Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat pune Page 11 of about 520 results (0.142 seconds)

Late Ananta N. Naik, Through Lr Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... block assessment is required to be completed within one year from the date of execution of last of the authorisations of search. by an amendment made by the finance act, 1998, it has been clarified that the last day of execution of the search would be reckoned from the date of the last of the panchnama drawn up ..... and the proceedings thereafter, were only with regard to the restraint order under s. 132(3) which do not amount to seizure in view of explanation to said section. accordingly, the assessment stood barred by limitation on 31st october, 1997. the impugned assessment order has been admittedly passed by the ao on 30th december, 1997.accordingly ..... of the authorised officers. he made a particular reference to the following observations of the hon'ble madras high court judgment from p. no. 382 of 101 itr. "sec. 132(3) contemplates an order being made thereunder only where it is not practicable to seize any books of accounts, documents, money, bullion, jewellery or other valuable articles .....

thermax Babcock and Wilcox Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)73ITD5(Pune.)

..... court in the case of cambay electric supply industrial co. ltd. (supra) is patently wrong because that judgment was under section 80e of the act as it stood prior to its amendment by finance (no. 2) act, 1967.for the purpose of the special deduction permissible thereunder, the balancing charge arising as a result of the sale of ..... the learned departmental representative strongly supported the orders of the authorities below. he submitted that the assessee had claimed deduction of rs. 29,09,384 under section 80hhc of the act. from the face of the return and the documents filed along with it, it became clear that this deduction had been wrongly claimed, whereas no ..... old machinery and buildings and worked out in accordance with section 41(2), irrespective of its real character, has to be taken into account .....

thermax Babcock and Wilcox Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... apex court in the case of national thermal power co. ltd. vs. cit (1998) 97 taxman 358 (sc), the relevant portion from which reads as under : "sec. 254 of the it act, 1971 - appellate tribunal-power of - asst. yr. 1978-79 - tribunal declined to entertain additional ground raised for first time by assessee that interest earned before setting ..... chapter xiv, prescribing the procedure for assessment, any prohibition to the issue of intimation under s.143(1)(a)(i) after a notice under sub-s. (2) of the section has come to be issued." the learned departmental representative further submitted that in the case of indian maize & chemicals ltd. vs. dy. cit (1996) 55 ttj (del) ..... the case of cambay electric supply industrial co. ltd. (supra) is patently wrong because that judgment was under s. 80e of the act as it stood prior to its amendment by finance (no. 2) act, 1967. for the purpose of the special deduction permissible thereunder, the balancing charge arising as a result of the sale of old .....

Eagle Flask Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1999)65TTJ(Pune.)422

..... flasks and thermowares. for the assessment year 1995-96, the company filed its return declaring income of rs. 97,29,060 which was processed under section 143(1)(a) of the act on 25th july, 1996. in its return, the company had claimed that the following amounts should not be included for the purposes of computing total ..... , the decision in the case of sudarshan chemicals industries (supra) was of a binding nature as held in the case of union of india & ors. v. kamlakshi finance corpn. ltd. (supra). the learned counsel further submitted that since there were conflicting decisions on the issue by different benches of the tribunal, the matter was highly debatable ..... this action on the part of authorities below is flagrant disregard and disrespect to the provisions of law. in the case of union of india & ors. v. kamlakshi finance corpn. ltd. (supra) which was cited before the authorities below, it has clearly been held that the decisions of higher authorities on the same issue are binding .....

Eagle Flask Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)72ITD455(Pune.)

..... collector that, if he accepted the assessee's contention, the department would lose revenue and would also have no remedy to have the matter rectified is also incorrect. sec. 35e confers adequate powers on the department in this regard. in the light of these amended provisions, there can be no justification for any asstt. collector or ..... action on the part of authorities below is flagrant disregard and disrespect to the provisions of law. in the case of union of india & ors. vs. kamlakshi finance corpn. ltd. (supra) which was cited before the authorities below, it has clearly been held that the decisions of higher authorities on the same issue are binding on ..... below.he submitted that the judgment of the supreme court in the case of union of india & ors. vs. kamlakshi finance corpn. (supra) is distinguishable as the same was pronounced under central excises and salt act, 1944.6. we have considered the rival submissions and perused the facts on record. before the ao the assessee claimed that .....

