Judgment Search Results Home > Cases Phrase: finance act 2002 section 34 amendment of section 80 ib Court: gujarat Page 1 of about 166 results (0.168 seconds)

Commissioner of Income-tax Vs. Parmanand M. Patel

Court : Gujarat

Reported in : (2005)198CTR(Guj)641; [2005]278ITR3(Guj)

..... act cannot be by-passed or indirectly extended by invoking powers under section 263 of the act;(g) the stage of recording satisfaction is before concluding the assessment proceedings, hence the commissioner cannot direct the assessing officer to initiate penalty proceedings once assessment proceedings are complete;(h) even if it is lawful to impose penalty, that by itself would not be sufficient to entitle the commissioner to treat the assessment order as erroneous and prejudicial to the interests of revenue;(i) amendment of section 271(1) of the act by the finance act, 2002 ..... 6.3 inviting attention to the amendment made to section 271(1) of the act by the finance act, 2002 it was submitted that the said provision as it originally stood granted powers only to the assessing officer or the appellate assistant commissioner or the commissioner (appeals) to record satisfaction and initiate penalty ..... when one takes into consideration the amendment brought about to the provision by the finance act, 2002 wherein w.e.f. ..... 01.06.2002 is not clarificatory;(j) under the act assessment and penalty proceedings are distinct and separate;(k) due to dichotomy of views between high courts of madhya pradesh & allahabad favouring revenue and high courts of delhi, rajasthan, gauhati, calcutta and madras favouring assessee, section 271(1) read with section 263 of the act capable of two views, the court has to adopt the interpretation which favours the assessee;(l) the judgement of the apex court in the .....

Cargo Clearing Agency (Gujarat) Vs. Joint Commissioner of Income Tax

Court : Gujarat

Reported in : (2008)218CTR(Guj)541; [2008]307ITR1(Guj)

..... the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post-search inquiries made on the basis of evidence found in ..... last of the amendments made by finance act, 2002 as explained in ..... the last amendment came to be made by the finance act, 2002 which has been ..... section 4 has to be read with section 158bb for computing undisclosed income then the provisions of the relevant finance act have got to be read into the block assessment scheme under chapter xiv-b, even prior to june 1, 2002 ..... finance act, 2001 carried out certain amendments in chapter xiv-b of the act ..... order to facilitate the assessment process, and to ensure that the investigation is carried to its logical conclusion in a focused manner section 2(7a) of the act has been amended to include the assistant director of income-tax within the meaning of 'assessing officer', enabling him to discharge the assessment functions ..... of the relevant assessment year in a case where assessment has been framed under section 143(3) of the act or under section 147 of the act for the relevant assessment year, unless income has escaped assessment for such assessment year by reason of failure or omission to either file return under section 139 of the act, or in response to notice under section 142(1) or section 148 of the act, or to disclose fully and truly all material facts necessary for the assessment of .....

Cit Vs. N.R. Paper and Board Limited

Court : Gujarat

Reported in : [2009]313ITR359(Guj)

..... was submitted that the provisions of section 158bb of the act have been amended by finance act, 2002 with retrospective effect from 01.07.1995 whereby the reference to chapter iv of the act has been substituted with reference to the provisions of 'this act' and below explanation (a) to the said section a proviso has been inserted. ..... however, according to the learned advocate for the applicant, the tribunal is required to consider the amended provisions and decide about availability of relief under section 80i or 80ia of the act after determining-(i) whether the entire undisclosed income is relatable to the industrial undertaking; and (ii) the requirements of filing requisite audit report, which may be even ..... amended provisions, which have been made retrospectively applicable, no fault can be found with the impugned order of the tribunal holding that the assessee is entitled to claim deduction under section 80i or 80-ia of the act ..... 'a' has referred only the following question at the instance of applicant-revenue, under section 256(1) of the income-tax act, 1961 (the act), though the applicant-revenue had suggested as many as eight questions:whether on the facts and in the circumstances of the case and proper interpretation of provisions of section 158bb and part-ii, part-iii of the form no. ..... however, it will be open to revenue to seek procedural compliance to provisions of section 80i(7) of the act by moving tribunal in this regard when the tribunal adjusts its decision in accordance .....

