Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: old Court: income tax appellate tribunal itat jodhpur Page 3 of about 252 results (0.187 seconds)

Mangilal Rameshwarlal Soni (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)83TTJ(Jodh.)770

..... filed? (iii) whether block assessment made by assessing authority as modified by tribunal can be sustained in view of the amended clause (c) of section 158bb of the it act, 1961 as inserted by the finance act, 2002, w.e.f. 1st july, 1995? (iv) whether, in the facts and circumstances of the case, there was any foundation for ..... filed? (iii) whether block assessment made by assessing authority as modified by tribunal can be sustained in view of the amended clause (c) of section 158bb of the it act, 1961 as inserted by the finance act, 2002 w.e.f. 1st july, 1995? (iv) whether in the facts and circumstances of the case, there was any foundation for ..... in law.24. on the other hand, the learned departmental representative shri t.r. chawla has submitted that the expln. 2 to section 158be brought to the statute book by the finance (no. 2) act 1998 with retrospective effect from 1st july, 1995 that the execution of authorisation means conclusion of search by recording last panchnama drawn on .....

Additional Commissioner of Vs. Lake Palace Hotels and Motels Ltd.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)83TTJ(Jodh.)1031

..... stated that the long-term lease of the land was considered as covered by the definition of the term 'transfer' in the light of the provisions of section 2(47) of the it act, in terms of the ratio laid down by various high courts which had been mentioned in the assessment order dt. 31st march, 1998. the ao also ..... assessed, there is no other consideration which could be taxed by way of capital gain. distinction between rent and salami/premium is well recognised under section 105 of the transfer of property act. there lay many decisions and in such decisions amounts received by way of salami/premium alone have been taxed by way of capital gain and rent ..... was placed on the decision in the case of asstt. cit v. k.b. investment & finance company ltd. (1995) 53 itd 410 (del), wherein it had been held that for the purpose of invoking section 45 the consideration received within the meaning of section 48 must be available in order to compute the gain, accordingly, it was submitted that when such .....

Rajasthan Vanaspati Products (P) Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93ITD390(Jodh.)

..... the question before us is as to whether the assessment was to be completed under clause (a) of sub-section (1) of section 153 of the i.t. act or clause (b) of section 153(1). provisions of section 153(1) [before the amendment made by the finance act, 1989, w.e.f. 1.4.89] read as under: "no order of assessment shall be made under ..... section 143 or section 144 at any time after - (i) four years from the end of the a.y. in which the income was ..... . therefore, the time for completing the assessment was 8 years from the end of a.y. because this case was falling within clause (c) of sub-section (1) of section 271 of the i.t. act.considering those provisions, the assessing officer framed the assessment on 31.3.89. on the contrary, the claim of the assessee is that the assessment completed by .....

Jagan Nath Singh Lodha Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)85TTJ(Jodh.)173

..... appeals.7. we have heard the rival submissions and have perused the evidence on record.8. the learned authorised representative has submitted that section 54f was introduced by the finance act, 1982, which permitted reinvestment of the proceeds received on transfer of a capital asset in the purchase within a year or construction within ..... tax. this provision was introduced with the sole intention to purchase or construct a house. proviso 4 to this section was introduced by the finance act, 1987, which reads as under : "under the existing provisions of sections 54, 54b, 54d and 54f, long-term capital gains arising from the transfer of any immovable property used for ..... was a technical default that the assessee did not deposit the amount meant for reinvestment in the capital gain account scheme before filing return under section 139 of the act. keeping in view the totality of the facts and circumstances of the case and the decisions relied by the learned authorised representative, we are .....

income Tax Officer Vs. Pearl Organic Coatings

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)802

..... has inserted a new section 197a in the it act to provide that a person who is resident in india may receive such income without deduction of income-tax on his furnishing a declaration ..... --section 197a has been done which is placed at p. 1 of paper book. the learned authorised representative has relied on the following part of the circular : "with a view to enabling persons with income below the taxable limit to receive these categories of income without deduction of income-tax at source, the finance act ..... has also relied on circular no. 351, dt. 26th nov., 1982, which is reported in (1983) 140 itr (st) 20, wherein clarification regarding section 197a of the act r/w rule 29c of the it rules has been given by the department. the learned authorised representative has further submitted that the expression "person responsible for paying .....

