Court : Rajasthan
Reported in : (2002)172CTR(Raj)408
..... the amendment of section 40(b) of the act by finance act, 1992, came into effect from 1-4-1993. ..... as most of the expenses including the labour payments were unvouched, the assessing authority applied the provisions of section 145 of the income tax act, 1961, and determined the income of the assessee by applying net profit rate of 8 per cent on the total receipts. ..... mathur, j.the tribunal, jaipur bench, jaipur under section 256(1) of the income tax act, has referred the following question for opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was right in treating the claim of depreciation as covered in the rate of net profit ..... in our view, section 40(b) of the act is not attracted in the instant case. ..... bhandawat, learned counsel for the revenue, has tried to bank upon section 40(b) of the income tax act, 1961. ..... thus, it applies in relation to assessment year 1993-94.4. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]258ITR140(Raj)
..... the amendment of section 40(b) of the act by the finance act, 1992, came into effect from april 1, 1993. ..... as most of the expenses including the labour payments were unvouched, the assessing authority applied the provisions of section 145 of the income-tax act, 1961, and determined the income of the assessee by applying a net profit rate of 8 per cent. ..... the income-tax appellate tribunal, jaipur bench, jaipur, under section 256(1) of the income-tax act, 1961, has referred the following question for the opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was right in treating the claim of depreciation as covered in the rate of ..... in our view, section 40(b) of the act is not attracted in the instant case. ..... bhandawat, learned counsel for the revenue, has tried to bank upon section 40(b) of the income-tax act, 1961. ..... thus, it applies in relation to the assessment year 1993-94.4. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)217CTR(Raj)191; [2008]299ITR253(Raj)
..... section 143(1a), prior to the amendment by the finance act, 1993, with effect from april 1, 1989, what was being taxed was the difference between the income declared in the return and the income determined as a result of adjustments under section ..... as under:(i) the main dispute pertains to the interpretation of the provisions of section 143(1 a) existing at the relevant time and clause (a)(i) and (ii) which were inserted, substituted by the finance act, 1993, with retrospective effect from april 1, 1989, the matter pertains to the ..... any tax or interest is found due, an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly, and(ii) if any refund is due, it shall be granted to the assessee:provided that an intimation for any tax or interest due under this clause shall not be sent after ..... if any tax or interest is found due, an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly, and(ii) if any refund is due, it shall be granted to the assessee:provided that an intimation for any tax or interest due under this clause shall not be sent after the ..... section 143(1)(a), (1a) of the income-tax act (retrospectively amended in 1993 ..... amendment of section 28 of the income-tax act .....
Tag this Judgment!Court : Rajasthan
Reported in : (2001)69TTJ(NULL)463
..... the assessment year under appeal being 1993-94, that is, prior to amendment of section 44ab vide the finance act, 1995, which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior to 1-7-1995. ..... 'in the above provision the words 'the report of any audit' were inserted in this provision by amendment vide finance act, 1988, with effect from 1-4-1989, and the words 'referred to in section 44ab' were inserted by amendment vide finance act, 1995, with effect from 1-7-1995. ..... circumstances the revenue does not get any benefit from the decision of hon'ble jurisdictional high court in the case of abhey kumar.in view of the discussions made above, we are of the view that prior to amendment of sections 271b and 44ab vide finance act, 1995, with effect from 1-7-1995, penalty for non-furnishing of audit report required under section 44ab within specified date was not leviable. ..... it is worthwhile to note here that requirement of 'furnishing' the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995, with effect from 1-7-1995, and prior thereto such a general requirement of furnishing the report of audit under section 44ab was no more there under section 271b.13. ..... in this context we may also note that in section 139(6a) the words 'referred to in section 44ab qualifying the audit report have been inserted by amendment vide finance, act, 1995, with effect from 1-7-1995. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2009)226CTR(Raj)417; [2010]186TAXMAN365(Raj)
..... a period of four years from the end of the financial year in which such application was allowed to be proceeded with.sub-section (4a) to section 245d duly amended vide finance act, 2007 reads ad infra:(4a) the settlement commission shall pass an order under sub-section (4), -(i) in respect of an application referred to in sub-section (2a) or sub-section (2d), on or before the 31st day of march, 2008;(ii) in respect of an application made on or after the 1st day of june, 2007, within twelve months from the end of the month in which ..... counsel for assessee further submits that hearing as provided under section 245d(4) of the act is to be considered in context of statutory requirement in view of amendment under finance act, 2007 as per which applications pending on or before 01/06/2007 have to be decided by settlement commission by 31/03/08 and this hon'ble court has directed settlement commission to decide applications by 31/03/08; and as observed in orders impugned, there being more than ..... however, by later amendment made for substitution vide finance act, 2007, procedure has been changed and after receipt of application under section 245-c, procedure like impugned here where report as earlier required from commissioner (it) is not required, and after hearing applicant assessee, settlement commission under statutory period of fourteen days by an order in writing either to reject or allow ..... jasjit singh : 1993(2) scc 507 & ar antulay v. ..... : 1993 (201)itr 611 & commnr. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)219CTR(Raj)465; [2008]301ITR240(Raj); RLW2006(4)Raj2692
..... this juncture, we may notice that explanation (1) to section 41(1) was inserted vide amendment through finance act no. ..... are that for the accounting periods prior to financial year ending dated 31st march 1993 the interest on dues to various banks and expense deductable under section 37 of the income tax act while computing taxable income for the relevant assessment years. ..... a consequence of the aforesaid discussion, we are of the opinion that decision of the tribunal in deleting the addition made on account of interest written off in books of account of assessee for the assessment year 1993-94 by the assessing officer on account of waiver of interest by order of bifr was correct and does not call for interference.23. ..... , when it was faced with condition of waiver under the order of bifr, section 41(1) will not be' invoked in respect of concession granted to the sick companies, the proceedings under section 148 were dropped, but sought to consider the same in the course of assessment for the assessment year 1993-94, the made additions of the sum of interest so written off in the books of assessee on the basis of said book only by invoking section 41(1) of the act.12. ..... the present case is a case of writing off the liability to pay interest, accrued in the past, in the books of assessee relating to previous year corresponding to assessment year 1993-94, as a result of order passed by bifr sanctioning scheme for rehabilitation of the respondent assessee, a sick industrial undertaking. .....
