Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)97TTJ(Asr.)941
..... he submitted that when the amendment to wt act, 1957 was introduced by the finance act, 1969, the then finance minister was very clear of the legal position that the entry '86' of union list in the viith schedule to the constitution clearly divested the parliament from its cause (sic) to legislate as regards ..... land for area except the state of j&k, specific exclusion (provisions) for the state of j&k might have been there, as the government provided same by way of proviso to sub- clause (2) of clause (e) of the then section 2 of the wt act, 1957, in the finance act, 1969. ..... is not vested with the power of levying wealth-tax in the state of j&k so the government had no intention to include agricultural land in the definition of urban land in section 2(ea)(v) of the wt act, in the finance act, 1993. ..... its powers, referred to in sub- clause (1) having regard to the extent of and scope for urbanization of that area, specified under sub- clause (ii) of clause (b) of explanation of section 2(ea), according to assessee, union government here again meant not to include agricultural land in the urban land, but included non-agricultural land situated in the notified area. ..... deciding the issue whether such land is to be treated as 'asset' or not, it will be relevant to reproduce hereunder the definition of assets under section 2(ea) of the wt act, "(ea) 'assets' in relation to the assessment year commencing on the 1st day of april, 1993, or any subsequent assessment years, means-- 'urban land .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)93TTJ(Asr.)132
..... the question as to the exact meaning of the explanation to sub-section 7(b) of section 2 of the finance act, 1996, came up for consideration and the board are advised that an "industrial company" would mean- (i) a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships ..... was issued in the context of industrial company within the meaning of explanation to sub-section 7(b) of section 2 of the finance act, 1966. ..... effective ground projecting the grievance of the revenue reads as under: "on the facts and in the circumstances of the case, the learned cit(a) has erred in allowing deduction under section 80-i(a) of the act in respect of the profits and gains which are attributable to the trading activities of the concern. ..... albeit the principle of res judicata is not strictly applicable to the proceedings under the act, yet, the doctrine of consistency does not permit the departmental authorities to change its stand when there is no change in the facts or laws in one year vis-a-vis the other, ..... the ao, while framing assessment under section 143(3), reduced the quantum of deduction under section 80-ia by opining that this deduction was allowable only with reference to the manufacturing and not the ..... hearing, it was reported by him that the deduction was allowed, in the course of proceedings under section 143(3), as stated on behalf of the assessee and further no action under section 263 was taken. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2008)110ITD603(Asr.)
..... schedule; provided that reference in the said provisions and the rule to the assessee, shall be construed as reference to an assessee has defined in this act.8.1 according to the learned counsel for the assessee, a reading of section 21 of the interest tax act itself shows that section 295 of the income tax act has not been made applicable to interest tax act; and that being so, rule 46a(3) of the income tax rules, 1962 is also not applicable to the interest tax ..... to frame rules and rule 46a of the income tax rules has been framed thereunder, whereas in the interest tax act, though section 27 has provided the power to the board to make rules and rules have been framed, no rule with regard to the entertaining of additional evidence by the commissioner (appeals) has been framed and so, the action of the ..... , is not maintainable.5.1 further the learned counsel for the assessee has submitted that even section 15(4) of the interest tax act, which has been sought to be invoked by the department by way of present ground of appeal no. ..... this, according to the learned counsel for the assessee, is so since section 21 of the interest tax act, which lays down the sections or the income tax act which are applicable to the interest tax act, does not mention section 295 of the income tax act. ..... kotak mahindra finance ltd. ..... kotak mahindra finance ltd. ..... kotak mahindra finance ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2006)102TTJ(Asr.)1028
..... it is an admitted fact that power to set aside the assessment was taken away by an amendment to clause (a) of sub-section (1) of section 251 introduced by the finance act, 2001, w.e.f. ..... he further referred to the amendment introduced to clause (a), sub-section (1) of section 251 of the act whereby the power of the cit(a) to set aside the assessment was taken away w.e.f. ..... in the light of these facts and circumstances of the case and the legal position discussed above, we are of the view that the learned cit(a) was justified in invoking the provisions of section 154 of the act to the extent indicated above.however, such findings are subject to subsequent findings recorded in the succeeding paras. ..... tantamounted to setting aside the assessments (ii) whether the action of cit(a) in rectifying the orders under section 154 was within the scope and ambit of powers vested with him under section 154 of the act (iii) whether the earlier orders of the git(a) had merged with the orders of the tribunal and, therefore, the impugned rectification orders could be considered without jurisdiction and invalid (iv) whether, the learned cit(a) ..... in reply, the assessee's counsel stated that by virtue of an amendment, to sub-section (1) of section 251, power of the cit(a) for setting aside the assessment was taken away w.e.f. ..... section 154 of the act empowers the it authorities including the cit(a) to rectify the mistake apparent from record and amend the order passed by him where such mistake exists. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2006)98ITD242(Asr.)
