Judgment Search Results Home > Cases Phrase: finance act 2012 central chapter iii direct taxes Court: income tax appellate tribunal itat madras Page 1 of about 10 results (0.144 seconds)

Smt. P. Soundarya Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)28ITD1a(Mad.)

..... to acquisition in all cases become inapplicable for transfers after 80th september, 1986. the central board of direct taxes by its circular dated 16th may, 1986, which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 2690 of ..... - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes to insert chapter xxc providing for purchase by central government of immovable properties in certain cases of transfer. with a view to achieve .....

inspecting Assistant Vs. Donald William Rickard

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)26ITD434(Mad.)

..... . therefore, the argument that these areas have always been a part of the territory of india would render the notification redundant. (3) the finance act, 1981 introduced section 293a in the income-tax act. the said section, inter alia, empowers central government to make exemption, reduction in rate or modification in respect of income-tax in favour of persons who are in the business ..... .43. thus, on a plain reading of sections 6(6) and 7(7) of the territorial waters act, the letter issued by the central board of direct taxes, the memorandum to the finance bill, 1981 explaining the provisions of the finance act, 1981 and keeping in mind the reasons given by the tribunal in its order in s.a. hareford's case (supra), it is .....

G.V.S. Raju Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD795(Mad.)

..... further observed that section 14 itself contains saving clause, namely, 'save as otherwise provided by this act' and section 4(1) of the act also provides that income-tax should be calculated in accordance with any central act, namely, the finance act passed every year.accordingly, he confirmed the assessment orders and dismissed the appeals.4. the learned ..... any assessment year at any rate or rates prescribed by any central act which is the annual finance act passed by the parliament. it is also clear that such rates prescribed by the finance acts shall be charged in accordance with and subject to the provisions of this act. therefore, the levy of prescribed tax should be in accordance ..... income-tax. reading section 4 and section 14 together, it will be evident that the charging of income-tax at the rate prescribed by the finance act shall be governed by section 14 both for the purpose of charge of income-tax and computation of total income. obviously the income arising from agricultural .....

Late S. Ayyakannu by Lr Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... paper corpn. ltd. (1994) 77 taxman 450 (cal) are to the same effect. sec. 9(2) was inserted by the finance (no. 2) act, 1991 with retrospective effect from 1st april, 1972. the s. 90(2) envisages a situation where the central govt. has entered into an agreement with the government of any country outside india under s.90(1) for granting relief ..... double taxation avoidance agreement between india and singapore and s. 90(2) of the it act, 1961 come to the rescue of the assessee. sec. 90(2) of the it act, 1961 inserted by finance (no.2) act, 1991 with retrospective effect from 1st april, 1972, reads as under : (2) where the central government has entered into an agreement with the government of any country outside india .....

Kirtilal Kalidas and Co. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)67ITD573(Chennai)

..... these appeals. sri santhanakrishnan submitted that the provisions of chapter xiv-b are enacted as a special procedure for assessment of search cases brought on the statute book by finance act, 1995, and the purpose is to subject to tax, as quick as possible, the undisclosed income as defined in sub-s. (b) of s. 158b of the ..... decision or order came into existence in the eye of law. such orders are liable to be quashed as held by the supreme court in the case of collector of central excise & land customs vs. sanawarmal purohit 1979 elt 613 and also by the calcutta high court in the case of himalayan plywood industries (p) ltd. vs. collector of ..... assessments the ito has solely to be guided by the provisions of law. he cannot avail of any instruction or direction given by his higher authorities including the central board of direct taxes for making a particular assessment. while passing assessment orders he is only bound by what has been decided by the appellte authorities mentioned in the .....

T.S. Kumarasamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)65ITD188(Chennai)

..... the commissioner of income-tax nor the assessing officer have understood in proper legal perspective the provisions of chapter xiv-b brought on the statute book by finance act, 1995. these provisions have been enacted for speedy completion of assessment in search cases where undisclosed income is found or detected as defined in section 158b(b) ..... . 1.68 crores cannot be sustained. the provisions of chapter xiv-b have been brought on the statute book by the finance act, 1995 for assessing udi of a person searched under section 132 of the act for the block period of 10 years.what is udi has been clearly stated and defined in sub-section (b) of ..... income-tax officer has solely to be guided by the provisions of law. he cannot avail of any instruction or direction given by his higher authorities including the central board of direct taxes for making a particular assessment. while passing assessment orders he is only bound by what has been decided by the appellate authorities mentioned in .....

Sri Venkateswara Hatcheries (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)1ITD1077(Mad.)

..... since they are involved in producing, artificially, chicks out of eggs, it would amount to processing and so they satisfy the requirements of section 2(8) of the finance act. we have already held that the assessee could .be considered as producing articles or things.the expression "processing" is, certainly, wider in terms than the expression ..... that the company is producing eggs like other companies producing various materials.chicks are produced by natural processes only. the reference to the central excise act, also, does not help the assessee, according to him, because if the assessee's contentions are correct, the production of chicks should be subject to ..... has considered the raising of coal as production in the case air 1959 cal. 222. he further pointed out that the central excise act assumes that there is a production of tobacco and that is why central excise is levied thereon. thus, with reference to decided cases, the word "production" would include things which are naturally found .....

P.K. Ganeshwar Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2002)80ITD429(Chennai)

..... of letter of credit for import of machinery. one of the documents that was objected to by the senior departmental representative mr. ravi, a letter from central warehousing corporation, it was submitted and has been placed only to highlight the fact the intention to import machinery, which machinery after import could not be ..... parties had confirmed that they did not insist for any security and had not made any record of the same in their books because they had finance arrangement with their respective bankers and that they had removed the goods from godowns without informing their bankers because the arrangement was one of hypothecation and ..... assessments on undisclosed income consequent to the search conducted and with reference to assets seized during search conducted within the meaning of section 132 of the act. the background of the enactment indicated that the provisions that existed earlier of framing of summary assessments that required to be followed by regular assessments resulted .....

V. Bhaskaran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2002)83ITD614(Chennai)

..... mentioned that it had extended an opportunity for payment of tax which the assessee could not utilise by stating that its finances did not permit such a payment, the assessee having failed to seize the opportunity offered by the tribunal, subsequently finding ..... on its return if it is allowed time to which the assessee has replied that it does not have the finances to deposit the tax and this was noted by the tribunal as refusal to its proposal or offer and ..... stay petition are supplementary appeal and that the tribunal should not entertain such supplementary appeals. he finally pleaded that the act does not empower any appellate authority to entertain supplementary appeal and, therefore, the petition for stay, the appeal on ..... act). the prayer for stay of tax is of rs. 56,698,100 has been moved by an application filed on 15th feb., 2000, and is stated as based on an appeal filed on 9th sept., 1998.2. the prayer of the appellant for stay of tax is based on an order of the tro-i, central .....

L. Saroja Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2001)76ITD344(Mad.)

..... and his wife smt. saroja are interested cither as partner or otherwise. the seized books of the appellants would appear to suggest inter lacing and inter-winning of funds, finances and transactions among the appellants inter se and qua shri k.v. laxmanan. huf or smt.saroja. to be fair to both the sides we set aside the block ..... null and void and the order impugned in this case could be struck down as invalid on that score alone." however in view of an undertaking given by the central government in the court that it would within a reasonable time give a full, fair and effective hearing to the company on all aspects, the court refrained from quashing ..... stage. therefore, we are of the considered opinion that the supreme court decision rendered in the context of jurisdiction under section 18aa(1)(") of the industries (development & regulation) act, 1951 is not on all fours with the case on hand. in the case before us the question of jurisdiction does not arise. in that case right of appeal was .....