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Anand Prakash Agrawal Vs. Commissioner of Income-tax (Central)

Court : Allahabad

..... the aforesaid, it is essential for the court to consider the meaning of "undisclosed income" as defined under section 158b(b) of the income tax act as amended by the finance act, 2002 with effect from 01.07.1995. ..... that the provision of section 158 b(b) relating to "undisclosed income" has undergone a change by the finance act, 2002, which has amended the provision with retrospective effect from 01.07.1995. ..... the learned counsel further submitted that the finance act has amended section 158 b(b) to clarify that block assessment of "undisclosed income" is based on the evidence found in the search and seizure operation and the material or information ..... finance act, 2002, while amending the definition of "undisclosed income" in section 158b, specially included income based on entries in books of account or other documents which represents a false claim of any expense, deduction, or allowance under the act ..... after passing of the block assessment order, the additional commissioner income tax, varanasi issued a notice dated 15.12.2004 under section 148 of the act for the assessment years 1999-2000, 2000-01 and 2001-02 indicating therein that the assessing officer had reasons to believe that certain income chargeable to tax had escaped ..... writ petition the petitioner has prayed for the quashing of the notices dated 15.12.2004 and 16.12.2004 issued under section 148 of the income tax act by the assistant commissioner of income tax, varanasi for the assessment years 1999-2000, 2000-01 and 2001-02 .....

Commissioner of Income Tax, Delhi-I Vs. M/S. Container Corporation of ...

Court : Supreme Court of India

..... by the provisions of section 7(1)(aa) of the customs act,1962 power has been given to the central board of excise and custom(cbec) to notify which place alone to be considered as inland container depots for the unloading of imported goods and the loading of export goods by notification in the official gazette.11) with the purpose of boosting country s infrastructure and specially the transport infrastructure, the finance act, 1995 which came into effect from 01.04.1996 brought an amendment to the provisions of section 80-ia of the it act. ..... that the icds are inland ports or not.20) moreover, we find that the respondent has been held entitled for the benefit of section 80ia of the it act much before the finance act, 2001 which came into force on 01.04.2002 and exemption for the period of 10 years cannot be curtailed or denied by any subsequent amendment regarding the eligibility conditions under the period is modified 15 or specific provision is made that the benefit from 01.04.2002 onwards shall only ..... it is significant to note that the word inland container depots was first introduced in the definition of customs port as is given in section 2(12) of the 16 customs act, 1962, through amendment made by the finance act, 1983 with effect from 13.05.1983.22) the term inland port has been defined nowhere. .....

income-tax Officer Vs. M.M. Subramania Mudaliar

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)67ITD136(Mad.)

..... another amendment was made by the finance act, 1995 with effect from 1-4-1989.while explaining the necessity of this amendment, the explanatory memorandum to the finance bill 1995 stated as under :- "the legislative intention is that the interest for default in payment of advance tax is to be charged till the date of the determination of total income under section 143(1) and where a regular assessment is made, till the date of such assessment. ..... in order to set the aforesaid doubts at rest, the bill seeks to amend section 234b to clarify that an assessee shall be liable to pay interest for default in payment of advance tax till the determination of the total income under section 143(1) and where a regular assessment is made, till the date of such assessment. ..... according to him, the intimation passed under section 143(1)(a) is not an assessment order and in the light of the amended provisions of section 234-b the interest is leviable upto the date of regular assessment where there is a regular assessment under section 143(3) of the act.4. ..... the section was amended by the direct tax laws (amendment) act, 1989 with effect from 1-4-1989. ..... " section 234b was inserted by the taxation laws (amendment) act, 1987 with effect from 1-4-1989. ..... the amendment provided for charge of interest in both the circumstances namely, where a summary assessment under section 143(1) is made and where it is followed by a regular assessment under section 143(3). .....

