Judgment Search Results Home > Cases Phrase: finance act 1992 section 67 amendment of section 187 Court: income tax appellate tribunal itat lucknow Page 1 of about 14 results (0.134 seconds)

Shri Abhay Pratap Singh Sengar Vs. the Ito 4(3)

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... years preceding that year, or has not during the seven previous years preceding that year been in india for a period of, or periods amounting in all to, seven hundred and thirty days or more; or 11. this section has now been substituted by finance act, 2003 with effect from 1.4.2004 as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is - (a) an individual who has been a non-resident in india in nine out of the ..... cit(a), after considering the amendment brought in the act by the finance act, 2003 in section 6(6), observed that the person will be 'not ordinarily resident' only when he is non-resident in atleast 9 out of 10 previous years preceding the relevant year. ..... . now a specific amendment has been brought in the act by the finance act, 2003 as noted earlier ..... . cit(a) in para 6 has quoted the explanatory note from the finance act where it is clarified that the amendment is only clarificatory in nature ..... he observed that this amendment is clarificatory in nature as per explanatory note in the finance act. ..... . in the present case not mentioning of non-resident in section 6(6)(a) is a case of casus omissus which has been corrected by finance act, 2003 .....

Abhay Pratap Singh Sengar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)108ITD8Luck

..... the learned cit(a), after considering the amendment brought in the act by the finance act, 2003 in section 6(6), observed that the person will be 'not ordinarily resident' only when he is non-resident in at least 9 out of 10 previous years preceding the ..... now a specific amendment has been brought in the act by the finance act, 2003 as ..... cit (a) in para 6 has quoted the explanatory not from the finance act where it is clarified that the amendment is only clarificatory in nature. ..... that this amendment is clarificatory in nature as per explanatory note in the finance act. ..... case not mentioning of nonresident in section 6(6)(a) is a case of casus omissus which has been corrected by finance act, 2003. ..... this section has now been substituted by finance act, 2003 w.e.f.1st april, 2004 as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is- (a) an individual who has been a non-resident in india in nine out of the ten previous ..... the learned departmental representative pointed out that in order to remove the ambiguity in the section, a clarificatory amendment has been brought out in section 6(6)(a) and in view of this amended section unless an individual has been non-resident in india in 9 out of 10 years preceding the year under consideration, he will not be treated as 'resident but not ..... individual who has not been resident in india (nonresident as substituted by finance act, 2003) in nine out of the ten previous years preceding that year .....

Sri Jitendra Mohan Saxena, Mohan Vs. the I.T.O. (1)

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... finance act, 2002 with effect from 1.4.2003.the intention of the legislature for introducing this section can be gauged from the explanatory notes to the amendment ..... that the newly inserted section 50c of the it act, 1961 was inserted by the finance act, 2002 with effect from ..... 37.1 the finance act, 2002, has inserted a new section 50c in the income-tax act to make a special provision for determining the full value of consideration ..... by the finance act, 2002 (20 of 2002), a new section 50c has ..... the capital asset to a valuation officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23a, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under sub-section (1) of section 16a of that act. ..... dispute with the proposition that only real income should be assessed but once a provision is inserted in the income-tax act to deem a particular amount as income of the assessee then by virtue of such a fiction that amount shall be income of the assessee unless a discretion is provided to the assessing officer to consider otherwise.sections 68, 69,69a, 69b and 69c are deeming provisions where either credit entry or investment or expenditure for (which no explanation .....

U.P. State Bridge Corpn. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)79TTJLuck814

..... making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount-- (a) the amount of income-tax, if any, payable by the company in respect of any income referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the ..... explanation: in this sub-clause, the expression "the relevant amount of distributions of dividends" has the meaning assigned to it in the finance act of the relevant year, (c) the amount of income-tax, if any, payable by the company under section 104 of the it act. ..... " (ii) in the case of a company which has been charged to tax in a country outside india on any portion of its income, profits and gains included in its total income as computed under the it act, the tax actually paid in respect of such income, profits and gains in the said country in accordance with the laws in force in that country after allowance of every relief due under the said laws. ..... on the similar analogy, it can be said that while allowing deduction on account of income-tax for computing chargeable profit under the companies (profits) surtax act, 1964, the interest on such income-tax levied or leviable under sections 215 and 217 of it act, 1961, which forms part of the process of assessment of tax, should also be allowed as deduction.14. ..... , 1992. .....

U.P. State Bridge Corpn. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)84ITD452Luck

..... by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income tax act after making allowance for any relief, rebate or deduction in respect of income tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount (a) the amount of income tax, if any, payable by the company in respect of any income ..... expression "the relevant amount of distributions of dividends" has the meaning assigned to it in the finance act of the relevant year; (c) the amount of income-tax, if any, payable by the company under section 104 of the income tax act. ..... referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act with reference to the relevant amount of ..... appeal were not pressed, we are not required to adjudicate the same and they are rejected as not pressed.the assessing officer completed the assessment under section 6 of the companies (profits) surtax act, 1964, vide his order dated 15-9-1992.the method of computation of chargeable profits was challenged before the commissioner (appeals) by the assessee. .....

