Judgment Search Results Home > Cases Phrase: finance act 1991 section 2 income tax Court: allahabad Page 1 of about 20,150 results (0.309 seconds)

Commissioner of Income-tax Vs. Accounts Officer

Court : Allahabad

Reported in : [2006]281ITR302(All)

..... vide order dated april 28, 1995, the tribunal has taken a view that the proviso appended to sub-section (2) of section 272a by the finance (no. 2) act, 1991, which runs as under :provided that the amount of penalty for failures in relation to returns under sections 206 and 206c shall not exceed the amount of tax deductible or collectible, as the case may be ..... of the case, the tribunal is legally correct in reducing the penalty imposed under section 272a of the income-tax act, 1961, for the assessment years 1989-90 and 1990-91, resorting to the proviso to section 272a(2) inserted by the finance (no. 2) act, 1991, with effect from october 1, 1991 2. the brief facts of the case are that admittedly, the assessee-respondent (hereinafter .....

Commissioner of Income-tax Vs. Nandlal Cold Storage and Kotiwal Cold S ...

Court : Allahabad

Reported in : [1993]199ITR327(All)

..... scientific examination might indicate loss of moisture content, that is not sufficient for holding that the stored articles have undergone a process within the meaning of section 2(7)(c) of the finance act, 1973. the three-judge bench decision must be taken to have overruled the view of the allahabad high court in addl. cit v. farrukhabad cold ..... in the case of delhi cold storage p. ltd. v. cit : [1991]191itr656(sc) , which has a decisive bearing on the question referred to us. in this case, their lordships of the supreme court were considering the scope of section 2(7)(c) of the finance act, 1973, which runs thus (at page 658) :'industrial company means a company ..... and 24 thus :'it is, thus, clear that as the words 'manufacture' and 'production' used in clause (b)(ii) of sub-section (2) of section 32a of the act are not defined in the act, these words have to be understood in the context as meaning bringing into existence a new and distinct commercial commodity. accordingly, it must be .....

Ranjit Narang. Vs. Income Tax Appellate Tribunal.

Court : Allahabad

..... counsel for the respondent.2. the present appeal was admitted on the following substantial questions of law:-"(a) whether explanation 1(i)(e) of section 2(42a) of the income tax act, which has been inserted by the finance act, 1994 and has been brought into effect from 01.04.1995, can be applied to the facts and circumstances of the present case retrospectively ..... since the assessment order under challenge is for the financial year 1991-92 for which the relevant assessment year is 1992-93.(b) whether the gain .....

Assistant Commissioner of Income Tax Vs. U. P. National Manufacturing ...

Court : Allahabad

Reported in : (2001)69TTJ(All)503

..... the following terms :2.1. as a result of newly inserted provisions of section 194h of the income tax act, 1961 (hereinafter referred to as 'the act'), as a result of finance act, 1991, which received the assent of the president of india on 27-9-1991, all these respondents were under an obligation to deduct and pay the tax ..... at source @ 10 per cent from all payments or payables on account of commission after 1-10-1991.2.2. all these respondents, taking shelter under the provisions of sub-section (2) of section ..... exercising the right granted by the statute on 4-11-1991, itself as against the fact that provisions of section 194h were introduced with effect from 1-10-1991, by the finance (no. 2) act, 1991, bill for which was introduced in the parliament on 24-7-1991, and assent of the president of india was accorded .....

Ganesh Bartan Bhandar Vs. Income-tax Settlement Commission

Court : Allahabad

Reported in : [2005]144TAXMAN307(All)

..... case of cit v. express newspapers ltd. : [1994]206itr443(sc) , which is misplaced as it related to sub-section (1a) of section 245d of the act, which has since been omitted by the finance act no. 2 of 1991 with effect from 1-4-1991. he, thus, submitted that the order passed by the settlement commission, which has been impugned in the present writ petition ..... of rs. 1,35,811 as the petitioners had not filed any return for the assessment year 1989-90. a notice under section 148 of the act was issued on 4-2-1991. in compliance thereof, the petitioners file a return on 19-2-1991 declaring net taxable income at rs. 18,250. after filing the aforesaid return, a notice under ..... section 142(1) of the act was issued on 11-1-1993. another notice was issued on 25-1-1993 and 17-3-1993 calling upon the petitioner firm to furnish certain information. .....

