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 : (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 : (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 : (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 : (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 : (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 : (1983)3ITD198(Chd.)
..... section 32a was inserted by the finance act ..... -section (1) or sub-section (2) of section ..... under sub-section (1) or sub-section (2) of section 139, whether ..... which the deduction by way of development rebate is allowable under section 33; and (d) any machinery or plant, the whole of ..... : provided that no deduction shall be allowed under this section in respect of- (a) any machinery or plant installed in ..... section 10(2)(v) ..... deductions shall, subject to the provisions of section 34, be allowed- (vi) in the case ..... section 17(1)(a) of the wealth-tax act ..... provisions of this section, be allowed ..... section 148 of the act issued for the purpose of reassessment under section 147(b) of the act ..... section (2) of section 32a of the income-tax act, 1961 ('the act') and was, therefore, entitled to investment allowance under section 32a of the act ..... section (2) of section 10 of the 1922 act ..... sections ..... section ..... sections with the aid of machinery. ..... section 147(6) could be ascertained and allowed by the ito and for the assessment year 1977-78, the issue is whether on the facts and in the circumstances of the case, the assessee is entitled to investment allowance under section 32a of the act ..... section ..... section 143(3)/144b, the ito rejected the claim of investment allowance made under section ..... section 147 it is found that the assessee's total income is actually less than the income assessed, the assessee would not be entitled to have the assessment revised downward under this section ..... section 10(2)(v) of the 1922 act. ..... section ..... section ..... section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)2ITD489(Chd.)
..... has only been shown as some one admitted to the benefits of partnership.therefore, when the revenue argued that clause 8, which provides that the parties shall contribute the finances towards the firm and they may or may not charge interest on the finances so contributed, be read so as to include the minor rakesh kumar, it does not cut much ice because the minor was not sui juris on the date of the instrument and ..... the issue in this appeal is whether the aac erred in holding that section 64(1)(vi) of the income-tax act, 1961 ('the act') is applicable and as such the income accruing and arising to the minor rakesh kumar as share of profit from the firm of karam chand rakesh kumar is includible in the total income of the assessee.2. ..... one has to remember that in this case itself the supreme court has further held that section 16(3) of the 1922 act (corresponding to section 64 of the 1961 act) creates an artificial income and it must receive a strict construction. ..... that the parties shall contribute the finances towards the firm and they may or may not charge any interest on the finances so contributed.smt. ..... gifts from his grandmother, namely, parmeshri devi who was a partner in the firm and, therefore, the share of profit of shri rakesh kumar minor was to be included in the hands of parmeshri devi within the meaning of section 64(1 )(w). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)1ITD1060(Chd.)
..... section 80u(a) came on the statute book by an insertion by the finance act ..... or occupation, there shall be allowed a deduction of a sum of five thousand rupees : provided that such individual produces before the income-tax officer, in respect of the first assessment year for which deduction is claimed under this section- (i) in a case referred to in clause (i), a certificate as to his total blindness from a registered medical practitioner being an oculist ; and (ii) in a case referred to in clause (ii), a certificate as to the permanent physical disability referred to ..... in the said clause from a registered medical practitioner.a simple reading of the section shows that for purposes of claiming a deduction under this section, an individual, who is resident at the end of the previous year, in respect of an assessment year in which the deduction is claimed, should produce a certificate from a registered medical practitioner as to ..... the ito examined this claim but came to the conclusion that "the assessee's case is not covered under this section for the simple reason that disease, not a permanent physical disability from which the assessee is suffering, had not the effect of reducing substantially his ..... section was substituted by the taxation laws (amendment) act ..... effect from 1-4-1971, by the taxation laws (amendment) act, 1970, the deduction allowed was of a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)8ITD396(Chd.)
..... section 40a(7) was inserted by the finance act, 1975 with effect from 1-4-1973.in other words, it has retrospective effect from the assessment ..... such a liability had been actuarially valued, it was deductible even if the employer did not transfer the amount of the liability to a trust fund and this was deductible under section 36.however, with the amendment in law by the insertion of sub-section (7), the gratuity is deductible only in three cases: (i) where it is paid or has become payable from the accounting period; (ii) where a contribution is made towards an ..... bank towards gratuity fund approved by the cit vide his letter judl/i/gratuity/fund/shp/72-73/31616, dated 11-12-1972 effective from 1-1-1970 and in terms of rule 104 read with section 36(1)(v) it would be admissible being initial contribution towards an approved gratuity fund because the same represented the contribution as calculated on the actuarial valuation and calculations vide certificate from ..... approved gratuity fund or the provision is made for such contribution; and (iii) where a contribution is made towards an unapproved gratuity fund held under a trust.clause (6)(ii) of this sub-section makes ..... but later on the learned counsel for the assessee amended this word 'revaluing' with the word 'valuing' .....
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