Court : Allahabad
Reported in : [1971]82ITR495(All)
..... profits of the business were not earned by the beneficiaries and were not immediately derived by them from the carrying on of the trade within the meaning of section 19 of the finance act, 1907, and that the benefit of the relief in respect of earned income on the profits in question could not be allowed.48. similarly, in ..... d in respect of the profits, it was held that the profits of the business was not 'earned income' of the ward within the meaning of section 19(7) of the finance act, 1907.49. it will be noticed that in neither of the two cases, the two capacities of the trustee and beneficiary and guardian and ward were ..... and 'other sources' where personal exertion is responsible for the income.66. unearned income includes 'income from property', 'income from securities' and 'capital gains'. from 1945 the finance acts began to draw a distinction between earned income and unearned income. a lighter burden of tax was laid on earned income and a heavier burden on unearned income.67. turning .....
Tag this Judgment!Court : Allahabad
Reported in : 1993(63)ELT626(All)
..... shall be made after an expiry of two years from the date on which such amendments came into force.13. the amendments which were envisaged under section 50 of the finance (2) act, 1980 so far as section 35 relating to appeals were concerned vested the collector (appeals) with the jurisdiction to condone the delay in filing an appeal by a further period of ..... own motion entertain revision and grant relief.19. in the present case, we find that it is only to mitigate the oppressiveness of section 35 of the central excises and salt act, that steps were taken under the finance (2) act, 1980 to provide for extension of the period of limitation and that is why a proviso was added vesting the appellate authority with .....
Tag this Judgment!Court : Allahabad
Reported in : [2006]280ITR385(All)
..... tribunal observed as follows :... the amendments in the relevant provision of the section were made by the finance (no. 2) act, 1980, which came into force from august 21, 1980. it is no doubt true that by the said finance act the retrospective amendment was made in the relevant provisions of the act. however, since this event had occurred after the framing of the assessment on ..... the revenue. nobody has put in appearance on behalf of the respondent-assessee.5. learned counsel for the revenue submitted that as an amendment was made under section 80j of the act by the finance (no. 2) act, 1980, which came into force from august 21, 1980, but was retrospective in operation, the order of the assessing authority ought to have excluded the borrowed .....
Tag this Judgment!Court : Allahabad
Reported in : [2004]141TAXMAN545(All)
..... revenue. no body has put in appearance on behalf of the respondent assessee.4. the learned counsel for the revenue submitted that as an amendment was made under section 80j of the act by the finance act, 1980 which came into force from 21-8-1980, but was retrospective in operation, the order of the assessing authority ought to have excluded the borrowed capital ..... appeal, the tribunal observed as follows:....... the amendments in the relevant provision of the section were made by the finance act, 1980, which came into force from 21-8-1980. it is no doubt true that by the said finance act the retrospective amendment was made in the relevant provisions of the act. however, since this event had occurred after the framing of the assessment on .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)198CTR(All)378
..... by the income tax officer. according to the assessee it is as small scale exporter and is entitled to the benefit under section 35b(1a). section 35b was amended by insertion of section 35b(1a) by the finance act, 1978 with effect from 1-4-1978 and was omitted with effect from 1-4-1980. the income tax officer found ..... treated as an 'industrial company'. the interpretation of 'industrial company' as contained in the first schedule of the finance act, 1966 was involved. section 2(7) of the finance act, 1966, inter alia, reads as follows:'for the purposes of this section and the first schedule.(d) 'industrial company' means a company which is mainly engaged in the business of ..... not own any plant and machinery up to the prescribed limit would not be entitled to claim weighted deduction under section 35b of the act, in view of clause (1a) of section 35b, as it stood by the finance act, 1978.10. all the three authorities have found that the assessee does not own any plant and machinery. the .....
Tag this Judgment!Court : Allahabad
Reported in : [1970]77ITR974(All)
..... quantified. subba rao j. (as he then was), speaking for the majority, said that the liability was created by the charging section and the rate of tax was prescribed by the finance act. if, however, the finance act had not been passed by the last day of the accounting year the rate could be ascertained by reference to ..... or rates laid down in theschedule. the charging section of the income-tax act, 1922, namely, section 3, adopts the rate or rates prescribed in the corresponding finance act and it is subject to the other provisions of the act including section 67b which, as already noticed, lays down that, if the finance act has not been passed till the 1st day ..... of april, the rates prescribed in the bill or in the finance act of the preceding year, whichever is .....
Tag this Judgment!Court : Allahabad
Reported in : [1986]17ITD906(NULL)
..... indicated such an intention either by express words or by necessary implication. it appears to us to be clear that the two changes introduced in section 271(2) of the act by the finance act, 1964, consisting of the deletion of the word deliberately which occurred in clause (c) and the insertion of the explanation at the end of ..... therefore, reasonable to infer that the intention of parliament is that the explanation should apply only to cases governed by clause (c) of section 271(1) as it stands after its amendment by the finance act. 1964.' (p. 428)in accordance with this principle of law laid down by the kerala high court, the explanation after it amendment with ..... the said sub-section are very closely interconnected and they form integral parts of one scheme. this is manifest from the fact that the deeming provision .....
Tag this Judgment!Court : Allahabad
Reported in : [1973]90ITR479(All)
..... reassessment was made, the time within which such notice should have been issued or the assessment or reassessment should have been made under that section as in force before its amendment by clause (a) of section 18 of the finance act, 1956 (18 of 1956), had expired.' 12. the escaped income in this case is rs. 20,000, i.e., less than ..... cannot be taken to attack the validity of the notice is that at the time the notice was issued the period prescribed under section 34(1)(a), as in force before its amendment by section 18 of the finance act, 1956, had expired. is the assessee then raising this ground it seems to us that he is not. what he is ..... before the amendments made in 1956. accordingly, the assessee's ground of attack is that the 8 years prescribed by section 34, as amended after 1956, have expired and not that 8 years prescribed by section 34 before its amendment by the finance act, 1956, have expired. in our view, the stand taken by the assessee is correct.' 15. these observations .....
Tag this Judgment!Court : Allahabad
Reported in : [1966]62ITR262(All)
..... indian income-tax act and the indian finance act were brought into force in the ..... or under the indian income-tax act, 1922, or, as the case may be, the business profit tax act, 1947, as extended by section 3 to that merged state.'by the taxation laws act, the indian income-tax act and the indian finance act of 1949 were extended to all merged states. under sub-section (2) of section 3, the date on which the ..... be brought into though there is a reference to previous year in section 7, there is no direct mention of previous year in section 3, which so to pea, is the charging section. when the latter in express terms provides that the finance act of 1949 and indian income-tax act 1922, will be brought into force from 1st april, 1949, .....
Tag this Judgment!Court : Allahabad
Reported in : [2000]246ITR209(All); [2001]118TAXMAN71(All)
..... the commissioner of income-tax ?2. whether, on the facts and in the circumstances of the case and on a proper construction of section 43b read with explanation 2 as added by the finance act, 1989, the appellate tribunal was justified in holding that the said explanation will apply retrospectively with effect from april 1, 1984 ?3. ..... , therefore, answer the questions as under :4. with regard to question no. 1 we hold that the tribunal was not right in holding that the commissioner had rightly exercised jurisdiction under section 263 in respect of a sum of rs. ..... giving effect to the true intention of section 43b and is, therefore, retrospective in operation. learned standing counsel for the commissioner concedes that the law now stands settled by the supreme court. the supreme court has also held in the said case that explanation 2 as added by the finance act, 1989, was retrospective in nature. we .....
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