Judgment Search Results Home > Cases Phrase: finance act 2005 section 2 income tax Page 13 of about 352,905 results (0.860 seconds)

Commissioner of Income Tax vs.m. S. Aggarwal

Court : Delhi

..... issue as indicated above concerns the 29. and as scope contemplated under chapter xiv b of the income-tax act. chapter xiv-b consisting of sections 158b to section 158bh was introduced by the finance act, 1995 with effect from 1.7.1995 to make procedure of assessment of search cases more effective. the ..... referring to section 3 of the finance act and section 131 of the act. oral evidence, it was observed, would be admissible for the purpose of block assessment also. explanation to section 132(4), it was emphasized, permits recording of statement on oath for all purposes connected with any proceedings under the act. ita no.169/2005+connected appeal ..... ita no.169/2005+connected appeal page 48 of 77 section 158bfa by the revenue have also contributed to the said confusion, which have resulted in somewhat conflicting judicial pronouncements.36. the relevant provisions of chapter xiv-b, namely, section 158b clause(b), 158ba, 158bb and 158bc, including amendments made vide finance act, 2002 with .....

Commissioner of Income-tax-II Vs. Morgan Securities and Credits (P.) L ...

Court : Delhi

..... incidence and taking undue benefit of the exemption from tax on long term capital gains under section 10(38) of the act and concessional rate of tax @ 10% on short term capital gains under section 111a which had been brought into the act with effect from 1st april 2005. treating the entire shares held by the assessee as stock in trade, the ao treated the ..... capital gain of rs.51,92,406. the case was picked up for scrutiny by the assessing officer ('ao') and a notice was issued to the assessee under section 143 (2) of the act. the ao noticed from clause 11 of the tax audit report (tar) in form 3cd that there has been a change in the method of accounting affecting the ..... . 5. the brief background to the appeals is that the assessee is a private limited company engaged in the business of trading and finance. for the ay 2005-06, the assessee filed its return of income on 31st october 2005 declaring a total income of rs.3,75,88,170 which comprised of business loss of rs.(-)1,08,73,143, net short .....

Krishan Kumar Sethi Proprieter of M/S. Sethi Auto Centre vs.commission ...

Court : Delhi

..... sanjiv khanna hon'ble mr. justice chander shekhar sanjiv khanna, j.(oral) appellant-krishan kumar sethi has filed the present appeal under section 260-a of the income tax act, 1961 ( act for short), which relates to assessment year 2005-06 and impugns the order dated 8.7.2016 passed by the income tax appellate tribunal (tribunal).2. in the return of income ..... peak cash credit was rs.36,80,000/-. to this extent, there is no factual dispute. it is accepted that the appellant was engaged in the business of financing and sale/purchase of scooters. on the question ita no.101/2017 page 8 of 10 whether the appellant was able to show source of funds and receipt of rs ..... has furnished the relevant details in this regard, which have been placed on record. it has been submitted that the assessee is doing the business of sale/purchase (financing of three wheeler scooters) on commission basis. he'also derives income from house property. the assessee has filed his income-tax return for the assessment year .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... record date, the purchase price of rs. 8 crore should be in part attributed to dividend income. c. in any case, under the provisions of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962, a suitable part of the purchase price of rs. 8 crore is required to be apportioned to ..... income from out of the funds received by it, which were essentially in the nature of subscription funds.42. referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and three months subsequent ..... . 1.4.2005. assuming that the provisions of section 94(7) were not retrospective and only prospective in effect, those provisions would have no bearing on the assessment years 2000-2001 and 2001-2002 under consideration before us. it was remarkable and significant that the provisions of section 94(7) were inserted by the same finance act, 2001 that .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... date, the purchase price of rs. 8 crore should be in part attributed to dividend income.c. in any case, under the provisions of section 14a inserted by the finance act, 2001 with retrospective effect from 1-4-1962, a suitable part of the purchase price of rs.8 crore is required to be apportioned to ..... could distribute income from out of the funds received by it, which were essentially in the nature of subscription funds.referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and three months subsequent ..... 1-4-2005. assuming that the provisions of section 94(7) were not retrospective and only prospective in effect, those provisions would have no bearing on the assessment years 2000-2001 and 2001-2002 under consideration before us. it was remarkable and significant that the provisions of section 94(7) were inserted by the same finance act, 2001 that .....

