Judgment Search Results Home > Cases Phrase: finance act 2007 section 52 amendment of section 193 Court: income tax appellate tribunal itat allahabad Page 2 of about 11 results (0.213 seconds)

Shervani Industrial Syndicate Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2006)99TTJ(All.)123

..... category of taxable gains; the basis of such an advice being the express provision which got inserted in section 55(2)(a) by the finance act, 2001. 6. it is further submitted that the said amendment was brought in terms of clause (32) of the finance bill, 2001, true import of which was explained in the memorandum of notes on clauses which reads as ..... under : 'clause 32 seeks to amend section 55 of the it act relating to meaning of the expressions 'adjusted', 'cost of improvement .....

M.P. Udyog Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1989)28ITD85(All.)

..... visiting bombay for the purpose of the company's business. this argument was repelled by the income-tax officer in view of the provisions of section 37(5) of the act inserted by the finance act, 1983 with retrospective effect from 1-4-1979. it states that any accommodation, by whatever name called, maintained, hired, reserved or otherwise arranged ..... of assessee and its claim is, therefore, rejected.49. the last contention in the above appeal relates to the asses-see's claim under section 35c of the act. section 35c of the act states that where any company is engaged in the manufacture or processing of any article or thing, which is made from, or used in such ..... investment limit of about rs. 25 lakhs to rs. 30 lakhs. the income-tax officer treated the expenditure on capital account as referred to in section 35d of the act. this section refers to an expenditure in connection with the extension of the assessee's industrial undertaking or in connection with his setting up of a new industrial .....

Verma Roadways Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2000)75ITD183(All.)

..... in accordance with the provisions of this chapter. therefore, by a plain reading of section 158ba, it is clear that this provision is intended to assess the undisclosed income in distinction to a regular assessment. the explanation inserted by the finance act no. 2 of 1998 with effect from july 1, 1995 states that the ..... premises of the assessee. the ld. standing counsel further pointed out that notice under section 158bc had been issued in pursuance of search which took place under section 132 of the income-tax act. referring to the speech of hon'ble finance minister reported in 212 itr 87 statute para 71(81), he pointed out that ..... c. b. gautam (supra) the ld. counsel, shri agarwal, submitted that the decision is in relation to other provisions of the income-tax act and the provisions of section 158bg are distinguishable from those provisions. the ld. counsel further submitted that wherever the legislature intended to provide an opportunity, the requirement of providing opportunity .....

Late Iqbal HussaIn Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... the quantum of tax payable and its mode of recovery are authorized by law. the liability to pay income-tax chargeable under section 4 of the act does not depend on the assessment being made. as soon as the finance act prescribes the rate or rates for any assessment year, the liability to pay the tax arises. the assessee is himself required, ..... deceased.paras 19 and20 from the above decision are as under: 19. it is significant; to note that like the provisions contained in the wealth tax act, section 24b of the income tax act, 1922 imposed a liability on the legal representatives only in respect of the tax payable by the deceased and not in respect of penalty or any other ..... section 4, a person is liable to pay tax as soon as he earns income. its quantification takes place at the end of financial year when he is required to file the return of income. prior to this, he is required to pay advance tax as and when he earns income. the liability to pay tax is further fixed by various finance acts .....

Late Iqbal Hussain, L/H-2 Ekram Vs. Income-tax Officer, Ward-1(1)

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2007)111TTJ(All.)717

..... the quantum of tax payable and its mode of recovery are authorized by law. the liability to pay income-tax chargeable wider section 4 of the act does not depend on the assessment being made. as soon as the finance act prescribes the rate or rates for any assessment year, the liability to pay the tax arises. the assessee is himself required to ..... deceased. para 19 and 20 from the above decision are as under: 19. it is significant to note that like the provisions contained in the w.t. act, section 24ti of the i t. act, 1922 imposed a liability on the legal representatives only in respect of the tax payable by the deceased and not in respect of penalty or any other sum ..... section 4, a person is liable to pay tax as soon as he earns income. its quantification takes place at the end of financial year when he is required to file the return of income. prior to this, he is required to pay advance tax as and when he earns income. the liability to pay tax is further fixed by various finance acts .....

Wealth-tax Officer Vs. Hemlata Shukla/Sarla Shukla

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1983)6ITD750(All.)