Tag this Judgment!Court : Rajasthan
Reported in : 2001(3)WLC62
..... terms of the amendment introduced in the act of 1964 by the finance act, 1997 whereby the appointed date has been shifted to 1.4.1997 and a revaluation as on 1.4.1997 is required to be made under section 14 of the act of 1964. ..... could not have been envisaged when the original act was introduced in 1964 or when it came into force in 1973 and, therefore, sections 13, 15 and 15b of the act cannot and need not be compared with section 3 (1b) of the act which has been subsequently introduced by the rajasthan ordinance of 1988 or by the finance act, 1989; and, the two provisions deal ..... has been exercised by the assessee and such a situation could not have been envisaged when the original act was introduced in 1964 or when it came into force in 1973 and, therefore, sections 13, 15 and 15b cannot and need not be compared with section 3(1b) of the act which has been introduced subsequently by the rajasthan ordinance of 1988 or by the finance act, 1989; and, the two provisions deal with separate situations altogether. ..... 'one and half lakh,' according to the latest census figures: provided further that if any area is declared a cantonment or is constituted a municipality, after the commencement of the rajasthan urban land tax (amendment) act, 1973, the tax on lands and buildings situate in such area shall be levied and collected with effect from the commencement of the year following the year during which the area is declared a cantonment or ..... 1993 ..... on april 1, 1993 by enhancing the ..... 1993 ..... 1993 ..... 1993 .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR2001Raj286; [2001]250ITR789(Raj); 2001(4)WLN217
..... terms of the amendment introduced in the act of 1964 by the finance act, 1997, whereby the appointed date has been shifted to april 1, 1997, and a revaluation as on april 1, 1997, is required to be made under section 14 of the act of 1964. ..... not have been envisaged when the original act was introduced in 1964 or when it came into force in 1973 and, therefore, sections 13, 15 and 15b of the act cannot and need not be compared with section 3(1b) of the act which has been subsequently introduced by the rajasthan ordinance of 1988 and by the finance act, 1989 ; and, the two provisions ..... been exercised by the assessee and such a situation could not have been-envisaged when the original act was introduced in 1964 or when it came into force in 1973 and, therefore, sections 13, 15 and 15b cannot and need not be compared with section 3(1b) of the act which has been introduced subsequently by the rajasthan ordinance of 1988 or by the finance act, 1989 ; and, the two provisions deal with separate situations altogether. ..... 'one and half lakh', according to the latest census figures :provided further that if any area is declared a cantonment or is constituted a municipality, after the commencement of the rajasthan urban land tax (amendment) act, 1973, the tax on lands and buildings situate in such area shall be levied and collected with effect from the commencement of the year following the year during which the area is declared a cantonment ..... on april 1, 1993, by enhancing ..... 1993 ..... 1993 ..... 1993 ..... 1993 ..... 1993 .....
Tag this Judgment!Court : Rajasthan
Reported in : (1997)IILLJ608Raj; 1997WLC(Raj)UC1
..... the hon'ble supreme court was seized of the matter of the provisions involved as under:-'the finance bill (no.2) of 1980 ultimately culminated in the finance (no.2) act, 1980 and by this act, section 80j was amended and sub-section (1-a) was introduced with retrospective effect from april 1, 1972. ..... bonus to those employees, who have now been brought under the provisions of the act to receive the bonus by making the act applicable to all those ..... he has submitted that non-payment of the bonus or delayed payment of bonus means that the contravention of the provisions of the bonus act have been made and is punishable under section 28 of the act, and for the reason that he had already paid the bonus for accounting year 1993-94 before coming into force of the amending act, as per the terms of the settlement arrived at between the employer and the employees, and additional liability cannot be created to pay .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)178CTR(Raj)305
..... thus, with a view to remove the unintended hardship of the closely held companies on account of provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (i), substituting the existing clause (vi) by new clauses (vi), (via) and (vib), and inserting a proviso to, the sub-section. ..... looking to the curative nature of the amendment made by the finance act, 1988, it has been submitted before us that the proviso which is inserted by amending finance act, 1988, should be given retrospective effect and should be read as forming part of section 40(3) of the act from its inception. 10. g.p. ..... however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of ..... the amended provisions on insertion of finance act, 1988, are extracted as follows :'(3) the assets referred to in sub-section (2) shall be the following, namely :(i) gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals not being any such precious metal or alloy held for use as raw ..... prakash talkies : [1993]202itr121(kar) .13. .....
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