Commissioner of Income-tax, Karnataka (Central) Vs. Islamic Academy of ...

Court : Karnataka

..... the subject matter of various interpretation by the various high courts. in order to avoid such unnecessary litigations, the parliament introduced sub-section (3) to section 12aa by finance (no.2) act of 2004 with effect from 1.10.2004 which reads as under: "section 12aa(3): where a trust or an institution has been granted registration under clause (b) of sub ..... trust or institution has been given a reasonable opportunity of being heard." as is clear from the circular no.5 of 2005 dated 15.7.2005 issued by the central board of direct taxes, the aforesaid section was amended so as to specifically provide that if the commissioner of income tax is satisfied that the activities of any trust ..... invested rs.20 lakhs in ordinary shares of yimsrpl during the previous year relevant to assessment year 1995-96 and continued to remain so invested up to 31.3.2005. the assessee is paying huge rent to yimsrpl and also given huge deposit of rs.225 lakhs which was claimed as rent deposit (v) search u/s.132 .....

Commissioner of Income-tax-I Vs. Ansal Land Mark Township (P.) Ltd.

Court : Delhi

..... v. acit) in which it was held that the second proviso to section 40 (a) (ia) of the act is declaratory and curative in nature and should be given retrospective effect from 1st april 2005. 9. it is seen that the second proviso to section 40(a) (ia) was inserted by the finance act 2012 with effect from 1st april 2013. the effect of the said ..... (a)(ia) is declaratory and curative in nature and it has retrospective effect from 1st april, 2005, being the date from which sub clause (ia) of section 40(a) was inserted by the finance (no. 2) act, 2004." 14. the court is of the view that the above reasoning of the agra bench of itat as regards the rationale behind the insertion of the .....

Trans Asian Shipping Services Pvt.Ltd. Vs. Commissioner of Income Tax.

Court : Kerala

..... certificate is given for ships owned by the assessee. specific reference was made to sections 115va, 115vb and 115vg(4) of the act and rule 11q ita128 & 129/12 -:5. :- of the rules and form no.66 under the rules. explanatory notes to the finance act, 2004 were also referred to. the statutory form of audit report which should ..... the tribunal does not warrant interference, it is argued. 7.chapter xii g of the act, consisting of sections 115v to 115vzc, was inserted by finance (no.2) act, 2004 with effect from 1.4.2005. 'tonnage tax scheme' is defined in clause (m) of section 115v to mean a scheme for computation of profits and gains of business of operating ..... qualifying ships under the provisions of chapter xii g. section 115v(j) defines 'tonnage income' to mean the income .....

Director of Income Tax (international Taxation) Vs. Income Tax Settlem ...

Court : Mumbai

..... 2 to 11. on 1 june 2007, the provisions of chapter xixa of the act dealing with the settlement was amended by the finance act ..... 2007. consequently, the above application for settlement filed by respondent nos.2 to 11 were deemed to have been allowed to be proceeded with under the amended provisions of section 245d (2a) of the act, subject to payment of additional taxes ..... 10 channel vmusic networks ltd.a. y. 2001-01, 2005-06 and 2006-0710resp. no. 11-star asiaregion f2.a. y. 2005-06 and 2006-07 (xiii) thereafter, the petitioner filed its return on 17 may 2007 under the erstwhile section 245d(1) of the act, opposing the admission of application for settlement filed by respondent nos. .....

M/S Lea International Limited Vs. Assistant Director of Income Tax

Court : Delhi

..... tribunal (tribunal, for short) dated 11th july, 2013 upholding levy of penalty for concealment of income under section 271(1)(c) of the act.2. the appeal in question pertains to assessment year 2005-06.3. the respondent-assessee a foreign company based in canada was, during the relevant period, engaged in ..... explanation has been rejected by the tribunal on the ground that the application for exemption under section 10(8a) of the act was filed by the appellant-assessee with the additional secretary, department of economic affairs, ministry of finance, government of india, on 20th november, 2006, but the return of income was filed ..... on 29th october, 2005 and notice for scrutiny assessment under section 143(2) was issued on 25th october, 2006. in other words, the said application under section .....