Court : Allahabad
..... court in the case of exide industries ltd. v. union of india [2007] 292 itr 470/164 taxman 9 held that : "the original enactment of section 43b in the income-tax act, 1961, was to curb unreasonable deduction on the basis of the mercantile system of accounting without discharging statutory liabilities. it was observed by the legislature that such ..... the hon'ble kerala high court in the case of cit v. kerala solvent extractions ltd. [2008] 306 itr 54/173 taxman 155 observed that: "under section 145 of the income-tax act, 1961, the income chargeable under the head "profits and gains of business or profession" should be computed in accordance with either the cash or mercantile system of ..... v. vidyut metallics ltd. [2007] 8 scc 688; (4) cit v. poonam chand trilok chand [1976] 105 itr 618 (all.); and (5) union of india v. kamlakshi finance corporation ltd. 1991 (55) elt 433 (sc). 9. lastly, he made a request to dismiss the appeal filed by the department. 10. we heard both the parties at length and .....
Tag this Judgment!Court : Allahabad
..... (india) ltd. [2014] 44 taxmann.com 166 (delhi). while construing the provisions of section 254(2a), the delhi high court held as follows (page 230) : "(i) in view of the third proviso to section 254(2a) of the act substituted by the finance act, 2008, with effect from october 1, 2008, the tribunal cannot extend stay beyond the period of 365 ..... hearing and was eventually heard on march 28, 2014. 2. these proceedings have been instituted for an extension of the period of stay since, in view of section 254(2a) of the income-tax act, 1961, the tribunal would not have the power to extend the stay in view of the judgment of the delhi high court in cit v. maruti suzuki ..... 1. an order of assessment was passed against the petitioner under section 143(3) and section 144c of the income-tax act, 1961, making a total addition of rs. 25.89 crores. the petitioner went in appeal before the income-tax appellate tribunal. the tribunal, by an interim order dated january 8, .....
Tag this Judgment!Court : Allahabad
..... was made and sections 153a and 153c were added in place of sections 153bc and 153bd. section 158bc is equivalent to section 153a and section 158bd is equivalent to section 153c. 14. he also contended that the reliance placed by the i. ..... was not justified in quashing the notice under section 153c, instead of deciding the question on merits as to whether additions are to be made and/ or to what extent the income is to be assessed in the hands of gopi apartments. 13. sri agrawal also contended that by the finance act, 2003, amendment in section 153a w.e.f. 01.06.2003 ..... -c of the i.t. act. 3. the assessment in respect of the respondent-m/s gopi apartments was completed on 31.12.2008. the total income was assessed at rs.1,05,93,010/- for a.y. 2005-2006. 4. the respondent assessee preferred an appeal before the c.i.t. (a) i, kanpur against the assessment order dated .....
Tag this Judgment!Court : Allahabad
..... st.) 13) which has been referred to above in paragraph 61.3.2 has laid down as under (page 58): "61.3.2. 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 ..... the authorities in certain quarters. from the central board of direct taxes circular in question, it is, therefore, clear that the amendment of section 158bb brought about by the finance act of 2002 is merely clarificatory. in the present case, admittedly, no evidence or materials was discovered in the course of the search of the ..... provisions under this chapter were made inapplicable in case of search initiated under section 132 or section 132a after 31.5.2003 by introduction of an amendment to the chapter by finance act, 2003. section 158ba of the act contemplates the assessment of undisclosed income. section 158b(b) defines "undisclosed income" which says any money, bullion, jewellery or .....
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..... slightly different upto 1997 but thereafter the legislature has made certain attempt to lay down guidelines also for revenue to determine market value. 9. under section 47-a of the act the obligation is on collector to find out correct market value of property which is alleged to have not been mentioned in the instrument. for ..... , learned counsel for the petitioner and learned standing counsel for the respondents. 2. the petitioner is aggrieved by order dated 25.07.2000 passed by additional collector (finance and revenue), shahjahanpur determining deficiency of stamp of rs. 1,35,000/- on the instrument of sale executed by petitioner in respect of property in dispute, whereagainst ..... in entire agreement. 13. it is in these circumstances this court having considered the aforesaid authorities and also 1997 rules in civil misc. writ petition no. 1637 of 2005, anil kumar and another vs. state of u.p. and others, decided on 22.02.2008 has said: "the collector however has to examine all relevant .....
