Judgment Search Results Home > Cases Phrase: finance act 2005 section 2 income tax Court: allahabad Page 7 of about 19,855 results (0.122 seconds)

The Commissioner of Income-tax Vs. Wajid Sons (P) Ltd.

Court : Allahabad

Reported in : (2005)198CTR(All)602; [2005]278ITR392(All)

..... or not. 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 finance act. which were applicable to assessment years in question the definition of industrial company has been given as follows:-'industrial company' means a company which ..... . 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. in the individual assessment of the partners of the firm, their respective shares were included and ..... the tax was assessed at the maximum rate since the partners were assessed as non resident. the income tax officer initiated the proceeding under section 154 of the act as there .....

Commissioner of Wealth-tax Vs. Smt. Rashma Gupta

Court : Allahabad

Reported in : [1996]217ITR169(All); [1995]83TAXMAN551(All)

..... is to be levied for the period of delay prior to april 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the act as it stood prior to its amendment by the finance act, 1969, and for the period of delay subsequent to april 1, 1969, at the prescribed rates in terms of law under the amended ..... section 18(1)(a) as it stood after its amendment effected thereto by the finance act, 1969. in view of the decision of this court, we answer the question referred above in the negative and against the assessee. since none has ..... have filed her return of total wealth for the relevant year by june 30, 1964, but she did not file the return within time. accordingly, a notice under section 17 of the wealth-tax act was issued to her on february 8, 1972, and in response thereto the assessee filed a return on november 29, 1972, showing a total wealth of rs .....

Commissioner of Income-tax Vs. Jansons and Co.

Court : Allahabad

Reported in : (2006)202CTR(All)528; [2006]283ITR175(All)

..... :-the assessee/opposite party hereinafter referred to as 'assessee') was an exporter of brassware. the assessment year involved is 1979-80. the assessee claimed weighted deduction under section 35b(1a) as inserted by the finance act, 1978 w.e.f. 1.4.1978. it claimed to be a small scale exporter/however, the i.t.o. disallowed the claim. he held that the ..... and in the circumstances of the case, tribunal was justified in law in holding that the assessee firm fulfilled all the relevant conditions prescribed in section 35b(1-a) as amended by theu finance act, 1978 and was entitled to weighted deduction under section 35a? whether the tribunal was justified in dismissing the department's second appeal on the issue of weighed deduction under .....

Commissioner of Wealth-tax Vs. Dina Nath

Court : Allahabad

Reported in : [1982]136ITR499(All)

..... it was laid down in that case (headnote) :' where an amount based on the concealed income disclosed by the assessee under the voluntary disclosure scheme pursuant to section 68 of the finance act, 1965, is included in the net wealth of the assessee, liability in respect of income-tax payable on the income so disclosed is deductible as a 'debt ..... that the liability to pay income-tax is embedded in the accrual of earning of the income itself. it is ascertainable also because the rates are provided in the finance act relating to the concerned year. its actual quantification may be delayed. that will, however, not change the nature of the liability. thus all kinds and categories of ..... owed' on the valuation date under section 2(m) of the w.t. act, 1957, in computing the net wealth of the assessee.'7. this decision is directly .....

Commissioner of Income Tax and Dy. Commissioner, Income Tax Vs. India ...

Court : Allahabad

..... v. central bank of india d. and : (1973) 4 scc 200 cit v. naga hills tea co.discussion and finding12. explanation-5 of sub-section (1) of section 32 of the act was inserted by the finance act, 2001 with effect from 1.4.2002.13. learned counsel for the appellant vehemently argued that the explanation-5 is clarificatory in nature and it shall ..... law involved in both the appeals, seem to be the same relating to interpretation of explanation-5 of sub-section (1) of section 32 of the act.11. on behalf of the appellant revenue, the following cases have been relied upon by the learned counsel: : 2005 itr vol 272 page 270 commissioner of income-tax v. soft beverages p. ltd. (mad.); : 1996 ..... no. 46 of 2004 relates to the year assessment year 1993-94 and the income tax appeal no. 33 of 2005 relates to the assessment year 1995-96.substantial question of law8. in income tax appeal no. 33 of 2005, following substantial questions of law, have been framed by this court on 23.1.2008:1. whether on the facts .....

