Judgment Search Results Home > Cases Phrase: finance act 1992 Court: income tax appellate tribunal itat allahabad Page 1 of about 83 results (0.078 seconds)

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 .....

B.i.C. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1996)59ITD210(All.)

..... of india & anr. (supra). this contention was accepted and the ao passed an order under s. 154 on 31st aug., 1992, deleting the additional tax. subsequently, there was an amendment of s. 143(1a) brought out by the finance act, 1993, with retrospective effect from 1st april, 1993, according to which additional tax could be charged even where the loss declared ..... income and the income after prima facie adjustments being losses. this direction has been given in view of the retrospective amendment of s.143(1a) brought about by the finance act, 1993, w.e.f. 1st april, 1989.the cit(a) has held that such additional tax can be charged in view of the decision of the supreme court ..... by the assessee in the return was reduced in the processing under s. 143(1)(a) of the act. this led to a notice under s. 154 being .....

Assistant Commissioner of Income Vs. U. P. National Mfg Ltd. (Asstt. C ...

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... records before us, which, are, in the following terms : as a result of newly inserted provisions of s. 194h of the it act, 1961 (hereinafter called as "the act"), as a result of finance act, 1991, which received the assent of the president of india on 27th september, 1991, all these respondents were under an obligation to ..... by the assessee to have been received in the second week of october, 1992. respondent-assessees had also requested the hon'ble finance minister, government of india on 30th march, 1992, for disposal of their petition furnished under s. 194h(2) of the act. since the cbdt rejected the respondent's petitions for exemptions, these respondents ..... have claimed to have deducted the tax at source on 27th october, 1992, and deposited the same .....

income-tax Officer Vs. R.T. Lawrence

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)15ITD490(All.)

..... a particular place and that it was exempt under section 10(74).16. the counsel pointed out that subsequently an explanation to the above section was inserted by the finance act, 1975, with retrospective effect from 1-4-1962. this explanation reads as under : explanation : for the removal of doubts, it is hereby declared that any allowance ..... instructions issued by the cbdt in the first place, no specific directions have been issued. the circular is only by way of explanatory notes to the provisions of the finance act, 1983. such explanation is not binding on this tribunal. further, an assessee cannot be bound by any circular, unless it is in its favour. the income-tax ..... taxable under section 5(2)(b), the assessees being non-residents. his second submission was that with the insertion of the explanation to section 9(1)(ii) by the finance act, 1983, any doubt, if there was one, has also been cleared. while admitting that the explanation has been inserted with effect from 1-4-1979, he contended .....

Wealth-tax Officer Vs. S. Inder Singh

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1987)20ITD544(All.)

..... voluntary disclosure, the statement was accepted without enquiry or satisfaction that disclosed amount represented income of the assessee and, therefore, the certificate granted by section 215 of the finance act, 1965, would not preclude an examination of the explanation, although such declaration may be admissible piece of evidence, but not conclusive. this is the view of the ..... court in the case of jamnaprasad kanhaiyalal v. cit [1981] 130 itr 244, indicated amongst other things that the finality under section 24(8) of the finance (no. 2) act, 1965, was to the order of the central board under section 24(6) and not to the assessment of tax made on the declaration furnished under ..... first common point of appeal by the revenue is that the commissioner (appeals) went wrong in cancelling the order passed under section 35 of the wealth-tax act, 1957 ('the act') by the wto.3. in his order under section 35, the wto mentioned for the assessment year 1978-79 that the original assessment was made on .....

Subhra Motel (P.) Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1998)64ITD134(All.)

