Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)107ITD1(Delhi)
..... he also pointed out that a similar position also existed in the provisions of section 148 prior to its amendment by the finance act, 1996, which required that notice under section 148 can be issued to the assessee for filing of the return of income within a specified period not being less than 30 ..... such defect in law, then appellate authority would also not be competent to condone such a defect or mistake, and the only remedy probably left over would be to cancel the assessment being bad in law, or the amendment in section 158bc is made in the same manner as was done in regard to section 148 of the act, as it existed prior to its amendment by finance act, 1996. ..... such, the charge of tax on income arises under section 2 of the finance act and the provisions of it act including section 4 provide that tax at that rate or those rates is to be charged in accordance with and subject to the provisions of the it act.33. ..... section 148 was modified with retrospective effect from 1st april, 1989 and the board's explanatory notes on finance act, 1996 are to the following effect: notices issued under section 148 have been held to be invalid by the tribunal on the ground that whereas the statute allows the taxpayer a time 'not being less than thirty days', the notice gives the direction to file a return ..... section 2 of the finance act every year provides that income-tax for the assessment year commencing from the 1st day of april shall be charged at the rates prescribed in part 1 of the first .....
Tag this Judgment!Court : Uttaranchal
Reported in : (2005)199CTR(Uttranchal)66; [2005]277ITR253(Uttaranchal)
..... this connection it may be noted that the explanation to section 9(1)(ii) introduced by the finance act of 1983 refers to what constitutes 'income earned in india ..... this explanation was introduced by the finance act of 1983 with effect from april 1, 1979, to get over the judgment of the gujarat high court in cit ..... that even under the finance act of 1999 the new explanation uses the term 'rest period/ ..... 0015/1980 : [1980]124itr391(guj) in which it was held that in order to attract section 9(1)(ii) of the act, liability to pay must arise in india. ..... this is an appeal preferred under section 260a of the income-tax act, 1961, filed by the appellant against the judgment and order dated march 26, 2004, passed by the income-tax appellate tribunal, new delhi, in i. t. ..... section 4 of the act is a charging section ..... said explanation, the original intention under section 9(1)(ii) has been revived. ..... in certain types of incomes, which may not come under section 5, into the definition of 'total income' under section 2(45). ..... section 9 is a deeming section ..... under section 4(2), tax is deducted at source or paid in advance, where it is so ..... section 9(1)(ii), inter alia, lays down that income which falls under the head 'salaries', if it is earned in india, shall be deemed to accrue to the non-resident ..... section 5(2),on the other hand, restricts the scope of total income of a nonresident to the income which is received or deemed to be received in india or which accrues or which is deemed to accrue to him during .....
Tag this Judgment!Court : Orissa
Reported in : [1955]28ITR136(Orissa)
..... from the above resume of facts it would be seen that the ordinance in question had been promulgated before the decision on the reference under section 66(1) had been pronounced and the finance act of 1939 had been made applicable to chota nagpur with effect from 30th march, 1939, i.e. ..... it was correct, was not based on any definite information coming into his possession, but he only corrected a view of the mistake of law applied by his predecessor, and that was not a sufficient ground for applying section 34 as amended in 1939.5. mr. ..... presumably considerations of this nature led to the amendment of section 34 in 1939 by which it was provided that 'if in consequence of definite information which has come into his possession, the income-tax officer discovers that income, profits or gains chargeable to income-tax have escaped assessment in any ..... their lordships after discussing the entire question came to the conclusion that under section 34 if the indian income-tax act as amended in 1939, the income-tax officer had no power to reopen the assessment proceedings, unless he acted in consequence of 'definite information' which had come into his possession. ..... it would be seen under this section before the amendment of 1939, all that had to be shown was that the income had escaped assessment, or had been assessed at too law a rate, and the cases show that that position might arise by a mere error on the ..... it may be pointed out that section 34 was once amended in the year 1939. .....
