Judgment Search Results Home > Cases Phrase: finance act 1992 Court: income tax appellate tribunal itat vizag Page 1 of about 17 results (0.051 seconds)

income-tax Officer Vs. Vegunta Surya Prakasa Rao Sons and

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD322Visakha

..... pre-amended provision of section 40(b), but the logic golds good even under the new scheme, i.e., even after the amendment of section 40(b) by finance act, 1992 with effect from 1-4-1993. in that case, the concerned partner represented his huf. it was claimed that some commission was paid to him in his individual ..... received by partner from the firm does not get treated as 'salary' for purposes of assessment. sub-section (v) to section 128 has been introduced by the same finance act, 1992 to include any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm as ..... , remuneration paid or payable is relatable to the book profits of the firm as per the amended provisions of section 40(&) of the income-tax act which are amended by the finance act, 1992. hence, the contentions of the assessee that remunerations were paid to the individual status of the partners for the services rendered and are not distribution of .....

income-tax Officer Vs. K. Ramabrahmam and Sons (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD48Visakha

..... of income tax (rsp & pr) wherein it is prominently pointed out that the rate of deduction is 2%. further drawing my attention to part-ii of the annual finance act, prescribing for deduction of tax at source, the learned representative pointed out that the provisions thereof did not cast any additional obligation on the persons responsible for making payments ..... while deducting the tax at source, it did not deduct the surcharge which was required to be deducted in terms of sub-section (5) of section 2 of the finance act, 1994. the relevant provision is contained in the grounds of the revenue extracted herein above. so, the assessing officer levied interest under section 201(1a) vide his order ..... is the same as the tax on which it is imposed as surcharge. sarojini tea co. (p.) ltd. v. collector of dibrugardh air 1992 sc 1264, 1269 [assam land revenue and land (surcharge) act, 1970 section 3].in the light of the above, it is evident that the surcharge is included in the term 'tax'. section 4 of .....

Deputy Commissioner of Income Tax Vs. All Saints Christian Educational

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2007)111TTJVisakha109

..... the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, assessment or recomputation as specified in sub-section (2) of section ..... appellate authority would be free to choose the right course depending upon the facts of each case.10. furthermore, there has been an amendment in the statute by the finance act, 2006 w.r.e.f. 1st oct., 1991 and also an explanation has been inserted below section 148 as under: (a) where a return has been furnished ..... root of the matter, the grounds so raised have been admitted for adjudication.3. briefly, the facts are that the respondent is a society registered under societies registration act, 1860 with the objectives, inter alia, of formulating, establishing and running of educational institutions.the assessee did not file any return of income. there was a survey .....

i. Appala Raju Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)100TTJVisakha438

..... and such other materials or information as are available with the ao and relatable to such evidence." the expression "relatable to such evidence" has been inserted by the finance act, 2002 retrospectively w.e.f. 1st july, 1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the basis of ..... discrepancy in the reconciliation since all these credits were duly disclosed.12. chapter xiv-b which consists, of section 158b to section 158bh was introduced by the finance act,.1995 w.e.f. 1st july, 1995 to make procedure of assessment of cases in which search is initiated under section 132 or where books of account, ..... produced before us, and the learned departmental representative did point out that there was material on record seized during the course of the search relating to the finance business of the assessee for arriving at the satisfaction of the ao issuing notice under section 158bd. this fact has not been denied by learned authorised representative .....

Raghava Health Care Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Vizag

..... 264 is passed by the chief commissioner or commissioner. the time limit of two years was reduced to one year with effect from 1.6.2001 by the finance act 2001. under section 153(3)(ii), an assessment, reassessment or re-computation may be completed at any time where the assessment, reassessment or re-computation is ..... . the assessing officer has framed the assessment order based on the materials gathered during the course of search and also made additions under section 68 of the act based on the books of the assessee which were maintained during the construction stage. in this situation, the assessing officer, in pursuance of order dated 10- ..... return. the assessing officer completed the assessments based on the materials found during the course of search and adding cash credits under section 68 of the income tax act.6. aggrieved against these orders, the assessee again preferred appeals before ld cit(a), who rejected the contentions of the assessee regarding the limitation and affirmed .....

