Judgment Search Results Home > Cases Phrase: finance act 1992 section 67 amendment of section 187 Court: income tax appellate tribunal itat jabalpur Page 1 of about 4 results (0.187 seconds)

Subhash Chand Dinesh Chand Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1995)52ITD212Jab

..... 1988 written to cwt(appeals), bareilly, where he had mentioned that the words "this act", as used in section 18(1)(a) will not cover section 40 of the finance act, 1983 and will only relate to the main wt act, 1957.4.1 in addition to the legal issue raised by the learned counsel, he referred to the fact that the provisions of new section 40 of the finance act, 1983 were not known to the assessee as the assessment year 1984-85 was the ..... the show-cause notice the assessee filed written submissions on 13-2-1989 and stated that the levy of wealth-tax was reintroduced by section 40 of the finance act, 1983 for the first time and the assessee-company came to know of it only through the auditors when they pointed out ..... liberal view may be taken.4.2 he also mentioned that the assessee cannot be penalised for the lacuna in law and penalty cannot be charged unless the act is suitably amended.4.3 the learned counsel also stated that the penalty imposed for the assessment year 1985-86 is for a period of one month and the same should not ..... facts filed by the learned counsel and noted that the only reason attributed to the late filing of the return was ignorance of the assessee about the amended provisions relating to wealth-tax in the case of closely-held companies. ..... the learned counsel, the cwt (appeals) observed that "it is, therefore, proved to be hilt that the plea taken before the assessing officer as well as before me of ignorance of the amended provisions of law is thoroughly misleading. .....

Central India Gases Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1998)66ITD571Jab

..... memorandum explaining provisions of finance act, 1995, para 23.1 & 23.2 reads as under : "23.1 the first proviso to section 32(1)(ii) of the income-tax act provided that where the actual cost of any individual item of machinery or plant did ..... the finance act, 1995, has deleted the first proviso to section 32(1)(ii) and all items of machinery or plant including those costing ..... not be out of place to mention here that finance act, 1995 has deleted first proviso to section 32(1)(ii). ..... relevant time reads as under : "32(1) in respect of depreciation of buildings, machinery, plant or furniture owned by the assessee and used for the purposes of the business or profession, the following deduction shall, subject to the provisions of section 34, be allowed - (ii) (in the case of any block of assets, such percentage on the written down value thereof as may be prescribed) provided that where the actual cost of any machinery or plant does not exceed (five ..... in respect of such asset shall be restricted to 50 per cent of the amount calculated at the percentage prescribed under this clause in the case of block of assets comprising such asset.from the plain reading of section 32(1)(ii) and third proviso it is apparent that the third proviso is applicable in respect of the assets forming part of the block of the assets on which depreciation is allowed at such percent age on wdv as is prescribed. ..... he pointed out that during assessment year 1992-93, the assessee has manufactured gas to the tune of .....

Commissioner of Income-tax Vs. Meera Engg. and Commercial Co. (P)

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... sophia finance ltd. ..... sophia finance ltd. ..... sophia finance ltd. ..... the fact that the assessee is incorporated under the companies act, is not disputed. ..... 256(1) of the it act is by the revenue, requiring this tribunal to refer the following questions as of law to the hon'ble madhya pradesh high court at jabalpur for their esteemed opinion : "1. ..... 68 of the it act without appreciating the fact that the restaurant was running in loss and the assessee was not able to explain the sources of cash credit 3. ..... 68 of the it act, made by the ao relying on the delhi high court decision in the case of cit vs. ..... 32 of the it act". ..... 133(6) of the it act. ..... 68 of the it act. .....

Commissioner of Income-tax. Vs. Meera Engg. and Commercial Co. (P)

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1998)60TTJJab161

..... sophia finance ltd. ..... sophia finance ltd. ..... sophia finance ltd. ..... the fact that the assessee is incorporated under the companies act, is not disputed. ..... 133(6) of the it act.these particulars also reveal the financial status of the shareholders.it is seen from the paper book that affidavits, confirmation letters and replies were placed before the authorities below, especially before the ao during ..... 256(1) of the it act is by the revenue, requiring this tribunal to refer the following questions as of law to the honble madhya pradesh high court at jabalpur for their esteemed opinion : "1. ..... 68 of the it act without appreciating the fact that the restaurant was running in loss and the assessee was not able to explain the sources of cash credit 3. ..... 68 of the it act, made by the ao relying on the delhi high court decision in the case of cit vs. ..... 32 of the it act". ..... 68 of the it act. .....

Anil Ahuja Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... profit of such transaction was processed under section 143(1) and without resorting to scrutiny assessment notice under section 148 was received which is not proper and legal inasmuch as there is a change of opinion where the assessing officer came to the conclusion that section 44ad is applicable in this case whereas commissioner (appeals) has opinioned that after amendment of section 147 by direct tax laws (amendment) act, 1987 with effect from 1-4-1989, the ..... one of the plea of the assessee has concluded to give part relief to the assessee as per conclusion arrived in the last para at pages 3 to 4 of the order as under: decision an my opinion, section 44ad has wide amplitude and any person who buys land in his own name, constructs a building on the same and then sells the buildings as a whole, the whole of such activity will also be covered ..... filed by the assessee declaring income after working out the profit from such sales of residential units and other transactions was processed under section 143(l) without resorting to scrutiny assessment and subsequently proceedings under section 147 were initiated and notice under section 148 was issued as assessing officer was of the opinion that since the business is of civil construction and profit shown is less ..... section 44ad was inserted by the finance act ..... the speech given by the finance minister can be relied so as to find out the object intended ..... the speech given by the finance minister on 28-2-1994 while giving budget speech read .....

