Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: allahabad Page 2 of about 245 results (0.122 seconds)

Commissioner of Income-tax Vs. Meerut Construction Company

Court : Allahabad

Reported in : (1987)62CTR(All)170; [1987]166ITR702(All)

..... it held :'the effect of the explanation to section 271, after amendment by the finance act, 1964, was that where the total income returned by any person was less than 80 per cent. ..... as the returned income fell short of the assessed income by more than 20%, a penalty notice dated september 21, 1971, under section 274 read with section 271(1)(c) of the income-tax act was issued. ..... in the instant case, the explanation to section 271(1)(c) was lost sight of by the income-tax appellate tribunal completely.11. ..... 10,000 imposed under section 271(1)(c) of the income-tax act, 1961 '2. ..... section 256 of the income-tax act. ..... 10,000 under section 271(1)(c) of the income-tax act.3. ..... income did not arise from any fraud or any gross or wilful neglect on his part and unless he did so, he should be deemed to have concealed the particulars of his income or furnished inaccurate particulars, for the purpose of section 271(1)(c). ..... mussadilal ram bharose : [1987]165itr14(sc) the supreme court was called upon to consider a similar question. ..... of the income assessed, the appellate assistant commissioner and so also the income-tax appellate tribunal illegally omitted to consider the explanation to section 271(1)(c).7. ..... of the total income assessed, the case came within the ambit of the explanation to section 271(1)(c). ..... it was, thereafter, that the department came to this court by means of an application under sub-section (2) o! .....

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Reported in : [2001]79ITD56(NULL)

..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the learned counsel further submitted that in coming to this conclusion, they have decided the matter on merits and not based their ..... dfc.55/dg(o)-87, issued on 15-5-1987 treated such financial companies as residuary non banking companies.55.4 in view of the fact that, governments intention is to impose tax on the gross amount of interest earned by all banks, financial institutions and non banking financial companies in respect of loans and advances made in india, the finance act has included, in the definition of financial company, all residuary non banking companies.55.5 this amendment will take effect from 1-4-1993 and will accordingly, apply in relation ..... dfc.55/dc(o)-87 dated 15-5-1987 and the assessee was informed of the same as per letter dated 16-9-1987.3.3 when the interest tax act of 1974 was amended by the finance (no. ..... we have heard the parties and the brief facts necessary for the decision of the issue are as under :3.1 brief facts :the appellant-company was incorporated on 11-8-1987 and its main objects are reproduced in para-7 page 4 of the commissioner (appeals)s order for the assessment year 1992-93. .....

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the ld- counsel further submitted that in coming to this conclusion, they have decided the matter on merits ..... directions, 1987, section which provides ..... dated 15-5-1987 and the assessee was informed of the same as per letter dated 16lh september, 1987.3.3 when the interest tax act of 1974 was amended by the finance (no.2) act of ..... dated 16-9-1987 written to the assesee (copy at page-33 of the assessee's paper book), we have no doubt about the nature/status of the assessee company which, in our view, was definitely that of a 'residuary non banking company' and since it was not carrying on any other business except as listed under object-1, the conditions for a company to be a miscellaneous company as defined under section 2(5b)(vi) ..... memorandum are in confirmative with the residuary non banking company (reserve bank) directions, 1987.3.2 reserve bank classified the appellant-company as a residuary non banking company (r.n.b.c. ..... and the brief facts necessary for the decision of the issue are as under : the appellant-company was incorporated on 11th august, 1987 and its main objects are reproduced in para-7 page 4 of the c.i.t. .....

Committee of Management Mata Tapeshwari Saraswati Vidya Mandir Uchchtt ...

Court : Allahabad

Reported in : 2007(1)AWC671

..... petitioners, as the same would apply to only such institutions to whom grant was being given by the state government, as the words mentioned in the said sections are 'in respect of whose employment maintenance grant is paid by the state government', and since on the date of the amendment the petitioner institutions were not being paid maintenance grant, the provisions of section 13a of the act of 1978 would not be attracted in the case of the petitioner institutions.12. ..... schools, which were already on grant-in-aid and had subsequently been upgraded to high school and intermediate level, would continue to get aid for junior high school section under the act of 1978 and subsequently a government order dated 24.11.2001 was also issued clarifying as to which acts would be applicable to such institutions which have been upgraded, and the educational authorities which would govern and control such institutions. ..... -in-aid, although now their position in order of seniority as recognized junior high school may be higher and though they may also be otherwise eligible to be brought on grant-in-aid for the junior high school section, but since they have started running higher classes (even though on self-financing basis), they would be ineligible for grant of such aid. ..... thereafter, between 1987 to 1989, they were recognized for imparting education upto high school level and subsequently upgraded as intermediate college in between ..... 18 of 1987, which was deemed to have come in force with effect .....

