Judgment Search Results Home > Cases Phrase: finance act 2001 chapter 2 rates of income tax Court: allahabad Page 1 of about 49 results (0.103 seconds)

Chandra Prakash Agrawal Vs. Assistant Commissioner of Income-tax and o ...

Court : Allahabad

Reported in : (2006)206CTR(All)505; [2006]287ITR172(All)

..... as is clear from the heading given under chapter xtv-b, it introduced a new scheme of assessment of undisclosed income determined as a result of search which is assessed separately as the income of a designated period consisting of ten previous years, now reduced to six previous years by the finance act, 2001, with effect from june 1, 2001, preceding the previous year in which the search was conducted and also the previous year of the current year up to the date of search.13. ..... of january, 1997, as required by a notice under clause (a) of section 158bc, is furnished after the expiry of the period specified in such notice, or is not furnished, the assessee shall be liable to pay simple interest at the rate of one per cent, of the tax on undisclosed income, determined under clause (c) of section 158bc, for every month or part of a month comprised in the period commencing on the day immediately following the expiry of the time specified in the notice, and-(a) where the ..... (2) the total undisclosed income relating to the block period shall be charged to tax, at the rate specified in section 113, as income of the block period irrespective of the previous year or years to which such income relates and irrespective of the fact whether regular assessment for any one or more of the relevant assessment years is pending or not.explanation. .....

Commissioner of Income-tax, Central, Kanpur Vs. Raj Kumar Arora

Court : Allahabad

..... finance act, 2003, has provided that the provisions of this chapter shall not apply where a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under section 132a after may 31, 2003, by inserting a new section 158bi in the income-tax act ..... act was introduced in the income tax act by the finance act ..... may, 2003, the assessing officer shall- (a) issue notice to such person requiring him to furnish within such period, as may be specified in the notice, the return of income in respect of each assessment year falling within six assessment years referred to in clause (b), in the prescribed form and verified in the prescribed manner and setting forth such other particulars ..... assessment year relevant to the previous year in which such search is conducted or requisition is made : provided that the assessing officer shall assess or reassess the total income in respect of each assessment year falling within such six assessment years: provided further that assessment or reassessment, if any, relating to any assessment year falling within ..... this section, the tax shall be chargeable at the rate or rates as applicable to ..... provided in this section, section 153b and section 153c, all other provisions of this act shall apply to the assessment made under this section; (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year." 8. .....

Commissioner of Income-tax Vs. Vaish Brother's and Co.

Court : Allahabad

Reported in : [2001]247ITR385(All); [2001]117TAXMAN579(All)

..... --for the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power,or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act), is not less than fifty-one per cent, of such total income.' 5. ..... in the present case having regard to the extent in which industrial undertaking has been defined under the finance act, 1973, the building activity which involves not only the mixing of mortar or cement and the placing of one brick over another with the help of such cement or mortar but also involves the work of ..... we would, therefore, take the view that the assessee in the present case is entitled to be treated as an industrial undertaking and to be entitled to the benefit of concessional rate of 55 per cent, of tax.' 6. ..... it claims to be an 'industrialcompany' within the meaning of section 2(7)(c) of the finanbe act, 1973,to be eligible to a lower rate of tax. .....

Azad Tobacco Factory (P.) Ltd. Vs. Commissioner of Income-tax and ors.

Court : Allahabad

Reported in : (1997)140CTR(All)476; [1997]225ITR1002(All)

