Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat pune Page 7 of about 520 results (0.207 seconds)

income Tax Officer Vs. Shri Hanuman Mandir Trust

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)84ITD83(Pune.)

..... but since the assessee's income is one derived from property held under the trust wholly for charitable or religious purposes, provisions of section 164(2) will come into operation, but since under schedule to finance act, rates of income-tax for aop were the same as those of individual and, therefore, the assessee even though assessable under the ..... , but if the assessee's income was one derived from property held under the trust wholly for charitable or religious purposes section 164(2) applied and income was assessable as that of aop. under schedule to finance act, rates of income-tax for the aop were the same as those of individual and, therefore, the assessee even though ..... status of aop is still to be taxed as per the rates applicable to an individual. i further hold that proviso to section 164(2) was wrongly applied .....

Dhunjibhoy Stud and Agricultural Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)82ITD18(Pune.)

..... over the assessee. accordingly, the dy. cit, special range-4, pune (hereinafter referred to as the 'ao') issued notice to the assessee under section 158bc r/w section 158bd of the act to the assessee in the month of july, 1997. in pursuance to the said notice, the assessee filed its return for the block period on 13th ..... real estate transaction in the metropolitan city of mumbai, though technically the report of national institute of public finance and policy, cannot be substituted for evidence, but one has to take note of this practice coupled with the attendant circumstances of this case. therefore, when the ..... to establish that this amount was paid for the purchase of the flat in cash to the assessee. a report was published by the national institute of public finance and policy in march 1985, titled "aspects of black money in india". the report has discussed the prevalence of notorious practice of payment of black money in .....

Dhunjibhoy Stud and Agricultural Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)82ITD18(Pune.)

..... the assessee. accordingly, the deputy commissioner, special range-4, pune (hereinafter referred to as the 'assessing officer') issued notice to the assessee under section 158bc read with section 158bd of the act to the assessee in the month of july, 1997. in pursuance to the said notice, the assessee filed its return for the block period on ..... in real estate transaction in the metropolitan city of mumbai. though technically the report of national institute of public finance and policy, cannot be substituted for evidence, but one has to take note of this practice coupled with the attendant circumstances of this case. therefore, when ..... establish that this amount was paid for the purchase of the flat in cash to the assessee. a report was published by the national institute of public finance and policy in march 1985, titled "aspects of black money in india". the report has discussed the prevalence of notorious practice of payment of black money .....

Harbanslal Aurora Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)82ITD1(Pune.)

..... separate sheet enclosed to the intimation sheet. the said para 2 is reproduced as under : "the mode of computation of capital gains is provided under section 48 of the it act. under section 48 besides cost of acquisition of the asset and cost of improvement thereto, expenditure incurred wholly and exclusively' in connection with such transfer is allowable. ..... in respect of the delayed compensation from local authority, which was in admissible in law, the same can be added under section 143(1)(a). similarly, the pune tribunal in the case of bajaj auto finance ltd- v. dy. cit (1995) 53 itd 275 (pune) has upheld the prima fade disallowance of provisions for: doubtful debts ..... as the claim, was prima facie inadmissible. from the above, it is evident that section .143(1)(a) envisages prima facie adjustments and that would .....

Harbanslal Aurora Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)82ITD1(Pune.)

..... sheet enclosed to the intimation sheet. the said para 2 is reproduced as under : "the mode of computation of capital gains is provided under section 48 of the income tax act. under section 48 besides cost of acquisition of the asset and cost of improvement thereto, expenditure incurred wholly and exclusively in connection with such transfer is allowable ..... l in respect of the delayed compensation from local authority, which was in admissible in law, the same can be added under section 143(1)(a). similarly, the pune tribunal in the case of bajaj auto finance ltd. v. dy. cit (1995) 53 itd 275 (pune) has upheld the prima facie disallowance of provisions for doubtful debts ..... as the claim was prima facie inadmissible. from the above, it is evident that section 143(1)(a) envisages prima facie adjustments and that would take .....