ElgIn Mills Company Ltd. Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : [1976]104ITR708(All)

..... referred the following question for our answer :'whether, on the facts and in the circumstances of the case, the assessee-company was entitled to rebate under section 2(5)(a)(i) of the finance act, 1965, in respect of its indirect exports, made through third parties and on incentives on such exports for the assessment year 1965-66, in addition to ..... value of rs. 55,72,560. a rebate of rs. 77,984 was claimed both in respect of the direct and indirect exports on the strength of section 2(5)(a)(iii) of the finance act, 1965. the income-tax officer allowed rebate on direct exports, and as regards indirect exports, he allowed rebate, equal to 2% of the sale proceeds ..... before the commissioner of income-tax and the tribunal failed.3. the question referred turns on the interpretation to be given to section 2(5)(a)(iii) of the finance act which may, for the sake of convenience, be extracted:section 2 (5)(a)(iii): 'where an assessee of the type referred to in sub-clause (i) engaged in the manufacture .....

Commissioner of Income Tax Vs. Zam Zam Tanners

Court : Allahabad

Reported in : (2005)197CTR(All)221; [2005]279ITR197(All)

..... case of j.k. synthetics ltd. v. asstt. cit : [1993]200itr584(delhi) . it may be mentioned here that in view of the aforesaid decision, section 143(1a) of the act has been amended by finance act, 1993, with retrospective effect from 1st april, 1989 specifically providing for the levy of additional tax where the loss declared by such persons in the return ..... . the decision of the apex court is binding under article 141 of the constitution of india.15. it may also be useful to consider the provisions of section 143(1a) before the amendment by finance act, 1993, which reads as follows :'where, in the case of any person, the total income, as a result of the adjustments made under the first ..... cannot be levied where the assessed income is loss.12. it may be mentioned here that after the amendment in clause (iii) and expln. 4 to section 271(1)(c) by the finance act, 2002, there is no manner of doubt that the penalty is leviable even in the cases where no tax is payable and income is assessed at a .....

P.N. Tiwari Vs. Union of India

Court : Allahabad

Reported in : [2003]133TAXMAN482(All)

..... the income tax (22nd amendment) rules, 2001 issued by the central board of direct taxes. the petitioner is also challenging the validity of section 17(2)(vi) of the income tax act, 1961 as inserted by the finance act, 2001 on the ground that it has delegated essential legislative powers and that it is violative of articles 19(1) and 246 of the ..... as an income saved. in that event it could undoubtedly be treated as 'fringe benefit' or 'amenity' given to the employee.15. in view of the section 17(2)(vi) which has been introduced by the finance act, 2001, the earlier decision in the case of v.m. salgaocar & bros. (p) ltd. v. cit : [2000]243itr383(sc) is not applicable in ..... (2)(vi) read with rule 3 of the rules.16. in view of the introduction of sub-clause (vi) of clause (2) of section 17 of the act by means of the finance act, 2001, and prescription of the interest-free loan or loans at the concessional rate of interest by the employer to its employees having been treated as a 'fringe benefit .....

Commissioner of Wealth-tax Vs. Sheo Kumar Gupta

Court : Allahabad

Reported in : [1978]111ITR92(All)

..... the case, the appellate tribunal was legally correct in holding that the proportionate share of the taxes paid by the firm, in which the assessee, was a partner under section 68 of the finance act, 1965, should be excluded from the wealth of the assessee on the relevant valuation date?'2. sheo kumar gupta, the assessee, was a co-partner in the firm ..... munni lal, kanpur, with ram krishna gupta and others. the partnership of messrs. radhey lal munni lal in which the assessee was a partner made a voluntary disclosure under section 68 of the finance act, 1965, declaring concealed income of rs. 10,00,000. the assessee's share in the concealed income amounted to rs. 87,500. the assessee paid a tax at .....

Pioneer Trading Syndicate Vs. Commissioner of Income-tax

Court : Allahabad

Reported in : (1979)12CTR(All)349; [1979]120ITR5(All); [1979]2TAXMAN469(All)

..... declarant, this explanation is open to investigation. the certificate granted under sub-section (15) or the fact that the declarant has voluntarily disclosed amounts under the finance (no. 2) act of 1965 will not preclude an examination of the explanaticn. the finance act does not make these matters final and not liable to be called in ..... answer to these rival submissions will depend upon the interpretation of the various provisions of the finance (no. 2) act of 1965. section 24 of this act was headed as 'voluntary disclosure of income'. it consists of sixteen sub-sections. sub-section (1) envisaged a declaration in respect of amounts representing income chargeable to tax for an ..... of any mistake apparent from the record of any proceeding under this section. sub-sections (14) to (16) are not very material. 16. an important feature of the scheme envisaged by the finance (no. 2) act, 1965, is that an order under sub-section (6) has been made final. such an order cannot be questioned .....