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Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... of claims made by the assessee towards expense, deduction or allowance has been brought into the definition of "undisclosed income" by the finance act, 2002. the amendment brought in by the finance act, 2002, has stated that the enlargement of the definition of undisclosed income is made with retrospective effect from 1st july, 1995. but ..... incriminating evidences were found in the course of search to suggest that the assessee had earned undisclosed income by way of wrong claim of deductions made under chapter vi-a. he submitted that in the course of search, wage registers, excise applications, certificates issued by various authorities were found. all those documents ..... in the respective regular assessments. the assessee-firm was a recognised export house and had been regularly claiming deduction under section 80hhc since its inception in 1994. the deductions have been regularly allowed by the department.8. it is the above deductions claimed by the assessee-firm and allowed by the assessing .....

Vahid Paper Converters and ors. Vs. Ito and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD165(Ahd.)

..... while computing the income for the purpose of computation of deduction under chapter vi-a even prior to above amendment, therefore, it is unnecessary to examine the rival contentions with regard to retrospective effect of explanation 5 to section 32 introduced by the finance act, 2001.71. the following 26 appeals where other issues are also involved ..... not to claim depreciation. the legal position has changed only with effect from 1-4-2002, when explanation 5 to section 32 has been introduced by the finance act 2001 providing for allowability of depreciation whether or not the assessee claim the deduction in this regard. the learned counsel contended that the assessment year under consideration ..... have held as under:- coming to question no. 2, the learned counsel or the revenue relies on the decision of this court in paushak ltd. v. cit (1994) 210-itr-535, wherein this court relied on the decision of the supreme court in the case of cambay electric supply industrial co. ltd. v cit (1978) .....

Garrick D'Silva Vs. Joint Commissioner Of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)105TTJ(Delhi)445

..... march, 2000, shall continue to be governed by the old provisions.the above explanatory notes make it abundantly clear that the insertion of section 17(2)(iiia) by the finance act, 1999 was to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares and, therefore, the insertion was clarificatory in ..... in the nature of capital gain since it arose on sale of an asset and not in the nature of perquisite as the perquisite has actually arisen on 21st june, 1994 on which date the assessee acquired right to the share. since there was no difference between the fair market value and the price at which right had been acquired, ..... contract is obviously a perquisite within the meaning of section 17(2)(iii) and 'salary' taxable under head a of chapter iv of the it act by virtue of section 17(1)(iv) r/w section 15(b) of the act. since the value of perquisite is ascertainable only on the day option is actually exercised, which coincides with the day of .....

Sukh Ram Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)99ITD417(Delhi)

..... basis for computation of undisclosed income of the assessee for the block period. as regards the reliance placed by the assessee on the amendment made subsequently by the finance act, 2002 in the said provisions with retrospective effect from 1-7-1995, he contended that application of such amended provisions, which were not in the statute ..... are requisitioned under section 132a in the case of any person, then, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions of this chapter. "132a, (1) where the [director general or director] or the [chief commissioner or commissioner], in consequence of information in his possession, has reason to believe that ..... block period 1-4-1985 to 25-3-1996. it was found that the assessee had not filed his returns of income for assessment years 1993-94, 1994-95 and 1995-96. hence, the assessing officer treated the income of these three years as the undisclosed income of the assessee for the block period relying, .....

Smt. Krishna Verma Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)107ITD1(Delhi)

..... technical or minor but it would be fatal to the provisions of section 158bfau) of chapter xiv-b of the act.46. he also pointed out that a similar position also existed in the provisions of section 148 prior to its amendment by the finance act, 1996, which required that notice under section 148 can be issued to the assessee for ..... within a specified period not being less than 30 days. section 148 was modified with retrospective effect from 1st april, 1989 and the board's explanatory notes on finance act, 1996 are to the following effect: notices issued under section 148 have been held to be invalid by the tribunal on the ground that whereas the statute allows ..... of both the sections are exactly the same.reliance in support of the above is being placed on the following judgments: (iii) prabhat sawmill & timber merchants v. ito (1994) 51 itd 548 (bang); 37. it was further submitted that the issue of the notice determines the liability of the assessee as the assessee is liable to pay interest .....

United States Vs. Winstar Corp.