..... 29-6-1981 issued by the cbdt giving explanatory note on provisions relating to direct taxes in the finance act, 1981. in this circular also, the board have emphasised the underlying idea for introducing section 21aa in the act as pointed out by the finance minister in his budget speech. the counsel relying on the decision of the supreme court in k ..... argument that it was with a view to obviate the above difficulty that section 21aa of the act had been introduced in the act from 1-4-1981 by the finance act, 1981. the relevant portion of the section reads as under: (1) where assets chargeable to tax under this act are held by an association of persons, other than a company or ..... in the manner laid down in that section. the contention of the learned counsel for the assessee that section 21aa was meant to plug the lacuna in the act is supported by the circular of the cbdt and the speech of the finance minister delivered in the lok sabha while moving the finance bill and that they arc relevant to .....

Sri Girdhar Gopal Gulati Vs. Dy. Cit. [Alongwith Ita Nos. 66 and

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2004)88ITD585(All.)

..... by the income-tax officer was erroneous and prejudicial to the interests of the revenue. the hon'ble high court referred to the explanation to section 263(1) which was amended by finance act, 1988 and clause (b) of the explanation states that the word "record" shall include and shall be deemed always to have included all ..... , filed its returns and the income-tax officer assessed the beneficiaries of the trust and held that the trust was not assessable. the commissioner acting under section 263 of the income-tax act, 1961, set aside the order of assessment. the tribunal found that the necessary books of account had been produced, the income-tax officer had ..... case where order passed without making any enquiry mechanically without application of mind. (v) because it is settled principle of law that the proceeding under section 263 of the act can not be initiated on the basis of any subsequent material available on record. office note after passing assessment order, report of the inspector were .....

B.i.C. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1996)59ITD210(All.)

..... income and the income after prima facie adjustments being losses. this direction has been given in view of the retrospective amendment of s.143(1a) brought about by the finance act, 1993, w.e.f. 1st april, 1989.the cit(a) has held that such additional tax can be charged in view of the decision of the supreme court ..... ao passed an order under s. 154 on 31st aug., 1992, deleting the additional tax. subsequently, there was an amendment of s. 143(1a) brought out by the finance act, 1993, with retrospective effect from 1st april, 1993, according to which additional tax could be charged even where the loss declared by the assessee in the return was reduced in ..... under s. 154 withdrawing excess depreciation in the intimation, sent earlier and levied additional tax.the cit(a) confirmed charging of additional tax under s. 143(1a) of the act. the tribunal observed that from a comprehensive reading of s. 143, it was clear that once notice under s. 143(2) is issued, the regular proceeding gets started .....

J.K. Cotton Spinning and Weaving Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1997)60ITD99(All.)

..... for the assessee clarified that the above judgment had been given on 7th may, 1974. attention was thereafter invited to expln. (c) below s. 263(1) of the act substituted by the finance act, 1988, w.e.f. 1st june, 1988.wherein the assessment order had been the subject-matter of appeal, the powers of the cit under s. 263(1) ..... the ao is not justified in adding foreign exchange fluctuation of rs. 3,57,347 because s. 115j does not provide for it. i have gone through the aforesaid section and noted that there is no provision under s. 115j by which this amount can be added in book profit and, therefore, i direct the ao to compute 30 ..... just an adjustment and, therefore, the directions of the cit were fully justified.20. we have considered the rival submissions. sec. 115j of the it act contains special provisions relating to certain companies, where the total income as computed under the it act, 1961, was less than 30 per cent of its book profit. the total income of such assessee chargeable to tax .....

New Cawnpore Flour Mills (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)19ITD360(All.)

..... view that it could not be allowed as a deduction in terms of section 43b of the act inserted by the finance act, 1983, with effect from 1-4-1984. this section states that notwithstanding anything contained in any other provision of the act, a deduction otherwise allowable under the act in respect of any sum payable by the assessee by way of tax ..... of the privy council in cit v. p.e. poison [1945] 13 itr 384. it was held in this case that the word 'discontinued' in section 25(3) of the 1922 act, means only a complete cessation of the business and does not include the case of discontinuance of the business by the person formerly carrying it on as a ..... sons' case (supra). the decision of the supreme court stated above was followed in this case. it was held that section 10(2a) of the indian income-tax act, 1922 ('the 1922 act') corresponding to section 41(1) of the 1961 act can be applied only if two conditions are satisfied, firstly, it must be shown that an allowable for deduction has been .....