Judgment Search Results Home > Cases Phrase: finance act 1993 section 12 amendment of section 80dd Court: income tax appellate tribunal itat vizag Page 1 of about 2 results (0.057 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD48Visakha

..... even though, there is a difference between the provisions of sub-sections (1) and (2) of section 4, it docs not follow that the finance act can be totally ignored for the purpose of deduction of tax at source. ..... the observation of the cit(a) that the respective finance acts did not cast an obligation on the assessee to deduct surcharge is patently wrong, inasmuch as sub-section (5) of section 2 casts an obligation on the assessee to deduct surcharge also. ..... in the present case, sub-section (5) of section 2 of finance act, 1994 has cast an obligation on the assessee to deduct surcharge also as claimed by the revenue in the grounds taken in this appeal. ..... however, 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. ..... act, 1961 and there is no reference in the said sub-section to the finance act. ..... as has been rightly contended before me, the respective finance acts did not cast any additional obligation on the appellant other than the obligation cast by the provisions of section 194c of the act. ..... 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 to the contractors and the provision for deduction of surcharge as prescribed under those acts did not bind the appellant. .....

Deputy Commissioner of Income Tax Vs. All Saints Christian Educational

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2007)111TTJVisakha109

..... on the 1st day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after 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 153, every such notice referred to in this clauses shall be deemed to be a valid notice: (a) where a return has been furnished during the .....

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

Court : Income Tax Appellate Tribunal ITAT Vizag

..... it is necessary to notice here that by the finance act 2002, the legislature amended the provisions of section 43a of the act with effect from 1.4.2003 whereby actual payment was made the basis for claiming depreciation on the cost of the assets. ..... 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 towards the whole or part of the cost of the asset", which implies that the legislature was concerned with the liability arising out of the exchange rate fluctuation and not with reference to the actual payment of such liability, whereas the amended provisions specifically refer to the ..... 14 of 2001 and thus unabsorbed depreciation carried forward to the assessment year 2002-2003 has to be considered as per the provisions as amended by the finance act, 2001 in which event the assessee would be entitled to carry forward depreciation of the assessment year 1994-95 to the assessment year 2003-2004.12. ..... the case of the assessee was that the provisions as they existed prior to the amendment were withdrawn by the finance act, 2001 and thus the assessing officer was not justified in denying the benefit of carried forward of depreciation of the assessment year 1994-95. .....

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

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD322Visakha

..... the amendment of section 40(b) by finance act, 1992 with effect from 1-4-1993. ..... 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. ..... disallowed for the following reasons :- a new scheme of taxation of firms and partners effective from assessment year 1993-94 has been introduced in the finance act, 1993. ..... 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 income chargeable to income-tax under the head 'profits & gains' of ..... thus, considering the legal position as settled above and the amended provisions of section 4q(b) with effect from 1-4-1993, i am of the opinion that the remuneration paid to a partner, who represents his huf cannot be disallowed under section 40(b) on the ground that the huf is the partner and remuneration is paid to ..... to shri nagendra prasad is allowable as a deduction in terms of section 40(b) of the income-tax act after its amendment from 1 -4-1993. ..... as per the amended provisions of section 40(6), with effect from the assessment year 1993-94, payment of ..... with regard to payment of remuneration to partners in the context of what was discussed as above has been augmented further with changes in section 40(6) of the act with effect from the assessment year 1993-94. .....

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

Court : Income Tax Appellate Tribunal ITAT Vizag

..... various law, the transactions of accepting the deposits and payments were not doubted by the revenue during the regular assessment and no addition was made under section 68 of the act most of the persons to whom the payments or deposits made were mostly agriculturists irving in rural areas but there is lack of banking facilities ..... on an appeal filed at the instance of the revenue, learned accountant member noticed that the depositors were not from village background and a finance company is duty bound to abide by the provisions of law, whereas the learned judicial member observed that they were all from rural background where there is ..... non-availability of the banking facility was in itself taken as the pointer to hold that the assessee was conscious of the provisions of the act, ignoring the fact that though the assessee pleaded ignorance of the provisions of the act, in response to the penalty proceedings he was advised to take the benefit of the factual matrix with regard to non-availability of the banking ..... it is equally well known fact that the legislation in this field undergoes so frequent changes and amendments that it is not possible for even a person specializing in this filed, including the tax administrator, to claim that he knows what exactly the law is on a particular given day ..... started business only in the financial year 1993-94 and accepted as well as repaid deposits in cash from/to persons living in rural areas on account of ignorance of the provisions of the act. .....