Commissioner of Income-tax Vs. Malhotra Cold Storage and Fruit Industr ...

Court : Allahabad

Reported in : (1996)132CTR(All)345; [1996]219ITR131(All); [1996]86TAXMAN1(All)

..... in view of the amendment made by the finance act, 1964, the case on hand will not be governed by the case of anwar ali : [1970]76itr696(sc) , but by a decision of the supreme court in cit v ..... with a view to making the task of the revenue less difficult parliament by the finance act, 1964, omitted the word 'deliberately' in clause (c) and added the explanation. ..... revenue to bring some independent evidence to show that the deposits represented the concealed income of the assessee in the relevant year : that disallowance of the claim of the revenue expenditure will not attract the explanation to section 271(1)(c) of the act and that rejection of a claim of revenue expenditure does not mean that there was concealment or that inaccurate particulars were furnished by the assessee. 10. ..... from these authorities it is clear that after the finance act, 1964, the rule regarding burden of proof enunciated in anwar ali's case : [1970]76itr696(sc) is no longer valid. 17 ..... in view of the aforesaid legal position emerging from the amended section 271(1)(c), read with the explanation, the burden, no doubt, shifted to the assessee in the case on hand, inasmuch as a return of loss was filed and the total assessed income was more than 80 per ..... mussadilal ram bharose : [1987]165itr14(sc) , in which the supreme court explained that under the law, as it stood prior to the amendment of 1964, the onus was on the revenue to prove that the assessee had furnished inaccurate particulars or had concealed his income .....

Smt. Sharda Devi Vs. State of U.P. and ors.

Court : Allahabad

Reported in : AIR2002All1; (2001)3UPLBEC1941

..... though the proceedings initiated for recovery of the loan as arrears of land revenue are without jurisdiction as the loan does not fall within the purview of the act yet the court would shut its eyes and decline to exercise jurisdiction under article 226 of the constitution only on the ground that the borrower owes money to the bank. ..... writ petition has submitted that under deposit insurance and credit guarantee corporation act, 1961 (for short 1961 act), the bank has deposited guarantee fee with the deposit insurance and credit guarantee corporation established under the said act and, as such, the case is covered by clause (c) of section 3 of the act and consequently the bank is entitled to recover the amount under the ..... india, constituted under the state bank of india act, 1955, a subsidiary bank as defined in the state bank of india (subsidiary banks) act, 1959, a corresponding new bank constituted under the bankingcompanies (acquisition and transfer of undertakings) act, 1970, or a banking company as defined in the banking regulation act, 1949, (or a financing bank or central bank as defined in the uttar pradesh cooperative societies act, 1965 not being a land development bank;) ..... 120 (1987 lucknow law times part (v) page 207) and it reads as follows :-- 'in exercise of powers under clause (g) of section 2 of the uttar pradesh public moneys (recovery of dues) act, ..... act 23 of 1972), as amended by the uttar pradesh public money (recovery of dues) amendment act ..... amendment of the act .....

Commissioner of Income Tax Vs. Zam Zam Tanners

Court : Allahabad

Reported in : (2005)197CTR(All)221; [2005]279ITR197(All)

