Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Page 100 of about 3,500 results (0.147 seconds)

Grasim Industries Ltd Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... l. tirani & co. ltd. (1996) 218 itr 149 (cal).49. we have heard the parties and considered the rival submissions.before the introduction of expln. 2 by the finance act, 1989, with retrospective effect s. 43b was held to be applicable only when a particular liability had become payable during the year under consideration but was not paid. it was ..... -s. (1) of s. 143 or on regular assessment, as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income." it is therefore evident that assessed ..... rival submissions.the claim in our opinion cannot be allowed in view of the bombay high court's decision in the case of cit vs. j. k. chemicals (1994) 207 itr 985 (bom) wherein the assessee-company was carrying on business of manufacture of fertilisers and had started a factory at bombay where it manufactured a fertiliser known .....

L. Saroja Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2001)76ITD344(Mad.)

..... countered by saying that the materials collected in an illegal search can be used only in making assessment or reassessment but not for making block assessment under chapter xiv-b of the act, which is a special code in itself.6. having regard to the rival submissions we find that the appellants were not subjected to action under section ..... and his wife smt. saroja are interested cither as partner or otherwise. the seized books of the appellants would appear to suggest inter lacing and inter-winning of funds, finances and transactions among the appellants inter se and qua shri k.v. laxmanan. huf or smt.saroja. to be fair to both the sides we set aside the block ..... asscssec could not furnish the addresses of the depositors in these two firms in respect of the earlier years also as covered in the block period from 1986-87 to 1994-95 for the purpose of verification of their genuineness the assessing officer proceeded to treat the entire deposits aggregating to rs. 1,14,07,423 (rs. 52,69 .....

Bharatiya Janata Party Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD89(Delhi)

..... non-debt security of the face value of rs. 10 each and interest income arising therefrom would normally be assessable under sections 18 to 21, which were deleted by the finance act, 1988 w.e.f. 1st april, 1989 and thereafter i.e., from asst. yr, 1989-90 onwards interest on securities was assessable as business income under section 28 ..... with this issue, we would like to observe that (i) circular in para 21 of the order of the learned vice president speaks of non-applicability of provisions of chapter iv-d to income of a political party specified in 13a more specifically voluntary contributions; and (ii) in a year in which there is a surplus in the publication ..... of a right. hence, an extinguishment of right not brought about by transfer was outside the purview of section 45. (2) bharat forge co. ltd. v. cit (1994) 205 itr 339 (bom)--in this case it was held that the phrase "extinguishment of rights" takes colour from the associated words and expressions and will have to be restricted .....

Sahara Airlines Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)83ITD11(Delhi)

..... the words "other than a payments for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the payments by the assessee ..... to payments made to m/s aar aviation for lease of spare parts. the assessee had made two payments of us $ 1,99,370 each on 22nd april, 1994 and 14th nov., 1994 to it as lease rent under the terms of the lease agreement dt. 24th aug., 1993, appearing at page wo. 325 of the paper book. the assessee had ..... source or after deducting fails to pay such tax as required by or under the act. the provisions for deducting the tax at source are incorporated in chapter xvii of the act. in the present case, we are concerned only with the provisions of section 195 of the act, relevant portion of which, for the benefit of this order, is being reproduced as .....

Davi SarIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2003)84ITD391Agra

..... . we are unable to accept the view taken by the ao. the finance act, 1995 inserted a new chapter xiv-b in the act. the chapter provides a new concept for the assessment in cases relating searches conducted under section 132. of the act or requisitions made under section 132a of the act after 30th june, 1995. the assessment relating to actions initiated under sections ..... . 1,50,500 on account of goodwill in the return filed for asst. yr. 1993-94 and the same has been considered in the assessment order dt. 8th feb., 1994, under section 143, which fact has not been disputed by the revenue department. we are, therefore, of the view that the same cannot be said to be undisclosed income ..... . according to her, the income of rs. 1.03 crore stood earned and quantified as on 7th oct., 1995, i.e., the eve of robbery.for the period 1994-95 this income had already been earned and it was being taken to kanpur for some "undisclosed purpose" and looting of the income by some miscreants amounts to a form .....

