Judgment Search Results Home > Cases Phrase: finance act 1984 section 2 income tax Court: income tax appellate tribunal itat chandigarh Page 2 of about 517 results (0.287 seconds)

Dewan Chand Amrit Lal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD200(Chd.)

..... explanation. 32.1 with a view 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 it act debarring persons from taking or accepting after 30th june, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the ..... trace the legislative intent for incorporation of such provisions of the act.sec. 269ss was newly inserted by finance act, 1984 (21 of 1984) w.e.f.1st april, 1984. the provisions are effective from 1st july, 1984. the scope and effect of section 269ss and section 276dd have been explained in the departmental circular no. 387, dt. 6th july, 1984. the relevant portion is reproduced hereunder: "(xxiv) prohibition against taking .....

Asstt. Cit Vs. Kishore Lal Balwant Rai

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... the purport of chapter xiv-b dealing with the procedure for making assessment in the cases of search which has been inserted in the act by the finance act, 1995 consisting of sections 158b to 158bh with effect from 1-7-1995. under these provisions the undisclosed income detected as a result of a search initiated or ..... section 158bd can be issued at any time for the reason that there is no time limit prescribed. in our view the said argument is fallacious having regard to the scheme of the block assessment under chapter xiv-b as also the objectives for which the special procedure for assessment in search cases has been brought on statute by the finance act ..... , 1995. in the memorandum explaining the provisions introduced by the finance act, 1995 (refer to 212 itr 345 (st.) in this connection), it is explained that under the then existing scheme of assessment .....

J.C.i.T. Spl. Range Vs. Arihant Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)278ITR254(Chd.)

..... that the issue as to whether advance tax was to be payable even if the income was to be determined under section 115ja, was a debatable issue and moreover the provisions of section 115ja were brought on statute by the finance (no. 2) act, 1996 which got the assent of hon'ble president of india on 28.9.96. as such the assessee was ..... v. sant ram mangat ram jewellers and ors. reported at 264 itr 564. we, therefore, are of the view that the assessee was liable to pay advance tax.however, section 115 ja had been brought on statue by the finance (no.2) act, 1996 w.e.f. 1.4.97 and applicable to the previous year relevant to assessment year 1997-98 the ..... finance (no. 2) act, 1996 got the assent of hon'ble president of india on 28.9.96 and before this date this section was not on statute. admittedly, first installment of the advance tax becomes due on 15th june and the second on .....

Assistant Commissioner of Income Vs. Parker Cycle Industries

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)104TTJ(Chd.)983

..... the learned cit(a) has erred in law and facts in directing not to reduce the premium on sale of depb which is sold after close of the finance act (sic-financial year) by ignoring that the same cannot be treated to have accrued during the previous year.14. the relevant facts relating to this common issue ..... the premium received for the transfer of the export quotas would be treated as a part of export profit eligible for deduction under section 80hhc of the it act or not. 2. deduction under section 80hhc is allowed on export profits with a view of encourage earnings in convertible foreign exchange. since the premium payment on export quotas ..... the subsequent year and accordingly the income relating to such transaction is assessable in the subsequent assessment year. the ao is accordingly directed to rework the deduction under section 80hhc after excluding the sale proceeds of depb licences from the turnover as well as from the profits of the business. we direct accordingly. 4. that the .....

Assistant Commissioner of Income Vs. Garg Roller Flour Mills (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1999)68ITD326(Chd.)

..... ao to accept the application. he also deleted additional tax of rs. 3,575.4. learned departmental representative submitted that the provisions of s. 143(1a) were amended by the finance act, 1993, w.e.f. 1st april, 1989, and that under the amended provisions even where loss is reduced as a result of adjustment made under s. 143(1)(a), ..... seen that the decision has been rendered in the context of order of the tribunal passed on 30th december, 1991, i.e., much before the law was amended by the finance act, 1993. it is also observed from the case of modern fibotex india ltd. (supra) that the main decision is on two issues, i.e., the date for judging the ..... and 264, which were rejected. on a writ petition against the said orders, high court held as above and concluded that the impugned adjustment and intimation were ultra vires the section and were liable to be set aside. it is also observed from the decision in the case of sri gopala krishna jute mills ltd. (supra) that the amount of rs .....