Court : US Supreme Court

..... goodwill was an indispensable tool in performing this task." savings and loan policies in the late 1970's and 1980's: hearings before the house committee on banking, finance, and urban affairs, 101st cong., 2d sess., ser. no. 101-176, p. 227 (1990).6 supervisory goodwill was attractive to healthy thrifts for at least ..... would help the acquiring institutions meet their reserve capital requirements imposed by federal regulations. see investigation of lincoln savings & loan assn.: hearing before the house committee on banking, finance, and urban affairs, 101st cong., 1st sess., pt. 5, p. 447 (1989) (testimony of m. danny wall, director, office of thrift supervision) (noting ..... contract clause). 45 cf. also resolution trust corporation v. federal savings and loan insurance corporation, 25 f.3d 1493 , 1501 (calo 1994) ("the limits of this immunity [for sovereign acts] are defined by the extent to which the 899 the dissent would adopt a different rule that the government's dual roles of contractor .....

Trennery (Respondent) Vs. West (Her Majesty's Inspector of Taxes) (App ...

Court : House of Lords

..... his printed case and his oral submissions. 46. the expression "derived property" seems to have appeared first in a taxing statute in section 28 of the finance act 1946, in provisions designed to charge higher rates of income tax on some categories of income covenants and other settlements of property in which the settlor retained a ..... settlement). 48. in 1995 parliament decided to rationalise the ragged patchwork of provisions which had come to be included in part xv (settlements) of the 1988 act. chapters i and ii and part of chapter iii (including sections 683 to 685) were repealed. instead sections 660a to 660g were enacted. section 660a (1) and (2) provide as follows: ..... was no immediate capital gains tax consequence as it was cash that was transferred. 34. at step five (still, it is to be noted, within the 1994-5 year of assessment) mr and mrs trennery were excluded from any beneficial interest under the first settlement (the effectiveness of their exclusion was previously in issue, but .....

Maheshwari Agro Industries Vs. Union of India

Court : Rajasthan

..... of granting stay upon the appellate tribunal after insertion of sub-sections (2a) and (2b) in section 254 of the act by finance act, 1999 with effect from 01.06.1999 and further first proviso substituted by finance act, 2007 with effect from 01.06.2007 extending period of stay granted by the itat in the first instance for 180 ..... , income tax on various types of assessee/s including the body corporates, is required to be paid as per charging provisions of the act after computing the total income under chapter iv of the act, which provides for computation of the total income under six different heads like income from salary, income from house property, profits and gains ..... statute purports to regulate has to be rejected and preference should be given to that construction which avoids such results. 34. in directorate of enforcement v. deepak mahajan [1994] 3 scc 440, this court held as under: 24. . though the function of the courts is only to expound the law and not to legislate, nonetheless .....

M/S.Medical Land, Trichur Vs. Commissioner of Income Tax,kochi

Court : Kerala

..... found to be false" added to the definition of the undisclosed income vide section 158b(b) of the act by the finance act, 2002 with effect from 01/7/1995 which clinched the issue against the assessee. the tribunal found that chapter 14b provides separate procedure for assessment of any income revealed by search or requisition. it is against the said ..... the assessee claimed higher depreciation rate at forty per cent on the basis that these were earth moving machinery which included even the jeep with trailer. for the assessment years 1994-95 and 1995- 96, supervisory charges payable to one m/s. t.c.v. packers were claimed at `.24.68 lakhs and `.33.67 lakhs respectively, while ..... the amount that was actually found paid in the financial year relevant to the assessment year 1994-95 was only `.6 lakhs. the claim of the assessee was that the assessee was due to pay ten per cent of the gross income on contracts executed to .....

R (on the application of Davies and another) (Appellants) Vs. the Comm ...

Court : UK Supreme Court

..... to that reference. there is here, however, a minor paradox, since the october 1992 version contains a contrary reference, reflecting the law as it was prior to the finance act 1993 which introduced section 336(3) into icta 1988 for the tax year 1993-94 (para 74 above). mr gaines-cooper had property available for his use in the ..... of profits and income encouraged in 1955 (para 84 above). the aim and function of ir20 in this respect is demonstrated by consideration of the further conditions of chapter 2. in addition to the requirements already discussed, a taxpayer seeking to take advantage of paragraphs 2.7 to 2.9 must satisfy two conditions relating to duration ..... albeit not in the court of appeal, the appellants have also relied on a document published by the institute of chartered accountants in england and wales, dated 30 november 1994, in which, no doubt accurately, it recorded the revenue as confirming that, were a uk resident to "retire" overseas to a house which he owned but to .....