Cit Vs. Suman Paper and Boards Ltd.

Court : Gujarat

Reported in : (2009)221CTR(Guj)781; [2009]314ITR119(Guj)

..... was submitted that the provisions of section 158bb of the act have been amended by finance act, 2002 with retrospective effect from 01.07.1995 whereby the reference to chapter iv of the act has been substituted with reference to the provisions of 'this act' and below explanation (a) to the said section a proviso has been inserted. ..... however, according to the learned advocate for the applicant, the tribunal is required to consider the amended provisions and decide about availability of relief under section 80i or 80ia of the act after determining-(i) whether the entire undisclosed income is relatable to the industrial undertaking; and (ii) the requirements of filing requisite audit report, which may be even ..... amended provisions, which have been made retrospectively applicable, no fault can be found with the impugned order of the tribunal holding that the assessee is entitled to claim deduction under section 80i or 80-ia of the act ..... 'a' has referred only the following question at the instance of applicant-revenue, under section 256(1) of the income-tax act, 1961 (the act), though the applicant-revenue had suggested as many as eight questions:whether on the facts and in the circumstances of the case and proper interpretation of provisions of section 158bb and part-ii, part-iii of the form no. ..... however, it will be open to revenue to seek procedural compliance to provisions of section 80i(7) of the act by moving tribunal in this regard when the tribunal adjusts its decision in accordance .....

Niko Resources Ltd. Vs. Union of India

Court : Gujarat

..... amendment in finance act, 2001, when the benefit to commercial producers of mineral oil was shifted from section 80-ia to section 80-ib and the said section 80-ib with effect from 1.4.2002, till its amendment by finance act, 2008 reads as under :- "80-ib(1) where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections ..... the constitutional validity of the amendment to sub-section (9) of section 80-ib of the act by the finance (no.2) act, 2009, has been ..... constitutional validity of the amendment to sub-section (9) of section 80-ib and explanation added to it under the act by the finance (no.2) act, 2009, has been ..... contended that the introduction of the explanation in section 80-ib(9) by finance (no.2) act, 2009 with retrospective effect from 1.4.2000 is a substantive amendment which takes away a vested right of ..... deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the income tax act, 1961 (hereinafter referred to as 'the act') which was introduced by the finance (no.2) act 2009. ..... the section was further amended by finance (no.2) act, 2009 with effect from 1.4.2000, and as amended, the said section reads as under :- "sub-clause (9) : the amount of deduction to an undertaking shall be hundred percent of the profits for a period of seven consecutive assessment years, including the initial assessment year, if .....

Niko Resources Ltd. Vs. Union of India

Court : Gujarat

..... amendment in finance act, 2001, when the benefit to commercial producers of mineral oil was shifted from section 80-ia to section 80-ib and the said section 80-ib with effect from 1.4.2002, till its amendment by finance act, 2008 reads as under :- "80-ib(1) where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections ..... the constitutional validity of the amendment to sub-section (9) of section 80-ib of the act by the finance (no.2) act, 2009, has been ..... constitutional validity of the amendment to sub-section (9) of section 80-ib and explanation added to it under the act by the finance (no.2) act, 2009, has been ..... contended that the introduction of the explanation in section 80-ib(9) by finance (no.2) act, 2009 with retrospective effect from 1.4.2000 is a substantive amendment which takes away a vested right of ..... deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the income tax act, 1961 (hereinafter referred to as 'the act') which was introduced by the finance (no.2) act 2009. ..... the section was further amended by finance (no.2) act, 2009 with effect from 1.4.2000, and as amended, the said section reads as under :- "sub-clause (9) : the amount of deduction to an undertaking shall be hundred percent of the profits for a period of seven consecutive assessment years, including the initial assessment year, if .....