..... section is inserted in the income tax act by the finance act ..... however, the present appeal pertains to the assessment year 1999-2000 and aforesaid section is inserted in the act with effect from 1-4-2003 and as such even this provision would not ..... jammu bottling co.were taken over by buyer except for working directors.we may refer to section 28(va) of the income tax act which provides that the following income shall be chargeable to income-tax under the head "profits and gains of business and profession", "any sum, whether received or receivable, in cash ..... the assessing officer was, therefore, not justified in relying upon the provisions of section 28(ii)(a) of the income tax act against the assessee in this case.the above facts in this case clearly show that the assessee has restricted himself from doing business or profession of above nature because ..... is on account of handing over management and control of cdbi (which were earlier under the management and control of the assessee) to swc as terminal benefit and is taxable under section 28(ii) of the income tax act or same is exempt as capital receipt being non-competition fee by executing deed of covenant". ..... whatever compensation or other payments were-received by its directors are to be taxed under section 28(ii)(a) of the income tax act which provides that any person, by whatever name called, managing the whole or substantially the whole of the affairs of an indian company, at or in connection with the termination of his management .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)95TTJ(Asr.)643
..... he referred to amendment to sub-section (b) of section 158bc as amended by the finance act, 2002, w.e.f. ..... but, the provisions of section 158bc(b) have been amended by the finance act, 2002 with retrospective effect from ..... , the proviso to section 113 was inserted by the finance act, 2002, w.e.f. ..... however, the position has materially changed after the amendment has been introduced in the act.therefore, the ratio of those decisions would not be applicable after the amendment to sub-section (b) of section 158bg had come into being.the learned counsel has not drawn our attention to any decision where the amended sub-section (b) of section 158bc has been considered by the bench. ..... , the action on the part of the cit(a) in deciding the appeal by relying on decisions which were applicable to pre-amended provisions and without referring to the amendment introduced to section 158bc(b) with retrospective effect is erroneous and unjustified. ..... of the cit(a) and restore these two grounds to his file for deciding the same afresh as per law and after allowing proper opportunity to the assessee and after taking into account the amended provisions of section 158bc(b) of the act. ..... although the amendment to section 145 had come into operation with retrospective effect, the learned cit(a) has not taken into account the same while deciding the present ..... the decisions, which the assessee has relied on and even referred to by the learned cit(a), relate to the period prior to amendment to section 158bc(b). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2003)78TTJ(Asr.)815
..... in our considered view, there is substantial force in this contention of the learned departmental representative that under section 254(2) of the act, the tribunal has no power to review its own order. ..... 1,00,000 on 8th march, 1991, is clearly proved and the hon'ble bench has misdirected itself on the wrong presumption that the assessee and the finance company had their accounts in the same bank which is not a correct fact. ..... for the argument sake, if it is accepted that name of the finance company was wrongly mentioned in the penalty order or in the order of the tribunal even then it does not affect the final outcome of the case ..... " in our view, even if it is assumed that the name of the finance company was not correctly stated by the ao the same cannot be rectified at this stage ..... it seems that the assessee has never pointed out before the authorities below that correct address of the finance company was "m/s singh investment and hire purchase (p) ltd. ..... the correct position is that the assessee-company and the said finance company did not have accounts in the same bank. ..... there was no argument that the assessee-company and finance company had the accounts in the same bank. ..... after carefully going through the order of the tribunal, it cannot be said that the order was not passed keeping in view the material or evidence existing-on-record, even as regards the name of finance company it would be clear that the ao has mentioned the name of finance company as m/s singh .finance and investment co. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1998)67ITD140(Asr.)