Agrawal Motors Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1999)68ITD407Jab

..... observed as under:- a' 'hundi' in a common commercial parlance, denotes an indigenous form of bill of exchange, by and large in vernacular language, which is used by mercantile community in india.bill of exchange is defined in section 5 of negotiable instruments act, 1981 as under:- a 'bill of exchange' is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or ..... , thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this act.from the above definition of undisclosed income, it is clear that any income or property which is either wholly or partly has not been disclosed or would not have been disclosed for the purpose of ..... [emphasis supplied] similar view was expressed in the notes on clauses of the finance bill.section 158b(b) defines the word "undisclosed income" as under :- undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books ..... issued a few months back than the actual sale taking place of sale, (b) as per the norms of the bank, the tractor is not financed unless the farmer purchases some accessories, which are necessary for the application for agricultural purposes. ..... the complex during the financial years 1992-93, 1993-94 and 1994-95. .....

Mahesh Prasad Soni Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2004)86TTJJab815

..... the case before us, the assessing officer/commissioner (appeals) have imposed penalty under section 271d of the act as the assessee has taken or accepted loan or deposits otherwise than by an account payee cheque or account payee bank draft in violation of section 269ss of the act.the provisions of sections 269ss and 269t were brought on the statute by the finance act, 1984, with effect from, 1-4-1984. ..... the appeal has been directed by the assessee against the order of the commissioner (appeals) dated 28-10- 1999, confirming penalty under section 271d of the act pertaining to assessment year 1996-97.briefly, the facts of the case are that the assessee derived income from trading in jewellery, truck plying and sale of agricultural ..... hand, learned departmental representative while relying on the decision of the commissioner (appeals) submitted that the genuineness of the payment or the creditworthiness of the lender was not relevant for the purposes of penalty under section 271d of the act.as the assessee had failed to prove the reasonable cause in violating the provisions, the penalty was exigible in this case. ..... cit (2000) 73 itd 252 (hyd) in para 17.2 of its order held as under : "provisions of section 269ss were brought in the statute book to counter the evasion of tax in certain cases, as clearly stated in the heading of chapter xx-b of the income tax act, 1961, which reads requirement as to mode of acceptance, payment or repayment in certain cases to counteract evasion of tax .....

Assistant Commissioner of Vs. thermoflics India

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1997)60ITD554Jab

..... "transfer" is amended by the finance act, 1987, w.e.f ..... sub-section (4) to section 45 was inserted by the finance act, 1987 ..... conversion or treatment; or (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) ..... section 45(4) inserted by the finance act ..... a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm, association of body, of the previous year in which the said transfer takes place and, for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer." 10. ..... the capital gains tax would be chargeable in the previous year in which the transfer takes place.sub-section (47) of section 2 of the income-tax act, defines the word "transfer" in relation to the capital assets as under : (iv) in a case where the asset is converted by the owner thereof into, or is treated by him as stock-in-trade of a business carried on by him, such .....

Sri Satyapal Wassan L/H Sri Naresh Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... after the amendment by finance act, 2006, the view was explicitly made clear that time limit for issuance of notice under section 143(2) will not apply in re-assessment proceedings. ..... this amendment was introduced by the finance act, 2006 with retrospective effect from 1.10.1991. ..... subsequently the interpretation of the said phrase in the context of blopk assessment in relation to the period of limitation as envisaged in the proviso to sub-section (2) of section 143 came up for consideration before the special bench of tribunal, pune, when during the hearing the decision as referred to above, was also relied upon by the departmental representative and lucknow bench in the case of ..... we are, therefore, of the opinion that the case of the assessee cannot be put within the ken of section 68 of the act.since the facts of the present case are similar to the case of sri kantilal & bros. ..... acit (1992) 41 itd 7 (jaipur) and aggarwal motors v. ..... 27.6.1992 and finally the quantum of expenditure is also clear i.e. rs. ..... the document is dated 27.6.1992. ..... the ld.cit(a) observed that the name, quantity and price rate of the building rate has been mentioned in the paper which is dated 27.6.1992. ..... on the other hand, the ao observed that the submission of the assessee is incorrect as a date is mentioned on the paper, which is 27.6.1992. ..... 1 and 2 are the same as were raised in the assessment years 1990-91, 1991-92and 1992-93. .....

New Ajanta Road Lines Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (2002)254ITR85Jab

..... new provisions in regard to the taxation of the firms were introduced by the finance act, 1992, with effect from april 1, 1993, as a result of which the firms were made entitled to claim salary and interest to the working partners and consequently the old provisions dealing with the registration ..... mere fact that the same is not certified by the partners, would render it liable to be assessed as an association of persons in this connection, it will be useful to refer to the explanation to section 184(2), which reads as under : "for the purposes of this sub-section, the copy of the instrument of partnership shall be certified in writing by all the partners (not being minors) or, where the return is made after the dissolution of the firm, by all persons ( ..... in the opposition, the learned departmental representative justified the action of the authorities below while pointing out that there was a clear violation of the provisions of section 184 inasmuch as a copy of the partnership deed not certified by all the partners was filed along with the return of income and the subsequent action of filing a copy of the partnership deed ..... once registration is granted and the firm is assessed as such in the assessment year 1993-94 then section 184(3) comes into picture, according to which the registration granted continues for all the subsequent years unless there is a change in ..... the amended provisions of section 184 are relevant for our purpose because the assessment year involved in the present .....