Tag this Judgment!Court : Kerala
Reported in : (2000)160CTR(Ker)216; [2000]242ITR29(Ker)
..... at the end of sub-section (1) of section 271 by the said finance act (section 40 of the finance act, 1964). ..... the application, learned counsel for the revenue submitted that the second return cannot be termed a return within the meaning of section 139(5) of the act and whatever the assessee had disclosed subsequently was by way of an attempt to forestall further action after the omissions were ..... pursuant to a direction given by this court, the following question has been referred for opinion under section 256(2) of the income-tax act, 1961 (in short 'the act'), by the income-tax appellate tribunal, cochin bench (in short 'the tribunal') :'whether, on the facts and in the circumstances of the case, the tribunal is right in law and fact in cancelling the february 2, 1988, on a ..... or wrong statement is discovered by the department as a result of enquiry and thereafter a revised return is furnished making amendments that will not amount to a revised return as contemplated under section 139(5). ..... of amendment of section 271(l)(c) ..... amendments were brought by the taxation laws (amendment) act, 1975, (section 61 of the said amending act ..... the effect of the said amendment, so far as we are concerned, is that where, in respect of facts material to the computation of the total income of the assessee, he furnishes no explanation or he cannot substantiate the explanation offered by him or the explanation offered by him is found ..... the effect of the amendment with effect from april 1, 1976, is that a .....
Tag this Judgment!Court : Gujarat
Reported in : [1966]61ITR241(Guj)
..... that such an assessee can exist is clear from the second part of the definition of 'assessee' in section 2(2) and, as a matter of fact, prior to the amendment made by the finance act, 1956, a registered firm was such an assessee, since no tax was payable by the registered firm itself. ..... a registered firm, as pointed out above, was an assessee within the meaning of the definition contained n section 2(2) even prior to the amendment made by the finance act, 1956, since though no income-tax was payable by it, it was certainly an entity in respect of whom section 23(5) authorised a proceeding to be taken for the assessment of its income. ..... now in this connection it is necessary to notice not only the position prevailing in the relevant year of account but also the position which prevailed prior to the amendment made in section 23(5) by the finance act 1956, with effect from 1st april, 1956. ..... but now after the amendment made by the finance act, 1956, tax is payable by the registered firm itself under section 23(5)(a)(i), the revenue would be bound to grant to the registered firm exemption in respect of tax on the exempted profits. ..... after the amendment made by the finance act, 1956, a registered firm would also fall within the first part of the definition of 'assessee' in section 2(2) since income-tax is now payable by it under section 23(5)(a)(i). .....
Tag this Judgment!Court : Chennai
Reported in : [1996]217ITR80(Mad)
..... 2(7)(c) of the finance act for the relevant assessment years under consideration. ..... 2(7)(c) of the finance act for the relevant assessment year. ..... 2(7)(c) of the finance act, 1981. ..... 2(7)(c) of the finance act for the relevant assessment years. ..... 2(7)(c) of the finance act, 1981 ?' 2. ..... to the explanation the income attributable to any one or more of the manufacturing or the processing activities of the goods included in its total income of the previous year, as computed before making any deduction under chapter vi-a of the it act should be not less than 51 per cent of the total income. ..... 256(2) of the it act, 1961 : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee who is a partner in the firm of kadammane estate and derives share income on its holding 40 .....
