Judgment Search Results Home > Cases Phrase: finance act 2006 chapter ii rates of income tax Court: andhra pradesh Page 1 of about 41 results (0.187 seconds)

income-tax Officer Vs. Abdul Razack and ors.

Court : Andhra Pradesh

Reported in : [1990]181ITR414(AP)

..... we have given our anxious consideration to the contentions, and we hold ultimately that the assessment should be completed before the proceedings, either by way of a penalty or a prosecution under chapter xxi and chapter xxii of the income-tax act, 1961, respectively, can be instituted and that although the finding in either of the said proceedings may not be binding on the other, it does not rule out the necessary of competing the assessment which is ..... of the commissioner of income-tax reads as follows : 'order under section 279(1) of the income-tax act, 1961 : on a perusal of the assessment records of sri abdul razack, an income-tax assessee on the file of the income-tax officer, b-ward, circle-i, hyderabad, for the assessment year 1987-88, it is found that sri abdul razack has committed : (i) the offence punishable under section 276c(1) of the income-tax act, 1961, inasmuch as he had willfully attempted to evade tax on an income of rs. ..... prior to its substitution, sub-section (1), as substituted by the taxation laws (amendment) act, 1975, with effect from october 1, 1975, and later on amended by the income-tax (second amendment) act, 1981, with effect from july 11, 1981, the finance act, 1982, with effect from july 1, 1982 (see [1982] 137 itr 6), and the taxation laws (amendment) act, 1984, with effect from april 1, 1984, stood as under : '(1) a person shall not be proceeded against for an offence ..... this section is substituted by the finance act, 1988, with effect from april .....

A. Sanyasi Rao and anr. Vs. Government of Andhra Pradesh and ors.

Court : Andhra Pradesh

Reported in : (1989)77CTR(AP)40; [1989]178ITR31(AP)

..... it clarifies that the deductions provided by chapter vi-a of the income-tax act would be permissible from the profit determined under section ..... section (1)), the income-tax officer shall, unless he is satisfied that, having regard to the losses incurred by the company in earlier years or to the smallness of the profits made in the previous year, the payment of a dividend or a larger dividend than that declared would be unreasonable, make an order in writing that the company shall, apart from the sum determined as payable by it on the basis of the assessment under section 23, be liable to pay super-tax at the rate specified by sub ..... the amount paid or payable by the buyer, as increased by a surcharge for purposes of the union calculated on the income-tax at the rates in force. ..... relationship was aptly expressed by the privy council in re : a reference under the government of ireland act, 1920 and section 3 of the finance act (northern ireland) 1934 [1936] ac 352, when it said : '........ ..... deduction is to be made at the rates of income-tax for the time being in force. ..... the travancore-cochin land tax act, 1955, was enacted by the kerala legislature 'to provide for the levy of a low and unifrom rate of basic tax on all lands in the state of travancore ..... was observed by a special bench of the patna high court in atma ram budhia v, state of bihar, : air1952pat359 , where a tax on passengers and goods was assessed as a rate on the fares and friehts payable by the owners of the motor vehicles. .....

Shankarlal Vs. Income-tax Officer and ors.

Court : Andhra Pradesh

Reported in : (1998)144CTR(AP)424; [1998]230ITR536(AP); [1998]99TAXMAN500(AP)

..... of commencement of this scheme; (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the it act or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the it act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified hereunder, namely - (i) in the case of a declarant, being a company or a firm, at the ..... chapter iv of the finance act, 1997, does not contain any section enabling the cbdt to issue any clarifications. ..... chapter iv of the finance act, 1997, introduced the scheme which was notified to come into force from 1st july, 1997, and to be in force until 31st december, 1997. ..... the cit has filed a counter-affidavit stating that the power to make a search under chapter xiii-c of the it act has not been kept in abeyance, and therefore, a search was conducted in the premises of the petitioner and his five brothers when unaccounted cash of rs. ..... construed in this way, income which was a subject of an assessment under chapter xiv-b would not be eligible for the benefit and the ban would operate for the block of 10 previous years preceding the previous year in which a search was conducted because that will be the block period for which assessment would be made under chapter xiv-b of the it act. .....

Nava Bharat Enterprises (P) Ltd. Vs. Commissioner of Income-tax, Andhr ...

