Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat guwahati Page 1 of about 2 results (0.059 seconds)

Goyal Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1989)28ITD265(Gau.)

..... there was nothing in section 24 of the finance (no.2) act, 1965, which prevented the income tax officer, if he was not satisfied with explanation of the assessee about the genuineness or source of the amount found ..... the effect that the jurisdiction of the income tax officer, b-ward, would change in view of the filing of the revised return showing higher amount is not tenable.in fact, section 143 or the clauses thereunder do not suggest such change of jurisdiction, the income tax officer, b-ward, who made the original assessment and initiated the proceedings would continue to ..... assessment has been re-opened after obtaining the concerned iac's approval which was in accordance with law and was not vitiated.according to the cit (appeals) if the ito acted wrongly in making enquiries and impounded the books of the assessee after return has been filed under the amnesty scheme, the assessee should have complained the matter to the ..... the cit (appeals)'s order was vitiated for not giving sufficient reasons and was influenced by the assessee's non-appearance, and was violative of provisions of section 250(6), which requires that the cit (appeals) for that matter should give reasons and a speaking order while disposing of an appeal before him. ..... decisions supports the view that the judicial authority, once seized of the matter, would be divested of the same by the later amendment of the law taking away its jurisdiction, such decisions of other high courts would have to be dissented from. ..... 1987 .....

George Williamson (Assam) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1991)37ITD392(Gau.)

..... itr 174 the hon'ble supreme court had occasion to deal with section 4 of the finance act, 1963 which was substituted by a new definition of "tax recovery ..... the cit(a) in the present case went wrong in rejecting the assessee's claim relying on the decision of the tribunal on the issue regarding applicability or otherwise of the action of the cit under section 263.in that order the tribunal did not decide as to from which date the said rule would come into effect and, therefore, it was totally unjustified for the cit(a) not to grant the assessee ..... regarding the operation of rule 6aa which in any way cannot be considered as an amendment of any section or rule. ..... not amend any provision of section. ..... income-tax act as it stands amended on the first day of april of the financial year must apply to the assessment of that year and that an amendment which comes into force after the 1st day of april of the said financial year would not apply even if the assessment is made after the amendment comes into ..... amend any particular provision of the act. ..... , 1-8-1981 by the income-tax (amendment) rules, 1981 (notification dated 1-8-1981) in the income-tax rules, 1962 with effect ..... court, on the facts of the case, held that there is no scope for importing into the statute words which are not there, as such importation would not be to construe, but to amend, the statute. ..... the provision, as amended, empowered the state government to authorise by notification certain land revenue officers to exercise the powers .....

Assistant Commissioner of Income Vs. Tea Agency Trading Centre

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2004)88ITD96(Gau.)

..... the amendment made by the finance act, 1999, is not applicable and accordingly the assessee is not liable to pay capital gains tax.now, the issue remains as to whether the assessee's case falls under section 43 of the it act. ..... following the decision of the hon'ble apex court as mentioned above the amount received from insurance company is not, assessable under the head capital gains.subsequently by finance act, 1999, w.e.f, 1st april, 2000, the money received under the insurance policy was brought to tax as capital gain under section 45(1a) of the act. ..... 25,23,511 received by the assessee from the insurance company was also held to be assessable under section 28 of the it act, 1961.accordingly, the ao did not allow the claim made by the assessee in the revised computation of ..... received by the assessee is a capital receipt, but in view of the decision of the supreme court in the case of vania silk mills ltd (supra), the said receipt is not taxable under the head "capital gains" amendment in section 45(1a) being applicable prospectively w.e.f. ..... however, has opined that the amount or part of it was to be adjusted against the written down value under section 43(6)(c) of the act which would in turn affect the depreciation claim. ..... the learned am has further opined that section 41(2) of the act was not applicable to the facts of ..... pursuant to this, clause (c) of sub-section (5) of section 43 of the act has been inserted to define the written down value in the context of the block system of .....

