Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1998)64ITD104(Delhi)
..... connection, section 18(5) as amended by the tax laws amendment act, 1970 ..... in 148 itr at page 168 (sic) states that the wto and the iac shall not initiated any proceedings for imposition of penalty on a person or impose penalty on him for an offence under clause (a) or clause (c) of sub-section (1) of section 18 in respect of any assessment year up to and including assessment year 1985-86 in a case, if he is satisfied that such person : (a) has prior to detection by the wto or as the case may be, the iac of the wealth-tax, ..... in the first para of those submissions, it is submitted that assessment order for assessment years 1982-83 to 1984-85 were not communicated to the assessee and penalty proceedings were received by the assessee under section 18(1)(a) only for assessment year 1983-84.in those submissions, it is stated as one of the points that the penalty notice dated 15-3-1990 was issued only in respect of assessment order for assessment year 1984-85 to ..... be passed :- (a) in a case where the assessment to which the proceedings for imposition of penalty relate is the subject-matter of an appeal of the dcit(a) or commissioner (appeals) under section 23 or an appeal to the appellate tribunal under sub-section (2) of section 24 after the expiration of period of - (i) two years from the end of the financial year in which the proceedings, in the court of which action for imposition of penalty has been initiated are completed, or (ii) ..... laws amendment act, 1975 and finance act, ..... 1977 .....
Tag this Judgment!Court : Delhi
Reported in : [2000]246ITR299(Delhi)
..... note that subsequently, the provision itself underwent substantial amendment by the finance act, 1987 operative from 1.4.1988. ..... the amendments made by the finance act, 1982 ..... arises from transfer by the assessee, and b) of one or more buildings or lands appurtenant thereto, the income of which is chargeable under the head 'income from house property', and c) to such capital gains provisions of section 53 are not applicable, and d) such house property was being used by the assessed or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of ..... residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say: (i) if the amount of the capital gain is greater than the cost of the new asset, the difference between the amount of the capital gain and cost of the new asset shall ..... be charge under section 45 as the income of the previous year and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction ..... letter no.207/20/76-ita-ii dated 3rd august, 1977 indicated the position in the manner we .....
Tag this Judgment!Court : Delhi
Reported in : (2001)163CTR(Del)602
..... to note that subsequently, the provision itself underwent substantial amendment by the finance act, 1987, operative from 1-4-1988. ..... the amendments made by the finance act, 1982, ..... arises from transfer by the assessee, and(b) of one or more buildings or lands appurtenant thereto, the income of which is chargeable under the head 'income from house property', and(c) to such capital gains provisions of section 53 are not applicable, and(d) such house property was being used by the assessed or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of transfer ..... residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say :(i) if the amount of the capital gains is greater than the cost of the new asset, the difference between the amount of the capital gain and cost of the new asset shall be ..... charged under section 45 as the income of the previous year and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, ..... 207/24/76-ita-ii, dated 3-8-1977, indicated the position in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)81ITD127(Delhi)
..... rendered to the foreign tourists.with regard to the provisions of sub-section (2a) inserted by the said finance act, i am of the view that this is only a machinery provision for allowing the correct amount of deduction under the above section.in this particular case, there is no doubt about the genuineness of ..... subsequently by the finance act, 1994, by amending the law to provide ..... in section 64 by the finance act, 1979, though not in terms retrospective, serves as a parliamentary exposition of the meaning of the word 'income' as used in the unamended section, for, that word, in the context of section 64, ..... finance act, 1979 which reads as follows : "for the purpose of this section ..... the p&l a/c of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be utilised for the purposes of the business of the assessee in the manner laid down in sub-section (4) : provided that a hotel or, as the case may be, a tour operator approved-by the prescribed authority on or after the 30th day of november, 1989, and before the 1st day of october, 1991, shall be deemed to ..... the unreported decision of the tribunal relied upon on behalf of the assessee does not advance its case since the subsequent amendment effective 1st april, 1995, was not brought to its notice as also the crucial fact that the amendment effective 1st april, 1992, did not take away the existing benefit to the first recipient vis-a-vis that proportion which was ..... 1977) 39 stc 12 : air 1977 .....