Court : Andhra Pradesh

Reported in : [1983]143ITR805(AP)

..... the assessment year 1969-70 under section 37(1) of the income-tax act, 1961, holding that the said amounts constituted entertainment expenditure not allowable in terms of section 37(2a) of the act (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was not an industrial company for the assessment year 1969-70 within the meaning of section 2(6)(c) of the finance act, 1969, and as such not entitled to the benefit of lower rate of tax ?' 2. ..... they are : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in disallowing the assessee's claim for deduction of guest house expenses in terms of section 37(3) of the income-tax act, 1961, and rule 6c(3) of the income-tax rules, 1962, for the assessment years 1968-69 and 1969-70 (2) whether, on the facts and in the circumstances of the case, the tribunal was right in not allowing the assessee's claim for deduction of the sum ..... the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent, of such total income.' 13. .....

N. Annajee Rao and Brother Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Reported in : [1974]97ITR265(AP)

..... . section 3 of the act charges the total income of the previous year of every individual, hindu undivided family, company and local authority, and of every firm and other associations of persons or the partners of the firm or the members of the association individually, to tax at any rate or rates specified in the respective finance acts ..... . 279, wherein the distinction has been very aptly pointed out in the course of the judgment thus :'of course, if it be capital invested, then it comes within the express provision of the income-tax act, that no deduction is to be made on that account.....no person who is acquainted with the habits of business can doubt that this is not capital invested ..... rao, one of its partners and, hence, it was not right to state that the profits earned by the assessee in the nellore firm did not reach it; that the assessee, subsequent to its allocation, had deposited the income receipts in the capacity of a depositor as the assessee had complete control and domain over the amounts standing in the account of sri annaji rao in the books of account of the nellore firm and that the ..... . commissioner of income-tax, , wherein the effect of the carrying on of business as money-lender in respect of advance made to his firm was considered thus:'it is no part of the business of a money-lender to finance the moneylender's ventures in the cotton market ..... . chapter iii deals with taxable income .....

Nava Bharat Enterprises (P.) Ltd. Vs. Commissioner of Income-tax, A.P.

Court : Andhra Pradesh

Reported in : (1983)34CTR(AP)92; [1983]143ITR804(AP)

..... for the assessment year 1969-70 under section 37(1) of the income-tax act, 1961, holding that the said amounts constituted entertainment expenditure not allowable in terms of section 37(2a) of the act (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was not an industrial company for the assessment year 1969-70 within the meaning of section 2(6)(c) of the finance act, 1969, and as such not entitled to the benefit of lower rate of tax ? ..... they are :'(1) whether, on the facts and in the circumstances of the case, the tribunal was right in disallowing the assessees claim for deduction of guest house expenses in terms of section 37(3) of the income-tax act, 1961, and rule 6c(3) of the income-tax rules, 1962, for the assessment years 1968-69 and 1969-70 (2) whether, on the facts and in the circumstances of the case, the tribunal was right in not allowing the assessees claim for deduction of the sum of ..... - for the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent, of such total income .....

R.Damodar Red Vs. the Commissioner of Income Tax and Anoth

Court : Andhra Pradesh

..... him, the petitioner is under obligation to pay the amount at 50% of the arrears of taxm, under clause (a)(iv) of section 88 of the finance act, 1998 (for short the act).it was also stated that when doubt arose in this behalf, clarification was sought from the central board of direct taxes (cbdt).and through letter, dated 03.09.1988, clarification was given; and the impugned order was passed in accordance with the same. ..... read: (iii) in the case where tax arrear includes income-tax, interest payable or penalty levied, at the rate of thirty-five percent of the disputed income for the persons referred to in clause (i) or thirty per cent of the disputed income for the persons referred to in clause (ii) ..... l.narasimha reddy and the honble sr.justice challa kodanda ram w.p.no.4202 of 1999 08-07-2014 r.damodar reddy.petitioner the commissioner of income tax and another.respondents counsel for the petitioner: sr.a.v.krishna kowndinya counsel for respondents: sr.j.v.prasad head note: ?.cases referred: 1. ..... covers not only the cases under the income tax act but also the cases under other taxation ..... standing counsel for the income tax department, on the other hand, submits that the impugned order was passed strictly in accordance with the provisions of the act and the scheme. ..... not satisfied with the relief granted therein, the petitioner approached the income tax appellate tribunal, hyderabad (for short the tribunal) by filing a ..... introduced the scheme by substituting chapter iv through the act. .....

