Judgment Search Results Home > Cases Phrase: finance act 2002 section 20 amendment of section 40 Court: income tax appellate tribunal itat mumbai Page 1 of about 160 results (0.231 seconds)

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the learned departmental representative emphasized the amendment to section 158bb(1) by the finance act, 2002 with retrospective effect from 1.7.95 to the effect that the undisclosed income shall be computed "in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of accounts or other documents and such other materials or information as are available with the assessing officer and relatable to such evidence. ..... in relation to the insertion by the finance act 2002 in the provisions of section 158b(b) with retrospective effect from 1.7.1995, the learned counsel for the assessee argued that so far as the finance bill was concerned, the amendment was introduced to have prospective effect. ..... assessment is to be made, is defined in section 158b(b) which include money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of accounts or other documents or transactions, where such money, bullion, jewellery, valuable articles, thing entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purpose of this act and after the amendment by finance act, 2002 w.e.f. ..... " these words though inserted by the finance act, 2002, have been given retrospective effect from july 1, 1995. .....

Ms. Aishwarya Rai Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD166(Mum.)

..... perusal of the above provision shows that this section was amended by the finance act 2002 with retrospective effect w.e.f. 1.7.95. ..... in our view the similar words axe also contained in section 158b (b) which were added by the finance act 2002. ..... , any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee: provided that in ..... he submitted that in the amended definition of undisclosed income as contained in section 158b(b) of the act false claim of exemption of income is covered and therefore the assessing officer was right in including this income in the block assessment. ..... his first argument was that this issue is settled in the regular assessments made under section 143(3) of the act for various years and there was no incriminating material found during the course of search and therefore this issue can not be a subject matter of block assessment proceedings.he submitted that the letter of bhagat erectors & ..... in his opinion this case is covered by the amended definition of undisclosed income in section 158 b (b) which covers expenditure, deduction and allowance claimed if found to be false.44 .....

Goldcrest Finance (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)926

..... part of section was amended by finance act, 2002 with retrospective effect from 1st july, 1995 and it has been provided that the total income for the block period shall be computed on the basis of evidence found as a result of search or requisition ..... the jurisdiction, any error committed in such action cannot render the whole assessment a nullity and that such errors are rectifiable by section 292b of the act; (f) the ao can and has to activate his power only on the completion of search; (g) since the action of issuing notice under section 158bc is within the jurisdiction and, not of assuming jurisdiction, any error committed in such action cannot render the whole assessment ..... authorised representative also placed reliance on various decisions for the proposition of validity of notice issued under section 148 of the it act in conjunction with provisions of section 139(2) of the it act, as it stood upto 31st march, 1989, which required that a notice under section 148 should require the assessee to furnish a return within 30 days from the date of service ..... under section 113 of the it act for searches conducted prior to amendment w.e.f. ..... 2002 and it was held in the facts of that case the warrant of authorization issued in the case of the assessee was concluded after the locker was searched and inventorised.the resealing of the locker and prohibitory order under section 132(3) passed by the authorized officer on that day cannot extend the time-limit under section 158be of the act .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. ..... we are concerned with sub-section (1) (as originally inserted (without numbering of the sub-section) by the finance act, 2001 with retrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted by the finance act, 2006 with consequential numbering of the clauses of section 14a) of section 14a. ..... short issue in the matter before us is whether the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect ..... the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... -inserted by the finance act, 2002.) 10. ..... in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted.15. .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. ..... short issue in the matter before us is whether the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect ..... we are concerned with sub-section (1) (as originally inserted(without numbering of the sub-section by the finance act, 2001 withretrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted bythe finance act, 2006 with consequential numbering of the clauses ofsection 14a), of section 14a. ..... the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted. 13. .....

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... been brought in and the circular continued to state that since long term capital gains are subjected to lower incidence of tax, the finance act, 2002 has rectified the anomaly by amending the said sections to provide that while losses from transfer of short term capital assets can be set off against any capital gains, whether short term or long term, losses arising from transfer of long ..... since long term capital gains are subject to lower incidence of tax, the finance act, 2002 has rectified the anomaly by amending the said section to provide that while losses from transfer of short term capital assets can be set off against any capital gains, whether short term or long term, losses arising from transfer of long ..... the learned senior counsel explained that the amendments brought in by the finance act, 1987 which continued upto assessment year 2002-03 until reversed by the finance act, 2002 with effect from 1 -4-2003 have granted the assessee an option to choose the method of computation with least tax burden, as far as the question of set off of loss arising under the head "capital ..... from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform treatment of capital loss whether short term or long term.this position prevailed for the period from assessment years 1988-89 to 2002-03.40. .....

Cadbury Schweppes Beverages Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT647(Mum.)

