Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: old Court: income tax appellate tribunal itat delhi Page 1 of about 51 results (1.467 seconds)

Delhi Auto and General Finance Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD626(Delhi)

..... call for further information from the assessee.certain other adjustments like the adjustment of carried forward losses, whether, could be made before deductions as are permitted under chapter vi-a (like deductions under sections 80g, 80m in the instant case), or after, have been subjected to judicial controversy, indicating that they could not fall ..... that the present proceedings have been validly initiated and the order of assessment is also legal and valid.20. we have heard the rival submissions, perused the finance bill by which the said sections were amended and introduced and the circular of the cbdt bearing number 549 dated 31 -10-1989. we reproduce below the ..... of additional tax where returned income is increased as a result of adjustment made under section 143(1)(&) the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing an assessment order in all cases, did not contain any deterrent provision against filing of incorrect returns to .....

international Research Park Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD37(Delhi)

..... 'profits and gains of business or profession (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : deduction under section 80hhc, if entire export proceeds, i.e., rs. 100 lakhs is brought into ..... the provisions of section 80ab, which is a controlling section to allow deductions with reference to the incomes included in the gross total income of the assessee under chapter vi-a and, therefore, that is a controlling section. (4) this controlling section deems every activity as a separate activity, entitled to deduction under the ..... edition viii, volume 3, at page 3220, and pressing into service the ruling of the calcutta high court in the case of cit v. indian products ltd. [1994] 207 itr 647, the learned advocate, dr.narayanan, submitted that in certain circumstances even the heading of the section assumes importance and becomes relevant as an aid .....

income-Tax Officer Vs. Lall'S Gem Exports

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)52ITD385(Delhi)

..... who is engaged in the business of export out of india of any goods or merchandise to which section 80hhc applies subject to fulfilment of certain conditions specified thereunder. finance (no. 2) act, 1991 inserted explanation (aa) to section 80hhc which reads as under: 'export out of india' shall not include any transaction by way of sale or otherwise ..... transit or transhipment of baggage from one custom station to another or to a place outside india. apart from that special provisions have been made under chapter xi of the customs act, 1962 for dealing with the baggage accompanied or unaccompanied. the relevant sections are sections 77 to 84. sections 82 to 84 deal with the goods ..... been placed on the decision of the tribunal in the case of assessing officer v. gem arts [it appeal no. 323 (delhi) of 1990, dated 21-2-1994].3. the learned counsel for the assessee has conceded before us that section 80hhc has been amended retrospectively but has prayed that the matter may be remitted back to .....

Food Specialities Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD352(Delhi)

..... become payable in the previous year under the relevant statutes. the afore-mentioned decision of the andhra pradesh high court was superseded by insertion of explanation 2 by the finance act of 1989 w.e.f. 1-4-1984 defining any sum payable" to mean a sum for which the assessee incurred liability in the previous year even though such ..... ministry of industries was 28th april, 1982 and the agreement was finalised on 30-5-1983. (ii) the technical collaboration agreement with m/s. nestec was on 28-2-1994 and the application submitted was on 3-3-1983, and the approval for collaboration agreement was executed on 19-11-1985. (iii) foreign collaboration proposals for milo and soya ..... provides in unambiguous term that where a deduction is provided on the basis of the income under any of the provisions in chapter via under the head "c", the income computed under the provisions of the act alone be deemed to be the amount of the income of that nature which is derived or received by the assessee and .....

U.K. Paints (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)66ITD450(Delhi)

..... of l. hazari mal kuthiala vs. ito (1961) 41 itr 12 (sc), m. chockalingam chettiar vs. cit (1973) 91 itr 592 (mad) and delhi auto & general finance (p) ltd. vs. dy. cit (1994) 50 itd 626 (del). no order could be held as invalid because of the label it contains. in the circumstances the order framed under s. 143(1)(a ..... of the return and the material produced in support thereof. it is true that a notice under s. 143(2) puts into motion the normal procedure of assessment but in chapter xiv which prescribes the procedure for assessment there is no prohibition on the issue of intimation under s. 143(1)(a)(i) after a notice under sub-s. (2) ..... authorised representative, the ao was not empowered to restrict the claim of the assessee in respect of deduction under s. 80hhc by exercising jurisdiction under s. 154 of the act. the assessee carries on exclusive export business as well exclusive domestic business. separate books of account were maintained and separate p&l a/cs were prepared. the ao while .....

