Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: old Court: income tax appellate tribunal itat mumbai Page 1 of about 53 results (0.168 seconds)

Tata Chemicals Limited Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)67ITD56(Mum.)

..... event, mr. modi was at present not with the it department, but has gone on deputation as osd in the ministry of finance and, therefore, he was not subject to the jurisdiction of the chief cit/dgit so far as his posting and transfer were ..... relied on the following judgments : besides these authorities, he also drew our attention to certain observations in sanjeev row's book on advocacy, chapter i of part 6 of bar council of india rules, o. iv, r. 2(b) of supreme court rules, etc.he ..... india ltd. v. collector of central excise (1996) 87 elt 88 and v. v. trans investments (p) ltd. v. cit (1994) 207 itr 508 (ap), at 515 and 521 in this regard. he pointed out that no prejudice would be caused to the other side ..... tralshawala's appointment as "authorised representative' is invalid, and the further consequence would be that he cannot validly appoint mr. modi "to act" for him.28. arguments were advanced by both sides on the question whether the requirement that the notification should be gazetted is a .....

Harakchand N. JaIn Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... placed reliance on the decision of the hon'ble supreme court in the case of sumati dayal vs. cit (1995) 214 itr 801 (sc), cit vs. precision finance (p) ltd. (1994) 208 itr 465 (cal). (d) after considering the submissions of both the parties and the material on record, we find some force in the arguments of the ..... careful consideration of the rival submissions, we feel that in order to adjudicate this legal issue it is pertinent to understand the object, implications, of provisions of chapter xivb of the act. chapter xivb provides for a special procedure for assessment in search cases, where search action has been initiated after 30th june, 1995. the definition of 'undisclosed income' ..... the assessee has not returned in its it return or made known to the it department. the learned counsel also invited our attention to the budget speech of the finance minister for the year 1995-96 reported in (1995) 212 itr (st.) 87 and argued that as per the said speech, the new provision were incorporated for .....

Velji Tokarshi Vikmani Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... rebate given while sending intimation under s.143(1)(a) to the assessee. similar rebate was being given under the provisions of the finance act passed in each subsequent finance acts beginning from 1973. in the 1991 finance act, the rebate is given under s. 2(2). it is on the same lines on which the rebate was first given which was ..... year ended by 31st march, 1990, he filed income-tax return disclosing rs. 49,110 as business income, capital gains and other sources after making deductions under chapter vi-a and also agricultural income of rs. 54,000. these particulars were given in the statement of income filed by him along with the return of income. ..... as follows :2. interest & other income 38,219 --------4. telephone expenses 2,550 ------- --------5. sundry expenses 1,900 32,000 ------- -------- sec. 154 application dt. 11th february, 1994, was preferred wherein it was averred that the sum of rs. 38,219 was added to the income as a measure of making adjustment. this inclusion of rs. 38,219 .....

income Tax Officer Vs. AlhusaIn Constructions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1999)68ITD390(Mum.)

..... in s. 206(1), namely, "shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered" were, no doubt, inserted by finance act (no. 2), 1999, w.e.f. 27th september, 1991. but, before 27th september, 1991, r. 37(2c) of the it rules prescribed the date within which form no. 26c should ..... s direct tax circulars, vol. iv (1995 edition), the following is explained : 61. the provisions of s. 206 provide that the person responsible for deducting income-tax under chapter xvii of the act is to prepare, within the prescribed time after the end of each financial year, and deliver or cause to be delivered the return of such tax deducted at source ..... small amount of rs. 217, a huge penalty of rs. 67,900 was levied by the ao. the assessee relied upon the decision in ginners & pressers ltd. vs. dy. cit (1994) 47 ttj (bom) 393 : (1993) 46 itd 185 (bom) and also the smc decision of bombay tribunal in economic forge (p) ltd. vs. dy. cit 26 bcaj 873 (bom), .....

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 .....

Ms. Pooja Bhatt Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)73ITD205(Mum.)

