Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: allahabad Page 10 of about 245 results (0.096 seconds)

Cit Vs. Wajid Sons (P) Ltd.

Court : Allahabad

Reported in : [2005]144TAXMAN848(All)

..... on these facts, the apex court has held that the question whether sections 17(1) and 22 of the indian income tax act, 1922 was applicable to the case of the firm was not free from doubt and it was not open to the income tax officer to go into the true scope of the provisions of the act in a rectification proceeding under section 154 of the act and the income tax officer was wrong in holding that there was a ..... tribunal, delhi has referred the following questions of law under section 256(1) of the income tax 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 has been correct in law in upholding the commissioner (appeals) order directing accepting of the assessee's request made under section 154 of the income tax act, 1961 that it was an industrial undertaking and the ..... in the finance act, which were applicable to assessment years in question, the definition of industrial company has been given as follows:'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of ..... of tax has been prescribed for the assessment years in question in respect of an industrial company by the respective finance acts. ..... case, the facts were that the original assessment of volkart brothers, a firm duly registered under the act, were made on the slab rate prescribed under the respective finance act applicable to registered firm. .....

Commissioner of Wealth-tax Vs. His Highness Maharaja Vibhuti NaraIn Si ...

Court : Allahabad

Reported in : [1979]117ITR246(All)

..... jewellery' intended for personal use of the assessee within the meaning of section 5(1)(viii) of the wealth-tax act, 1957, would exclude ornaments made of gold, silver, platinum or any other precious metal or any alloy for the assessment years 1964-65 and 1965-66 and whether the tribunal was legally correct in holding that explanation 1 which was added to section 5(1)(viii) by section 32 of the (finance) act,1971, could not be pressed into service in interpreting the word ..... on the facts and in the circumstances of the case, the tribunal was legally correct in setting aside the appellate assistant commissioner's order by which he refused to permit the assessee to claim exemption under section 5(1)(viii) as the point did not arise out of the assessment order and the wealth-tax officer had not investigated whether the jewellery was mainly intended for personal use of the assessee ?2. ..... this finance act added two provisos and two explanations but the same were made operative prospectively from ..... clause (viii), after its amendment, reads as follows:'(viii) furniture, household utensils, wearing apparel, provisions and other articles intended for the personal or household use of the assessee, but not including jewellery...... ..... clause (viii) was amended retrospectively to be effective from april ..... (1) subject to the provisions of sub-section (1a) wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of .....

Dr. Shashi Kant Garg, Son of Dr. P.L. Garg Vs. Commissioner of Income- ...

Court : Allahabad

Reported in : (2006)203CTR(All)75; [2006]285ITR158(All)

..... this would be the position after 1.4.1988 in view of the omission of the words 'additional commissioner' in section 2(16) of the act by the direct tax laws (amendment) act, 1987; and(iii) where an assessment has not been made under sub-section (3) of section 143 or section 147 of the act and the period of four years from the end of the relevant assessment year had expired, notice under section 148 of the act can be issued only by an officer of the rank of the joint commissioner after being satisfied ..... this court, in the aforementioned case, was considering a case prior to the amendment made in section 151 by the direct tax laws (amendment) act, 1987, with effect from 1.4.1989.50. ..... however, prior to 1.4.1988 an additional commissioner of income tax was also included within the meaning of the word 'commissioner' but after its omission by the direct tax laws (amendment) act, 1987 with effect from 1.4.1988, additional commissioner cannot be included in the term 'commissioner'.34. ..... 2) act; 1998 with effect from 1.10.1998 and the word 'joint' as appearing in sub-section (1) and sub-section (2) has been substituted for the word 'deputy' by the said finance act.33. ..... the words 'or deputy commissioner' occurring in sub-section (1) have been inserted by the finance (no. ..... this definition was inserted by the finance (no. ..... the additional commissioner of income tax' have been omitted by the finance (no. ..... the words 'or the deputy commissioner of income tax' have been inserted by the finance (no. .....

