Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat chandigarh Page 3 of about 37 results (0.219 seconds)

Nahar International Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1997)60ITD284(Chd.)

..... for the purpose of deduction, the assessee-company worked out profits in respect of each unit as per the following details :- deduction under section 80-i of the act was worked out @ 25% of the total profits as per the following details :- the assessing officer allowed deduction under section 80-i in respect of oxygen plant and there is no controversy regarding that before us.for the reasons mentioned in the assessment order for the assessment year 1991-92 in the ..... it was submitted that in the case of the assessee, as per the guidelines issued by the ministry of finance (department of economic affairs) vide their press release dated 11-2-1987, copy of which is placed on record, 5% of the issue of capital was reserved for the employees for which loans could be advanced by the ..... it was also submitted that the press release dated 11-2-1987 issued by the ministry of finance (department of economic affairs) nowhere stipulated that no interest was chargeable on the loans advanced by the companies to their employees for the ..... it was, therefore, submitted that in view of the provisions of the companies act and the guidelines issued by the ministry of finance, 5% shares had been reserved for the employees of the assessee-company on equitable basis and for that purpose, interest-free advance were made to such employees to enable them to subscribe to the ..... submitted that the assessee was not a finance company and so the advance of interest-free loans to its employees could not be said to .....

Roshan Lal Madan Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1998)62TTJ(Chd.)1

..... the end of sub-section (1) of section 271 in order to cast on the assessee the burden of proving that the omission to disclose true income did not arise from any fraud or gross or wilful neglect.inadequacy of the explanation added by the finance act led to the substitution by the taxation laws (amendment) act, 1975 of four explanations ..... his income; and (ii) the department has to prove that the assessee had consciously concealed the particulars of his income or had deliberately furnished inaccurate particulars thereof.finance act, 1964 made the following amendments with effect from 1st april, 1964: (i) in clause (c), the word "deliberately" occurring after the words "particulars of his income" was omitted. ..... being a difference of opinion between the members constituting the division bench, the hon'ble president has referred the following point of difference to me for disposal under section 255(4) of the income tax act, 1961: "whether on the facts and in the circumstances of the case, the view of the accountant member that penalty levied by the departmental authorities in relation ..... for purposes of deceit.merely because the explanation furnished by the assessee is considered unsatisfactory or unreasonable would not ipso facto justify the invocation of clause (a) to levy penalty under section 271(1)(c).applying the aforesaid principles to the facts of the instant case, i am of the considered opinion that the case of the assessee is not hit by the mischief of expln ..... amendment of section .....

Deputy Commissioner of Vs. Shree Lalit Fabrics Pvt. Ltd. and

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... section 32a of the act was inserted by the finance act, 1976, with effect from ..... contended that, in both these cases, the supreme court considered the meaning of the word " manufacture", before the amendment of section 2(f) of the excise act, and was of the view that, even without the expanded meaning of the word " manufacture " as given in the amended section 2(f), " manufacture " includes the processes of bleaching, dyeing and printing. ..... [1986] 162 itr 846, the gujarat high court, in the case of j.b.kharwar and sons [1987] 163 itr 394, has held that when an assessee subjects grey cloth, whether belonging to itself or to its customers, to the processes of dyeing and printing, it manufactures or produces an article which is distinct from grey ..... 459/asr of 1986, vide its order dated february 20, 1987, expressed the view that, in view of the authority of the supreme court in the case of empire industries ..... kharwar and sons [1987] 163 itr 394, the dictionary meaning also points out that the meaning to be attributed to the word " manufacture" would be to work up materials into forms for use, making of articles or materials by physical labour ..... kharwar and sons [1987] 163 1tr 394 which, according to shri bansal, squarely covers the issue raised before this bench.reliance has also been placed on the special bench decision of the tribunal in ..... 311/asr of 1987, took a view favourable to the revenue by following the decision of the jurisdictional high court in the case of niemla textile .....

State Bank of Patiala Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1984)8ITD396(Chd.)