Asstt. Commissioner of Vs. South Point Montessori School

Court : Income Tax Appellate Tribunal ITAT Guwahati

..... disposed of by the tribunal without recording any finding on the contention raised by the respondent that the tribunal has no authority to go behind the finding of the cit(a) in respect of the eligibility of exemption under section 10(22) of the act to the assessee as the revenue has not filed any appeal against the above finding of the c1t(a) 2) whether, on the facts and circumstances of the case, and more particularly in view of the finding of ..... would establish that the appellant society was established for the purpose of running a school to earn profits, i hold that the assessments for all these five years had been completed on an erroneous interpretation of section 10(22) of the act, wrong perception of fact and, therefore, accordingly cancelled" and where the reverme has raised the grounds as follows: (1) for that the commissioner of income-tax (appeals) erred in law as well as ..... for denying exemption to the assessee-society under section 10(22) of the act was passed on 30.3.1994 for the assessment year 1987-88 and it was applied in other four assessment ..... of article (5) of the constitution of the assessee society it shows that the power like management and finance of the school, appointment of teaching and other staff etc. ..... ab initio and not binding upon it such action could not be ratified by all the members taken together until the object clause wherein the purpose of its existence lay were amended and approved under the provisions of the act under which it was incorporated. .....

Shrimanta Shankar Academy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

..... with effect from assessment year 1999-2000 the act amended and the same institution was covered under section 10(23)(c)(iii ad) for which the details were filed claiming exemption and the same benefit was continued up to assessment years 2001-02 (from assessment year 1999-00 to 2001-02). ..... of one year from the date of the creation of the trust or the establishment of the institution, [whichever is later and such trust or institution is registered under section 12aa]: [provided that where an application for registration of the trust or institution is made after the expiry of the period aforesaid, the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution,-- (i) from the date of the creation of the trust or the establishment of the institution ..... from the assessment year 1999-2000 to 2001-02 as per amended provisions of the act, the institution comes under the purview of section 10(23)(c)(iii ad) for which details were also filed and no tax was paid.6. ..... he further submitted that there was no good ground for not treating assessee as a charitable institution extending benefit under section 12a of the act for assessment year 2002-03 when delay in the submission of the application was duly explained and there was no dispute that the assessee-society was a charitable institution existing solely for educational purposes.remand of ..... the section 10(22) of the act was omitted by the finance (no. .....

Shrimanta Shankar Academy Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2007)109TTJ(Gau.)426

..... one year from the date of the creation of the trust or the establishment of the institution, (whichever is later and such trust or institution is registered under section 12aa): provided that where an application for registration of the trust or institution is made after the expiry of the period aforesaid, the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution,- (i) from the date of the creation of the trust or the establishment ..... 1999-2000 to 2001-02 as per amended provisions of the act, the institution comes under the purview of section 10(23c)(iiiad) for which details were also filed and no ..... there are large number of decisions of high courts and supreme court where instead of directing the tribunal to make a reference of question under section 256(2), the courts while disposing of reference application answered the question sought to be referred and directed the tribunal to proceed in a particular manner.all this is done to save time ..... 1999-2000 the act amended and the same institution was covered under section 10(23c)(iiiad) for which the details were filed claiming exemption and the same benefit was ..... the assessee asking the assessee to explain delay in submission of the application, which reads as under: the application for the purpose of registration under section 12a of the it act, 1961 is required to filed within one year of the date of creation/establishment of the trust. ..... section 10(22) of the act was omitted by the finance .....

The Assam State Textbook Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2003)87ITD99(Gau.)

