Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1998)67ITD407(Chd.)
..... he submitted that in spite of amendment by the finance act, 1995 in section 234b whether the proceedings for reassessment could be treated as proceedings for regular assessment in view of the case law mentioned ..... is observed that while hon'ble supreme court held in the case of rama bai (supra) that interest on enhanced compensation for land compulsorily acquired under the land acquisition act, 1894, awarded by the court on a reference under section 18 of the said act or on further appeal has to be taken to have accrued not on the date of the order of the court granting enhanced compensation but as having accrued year after ..... that once the interest income is taken as having been accrued in the years under consideration, the provisions of sections 208 to 210 as well as sections 234b and 234c became operative and the assessee was bound to pay advance tax, interest having accrued in the ..... counsel submitted that there was no duty cast on the assessee to pay advance tax under the provisions of sections 208 to 210 in relation to the amount of interest on enhanced compensation.he submitted that the assessee could not visualise either the grant of higher compensation or awarding of interest, therefore, the ..... separate orders of cit(a) on the common ground of interest levied under sections 234b and 234c of the income-tax act, 1961.2. ..... and circumstances of the case, there was no failure on the part of the assessee so as to attract the provisions of sections 234b and 234c of the income-tax act.8. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)95TTJ(Chd.)409
..... act", the word used was "chapter iv" and the amendment had been inserted by the finance act, 2002, with retrospective effect from 1st july, 1995 ..... section 158bb, explanation thereto, and the definition of undisclosed income as per section 158b inserted with retrospective effect by the finance act, 2002, (is that) the total undisclosed income has to be computed in accordance with the provisions of act ..... prior to the date of commencement of the search or the date of requisition, on the basis of such assessments; (b) where returns of income have been filed under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148, but assessments have not been made till the date of search or requisition, on the basis of the income disclosed in such returns; (c) where the due date ..... taken that the total income of the block period has to be computed after taking into account the method and the manner laid down in chapter vi-a of it act and since deduction under section 80l also falls in chapter vi-a of the it act, therefore, considering the totality of the facts, we set aside the order of learned cit(a) and direct the ao to allow deduction to the assessee in accordance ..... purpose of assessment under this chapter, losses brought forward from the previous year under chapter vi or unabsorbed depreciation under sub-section (2) of section 32 shall not be set off against the undisclosed income determined in the block assessment under this chapter, but may be carried .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)89ITD96(Chd.)
..... date and obtain the said audit report in the prescribed form duly signed and verified in the prescribed manner.the words "obtained before" have been substituted by words "furnishing by" in section 44ab by finance act, 1995 w.e.f. ..... to the hon'ble president, income-tax appellate tribunal for the nomination of the third member :- "whether on the facts of the case and in law, the penalty u/s 271-b of the income-tax act, 1961 1961 was not leviable on the assessee as held by the vice president or the view taken by the judicial member to the effect that the penalty was livable, was the correct one?" 2. ..... for nominating a third member to resolve the following point of difference :- "whether on the facts of the case and in law, the penalty u/s 271-b of the income-tax act, 1961 was not leviable on the assessee as held by the vice president or the view taken by the judicial member to the effect that the penalty was leviable, was the correct ..... been amended which now provide that penalty is leviable in a case where any person fails to get his account audited and also in cases of failure on the part of an assessee to furnish his report of such audit alongwith the return of income filed u/s 139(1) or alongwith the return of income filed in response to a notice u/s 142(1) of the act. ..... prior to the aforesaid amendment, there was no specific penalty provided for failure to ..... amendment ..... no requirement to even file such an audit report alongwith the return, till the law was amended w.e.f. 1.7.95. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)57ITD192(Chd.)