..... section 40a(7) was inserted by the finance act, 1975 with effect from 1-4-1973.in other words, it has retrospective effect from the assessment ..... such a liability had been actuarially valued, it was deductible even if the employer did not transfer the amount of the liability to a trust fund and this was deductible under section 36.however, with the amendment in law by the insertion of sub-section (7), the gratuity is deductible only in three cases: (i) where it is paid or has become payable from the accounting period; (ii) where a contribution is made towards an ..... bank towards gratuity fund approved by the cit vide his letter judl/i/gratuity/fund/shp/72-73/31616, dated 11-12-1972 effective from 1-1-1970 and in terms of rule 104 read with section 36(1)(v) it would be admissible being initial contribution towards an approved gratuity fund because the same represented the contribution as calculated on the actuarial valuation and calculations vide certificate from ..... approved gratuity fund or the provision is made for such contribution; and (iii) where a contribution is made towards an unapproved gratuity fund held under a trust.clause (6)(ii) of this sub-section makes ..... but later on the learned counsel for the assessee amended this word 'revaluing' with the word 'valuing' .....

income Tax Officer Vs. Tirlok Tirath Vidyavati Chuttani

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)90ITD569(Chd.)

..... vi) it was pointed out that sub-section 4a of section 11 was amended by finance act (no. ..... therefore, the charitable character of the assessee cannot be called into question and the assesses cannot be denied exemption in respect of income on the ground that it was not a charitable institution.12.1 sub-section (15) of section 2 of the income-tax act defines "charitable purpose" as to include relief to the poor, education, medical relief and advancement of any other object of general public utility. ..... to another for utilization by the donee-trust towards its charitable objects is proper application of income for charitable purpose in the hands of the donee-trust; and the donor-trust will not lose exemption under section 11 of the income-tax act, 1961 merely because the donee-trust did not spend the donation during the year of receipt itself. ..... opinion that cit(a) was justified in holding that donation given to sukes by the assessee trust amounted to utilization of income for the objects of the assessee-trust and, therefore, such income qualified for exemption under section 11 of the income- tax act.accordingly, we do not find any legal or factual infirmity in the well-reasoned and well-discussed order of ld. ..... the person to whom amount was given was found to be falling in the prohibitive category mentioned in section 13(3a) r/w section 13(1)(c)(ii) of the income-tax act and, therefore, it was held that assessee was not entitled to exemption of such income. .....

B.B. Singal (Huf) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1990)32ITD567(Chd.)

..... that the finance (no.2) act, 1980, with effect from 1-4-1980 inserted sub-section (9) to section 171 in the income-tax act, 1961.the inserted sub-section is as under ..... be a partition; (b) 'partial partition' means a partition which is partial as regards the persons constituting the hindu undivided family, or the properties belonging to the hindu undivided family, or both.the legislature in the same finance act also made a provision for assessment after partial partition of a hindu undivided family by inserting section 20a into the wealth-tax act, 1957 with effect from 1-4-1980. ..... those of a father in ancestral property, both movable and immovable, the father has the power of making within reasonable limits gifts of ancestral movable property without the consent of his sons for purposes of performing "indispensable acts of duty, and for purposes prescribed by texts of law, as gifts through affection, support of the family, relief from distress and so forth" article 243 describes as to what is legal necessity and enumerates inter ..... these appeals by the assessee are directed against the two orders of the commissioner of wealth-tax (appeals) relating to assessment years 1979-80 and 1984-85 respectively made on 7-8-1987 and 9-9-1987.however, a common ground projected in these appeals is that the commissioner of wealth-tax was not justified in upholding the finding of the wealth-tax officer to the effect ..... steps are being taken separately to get the share certificate accordingly amended. .....

Smt. Neena Syal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1999)70ITD62(Chd.)