Cit Vs. Ram Kishore Raj Kishore

Court : Allahabad

Reported in : [2004]135TAXMAN511(All)

..... (1) along with clause (c) of its explanation, the honble supreme court held that the explanation to section 263(1), which was substituted by the finance act, 1988 with effect from 1-6-1988 was again amended by the finance act, 1989 with retrospective effect from 1-6-1988 to the effect that where any order referred to in the sub section and passed by the assessing officer had been the subject matter of any appeal (filed on or before ..... or after 1-6-1988), the powers of the commissioner under the sub-section shall extend and shall be ..... as shri mahajan as well as shri gulati, agree to the extent that the commissioner while exercising his power under section 263 of the income tax act, 1961 could pass the order taking into account the issues not raised in the appeal. 2. ..... the consequence of the amendment made with retrospective effect is that the powers under section 263 of the commissioner shall extend and shall be deemed always to have extended to such matters as had not ..... asked to give our opinion on the following question :'whether on the facts and in the circumstances of the case, the commissioner could assume jurisdiction under section 263 of the income tax act, 1961? .....

Anand Prakash Agrawal Vs. Commissioner of Income-tax (Central)

Court : Allahabad

..... aforesaid, it is essential for the court to consider the meaning of "undisclosed income" as defined under section 158b(b) of the income tax act as amended by the finance act, 2002 with effect from 01.07.1995. ..... the learned counsel further submitted that the finance act has amended section 158 b(b) to clarify that block assessment of "undisclosed income" is based on the evidence found in the search and seizure operation and the material or information ..... further submitted that the provision of section 158 b(b) relating to "undisclosed income" has undergone a change by the finance act, 2002, which has amended the provision with retrospective effect ..... finance act, 2002, while amending the definition of "undisclosed income" in section 158b, specially included income based on entries in books of account or other documents which represents a false claim of any expense, deduction, or allowance under the act ..... after passing of the block assessment order, the additional commissioner income tax, varanasi issued a notice dated 15.12.2004 under section 148 of the act for the assessment years 1999-2000, 2000-01 and 2001-02 indicating therein that the assessing officer had reasons to believe that certain income chargeable to tax had escaped ..... writ petition the petitioner has prayed for the quashing of the notices dated 15.12.2004 and 16.12.2004 issued under section 148 of the income tax act by the assistant commissioner of income tax, varanasi for the assessment years 1999-2000, 2000-01 and 2001-02 .....

Geep Flashlight Industries Ltd. and ors. (Since Changed to Geep Indust ...

Court : Allahabad

Reported in : [1996]218ITR638(All)

..... the sub-section was inserted by the finance act, 1975, with effect from april 1, 1976, and omitted by the finance act, 1985, with effect from april 1, 1986.2 ..... (10 of 1949), applies and includes any bank or banking institution referred to in section 51 of that act;(b) 'deposit' means any deposit of money with, and includes any money borrowed by, a company, but does not include any amount received by the company -- (i) from the central government or any state government or any ..... that was a case where the impugned madras amendment to the land acquisition act provided that where the land is acquired for housing purposes, the compensation shall be paid on the basis of market value of the land as on the date of notification under section 4 or the average market value during the preceding five years, whichever is less ..... , learned counsel for the petitioners, assailed the validity of sub-section (8) of section 40a on the following grounds :(1) sub-section (8) of section 40a is beyond the legislative competence of parliament. ..... this disallowance is examined in the light of the fact that the agencies and institutions mentioned in clause (b) of the explanation do not assure the requisite finance to all the needy companies, the arbitrariness of the provision becomes self-evident. ..... the special leave petition filed by the petitioners therein in the supreme court against the said judgment was dismissed on november 10, 1987 (see [1988] 169 itr 13) (vide s. l. p. no. ..... state of bihar : (1987)illj17sc . .....

Dhiraj Mal Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1971]79ITR242(All)

..... these words indicate that the legislature intended to give full effect to the amendment made by the finance act of 1956 in section 34(1)(a) removing the bar of the lapse of eight years' period in cases of certain incomes.'10. ..... (4) a notice under clause (a) of sub-section (1) may be issued at any time notwithstanding that at the time of the issue of the notice the period of eight years specified in that sub-section before its amendment by clause (a) of section 18 of the finance act, 1956 (18 of 1956), had expired in respect of the year to which the notice relates.' 7. ..... but the limitation of eight years may be got over in cases covered by the amendment made by the finance act, 1956. ..... it has deliberately used the words as in force before its amendment by the finance act, 1956'. ..... in that case it was pointed out that sub-section (4) was inserted in section 34 of the act by the income-tax (amendment) act, 1959, and the amendment was prospective in operation. ..... although it is mentioned in sub-section (4) that a notice may be issued at any time, the amendment did not delete the provision contained in the first proviso to sub-section (1) of section 34 of the act. ..... on page 27 of the judgment it was observed:'now the legislature has not said that the notices shall not be challenged on the ground that a period of eight years under section 34(1)(a) as in force after the amending act of 1948 had elapsed. ..... misra appearing for the department also relied upon section 4 of the amendment act, 1959. .....

