the law applicable. ..... this may be illustrated by pointing out that there was no charge on 1938-39 income either of the appellant or his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment. .....

Mishrimal Gulabchand of Beawar, in Re.

Court : Allahabad

Reported in : [1950]18ITR75(All)

..... by sub-section (1) of section 6 of the indian finance act, 1939, income-tax for the year beginning on the 1st april, 1939, is directed to be charge at the rates specified in part i of schedule ii, and rates of super-tax are also provided for, and by sub-section (3) it is provided that for the purpose of this section and of schedule ii, the expression 'total income' means total income as determined for the purposes of income-tax or super-tax, as the case may be, in ..... 'similar provisions are contained in section 6 of the finance act of 1944, and on a parity of reasoning the law applicable on the 1st of april, 1944 the assessment year being 1st of april, 1944, to 31st of march, 1945, would ..... the assessee is not entitled to claim that the losses incurred in the business in the indian states should be set off against the income from business in british india under section 24(1) of the indian income-tax act, for that section applies only when losses sustained under one head are sought to be set off against income, profits and gains under some other head and not under the same head ..... for the set-off of losses against profits.the submission on behalf of the assessee, however, is that in computing the assessable income of the assessee under the head 'business' under section 10 of the act, the losses incurred in the indian states should be taken into account and the assessable income from business should be determined by deducting the losses incurred in business in the indian states from .....

Additional Commissioner of Income-tax Vs. Smt. Vimla Mali

Court : Allahabad

Reported in : [1977]109ITR555(All)

..... elaborating his objection sri sharma submitted that there was a positive finding by the tribunal that there was no concealment of income, by the respondent and hence the answer to the question whether the explanation to section 271(1)(c) inserted by the finance act, 1964, does or does not apply to the present case, will have no effect upon the ultimate decision as to whether penalty should be levied on the respondent for furnishing inaccurate particulars of the ..... appellate tribunal has, at the instance of the revenue, referred to this court the following question: ' whether, on the facts and in the circumstances of the case, the explanation to section 271(1)(c) of the income-tax act, 1961, inserted by the finance act, 1964, with effect from april 1, 1964, applies to the assessment years 1958-59 to 1962-63, on the ground that the returns of income were filed after april 1, 1964 ?' ..... objection raised by sri sharma, the learned standing counsel appearing for the revenue submitted that under the explanation to section 271 inserted by the finance act, 1964, when the total income returned by a person is less than 80 per cent. ..... in such a situation even if the explanation to section 271(1) inserted by the finance act,' 1964, should be applied, the respondent should be held to, have discharged theburden ..... the appellate order of the tribunal would, in substance, amount to this, namely, that the omission or failure of the respondent to give correct particulars of the income of her husband was. .....