Dy. Cit Vs. Sanjay Waman and Co.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)74TTJ(Pune.)811

..... becomes vulnerable and open to serious doubt and the assessing officer cannot be compelled to accept the same. further, as already noted by me, the assessing officer while acting under section 68 is entitled to stop the enquiry when it is found that the assessee's explanation is not substantiated or satisfactory or is unsupported by evidence or where the ..... in the course of the hearing he did not pursue the matter further.mr. sathe cited the following authorities in support of his contentions : 3. cit v. jaiswal motor finance (1983) 37 ctr (all) 217 : (1983) 141 itr 706 (all); he also pointed out that the facts before the courts/tribunals is the cases cited by the ..... genuine one. reference may be made to the decision of supreme court in the case of sumati dayal (supra), decision of calcutta high court in the case of precision finance co.(supra) and the decision of punjab & haryana high court in the case of lal chand kalra (supra). thirdly, merely because the explanation of assessee is found .....

Deputy Commissioner of Income Tax Vs. Sanjay Waman and Co.

Court : Income Tax Appellate Tribunal ITAT Pune

..... therefore, becomes vulnerable and open to serious doubt and the ao cannot be compelled to accept the same.further, as already noted by me, the ao while acting under section 68 is entitled to stop the enquiry when it is found that the assessee's explanation is not substantiated or satisfactory or is unsupported by evidence or where the ..... investment for this purchase was rs. 25,902. the explanation of the assessee regarding the source of the purchase money for these investments was that the same were financed from out of the savings from the income of the properties which were left by her mother's first husband. the said explanation offered by the assessee was ..... as genuine one. reference may be made to the decision of supreme court in the case of sumati dayal (supra), decision of calcutta high court in the case of precision finance co. (supra) and the decision of punjab & haryana high court in the case of lal chand kalra (supra). thirdly, merely because the explanation of assessee is found .....

Dy. Cit Vs. Rajneesh Foundation

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)73TTJ(Pune.)649

..... the trust under section 12a does not mean that the objects of the trust are charitable in nature. i recall ..... changed perception of the teachings of acharya rajneesh.so far as the impact of section 12a is concerned, i am of the opinion that in view of the amended procedure for registration of charitable trusts introduced by section 12aa with effect from 1-4-1997, by the finance (no. 2) act, 1996, it is no longer possible to accept the claim that registration of .....

Weikfield Products Co. (i)(P) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)71TTJ(Pune.)518

..... of assets amounts to transfer of a going concern. the reliance placed by the learned counsel on the definition of 'slump sale' in section 2(42c) which was brought on the statute book by finance act, 1999, with effect from 1-4-2000 is also of no assistance to the assessee, because according to the definition 'slump sale ..... .before us, it has been submitted that the expenses were incurred out of business expediency and for the purpose of business and are accordingly admissible under section 37 of the act. reliance has also been placed on the following decisions : the learned departmental representative strongly supported the orders of the authorities below.we have considered the ..... assessee to manufacture opi) was held for more than three years and, therefore, it was long-term capital asset within the meaning of section 2(42a) read with section 2(29a) of the act. the learned counsel further emphasised that what was sold by the assessee in the given case was not individual items forming part of .....

Vardhini Udyog Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)80TTJ(Pune.)453

..... and 5 being general in nature, call for no adjudication. therefore, the only ground survives is ground no. 3 which reads as under : "the disallowance under section 80-i of the it act, 1961, at rs. 11,818 only being 20 per cent of rs. 59,087 i.e., income on interest on deposit with bank--it is submitted with ..... , 1981. the distinguishing feature of the earlier section 80-i and the existing one is that earlier the expression ' ..... be relevant to point out that earlier section 80-i was introduced by replacing section 80e in which initial deduction was allowed out of profits and gains attributable to priority industry. this section was also deleted w.e.f, 1st april, 1973, and the present section was brought on the statute book by finance (no. 2) act, 1980, w.e.f. 1st april .....