Shadi Ram and Sons Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2005)92ITD22Luck

..... on this issue, the amendments were brought to section 234b of the act by finance act, 1995 with retrospective ..... amendment was brought by finance ..... inter alia, on the following questions of law: "whether the income tax appellate tribunal was justified in holding that as there was no specific order for charging interest under section 234b of the act, the charging of interest under section 234b in the demand notice was illegal even though in the computation sheet (itns 150) which formed part of the assessment order, interest amounting to rs. 23,47,990/- ..... for every month or part of a month comprised in the period from the first day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 or regular assessment on an amount equal to the assessed tax or as the case may be on the amount by which the advance tax paid as aforesaid falls short of the assessed tax ..... 1.4.89, the original provisions relating to both the issues read as under: "subject to the other provisions of this section, where, in any financial year, an assesses who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety percent of the assessed tax, the assessee shall he liable to pay simple ..... . dr relied on the decision reported in 187 itr 363 (alld), 190 itr 643 ..... that interest under section 234b has to be reckoned upto 20.1.1992 in the .....

Assistant Commissioner of Wealth Vs. Major S. Qureshi

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)78TTJLuck474

..... amendment inserted in section 27 of it act through finance act, ..... the learned counsel, further, elaborated his argument by submitting that in view of amendment made under s, 27 of it act and corresponding amendments made in section 2(m) of wt act, the beneficial owner is to be treated as real owner of the property and from that angle also the assessee did not remain the owner of the property after mutation which ..... has also considered the aspect relating to retrospectivity of the amended provision and held as under: "from the circumstances narrated above and from the memorandum explaining the finance bill, 1987 [see (1987) 165 itr (st) 161], it is crystal clear that the ' amendment was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act. ..... amendments have also been proposed in regard to the definition of 'transfer' in section 2(47) of the it act, section 2(m) of the wt act defining 'net wealth' and section 2 (xii) of the gt act ..... hesitation to hold that the amendment introduced by the finance bill, 1987, was declaratory/clarificatory in nature so far as it relates to sections 27(iii), (iiia) and ..... april, 1988, namely : "explanation : a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the it act shall be includible in the net wealth of the person who is deemed under the said clause to be the owner of that building or part ..... to the tax assessment for 1992-93 (copy at p. .....

Commercial Motors Finance Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)82ITD176Luck

..... the tribunal, madras bench, and the bench after examining the agreement, the circulars of the board and relevant case laws held that the term "chargeable interest" as defined in sub-section (5) of section 2 was though enlarged by the finance act (no ..... the learned counsel for the assessee, shri garg cited several decisions to canvass the point that the notice under section 10 of the interest-tax act being akin to notice under section 148 of the it act, 1961, is a jurisdictional notice and, therefore, if the notice is invalid, the entire assessment order and proceedings ..... we consider it proper to reproduce the reasons for issuing notice under section 10 of the interest-tax act recorded by the ao which are as under : "the main business of the assessee-company is of financing through hire-purchase and also doing leasing of the vehicles on hire-purchase transactions as cases is charging finance charges as well as repayment of principal amount which is taken in the balance ..... . this class of hire-purchase agreement must be distinguished from a transaction in which the customer is the owner of the goods and with a view to finance his purchase he enters into an arrangement which is in the form of a hire-purchase agreement with the financier, but in substance evidence a loan transaction, subject to a hiring agreement under which the lencer (sic) ..... 1996, these words have been omitted and the amended provisions of section 148 as it stands now does not contain this ..... june, 1992, rendered ..... 1992-93 ..... 1992 .....

Deputy Commissioner of Income Tax Vs. Sahara India Financial Corpn.

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)81TTJLuck389

..... the shareholder is established and further shareholder confirms that he has invested money in the purchase of shares, then no further inquiry can be made against the company for the purposes of making addition under section 68 of the it act, 1961, but in case after the above test is satisfied, an additional test of proving shareholder as genuine investor is applied, then his capacity to invest has also to be examined, which test will ..... opinion that it is necessary so to do, he may, with the previous approval of the chief cit or cit, direct the assessee to get the accounts audited by the accountant, as defined in the explanation below sub-section 2 of section 288, nominated by the chief cit or cit in this behalf and to furnish a report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed ..... 1992-93 while making fresh assessment under section 141(3)/254/148 of it act ..... mou which are being reproduced below : (1) sahara india shall submit to sahara india finance corporation ltd. ..... finance ..... in terms of his capacity, then such an assessee will be under an obligation to prove the source of the source, which is not the requirement of law even according to the case of sophia finance ltd. ..... their judgment in the case of sophia finance ltd. ..... finance ..... finance ..... precision finance (p) ltd (1994) 208 itr 465 (cal), the decision of kerala high court in edayanal constructions v.cit (1990) 183 itr 671 (ker) and the decision of .....

Sahara India Savings and Investment Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2004)90TTJLuck878

..... the argument of the assessee that order of assessing officer had merged in the order of learned cit(a) as he has considered the question of allowability of interest under section 36(1)(iii) and when he considered one aspect, it should be presumed that he considered all aspects of it, wholly without merit.the learned special counsel further argued that clause (c) to explanation to section 263(1) came to be on the statute by finance act, 1988, w.e.f. ..... section 263 of the it act, 1961.explanation has been substituted by finance act ..... view of the above factual and legal position, we hold that the doctrine of merger shall be applicable on the issue relating to deposits in the light of clause (c) to the explanation to section 263(1), because this clause is not applicable and the power of commissioner shall not be extended to a matter which has been considered and decided in appeal.so far as the second issue relating to ..... , the hon'ble supreme court, after considering clause (c) of explanation to section 263(1) observed as under : "the consequence of the said amendment is that the powers under section 263 of the commissioner shall extend and shall be deemed always to have extended ..... 187 itr 638 (ori), the objection of the assessee was that power under section 263 ought not to have been exercised, where there was exhaustive enquiry by the ito before making assessment and, in any case, the ito had power under section 147 to reopen the assessment for reasons as indicated in that section ..... 187 ..... 187 .....