Tag this Judgment!Court : Allahabad
..... either before the assessing officer or before the commissioner of income-tax (appeals) for claiming excess depreciation than admissible under the income-tax act and explanation 1 to section 271(1)(c) clearly states that where in respect of any facts material to the computation of income of any person, such person ..... apollo tyres (supra), this court examined the object of introducing section 115j in the 1961 act. the court relied on the budget speech (see [1987] 165 itr (st.) 1, 14) of the then hon'ble finance minister of india made in parliament while introducing the said section. the relevant portion of the speech is reproduced as under ..... : "it is only fair and proper that the prosperous should pay at least some tax. the phenomenon of so-called zero-tax highly profitable companies deserves attention. in 1983, a new section 80vva was inserted in the act .....
Tag this Judgment!Court : Allahabad
..... ? iv. whether defendant-appellant has taken requisite pleadings and adduced credible evidence to satisfy requirement of adverse possession? v. whether this appeal has rendered barred by section 85 of wakf act, 1995? 19. it would be desirable to set out brief facts so as to understand dispute between the parties for proper adjudication of the matter. 20 ..... for more than 12 years. the adverse possession to be effective need not be for the full proprietary right." 111. in saroop singh vs. banto and others, 2005(8) scc 330 the court held in para 30: "30. animus possidendi is one of the ingredients of adverse possession. unless the person possessing the land has ..... was possible. . . ." 12. in govindaraju vs. mariamman, 2005(2) scc 500 the court said that existence of substantial question of law is the sine qua non for exercise of jurisdiction under section 100 of the code. if a second appeal is entertained under section 100 without framing substantial questions of law then it would be illegal and .....
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..... board felt obligated to grant electrical connection in favour of the appellants on the basis of industrial tariff must, therefore, be understood in the context of section 78a of the 1948 act. what is binding on the board is the policy of the state. the direction of the state was to apply a particular category of tariff ..... occupant. the grant was conditioned by fulfilling certain requirements as provided in the government order. it is thus clear that by mere making an application on 25/7/2005, the petitioner did not acquire any vested right. the submission of the petitioner's counsel is that he had a legitimate expectation that his application be considered ..... to allow free play to the government to evolve fiscal policy in the public interest and to act upon the same. equally, the government is left free to determine priorities in the matters of allocations or allotments or utilisation of its finances in the public interest. it is equally entitled, therefore, to issue or withdraw or modify .....
Tag this Judgment!Court : Allahabad
..... not handover the security to the respondent bank, therefore, the respondent bank vide application dated 13.8.2013 approached the district magistrate, mathura under section 14 of the sarfaesi act 2002 for taking physical possession of the residential house 9, civil lines, mathura, u.p in the name of mahesh chandra gautam. the additional ..... act have filed the present writ petition seeking the following relief: 1. to issue a writ, order or direction in the nature of certiorari quashing the order/letter dated 13.8.2013 written by the authorized officer, syndicate bank, branch sadabad, hathras and the order dated 1.11.2013 passed by the additional direct magistrate (finance ..... thereto in terms of the request received by him without any further scrutiny of the matter. subsequently, parliament inserted a proviso to section 14(1) and also sub-section 1a by act 1 of 2013. these amendments are made to provide safeguards to the interest of borrower. these provisions stipulates that the secured creditor .....
Tag this Judgment!Court : Allahabad
..... the bank approached the high court. the company contended before the high court that the company having been declared sick on 19/12/2005, the company is entitled for protection under section 22 of the act, 1985. the judgment of the orissa high court in noble aqua pvt. ltd. (supra) was relied on by the company before ..... money as is sufficient to pay the secured debt. (5) ........... (6) ........... (7) ........... (8) ........... (9) in the case of financing of a financial asset by more than one secured creditors or joint financing of a financial asset by secured creditors, no secured creditor shall be entitled to exercise any or all of the rights conferred on him ..... in integrated rubian exports ltd. v. industrial finance corporation of india ltd. (supra) of kerala high court, referred newly introduced proviso by act 54 of 2002, all the courts have considered effect of the above proviso in light of a measures taken under section 13(4) of the sarfaesi act, 2002 and it was held in madras .....
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