Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2004)90TTJ(Asr.)683
..... to countering this device, which enables taxpayers to explain away. unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the income tax act debarring persons from taking or accepting, after 30-6-1984, from any other person any loan or deposit otherwise than by an account payee cheque or account ..... can safely be held that the assessee had not received any deposit or loan, as alleged by the departmental authorities. section 269ss of the act provides that no person shall, after the 30-6-1984, take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account ..... genuine and hona flde transaction will constitute a reasonable cause and accordingly, it was submitted that there was no justification for imposing the penalty under section 271d of the act.shri tarsem lal, the learned departmental representative supported the orders of the authorities below. he further submitted that there is no dispute that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)96TTJ(Asr.)460
..... the income assessed. on the contrary, the ld.d.r. has taken a stand that the said decision has been nullified by amendment to explanation-1 to section 234-b(1) by the finance act, 2001 with retrospective effect from 1-4-1989. at this juncture, it would be relevant to consider the effect of this substitution. the ..... view that interest could be charged only on the tax on the income determined under section 143(1) of the act. per contra, the ld.d.r.invited my attention towards amendments carried out in sub-section (1) and explanation-1 to section 234-b by the finance act, 1995 and 2001 with retrospective effect from 1-4-1989. it was contended that ..... finance act, 1995 carried out certain amendments to sub-section (1) of section 234-b with retrospective effect from 1-4-1989. the amended section provides that where an assessee is liable to pay advance tax under section 208 but has failed to pay such tax or an advance tax paid .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1983)5ITD43(Asr.)
..... provisions by any presumed or assumed intention of the legislature as gathered from the speech of the finance minister introducing the finance act of 1970. (pp. 137-38) the kerala high court in effect has held that ceiling of rs. 1,50,000 as given in section 5(1a) gets enhanced by the amounts of investments specified in clauses (xv) and (xvi) though such ..... , 1970, which is quoted by the wto in the assessment order of the year 1974-75.it will be pertinent to invite attention to clause (xvi) of section 5(1) which refers to a limit on investment to be made in the case of ..... section 5(1a),to be workable, we are inclined to agree with the view taken by the madras bench 'b' and the kerala high court. the stand taken by there venue will by and large make the proviso to be unworkable and it evenruns contrary to what is stated in para 71 of explanatory notes on the main provisions of the finance act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2006)100ITD379(Asr.)
..... less as per books of account. explanation.--for the purposes of this clause, the loss shall not include depreciation; the aforesaid provision /explanation in section 115 jb was substituted by the finance act, 2002 with effect from 1-4-2001 and admittedly applicable retrospectively with effect from 1-4-1997, provides: (iii) the amount of loss ..... that the status of the assessee is of company. the assessment year involved in this appeal is 2001-02. the provisions of section 115jb of the income-tax act were inserted by the finance act, 2000 with effect from 1-4-2001, which provides special provision for payment of tax by certain companies. the explanation (iii) ..... appeals of the revenue for the assessment years 1989-90 and 1990-91. in both the decisions the provisions of section 115jb or the explanation (b) is not considered.this section was inserted by the finance act, 2000 with effect from assessment year 2001-02 in order to simplify the application of the provisions for minimum alternate .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2004)91ITD398(Asr.)
