Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: old Court: income tax appellate tribunal itat jodhpur Page 2 of about 252 results (0.120 seconds)

Sumerpur Truck Operators Union Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)89ITD89(Jodh.)

..... that the term "workmen" had not been defined in the income-tax, 1961. therefore this term will have to be understood as defined in the trade union act. section 2(g) of the trade union act defines two terms. these are "trade dispute" and "workmen". this definition is reproduced as under :- 2(g) "trade dispute" - means any dispute ..... "income, profits or gains" earned or "arising", "accruing" to a "person". where a number of persons combine together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings or relations with any outside body, then any surplus returned to those persons cannot be regarded in any ..... of mutual concern which is being reproduced hereunder:- "under the income-tax act, what is taxed is, the "income, profits or gains" earned or "arising", accruing" to a "person". where a number of persons combine together and contribute to a common fund for the financing of some venture or object and in this respect have no dealings .....

Smt. Premlata Jalani Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... remaining instalments of advance tax which are due or where no such instalment are due by the 31st day of march of the financial year." (iii) further, by finance act (no. 2), 1996, had substituted the words "remaining instalments of advance tax which are due or where no such instalments are due" for the earlier words "instalment ..... or instalments.12. short-term capital gain & trading profit (net) were considered for advance tax purpose as whole net long-term capital gain was exempted under section 54f of it act. 1961, asunder: 13. from the above chart, it is evident that the appellant had paid the tax in accordance with the provisions of law and in ..... the said amount in the remaining instalment or instalments accordingly. therefore, the assessee is liable to pay advance tax in accordance with the provisions of sub-section (2) of section 210 as and when income has arisen or accrued.15. the learned departmental representative has contended that the case of the assessee is not covered by the .....

Swagat Synthetics (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... share application money from 8 shareholders. the ao had made an addition of rs. 1,30,000 for unexplained share application money in the names of 8 persons under section 68 of the it act. the learned cit(a) had confirmed the same.the cit(a) observed that the case of cit v. stellar investment ltd. (1991) 192 itr 287 (del) ..... learned counsel that the cit(a) himself has agreed that the decision of hon'ble delhi high court in the case of sophia finance ltd. (supra) shall apply. the hon'ble high court laid down that although section 68 will apply yet the identity of the shareholder and the payment of share application money by him, if proved, there is ..... bank account of the appellant. in the first three cases cash books have also been produced. therefore, as per the judgment of steller investment ltd. (supra) and sophia finance ltd. (supra) no addition can be made on account of share application money as the assessee has established the identity of the share applicants and also proved that the money .....

Chitra Devi, Prem Prakash Soni and Vs. Assistant Commissioner of Incom ...

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... , now we may pause here for a moment to clarify the legal position on this point as it emanates from the statutory provisions after the amendment effected vide finance act, 2002 in section 158b w.r.e.f. 1st july, 1995. on analyzing the statutory provisions, the relevant legal position, in respect of sustenance/deletion of addition, as undisclosed ..... evidence" did not exist in the aforesaid statutory provision, and so any information could also form the basis for addition as undisclosed income. but now, as section 158bb(1) stands as amended vide finance act, 2002, w.r.e.f. 1st july, 1995, an information, available with the ao, to form basis for addition in a block assessment, ..... the said addition, in the hands of present assessee, cd, is not tenable on the legal score as well. we may note that the provision of section 158bb(1) stands amended vide finance act, 2002 w.r.e.f 1st july, 1995, and the relevant amended provision stands as under : "158bb-(1) the undisclosed income of the block period .....

Assistant Commissioner of Income Vs. Ramesh Chand Soni

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2003)81TTJ(Jodh.)253

..... of this case. finally, the learned counsel has submitted in this regard that calculating from either after applying the provisions of section 142(2a) of the. act, or in the alternative, applying amended provisions of finance act, 2002 which would have retrospective effect, the assessment passed is within limitation.9. on the other hand, the learned counsel ..... ., 2001. so, in his opinion, the assessment passed by the learned ao is well within time. in the alternative, the learned counsel has submitted that the finance act, 2002, which came into effect from 1st june, 2002, has extended further period of 60 days in the circumstances mentioned therein. so, according to the learned ..... some doubts regarding the assessment order being passed by the learned ao.that is why, for the first time he resorted to the provisions of section 142(2a) of the act, simply stating that the accounts were complex and interest of revenue is involved. we are also convinced by the arguments of learned counsel for .....

