Judgment Search Results Home > Cases Phrase: finance act 2007 section 8 amendment of section 12a Sorted by: recent Court: allahabad Page 1 of about 145 results (0.176 seconds)

Oxford Academy for Career Development Vs. Chief Commissioner of Income ...

Court : Allahabad

Reported in : (2009)226CTR(All)606

..... of general public utility not involving the carrying on of any activity for profit.' thus, the scope of the definition was changed for the it act, 1961, specially after an amendment in section 2(15) by the finance act, 1983, w.e.f. 1st april, 1984.22. in the instant case, the assessee is preparing students by providing coaching/guidelines to ..... by the hon'ble apex court in the case of mp state agro industries v. jahan khan : (2007) 10 scc 88.16. in the instant case, the petitioner is a registered society, which was earlier granted registration under section 12a of the it act on 1st april, 1999. a survey was conducted at the business premises on 20th sept, 2002, ..... , he relied on the ratio laid down in the case of director of it (exemptions) v. eternal science of man's society : (2006) 205 ctr (del) 381 : (2007) 290 itr 535 (del) where it was held that:accumulation of income is permissible for a plurality of purposes. the respondent trust had accumulated its income for six different purposes .....

Commissioner of Income-tax Vs. Rashid Exports Industries

Court : Allahabad

..... vi-a. with a view to prevent the taxpayer taking undue advantage of the existing provisions of the act, section 80-ia was amended by the finance (no.2) act, 1998, so that the deductions allowed under section 80-ia and various sections under heading c of chapter vi-a are restricted to the profits of the business of the undertaking/ ..... the deductions only to the extent of 100% of the amount of profits and gains. 13. the object of amending section 80-ia by the finance (no.2) act, 1998, as is evident from the memorandum explaining the provisions in the finance (no.2) bill, 1998 ([1998] 231 itr (st.) 252), is that it was noticed that certain assessees ..... tax appeal no. 734 of 2007 is being taken into consideration. 2. the assessee is a manufacturer and exporter. for the assessment year 2001-02, the assessee filed his return showing nil income claiming deductions under sections 80hhc and 80-ib of the income tax act, 1961 (hereinafter referred to as the act). the return of income was processed .....

Manas Sewa Samiti Vs. Chief Commissioner of Income-tax

Court : Allahabad

..... we shall now consider the effect of insertion of provisos to section 10(23c)(vi) vide finance (no.2) act, 1998. section 10(23c)(vi) is analogous to section 10(22). to that extent, the judgments of this court as applicable to section 10(22) would equally apply to section 10(23c)(vi). the problem arises with the insertion of the ..... and the petitioner- society was declared non taxable. 2. for the assessment year 2007-08, the petitioner filed its return showing an ..... . bhim rao ambedkar university, agra. prior to the assessment year 2007-08, the total receipts was below the monetary limit of rs. 10 crores. as such, the petitioner fell under section 10(23c) (iiiad) of the income tax act (hereinafter referred to as the act). the returns were filed accordingly which were accepted by the department .....

Navneet Kulsheshthra and Others Vs. State of U.P. and Others

Court : Allahabad

..... and funds of the institute and was conferred the power to create or abolish posts of teachers and other employees, manage and regulate finances and oversee all other affairs of the institute. section 18 when enumerating the functions of the governing body does not mandate the exercise of power by that body only by regulations. the ..... rs. 4000-6000. it was pursuant to the aforesaid advertisement that all the petitioners applied and upon being selected came to be appointed in may and september 2007. after having accepted the appointment an issue with regard to disparity between the pay of the petitioners and other laboratory technicians who were already working in the ..... facts may at first be noticed. sgpgi came to be established in terms of the provisions of the sanjay gandhi post graduate institute of medical sciences act, 1983 (the 1983 act) with the object of it being established as a center of excellence for providing medical care, educational and research facilities in the field of medical .....

Commissioner of Income-tax-II, Agra Vs. Shimbhu Mehra

Court : Allahabad

..... said person gets a right to get the property transferred in his favour and, consequently, some right of the vendor is extinguished. 13. explanation 2 to section 2(47) of the act was added by finance act, 2012 with retrospective effect on 1.4.1962 and, consequently, the said provision would be applicable. the said explanation clearly provides that transfer of an asset includes ..... light of discussions in above paras it is clear that the transfer of the property took place on the date of the agreement dated 4th july, 2001. the provisions of section 50c were inserted by finance act, 2002 w.e.f. 1-4-2003 and were not in existence on the date of the agreement. therefore the provisions of ..... section 50c are not applicable to the cases of the appellants and therefore, grounds no.6 and 8 are allowed." 9. the tribunal for a different reason, confirmed the order of .....

Ravi Agarwal Vs. Assistant Commissioner of Income-tax, Circle-II, Bare ...