Mrs. Jyotsna Suri Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)62ITD185(Delhi)

..... and nothing has been done to discharge the same. he referred to d.c.rastogi (huf) v. asstt. cit [1996] 57 itd 295 (delhi), cit v. sophia finance ltd. [1994] 205 itr 98 (delhi)(fb) and dr. k. george thomas v.cit [1986] 159 itr 851/26 taxman 136 (sc). referring to grindlays bank ltd.'s case (supra ..... as under :- "3. immunities - (1) notwithstanding anything contained in any other law for the time being in force - (a) no recipient, who claims immunity under this chapter in accordance with such scheme as the reserve bank of india may, by notification in the official gazette, specify for the purposes of receiving remittances under this ..... and the appellant having also not furnished any evidence regarding source of remittance, he treated the amounts involved as unexplained cash credit under section 68 of the income-tax act.4. the assessee went in appeal before the learned cit (appeals) contesting the addition made. during the course of appellate proceedings the assessee also submitted that after .....

Pioneer Publicity Corpn. and ors. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... search which could justify the allegation for any undisclosed income being attributable to these properties and accordingly the present addition is outside the scope of chapter xiv-b of the it act. without prejudice to the main contention that the addition was without jurisdiction it was further contended by the learned counsel that no addition could be ..... 25 convertible debentures of videocon 5,000 (5) unexplained investment in fdrs with oriental bank of commerce 1,500 (6) unexplained investment in the m/s. kuber finance india 1,000 ---------- 176. the learned counsel of the assessee has not contested the undisclosed income computed relating to the items at sl. nos. 2 to 6 above ..... was advanced from cash balance of various firms which was kept with him. the various firms of the group had the cash balance available as on 4th june, 1994, as per details below : 135. according to the learned counsel, the cash balance available with the four concerns was sufficient enough to advance rs. 50,000 .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... of expatriate employees has not been placed on record despite repeated requests/requisitions by the asstt. cit and therefore, adverse inference arises under s. 114 of the finance act (sic). that apart it is not the case of the appellant that a part of the salaries paid to expatriate employees was anything other than salary for ..... operation in various locations throughout the world some of which were in the u.k. sector of the north sea and were designated area under the continental shelf act, 1994. the company also maintained establishment in u.k. and deducted payee tax in respect of employees employed at those establishments. however, employees who were employed in ..... a bona fide belief that retention/continuation pay paid in japan to expatriate employees deputed to india is not taxable in india and accordingly the provisions of chapter xvii-b are not applicable. according to the learned counsel for the assessee this constituted a reasonable cause and the cause so shown should have been .....

Digvijay Chemicals Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

..... considering the said cash payment different from the said payment by cheque. he further added that the affidavit of the debtor through its managing director and senior manager (finance & accounts) were submitted and they also appeared before the ao to corroborate the fact. the affirmations made in the affidavit had not been contradicted.31. as regards ..... . 158bd should also be read and understood with reference to provisions of s. 132(9a) of the act. sec.132(9a) continued to be on the statute book even after the insertion of chapter xiv-b of the act. there is no requirement of recording of satisfaction before handing over seized documents to the ao of the ..... ) above the detailed explanation filed by the assessee on 17th january, 1997 and 22nd february, 1997 in the course of regular assessment proceedings for the asst. yr. 1994-95 should be considered.the assessee also wanted that the case should be kept pending because a writ before the allahabad high court was pending. the ao rejected this .....

Kailash Moudgil Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD97(Delhi)

..... the chapter is styled as "special procedure for assessment of search cases". this chapter is mainly intended to curb black money and where undisclosed income was found out in the search proceedings for a block period of ..... . now, let us examine the provisions of chapter xiv-b themselves in order to appreciate the correct set up in which the proviso to section 158bg occurs and to appreciate the enactment of that proviso. chapter xiv-b comprising of sections 158b and ending with 158bh came into the statute by the finance act, 1995 with effect from 1-7-1995. ..... of this decision, in our humble opinion, does not apply to the facts of the cases.19. the next decision relied on was guru nanak estates v. cit [1994] 208 itr 118 (cal.). in this case, waiver of penalty and interest was involved. the cit proposed to waive the penalty holding that the assessee had fulfilled the .....