Judgment Search Results Home > Cases Phrase: finance act 1994 section 37 amendment of section 143 Court: income tax appellate tribunal itat indore Page 2 of about 31 results (0.186 seconds)

Jodhani Nina Pitamber Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1982)1ITD332Indore

..... after section 10(3 ) of the act was amended by the finance act, ..... prior to the amendment of section 10(3) by the finance act, 1972, the persons who had this kind of windfall from lotteries, crossword puzzles, races including horse races, card ..... under the circumstances interpretation of the word "winnings" in the relevant section can only be applied in those cases where the money was won by chance as a kind of windfall as in a lottery, a horse race, gambling ..... a casual and non-recurring nature will be liable to income-tax only if they can properly be characterised as "income" either in its general connotation or within the extended meaning given to the term by the income-tax act.according to the learned counsel for the assessee, this circular was issued in 1972, i.e. ..... him the said receipt is an income as defined in section 2(24) (ix) of the income-tax act, 1961 ("the act"). ..... 22,000 to tax by invoking the provisions of section 2(24) (ix) in the view that the amount represented ..... aac consequently held that in view of the provisions of section 2(24) (ix) the receipt in question is of a causal nature ..... the ito has misconstrued the provisions of section 2(24) (ix).thus, it was contended that a ..... " "what was intended to be taxed by section 2(24) (ix) was only a windfall that reached persons without any effort on their part, without any skill being exhibited by ..... the word "casual" in section 10(3) can only be applied to accidental or fortuitous receipts : occurring without stipulation, contract, .....

Sitaram Parita Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1994)51ITD65Indore

..... other forest produce not being timber', the prescribed rates are 35%.further, the finance act, 1988 has also introduced section 206c in the act which provides for 'collection of tax at source' at the time of purchase of any of the goods specified in section 44ac of the income-tax act. ..... section 44ac was introduced by the finance act, ..... the income of a trader in biri leaves, who is an exporter, will be first determined in accordance with the provisions of section 44ac of the income-tax act and, therefore, he would be eligible to claim the deduction under section 80hhc of the income-tax act, 1961.from the above it is clear, that trader in biri leaves comes within the ambit of section 44ac. ..... the word "manufacture" in section 2(i) of the act does not include "plucking, drying, curing and bundling of tendu leaves", what was implicit in the definition of word "manufacture" in section 2(i) has been made explicit. ..... stated before the assessing officer that tendu leave is a "forest produce", therefore, in regard to the income from this forest produce, prescription of section 44ac of the income-tax act, 1961 (hereinafter called the act), should be followed and accordingly tax on the said income should be charged @ 35% on presumptive basis as contemplated in the section. ..... 16th december, 1988 is pertinent: para 24.9 : insofar as the deductions under chapter vi-a of the income-tax act are concerned, the same will be allowed from the income so determined under section 44ac of the income-tax act. .....

Siddhartha Tubes Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2003)85ITD316Indore

..... the said declaration was accepted by the commissioner and accordingly appellant had paid the entire tax as determined by the commissioner.the commissioner had issued certificate under section 90(1) of finance act, 1998 and as such the matter was finally closed and cannot be reopened by the commissioner later. ..... was not justified as supreme court's decision in sterling food's case was not applicable because refund of excise duty was derived from manufacture of goods exported and thus entitled to deduction under sections 80hh and 80-i.as far as refund of excise duty is concerned, tribunal agrees with assessee that it has been received on goods manufactured by assessee, therefore, the ratio of sterling food's case is not applicable, ..... no force in these contentions because under kvss the matter covered was dispute regarding exclusion of profit from export of trading goods while calculating deduction under sections 80hh and 80-i and the dispute whether income from sale of export entitlement and refund of excise duty was to be excluded or not was not ..... if the rectification involves an amendment, which will effect the whole of order, it cannot be said that simply because of the use of the word "amend", which normally may not mean the cancellation of the whole order, the income-tax officer should be powerless to rectify the mistake or error which is apparent ..... originally assessment was completed under section 143(3) on 27-3-1998.later on assessment was rectified under section 154 of the i.t. .....

Dy. Cit Vs. Shree Synthetics Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2004)88TTJIndore717

..... submitted that case law relied on by the learned authorised representative were no more applicable in view of the latest provisions of section 14a which was inserted by finance act, 2001. ..... this regard, also reliance was placed on certain case law.some arguments were also raised regarding amount of exempted income under section 10(15)(iv) of the act but commissioner (appeals) did not look into same because according to him, the same had no bearing on the amount ..... offer of debenture to public clearly stated that proceeds from the issue were required to finance various projects including expansion and modification of polycondensation facilities, therefore, the case was covered under section 35d.before commissioner (appeals), same contentions were reiterated and it was submitted that such expenses were not hit by the provisions of section 35d because, firstly, the issue was not made before the commencement of business of ..... inspecting assistant commissioner on the other hand, learned departmental representative strongly relied on the order of commissioner (appeals) and submitted that addition was originally made under section 143(1)(a) and appeal against that order was also dismissed, therefore, there is no justification of raising this ground as assessee has never appealed before tribunal against the earlier dismissal by commissioner (appeals).in the ..... india (1985) 155 itr 120 (sc) and amended provisions of the act in the form of section 80-aa, it was held that interest amounting to .....