Neyveli Lignite Corporation Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)93TTJ(Chennai)685

..... however, thereafter section 145 has been amended by finance act, 1995 w.e.f. ..... thus, prior to the amendment of section 80-ia, by the finance act, 1999 w.e.f. ..... we find that section 80-ia and section 80-ib were substituted for section 80-ia by the finance act, 1999 w.e.f. ..... the learned departmental representative's objection is that after the amendment in section 145, the assessee could not adopt the hybrid system of accounting. ..... 53 of the paper book wherein the memorandum of settlement under section 12(3) of the industrial disputes act, 1947, between the company and nlc workers progressive union is contained. ..... this appeal is against the order under section 263 of the it act, 1961 passed by the cit, dt. ..... 30th march, 1992 issued by the ministry of power in exercise of the powers conferred on the central government under sub-section (2) of section 43a of the electricity supply act, 1948. ..... settlement under section 12(3), of the industrial disputes act, 1947, was subsequently signed on 26th aug. ..... referring to all these decisions, the learned departmental representative submitted that the activity carried out by the assessee was primarily activity of mining and, therefore, the assessee was not entitled for deduction under section 80-ib of the act also. ..... of hearing, the learned counsel for the assessee pointed out that the committee on disputes has not accorded its approval for raising the issue regarding jurisdiction of the cit invoking the provisions under section 263 of the it act. .....

Wall Street Construction Ltd. Vs. Dy. Cit

Court : Mumbai

Reported in : [1999]71ITD47(Mum); (2002)75TTJ(Mumbai)653

..... amendment made in section 234b of income tax act, 1961, by finance act, 1995, by applied prospectively and accordingly interest under said section for assessment year 1992-93 be limited into the date of passing an intimation under section 143(1)(a) of the said act ..... according to the assessee the declaration of the profit at 6.72 per cent of the turnover was fair and reasonable, according to the assessing officer the books cannot be relied upon and have to be rejected under section 145 of the act in view of the fact that there was certain unaccounted receipts and expenses recorded in a separate set of accounts which were found in the course of the search. ..... (2) have not been specifically invoked by the assessing officer, that there is only a general reference to section 145 of the act, that the assessment itself has not been made under section 144 of the act but has been made admittedly under section 143(3) and further that at any rate the assessing officer has not commented on the correctness of the recorded transactions, nor have the auditors made any adverse comments in respect of ..... in my considered view, the accounts books of the assessee are liable to be rejected for the following reasons :(i) as a result of two search operations under section 132 of the income tax act, 1961 on 21-8-1990, and on 24-12-1992, a computer sheet was found, which gave details of 'on money' receipts and the assessee himself offered the same for taxation for the assessment year 1991-92 in addition to .....

Smt. Ch. Mangayamma Vs. Union of India

Court : Andhra Pradesh

Reported in : (2000)158CTR(AP)35; [1999]106TAXMAN339(AP)

..... ratnakar, counsel for the petitioner, contended that the provisions of section 40a(3), as amended by the finance act, 1995, stipulate that 20 per cent of the expenditure incurred by an assessee exceeding rs. ..... rule 6dd(j) reads:'(j) where the payment is made by an assessee by way of salary to his employee after deducting the income-tax from salary in accordance with the provisions of section 192 of the act, and when such employee-(a) is temporarily posted for a continuous period of fifteen days or more in a place other than his normal place of duty or on a ship; and(b) does not maintain any account in any bank at such place or ..... standing counsel repelling the pleas so raised, contended that the amendment brought in is well within the legislative competence of the parliament and is intended to curb the circulation of black money in the business.before we delve into the merits of the contentions raised, it is apposite to notice under sub-section (3) of section 40a as it now stands :'(3) where the assessee incurs any, expenditure in respect of which payment is made, after such date (not being later than the 31-3-1969) as may ..... sanyasi rao : [1996]219itr330(sc) , the supreme court while considering the validity of the provisions under sections 44ac and 206c of the act on the touch-stone of article 14 of the constitution held:'.....the relevant entry therein (taxes on income other than agricultural income) should be liberally construed. ..... 'by the finance act, 1996, the figure `rs. .....

Straptex (India) (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD320(Mum.)

..... section 132(5) is amended by the finance act, 1995, to provide that order under section 132(5) is required to be passed only in respect of search initiated before 1st july, 1995. ..... (e) that section 269ss was inserted by the finance act, 1984. ..... the department, in support of its contention, has heavily relied upon the presumption provided under section 132(4a) of the it act, while the assessee disputed the applicability of section 132(4a) to the present proceedings on the following grounds : (i) that the presumption under section 132(4a) is limited only to the proceedings under section 132(5) and not in respect of other proceedings; (ii) that the presumption under section 132(4a) is only against the person from whom the document was found and not ..... it is by the finance bill, 2002 that the word 'loans' is inserted in section 269t, therefore, the levy of penalty under section 271e for the year under consideration for alleged violation of section 269t for the repayment of loan is not sustainable.however, while deciding the assessee's appeal in regard to penalty under section 271d, we have held that on the basis of the contents of computer floppy, it cannot be said that the assessee borrowed the money. ..... after the above declaration, his statement was again recorded under section 131 of the it act (which is also reproduced by the ao in the assessment order of the assessee) in which he has clearly denied any cash transactions with the assessee. .....