Commissioner of Income Tax Vs. Manoharsinhji P. Jadeja

Court : Gujarat

Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)

..... section 55 has been amended from time to time to enable the taxation of other assets wherein no cost of acquisition is envisaged : tenancy rights, state carriage permits and, looms hours by the finance act, 1994 with effect from 1st april 1995; right to manufacture, produce or process any article or thing by the finance act 1997 with effect from 1st april 1998; trademark or brand name associated with business by the finance act 2001 with effect from 1st april 2002 ..... ; and right to carry on any business by the finance act 2002 with effect from 1st april 2003.19. ..... acquisition to be taken in the event acquisition was by any one of the specified modes; but the said provision did not permit adopting nil cost of acquisition where the cost was unascertainable.6.1 section 55(2)(a)(i) of the act after amendment specified that where the price was known for acquisition of the specified asset that was the price which was to be taken as cost of acquisition and it had to be taken as nil ..... principle -- that a capital asset which does not have cost of acquisition does not fall within the charging section -is now superseded by amended provision of section 55 of the act. .....

Tata Teleservices Vs. Union of India

Court : Gujarat

..... the said section 201 was amended by finance act, 2008 with retrospective effect from 01/06/2002 wherein the proceedings were to be initiated within reasonable period of time. ..... section 201 of the act as amended by finance act of 2008 with retrospective effect from 1/6/2002 reads as under : "consequences of failure to deduct or pay. ..... to the amendment in section 201 as amended by finance act, 2014 and therefore, as such a right has been accrued in favour of the assessee and considering the fact that wherever legislature wanted to give retrospective effect so specifically provided while amending section 201(3) (ii) of the act as was amended by finance act, 2012 with retrospective effect from 1/4/2010, it is to be held that section 201(3), as amended by finance act no.2 of 2014 shall not be applicable retrospectively and therefore, no order under section 201(i) of the act can be passed for which limitation had already expired prior to amended section 201(3) as amended by finance act .....

Synbiotics Ltd. Vs. Assistant Commissioner of Income-tax, Circle- 4

Court : Gujarat

..... of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from a.y.1997-98 upto the a.y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by finance act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever." 13. ..... 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by finance act, 2001 and not by the provisions of section 32(2) as it stood before the said amendment ..... 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by finance act ..... only for eight subsequent assessment years even after the amendment of section 32(2) by finance act, 2001 it would have incorporated a provision to that ..... therefore, the provisions of section 32(2) as amended by finance act, 2001 would allow the unabsorbed depreciation allowance available ..... chief cit [2004] 267 itr 716, the punjab and haryana high court was concerned with the challenge to the notice under section 148 of the act where the grievance of the petitioner was that the notice was issued with an ulterior motive and that the assessing officer had been demanding illegal gratification from the assessee, ..... hence keeping in view the purpose of amendment of section 32(2) of the act, a purposive and harmonious interpretation has .....

Sita Ram Singhania Vs. State of Gujarat

Court : Gujarat

Reported in : (2005)2GLR1298

..... .' section 138 of the ni act, 1988, has been amended by section 7 of the ni act, 2002 ..... . in this background, it would be proper to mention statement of objects and reasons of banking, public financial institutions and negotiable instruments laws amendment act, 1988, more particularly, the objectives mentioned there in chapter 17 of the penalties in the case of dishonour of certain cheques for insufficiency of fund in the account is inserted by the amendment act of 1988 and out of 12 objectives, one of the objectives is that, 'to enhance the acceptability of cheques in settlement of liabilities by making the drawer liable for penalties in the ..... . (supra) substantially helps the respondent-complainant wherein the apex court has held that, 'in reference to a prosecution instituted under sections 138, 141 and 142 of the ni act against the sick company and its directors that once offence is committed by the company under section 138 of the ni act is completed by reason of non-payment of amount covered by the cheque by it within a period of 15 days contemplated in clause 'c' of proviso thereto, the order passed by the bifr under sick ..... . the amendment has been made keeping in view the recommendation of the standing committee on finance and other representations, it was felt that the courts were unable to dispose of criminal cases instituted under section 138 of the ni act expeditiously in the time bound manner and in view of the procedure contained in the ni act .....