Judgment Search Results Home > Cases Phrase: finance act 1983 Court: income tax appellate tribunal itat jabalpur Page 1 of about 45 results (0.128 seconds)

Subhash Chand Dinesh Chand Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1995)52ITD212Jab

..... dated 21-5-1988 written to cwt(appeals), bareilly, where he had mentioned that the words "this act", as used in section 18(1)(a) will not cover section 40 of the finance act, 1983 and will only relate to the main wt act, 1957.4.1 in addition to the legal issue raised by the learned counsel, he referred to the fact that the provisions of new section 40 of the finance act, 1983 were not known to the assessee as the assessment year 1984-85 was the first assessment year and ..... reply to the show-cause notice the assessee filed written submissions on 13-2-1989 and stated that the levy of wealth-tax was reintroduced by section 40 of the finance act, 1983 for the first time and the assessee-company came to know of it only through the auditors when they pointed out that the return had to be filed. ..... he laid emphasis on the provisions of sub-section (1) of section 40 and sub-section (5) of section 40 for the proposition that the new provisions introduced by the finance act, 1983 only related to the levy of wealth-tax and that the penalty provisions of section 18 are not attracted in this case.the contention of the learned counsel was that the words "the levy of wealth-tax", ..... these provisions have been made inapplicable with a specific purpose as section 40 of the finance act, 1983 prescribed a flat rate of 2 per cent of wealth-tax to be levied on the net wealth of the closely-held companies and sub-section (3) thereof listed the assets which were to be taken into account for determining .....

Central India Gases Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1998)66ITD571Jab

..... this proviso was introduced through the finance act, 1966, when the concept of block of assets was not in existence. ..... " it would not be out of place to mention here that finance act, 1995 has deleted first proviso to section 32(1)(ii). ..... memorandum explaining provisions of finance act, 1995, para 23.1 & 23.2 reads as under : "23.1 the first proviso to section 32(1)(ii) of the income-tax act provided that where the actual cost of any individual item of machinery or plant did not exceed rs. ..... the finance act, 1995, has deleted the first proviso to section 32(1)(ii) and all items of machinery or plant including those costing less than rs. ..... at page 127, he has written - "according to the first proviso to section 32(1)(ii) (proposed to be omitted by finance bill, 1995) where the actual cost of any machinery or plant does not exceed five thousand rupees, the actual cost thereof shall be allowed as a deduction in respect of the previous year in which such machinery or plant is .....

Commissioner of Income-tax Vs. Meera Engg. and Commercial Co. (P)

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... sophia finance ltd. ..... sophia finance ltd. ..... sophia finance ltd. ..... the fact that the assessee is incorporated under the companies act, is not disputed. ..... 256(1) of the it act is by the revenue, requiring this tribunal to refer the following questions as of law to the hon'ble madhya pradesh high court at jabalpur for their esteemed opinion : "1. ..... 68 of the it act without appreciating the fact that the restaurant was running in loss and the assessee was not able to explain the sources of cash credit 3. ..... 68 of the it act, made by the ao relying on the delhi high court decision in the case of cit vs. ..... 32 of the it act". ..... 133(6) of the it act. ..... 68 of the it act. .....

Commissioner of Income-tax. Vs. Meera Engg. and Commercial Co. (P)

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1998)60TTJJab161

..... sophia finance ltd. ..... sophia finance ltd. ..... sophia finance ltd. ..... the fact that the assessee is incorporated under the companies act, is not disputed. ..... 133(6) of the it act.these particulars also reveal the financial status of the shareholders.it is seen from the paper book that affidavits, confirmation letters and replies were placed before the authorities below, especially before the ao during ..... 256(1) of the it act is by the revenue, requiring this tribunal to refer the following questions as of law to the honble madhya pradesh high court at jabalpur for their esteemed opinion : "1. ..... 68 of the it act without appreciating the fact that the restaurant was running in loss and the assessee was not able to explain the sources of cash credit 3. ..... 68 of the it act, made by the ao relying on the delhi high court decision in the case of cit vs. ..... 32 of the it act". ..... 68 of the it act. .....

Agrawal Motors Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1999)68ITD407Jab

..... provisions of section 69d observed as under:- a' 'hundi' in a common commercial parlance, denotes an indigenous form of bill of exchange, by and large in vernacular language, which is used by mercantile community in india.bill of exchange is defined in section 5 of negotiable instruments act, 1981 as under:- a 'bill of exchange' is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument ..... , valuable article, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this act.from the above definition of undisclosed income, it is clear that any income or property which is either wholly or partly has not been disclosed or would not have been disclosed for the purpose of the income- ..... by finance act, 1995 ..... bank invoice remains which was issued a few months back than the actual sale taking place of sale, (b) as per the norms of the bank, the tractor is not financed unless the farmer purchases some accessories, which are necessary for the application for agricultural purposes. ..... was found by the assessing officer that the assessee was issuing different invoices for different purposes i.e the invoices issued for bank finance purposes was of more value than the value entered in the books of account. .....