Court : Allahabad

..... assessee was not in the ordinary course of business and was not covered by the exclusionary class (ii) of section 2(22)(e) of the act. 3. the tribunal found that the object as per the memorandum of association of the finance company is business of lending money, but, contended that as per the balance sheet, the loans and advances ..... and that the lending of money constitutes a substantial part of the business of the finance company and, therefore, the said loan could not be treated as a deemed dividend in view of the provision of sub section (ii) of section 2(22)(e) of the act. on the other hand, the department has urged that lending of money was ..... the appellant was required to explain as to why the loans and advances taken from sarnath finance ltd. should not be treated as a deemed dividend in view of the provision of section 2(22)(e) of the income tax act (hereinafter referred to as the "act"). the assessing authority, after considering the explanation held, that the alleged loan taken by .....

Uma Shanker Singh and Others Vs. State of U.P. and Others

Court : Allahabad

..... of a writ petition4 which was disposed of on 21 july 2000 permitting the petitioners to make a representation to the principal secretary (finance). on 21 may 2002, the principal secretary (finance) held that the petitioners were entitled to receive hra at the rate which was applicable to employees of varanasi city after due ..... is immaterial whether the institution is within the same district or otherwise. we are in respectful agreement with the judgment of the division bench dated 22 november 2007 in the case of dios, mirzapur vs. rajwanta singh (supra). the decision of the division bench which affirms the view of the learned single judge ..... necessary. there is an educational institution by the name of rashtriya inter college, sherpur, mirzapur which is governed by the provisions of the uttar pradesh intermediate education act, 1921. the institution receives grant-in-aid from the state government. all the petitioners are employees of the institution - the first petitioner is the principal, .....

Rita Bagga and Others Vs. Union of India and Others

Court : Allahabad

..... not done and consequently the rejection of the petitioners' reply by the respondent-bank and issuance of notice under section 13(4) of the act becomes patently illegal and arbitrary. at this stage, we must observe that the finance is required so that the petitioners could run their business. if the loan or the cash credit limit is ..... outstanding amount was not paid within ninety days, the account was classified as npa. before we proceed, it would be essential to peruse section 13(2) of the act. section 13(2) of the act provides that where any borrower, who is under a liability to a secured creditor under a security agreement, makes any default in repayment of ..... evolutionary era of the constitutional law as they still hold the filed. similarly the supreme court in popcorn entertainment and another vs. city industrial development corpn. and another, (2007) 9 scc 593 held as under: 22. he invited our attention to whirlpool corpn. case, (1998) 8 scc 1 wherein this court has held that there are .....

Commissioner of Income-tax-II, Agra Vs. Shyam Biri Works

Court : Allahabad

..... in the court. 11. previously, only instructions were issued by cbdt under section 119 of the act and, in order to give it a legislative measure, a new section 268a was inserted by the finance act, 2008 with retrospective effect from 1st april, 1999 in the income tax act, 1961. for ready reference, the said provision is extracted hereunder:--- "filing ..... in oliver ashworth (holdings) ltd. v. bellard (kent) ltd., [1999]2 all er 791at 805 and reiterated in tanna and modi v. commissioner of income act, mumbai, [2007] 7 scc 434. the real distinction lies in the balance to be struck in the particular case between literal meaning of the words on the one hand and ..... the department where the tax effect was below the board's prescribed limit should be withdrawn forthwith. in this regard, cbdt issued instruction dated 5th june, 2007 directing the department to examine all appeals pending before the bombay high court on a case to case basis with further direction to withdraw cases wherein the criteria .....

Commissioner of Income-tax, Allahabad Vs. Anil Kumar Chadha

Court : Allahabad

..... the cash belongs to the firm m/s. chaddha and others. finally, the matter was referred to the income tax department, who has issued a notice under section 158bc of the act in the name of the assessee and made the addition being undisclosed income alongwith the income of rs. 1,11,700/-disclosed by the assessee in his return. ..... the search was conducted or documents, assets requisitioned. 6. to support his argument, he relied upon the ratio laid down in the following cases : (a) manish maheshwari v. asstt. cit [2007] 289 itr 341/159 taxman 258 (sc); (b) cit v. mridula prop. dhruv fabrics [2011] 335 itr 266/[2012] 20 taxmann.com 575 (punj. and har.); (c) cit ..... following cases : (a) cit v. ms. pushpa rani [2007] 289 itr 328/[2004] 136 taxman 627 (delhi); (b) jayantilal damjibhai soni v. director of investigation [2009] 177 taxman 357 (guj.); (c) raghu raj pratap singh v. asstt. cit [2008] 307 itr 450/[2009] 179 taxman 73 (all.); and (d) new delhi auto finance (p.) ltd. v. jt. cit [2008] 300 .....