Commissioner of Income-tax Vs. U.P. Hotels Ltd.

Court : Allahabad

Reported in : [2000]245ITR212(All); [2001]116TAXMAN555(All)

..... (no. 2) act, 1991, although effective from april 1, 1992, for the assessment year 1992-93 and subsequent years should ..... for the assessment years 1989-90 and 1990-91 and in quashing the order of the commissioner of income-tax passed under section 263 of the income-tax act, 1961, in the light of specific clarifications of the central board of direct taxes on this issue ?(2) whether the ..... income-tax appellate tribunal on the facts and circumstances of the case justified in law in restoring the order of the assessing officer allowing deduction under section 80hhd, interpreting that introduction of the amendment and an explanation to section 80hhd by the finance .....

Ganesh Bartan Bhandar and anr. Vs. Income-tax Settlement Commission an ...

Court : Allahabad

Reported in : (2006)203CTR(All)594; [2005]276ITR544(All)

..... of cit v. express newspapers ltd. : [1994]206itr443(sc) which is misplaced as it related to sub-section (1a) of section 245d of the act, which has since been omitted by the finance (no. 2) act of 1991 with effect from september 27, 1991. he, thus, submitted that the order passed by the settlement commission, which has been impugned in the ..... 1,35,811 as the petitioners had not filed any return for the assessment year 1989-90. a notice under section 148 of the act was issued on february 4, 1991. in compliance therewith, the petitioners filed a return on february 19, 1991, declaring net taxable income at rs. 18,250. after filing the aforesaid return, a notice under ..... section 142(1) of the act was issued on january 11, 1993. another notice was issued on january 25, 1993, and march 17, 1993, calling upon the petitioner firm to .....

Commissioner of Income-tax Vs. Prakash Co.

Court : Allahabad

Reported in : [1998]231ITR124(All)

..... favour of the donee institution, treating it as a charitable institution, the assessee was not entitled to claim deduction as contemplated under the provisions of section 80g of the act. the income-tax appellate tribunal, however, allowed the claim of the assessee in the following words :'to the query raised by us, neither the ..... ' to the amount of rs. 15,000 which was paid to the said institution, claiming that it was entitled to deduction as contemplated under section 80g of the act in respect of the said donation. the appellate authority, however, did not decide the contention on the merits and sustained the disallowance on the ground ..... act, 1956 (1 of 1956), or is a university established by law, or is any other educational institution,recognised by the government or by a university established by law, or affiliated to any university established by law, or is an institution approved by the central government for the purposes of clause (23) of section 10, or is an institution financed .....

Ram Babu and Sons and anr. Vs. Union of India (Uoi) and anr.

Court : Allahabad

Reported in : (1997)141CTR(All)310; [1996]222ITR606(All)

..... the act since there was possibility that the goods after purchase may not be exported at ..... the petitioner, and sri rajesh kumar agrawal, learned counsel for the respondents.2. section 80hhc was made to give certain benefits to exporters. however, explanation (aa) was inserted by the finance (no. 2) act of 1991, with effect from april 1, 1986. an exception was carved out from the main provision of section 80hhc. in our opinion, explanation (aa) was to plug a loophole in .....

Ram Prakash Agarwal (Huf) Vs. Commissioner of Income Tax

Court : Allahabad

Reported in : (2004)191CTR(All)272

..... that the stored articles are undergoing a process within the meaning of section 2(7)(c) of the finance act, 1973, and, accordingly, cold storage was not industrial company. thus, it is not entitled for investment allowance under section 32a(2)(b)(iii) and section 80j or 80hh of the act.accordingly, we answer all the three questions of law in the ..... , on the facts and circumstances of the case, the tribunal was right in law in holding that the assessee is not entitled for the claim under section 80j and under section 80hh of the it act, 1961 ?'3. 'whether, on the facts and circumstances of the case, the tribunal was right in holding that the cold storage is only engaged ..... that the question referred to is covered by the decision of the hon'ble supreme court in the case of delhi cold storage (p) ltd. v. cit, : [1991]191itr656(sc) .in the aforesaid case, the hon'ble supreme court has held that in a cold storage, vegetable fruits and several other articles which require preservation by .....