Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD113(Pat.)
..... in a very narrow compass, namely, as to whether the godowns in question are liable to wealth-tax as per the provisions of section 40(3)(vi) of the finance act, 1983 (referred to as the 'finance act") or not. the assessing officer took the view that the assessee-company was liable to wealth-tax as per the aforesaid provisions. ..... matter referred to supra, itself concluded the issue in favour of the assessee leaving no necessity to go into the legislative purpose of the enactment of section 40 of the finance act, 1983, etc. nothing short of the reversal of this view by an appropriate legal forum could create a dent in the finding of the tribunal ..... purpose of ascertaining the mischief sought to be remedied by the legislation and the object and purpose for which the legislation is enacted. the finance minister while introducing section 40(3)(vi) through finance act, 1983 has stated that it has come to his notice that some persons were trying to avoid personal wealth-tax liability by forming .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD1(Pat.)
..... patna high court has held in the case of jamshedpur motor accessories stores (supra) that the first proviso below section 43b is clarificatory and operative from assessment year 1984-85 retrospectively although the proviso was inserted by the finance act, 1987 w.e.f. 1-4-1988. this decision had been followed by the bombay bench of the ..... 1-4-1989 to include section 43b, the only conclusion to be drawn was that section 43b could not be invoked for assessment year 1986-87 ..... in accordance with the provisions contained in sections 30 to 43a only and section 43b was not applicable during assessment year 1986-87.5. the id. counsel for the assessee conceded fairly that section 43b had been inserted by the finance act, 1983 with effect from 1-4-1984, but since section 29 was amended only with effect from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD257(Pat.)
..... until and unless income results from such borrowing and further such income exceeds the chargeable limit prescribed from year to year as per finance act of each year passed by the legislature. the provisions of section 68 says that if a person fails to explain satisfactorily, at the time of finalisation of the assessment, source of the ..... is, therefore, under no obligation to file a return as provided in section 139 declaring or disclosing the loan amount until and unless income results from such borrowing and further such income exceeds the chargeable limit prescribed from year to year as per finance act of each year passed by the legislature.... similarly, if any amount is ..... on by a mutual insurance company or by a co-operative society, computed in accordance with section 44 or any surplus taken to be such profits and gains by virtue of provisions contained in the first schedule; (viii) omitted by the finance act, 1988, w.e.f. 1-4-1988. originally sub-clause (vii) was inserted by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... (a) "non-resident indian" and "foreign exchange asset" shall have the meanings assigned to them in chapter xii-a;" clause (iia) of section 204 was inserted w.e.f. 1-6-1986 by finance act, 1986. the reserve bank of india has given an elaborate circular dated 11-2-1987 for the computation of long-term capital gains of an ..... for exemption of encashment of leave on retirement from service from inclusion in the assessee's total income, was inserted into section 10 to be effective from april 1, 1978, by the finance act, 1982, no consequential amendment of section 17(3)(ii) was made. that demonstrates the intention of parliament to the effect that all categories of payment by ..... is served by restricting the facility of easy remittance of sale proceeds only to long-term capital gains as is done under section 204.7. part-ii of the first schedule to the relevant finance act stipulates the rates at which the tax is to be deducted at source from income subject to such deduction under the provisions of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1994)50ITD539(Pat.)
..... account of enhancement of compensation by different courts often results in mistakes of computation of tax. 24.6 with a view to removing these difficulties, the finance act, 1987, has inserted a new sub-section (5) in section 45 to provide for taxation of additional compensation in the year of receipt instead of in the year of transfer of the capital asset. the additional ..... . the facts were already on record, having been informed by the assessee in the covering letter. therefore, even the provisions of section 147(b) cannot apply.7. the departmental authorities have referred to section 45(5) of the act. this sub-section along with the explanation thereto was introduced by the finance act, 1987, with effect from the assessment year 1988-89.prtma facie therefore the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)46ITD90(Pat.)