..... article or thing and such money, bullion, jewellery or other valuable article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purpose of the act (referred to as the undisclosed income or property), then the dg/dd may conduct search and seize such money, bullion; jewellery or other valuable article or thing found as a result of such search. ..... refer here to the scheme of chapter xiv-b, inserted by the finance act, 1995, w.e.f. ..... that rather after operation of the new provisions for a period of one year, the legislature has again amended the provisions, so that the first appeal lies to the cit(a). ..... 69a and submitted that ao can invoke the provisions of the said section where the assessee offers no explanation about nature and source of acquisition of money, bullion or other valuable article or thing or explanation furnished is not found satisfactory by ao and thereafter value of bullion, jewellery, article or thing could be ..... he further submitted that a certificate is not evidence under the cpc or under the evidence act and such a certificate is only confirmation of the department's assertion and that it cannot be taken as evidence that documents ..... that in balance sheet as on 31st march 1987 (p. ..... (1987) 168 itr 773 (guj), wherein it was observed that it is clear that the purpose of the legislature in introducing the legal fiction is to give the benefit of the unabsorbed depreciation in the following previous year or .....

income-tax Officer Vs. Ved Parkash Deepak Kumar

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1991)39ITD400(Chd.)

..... and void, the assessing officer should have taken action first for cancellation of the same order by invoking various provisions contained in the act such as suggesting action under section 263 etc.the cit(a) held that such things were not required to be considered by him because he held that original assessments made in this case will ..... 1980-81, that he erred in canceling the assessment for the assessment year 1982-83 by wrongly holding that it was a case of reassessment completed under section 147(a) whereas in fact it was first assessment under section 147(a) read with section 143(3) and that he erred in canceling the assessment for the assessment year 1983-84 by wrongly holding that it was a case of reassessment whereas ..... of members of such family immediately before such partial partition and the family shall be jointly and severally liable for any tax, penalty, interest, fine or other sum payable under this act by the family in respect of any period, whether before or after such partial partition; (d) the several liability of any member or group of members aforesaid shall be computed according to ..... the circular issued by the central board of direct taxes after the amendment was enforced as pointed out by the andhra pradesh high court in ..... orders canceling the assessments and that the assessing officer has filed rectification applications before the cit(a) on 3-8-1987 pointing out certain defects which show mistakes apparent from record in the impugned order. ..... finance ..... finance .....

H.P. State Indl. Dev. Corporation Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)80ITD639(Chd.)

..... contentions raised by the learned representatives of the parties, we deem it necessary to reproduce certain provisions of interest-tax act, 1971 as amended by finance (no.2) act, 1991, w.e.f. ..... assessment year, serve a notice upon the principal officer of any credit institution, or where in the case of a non-resident credit institution any person has been treated as its agent under section 163 of the income-tax act, upon such person, requiring him to furnish within thirty days from the day of service of the notice a return of the chargeable interest of the credit institution of the previous year in ..... or to any co-operative society engaged in carrying on the business of banking, accruing or arising to the credit institution in that previous year: provided that any interest in relation to categories of bad or doubtful debts referred to in section 43d of the income-tax act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account for that year or, as the case may be, in which ..... (1) in the case of every credit institution, its principal officer, or where in the case of a non-resident credit institution any person has been treated as its agent under section 163 of the income-tax act, such person, shall furnish a return of the chargeable interest of the credit institution of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other .....

income-tax Officer Vs. Dr. (Mrs.) Kamlesh Madan

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)3ITD542(Chd.)

..... took into consideration the provisions of section 64(1)(i), read with explanation 2 to section 64(2), inserted by the finance act, 1979 with effect from 1-4-1980 ..... the finance act, 1979 added explanation 2 to section 64(2) ..... the question may, however, arise whether the explanation added by the finance act, 1979 with effect from 1-4-1980 can be said to be applicable to the assessment year 1978-79 which ..... clearly decided by the learned commissioner by reference to the speech of the finance minister made on 28-2-1975 when he was explaining the provisions contained in the amendments in the finance bill, 1979. ..... the word 'income' taken as positive income would necessitate the loss to be excluded at the time when the assessment may have to be revised in order to give effect to the order of appellate authorities under section 250/254 read with section 155(1) of the act.it, therefore, becomes clear that the word 'income' in section 64(1)(i) has to be taken as connoting income as well as loss.7. ..... substituted by the taxation laws (amendment) act, 1975, with effect from 1-4-1975, provides that in computing the total income of any individual, there shall be included all such income as arises directly or indirectly (i) to the spouse of such individual from the membership of the spouse in a firm carrying on a business in which such individual is a partner.explanation 1 to sub-section (1) of section 64 provides that for the purposes of clause (i), the individual, in computing whose total income the .....