..... 32a(5) are relevant to be reproduced which read as under : "32a(5) any allowance made under this section in respect of any ship, aircraft, machinery or plant shall be deemed to have been wrongly made for the purpose of this act : (a) if the ship, aircraft, machinery or plant is sold or otherwise transferred by the assessee to any person at any time before the expiry of eight years from the end of the previous year in which it was acquired or installed; or (b) ..... the finance act, 1976 ..... the act were brought on the statute by the finance act, 1976, ..... amritsar since 17th july, 1987 as communicated by the ..... 25th august, 1987, copy of which is ..... 17th july, 1987, transferred the jurisdiction of assessee's case ..... 32a(5)(a) and (b) of the act and rightly treated the assessee had violated the said provisions and it was a fit case in which investment allowance ..... 32a(5)(a), (b) and (c) of the act shall show that the legislature had given three different situations in which it shall be deemed that investment allowance was wrongly made and these three situations are independent to each ..... 154 r/w s.155(4a) of the act calling upon the assessee to explain on 30th november, 1990, as to why the amount of ..... 154 r/w s.155(4a) of the it act, 1961 withdrawing the investment allowance granted to the ..... 32a of the act is concerned, the assessee had failed to prove that he purchased new machinery in subsequent year out of 'investment allowance reserve account' and thus the assessee cannot be given any benefit of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2007)110TTJ(Asr.)890
..... this section was amended by the finance act, 2002 with retrospective effect from 1st july, 1995 when the expression 'relatable to such evidence was added to ..... account or other document or transaction represents wholly and partly income or property which has not been or would not have been disclosed for the purposes of this act, or any expense, deduction or allowance claimed under this act, which is found to be false.a bare reading of the above section shows that undisclosed income covers any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of ..... the same provides that computation of the undisclosed income of the period shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of the act, on the basis of evidence found as a result of search, or requisition of books of account, or other documents and such other materials or information as are available with the ao and relatable to such evidence, as reduced by the aggregate of the ..... as regards the source of acquisition of these assets, the assessee explained as under:(i) capital acquired over the years 1,00,000(ii) gold sold in 1987 1,15,000(iii) money/investment left by father in 1990 in the form of cash/gold/other assets 2,50,000(iv) sale proceeds of old house 1,95,000(v) undisclosed income shown in the block assessment return ..... acquired over the years, sale of gold in 1987 at rs. ..... in 1987 at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1982)1ITD90(Asr.)
..... made to the definition of "industrial company" as given in the finance act for the purpose of special rate of companies taxation.10. ..... the learned counsel further submitted that it was true that the question regarding the deduction under sections 80j and 80hh had not been the subject-matter of appeal before the commissioner (appeals) and the commissioner (appeals) had also not considered those ..... on the merits of the case, as already stated above, the commissioner had held that relief under sections 80j and 80hh could not be allowed to the assessee as the assessee was not manufacturing or producing goods and the workers engaged in the industrial undertaking ..... upon by the assessee the requirement was fulfilled as a result of mere processing of goods but that could not be applied to sections 80j and 80hh where the legislature in its wisdom has not used these terms. ..... it was, therefore, contended that the commissioner could not exercise his powers of revision under section 263 as, on the date when he passed the order, the assessment order of the ito had merged with ..... commissioner further rejected the plea of the assessee that the deduction under sections 80j and 80hh could not be withdrawn as they had been allowed ..... should be held to be producing articles even if it is held that they were not manufacturing as such.in this connection, it was pointed out that "industrial undertaking" has not been defined in section 80j and one will have to go to other provisions for ascertaining its meaning. .....
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