Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: allahabad Page 7 of about 245 results (0.127 seconds)

Raghubir Saran Vs. O.P. Jain, Additional Munsif (i) and ors.

Court : Allahabad

Reported in : [1969]73ITR482(All)

..... by section 33 of that finance act, section 138 was substituted by a new section 138, which contains two sub-sections. ..... in 1964, however, section 137 was omitted from the new act by section 32 of the finance act of 1964. ..... but section 137 has also been repealed by section 32 of the finance act of 1964. ..... assessee in respect of any assessment made either under this act or the indian income-tax act, 1922 (xi of 1922), on or after the first day of april, 1960, the commissioner may, notwithstanding anything contained in section 137, if he is satisfied that there are no circumstances justifying its refusal, furnish or cause to be furnished the information asked for. '23. ..... show clearly that the legislature had not used the words ' this act ' in section 137 loosely or carelessly as it was mindful of the distinction between the old and the new act as is evident from the underlined portion of section 138 which immediately follows section 137 and is in the following words :' where a .person makes an application to the commissioner in the prescribed form and pays the prescribed fee for information as to the amount of tax determined as payable by any ..... it is, therefore, clear that the legislature did not indicate its intention to destroy the effect of section 54 of the old act by deleting section 137 from or by amending section 138 of the new act. .....

Philips India Limited and ors. Vs. Union of India (Uoi) and ors.

Court : Allahabad

Reported in : 1980(6)ELT263(All)

..... the definition of 'manufacturer' under section 2 (f) of the act, as it stood before amendment made by finance act no. ..... the amendment, therefore, made by finance act, no. ..... ' by finance act no. ..... as already noted above, the central excise has taken a stand that since the manufacturing and marking of the brand names on the bulbs and fluorescent tubes of the petitioner's trade name, attracts the provisions of section 2 (f) of the act, the petitioner would be deemed to be .engaged in the manufacture of these articles.9. ..... it appears that the amendment in the definition of the word 'manu facturer' given in section 2 (f) was made on account of the controversy as to whether a person not manufacturing goods for sale was also required to obtain a licence. ..... the petitioner's case was that the petitioner not being a manufacturer within the meaning of the word, as defined in section 2 (f) of the act, in respect of the goods purchased from the company, it was not required to obtain a licence under the act or the rules framed thereunder. ..... 'manufacturer' under section 2(f) of the act, a person falling in the aforesaid category was required to obtain a manu facturing licence under rule 174 of the rules made under the act.5. ..... goods manufactured according to his specifications and details, such a person would not be consi dered a manufacturer inasmuch as the owner of a factory alone could be said to be engaged in the manufacturing activity 'on his own' within the meaning of section 2 (f) of the act.10. .....

The Commissioner of Income-tax Vs. Wajid Sons (P) Ltd.

Court : Allahabad

Reported in : (2005)198CTR(All)602; [2005]278ITR392(All)

..... it may be mentioned here that each year of assessment is aft independent unit and the orders passed in the subsequent assessment year cannot and should not form basis for taking recourse to the proceeding under section 154 of the act.in the case of volkart brothers (supra) the apex court that a mistake apparent on the record must be an obvious and patent mistake and not something which can be established by long drawn process ..... these facts, the apex court has held that the question whether sections 17(1) and 22 of the 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 ..... therefore, there was no mistake apparent on the record which could have been rectified under section 154 of the act the tribunal has committed a manifest error of law in upholding the order of the commissioner of income tax (appeals) for treating the respondent as an industrial company by relying upon the orders passed by ..... finance act ..... tax has been prescribed for the assessment years in question in respect of an industrial company by the respective finance acts. ..... 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 Income-tax Vs. Swarup Cold Storage and General Mills

Court : Allahabad

Reported in : (1982)29CTR(All)273; [1982]136ITR435(All); [1982]10TAXMAN215(All)

..... the word 'deliberately' in clause (c) of sub-section (1) was deleted by the finance act, 1964. ..... this explanation was inserted by the finance act, 1964, with effect from 1st april, 1964 ..... will be seen, therefore, that the assessee failed to discharge the onus placed under the explanation to section 271(lxc) of the act and there was no material before the tribunal which could justify the deletion of the penalty.7. ..... according to the ito there was no such previous return on record and it was only after the service of a notice under section 142 on september 1, 1970, when the assessee was called upon to produce its account books on september 15, 1970, that the appellant filed the return on december 26, ..... of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such person shall,unless he ..... iac did not accept these contentions and held that the assessee had failed to discharge the onus which lay upon it under the explanation to section 271(1)(c) and, hence, it was guilty of concealing its income or furnishing inaccurate income in respect thereof. ..... the effect of that amendment is that even if the furnishing of inaccurate particulars is not deliberate but is the result of gross orwilful neglect, a penalty may still be attracted .....

Commissioner of Wealth-tax Vs. Smt. Rashma Gupta

Court : Allahabad

Reported in : [1996]217ITR169(All); [1995]83TAXMAN551(All)

..... under section 18(1)(a)(i) of the wealth-tax act, 1957, for the delay in filing the returns for the assessment years in question is to be levied for the period of delay prior to april 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the act as it stood prior to its amendment by the finance act, 1969, and for the period of delay subsequent to april 1, 1969, at the prescribed rates in terms of law under the amended section 18(1)(a) as it stood after its amendment effected thereto by the finance act, 1969 ..... the question referred for the opinion of this court is as follows :'whether, on the facts and in the circumstances of the case, the view of the tribunal that the relevant date for purposes of imposition of penalty under section 18(1)(a) of the wealth-tax act, 1957, is the date when the return is actually due is legally unjustified ?'2. ..... this is a reference under section 27, sub-section (3) of the wealth-tax act, 1957 (hereinafter referred to as 'the act'), at the instance of the revenue. ..... accordingly, a notice under section 17 of the wealth-tax act was issued to her on february 8, 1972, and in response thereto the assessee filed a return on november 29, 1972, showing a total wealth of rs. ..... the wealth-tax officer computed penalty for the period july 1, 1964, to march 31, 1969, under the provisions of law as in force before the date of amendment which was made from april 1, 1969, for the period thereafter under the amended provisions. .....