Sobhagmal Nemchand and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1987)22ITD73Indore

..... as stated earlier, as per the rate schedule pf taxation annexed to finance acts, concessional treatment has been given to the registered firm "whose total income includes income derived from a profession carried on by it and the income so included is not less than 51% of such total income". ..... such concessional treatment for example is given under sub-paragraph ii of paragraph 'c' of first schedule annexed to finance act, 1982. ..... the terms "business" and "profession" are defined as per section 2(13) and (36) of the income-tax act as under :-- 2(13)-- "business" includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.the above inclusive definitions of expressions "business" and "profession" are not of much help nor they bring .....

income-tax Officer Vs. S.K. Salimullah

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1986)19ITD225Indore

..... 18.3 with a view to removing this difficulty, the amending act has inserted a new clause (c) in sub-section (1) of section 153 of the act to secure that, in such cases, the fresh assessment may be made by the income-tax officer within the period of limitation laid down under the existing provisions of section 153(1) or before the expiry of 6 months from the end of the month in which an application under clause (a) of sub-section (2) of section 143 of the act is made by the assessee, whichever is later. ..... 2) act, 1980 with effect from 1-4-1980 ; (iii) omitted by the finance (no. ..... income-tax officer shall make the following adjustments to the income or loss declared in the return, that is to say, he shall,- (i) rectify any arithmetical errors in the return, accounts and documents, referred to in clause (a) ; (ii) omitted by the finance (no. .....

Asstt. Commissioner of Incometax Vs. Mupnar Films Limited

Court : Income Tax Appellate Tribunal ITAT Indore

..... fluctuation should be added/reduced to actual cost of the asset irrespective of the fact whether it was paid actually in the previous year relevant to the assessment year under appeal we may mention that section 43a was substituted by the finance act, 2002 with effect from 1.4.200.3 whereby any adjustment towards liability due to foreign exchange fluctuation is to be made only on actual payment by the assessee towards the cost of the asset irrespective of ..... departmental representative submitted that section 43a is amended and substituted by the finance act, 2002 with effect from 1.4.2003 and the increase in the cost of asset due to fluctuation of exchange rate could be added in the year when actual ..... was inserted with effect from 1.4.1967 according to which additional liability due to foreign exchange fluctuation should be added/reduced to actual cost of the asset and the said section is substituted by the finance act, 2002 with effect from l.4.2003 whereby any adjustment towards liability due to foreign exchange fluctuation is to be made only on actual payment by the assessee towards the cost of the assets irrespective of method of accounting ..... the assessee vide its reply dated 15^th march, 1994 and 18^th march, 1994 replied as under: as per section 43a of the i.t.act 1961 where an assessee has acquired any capital asset from abroad for the purpose of his business, on credit or on deferred payment terms, or against a loan in foreign currency and the whole or part or cost of such .....

Rakesh Tapadia Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)113TTJIndore622

..... of this scheme; (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the income-tax act or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained the income-tax act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified ..... for which a notice under section 142 or section 148 of the income-tax act has been served upon such person and the return has not been furnished before the commencement of this scheme; (ii) the income in respect of the previous year in which a search under section 132 of the income-tax act was initiated or requisition under section 132a of the income-tax act was made, or survey under section 133a of the income-tax act was carried out or in respect ..... the ld.counsel for the assessee, therefore, has been able to prove that the income declared in vdis is available to the assessee because the same was disclosed prior to the search under section 132 and the assessee would be entitled to set off in case addition is to be made or sustained against him in the block assessment. .....

Jehan Numa Palace Hotel (P) Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1999)70ITD552Indore

..... 115j has been introduced by finance act, 1987. ..... 115j and the avowed objective behind the said section to bring zero tax prosperous companies within the taxable net ..... (1993) 203 itr 108 (bom) wherein their lordships have held that if the ao acting in accordance with law makes certain assessment, the same cannot be branded as erroneous by the cit simply because according to him, the order should have been written more elaborately ..... there were companies which had, in fact, large profits in its books but for the purpose of it act by virtue of various deductions claimed by them very little taxable income was disclosed. ..... by virtue of the new provisions, in the case of a company, whose total income as computed under the provisions of it act is less than 30 per cent of the book profit computed under s. ..... ito (1994) 49 ttj (hyd) 315 : (1994) 49 itd 552 (hyd) ..... 205 of the companies act in favour of the revenue was ..... 205 of the companies act at the time when he passed the order under s ..... 205(1) of the companies act should be construed to mean the loss including depreciation and unabsorbed depreciation ..... 8th february, 1994, was filed before the cit and the matter was discussed by shri s. n ..... 25th january, 1994, giving calculation of book profit under s ..... 29th july, 1994, that the assessee had paid adequate tribunal fee, as the total income determined by the ao in the assessment was 'nil' ..... 8th february, 1994, of the cit, bhopal, passed under ..... 143(3) of the act. ..... 143(3) and did not compute book profit under s .....

Malwa Texturising (P) Ltd. and ors. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2002)77TTJIndore995

..... appeals filed by the assessee before the commissioner (appeals) itself was incompetent regarding the allocation of overhead charges in rectification proceedings, since the assessee could not be considered to be a person aggrieved by the order passed under section 154 by the income tax officer because assessee had agreed to such rectification.on the other hand, learned authorised representative relied on three judgments which are, according to him, contrary to the above decisions.now we ..... tax officer was bound by the circular and, further, as he had conceded before the appellate assistant commissioner that the penalty had to be computed on the basis of the net tax only, when the appellate assistant commissioner acted on the said concession, it could not be said that the income tax officer was aggrieved by the order of the appellate assistant commissioner and his appeal so far as it related to the deduction of the advance ..... cit (supra), the hon'ble punjab and haryana high court held that it cannot be held as a matter of law that remedy of appeal provided by the provisions of section 246(1)(c) of the act cannot be availed of by the assessee without having filed application of rectification before the income tax officer ..... it seems that when these amendments were made, corresponding provision of section 249(4) was omitted to be inserted in part-b of chapter xx ..... in the meantime government of india started kvss, 1998, which was introduced by finance (no. ..... (3) ragatan leasing and finance co. .....