..... be required to bring into india, the sale proceeds of goods or merchandise, in convertible foreign exchange, within a period of six months from the end of the previous year or within such extended period as the chief commissioner or commissioner of income-tax may allow on being satisfied that the taxpayer was prevented from complying with this requirement for reasons beyond his control. ..... under the existing provisions of section 80hhc of the income-tax act, exporters are allowed 100 per cent. ..... in view of the observations made hereinbefore, we are of the view that the commissioner of income-tax, while passing the impugned order contained in annexure 'i' to the writ petition, has failed to exercise his jurisdiction though he was so invested with such power wholly on an erroneous misconception of the provisions contained in sub-section (2)(a) aforesaid. ..... 572 (see [1990] 186 itr 81), dated 5rd august, 1990, containing explanatory notes in respect of the finance act, 1990, paragraph 28 whereof reads as follows :' 28. ..... nowhere in the act, has any manner or method or procedure for claiming deduction other than the manner as indicated in chapter vi-a been provided? ..... 5 is provided for 'less : deductions under chapter vi-a 'wherever admissible' with the instruction ... ..... chapter vi-a entitles an assessee to claim various deductions as contemplated in section 80c to section 80u. .....

Commissioner of Income-tax Vs. Mathulal Baldeo Prasad.

Court : Allahabad

Reported in : [1961]42ITR517(All)

..... - this is a reference under section 66(1) of the indian income-tax act, 1922, read with section 21 of the excess profits tax act, 1940, made by the income-tax appellate tribunal at the instance of the assessee messrs. ..... an ascertained liability was there and was legally enforceable against the assessee; that the assessee intended not to discharge his liability did not affect his legal liability or his legal rights under the income-tax act and the excess profits tax act.on behalf of the revenue authorities the case of sassoon & co. ..... 'adopting the argument with respect it may be said that the loss deductible for income-tax purposes in one actually existing at the time and debiting an amount which may in whole or in part be subsequently found to be due as a result of an arbitration agreed to between the parties is not a loss.by the court ..... 994, which is the item in dispute, could possible by made in the accounts of that period.learned counsel for the department invited our attention to the provisions of section 10(2a) of the income-tax act which reads as follows :'10. ..... 'this provision was introduced by the indian finance act 1955 and is not applicable to assessments for the years 1945-46 and 1946-47 ..... the constituent of the assessee submitted an account, and the assessee disputed the correctness of the rate and asserted that the constituent had not rendered a true and correct account of the transactions. ..... - judgment pronounced by me today under chapter vii, rule 1 (2), of the rules of court .....

Dr. A.K. Bansal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2000)73ITD49(All.)

..... the assessee was to be taxed at the same rate of income-tax, but, after coming of chapter xiv-b on the statute, the consequence of search under section 132 leads to different result than the consequences before the coming of the chapter xiv-b on the statute and the one of the consequence is that as a result of coming of chapter xiv-b upon the statute an assessee, in whose case search action under section 132 of the act is taken, is to be taxed at a special rate of 60%.7.2 on the point of effect of chapter xiv-b much has ..... , before venturing to give reasons for dissenting with the learned judicial member, i consider it necessary to refer to the objectives of introducing chapter xiv-b, which can be gainfully used as an aid to interpretation.3.1 chapter xiv-b of the act was brought on the statute book by the finance act, 1995 with effect from the 1st july, 1995. ..... with a view to gather the intention of the statute, he thereafter referred to memorandum explaining the provisions of chapter xiv-b in the finance bill, 1995 found in itr 212 page 345 ..... a view to gather the intention of the statute, he thereafter referred to memorandum explaining the provisions of chapter xiv-b, in the finance bill, 1995 found in 212 itr 345.(st). ..... " the above speech and clause (32) of the notes on clauses of the finance bill, 1995, spell out that the government's own perception in regard to the new provisions is to devise a procedure for assessment in search cases which is cost effective, efficient and .....

Allahabad District Co-operative Bank Ltd. Vs. Union of India (Uoi) and ...

Court : Allahabad

Reported in : [1972]83ITR895(All)

..... it will thus be seen that the only effect of making a provision like that of section 81 of the act is that the income-tax authorities will have to compute the income-tax in respect of the total income of the petitioner (including surcharge and the additional surcharge calculated in the manner provided in the finance act of 1963) and from that an amount equal to the income-tax calculated at the average rate of income-tax on the amount of which no income-tax is payable will have to be deducted. ..... under chapter iii while computing the total income of the previous years of any person the incomes of the types mentioned in section 10 of the act are not to be included no such provision has been made in section 81 of the act. ..... the heading of the chapter in which section 81 falls, on the other hand, shows that the types of income mentioned therein are to be included in the assessee's total income, but the assessee will not be required to pay the tax in respect of it. ..... the heading of this chapter is ' incomes forming part of the total income on which no tax is payable ', as distinguished from the heading in chapter iii of the act, which provides for incomes which do not form part of total income of a person. ..... section 81 of the act falls in chapter vii. .....