Tag this Judgment!Court : Chennai
Reported in : (1964)1MLJ66
..... ramamani to support his contention that the accumulated profits referred to in the provisions even after its amendment by the finance act of 1956 must be limited to such profits as appear in the books of the company at the commencement of the assessment year and that, in any event, it cannot take in the profits which arose during the accounting year in which ..... sub-clause (c) of section 2(6-a) was substituted by section 3 of the finance act of 1956 with effect from the 1st of april, ..... might have been accumulated, in former such profits would be dividend only in so far as they came out of profits accumulated within six years prior to liquidation.finally, they held that accumulated profits sought to be caught by section 2(6-a)(c) would be profis accumulated in the financial years preceding the year in which the liquidation took place.8. ..... will be open to the income-tax officer to examine the question afresh and determine what should be regarded as the correct amount of dividend within the meaning of section 2(6-a)(c) in the light of the above observations. ..... section 12-b of the act deals with capital gains and it states that tax under the head ' capital gains' shall be payable in respect of any profits or gains arising from the sale of a capital asset effected after the 31st day ..... income-tax officer by his letter dated 19th december, 1960, proposed to treat the sum of rs.8 lakhs so distributed as dividend falling within the meaning of section 2(6-a)(c) in the hands of the shareholders. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]241ITR439(Mad)
..... clearly discriminatory, untenable and not maintainable (ii) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that even where a property is valued under the specific provisions of sub-section (4) of section 40 of the finance act, 1983, for the purpose of levy of wealth-tax in the case of closely held companies, the provisions ..... and hence rule 1bb could not be applied to value it and section 40(4) of the finance act, 1983, excluded application of section 7(1) and rule 1bb made thereunder and accordingly assessed the property at rs. ..... the commissioner agreed with the assessee's case that section 40 of the finance act, 1983, did not exclude the operation of rule 1bb and accordingly directed the assessing officer to refer the matter again to the valuation officer to determine the value of the property on the basis of net maintainable ..... the commissioner took the view that section 40 of the finance act did not exclude the operation of rule 1bb which was confirmed by the tribunal. ..... counsel for the assessee submitted that sub-section (5) of section 40 specifically excluded certain sections of the wealth-tax act except section 7(1) and, therefore, rule 1bb was applicable. ..... on appeal to-the tribunal, the tribunal, held that the provisions of rule 1bb could not be ignored since the valuation had to be made under section 7(3) and thus dismissed the appeal.2. .....
Tag this Judgment!Court : Chennai
Reported in : (1999)155CTR(Mad)303
..... the assessment year in question that is 1979-80 to 1983-84, it claimed the status of industrial company for the purpose of deriving the benefit of lower rate of taxation accorded to industrial companies under finance act 2 of 1977. ..... 2(7)(c) of the finance act 2 of 1977 formulates the tests for determining as to when a company is an industrial ..... 2(7)(c) of finance act 2 of ..... 2(7)(c) of finance act 2 of 1977, which lays down the terms for determining the claim of a company for being regarded as an industrial ..... 2(7)(c) of finance act 2 of ..... an industrial undertaking in one part and non-industrial undertaking in another part does not by that reason cease to be capable of being regarded as an industrial undertaking to the limited extent of its claim for the benefits under the act, in relation to the activity which can properly be regarded as a manufacturing activity carried on by such an undertaking.7. ..... 32a0 of the act, if all other conditions as set out in that section are met by the ..... 32a of the act which confers the benefit of investment allowance is a provision, which is obviously meant to encourage industries to install new plant and machinery, where such plant and machinery is utilised for the manufacture or process of articles ..... 32a(2) of the act, it must be held that if the assessee is able to demonstrate that the machinery or plant in respect of which the allowance is claimed, are used in the manufacturing or processing of articles, in which the assessee is engaged, the assessee may .....
Tag this Judgment!Court : Chennai
Reported in : [2003]127TAXMAN392(Mad)
..... arises is whether the value o the portion of the building which was let out by the assessee in favour of punjab national bank would be an exempted asset from the list of assets found in section 40(3) of the finance act 1983?the assistant commissioner of wealth tax rejected the claim of the assessee by holding it was liable to wealth tax. ..... question of law referred by the income tax appellate tribunal for our consideration under the wealth tax act, 1957 in relation to the assessment of the assessee for the assessment year 1980-81 reads as under :whether on the facts and in the circumstances of the case the tribunal was right in law in holding that the property let out by the assessee was not an asset exigible to wealth tax within the meaning of section 40(3)(vi) of finance act, 19832. ..... held that the property was used by the assessee for its business and therefore, the assessee would be entitled to exemption as provided under section 40(3)(vi) of the finance act, 1983. ..... for letting out the properties, the company was owning the property as a landlord and therefore, that part of the building let out to punjab national bank was exigible to wealth tax under section 40(3) of the finance act, 1983. ..... (bom) and submitted that the income of the property was treated as business income under the income tax act and therefore, the asset of the assessee should be taken as a business asset. ..... that the income from the property was assessed as business income under the income tax act is not conclusive. .....
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