..... the amendment brought about by the finance (no.2) act, 1991 in section 4(1)(a) of the act does not stipulate for the first time that in case of inadequate consideration, gift will be deemed. ..... if the amendment is in the province of substantive law, then it would be applicable from that date but if it is of a procedural nature, then it would be considered clarificatory in character, just as the supreme court held that the definition of 'jewellery' covering gold ornaments as mentioned in explanation 1 to section 5(1)(viii) of the wealth-tax act was clarificatory in nature, so no act of superfluity or absurdity can be attributed to the legislature for making the amendment to section 4(1)(a) of the gift-tax act applicable from 1-4-1992.17. ..... the law as it existed before 1 -4-1989 and the amendments subsequently to section 4(1)(a) and section 6 of the act have been succinctly put forth by the learned counsel for the assessee and have been discussed above. ..... the next submission of shri sud was that the amendment in section 4(1)(a) of the act being substantive in character, it was incumbent upon the assessing officer to determine the fair market value of the shares transferred so as to arrive at the adequacy or inadequacy of consideration. ..... shri sud submitted that section 6 of the gift-tax act dealing with the method of determination of value of gifts was substituted by the direct tax laws (amendment) act, 1989, w.e.f. ..... binapani chakravarty [1995] 214 itr 721. ..... [1995] 215 itr 165. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)95TTJ(Chd.)404
..... section 32 was amended by the finance act ..... submissions of the assessee but the fact remains that in case the assessee is legally entitled to claim depreciation in the assessment framed by the ao on the directions of the cit(a) issued under section 263 of the act, only then the same can be allowed to the assessee irrespective of the fact whether the ao has rightly allowed the part depreciation on the basis of the revised computation filed by the ..... the first time this claim was filed before the ao, while he was passing a fresh assessment order in the light of the directions of the cit(a) issued under section 263 of the act.2.5 the first contention raised by the learned authorised representative for the assessee before us was that the principles of natural justice have not been complied with by the ao ..... that no appeal has been filed by the assessee against the original assessment and against the order passed by the ao under section 154 of the act.2.1 aggrieved with the order of the ao, the assessee went in appeal before the cit(a) and submitted before him a copy ..... it means that in the set aside assessment, the assessee cannot raise the claim of depreciation during the assessment proceedings consequent to the action under section 263 of the ao as the ao has to pass the order as per the directions of the cit.2.9 admittedly, in this case, the cit(a) has not directed the ao ..... 1995-96 under consideration because this decision is directly applicable to the facts and ..... 1995-96, the ..... 1995-96 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2000)67TTJ(Chd.)602
..... in view of the amendment by the finance act, 1996, with effect from 1-7-1995, undisclosed income of the firm so determined shall not be chargeable to tax in the hands of partners, whether on allocation or account of ..... we feel that where period for filing of return for assessment year 1996-97 had not expired and provisions of section 44ae are admittedly applicable for computing income from truck, it is difficult to hold that the assessee would not have disclosed the said income in return which was yet ..... assessing officer observed that though the assessee had furnished copy of return filed by his wife in form no.4a under section 115k but no reliance could be placed on the same because he was not able to explain the source of money invested by his wife in purchase of ..... we feel that the aforesaid observations of learned author deserve to be accepted and, therefore, we hold that the provisions of section 2(45) of the act would apply and the assessee would be entitled to deductions and adjustments under chapters iv, vi and vi-a while determining total income for each previous year, falling in block ..... it has been observed that classification of income under various heads in chapter iv is to be followed by computation of total income, as defined in section 2(45) and total income is to be computed subject to all other provisions including exemption, deduction, etc.the author has pointed out that the provisions regarding brought forward loss are incorporated in chapter vi and if that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)107ITD343(Chd.)
..... to the curative nature of the amendment made by the finance act, 1987, it has been submitted before us that the proviso which is inserted by the amending finance act of 1987, should be given retrospective effect and be read as forming a part of section 43b from its inception. ..... or any subsequent year on the ground that he has actually made a payment towards such liability in that year.there was an amendment in section 43b by the finance act, 1987 which may not be relevant for the purpose of present controversy. ..... said circular and the amendment is also not relevant for the purpose of the present controversy.finance act, 1989 made yet another amendment in section 43b by virtue of which 2nd proviso to section 43b was substituted w.e.f. ..... the words "any sum payable" shall mean any sum, liability for which has been incurred by the taxpayer during the previous year irrespective of the date by which such sum is statutorily payable.finance act, 1990 made yet another amendment in section 43b by virtue of which clause (d) of section 43b was amended. ..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a ..... iac (1995) 52 ttj (del) 477 has held that excise duty paid as advance by way of deposit in personal ledger account (pla) cannot be disallowed under section 43b. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)100ITD365(Chd.)
