Judgment Search Results Home > Cases Phrase: finance act 1984 section 34 amendment of act 27 of 1957 Sorted by: recent Court: income tax appellate tribunal itat jabalpur Page 1 of about 2 results (0.069 seconds)

Subhash Chand Dinesh Chand Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1995)52ITD212Jab

..... 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 the assessee had a reasonable cause in late ..... (supra) and submitted that a liberal view may be taken.4.2 he also mentioned that the assessee cannot be penalised for the lacuna in law and penalty cannot be charged unless the act is suitably amended.4.3 the learned counsel also stated that the penalty imposed for the assessment year 1985-86 is for a period of one month and the same should not have been levied.5. ..... connection the cwt (appeals) analysed the statement of facts filed by the learned counsel and noted that the only reason attributed to the late filing of the return was ignorance of the assessee about the amended provisions relating to wealth-tax in the case of closely-held companies. ..... for extension of time and the submissions made by the learned counsel, the cwt (appeals) observed that "it is, therefore, proved to be hilt that the plea taken before the assessing officer as well as before me of ignorance of the amended provisions of law is thoroughly misleading. .....

income Tax Officer Vs. Babu Lal Jain

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2008)116TTJJab741

..... considering other related case law, it has been held that until amount found entered in the books of account of the assessee is satisfactorily explained by the assessee, same could always be added in the income of the assessee under section 68 of the act.in the instant case, the assessee has not been able to satisfactorily explain the source of amount of rs ..... due to difference of opinion amongst the members of jabalpur bench the hon'ble president, tribunal, nominated me as third member under section 255(4) of the it act, referred the following question to me: whether confirmation of order of learned cit(a) in deleting the addition of rs ..... same.since there is difference of opinion on one issue between the members constituting the bench who have heard this appeal, therefore, following point of difference is being formulated for nomination of third member as envisaged under section 255(4) by the learned president tribunal: whether confirmation of order of learned cit(a) in deleting the addition of rs ..... contended that the ao without verifying the verifiable facts from the partner and also from m/s bahar enterprises, which is also a concern being assessed in this very circle, the impugned addition was made under section 68 treating it as the unexplained cash credit in the case of the assessee firm, so addition made be deleted. 39 ..... . jaiswal motor finance addition in the hands of the firm cannot be made when credit entries are there in the capital account of the partner's in the books of the firm. .....

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

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... 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 proceedings. ..... this amendment was introduced by the finance act, 2006 with retrospective effect from 1.10.1991. ..... we are, therefore, of the opinion that the case of the assessee cannot be put within the ken of section 68 of the act.since the facts of the present case are similar to the case of sri kantilal & bros. ..... (a) considering the fact that the notice issued under section 143(2) of the income tax act was contrary to the provisions of law, the impugned notice under section 143(2) of the act is bad in law rendering all subsequent action, including the assessment completed on 30/03/1999 under section 143(3) of the act, bad in law and illegal. ..... (a) considering the fact that the notice issued under section 143(2) of the income tax act was contrary to the provisions of law, the impugned notice under section 143(2) of the act is bad in law rendering all subsequent action, including the assessment completed on 30/03/1999 under section 143(3) of the act, bad in law and illegal. ..... (a) considering the fact that the notice issued under section 143(2) of the income tax act was contrary to the provisions of law, the impugned notice under section 143(2) of the act is bad in law rendering all subsequent action, including the assessment completed on 30/03/1999 under section 143(3) of the act, bad in law and illegal. .....

Anil Ahuja Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... profit of such transaction was processed under section 143(1) and without resorting to scrutiny assessment notice under section 148 was received which is not proper and legal inasmuch as there is a change 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 ..... one of the plea of the assessee has concluded to give part relief to the assessee as per conclusion arrived in the last para at pages 3 to 4 of the order as under: decision an my opinion, section 44ad has wide amplitude and any person who buys land in his own name, constructs a building on the same and then sells the buildings as a whole, the whole of such activity will also be covered ..... filed by the assessee declaring income after working out the profit from such sales of residential units and other transactions was processed under section 143(l) without resorting to scrutiny assessment and subsequently proceedings under section 147 were initiated and notice under section 148 was issued as assessing officer was of the opinion that since the business is of civil construction and profit shown is less ..... section 44ad was inserted by the finance act ..... the speech given by the finance minister can be relied so as to find out the object intended ..... the speech given by the finance minister on 28-2-1994 while giving budget speech read .....