..... finance bill, 2002, section 271 of the income tax act has been amended ..... dyeing & printing case (supra) that if a case is decided ex parte by hon'ble bombay high court as in chemiequip's case (supra), it does not lay down a binding precedence.further, there were amendments in section 271(1)(c) by taxation laws (amendment) act, 2002. ..... amendment is clarificatory in nature, it is so stated in the finance bill, 2002; notes on clauses (see (2002) ..... amendment was considered by hon'ble bombay high court in chemiequip's case (supra) and held that the amendment is clarificatory in nature as per clarificatory notes on clauses in the finance bill, 2002 ..... income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income;" the scope and effect of the amendments made by taxation laws (amendment) act, 1975, has been elaborated in department circular no.204 dated 24-7-1976. ..... section 271(1) for the purposes of section 271(1)(iii) which was introduced with effect from 1-4-1976 by the taxation laws (amendment) act ..... the other view is that after amendment in the act by taxation laws (amendment) act, 1975, which was with effect from 1st april, 1976, penalty for concealment can be levied even in a case where ..... by clause 97(f) of the finance bill, 2002, it is claimed that in cases where the amount of income in respect of which particulars have been concealed, has the effect of reducing the loss declared in the return, then the amount of .....

NagIn Das M. Goradia Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)151

..... finance act, 2002. ..... recorded in the books of account and other documents maintained in the normal course on or before the date of search where such entries result in computation of loss for any previous year falling in the block period [section 158bb(1)(c)(a)]; or (b) on the basis of entries as recorded in the books of account and other documents maintained in the normal course on or before the date of search where such income does not exceed the ..... provided under the amended provisions of section 158bb(1), such amendment having been made ..... by virtue of the said amendment, inter alia, the words "and relatable to such evidence" have been added in the section after and in conjunction with the words "and such other materials ..... before the said amendment, section 158bb(1) read: "158bb(1)--the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the ..... even the amendment of section 158b(b), defining "undisclosed income" to exclude from its ambit expenses or deductions or allowance found to be false, is limited in its scope, in that, such exclusion can only be affected only if there are ..... in the amended section, this phrase has been retained and the phrase "relatable to such evidence" has been added, so that "other materials or information" be related to ..... evident from the addition of the words "and, relatable to such evidence" in section 158bb(1) by virtue of the latest amendment). .....

Devang S. Desai Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD107(Mum.)

..... by side a consequential amendment is also made in section 158bb in the finance act, 2002 which is also ..... objection of the ao is concerned we hereby give a finding based on the reasoning, as per above paras, that the cumulative effect of the language of, section 158bb, explanation thereto and the definition of undisclosed income as per section 158b vis-a-vis with the inserted language as per finance act, 2002, the total undisclosed income has to be computed in accordance with the provisions of chapter-iv, i.e ..... total income' as mentioned in section 158bb is the income earned or received from whatever source and that income is to be computed in the manner laid down in this act.chapter xiv-b also defines "undisclosed income" as per section 158b(b) under the head 'definitions': at this juncture it is pertinent to mention that under the definition of "undisclosed income" certain words have now been inserted by finance act, 2002 which are w. r. ..... finance act, ..... perusing the order of the ao we have observed that nowhere ao has doubted that the claim of deduction under section 54f was not genuine or the same was false, his only objection was that the utilisation of undisclosed income to gain the benefit of tax under a particular section of it act should not be allowed while computing the undisclosed income for the purpose of the flat rate of 60 per ..... to section 158bb has also been amended wherein also wherever the word "chapter-iv" was used the same has now been replaced by the word "this act .....

Dy Cit, Central Circle 5 Vs. Mrs. Meena Nayan Chandan

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT1(Mum.)

..... this is contrary to the intention that any undisclosed income discovered as a result of search is to be included in the block assessment as long as such income has been detected as a result of evidence gathered during the search.61.3-2 the finance act, 2002 has amended section 158bb to clarify that the block assessment of undisclosed income is to be assessed on the evidence found in the search and material or information gathered in post-search inquiries made on the basis of evidence found in the search. ..... the undisclosed income falling in this domain will suffer tax at normal rates as prescribed in the yearly finance act and also suffer interest and penalty as provided under sections 234a, 234b, 234c, 271(1)(c), 271b etc. ..... be made on basis of departmental valuer's report obtained subsequent to order of regular assessment-tribunal finding no evidence found during search to establish assessee spent more on renovation of residential house than recorded in books of account-justified-income tax act, 1961, sections 131(1)(a), 158bb(l), 158bc".similarly, the hon'ble bombay high court, in case of cit v. ..... (1) notwithstanding anything contained in any other provisions of this act, whereafter the 30-6-1995 a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132a in the case of any person, then, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions of this chapter. .....