Hero Cycles (P.) Ltd. Vs. Surtax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1994)49ITD57(Chd.)

..... pronouncements on this question. but after the amendment introduced by the finance act, 1990, the receipt from sale of import entitlement was made taxable with retrospective effect from 1-4-1962. sections 2(24)(va) and 28(iiia) of the income-tax act were amended by the finance act, 1990.10. the 1d. counsel has submitted that the amendment ..... made w.e.f.1-4-1962, was a retrospective legislation and, therefore, since this amendment came on the statute book under the finance act, 1990, the assessee ..... assessee adopted two remedies simultaneously - one by way of filing an appeal before the commissioner (appeals), and the other by way of an application under section 17 of the act. it has been argued that the two simultaneous remedies cannot be adopted and, therefore, the appeal was not maintainable. it has also been submitted that .....

Gurjit Singh Mansahia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)5ITD125(Chd.)

..... '. however, the definition of capital asset underwent a change by section 3 of the finance act, 1970 with the substitution of clause (iii) which is as under : (a) in any area which is comprised within the jurisdiction of a municipality (whether known ..... to the rival submissions and we are of the opinion that the assessee is entitled to succeed. section 2 of the act deals with definitions. section 2(14) defines capital assets.before the substitution of sub-clause (iii) of clause (14) by the finance act, 1970 with effect from 1-4-1970 'capital assets' did not include 'agricultural lands in india ..... high court in the case of manubhai a. sheth (supra) and the court has held that sub-clause (iii) of clause (14) of section 2 with other relevant sections of the act does not operate to levy capital gains tax on profits or gains arising from the transfer of land which is used for agricultural purposes. the hon .....

Rasan Detergents (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1995)52ITD55(Chd.)

..... argued before us in the assessee's appeal for the assessment year 1984-85 that the revenue authorities have taken a wrong view in the matter. he has pointed out that item no. 20 in the list in the eleventh schedule to the income-tax act was omitted by the finance act, 1981 w.e.f. 1-4-1982. the said item no. ..... the assessee in this year at the cost of rs. 2,92,110 for the manufacture of soap was held to be not eligible for investment allowance under section 32a of the income-tax act. the cit (appeals), however, in this year, allowed investment allowance on the entire plant and machinery on the ground that the word "soap" occurring in item ..... was of the view that "soap" appeared at item no. 4 in the eleventh schedule to the income-tax act and, therefore, any machine acquired for the purpose of manufacture of soap did not qualify for the purposes of investment allowance. section 32a(2)(b)(iii) specified that investment allowance shall be allowed on a new machinery or plant installed after 31 .....

Assistant Commissioner of Wealth Vs. Mukesh Steel (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1998)60TTJ(Chd.)252

..... submitted that the order of the learned cwt(a) should be upheld for both the years.8. we have given careful thought to the rival submissions of the parties. sec. 40 of the finance act, 1983, reintroduced levy of wealth in the case of closely-held companies. the assets which were charged to tax were specified in sub-s. (3) of said ..... deducted proportionate value of debts of rs. 50,353 and rs. 38,983, respectively. the basis of deduction of proportionate liability for asst. yr. 1984-85, on the basis of the balance sheet as on 30th june, 1984, is as under : similar deduction was claimed in asst. yr. 1986-87. the ao accepted returned wealth in both the years under s. ..... 16(1) of the act, vide orders dt. 28th february, 1989.3. subsequently, the ao found that the assessee was not entitled to deduction of .....

Wealth-tax Officer Vs. Sham Lal

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)3ITD587(Chd.)

..... erred in issuing the directions that he did for the reasons that we record infra. section 7(4) was brought on the statute book by the finance act, 1976 with effect from 1-4-1976 by way of insertion. the memorandum to the finance act explained that the valuation of self-occupied properties had from year to year resulted in ..... certain practical difficulties and inconveniences to taxpayers. therefore, with a view to getting over these difficulties,, this section freezes the open market valuation of such properties at the option of ..... 78 to 1979-80. the common issue involved in all these appeals is whether the assessee was entitled to the benefit of the provisions of section 7(4) of the wealth-tax act, 1957 ('the act'), with regard to the kothi in sant nagar, civil lines, ludhiana, onstructed in the financial year 1973-74.2. the assessee is a .....