Dr. Sahai's Laboratory Pvt. Ltd. and Ors. Vs. State of U.P. and Ors.

Court : Allahabad

Reported in : AIR1980All364

..... the schedule contained in the original act was substituted by section 64 of the finance act of 1964. ..... simply because in the notification referred to above the year was mentioned as 1955, it is not possible to hold that the reference to the schedule to the act was to the one which stood in the original act and not the one which stood substituted by the finance act, 1964. ..... lastly, it was urged by the counsel for the petitioner that the reference in the notification (annexure 1 to the writ petition) of clause 2 (iii) to the schedule to medicinal and toilet preparations (excise duties) act, 1955, was to the schedule to the said act as it stood in 1955 and not as it stood after its being substituted by the finance act of 1964. ..... after the schedule being substituted by the finance act, 1964, it is the new schedule which would be the part of the act. ..... according to the respondents the petitioners had not obtained any licence contemplated by section 3 of the said act and rules framed thereunder for import of homoeopathic dilutions and tinctures in their possession. ..... it is well-known that even after a particular act has been amended by a subsequent act the year of the act for purposes of reference would be the same in which it was enacted. ..... there was a presumption, unless proved to the contrary by the petitioners, that they had committed an offence under the said act or rules made thereunder in respect of 'spirituous preparations' possessed by them and seized from their custody. .....

Commissioner of Income Tax and anr. Vs. Iqbal Ahmad L/H of Late Jullan

Court : Allahabad

Reported in : (2007)213CTR(All)77

..... (1997) 141 ctr 67 (sc) : air 1997 sc 2523 while interpreting the provisions under section 22 of the act has held that amendment introduced to section 27 of the act by the finance act, 1987 by substituting els. ..... even though sub-section (5) was inserted by the finance act, 1987 w.e.f. ..... (5), which was inserted by finance act, 1987 w.e.f. ..... learned counsel for the revenue submitted that section 54e of the act was brought on the statute book by finance (2) act, 1977, w.e.f. ..... it is not disputed that the respondent have invested the amount in specified assets within the period provided under section 54e of the act and, therefore, the applicability of section 54e is to be judged from the date when capital gains had arisen.8. ..... having given our anxious consideration to the various pleas raised by the learned counsel for the parties, we find that section 45 of the act deals with various situations when capital gains can be said to have arisen. ..... , 2000 on the following substantial questions of law:(1) whether on the facts and in the circumstances of the case, the tribunal was justified in allowing the assessee deduction under section 54e read with section 54h of the it act, 1961 for purchase of capital gains units for rs. ..... respondents having invested the amount within six months as contemplated under section 54e of the act, the tribunal had rightly allowed the benefit. ..... the present appeal filed under section 260a of the it act, 1961 by the revenue has been admitted by this court vide order dt. .....

Subhra Motel (P.) Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1998)64ITD134(All.)

..... on comparison of two provisos inserted by finance act, 1987 in respect of clause (a) and finance act, 1989 in regard to clause (b) of section 43b of the act, it would be clear that the conditions for payment ..... regulations 1981 but for the proper adjustment in each quarter it will be necessary that cinema owner will prepare the total bill in proforma 42-g in respect of admissible grant-in-aid according to rule 209 of finance handbook volume-v part-i and he will deposit the same in the treasury within 7 days after the expiry of quarter by indicating 'payment of account through transfer' on the top of the bill after ..... sum referred to in clause (a) [or clause (c)] [or clause (d)] which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return : provided further ..... clause (b), be allowed unless such sum has actually been paid in cash or by issue of a cheque or draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realised within fifteen days from the due date. ..... 35.5 the amendment takes effect from 1st april, 1984, and will accordingly apply in relation .....