Judgment Search Results Home > Cases Phrase: finance act 2005 section 2 income tax Court: income tax appellate tribunal itat allahabad Page 7 of about 202 results (0.118 seconds)

The Acit Vs. Shri C.K. Malik (i.G.)

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2004)89ITD249(All.)

..... on the facts of the case in deleting the addition of rs. 50,679/- which was made by the assessing officer as per provisions of section 27 read with section 64 of the income-tax act. 2. that the order of the cit(a) being bad in law may be set aside and the order of the ao be restored." ..... the purpose of obtaining the lease as well as for raising the construction. the details of the shares of the investment have already been incorporated above. section 45 of the transfer of property act is reproduced here for the sake of convenience:- "45. joint transfer for consideration. where immovable property is transferred for consideration to two or more persons, ..... , or as to the shares which they respectively advanced, such persons shall be presumed to be equally interested in the property." the language of section 45 of the transfer of property act is very clear and provides that where immovable property is transferred for a consideration to two or more persons and such consideration is paid out of .....

Jagaran Publications Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)4ITD371(All.)

..... partners in individual capacity or they represented the huf of which they were the kartas was an immaterial consideration and, therefore, the provisions of section 40(6) of the income-tax act, 1961 ('the act') were applicable. the iac (assessment), therefore, disallowed the claim of deduction of these salary payments and added them back while working out ..... consent of the partners nor in pursuance of the contract of partnership, the payments were not hit by the provisions of section 10(4)(b) of the 1922 act, (corresponding to section 40(b) of the 1961 act, under consideration here) and the claim of deduction of these payments in working out the business income was admissible. the ..... be applicable to the facts of the present case which are very different. there is no difference in the provisions of section 10(4)(b) of the 1922 act and the corresponding section 40(b) of the 1961 act. we cannot, therefore, agree with the assessee's learned counsel, shri sharma, that the ruling of the hon'ble .....

Gulu Thadani Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)6ITD77(All.)

..... to remain the owner of 25 per cent share of basant cinema building, the rent from which has not been shown by him. as per provisions of sections 22 and 23 of the income-tax act, it has to be now estimated, as per will, this property was fully furnished and well equippe d on the date when the assessee became owner ..... a share in the assets of the firm which remain after satisfying the liabilities set out in clause (a) and sub-clauses (i), (ii) and (iii) of clause (b) of section 48. . . . . . . his right during the subsistence of the partnership is to get his share of profits from time to time as may be agreed upon among the partners and ..... hon'ble supreme court in the case of addanki narayanappa v. bhaskara krishan-appa air 1966 sc 1300. in that case, after referring to the relevant provisions of the partnership act, the hon'ble supreme court made the following observation, which is very eliminating : from a perusal of these provisions it would be abundantly clear that whatever may be the .....

inspecting Assistant Vs. S.R. Bhawsinghka

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)15ITD25(All.)

..... amount to a perquisite. the learned counsel submitted that this was the only clause applicable from the assessment year 1985-86. this clause has been omitted by the finance act, 1985, with effect from 1-4-1985, which alone extended the definition of perquisite to a concession granted by an employer to an employee.according to him, ..... since this amount had not been taxed in the original assessment and had also not been shown in the return or disclosed to the department, proceedings under section 147(a) of the act were started against the assessee. in this connection, the ito specifically referred to a decision of house of lords in abbot v. philbin (inspector of ..... assessment. in our opinion, therefore, the assessee failed to disclose the primary facts necessary for assessment in regard to the purchase of plot and the provisions of section 147(a) were clearly attracted and rightly applied to his case.9. a submission was made by the learned counsel for the assessee that the department itself was .....

Cawnpore Textiles Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1990)34ITD495(All.)

..... . this miscellaneous petition raises an interested question of law pertaining to the jurisdiction of single member benches. the provisions of the it act, 1961 pertaining to this subject matter are contained in sub-section (3) of section 255 and read, inter alia, as below : the president or any other member of the appellate tribunal authorised in this ..... 'total income' would also cover loss figure.5. in our opinion, the assessee's submission deserves to be rejected because a plain reading of sub-section (3) of section 255, extracted above, indicates that a single member bench of the tribunal can hear all those appeals, where total income determined by the assessing officer does ..... course, for the purpose of assessment, income includes loss, but we are, at this stage concerned with the interpretation of the phraseology used in sub-section (3) of section 255, and not with the dispute as to whether for the purpose of assessment total income would include loss.that it will, is beyond dispute .....