..... v. mussadilal ram bharose (1986) 165 itr 14 (sc) has been quoted for explaining the import of explanation introduced by the finance act, 1964. the said quotation is not relevant as the explanation introduced by the finance act, 1964, was not applicable to the present case and the position about the expln. 1(b) has been discussed in para ..... before appreciating the above argument, certain factual details are necessary namely : (i) the notice issued by the ao under section 274 r/w section 271(1)(c) dt. 31st jan., 1984, on the basis of which the penalty proceedings under section 271(1)(c) were commenced and (ii) the opportunity notice dt. 15th jan., 1986, as mentioned in para ..... will obviously be the notice issued by the ao by which penalty proceedings under section 271(1)(c) were initiated on 31st jan., 1984. subsequent to the initiation of penalty proceedings, the matter was taken up for the levy of penalty under section 271(1)(c) and the ao has issued opportunity letter dt.15th jan., 1986 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2000)68TTJ(Asr.)244
..... (65)/70-tpl, dated 30-12-1970, on the subject-matter, the relevant extract of the circular is reproduced as follows : under section 11(1) of the income tax act, 1961, as amended by the finance act, 1970, income derived from property held under trust for charitable or religious purposes is exempt from income-tax only to the extent such income ..... notwithstanding the changes made in the schemes of tax exemption of charitable or religious trustee through the finance act, 1970. " we are, therefore, of the opinion that income under capital gain is to be calculated in accordance with sections 45 to 59 of the income tax act, 1961. from the facts analysed above, the appellant is entitled for exemption under ..... applied his mind third time. the assessing officer relied on the decision of the hon'ble punjab & haryana high court in the case of cit v. shri radhe mohan (1984) 43 ctr (p&h) 236 : (1985) 153 itr 399 (p&h). the assessing officer gave finding that the total area is consisting of 1920 sq. yrds.and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1989)31ITD151(Asr.)
..... the company, as the case may be, referred to in sub-section (1).7. it should be stated here that sub-section (1a) was inserted by the finance act, 1966, w.e.f. 1-4-1966 and there was no proviso attached to the same as provided with sub-section (1).8. the finance act, 1966 made some fundamental changes w.e.f. 1-4-1966 ..... was 6% at that time which was increased to 9% w.e.f.1-10-1967 by the taxation laws (amendment) act, 1967 and later increased to 12% w.e.f. 1-4-1972 by the finance act, 1972. a further amendment by the taxation laws (amendment) act, .1984, w.e.f ..... in section 201, inasmuch as, in the proviso to sub-section (1) the words "without good and sufficient reasons" were substituted for the word "wilfully". sub-section (1 a) was inserted but the rate referred to therein .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1983)4ITD109(Asr.)
..... (4) were at all applicable to the assessment years 1973-74, 1974-75 and 1975-76. the provision was inserted by section 27(3) of the finance act, 1976, with effect from 1-4-1976. when a law is inserted from a particular date the position is that in respect of substantive law it will have effect for ..... .it is better to reproduce section 7(4): notwithstanding anything contained in sub-section (1), the value of a house belonging to the assessee and exclusively used by ..... out that there is no decision of the high court which directly dealt with section 7(4) which came into force by way of an amendment.he has further referred to the notes on clauses, when the amendment by way of section 7(4) was introduced by the finance act, 1976.3. i have carefully gone through the orders of the two learned members .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2008)114TTJ(Asr.)728
..... : the economic times, dt. 19th jan., 2008).from the above news item, it is clear that the banking sector was enjoying exemption under section 10(23g) which has been deleted by the finance act, 2006. if it were not so, there was no need for the banks to make such representation.9.2 further, it is a fact ..... claimed by the assessee in respect of its income aggregating to rs. 36,10,19,907 under sections 10(15), 10(23g) and 10(33) of the act, in the light of section 14a of the act, which has been brought to statute by finance act, 2001 w.e.f. 1st april, 1962 and was applicable to the assessment year under reference ..... , banks had increased rate of interest on existing infrastructure projects after negotiating with borrowers. under section 10(23g), banks were allowed to claim deduction on the interest earned on long-term lending to infrastructure industries. this section was deleted by the finance act, 2006. the provision exempted specified income by way of dividend, interest and long-term capital .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2006)97ITD482(Asr.)
..... wealth-tax in the state of j&k so the government had no intention to include agricultural land in the definition of urban land in section 2(ea)(v) of the wealth tax act, in the finance act, 1993.(e) had the union government intended to include agricultural land in the definition of urban land for area except the state of j& ..... way of proviso to sub-clause (2) of clause (e) of the then section 2 of the wealth tax act, 1957, in the finance act, 1969.(f) the wealth tax authorities have wrongly interpreted the definition of urban land of the section 2(ea)(v) of the wealth tax act.(g) though the union government is not vested with the power of levying wealth- ..... fall in the definition of urban land. he has also pressed into service speech of the then finance minister to be used while interpreting the provisions of section 2.(ea) of the wealth tax act. he has also contended that as if provisions of section 2(ea) are to be interpreted in the manner to include agricultural land within the purview of .....
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