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Hari Gopal Chopra Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Reported in : (1999)237ITR135AAR

..... " section 145 as amended by the finance act, 1995, with effect from april 1, 1997, reads thus : ..... hearing before the authority, smt.anuradha bhatia, deputy commissioner of income-tax, conceded that section 11 of the banking companies (acquisition and transfer of undertakings) act, 1980, made a specific provision to the effect that every corresponding new bank indicated in the first schedule to the act is deemed to be an indian company and, as such, this objection to the applicability of section 115h in the instant case was not sustainable.this controversy had also come up for ..... the light of the aforesaid, the authority pronounces its ruling as follows : (1) whether the applicant is eligible for benefits under section 115h of the income-tax act, 1961, after becoming resident in india in subsequent years in relation to his investment income derived from foreign exchange assets, viz ..... aforesaid background, the applicant has sought a ruling of this authority on the following questions : (i) whether the applicant is eligible for benefits under section 115h of the income-tax act, 1961, after becoming resident in india in subsequent years in relation to his investment income derived from foreign exchange assets, viz. ..... of 1995, in re [1997] 223 itr 379, and it was held that every nationalised bank was deemed to be an indian company for the purposes of the income-tax act and that the assets deposited in such a bank, would attract the provisions of section 115c read with section 115h. .....

KevIn Enterprise Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... till the amendment was made by the finance act, 1995, the section provided that the income chargeable under the head "profits and gains of, business or profession" or "income from other sources' shall be computed in accordance, with the method of accounting regularly employed by the assessee ..... the entire issue centers around the scope and ambit of the provisions of section 145 of the it act, 1961 and the amplitude of the jurisdiction conferred upon the ao to reject the method of accounting followed by the assessee.3 ..... referring to the provisions of section 19 of the sales of goods act, the learned departmental representative submitted that on the facts of the assessee's case sale transaction has been concluded after supply of goods and receipt of sale proceeds thereof ..... said decision took note of the accounting principle that the provision made in the p&l a/c for the estimated present value of the contingent liability properly ascertained and discounted on accrued basis could be deducted either under section 28 or 37 of the act. ..... in the remaining cases, and the basis adopted by the assessee for accounting for the receipts and the method of accounting followed consistently and regularly should not be disturbed by taking recourse to the provisions of section 145 of the act.14. ..... 1991) 188 itr 44 (sc) and held that since the method of accounting followed by the assessee is not the correct method, the ao is entitled to reject the same by invoking the provisions of section 145 of the act. .....

Dr. (Mrs.) Devinder Kaur Sekhon Vs. Assistant Commissioner of

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. .....

KevIn Enterprise Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... till the amendment was made by the finance act, 1995, the section provided that the income chargeable under the head "profits & gains of business or profession" or "income from other sources" shall be computed in accordance \with the method of ..... maintained under the said system must be complete and correct.in so far as the first criterion is concerned, the basic requirement, implicit in the provision of section 145 as well as the general commercial world is that the financial statements of an enterprise should give a true and fair view of its financial position ..... the entire issues centers around the scope and ambit of the provisions of section 145 of the income-tax act, 1961 and the amplitude of the jurisdiction conferred upon the assessing officer to reject the method of ..... of section 19 of the sales of goods act, the ..... that the provision made in the profit & loss account for estimated present value of the contingent liability properly ascertained and discounted on an accrued basis could be deducted either under section 28 or 37 of the act. ..... section 145 of the it.act ..... and the basis adopted by the assessee for accounting for the receipts and the method of accounting followed consistently and regularly should not be disturbed by taking recourse to the provisions of section 145 of the act.14. ..... held that since the method of accounting followed by the assessee is not the correct method, the assessing officer is entitled to reject the same by invoking the provisions of section 145 of the act. .....

KevIn Enterprise Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)79ITD196(Ahd.)

..... till the amendment was made by the finance act, 1995, the section provided that the income chargeable under the head "profits & gains of business or profession" or "income from other sources" shall be computed in accordance with the method of accounting ..... by the assessing officer (hereinafter referred to as "the ao") for the provision made on account of warranty.the entire issues centers around the scope and ambit of the provisions of section 145 of the income tax act, 1961 and the amplitude of the jurisdiction conferred upon the assessing officer to reject the method of accounting followed by the assessee.at the outset, factual matrix of the case may be ..... , and the basis adopted by the assessee for accounting for the receipts and the method of accounting followed consistently and regularly should not be disturbed by taking recourse to the provisions of section 145 of the act.we have carefully considered the facts and circumstances of the case as well as rival submissions made by the learned representatives of both the sides. ..... referring to the provisions of section 19 of the sales of goods act, the learned departmental representative submitted that on the facts of the assessees case sale transaction has been concluded after supply of goods and ..... principle that the provision made in the profit & loss account for estimated present value of the contingent liability properly ascertained and discounted on an accrued basis could be deducted either under section 28 or 37 of the act. .....

Commissioner of Income-tax and anr. Vs. Smt. Lily Tobias

Court : Patna

1. the only question for consideration in this appeal is as to whether the undisclosed income of a particular block period if not taxable would be treated as an undisclosed income on non-filing of the return. it is an admitted position that with effect from july 1, 1995, the amendment has been made in section 158bc of the finance act which clearly provides that if the income of the particular assessment year falling within the block period is not taxable the same shall not be treated to be undisclosed income. no doubt in this case some orders in a block period are prior to july 1, 1995, but taking into consideration the facts of this case, the intention of the legislature as evident from amendment and in the facts of the case, we are of the view that no substantial question of law arises for determination. so far as the other points are concerned, they are concluded by findings of facts arrived at on appreciation of evidence. in the result, no case for interference is made out under section 260a of the income-tax act. accordingly, the appeal is dismissed.