Assistant Commissioner of Income Vs. B.K. Jhala and Associates

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1999)69ITD141(Pune.)

..... lord diplock in reg vs. nat. ins. commr. (1972) ac 944. lord diplock observed : "meticulous linguistic analysis of words and phrases used in different contexts in particular sections of the act should be subordinate to this purposive approach. it should not distant your lordships from it." the words "sales", "turnover", "gross receipts" are commercial terms and they should be ..... 8. as regards the reliance placed by the learned departmental representative on the dictionary meaning of "turnover" (quoted supra), we are of the opinion that words in a section are not to be interpreted by having those words in one hand and the dictionary in the other hand.in spelling out the meaning of the words in a ..... section, one must take into consideration the setting in which those terms are used and the purpose they are intended to serve. the two rules of most general .....

Parakh Foods Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1998)64ITD396(Pune.)

..... . dr. pathak, the learned counsel for the assessee took us through various provisions of chapter xiv-b consisting of section 158b to section 158bh as well as the budget speech of finance minister in the parliament and explanatory notes on the finance bill and finance act, 1985. his first contention was that the intention of the legislature is to assess only undisclosed income as is apparent ..... from the provisions of section 158ba which is a charging section. the 'undisclosed income' has been defined in clause (b) of section 158b. so, he emphasised that any income falling outside the scope .....

Deputy Commissioner of Vs. Sociedade De Fomento Industrial

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)63ITD32(Pune.)

..... with the meaning of the word 'manufacture' in the present case.5.5 it is pertinent to note that the provisions of s. 32a were inserted in the act by the finance act, 1976. prior to 1976, the assessee was entitled to similar allowance, i.e., development rebate under s. 33.the provisions of ss. 33 and 32a are ..... oil.this shows that the legislature intended to give relief in respect of machinery installed for producing ores and the word 'production' was never used in restricted sense. sec. 32a instead of providing the list of articles for allowing investment allowance has provided the list of articles in respect of which investment allowance cannot be allowed if ..... from the context. reference may be made to the following observations of their lordships of the apex court in the case of reserve bank of india vs. peerless general finance & investment co.ltd. "interpretation must depend on the text and the context. they are the basis of interpretation. one may well say if the text is the .....

Kalyani Steels Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)59TTJ(Pune.)316

..... assessee, it is established beyond any doubt that not only the managing director, but the personal manager, purchase manager, production manager and chief executive officer, finance manager and marketing manager were all common.66. to refute the argument of the learned senior departmental representative and to prove his point, the learned counsel ..... capitalisation implies inclusion of such interest in the "actual cost" of the asset for the purposes of claiming depreciation, investment allowance, etc., under the it act.as this was never the legislative intent nor does it conform to accepted accounting practices, with a view to counteracting tax avoidance through this method and ..... of capital assets before the assets are put into operation have to be capitalised within the provisions of expln. 8 to s. 43(1) of the it act.(ii) other expenses including salaries, travelling, etc., incurred for acquisition of the capital assets and on putting these assets into operation is capital expenditure.(iii .....

Kalyani Steels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)62ITD233(Pune.)

..... assessee, it is established beyond any doubt that not only the managing director, but the personal manager, purchase manager, production manager and chief executive officer, finance manager and marketing manager were all common.66. to refute the argument of the learned senior departmental representative and to prove his point, the learned counsel ..... capitalisation implies inclusion of such interest in the "actual cost" of the asset for the purposes of claiming depreciation, investment allowance, etc., under the it act. as this was never the legislative intent nor does it conform to accepted accounting practices, with a view to counteracting tax avoidance through this method and ..... of capital assets before the assets are put into operation have to be capitalised within the provisions of expln. 8 to s. 43(1) of the it act. (ii) other expenses including salaries, travelling, etc., incurred for acquisition of the capital assets and on putting these assets into operation is capital expenditure. .....