R.P.C. Industries Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD105(Kol.)

..... assessment year 1977-78 and subsequent years." as a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). as per explanation to section 73, where any part of a business of a company other than (i) for assessment years 1977-78 ..... , as already pointed out, relied upon the decision of the supreme court in the case of shahzada nand & sons (supra). on perusal of all the provisions of chapter vi relating to set off and carry forward of losses i am unable to find, either express on implied, intention of the legislature enabling to overrule the principle of generalia ..... v.arvind investment ltd. (1991) 192 itr 365 (cal) and the decision of the calcutta high court in the case of eastern aviation & industries ltd. v. cit (1994) 208 itr 1023 (cal) and reiterated that the assessing officer is quite justified in considering the loss in share business as speculation loss. the distinguished counsel for the assessee objected .....

Devang S. Desai Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD107(Mum.)

..... explanation thereto and the definition of undisclosed income as per section 158b vis-a-vis with the inserted language as per finance act, 2002, the total undisclosed income has to be computed in accordance with the provisions of chapter-iv, i.e. after allowing the deductions provided therein if such deductions or allowances are not found to be false. ..... be excluded while computing the income under section 158bb otherwise the other chapters of it act have to be applied if not expressly mentioned otherwise.9. now we have to consider the effect of the amendment in the definition of "undisclosed income" provided in section 158b(b). the finance act, 2002 has inserted w.r.e.f. 1st july, 1995 ..... . suryakant h. desai the long-term capital gain in question amounted to rs. 94,413 and rs. 1,02,005, respectively, for the asst. yrs. 1994-95 and 1995-96.the appellants have claimed deduction under section 54f in respect of income shown under the head long-term capital gain on the ground that the investment .....

Goa Carbon Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT152(Mum.)

..... higher rebate in respect super-tax available in relation to the profits and gains attributable to the business of manufacture and production of' mineral oil under the finance act, 1964, and the finance act, 1965, provided the other conditions specified in this behalf are fulfilled.2. on a parity of reasoning, the business of refining of crude oil will ..... appellate order and assessing officer at the time of passing assessment orders.the moot point is whether the assessee is entitled for deduction under chapter 80hhc or not. the perusal of provisions of chapter 80hhc shows that any indian company or resident of india, who is engaged in the business of exporting out of india any, goods ..... exchange and to prevent export of natural wealth of the country.the brief facts emerge from above discussion are that the appeal in assessment years 1993-94, 1994-95 are against the respective orders under section 263 while appeal for assessment years 1995-96, 1997-98, 1998-99 and 2000-01 are arising from the .....

Assistant Commissioner of Income Vs. Eicher Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)369

..... of deduction under section 80m and section 80ab applied to all cases of deduction other than section 80m. this distinction has since been obliterated by an amendment made by the finance act, 1997 w.e.f. 1st april, 1998. by this amendment, section 80aa has been omitted and an amendment was made to section 80ab to make it applicable to all ..... accordingly, deleted the disallowance of rs. 5 lakhs. expenditure incurred in relation to income not includible in total income. 14a. for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this ..... of rs. 1,35,417 as deduction.4. since the direction given by the cit(a) is consistent with the stand taken by the ao himself in the asst. yr. 1994-95, we see no infirmity in his direction. further, we were informed that for the asst. yr.1997-98 against a similar direction given by the cit(a), the .....

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD101(Mum.)

..... in that case, it was held by the learned members constituting the bench that leasehold rights held by the assessee-company is assessable under section 40(2) of finance act, 1983 because the expression "belonging to" does not denote absolute title. the bench further held, the possession of an interest less than full ownership is sufficient to ..... the charging provisions of section 40 of the finance act, section 4(7) cannot be applied in the case of the assessee. again for the above proposition assessee relied upon the decision of the tribunal in assessee's own case for the asst. yr. 1991-92 in wta no. 1165/bom/1994; mohan exports india (p) ltd. v. ..... transfer or charge of share or interest, learned counsel submitted, the real right lies with the society and not with the assessee. again he brought our attention to chapter iv, which deals with incorporation, duties and privileges of societies, particularly section 36. it reads as under: 36. societies to be bodies corporatethe registration of a .....