..... (iii) the provisions of section 32(2) as amended by finance (no. ..... (v) there is nothing to show in the amendment made by the finance act, 2001 which are applicable for the assessment year 2002-03 that those provisions are not to apply in respect of depreciation relating to the assessment years 1997-98 to 2001-02. ..... (iv) in fact the intent and purpose of the amendment made in 1996 has been clarified by the finance minister on the floor of the parliament as under: clause 11 of the bill seeks to amend section 32 of the income-tax act, 1961 relating to depreciation. ..... law was amended with effect from assessment year 1997-98 in the intervening period, there was wide spread apprehension about the treatment of unabsorbed depreciation as on 1-4-1997 and limitation period of 8 years and to allay the fear, the then finance minister made a speech in the parliament which were although already mentioned in the assessee submissions is repeated here at the cost of the repetition: clause 11 of the bill seeks to amend section 32 of the income-tax act, 1961 relating ..... thus as used by the legislatures, amendment and repeal may differ in kind - addition as opposed to withdrawal or only in degree -abrogation of part of a section as opposed to abrogation of a whole section or act: or more commonly, in both kind and degree - addition of a provision to a section to replace a provision being abrogated as opposed by abrogation of a whole section or act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)88TTJ(Chd.)450
..... -any person deducting any sum in accordance with the provisions of sections 192 to 194, section 194a, section 194b, section 194bb, section 194c, section 194d, section 194e, section 194ee, section 194f, section 194g, section 194h, section 194i, section 194j, section 194k, section 194l, section 195, section 196a, section 196b, section 196c and section 196d, shall pay within the prescribed time, the sum so deducted to the credit of the central government or as ..... words "the rates in force" stated in section 193 is to be found in the charging section 4 read with the finance act of the relevant previous year. ..... in the case of the appellant in view of the fact that in so far as interest on securities is concerned, the finance act, 1986, and finance act, 1987, did not provide for deduction of any surcharge on tax deducted at source in respect of interest on securities. ..... 1995) 212 itr 92 (bom) wherein the bombay high court has observed as under : "that the use of the word "shall" in section 201(1a) made the hability to pay interest, in the circumstances mentioned, mandatory and there was no precondition of consideration of "reasonable cause" for non-payment in time of tax deducted under section ..... rathi gum lndustries (1995) 213 itr 98 (raj) wherein it has been held as under : "section 201 of the income tax act, 1961, provides not only for collection of tax which has not been deducted but for levy and ..... jagdish prasad choudhary (1995) 211 itr 472 ..... income tax officer (1995) 55 itd 429 (chd); (vi) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)112TTJ(Chd.)94
..... insofar as the plea of the revenue based on the amendment made to section 36(1)(iii) by the finance act, 2003 is concerned we may refer to the decision of our co-ordinate bench in the case of swaraj ..... the ao noted that the amendment under section 36(1)(iii) made by the finance act, 2003 w.e.f. ..... no doubt in terms of the amendment made by the finance act, 2003 by way of insertion of the proviso, the impugned expenditure ..... year in question is 2000-01 whereas the amendment has been made by the finance act 2003 w.e.f. ..... on both these aspects, we do not find any justifiable reasons which would disentitle the assessee from the deduction which is otherwise found allowable to it under section 36(1)(iii) of the act.the fact that in the immediately preceding assessment year, the assessee chose not to claim the deduction cannot be understood to hold the issue against the issue (sic-assessee) if otherwise the statutory ..... 1990-91 to 1995-96 has upheld the stand of the assessee and held that for the purposes of computing deduction under section 80hhc of the act, the elements of sales-tax, excise ..... the relevant assessment years in this regard are 1991-92 and 1995-96.therefore, once it is established that the assessee is entitled to deduction under section 80-1 of the act in the year when the new industrial undertaking was set up it is not thereafter open to the lower authorities to question allowability of deduction in the subsequent ..... 1991-92 to 1995-96 vide orders in ita no.301/chd/2001, ..... and 1995-96. .....
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