..... section 43b have been brought on statute for effective discharge of liability. on comparison of two provisos inserted by finance act, 1987 in respect of clause (a) and finance act, 1989 in regard to clause (b) of section 43b of the act, it would be clear that the conditions for payment in respect of clause (b) are more restrictive. for ..... it will be necessary that cinema owner will prepare the total bill in proforma 42-g in respect of admissible grant-in-aid according to rule 209 of finance handbook volume-v part-i and he will deposit the same in the treasury within 7 days after the expiry of quarter by indicating 'payment of account ..... provisions were brought on the statute reads as under :- "(xxvi) disallowance of unpaid statutory liability - section 43b - 35.1 under section 145 of the income-tax act, 1961, profits and gains of business or profession are computed in accordance with the method of accounting regularly employed by the assessee. broadly stated, under the mercantile system .....

income-tax Officer Vs. Gauri Shankar Dalal

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)5ITD340(All.)

..... on the other hand, supported the order of the aac by stating that the loss is nothing but a negative income. according to him the amendment made by the finance act was by way of clarification only.7. we have considered the rival submissions of the parties and we find considerable force in the stand taken on behalf of the ..... of his submission, the learned representative for the department invited our attention to explanation 2 to section 64(2) which was inserted with effect from 1-4-1980 by the finance act, 1979. the said explanation states that 'for the purposes of this section, 'income' includes 'loss'. the learned representative for the department, therefore, submitted that since we are ..... share of the huf in the said three firms in the total income of the assessee by invoking the provisions of section 64(2) of the income-tax act, 1961 ('the act')- similarly, in respect of the assessment years 1974-75 and 1975-76, the ito included half share of the huf in the said three firms in the .....

Dr. A.K. Bansal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2000)73ITD49(All.)

..... refer to the objectives of introducing chapter xiv-b, which can be gainfully used as an aid to interpretation.3.1 chapter xiv-b of the act was brought on the statute book by the finance act, 1995 with effect from the 1st july, 1995. it provides for a special procedure for assessment of search cases. with a view to finding out the ..... . the learned counsel for the assessee has also relied in this connection on another judgment of the karnataka high court in the case of nenmal shankarlal parmer v. asst. cit (1992) 195 itr 582 at page 586. in that case, the search warrant was in the name of the firm but the residential premises of the partners were searched without any ..... also referred to the decision of karnataka high court at southern herbals ltd. v. director of income-tax (investigation) [1994] 207 itr 55 and nenmal shankarlal parmer v.asstt. cit [1992] 195 itr 582/62 taxman 529 and of punjab & haryana high court, at h. l. sibal v. cit [1976] 103 itr 606. the relevant part of the tribunal's .....

Shervani Industrial Syndicate Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2006)99TTJ(All.)123

..... basis of such an advice being the express provision which got inserted in section 55(2)(a) by the finance act, 2001. 6. it is further submitted that the said amendment was brought in terms of clause (32) of the finance bill, 2001, true import of which was explained in the memorandum of notes on clauses which reads as under ..... : 'clause 32 seeks to amend section 55 of the it act relating to meaning of the expressions 'adjusted', 'cost of improvement' and 'cost of ..... capital gain and the transaction came within the purview of computational provisions of section 45. this position has been amply clarified in the 'memorandum of notes' on clauses of the finance bill, 2001, also. so, from the asst. yr. 2002-03, the 'transfer' of 'trademark' or 'brand name' attracts taxability under the head 'capital gain'. since .....

Vishwanath Prasad Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2003)86ITD516(All.)

..... documents maintained in the normal course of business on or before the search.22. circular no. 717 dated 14th august, 1995 is issued by the cbdt on the subject of finance act, 1995 - explanatory notes on provisions relating to direct taxes. clause 39.3 of this circular provides salient features of the scheme provided under chapter xiv-b. the relevant clause is ..... the definition of chapter xivb. the ld. counsel for the assessee further argued that each case has its own facts and relied upon cit v. sun engg. works (p.) ltd. [1992] 198 itr 297(sc).9. on the other hand, the ld. d.r. argued that the inventory of the books of account seized, copy of which is filed at page ..... agrawal [l990] 38 ttj (delhi), 189, order of the itat, allahabad bench in the matter of ashok kumar jaiswal v. ito [it appeal no. 448 of 1988 dated 17-7-1992]. however, the ld.counsel for the assessee during the course of the argument fairly conceded that in view of the statement of the ld. d.r. that there was no .....