Judgment Search Results Home > Cases Phrase: finance act 1992 Court: allahabad Page 1 of about 13,750 results (0.033 seconds)

Sanjay Khetan Vs. Commissioner of Income-tax and ors.

Court : Allahabad

Reported in : (2004)188CTR(All)361; [2004]266ITR453(All)

..... by one way or another as is evident from the order of the tax recovery officer dated february 26, 1997, vide annexure 7 to the writ petition. the finance act, 1992, was not retrospective and hence, in our opinion, will not apply to the impugned recoveries as they were in respect of the earlier assessment years in respect of ..... the assessee-defaulter. the recovery certificate was issued on march 21, 1982, i.e., much before the addition of rule 68b by the finance act, 1992. rule 68b has been inserted with effect from june 1, 1992, which is prospective. hence, in our opinion, rule 68b applies in respect of recoveries in pursuance of the orders which were made ..... learned counsel for the petitioner is that the recovery was barred by rule 68b of the second schedule to the income-tax act, 1961. rule 68b which was inserted by the finance act, 1992, with effect from june 1, 1992, states :'time-limit for sale of attached immovable property.--(1) no sale of immovable property shall be made under this .....

Commissioner of Wealth-tax Vs. Laxmi Dutt

Court : Allahabad

Reported in : [2003]263ITR225(All)

..... tribunal.4. in our opinion, there is no merit in the submission of learned counsel for the department. section 5(1)(iv) of the wealth-tax act, as it existed before its deletion by the finance act, 1992, stated :'5. (1) wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be ..... 1975-76. in his return of net wealth as well as during the assessment proceedings, the assessee claimed deduction under section 5(1)(iv) of the wealth-tax act in respect of the house property owned by the firm. the wealth-tax officer rejected the assessee's claim but the appeal was allowed by the appellate assistant commissioner ..... opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was legally correct in allowing deduction under section 5(1)(iv) of the wealth-tax act, 1957 ?'2. the assessee is an individual who is a partner in the firm, laxmi dutt roop chand, along with another partner, roop chand.3. the relevant assessment years .....

The Commissioner of Income Tax Vs. Vali Brothers

Court : Allahabad

Reported in : (2005)199CTR(All)294

..... the assessee could claim a refund under section 237 read with section 239 within a period of 2 years prescribed in section 239 of i. t. act, 1961 was reduced to 1 year by the finance act, 1992, w.e.f. 1.4.1993. since, the assessee was called upon to furnish a return by issue of a notice under section 148, the ..... the entire amount deposited towards advance tax was in excess and was refundable. the argument of learned standing counsel that in the present case, proceedings under section 148 of the act was drooped, therefore, there was no assessment and as such, the assessee was not entitled for refund, has no merit. in the case of esthuri aswathiah v. income ..... ' would amount to completion of assessment. once, the notice under section 148 was issued and the proceedings of hearing were conducted thereafter, the provisions of the i.t. act, so far as, may be applied accordingly as if such return were a return required to be furnished under section 139. this is clear from a reading of the plain .....

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Reported in : [2001]79ITD56(NULL)

..... ) of the section 2(5b), then there would have been no need to amend the law and insert sub-clause (va) in section 2(5b) of the interest tax act by finance act, 1992 w.e.f. 1-4-1993 to include a residuary non-banking company even the explanatory memorandum as stated above to bring out that the residuary non banking company had ..... not been covered earlier but was being brought under the purview of the interest tax act by the amendment as per the finance act, 1992. the learned special counsel for the department basically relied on the reasoning given by the commissioner (appeals) in its appellate order for the assessment year .....

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... section 2(5b), then there would have been no need to amend the law and insert sub-clause (va) in section 2(5b) of the interest tax act by finance act, 1992 w.e.f. 1-4-1993 to include a residuary non-banking company even the explanatory memorandum as stated above to bring out that the residuary non banking ..... company had not been covered earlier but was being brought under the purview of the interest tax act by the amendment as per the finance act, 1992. the ld. special counsel for the department basically relied on the reasoning given by the c.i.t.(a) in its appellate order for ..... the provisions of interest tax act (45/1974) as amended by finance act, 1992. as stated earlier, exclusion of interest on securities from the taxability to interest tax act led to ambiguity. hence, the speech of the finance minister, at the time of reintroducing the interest tax act in the year 1991 by amending act no. 45/74 by finance act, 1992, can be relied on to .....

Commissioner of Income Tax Vs. Sahara India Savings and Investment Cor ...