Vishwanath Prasad Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2003)86ITD516(All.)

..... copy of the assessee's letter dated 6-10-1997, alongwith duly sworn affidavit of eight customers, who have given the ornaments for remaking, copy of the notice dated 8-10-1997 under section 142(1) of the income-tax act, copy of the assessee's letter dated 22-10-1997 alongwith record of personal appearance of various customers, who have already appeared before the assessing officer on 20-10-1997 on 21-10-1997 and 22-10-1997, copy of ..... the block assessment order of shri ashok kumar dated 27-11 -1997, the same assessing officer, acit, cc-ii, varanasi has nowhere mentioned about this satisfaction about undisclosed income of other person that the person searched under section 132 of the income-tax act, rather similarly, the assessing officer mentioned about the search in pursuance of the warrant of authorisation under section 132 as is recorded by the assessing officer in ..... the distinction between these two provisions under chapter xiv-b would be that for section 158bc of the income-tax act there should be a search and consequent to the search there was recovery and seizure of incriminating material and the assessing officer after ..... assessee also relied upon the order dated 31-7-2001 of the income-tax appellate tribunal, lucknow bench in the case ..... cbdt on the subject of finance act, 1995 - explanatory notes on provisions relating to direct taxes. ..... am proposing a new scheme under which undisclosed income detected as a result of search shall be assessed separately at flat rate of 60%.20. .....

Bhagwan Prasad Agarwal, Advocate Vs. the Commissioner of Income Tax an ...

Court : Allahabad

Reported in : (2006)201CTR(All)335

..... the heading and sub heading of chapter xiii suggests the appointment and control of the income tax authorities, their jurisdiction and powers, the whole gamut for assessment has been provided for in chapter xiv inclusive of search and seizure case for which the assessment order has to be framed under the aforesaid chapter, in the case in hand the assessment order was framed under section 143(3) of the act as at that time there was no provision ..... 1995 through which chapter xiv-b special procedure for assessment of search cases was inserted by the finance act, 1995. ..... of section 243 and 244 clearly shows the liability of the central government to pay interest in the present case at the rate of 12% per attnum for the period after three months of the end of the month in which the total income is determined under the act. ..... it provides under section 243(i)(b) of the act that if the assessing authority does not grant refund within three months from the end of the month in which the claim for refund is made under this chapter, the central government shall pay the assessee the simple interest at the specified rate, the rate of interest was 12% per annum prior to 1st october, 1984,, which has been substituted by ..... (4)(a) the central government shall pay simple interest at the rate of (fifteen per cent) per annum on the amount by which the aggregate of money retained under section 132 and of the proceeds, if any, of the assets sold towards the discharge of the existing liability referred to .....

Cit Vs. Wajid Sons (P) Ltd.

Court : Allahabad

Reported in : [2005]144TAXMAN848(All)

..... of goods or in mining.explanationfor the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter via of the income tax act) is not less than fifty-one per cent of such total ..... and, in fact, in the assessment order for the assessment year 1978-79, which was passed by the income tax officer on 24-1-1979, the income tax officer has himself treated the company as an industrial company and, in these circumstances, when a request was made by the respondent, the income tax officer should have rectified the assessment and applied the correct rate and he cannot reject the application merely on the ground that in the return the respondent itself has ..... the lower rate of tax has been prescribed for the assessment years in question in respect of an industrial company by the respective finance acts. ..... in the aforesaid case, the facts were that the original assessment of volkart brothers, a firm duly registered under the act, were made on the slab rate prescribed under the respective finance act applicable to registered firm. .....