Assistant Commissioner of Income Vs. Jabalpur Hospital and Research

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2006)103TTJJab536

..... relevant data has been filed by the assessee to establish that there was actual need of funds on the dates when loans are accepted in violation of provision as contained under section 269ss and in case such loans were not received on these particular dates, the assessee would have been put to inconvenience as well as had suffered irreparable loss and the assessee ..... as made before the lower authorities, it was pleaded for deletion of the penalty imposed by ao as there was reasonable cause for not complying with the provisions as contained in section 269ss because the assessee raised loans during the course of construction of the hospital when it was in urgent need of the money to make the payment of labourers and various dealers ..... and while upholding such validity, at the same time, hon'ble supreme court has held as under: it is important to note that another provision, namely section 273b was also incorporated which provides that notwithstanding anything contained in the provisions of section 271d, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provision if ..... the ao while observing that as per provision of section 269ss of it act, if any person takes or accepts from any other person any loan or deposit after 30th of june, 1984, otherwise than by an account payee cheque or draft, if the amount of such loan or deposit ..... that the hospital project was appraised and financed by sbi jabalpur and a term loan .....

Assistant Commissioner of Income Vs. Priya Paper Works

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2007)106TTJJab234

..... opined that commercial connection are irrelevant from the preposition of derived from and relevant observations are as under-- to be entitled to the relief under section 80hh of the it act, 1961, the source of the particular income on which rebate under that section is sought for, must directly emerge from the running of the industrial undertaking, yielding profits and gains. ..... holding that mere connection between an income and the industrial undertaking would not be sufficient and there were no compelling reasons to give a wider meaning to the expression 'derived from' in section 80hh of the act, as the intention of the legislature was that industrial undertaking must be the source of the profits or gains: pandian chemicals ltd. v. ..... excess stock of paper, which is a raw material for the manufacturing of the products of the assessee has rightly been held by the ao to be not income derived from industrial undertaking.the words "derived from" under section 80-i of the act, to our mind, cannot have a wide import so as to include any income which can in some manner be attributed to the business. ..... 4 lacs disclosed by the assessee on account of excess stock of paper found at the time of survey/search to work out the deduction under section 80-i and learned cit(a) was not correct in directing the ao to include such excess stock of paper found at the time of survey/search ..... this section was also deleted w.e.f.1st april, 1973 and the present section was brought on the statute book by finance .....

Mahesh Prasad Soni Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2004)86TTJJab815

..... in the case 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. ..... 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 amount of such loan and deposit is rs. ..... 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 of agricultural produce. ..... 387, dated 6-7-1984 explaining the object of introducing the provisions of sections 269ss and 269t of the act, it was held that it was not the intention of the legislature to penalize genuine flow of funds for meeting the urgent business necessities. .....

New Ajanta Road Lines Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2002)254ITR85Jab

..... mere fact that the same is not certified by the partners, would render it liable to be assessed as an association of persons in this connection, it will be useful to refer to the explanation to section 184(2), which reads as under : "for the purposes of this sub-section, the copy of the instrument of partnership shall be certified in writing by all the partners (not being minors) or, where the return is made after the dissolution of the firm, by all persons (not ..... 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 ..... in the opposition, the learned departmental representative justified the action of the authorities below while pointing out that there was a clear violation of the provisions of section 184 inasmuch as a copy of the partnership deed not certified by all the partners was filed along with the return of income and the subsequent action of filing a copy of the partnership deed ..... once registration is granted and the firm is assessed as such in the assessment year 1993-94 then section 184(3) comes into picture, according to which the registration granted continues for all the subsequent years unless there is a change in ..... the amended provisions of section 184 are relevant for our purpose because the assessment year involved in the present .....

Agrawal Motors Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1999)68ITD407Jab

..... 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 ..... [emphasis supplied] similar view was expressed in the notes on clauses of the finance bill.section 158b(b) defines the word "undisclosed income" as under :- undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or ..... 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. ..... inserted by finance act, 1995 ..... it 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. ..... all the quotations/proforma invoices issued to the farmers for bank finance purposes a few accessories are mentioned. .....

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

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1998)66ITD571Jab

..... 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 ..... the finance act, 1995, has deleted the first proviso to section 32(1)(ii) and all ..... that finance act, 1995 has deleted first proviso to section 32(1)(ii) ..... under : "32(1) in respect of depreciation of buildings, machinery, plant or furniture owned by the assessee and used for the purposes of the business or profession, the following deduction shall, subject to the provisions of section 34, be allowed - (ii) (in the case of any block of assets, such percentage on the written down value thereof as may be prescribed) provided that where the actual cost of any machinery or plant ..... shall be restricted to 50 per cent of the amount calculated at the percentage prescribed under this clause in the case of block of assets comprising such asset.from the plain reading of section 32(1)(ii) and third proviso it is apparent that the third proviso is applicable in respect of the assets forming part of the block of the assets on which depreciation is allowed at such percent age on wdv ..... was introduced through the finance act, 1966, when the ..... 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 .....