Court : Allahabad

Reported in : (2003)185CTR(All)136; [2003]264ITR646(All)

..... , two or more classes of business referred to in the preceding sub-clauses;'it may be mentioned that clause (va) of section 2(5b) was inserted by the finance act, 1992, from 1st april, 1993.15. learned counsel for the respondent, sri pardiwalla submits that the respondent will become financial company by virtue of clause (va) from asst. ..... loans and advances made in india. however, major amendments were made to the act by finance no. 2 act, of 1991 w.e.f. 1st oct., 1991.6. originally section 4, which is the charging section, imposed a tax only on scheduled banks. however, by finance act, 2 of 1991, section 4 was renumbered as sub-section (1), and sub ..... -section (2) was inserted which states :'notwithstanding anything contained in sub-section (1) but subject to the other provisions of this act, there shall be charged on every credit institution for every .....

Pradeshik Co-operative Dairy Federation Ltd. Vs. Deputy Commissioner o ...

Court : Allahabad

Reported in : (2008)214CTR(All)624

..... , the levy of additional tax of rs. 3,12,665 was cancelled. subsequently, the provision of section 143(1a) was amended by finance act 1992, with retrospective effect from 1st april, 1989 nullifying the ratio of the decision of this court in the case referred to above. proceeding under section 154 was again initiated ..... not disclosed the amount of cash compensation received from the government. subsequently, the law was amended and clause 3(i)(b) [sic-(iiib)] in section 28 of the act was inserted by finance act, 1990, with retrospective effect from 1st april, 1967. the assessment year involved in the aforesaid case was 1989-90. the question of levy of additional tax arose and ..... that the period of limitation is of four years as amended under sub-section (7) of section 154 of the act has to be reckoned from the intimation dt. 5th dec, 1990 and not from the order dt. 13th oct., 1992 and therefore, the action was barred by limitation. the appeal preferred by the appellant before the cit(a) and the .....

Mohan Wahi Vs. Commissioner of Income-tax and ors.

Court : Allahabad

Reported in : (2001)165CTR(All)72; [2000]246ITR144(All)

..... far as the petitioner is concerned. this contention, therefore, is negatived. 26. lastly, reliance was placed on rule 68b. this rule was inserted by the finance act, 1992 with effect from june 1, 1992, and the relevant portion reads as under : '68b. (1) no sale of immovable property shall be made under this part after the expiry of ..... . therefore, in our view, the ratio of janak raj's case : [1967]2scr77 , will apply with full force to sales under schedule ii to the income-tax act 1961. 18. the aforesaid principle was reaffirmed in sardar govindrao mahadik v. devi sahai : [1982]2scr186 , in which the auction purchaser was the decree holder himself. the ..... defaulter or their representatives, relating to the execution, discharge or satisfaction of a certificate or relating to the confirmation or setting aside by an order under this act of a sale held in execution of such certificate, shall be determined, not by suit, but by order of the tax recovery officer before whom such question .....

Commissioner of Income-tax Vs. Vidya Charan

Court : Allahabad

Reported in : (1996)133CTR(All)375; [1996]220ITR78(All); [1996]86TAXMAN133(All)

..... the assessee (on the valuation date which have been incurred in relation to the said assets). the portion within the parenthetical clause was inserted in section 2(m) by the finance act, 1992, with effect from april 1, 1993. prior to that amendment, this portion at the relevant time was as under :' on the valuation date other than--.... (ii) ..... . debit balance, in our view, cannot be taken to be an asset of the industrial undertaking belonging to the assessee's firm.14. section 2(e) of the act defines the word 'assets'. from the inclusive definition given under section 2(e) it is clear that the word 'assets' includes property of every description, movable or immovable ..... of debts which are secured on or which have been incurred in relation to any property in respect of which the wealth-tax is not chargeable under this act. only those debts will qualify for deduction which have been incurred in relation to any property which can be subjected to wealth-tax. neither the accountant member .....

Manik Chand Sethia Vs. Union of India (Uoi) and ors.

Court : Allahabad

Reported in : (1997)143CTR(All)428; [1997]226ITR411(All); [1997]92TAXMAN524(All)

..... the sale consideration payable to the owner. therefore, a buyer is a person who is interested in the property and sub-section (1a) as inserted by the finance act, 1993, with effect from november 17, 1992, makes this all the more clear. sub-section (1a) stands as under :'before making an order under sub-section (1), the appropriate authority shall give ..... the karnataka high court in rajata trust v. chief cit [1992] 193 itr 220 in which it was so held. that was a judgment dated june 20, 1991, and was thus passed before the supreme court decided c.b. gautam's case : [1993]199itr530(sc) in section 269ud by the finance act, 1993 (sic), and proceeded on the special terms of ..... in devesh behari saxena v. deputy cit : [1994]208itr637(all) . this is a judgment in which the judgment of the karnataka high court in rajata trust's case [1992] 193 itr 220 was followed and neither the supreme court judgment in c.b. gautam's case : [1993]199itr530(sc) nor the subsequent amendment by insertion of sub-section .....