..... s. mookherjee, learned departmental representative, relying on the orders of the assessing officer has argued that the amnesty scheme declared by the government as per the finance act, 1985 cannot be applicable to the assessment years 1978-79, 1979-80 & 1980-81. the assessee had already submitted returns of income on 19-2- ..... amnesty scheme and the explanation by the assessee is, therefore, untenable. there was, therefore, a default committed by the assessee attracting the penal provisions under section 273 of the act. accordingly, penalty was levied by the assessing officer.4. being aggrieved, the assessee carried the matter in appeal before the dc (appeals). common arguments ..... payment of taxes before 31-3-1986. the filing of the returns will be regularised by issue of formal notices under section 148 of the income-tax act/section 17 of the wealth-tax act. in cases where the assessments are pending, the taxpayer should file revised return before the income-tax officer along with evidence .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1987)20ITD94(Pat.)
..... forbade the transfer to a new business of building, machinery or plant previously used for any purpose. this clause underwent amendment by section 12 of the finance act, 1975 with effect from 1-4-1976. by the amendment the words 'a building' were deleted.therefore, the commissioner (appeals) held that the assessee was not ..... earlier has started a new unit for which new machines were purchased and, therefore, this new unit of the assessee was eligible for relief under section 80j.8. the assessee financed the new project out of its own resources and partly out of loan. the hon'ble accountant member has indicated in the order that the assessee ..... supra). under the said circumstances the borrowed fund will be deducted and on the balance amount the assessee is only eligible for relief under section 80j.9. the department took objection that the project was financed by the assessee out of borrowed fund and, therefore, the assessee cannot be allowed any relief. this objection of the department, for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD237(Pat.)
..... it negotiated commercial terms under despatch arrangements.it was further submitted that the words 'technical services' had been substituted by 'technical or professional services' in section 80-o vide finance act (2) of 1991. the assessee further submitted that 'technical' means a person having specialised knowledge and experience in 8.7 in its reply to ..... of steel, grading of steel, chemical properties, mode of finance and transportation. these services were of the nature of technical and professional services. it was, therefore, contended that the assessee fulfilled all the requisite conditions for allowance under section 80-o of the it act.8.9 the assessing officer examined the assessee's explanations; submissions ..... relied upon by the rival parties. we are of the view that the assessee is not entitled to the claim of deduction under section 80-o. section 80-o of the it act provides for a deduction of 50 per cent from the income of the assessee by way of royalty, commission, fees or any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD63(Pat.)
..... prevalent malpractice that was noticed by the direct taxes enquiry committee and the recommendation made by the said committee which led to the amendment of the act by the finance act of 1972, whereby the exemption from tax that was available in respect of winnings from lotteries, crossword puzzles, races, etc., was withdrawn. similarly, ..... the appellate commissioner in first appeal that the two out of three creditors were summoned by the assessing officer and their oath statements recorded under section 131 of the act wherein they had accepted having advanced loan to the assessee. these pleadings and arguments were abortive before both the lower tax authorities. the ..... the department. however, the borrower company was not able to produce the creditors before the ito and, therefore, on its request the ito issued summons under section 131 to the creditors. all the summons were returned unserved with the remark "left". the tribunal found that the creditors, while being assessed, had admitted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD129(Pat.)
..... , such a meaning would not include "loss" and peculiar results would follow if income was clubbed with loss everywhere. our attention was invited to s. 167a of the act, inserted by the finance act, 1992, w.e.f. 1st april, 1993, according to which, in case of a firm which is assessable as a firm, tax shall be charged on its ..... ". this concept is statutorily clarified in expln. 4 to s. 271(1)(c), which is reproduced below : "explanation 4. - for the purposes of cl. (iii) of this sub-section, the expression "the amount of tax sought to be evaded" - (a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate particulars ..... present in a particular provision of a statute. sometimes an explanation is added by the legislature nearer to a provision to define the particular phrase without adding to the definition section of a statute. a bare reading of expln. 4(a) extracted by my learned brother at pages 7 and 8 of his order clearly shows that it has been .....
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