Home Solutions Retails (India) Ltd. Vs. Union of India and ors.

Court : Delhi

..... 1 in this batch of writ petitions preferred under article 226 of the constitution of india, the constitutional validity of section 65(105)(zzzz) of the finance act, 1995 (for short the 1995 act) and section 66 as amended by the finance act, 2010 (for brevity the 2010 act) is called in question. ..... for the purpose of better appreciation, the provision that existed prior to the finance act, 2010 and post amendment by the finance act, 2010 are produced below in a tabular form: prior to finance act, 2010 post amendment by finance act, 2010 "section 65 (90a) "renting of "section 65(90a) "renting of immovable property" includes immovable property" includes renting, letting, leasing, licensing renting, letting, leasing, licensing or other similar arrangements of or other similar arrangements of immovable property for use in the immovable property for ..... in view of the aforesaid analysis, we proceed to enumerate our conclusions in seriatim as follows: (a) the provisions, namely, section 65(105)(zzzz) and section 66 of the finance act, 1994 and as amended by the finance act, 2010, are intra vires the constitution of india. ..... in association of leasing and financial service companies (supra), while dealing with the validity of sections 65(12) and 65(105)(zm) of the finance act, 1994 as amended which pertain to the levy of service tax on leasing and hire-purchase, the apex court, after referring to the decisions in d.h. .....

The Chamber of Tax Consultants & Anr vs.union of India & Ors

Court : Delhi

..... ) the substituted and amended section 145 of the act [by the finance acts (fa) of 1995 and 2014]..2. ..... section 145 of the act was substituted by the finance act, 1995 (fa) with effect from 1st april ..... july 2014, an amendment was made to section 145 of the act by the finance (no.2) act, 2014. ..... further submits that this provision is in line with the recent amendments brought about by finance act, 2015 wherein a proviso was added to the following effect: section 36(1)- the deductions provided for in the following clauses shall be allowed in respect of matters dealt with therein, in computing the income referred to in section 28 (i)..............(vi)......... ..... of the constitutional invalidity of: (i) the notification no.87/2016 dated 29th september 2016 issued by the central board of direct taxes (cbdt), department of revenue, ministry of wp (c) 5595/2017 page 1 of 53 finance, government of india whereby in exercise of the powers conferred by section 145 (2) of the income tax act, 1961 ( act ), the central government notified ten 'income computation and disclosure standards' ( icds ), as specified in the annexure to the said notification to be followed by all assessees following the mercantile system ..... supra) while examining the scheme of the companies act, 1956 in relation to as-22, and the rule making power of the central government under section 642, held as follows: the law to the companies act has been enacted to consolidate and amend relating companies and certain other associations. .....

Babu Lal and ors. Through Its Partner Babu Lal Vs. Director of Income- ...

Court : Allahabad

Reported in : (2005)198CTR(All)274; [2006]281ITR70(All)

..... : [2000]242itr302(delhi) , considered the scope of the provisions of section 132 and chapter xiv-b of the act, explaining that chapter xiv-b was inserted by the finance act, 1995 laying down a special procedure for assessment in search cases. ..... , : air2005sc186 , the hon'ble supreme court upheld the judgment of the andhra pradesh high court, by which the amendment in section 73 of the stamp act, 1899 by the state of andhra pradesh, authorising the designated officer to impound and seize the under-stamped documents after notice, to make good the deficit of stamp duty, if the required stamp duty is not paid, ..... commissioner of income-tax : [1956]29itr390(sc) , considered the expressions 'reason to believe' and distinguished the same from 'reason to suspect' comparing the provisions with the un-amended provisions of section 34(1) of the income-tax act, 1922 and held that after amendment, the expressions 'reason to believe' had to be based as a consequence of 'definite information' which came into possession of the revenue. ..... 'section 132a of the act was introduced by the taxation laws (amendment) act, 1975 with effect from 01.10.1975 which provides that where the director general or the director or the chief commissioner or commissioner, in consequence of information in his possession, has reason to believe that-(a) ............ ...............(b) ............ .............. .....

Commissioner of Income-tax Vs. Soundararaja Finance Ltd.

Court : Chennai

Reported in : [2006]283ITR559(Mad)

..... it is to be noted that the first proviso to section 32 was omitted by the finance act, 1995 with effect from april 1, 1996. ..... prior to the omission, the first proviso as inserted by the finance act, 1966 with effect from april 1, 1966 and amended by the finance act, 1983 with effect from april 1, 1984, read as under :provided that where the actual cost of any machinery or plant does not exceed five thousand rupees, the actual cost thereof shall be allowed as a deduction ..... during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted to fifty per cent, of the amount calculated at the percentage prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may ..... 5,000, whether restriction as contemplated in the relevant proviso to section 32 in regard to the 50 per cent, allowability would apply in the facts of the ..... the present appeals are filed under section 260a of the income-tax act, 1961 by the revenue, in i. t. a. ..... the return was processed under section 143(1)(a) on december 8, 1993 ..... heard the arguments of learned standing counsel for the revenue, who submitted that if the asset is used for less than 180 days, the third proviso to section 32(1) would operate. ..... facts leading to the above question of law are as under :(i) the assessee is a hire-purchase and lease finance company. .....