Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: old Court: income tax appellate tribunal itat delhi Page 2 of about 51 results (0.196 seconds)

Dolly Farms and Resort (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)74ITD147(Delhi)

..... are admitted.19. we would now discuss the preliminary objection raised by the assessee in regard to the assessment framed under s. 158bc of the act.chapter xiv-b relates to a special procedure for assessment of search cases. sec. 158b defines what is meant by undisclosed income. it is an income ..... march, 1995 :-----------------------------------------------------------------------sl.particulars amount l.f. year no. (rs.) no.-----------------------------------------------------------------------(i) rubina leasing finance & credit pvt. ltd. 1,35,000 92 1993-94(ii) handlooms house, naraina, 50,000 91 1994-95 (a) account no. i 80,666 1994-95 (b) account no. ii 1,72,334 1995-96 (c) account no. iii ..... counsel for the assessee has submitted that these amounts have been received through cheques and stands reflected in the books of account for the relevant year 1994-95 at ledger folio 34-45. this is the contention of the learned counsel for the assessee that this amount cannot be considered in the .....

Paramount Enterprises Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... correct for the reasons recorded by the ao in his order and supported the conclusion of the ao in levying surcharge which in his opinion was provided under the finance act.35. we have heard the parties at length, gone through the paper books filed by the assessee and the department. we have also gone through the synopsis, ..... income. we agree with him that as per the provisions of section 113, separate surcharge cannot be levied in respect of search and seizure assessment made under chapter xiv-b of the it act. however, in view of the facts that we have held the entire assessment to be liable to cancellation, this particular ground becomes academic in nature." 50 ..... shareholders scattered all over the country of which it took physical delivery along with valid transfer deed and thereafter these shares were sold by it on 8th aug., 1994, through broker which had been purchased by m/s jai commercial co. ltd. it was further submitted that such shares sold were physically delivered by it and .....

Teletube Electronics Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD251(Delhi)

..... book.according to him, it is nothing but the price of the property transferred which was paid in instalments along with interest. this arrangement was stated to be a financing arrangement and, therefore, it was pleaded that it could not be considered as lease.20. proceeding further he also pointed out that the sealing unit at bhiwadi had ..... 2(47) is only the definition of immovable property and the definition of the word 'transfer' in section 269ua(f) has to be restricted for the purpose of chapter xx-c and cannot be incorporated or extended to section 2(47). therefore, the contention of assessee's counsel that lease for less than 12 years is excluded from ..... .s. bist & sons v. cit (1984) 149 itr 276 (del) have applied the provisions of evidence act in income-tax proceedings. he also referred to the tribunal decision in the case of pmanmall narayan prasad kedia (huf) v. asstt cit (1994) 48 itd 439 (cal) wherein such principle has been applied. hence, it was strongly submitted by him that .....

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 .....

Farrukhabad Investment (i) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD230(Delhi)

..... : "nextly, the commission has elaborately discussed the object of introduction of chapter xiv-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through the finance act, 1987 to hold that in exercising its power under chapter xix-a, it has almost unbridled power to arrive at a settlement. ..... and 271e being independent of assessment proceedings, there was no legal flaw in the initiation nor any delay.28. in respect of asst. yrs. 1992-93 and 1994-95, assessments were, undoubtedly, made under section 143(3). the ao omitted to initiate proceedings under sections 271d and 271e even though he had initiated proceedings under ..... asst. yr. 1996-97 before the cit (a), the ao issued separate notices of hearing under sections 271d and 271e for asst. yrs. 1992-93, 1993-94, 1994-95, 1995-96, 1997-98 and 1998-99 on 1st nov., 1999. in the aforesaid factual context, it would not be proper to regard the initiation of proceedings .....

Asian Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)81ITD127(Delhi)

..... or declaratory to the existing provisions. it was further noted that there appeared to be some ambiguity to even the explanation added by finance (no. 2) act, 1991 and which was cured by the subsequent finance act, 1994 which provided for a proportionate amount to be taken into account on which deduction could be claimed by tout operators, agents of foreign ..... the assessee had not included that amount on this conversion of foreign exchange into indian currency to their p&l a/c. section 80ab of the act provides that deduction under chapter vi-a can only be allowed if the income of the nature specified in that section in which claim is made, is included in the gross ..... amount had passed through p&l a/c. further inviting our attention to section 80ab, the learned departmental representative pointed out that all the deductions under chapter vi-a of the act are to be claimed if that income is included in the gross total income of the assessee. the assessee had not included the above referred to .....

Shri Dev Kumar JaIn Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... verghese v. ito-131 itr 597. our attention was also invited to cit v. late gulshan kumar. reliance was also placed upon section 50c which was introduced by the finance act, 2001 for the proposition that on a reading of it, the legislature thought in necessary to law down that the circle rates could be taken into consideration. it was further ..... held that the assessing officer was fully empowered to make a reference for the purpose of computation of total income under chapter iv. these powers of the assessing officer are not restricted only for ascertaining a ..... for valuation of capital assets to a valuation officer for the purpose of chapter iv. in these circumstances, following the observations of the andhra pradesh high court in daulat ram v. ito [1990] 181 itr 119 (fb) and madras high court in c.t.laxmandas v. asstt. cit [1994] 208 itr 859, in the instant case, it was to be .....

Tedco Investment and Financial Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... ] ac 935 p. 945 and rajnarain singh 's case (supra) was misplaced.it was further stated that the reliance on section 43d substituted by finance act, 1999 with effect from 1-4-2000 was also misplaced which is in respect of public financial institutions, scheduled banks and is not applicable to non-banking financial ..... .12 a perusal of these sections clearly brings out the fact that section 45q in unambiguous language enunciates the intention of the legislature by stating that the provisions of chapter iiib shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such ..... real income, cit v. shiv prakash janakraj & co. (p.) ltd. [1996] 222 itr 583, 88 taxman 536 (sc), 252 itr 229 (sic) and kerala financial corporation v. cit [1994] 210 itr 129, 75 taxman 573 (sc).6.7 in the ultimate analysis, reliance was placed upon the orders of the tax authorities.7.1 we have heard the rival .....

Amarjit Singh Bakshi (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)263ITR75(Delhi)

..... a result of search to establish that the assessee had invested the said alleged amount and, therefore, the amount cannot be the subject-matter of assessment under chapter xiv-b of the it act. (1) it is needless to repeat that the assessment for the asst. yr. 1995-96 was completed which was set aside on appeal and again, ..... rai v. asstt. cit (1997) 227 itr 187 (p&h).the controversy, according to the ao was, however, resolved by insertion of explanation to section 158ba by finance (no. 2) bill, 1998 with retrospective effect i.e., from 1st july, 1995. this amendment had clarified that regular assessment would be separate and apart from a block ..... that ao has not made any further enquiry, it was submitted by the learned deparmtenal represntative that after taking the possession of the agreement entered on 19th aug., 1994, nothing was left with the department to enquire further. from the paper found, it is clearly established that assessee had entered into agreement and paid the amount agreed .....