Judgment Search Results Home > Cases Phrase: finance act 2005 section 2 income tax Court: income tax appellate tribunal itat allahabad Page 1 of about 202 results (0.140 seconds)

Umang Agarwal Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2008)110ITD391(All.)

..... the a.y. 2002-03 should have been considered by the a.o. as undisclosed income for the block period. the cit took recourse to the provisions of section (sic) substituted by the finance act, 2002 with retrospective effect from 1.7.1995 according to which no reduction on account of income disclosed in the return from a.y. 2002-03, which is ..... same in the block assessment of the assessee treating the same as undisclosed income within the meaning of section (sic) in response to this notice, the assessee took the following plea before the ld. cit: (1) that notice under section 263 dated 19.4.2005 is illegal and invalid since there was no valid basis or reason for issue of such notice. (ii ..... bc was passed on 30.9.2004 on an undisclosed income of rs. 1,48,94,580/- therefore ld. cit issued a notice under section 263 on 19.4.2005 wherein he mentioned that assessee had filed a regular return for the a.y. 2002-03 on 1.9.2004 disclosing an income of rs. 53,27,812/-. the ld. .....

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... of interest as defined in section 2(7) of the finance act, 1991. it was submitted that (a) deletion of exclusion of interest on securities would not operate to include the same within the purview of interest ..... s submissions relating to the deletion of the erstwhile clause 'exclusion of interest on securities' in sub-clause (1) of the former section 2(7) of the interest tax act, 1974 by the finance act of 1991, the counsel for the asscssce stated that it would lead to inference that interest on securities was now included within the meaning ..... on the facts and circumstances of the case and in law. securities/debentures would not be covered by the definition of 'interest' in section 2(7) even after the amendment by the finance act, 1991.11. we have considered the rival submissions, facts and circumstances of the case, provisions of law and the case laws referred to .....

income-tax Officer Vs. R.T. Lawrence

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)15ITD490(All.)

..... he was called upon to bear by reason of his posting at a particular place and that it was exempt under section 10(74).16. the counsel pointed out that subsequently an explanation to the above section was inserted by the finance act, 1975, with retrospective effect from 1-4-1962. this explanation reads as under : explanation : for the removal of ..... (2).11. we are also in agreement with the stand of the assessees that the explanation inserted by the finance act, 1983, with effect from 1-4-1979 to section 9(1)(ii) cannot be applied to an assessment earlier to the assessment year 1979-80. the explanation was specifically made retrospective only from 1-4- ..... , it was an income deemed to accrue or arise in india and was, consequently, taxable under section 5(2)(b), the assessees being non-residents. his second submission was that with the insertion of the explanation to section 9(1)(ii) by the finance act, 1983, any doubt, if there was one, has also been cleared. while admitting that the .....

Subhra Motel (P.) Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1998)64ITD134(All.)

..... have been brought on statute for effective discharge of liability. on comparison of two provisos inserted by finance act, 1987 in respect of clause (a) and finance act, 1989 in regard to clause (b) of section 43b of the act, it would be clear that the conditions for payment in respect of clause (b) are more restrictive. for ready reference ..... the proviso as introduced are quoted below :- provided that nothing contained in this section shall apply in relation to any ..... officer rejected the claim and split the receipts into two parts. the high court held that the entire receipts were assessable as income from property under section 9 of the act. it was held by the hon'ble supreme court that "the services rendered by the assessee to its tenants were the result of its activities .....

Vishwanath Prasad Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

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

..... any search has been conducted under section 132 of the income-tax act or books of account other documents or assets are requisitioned under ..... chapter xiv-b of the income-tax act. before proceeding to decide the merits of the appeal, we feel it appropriate to decide the above preliminary issue first.12. chapter xiv-b inserted by finance act, 1995 w.e.f. 1st july, 1995 provides special procedure for assessments in search cases. section 158bc of the income-tax act provides special procedure for block assessment. where .....

Assistant Commissioner of Income Vs. U. P. National Mfg Ltd. (Asstt. C ...