Bafna Brothers Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Reported in : [1988]174ITR733(AP)

..... the appellant is the transferee of property in respect of which proceedings have been taken under chapter xxa of the income-tax act, 1961. ..... it is true that the expression 'certified copy' is not defined either in chapter xx-a or in part xb of the income-tax rules. ..... reliance is placed upon section 268 of the income-tax act. ..... this special appeal has been preferred under section 269h of the income-tax act. ..... against the order of the competent authority, the appellant preferred an appeal before the income-tax appellate tribunal under section 269g. ..... 37f prescribed under rule 48f of the income-tax rules, 1962. ..... we may also notice in this connection that chapter xx-a has been deleted altogether by the finance act of 1986. ..... section 268 no doubt would apply to appeals preferred under chapter xx and there the contention urged by standing counsel would be applicable and relevant, but not in the case of section 269g(1). ..... the grant of 'certified copy' is provided for by section 76 of the evidence act, which says that every public officer having the custody of a public document, which any person has a right to inspect, shall give that person on demand a copy of it on payment of the legal fees therefor together with ..... we may also note that chapter xx-a appears to be a self-contained chapter. ..... ' section 1 of the evidence act says that the act applies to all judicial proceedings in or before any court. ..... part xb carried the heading 'acquisition of immovable properties under chapter xx-a'. .....

Suman Savings and Investments Private Ltd. Vs. Commissioner of Income- ...

Court : Andhra Pradesh

Reported in : [1998]229ITR727(AP)

..... this was noticed by the commissioner of income-tax, who, in exercise of his power under section 263(1) of the income-tax act, held that the assessee's principal business was that of conducting chits and that it was not a financial company, therefore, the provisions of section 40a(8) of the income-tax act ought to have been made applicable and thus, by his order dated july 15, 1985, he directed the income-tax officer to redo the assessment. ..... bhaskara rao, learned counsel for the petitioner, strenuously contends that the assessee satisfies the requirement of section 40a(8), explanation (c)(iv), of the income-tax act, and, therefore, the tribunal erred in holding that the assessee is not a financial company. 4. ..... to appreciate the contentions of learned counsel for the parties, it would be useful to read here section 40a(8), explanation, (c)(iv), of the income-tax act on which reliance is placed by both the sides. ..... what is contended by sri bhaskara rao is that in a financial company, loans are advanced, so also, in a chit fund company; further, submits learned counsel, the words 'or otherwise' in sub-clause (iv) mean 'providing of finance in any form' and as the chit fund company provides finance to the public, it has to be treated as a financial company provides finance to the public, it has to be treated as a financial company. ..... a perusal of section 45-i(c)(v) of the reserve bank of india act shows that the definition contained therein was for the purpose of chapter iii-b of that act. .....

A.P.S.R. Vs. the Commissioner of Income T

Court : Andhra Pradesh

..... amended section 11 of the act through the finance act 1983 by inserting sub-section (4a).before insertion of the said provision, the exemption from tax in relation to income of a charitable institution or ..... whether on the facts and in the circumstances of the case, the tribunal was right in law in holding that the applicant was not entitled to deduction under section 11 of the income tax act, 1961, on the ground that the applicant corporation carried on the work of the applicant, ignoring the fact that by statute the employees of the corporation are regarded as a class of ..... sr.justice l.narasimha reddy and the honble sr.justice challa kodanda ram r.c.no.141 of 2000 judgment: (per lnr,j.the applicant (for short the corporation) is an assessee under the income tax act, 1961 (for short the act).for the assessment years 1987-88 and 1988-89, it filed returns covering various aspects. ..... the ultimate analysis, such a far-reaching proposal was dropped and sub-section (4a) was inserted, which reads: (4a) sub-section ()1) or sub-section (2) or sub-section (3) or sub-section (3a) shall not apply in relation to any income, being profits and gains of business, unless- (a) the business is carried on by a trust wholly for public religious purposes and the business consists of printing and publication of books or publication of books or its of a kind notified ..... , that section 11 occurs in chapter-iii of the act, which deals with the list of incomes, which do not form part of total income. .....