Anil Ahuja Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... was inserted by the finance act of 1994 with effect ..... of opinion where the assessing officer came to the conclusion that section 44ad is applicable in this case whereas commissioner (appeals) has opinioned that after amendment of section 147 by direct tax laws (amendment) act, 1987 with effect from 1-4-1989, the words 'omission and failure' have been omitted from it but such opinion of ld.commissioner (appeals) is unjustified and erroneous in view of decision of m.p. ..... the section provides that notwithstanding anything to the contrary contained in sections 28 to 43c of the act, in the case of an assessee engaged in the business of civil construction or supply of labour for civil construction, a sum equal to eight per cent of the gross receipts paid or payable to the assessee in the previous ..... amendment of section 147 by direct tax laws (amendment) act, 1987, with effect from 1-4-1989 the words ?ornission ..... the speech given by the finance minister can be relied so as to find out the object intended to be ..... the speech given by the finance minister on 28-2-1994 while giving budget speech read as ..... (appeals) in upholding the assessment order passed under section 147 of the income tax act, 1961 and issuance of notice under section 148 of income tax act, 1961 is illegal, erroneous and unjustified. 2. ..... of the case, the commissioner (appeals)-il was erroenous and unjustified while upholding that the provisions of section 44ad of income tax act, 1961 are applicable in the appellant's case. 3. .....

Mahesh Prasad Soni Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2004)86TTJJab815

..... such persons in support of their explanation.with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the income tax act debarring persons from taking or accepting, after 30-6-1984, from any other person any loan or deposits otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or the aggregate ..... before us, the assessing officer/commissioner (appeals) have imposed penalty under section 271d of the act as the assessee has taken or accepted loan or deposits otherwise than by an account payee cheque or account payee bank draft in violation of section 269ss of the act.the provisions of sections 269ss and 269t were brought on the statute by the finance act, 1984, with effect from, 1-4-1984. ..... the appeal has been directed by the assessee against the order of the commissioner (appeals) dated 28-10- 1999, confirming penalty under section 271d of the act pertaining to assessment year 1996-97.briefly, the facts of the case are that the assessee derived income from trading in jewellery, truck plying and sale ..... relying on the decision of the commissioner (appeals) submitted that the genuineness of the payment or the creditworthiness of the lender was not relevant for the purposes of penalty under section 271d of the act.as the assessee had failed to prove the reasonable cause in violating the provisions, the penalty was exigible in this case. .....

Assistant Commissioner of Vs. thermoflics India

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1997)60ITD554Jab

..... or (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the ..... sub-section (4) to section 45 was inserted by the finance act, 1987, w.e.f. ..... the word "transfer" is amended by the finance act, 1987, w.e.f. ..... the capital gains tax would be chargeable in the previous year in which the transfer takes place.sub-section (47) of section 2 of the income-tax act, defines the word "transfer" in relation to the capital assets as under : (iv) in a case where the asset is converted by the owner thereof into, or is treated by him as stock-in-trade of a business carried on by him, such conversion or treatment; ..... by the finance act, 1987, ..... sale' and 'sold' are not defined in the income-tax act; those expressions are used in section 10(2)(vii) in their ..... it is crystal clear that on the dissolution of the firm and upon the consequent distribution of the assets amongst the partners, there is no transfer of asset within the meaning of section 2(47) of the income-tax act, and, thus, there is no liability of capital gains tax. .....

Sri Satyapal Wassan L/H Sri Naresh Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... this amendment was introduced by the finance act, 2006 with retrospective effect from 1.10.1991 ..... after the amendment by finance act, 2006, the view was explicitly made clear that time limit for issuance of notice under section 143(2) will not apply in re-assessment ..... presumption under sub-section (4a) would not be available for the purpose of framing a regular assessment there is nothing either in section 132 or any other povision of the act to indicate that the presumption provided under section 132, which is a self-contained code for search and seizure and retention of etc. ..... rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this act in respect of the total income of the previous year of every person: provided that where by virtue of any provision of this act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. ..... rates are prescribed in the annual finance act. ..... being a complete code in itself section 132 cannot intrude into other provision of the act similarly, other provisions of the act cannot interfere with the scheme or the working of section 132 or its provisions.thus, the case of the revenue is not assisted by section 132(4a) in any ..... as per chambers 20th century dictionary (1983) edition), 'book' is defined as under: a collection of sheets of paper etc .....

New Ajanta Road Lines Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2002)254ITR85Jab

..... new provisions in regard to the taxation of the firms were introduced by the finance act, 1992, with effect from april 1, 1993, as a result of which the firms were made entitled to claim salary and interest to the working partners and consequently the old provisions dealing with the registration of firm, ..... section 184(1) stipulated that a firm shall be assessed as a firm for the purposes of this act if the partnership is evidenced by an instrument and the individual shares of the partners are specified in that instrument. ..... reliance was also placed on the provisions of section 184(3) of the income-tax act, 1961, for the proposition that in the absence of change in the constitution of the firm, it would be assessed as such in the same manner in which it was being assessed in the earlier year. .....