income Tax Officer Vs. National Automobiles

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93TTJ(Jodh.)641

..... partners, namely, shri prakash chand, shri babu lal and shri hasti mal. due to the changes introduced by the finance act, 1992, with regard to assessment of the firms and amendments made in the provisions of section 40(b) of the it act, 1961, a new deed of partnership was executed on 3rd april, 1992, and in this instrument of partnership, the ..... partnership they shall be entitled to remuneration. the remuneration payable to the abovesaid working partners shall be computed in the manner laid down in expln. 3 to section 40(b) of the it act, 1961, or any other applicable provision as may be in force in income-tax assessment of the partnership from for the relevant accounting year. such amount ..... this order also, the ao, vide order dt. 3rd april, 1992, allowed salary to all the three working partners. but, thereafter, the ao issued notice under section 148 of the act for all the years, i.e., from 1993-94 to 1999-2000. the ao was of the opinion that the salary paid to partners of the firm in the .....

Chetak Enterprises (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)281ITR162(Jodh.)

..... firm is now treated as a company after a given date. in the circumstances, in our view, there is no transfer of a capital asset as contemplated by section 45(1) of the act." similar view has been taken consistently by the various benches of the tribunal including the amritsar bench in the case of sachdeva & sons (eou) v. dy. cit (2004 ..... no obligation on the part of the company to make the payment of advance tax in view of the fact that it had computed its income in terms of section 115jb of the act. the learned cit(a) rejected the assessee's contention.we have heard the rival submissions and perused the relevant material on record in the light of precedents cited ..... high court in the case of karimtharuvi tea estates ltd. and anr. v. dy. cit and the hon'ble bombay high court in the case of cit v.kodak mahendra finance ltd. have also reiterated this view. there is only one contrary decision rendered by the hon'ble karnataka high court in the case of kwality biscuits ltd. v. cit, (2000 .....

Chetak Enterprises (P) Ltd Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)92ITD611(Jodh.)

..... firm is now treated as a company after a given date. in the circumstances, in our view, there is no transfer of a capital asset as contemplated by section 45(1) of the act." similar view has been taken consistently by the various benches of the tribunal including the amritsar bench in the case of sachdeva & sons (eou) v. dy. cit (2004 ..... no obligation on the part of the company to make the payment of advance tax in view of the fact that it had computed its income in terms of section 115jb of the act. the learned cit (a) rejected the assessee's contention.we have heard the rival submissions and perused the relevant material on record in the light of precedents cited ..... case of karimtharuvi tea estates ltd. & anr.v. dy, cit (2000) 163 ctr (ker) 565 and the hon'ble bombay high court in the case of cit v. kodak mahendra finance ltd. (2003) 183 ctr (bom) 491 have also reiterated this view. there is only one contrary decision rendered by the hon'ble karnataka high court in the case of kwality .....

Shri Narayan Ram Chhaba Vs. the I.T.O. [Alongwith Ita No.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... /- the assessing officer accepted the explanation only to the extent of rs. 3,50,000/- and made addition for the balance amount of rs. 2 lakhs under section 68 of the act.the source of the third loan of rs. 7 lakhs shown to have been received from smt. patasi devi [wife] was explained by the assessee as under ..... important factor, which cannot be lost sight of is that the assessee categorically stated before the assessing officer that the three loans amounting to rs. 1,50,000/- were financed out of agricultural income as well as out of sale consideration of agricultural land at rs. 53,133/-. it is not the case of the revenue that the assessee ..... to mention that the core of controversy is the capacity of the assessee to advance the loans in the past, refund of which was received in this year for financing the investment in the shop. this issue is required to be determined on the basis of the capacity of the assessee to advance the loans at the relevant .....

Deputy Commissioner of Income Tax Vs. Yakub Ali Gopal Singh and Party

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)98TTJ(Jodh.)821

..... suresh ojha, has forcefully contested the ground of appeal by submitting that the learned ao can only resort to the provisions of section 148 of the act, when the income chargeable to tax has escaped assessment and the ao judiciously makes his opinion and records the valid reasons for the same.8. ..... departmental representative, shri d.r. zala, has vehemently relied on the assessment order and has further submitted that the ao has wider power of reassessment under section 147 of the act and he has correctly reopened the assessment in question, wherein additions have been made, thereafter.7. on the other hand, the learned authorised representative, shri ..... cit(a) observed that the perusal of the reasons for reopening are not the reasons which empower an ao to assume jurisdiction under section 148/147 of the it act. section 147 of the act authorises and permits an ao to assess or reassess income chargeable to tax if he has reason to believe that the said income .....