Commissioner of Income-tax Vs. Jansons and Co.

Court : Allahabad

Reported in : (2006)202CTR(All)528; [2006]283ITR175(All)

..... of the case, tribunal was justified in law in holding that the assessee firm fulfilled all the relevant conditions prescribed in section 35b(1-a) as amended by theu finance act, 1978 and was entitled to weighted deduction under section 35a? ..... section 35b(1a) as inserted by the finance act, ..... by the chief controller of imports and exports, government of india; (c) provision of technical know-how' has the meaning assigned to it in sub-section (2) of section 80mm; (d) 'small scale industrial undertaking has the meaning assigned to it in clause (2) of the explanation below sub-section (2) of section 32a'.clause 2 of explanation below sub-section (2) of section 32a reads as follows:- (2) an industrial undertaking shall be deemed to be a small scale industrial undertaking, if the aggregate value of the machinery ..... has referred the following questions of law under section 256(2) of the income tax act, 1961 (hereinafter referred to as 'act') for the assessment year 1079-80 for opinion ..... from a reading of the clause 2 of explanation to section 32a(2) of the act, an industrial undertaking is deemedlo be a small scale industrial undertaking where the value of any machinery or plant installed for the purpose of business ..... the aforesaid two decisions referred hereinabove, while dealing with the provisions of section 32a, the apex court held that the extraction and process of iron ore amounts to 'production' within the meaning of the word in section 32a(2)(b)(iii) of the income tax act, 1961.11. .....

Commissioner of Wealth-tax Vs. Dina Nath

Court : Allahabad

Reported in : [1982]136ITR499(All)

..... headnote) :' where an amount based on the concealed income disclosed by the assessee under the voluntary disclosure scheme pursuant to section 68 of the finance act, 1965, is included in the net wealth of the assessee, liability in respect of income-tax payable on the income so disclosed is deductible as a 'debt owed' on the valuation date under section 2(m) of the w.t. ..... wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than,-- (i) debts which under section 6 are not to be taken into account; (ii) debts, which are secured on, or which have been incurred in relation to, any property in respect ..... are provided in the finance act relating to the concerned ..... of which wealth-tax is not chargeable under this act; and(iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, ..... further, in its opinion, clause (iii) of section 2(m) of the act was not applicable to the facts of the present case because on the relevant valuation date the order in pursuance of which this .....

Commissioner of Income Tax and Dy. Commissioner, Income Tax Vs. India ...

Court : Allahabad

..... . the reliance placed by the revenue on the judgment in the case of soft beverages (supra), the controversy relates to interpretation of explanation added through finance act, 1987 which came into force from 1.4.1988 where it has been provided that blended flavouring concentrates shall include and shall be deemed to have always included synthetic essences in ..... to quote:this amendment will take effect from 1st april, 2002, and will, accordingly, apply in relation to the assessment year 2002-2003 and subsequent years.accordingly, the aims and object as revealed by the finance bill, shows that it was to be made applicable from the assessment year 2002-2003 and not retrospectively with regard to cases pending or adjudicated prior to 1.4.2002.16. once the explanation-5 inserted by the finance act, 2001, itself ..... explanation-5 of sub-section (1) of section 32 of the act was inserted by the finance act, 2001 with effect from ..... hon'ble income tax appellate tribunal has failed to appreciate that the expression for removal of doubt as appearing in section 32 of the income tax act, 1961 as explanatory and clarificatory in nature and consequently applicable with retrospective effect?10. ..... view of the above, the explanation-5 of sub-section (1) of section 32 of the act, seems to have got prospective application ..... question of law involved in both these appeals, relates to interpretation of explanation-5 of sub-section (1) of section 32 of the act with regard to depreciation.brief facts:3. .....

ElgIn Mills Company Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1976]104ITR708(All)

..... the question referred turns on the interpretation to be given to section 2(5)(a)(iii) of the finance act which may, for the sake of convenience, be extracted:section 2 (5)(a)(iii): 'where an assessee of the type referred to in sub-clause (i) engaged in the manufacture of any articles in an industry specified in the said first schedule has, during the previous year, sold such ..... , allahabad, has referred the following question for our answer :'whether, on the facts and in the circumstances of the case, the assessee-company was entitled to rebate under section 2(5)(a)(i) of the finance act, 1965, in respect of its indirect exports, made through third parties and on incentives on such exports for the assessment year 1965-66, in addition to the rebate allowed on such exports under section 2(5)(a)(iii) of the said act ?'2. ..... of the direct and indirect exports on the strength of section 2(5)(a)(iii) of the finance act, 1965. ..... of the assessee's counsel would lead to the anomalous result that a direct exporter would be entitled only to the rebate under sections 2(5)(a)(i) and 2(5)(a)(ii), while an indirect exporter would get the benefit of rebate under all the three clauses. ..... now, in order to attract section 2(5)(a)(iii) of the act, all that is required is that the assessee should be engaged in manufacture of any articles in an industry specified in the first schedule and should have sold such articles to any other person ..... a third party, recourse cannot be had to section 2(5)(a)(i) 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. .....