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... out from the records before us, which, are, in the following terms : as a result of newly inserted provisions of s. 194h of the it act, 1961 (hereinafter called as "the act"), as a result of finance act, 1991, which received the assent of the president of india on 27th september, 1991, all these respondents were under an obligation to deduct and pay ..... granted by the statute on 4th november, 1991, itself as against the fact that provisions of s. 194h were introduced w.e.f. 1st october, 1991, by the finance (no. 2) act, 1991, bill for which was introduced in the parliament on 24th july, 1991, and assent of the president of india was accorded on 27th september, 1991; it is ..... assessee may be exculpated under the law. the company and its directors wanted to give an exemption for itself to the general provisions of law as introduced by the finance (no. 2) act, 1991, w.e.f. 1st october, 1991, which provides for tds in respect of payment of commission to the various parties w.e.f. 1st october, .....

Wealth-tax Officer Vs. S. Inder Singh

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1987)20ITD544(All.)

..... disclosure, the statement was accepted without enquiry or satisfaction that disclosed amount represented income of the assessee and, therefore, the certificate granted by section 215 of the finance act, 1965, would not preclude an examination of the explanation, although such declaration may be admissible piece of evidence, but not conclusive. this is the view ..... case of jamnaprasad kanhaiyalal v. cit [1981] 130 itr 244, indicated amongst other things that the finality under section 24(8) of the finance (no. 2) act, 1965, was to the order of the central board under section 24(6) and not to the assessment of tax made on the declaration furnished under the scheme.in a voluntary ..... be made only in respect of this balance. it was further pointed out that the commissioner of income-tax in his order under section 132(12) of the income-tax act, 1961 ('the 1961 act') had categorically stated that rs. 4.5 lakhs should not be included in the wealth-tax for the assessment years 1978-79 .....

income-tax Officer Vs. Gauri Shankar Dalal

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)5ITD340(All.)

..... in support of his submission, the learned representative for the department invited our attention to explanation 2 to section 64(2) which was inserted with effect from 1-4-1980 by the finance act, 1979. the said explanation states that 'for the purposes of this section, 'income' includes 'loss'. the learned representative for the department, therefore, submitted that since we are ..... the other hand, supported the order of the aac by stating that the loss is nothing but a negative income. according to him the amendment made by the finance act was by way of clarification only.7. we have considered the rival submissions of the parties and we find considerable force in the stand taken on behalf of ..... the ito included half share of the huf in the said three firms in the total income of the assessee by invoking the provisions of section 64(2) of the income-tax act, 1961 ('the act')- similarly, in respect of the assessment years 1974-75 and 1975-76, the ito included half share of the huf in the said .....

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2005)95TTJ(All.)489

..... in the case of stellar investment ltd. as decided by the hon'ble delhi high court at p. 105 of 205 itr (in case of sophia finance ltd.) "section 68 of the act was not referred to and the observations in the said judgment cannot mean that ito cannot or should not go into the question whether the alleged shareholders actually ..... came to the conclusion on the facts and no interference is called for.20.1 in the case of cit v. sophia finance ltd. (supra) again, the cit filed a petition under section 256(2) of the it act which was referred to the full bench because correctness of the observations in the judgment of the division bench of the delhi ..... investments ltd. (supra) has not overruled the decision of the full bench of the delhi high court in case of sophia finance ltd. (supra) and therefore, the ao was quite justified in making enquiries under section 68 of the act. he further submitted that if on investigation, the 'share capital' or the 'share application money' or the 'cash credits' .....

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

Court : Income Tax Appellate Tribunal ITAT Allahabad

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

..... 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. it provides for a special procedure for assessment of search cases. with a view ..... ice and vehemently contended that he should be provided with the material, namely, the satisfaction note made, on the basis of which, the authorising officer acted under sub-section (1) of section 132 in authorising the search. shri garg submitted that it is not as if the assessee wake up only before the 'appellate tribunal'. this material ..... inter alia, includes the objections regarding the satisfaction of the conditions or existence of the circumstances specified in clause (a) or (b) or (c) of sub-section (1) of section 132 (para 22.3) before the respondents, including the assessing officer and has directed the respondents, including the assessing officer to decide the case on merits and .....