income Tax Officer Vs. Choudhury Farrque Ali and Marble

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)82TTJ(Jodh.)1

..... been committed by the assessee, the explanation added to the section by the finance act, 1964, requires from the assessee, by casting a burden on him, to prove that there has been no concealment. the onus to disprove concealment or prove ..... haryana high court in the case of vishwakarma industries v. cit (1982) 135 itr 652 (p&h)(fb) that in view of the amendment of section 271(1)(c) by the finance act, 1964, and the insertion of the explanation, the import of the explanation is to shift the onus to prove from the department where the returned income ..... ble delhi high court in the case of cit v. gurbachan lal (2001) 250 itr 157 (del) in which the effect of explanation added to section 271(1)(c) by the finance act, 1964, has been explained by their lordships elaborately.the headnote of this decision gives an impression that in any penalty proceedings where concealment of income has .....

Gyan Chand JaIn Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)337

..... of the assessee that the entries were made on the basis of the payment. it is also seen that the amendment had been made in expln. 4 to section 271(1)(c) by the finance act. (no. 2) w.e.f. 1st april, 2003 and it has been inserted that : "in any case where the amount of income in respect of which particulars ..... and after taking into consideration the amount of depreciation, the resultant assessed income was at a loss of rs. 96,776 (sic). the ao noted that search under section 132 of the act was conducted in october, 1987 at the residence of the assessee and in his statement the assessee stated that the explosives purchased at rs. 1,73,107 on 27th ..... the income which he noted at rs. 3,22,587 in the form of unrecorded purchases. the ao, therefore, levied penalty of rs, 1,47,574 under section 271(1)(c) of the it act being 100 per cent of the tax sought to be evaded.4.2 aggrieved, the assessee carried the matter in appeal before the cit(a) and submitted that .....

Shree Rajasthan Syntex Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93ITD78(Jodh.)

..... 1t0 but withdrawn in revision proceedings and allowed again on further appeal--no failure to disclose material facts regarding deduction--reassessment not valid--income-tax act, 1961, sections 147, 48. i. cit v. sambhar salt ltd. (2003) 262 itr 675 (raj) reassessment--information that income had escaped assessment ..... allowed adjustment in valuation of his closing stock--subsequent reassessment proceedings on ground that adjustment was erroneous--reassessment proceedings were not valid--income-tax act, 1961, sections 147, 148.cit v. corporation bank ltd. (2002) 254 itr 791 (sc) held, affirming the decision of the high court, ..... act, 1961, is claimed in any relevant previous year, an assessee must satisfy the following conditions : (1) the machinery should be owned by the assessee; (2) it should be wholly used for the purposes of the business carried on by the assessee, and (3) the machinery must come under any of the categories specified in section 32(2). therefore, a leasing or finance .....

Smt. Mansukhi Devi Bihani Jan Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)277ITR140(Jodh.)

..... 10a has been prescribed for filing the application for registration. thus, on a combined reading of the above provisions, it would be clear that the application for registration under section 12a of the it act, 1961, has to be made in form no. 10a prescribed by rule 17a of the it rules, 1962, before the expiry of one year from the date of ..... in receipt of the income of the trust, after receiving the application, learned cit is required to examine whether the application is made in accordance with the requirements of section 12a of the it act, 1961 r/w rule 17a of the it rules, 1962, and whether form no. 10a has been properly filed up. he is further required to see as to ..... is created having the main object of charitable purpose. in view of clear provisions of law referred to above, we are of the considered view that registration under section 12aa of the it act, 1961 cannot be refused to trust on the basis that there is a clause in the trust deed that in the event of a vacancy in the board of .....

Assistant Commissioner of Income Vs. G.P. Taparia

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)34

..... the assessee had not paid any interest or received any interest in that account. it was further stated that the legislative intention of section 269ss, as laid out in the parliament by the finance minister while introducing the bill was to curb the tendency of taxpayer to prove the huge cash found and seized during the course ..... examining the books of accounts of a sister concern of the assessee, namely, m/s maheshwari nirman udyog, nokha during the course of assessment proceedings under section 143(3) of the it act, 1961 for the asst. yr. 1993-94, the ao noticed that the assessee had accepted loans and deposits from m/s maheshwari nirman udyog, nokha ..... of current transactions, for which separate running/current accounts had been maintained. it was pointed out that in the similar circumstances, the penalties were levied under section 271d of the it act, 1961 in the hands of m/s maheshwari nirman udyog, nokha (sister concern of the assessee) from whom the assessee received cash and repaid the .....