..... after the aforesaid decision, legislature amended the provisions of section 143(1a) of the act with retrospective effect but no retrospective amendment has been made under section 271(1)(c) of the act; legislature, vide finance act, 2002, amended section 271(1)(c) of the act w.e.f. ..... it may be mentioned here that in view of the aforesaid decision, section 143(1a) of the act has been amended by finance act, 1993, with retrospective effect from 1st april, 1989 specifically providing for the levy of additional tax where the loss declared by such persons in the return of income is reduced or is converted into income.17. ..... it may also be useful to consider the provisions of section 143(1a) before the amendment by finance act, 1993, which reads as follows :'where, in the case of any person, the total income, as a result of the adjustments made under the first proviso to clause (a) of sub-section (1), exceeds the total income declared in the return by any amount, the ao shall,--(i) further increase the amount of tax payable under sub-section (1) by an additional income-tax calculated at the rate of twenty per cent of the tax ..... 'section 271(1)(c) of the act has been further amended by finance act, 2002, by which clause (iii) and expln. ..... cit : [1987]168itr286(cal) in which the calcutta high court has upheld the levy of penalty under section 271(1)(c) of the act in respect of the claim for loss on purchase and sale of shares which was not allowed in the assessment proceedings.9. .....

Ester Industries Ltd. Vs. Supdt. of Central Excise and ors.

Court : Allahabad

Reported in : 1992(91)LC28(Allahabad)

..... 53 of 1987 dated 1st march, 1987 as amended from time to time. ..... the petitioners say that its factory is located in a 'a' class backward area and that it has been making representations to the government of india, ministry of finance for grant of fiscal concessions particularly in the matter of excise duty. ..... 186/89-ce dated 24ih october, 1989 under section 5a of the central excises and salt act, 1944. ..... on the basis of said representations, says the petitioner, the government of india, ministry of finance, department of revenue issued notification no. ..... this notification is again issued under section 5a of the act. ..... it says 'the central government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the government of india in the ministry of finance (department of revenue) no. ..... 54.02 or 55.01 of the schedule to the central excise tariff act, 1985, from so much of the duty of excise leviable thereon as is specified in the said schedule in excess of the amount calculated at the rate of 50 per cent of the duty for the time being leviable thereon. .....

Maa Sharda Maha Vidyalaya Vs. State of U.P. and ors.

Court : Allahabad

Reported in : (2004)1UPLBEC784

..... state/university and for applying to the college/university for admission, while the rest of the seats may be filled up on the basis of counselling by the state agency.sixthly, the provisions for poorer and backward sections of the society in unaided professional colleges are also to be provided for.seventhly, the prescription for percentage of seats in unaided professional colleges has to be done by the government according to the local needs. ..... undisputedly, earlier the admissions in the universities as well as colleges, such as those of the petitioners, were being governed by the provisions of section 28 of the universities act, which dealt with the setting up of admission committees by the universities. ..... the state government thereafter amended the order of 1987 by the notification dated 4th july, 1997 whereby the minimum qualifying marks of 45% in the qualifying examination had been provided for. ..... thereafter with regard to fee structure and the admissions to be made in self financing private unaided professional educational institutions such as the institutions of the petitioners, the state of u.p ..... framed its regulations, which were amended in 2001. ..... the national council for teachers education act, 1993 came into force with effect from 1-7-1995 ..... pursuant to section 12 of the n.c.t.e ..... state universities (regulation of admission to courses of instruction for degree in education in affiliated, associated and constituent colleges) order, 1987 (hereinafter referred to as order of 1987). .....

Cit Vs. Sir Shadi Lal Enterprises Ltd.

Court : Allahabad

Reported in : [2009]317ITR449(All)

..... : [1992]198itr110(orissa) have held that amendment introduced by finance act, 1987 to section 43b was merely of clarificatory nature and applicable with retrospective effect with effect from 1-4-1984.the learned commissioner (appeals) had followed the view expressed by the orissa, calcutta and patna high courts. ..... , the proviso added by the finance act, 1987 with effect from 1-4-1988 has been held to be retrospective being clarificatory in nature, the question has to be answered in favour of the assessee.so far as the third question is concerned, we find that the accounting period of the assessee is ..... we, therefore, are of the considered opinion that the tribunal has rightly deleted the levy of interest under section 216 of the act.in view of the foregoing discussions, we answer all the three questions in the affirmative i.e. ..... cit : [1997]224itr677(sc) , wherein the amendments made in section 43b i.e. ..... the assessing officer had charged interest under section 216 of the income tax act as assessee had paid first two instalments of advance tax at rs. ..... the interest-has been levied under section 216 of the act on the ground that assessee had under-estimated the income under section 209a and section 212 of the act. .....