Assistant Commissioner of Vs. Rajendra Kumar Agarwal

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1991)36ITD95(All.)

..... this finding of ours are set out below.6. it will be relevant to point out here that the method of valuation of assets has been indicated in section 7 of the wealth-tax act. here, the valuation of any asset other than cash, has to be ascertained.there is no difficulty about including the cash, that is why, the valuation of ..... dated 6-2-1987 had been given in favour of the assessee. we have gone through that order and we find that there the question of applicability of provisions of section 17(1)(6) was involved and the facts for allowing the appeal for 1982-83 were entirely different from those obtaining before us for assessment year 1983-84. this argument .....

Raj Kumar JaIn Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... 1990 and 33/(all) of 1991 which are cross appeals, the following question is referred to the president of the income-tax appellate tribunal in terms of section 255(4) of the income-tax act, 1961 : "whether, on the facts and in the circumstances of the case, the judicial member has been correct in law in holding that in the ..... officer has levied any penalty for non-compliance of the summons under section 131. however, it is clear that the assessing officer has not made any further investigation to find out the expenditure incurred by the assessee on account of (i) ..... of rs. 21,000/20,500 (twenty-one thousand/twenty thousand and five hundred). a perusal of the order indicates that the assessing officer did issue summons under section 131 to the assessee to record a statement in connection with low withdrawals but the assessee ignored the summons and it is not clear as to whether the assessing .....

U.P. Electronics Corpn. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1988)27ITD581(All.)

..... assessing officer were taken into account by him. according to him, a subsidiary company is an independent unit and cannot be considered otherwise for the purpose of section 35 of the act. in his view, scientific research carried out by the assessee-corporation by no means can be said to be related to the business carried on by the ..... subsidiaries.the assessee, therefore, claimed that the expenditure incurred on research and development was for the purpose of business and deduction was allowable under section 35 of the act. the assessee claimed, relief under that section to the extent of rs, 19,23,250 out of which rs. 15,83,208 related to the expenditure for the year under ..... corporation. he, therefore, held that the case of the assessee was not covered by the said section and the claim of the assessee was rightly rejected by the .....

Nidhipati Singhania Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1991)39ITD292(All.)

..... was also not justified in rejecting and brushing aside the contention that after the supreme court decision in shri kt. verghese case section 52 as a whole become an otiose and on workable insofar as by finance act, 1988 the said section was deleted from the statute book. 9. the purchaser shri bharat m.d. lal of bombay having confirmed on oath the ..... and established as to what could otherwise be the valuation. in fact, the valuation would be ordinarily is not sufficient to invoke the provisions of sub-section (2) of section 52 of the income-tax act, 1961 as expounded by the hon'ble supreme court in the case of k.p. varghese (supra). the burden was on the revenue to prove ..... purchased and no capital gains accrued or arose to him as a result of the transfer. on 4th april, 1968, however, the ito, issued a notice under section 148 of the act, seeking to reopen the assessment of the assessee for the assessment year 1966-67 and requiring the assessee to submit a return of income within 30 days of .....

Bansal Ispaat (Lucknow) (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1997)61ITD246(All.)

..... added to the total income as diversion of profit to its sister concern. at one part of the assessment order, a reference was also made to section 40a(2)(b) of the act.5. nothing more was added before the cit(a) who held that the device adopted by the assessing officer was obviously colourable and the case law, ..... additional evidence were only a few and he could not say whether there was concessional price in other transactions.13. lastly, the learned counsel submitted that the provisions of section 40a(3)(b) were not applicable since they related to expenditure only. for these reasons, he submitted that the addition should be deleted.14. the learned departmental representative ..... 27,74,688 were very petty. the assessing officer had placed too much significance on these small sales. our attention was invited to a copy of assessment order under section 143(1) in the case of m/s. shreejee traders and also copy of sales-tax assessment order. this showed that it was the genuine concern as accepted .....