..... the hon'ble supreme court in the case of aditanar educational institution (supra) considered the scope of exemption under section 10(22) and it was held that if the claim of society which was only a financing body was held not to come within the scope of "other educational institutions" as specified in section 10(22) of the act, it would be unreal and hypertechnical as the object of the society was to establish, run, manage or assist colleges or schools or other educational institutions solely for educational purposes ..... assessee vehemently contended that the assessee-company has never declared any dividend to its members nor intends to declare the same in future also but he admitted that the assessee-company is not registered under section 25 of the companies act, 1956, and the memorandum of association and the articles of association of the assessee-company does not restrict the payment of dividend and issue of bonus share to its members. ..... in this case the two questions raised before the high court were ; (i) whether the assessee-society is entitled for claiming exemption under the provisions of section 10(22) of the act even if its funds are being misutilised by the members of the society; and (ii) whether the relief under section 10(22) can well be given to the assessee-society when its property is used for personal gain by its members and surplus funds of profit are invested in creating personal ..... 23/gau/1989, in ita no.194/gau/1987, dt. .....

income-tax Officer Vs. H.S. Chittaranjan

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1993)45ITD273(Gau.)

..... profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living; it is, therefore, patently clear from the reading of the above-mentioned sub-clauses of section 2(24) that any allowance or special allowance granted to the assessees to meet expenses wholly, necessarily and exclusively for the performance of duties of an office or employment of profit or granted to assessee either to meet his personal ..... or residence.therefore, if any assessee who intends to take the advantage and benefit in respect of any allowance granted to it then he has to come within the provisions of sub-clause (14) of section 10 of the act and this sub-clause (14) clearly specifies that any allowance or special allowance or benefit not being in nature of perquisite within the meaning of clause ..... one such sub-clause is (14) which reads as under : (14)(i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, as the central government may, by notification in the official ..... the civilian employees of the central government serving in the states and union territories of the north eastern region as per notification of the government of india, ministry of finance, department of expenditure in office memorandum no. ..... amended .....

Thard Hardware Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2003)87ITD391(Gau.)

..... in this appeal there is difference of opinion between the members.in view thereof, the issue is referred to the hon'ble president of the tribunal under section 255(4) of the it act, 1961, for opinion of the third member on the issues which are framed as under : (1) whether, on the facts and circumstances of the case, the ao after bringing to the notice of the assessee the statement of smt. ..... having complied with the requirement of section 184(7) of the it act, 1961 the status of the petitioner should have been taken as a registered firm.6. ..... further, from the records it is also evident that the request of the assessee to summon smt.sarala devi under section 131 of the act was also turned down by the ao. ..... the ao did not grant continuation of registration to the firm under section 184(7) of the act as he held that the form no. ..... sarala thard under section 131 of the act to still take the statement of smt. ..... further, as required under section 184(7) of the act, the assessee-firm has also filed declaration in the form no. ..... if, as a result of his own independent enquiry he comes to the conclusion that the information received by him is true, he is at liberty to act thereupon after disclosing it to the assessee and affording to him a reasonable opportunity of rebutting it. ..... , 1995 of the cit(a) in the matter of on assessment made under sections 143(3) and 185 of the it act,1961 of the asst. yr. ..... sandhya finances (1992) 43 ttj (hyd) 133 : (1992) 40 itd 424 (hyd).8. .....

Bongaigaon Refinery and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1999)68ITD531(Gau.)

..... by stating that in this case the assessee had not filed separate p&l a/c and balance sheet, which it should have drawn on the basis of separate books of account, duly audited by statutory auditor under companies act, and therefore, the order of learned cit, ner, shillong, be upheld as this was the only alternative left to bifurcate the profit in the absence of separate p&l a/c and balance sheet of petro-chemical unit which were ..... , the word "accounts" which an industrial undertaking for claiming deduction under these two sections means p&l a/c and balance sheet and not a consolidated p&l a/c and balance sheet ..... his main contention is that its accounts are required to be audited as per companies act, which nowhere provided that separate statement of accounts to be maintained for an industrial undertaking for ..... in the absence of separate books of account, duly audited by statutory auditor under the companies act and balance sheet of petro-chemical unit, these are not verifiable. ..... according to him, these two sections specifically talk about profit and gains derived from an industrial undertaking which means that separate books of ..... assessee furnishes, along with his return of income, the report of such audit in the prescribed form duly signed and verified by such amendment. ..... barua, finance manager of the assessee-company appeared and submitted a written reply stating therein that all relevant details relating to the bifurcation of profit amongst the three units of the appellant company had .....