Raghava Health Care Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Vizag

..... completing the assessment and reassessment are prescribed in section 153 of the act.under section 153(2a), as it stood before its amendment from 1.6.2001, an order of fresh assessment in pursuance of an order under section 250 or 254 or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of two years from the end of the financial year in which the order under section 250 or section 254 is received by the chief commissioner or ..... commissioner or, as the case may be, the order under section 263 or section ..... ld authorised representative submitted that the order of the assessing officer is barred by limitation prescribed under section 153(2a) of the it act that stood at the relevant point of time.according to section 153(2a), that stood at the relevant point of time, any order of fresh assessment made in pursuance of order under section 250, setting aside or cancelling the assessment, may be made at any time before the expiry of two years from the end ..... to one year with effect from 1.6.2001 by the finance act 2001. .....

i. Appala Raju Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)100TTJVisakha438

..... , of section 158b to section 158bh was introduced by the finance act,.1995 w.e.f ..... since, we have already quashed the assessment because the income assessed was not the undisclosed income within the definition of section 158b(b) of the it act, therefore, the ao cannot got into the merits by examining the creditors during block assessment proceedings.this action of the ao ..... cit (1999) 106 taxman 227 (del) (mag) has held that in computation of undisclosed income--ao does not acquire any power under section 158ba to make roving enquiries and investigation about assessments already completed and further to compute undisclosed income on estimate basis on presumptions and surmises, there being no seized material to support computation ..... such evidence" has been inserted by the finance act, 2002 retrospectively w.e.f. ..... search was carried out under section 132 on 28th july, 1999 at the business premises of the assessee's father, and while the search was carried on, certain material in respect of finance business of the assessee was ..... 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. ..... opinion, these credits cannot be regarded to be the undisclosed income of the assessee within the definition of the undisclosed income given under section 158b(b) of the it act chapter xiv-b. .....

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

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)99TTJVisakha933

..... which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. ..... which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. ..... , much after the completion of the assessment clarified that the order passed in the case of the assessee be read as if it was passed under section 158bd.the question before us is whether by such action taken by the ao, can he legalize the action, which is void ab initio and thus can an assessment order, which is void ab initio, can be validated when it is a settled ..... wt 457 17-6-92 1/kakinada-do- 1992-93 wt 456 17-6-92 1/kakinada-do- 1992-93 it 447 17-6-92 1/kakinada-do- 1993-94 it 5106 31-3-94 1/kakinada-do- 1994-95 it 85 30-12-94 3/kakinada_________________________________________________________ 7. mr. b.v.b.s. ..... 1991-92 wt 451 17-6-92 1/kakinada-do- 1992-93 wt 450 17-6-92 1/kakinada-do- 1992-93 it 444 17-6-92 1/kakinada-do- 1993-94 it 5113 31-3-94 1/kakinada-do- 1994-95 it 88 30-12-94 3/kakinadab.v.b.s. ..... -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 3/kakinadab. ..... -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 3/kakinadab. ..... 1993-94 by adopting the reasoning given in paras 55, 56 ..... 1993-94 ..... 1993-94 was duly disclosed in her balance sheet filed along .....

P. Govinda Satyanarayana Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)98TTJVisakha908

..... 3 (is in) negative, whether the 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. ..... , bullion, jewellery, valuable article, thing, entry in the books of account or other documents or transactions represents wholly or partly income or property; (iv) which has not been or would not have been disclosed for the purposes of this act.from the aforesaid analysis of the definition, it clearly emerges that if any asset or any income as recorded in the books or documents has been disclosed or intended to be disclosed to the it authorities, this would be outside the pale of undisclosed ..... articles, thing, entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this act (or any expense, deduction or allowance claimed under this act which is found to be false)".if we analyse the aforesaid definition, it provides that undisclosed income includes: (i) any money, bullion, jewellery or other valuable article or thing, or; (ii) any income based on any entry in the ..... 9 relating to the levy of surcharge, it was submitted that section 113 has been amended and the surcharge has to be levied w.e.f. ..... the appellant craves leave to add, amend or alter any of the above grounds at the time of hearing of the appeal." 3. .....

Smt. Bommana Swarna Rekha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)94TTJVisakha885

..... 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 books of account or other documents and such other material or information as ..... of the learned authorised representative that no addition can be made on the basis of deficit stock found in the business premises during the course of survey action taken under section 133a in the block assessment as it is outside the scope of chapter xiv-b which deals with the assessment of undisclosed income as a result of search. ..... counsel for the assessee is revenue in nature, and that if an addition is made under section 69 of the act, as undisclosed income, a corresponding deduction has to be given under sections 28 to 37 of the act, towards expenditure incurred in the course of carrying of the business. ..... (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 132a in the case of any person, then, the ao shall proceed to assess the undisclosed income in accordance ..... the assessee submitted before the ao that she got married in january, 1993, and the said sum was invested out of the marriage gifts, the ao did not agree with the same, but an affidavit to that .....