..... be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of chapter iv, on the basis of evidence found as a result of search or requisition of books of account or documents and such other ..... the assessee had purchased two residential flats one at kandivali (east), bombay, in consideration of rs. 26,10,000 vide agreement dt. 26th july, 1994, and the other at koregao park pune, for a consideration of rs. 8,00,000 vide agreement dt. 19th may, 1995. assessee had ..... why expenditure for the stay in the hotels was not reflected in the books of accounts, it was explained that the assessee was acting in south indian film and accordingly the entire expenditure has been borne by the producer namely, m/s. anand associates. the ao ..... there was no cash lying in her house. she had also stated that the film was financed partly by the assessee and partly by his uncle shri mukesh bhatt and that as far as she knew there was no outside .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... the specified sources. it is noteworthy that deduction provided under s. 80-o at the time of its introduction was related to the income the income as computed under the act. the finance act of 1968 enhanced the deduction under s. 80-o to hundred per cent of the income by way of specified sources. the income for purposes of deduction is the ..... to the language of s. 80ab the first part of s. 80ab provides that whenever any deduction is required to be made or allowed under any section included in this chapter under the heading "c-deductions in respect of certain incomes" in respect of any income of the nature specified in that section which is included in gross total income ..... to the net income and not with reference to the gross income.63. again the delhi high court in the case of motilal pesticides (india) (p) ltd. vs. cit (1994) 207 itr 636 (del) held that deduction under ss. 80m, 80k and 80hh is allowable with reference to the net income as these provisions are more as less similarly worded .....

Abdulgafar A. Nadiadwala Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD394(Mum.)

..... to fifty per cent of the income so received in, or brought into india, in computing the total income of the assessee.31. this section had been amended by the finance act of 1977 (supra) and w.e.f. 1st april, 1998, the deduction is permissible in respect of the use outside india of any patent, invention, design or ..... created under the statute are limited for the purpose of which it is created and it does not extend beyond that purpose. sec. 80hhc is a deduction provided under chapter vi-a. it specifically provides a deduction on account of export of goods and merchandise. the assessee has transferred for a limited period the telecasting rights of 14 films ..... be entitled to deduction under s. 80hhc. reliance was also placed on the decision of the bombay bench of the tribunal in the case of tangerine exports vs. ito (1994) 49 itd 386 (bom) where the assessee after recording computer programme on tapes had exported the software and claimed deduction under s. 80hhc. the tribunal upheld the claim .....

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , as the case may be. the question is, how the burden can be discharged the rules of evidence pertaining to burden of proof are embodied in chapter vii of the evidence act. the phrase "burden of proof" has two meanings - one the burden of proof as a matter of law and pleading and the other the burden ..... international indian bank, mandvi branch. (3) eshita strap mfg. co. indian bank, mandvi branch. (4) k. bipinkumar & co. co-op. bank of ahmedabad, (5) d.k. investment & finance indian bank, mandvi branch. (6) khandhar engg. works indian bank, mandvi branch. (7) eshita electronics indian bank, mandvi branch. (8) h.p.s. international state bank of saurashtra (9) ..... section 69 as unexplained investment. penalty proceedings under section 271(1)(c) is initiated." 109. the cit(a) referred to the following written submission dated 31-8-1994 made before him and which is reproduced at pages 7 and 8 of his order :- "during the course of assessment proceedings i understand that (i) shri mahendra p .....

P.R. Patel Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD51(Mum.)

..... the opinion that the assessee will be entitled to the normal deductions, like, standard deduction in respect of salary income and chapter vi-a deductions from the gross total income. the capital gains, if included in the income assessed in the regular ..... between us was not materialised. the abovesaid plots have remained undeveloped as on today also, since i could not raise finance from any one." 12.1 the learned counsel also invited our attention to the relevant portions of the assessee's statement ..... the assessee to comply with the above provisions, the income returned by the assessee in the returns for assessment years 1994-95 and 1995-96 are treated as undisclosed income and clubbed for computation for the block assessment." 62. the learned ..... inference from the entries made in such documents. our attention was also invited to section 110 of the indian evidence act under which the source and mode of acquisition of incriminating evidence may give rise to some presumption against the assessee. .....