Jones (Respondent) Vs. Garnett (Her Majesty's Inspector of Taxes) (App ...

Court : House of Lords

..... the same is true of sections 660a and 660b of the income and corporation taxes act 1988 as amended by the finance act 1995. 42. ..... this connection, as long ago as 1940, in commissioners of inland revenue v payne (1940) 23 tc 610, sir wilfred greene mr discussing a somewhat more simply drafted statutory predecessor of the sections in question here, namely section 38 of the finance act 1938, said this, at p 626, in relation to a scheme whose details are not of significance for present purposes: "the word 'arrangement' is not a word of art. ..... a comparable definition of "settlement" ("includes any disposition, trust, covenant, agreement, arrangement or transfer of assets") appeared for the first time in subsection (9)(b) of section 21 of the finance act 1936 (provisions as to income settled on children), which was capable of applying to covenanted payments as well as to the income of settled property. ..... that case may be contrasted with irc v payne (1940) 23 tc 610, a decision on section 38(1) of the finance act 1938, where there was no classic settlement of property, only an income covenant in favour of a controlled private company. ..... in chamberlain v irc (1943) 25 tc 3 , for instance, the court (in applying section 38(2) of the finance act 1938) had to identify "the property comprised in the settlement" and to decide whether that settlement ("or any provision thereof") was revocable, and unsurprisingly encountered difficulties in doing so: see in this house the speeches of lord .....

Wall Street Construction Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD43(Mum.)

..... (iv) amendment made in section 234b of it act, 1961, by finance act, 1995, by applied prospectively and accordingly interest under said section for asst ..... to the assessee the declaration of the profit at 6.72 per cent of the turnover was fair and reasonable, according to the ao the books cannot be relied upon and have to be rejected under section 145 of the act in view of the fact that there was certain unaccounted receipts and expenses recorded in a separate set of accounts which were found in the course of the search. ..... he pointed out in this connection that the provisions of section 145(20 have not been specifically invoked by the ao, that there is only a general reference to section 145 of the act, that the assessment itself has not been made under section 144 of the act but has been made admittedly under section 143(3) and further that at any rate the ao has not commented on the correctness of the recorded transactions, nor have the auditors made any ..... this is being done after rejecting the books of accounts under section 145 of the it act, in light of the unaccounted receipts and expenses recorded in a separate set of accounts which were found in the course ..... " 1.the following question has been referred to me under section 255(4) of the it act: "whether, on the facts and in the circumstances of the case, the book results shown by the assessee in accounted business should be accepted or a rate of 12 per cent should be applied both on accounted and unaccounted turnover of the .....

Commissioner of Income-tax Vs. GramIn Sadhan

Court : Allahabad

Reported in : [2000]245ITR563(All); [2001]116TAXMAN222(All)

..... this obligation has been provided subsequently by an amendment effected by the finance act, 1995, with effect from july 1, 1995. ..... commissioner of income-tax (appeals) held that the obligation of the assessee was merely to procure a report before the specified date and there was no obligation under section 44ab to furnish that report to the assessing officer before the specified date. ..... patently, during the assessment year concerned, the obligation under section 44ab was merely to get the accounts audited by the specified ..... assessee filed its return of income for the assessment year under consideration on february 11, 1992, and the audit report in terms of section 44ab was filed along with the return. ..... this is an appeal under section 260a of the income-tax act, 1961, against an order dated january 11, 1998, passed by the income-tax appellate tribunal, allahabad, in i. t. a. ..... assessing officer treated it to be a default on the part of the assessee under section 271b and levied penalty in the sum of rs. ..... of 1994, for the assessment year 1991-92 whereby it upheld an order passed by the commissioner (appeals) cancelling a penalty levied by the assessing officer under section 271b of the act.2. ..... under section 271b also the penalty was leviable only if the assessee failed to get his accounts audited as required under section 44ab, thus, patently, at the relevant time, there was no obligation further requiring an assessee to furnish the report to the assessing officer before the specified .....