Tag this Judgment!Court : Delhi
Reported in : (2003)180CTR(Del)212; [2003]259ITR600(Delhi)
..... order of the settlement commission ; (ii) that, the earlier order passed by the settlement commission on august 24, 1977, was a nullity because it was made in violation of the principles of natural justice ; (iii) that, thereforee, the application for settlement was still pending when the amendment made by the finance act, 1979, came into effect ; and that amendment being procedural, the amended section 245d would govern the proceedings and the commission would have the power to overrule the ..... pending this application, the finance act, 1979, amended section 245d by inserting sub-section (1a), which enabled the settlement commission to reject the commissioner's application. ..... by it in writing) that, for the proper disposal of the case pending before it, it is necessary or expedient to reopen any proceeding connected with the case but which has been completed under this act by any income-tax authority before the application under section 245c was made, it may, with the concurrence of the applicant, reopen such proceeding and pass such order thereon as it thinks fit, as if the case in relation to which the application for ..... the order states as under :'the assessed filed an application under sub-section (1) of section 245c of the income-tax act, 1961, to have his proceedings for or in connection with the assessment pending before the income-tax officer, company, circle vi, new delhi, for the assessment years 1977-78 and 1978-79, settled. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)96TTJ(Delhi)201
..... various aspects, has held in similar facts that loss suffered by assessee, a share broker-cum-dealer, on purchase and sale of shares on its own account was speculation loss within the meaning of section 73 read with explanation and assessee's main income not being interest on securities, income from house property, capital gains or income from other sources and assessee not being in the business of banking or ..... has been published in (2005) 92 ttj (del) 351 along with the following editorial comments : "this decision seems to be novel where the benefit of section 73 read with explanation has been given to the assessee on the basis of the object and the intention of the provision as derived from the circular issued by the board, disregarding the ..... assessee argued that explanation to section 73 was inserted by the taxation laws (amendment) act, 1975, w.e.f. ..... address ourselves to the second limb of the argument of the assessee that if the provisions of explanation to section 73 are to be applied they should be applied both to the income from share trading as well as income ..... dealings in shares by companies, other than investment, banking and finance companies, should be treated in a manner analogous to speculation business ..... 1977.the assessee argued that speculative transaction was already defined under the provisions of section ..... 1st april, 1977, in response to a specific recommendation of wanchoo committee to counter tax avoidance device often resorted to by business houses for dealing .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (1985)(5)LC2021Tri(Delhi)
..... . even if item ib did not specify unit containers, section 4 of the act would have come into play to as to include the cost of packing (unit containers, in this case) in the assessable ..... . and the shape/form in which the milkfood is, to be sold makes it necessary to be contained in a container of this nature-to be preserved, the container acting as a necessary aid or adjunct in the steps to keep it, horlicks, preserved.it is no accident that all the foods in the item, meat, milk, fish, eggs, fruit are ..... with our problem but for the fact that the period of this dispute was after the amendment introduced by notification no. ..... 'in exercise of the powers conferred by sub-rule (1) of rule 8 of the central excise rules, 1944, and in supersession of the notificatian of the government of india in the ministry of finance (department of revenue) no ..... . 178/77-ce dated 18th june, 1977, the central government hereby exempts all excisable goods (hereinafter referred to as "the said goods"), on which the duty of excise is leviable and in the manufacture of which any goods falling under item 68 of the first schedule to the central excises and salt act, 1944 (1 of 1944), have been used as raw materials or component parts (hereinafter referred as "the inputs"), have been used, ..... , 1982, and later, read 'in exercise of the powers conferred by sub-rule (1) of rule 8 of the central excise rules, 1944, and in supersession of the notification of the government of india in the ministry of finance (dept .....
Tag this Judgment!Court : Delhi
Reported in : (1985)48CTR(Del)229; [1986]157ITR422(Delhi)
..... it is interesting that this amendment was made by the finance act, 1983, with retrospective effect from 1st april, ..... - for the removal of doubts, it is hereby declared that for the purposes of this sub-section and sub-section (2b), as it stood before the let day of april, 1977, 'entertainment expenditure' including expenditure on provision of hospitality of every kind by the assessed to any person, whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason of any express ..... us a number of judgments were cited showing that there had been a considerable divergence of view between the high courts on the question of 'entertainment expenditure' and this divergence had been followed by a retrospective amendment of the income-tax act, 1961, the introduction of explanationn 2 in section 37(2a) of the act. ..... -tax appellate tribunal was justified in holding that the expenses in providing tea, coca cola and food to the customers of the assessed were the nature of entertainment expenditure and were, thereforee, disallowable under section 37(2b) of the income-tax act, 1961 ?' 2. ..... appellate assistant commissioner on appeal allowed the expense as being customary expenditure on messing and expenses on expiries and these could not be termed as 'entertainment expenditure' under section 37(2a) of the act. 4. ..... to the constituents on the ground that they were entertainment expenditure not allowable under section 37(2b). 3. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (1986)(25)ELT691TriDel
..... after section 51 of the finance act, 1982 was enacted in may, 1982 which gave retrospective effect to amendments of rules 9 and 49, the assistant collector issued a show cause notice to he appellants on 15-6-1982 proposing to reject their refund claim under sub-section (2) of the said section 51. ..... and ors.in the delhi high court judgment cited at (2) above, the question was considered in the context of the amended rules 9 and 49 and section 51 of the finance act, 1982. ..... we observe that section 51 of the finance act, 1982 was a validating provision and its effect was to put the charge of duty on deemed removals for captive consumption, whether by continuous process or otherwise, beyond the pale of doubt. ..... by his order-in-original dated 22-7-82 the assistant collector rejected the refund claim on the ground that the order-in-appeal dated 8-2-1980 relied on by the appellants for their refund claim, being inconsistent with the amended section 51(2), had become null and void. ..... we find nothing in section 51 to withdraw such a relief. ..... the appellate collector, by his order dated 8-2-1980, upheld the charge of duty on the basis of the sized weight but gave benefit of time bar under rule 9(2) for the period on and from 6-8-1977 to the appellants. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (1986)(6)LC350Tri(Delhi)
..... 14-h cet as it stood prior to its amendment by the finance (no. ..... m-1272(1) dated 28-9-1938 under section 17 of the indian explosives act has declared any gas when contained in any metal container in a compressed or liquefied state to be an explosive. ..... prior to the amendment of the item in 1977, in so far as the gaseous form was concerned, only compressed carbon dioxide fell for classification under item 14-h. ..... of central excise, simla issued a corrigendum dated 29-9-1980 to the show cause notice wherein the quantity of carbon dioxide gas was amended to the figure 3,58,398.67 kgs. ..... under section 35-p of the central excises and salt act, 1944, these have come as transferred proceedings to this tribunal for disposal as if they were appeals filed before it.2. ..... and the duty amount was amended to the figure rs. ..... 14-h of the first schedule to the central excises and salt act, 1944 (cet, for short).the appellants' contention is that the gas in question is not compressed carbon dioxide within the meaning of item 14-h cet, whereas the contention of the department is that it is.3. ..... 2) act of 1977. ..... further, the subject co2 was not odourless as required under the indian standard specification is: 307-1266 as re-affirmed in 1977. ..... the gas cylinder rules, 1940 regulate the manufacture, possession, transport and importation of any gas which has been declared to be an explosive within the meaning of the indian explosives act, 1884. .....
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