Madhavi Finvest (P) Ltd. and ors. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)99TTJVisakha933

..... of search ... and such other materials or information as are available with the ao and relatable to such evidence." the expression "relatable to such evidence" has been inserted by the finance act, 2002, retrospectively w.e.f. 1st july, 1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the basis of evidence and material ..... 3/kakinadab. madhavi devi 1991-92 wt 452 17-6-92 1/kakinada-do- 1992-93 wt 453 17-6-92 1/kakinada-do- 1992-93 it 445 17-6-92 1/kakinada-do- 1993-94 it 5105 31-3-94 1/kakinada-do- 1994-95 it 85 30-12-94 ..... detailed as under:_________________________________________________________assessee asst. yr. ack. no. filing ward it/wt date_________________________________________________________b. ravi prasad 1991-92 wt 448 17-6-92 1/kakinada-do- 1992-93 wt 449 17-6-92 1/kakinada-do- 1992-93 it 443 17-6-92 1/kakinada-do- 1993-94 it 5114 31-3-94 1/kakinada-do- 1994-95 it 87 30-12-94 .....

P. Govinda Satyanarayana Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)98TTJVisakha908

..... assessee has succeeded in disproving the admission and establishing genuineness of the investments in question chapter xiv-b consisting of section 158b to section 158bh was introduced by the finance act, 1995, w.e.f. 1st july, 1995, to make procedure of assessment of search cases more effective. the chapter is titled "special procedure for assessment of ..... and such other materials or information as are available with the ao and relatable to such evidence". the expression "relatable to such evidence" has been inserted by the finance act, 2002, retrospectively, w.e.f. 1st july, 1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the basis of ..... the basic essence is "income or property which has not been or would not have been disclosed for the purpose of the act." in the case of l.r. gupta v. union of india (1992) 194 itr 32 (del), the delhi high court while constituting the expression undisclosed income as used under section 132(1) has .....

D.C.i.T. Vs. the Andhra Petrochemicals Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

..... the assessment year 1997-98 by which the assessee would be entitled to carry forward the unabsorbed depreciation upto the assessment year 2004-2005. however, by the finance act, 2001 with effect from 1.4.2002, the old provisions were revived by dispensing with the restriction of eight years for carry forward and set off of ..... of loans as on the last day of the previous year. even otherwise, a plain reading of the provisions as it existed prior to its substitution by the finance act, 2002, clearly postulate determination of actual cost with reference to the "increase in the liability" and not with reference to the actual payment made. under these circumstances ..... assessee strongly relied upon the order passed by the first appellate authority. in short, the case of the learned counsel is that prior to the substitution by the finance act, 2002, section 43a uses the expression, "there is an increase or reduction in the liability of the assessee as expressed in indian currency for making payment .....

A.C.i.T. Vs. Vinman Finance and Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

..... learned departmental representative as well as the learned counsel for the assessee in this regard and carefully perused the record. the assessee, as the name suggests, is a finance and leasing company established during the previous year relevant to the assessment year 1994-95. the company accepted certain deposits in cash and also repaid certain amounts in ..... proof to the contrary, it cannot be considered that the company could not make payment by cheque. the assessee being a finance and leasing company, it is duty bound to abide by the provisions of the act and thus merely on account of the fact that the transaction is genuine, it cannot be said penalty is not leviable. ..... found that the repayment of deposit related to the depositors putting up in remote area. the assessee is a finance and leasing public limited company, and therefore it is duty bound to abide by the provisions of the income tan act. we therefore, set aside the order of the cit(a) and restore the order of the assessing .....

Smt. Bommana Swarna Rekha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)94TTJVisakha885

..... the material found during the course of search. our attention was drawn towards the provision of section 158bb and by referring to the amendment being made by the finance act, 2002, it was stated that the income has to be computed only on the basis of evidence found as a result of search or requisition of the ..... the unaccounted expenditures incurred are revenue in nature and allowable as business expenditure. it is, therefore, argued that even if the addition has to be made under this act, the same has to be allowed as a revenue expenditure and, therefore, this is merely an academic exercise. we have carefully considered this issue; the applicant offered ..... with the assessment of undisclosed income as a result of search. section 158ba reads as under : "158ba. (1) notwithstanding anything contained in any other provisions of this act, where after the 30th day of june, 1995, a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section .....