Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46ITD24(JP.)
..... argued by the learned counsel for the assessee that the addition to assessee's income was due to amendment in section 80j vide finance act, 1980, as a result of which the borrowed capital had been excluded from computation of capital for allowing relief under section 80j. ..... and the levy is, in fact, attributable to sub-section (8) of section 139 or section 215, it is nevertheless a part of the process of assessing the tax liability of the assessee.in the later part of that judgment their lordships have observed to the effect that there are provisions in the it rules to the effect that if the assessee can show sufficient cause for reduction or waiver of interest, the assessee can approach the ito or the deputy commissioner of income-tax, as the case may be. ..... 5,01,855 under section 215 of the income-tax act, 1961, which too is quite erroneous, illegal, unjustified, extremely high and not based on ..... by the learned departmental representative where on page 56 of the report their lordships have observed as under : the material provisions are section 139(8) (a) and the proviso thereunder read with rule 117a of the income-tax rules, 1962. ..... therefore, obvious that no prior show-cause notice is required to be given to the assessee, since liability to pay the interest is attracted automatically by operation of law, but the rigour thereof is mitigated by empowering the income-tax officer to reduce or even waive the amount, if good cause is shown by the assessee after incurring that liability. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)24ITD121(JP.)
..... found force in this contention and held that the words 'regular assessment' occurred in section 139(8) and section 215, that the "regular assessment" was defined in section 2(40) of the income-tax act, 1961 as assessments framed under section 143(3) or section 144 and assessments made under section 147 not having been included as regular assessments, the assessments made under section 147 could not be considered as regular assessments. ..... date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment as reduced by the advance tax, if any, paid, and any tax deducted at source : provided that the income-tax officer may, in such cases and under such circumstances as may be prescribed, reduce or waive the interest payable by any assessee under this ..... must, therefore, construe the language of section 80m on its own terms uninhibited by any interpretation which may have been placed on clause (iv) of sub-section (1) of section 99 by any high court.ultimately their lordships dismissed the petition holding that even before the amendment by finance act no. ..... jagjit kaur [1980] 126 itr 540, orissa high court in cit v.ganeshram nayak [1981] 129 itr 43, punjab and haryana high court in ..... matters relate to the assessment years 1978-79 to 1980-81. ..... 2 of 1980 the deduction was allowable in the same manner as provided by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1991)39ITD483(JP.)
..... income-tax act, 1961 was a central legislation and only the central government is empowered to relax the rigours of its provisions and for that reason the instructions, directions, letters, circulars issued by the central government through central board of direct taxes (cbdt) may be taken benefit of by an assessee and the notification by a state government notifying an act work as being of or in the public interest would not amount to a notification by the central government under the provisions of section 10(17b) of the act ..... 28-1 -83 and 22-6-87 by the state government were issued in its finance (r&a1) department and such notifications had nothing to do with the provisions of section 10(17b) of the act. ..... to grant exemption from tax in respect of certain income is within the power of central legislative body-the parliament and not the state government.the state government may at most declare an act or work as done in the public interest and hence the payment made as reward in respect thereto as also being in ..... the learned departmental representative opposed the arguments of mr.ranka on the ground that official act required to be done by an authority must be done by that authority unless there is expressed delegation of authority to do that act by another person or such delegation of authority can be impliedly inferred in a ..... in the year 1982-83 the government of rajasthan in its finance (r & al) department, announced several incentive schemes to promote ..... gopinath [1980] 4 taxman 80 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta nos. ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective operation. ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under consideration. ..... it is also accepted that with the passing of finance act, 1983, the assessee became liable to wealth-tax and accordingly started filing its wt returns. ..... this fact is also further corroborated by the income-tax assessments that have been completed by the department right from 1971, that is, from the year in which the company was incorporated, the department has always accepted this position. ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule-ill to the wealth-tax act for all the years under consideration.20. ..... section 7(3) of the wealth-tax act, as regards the value determined by the d vo, has been specifically made in section 40(4) of the finance act, ..... on account of the revival of levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on 30-3-1985 declaring total ..... intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of wealth-tax.6. ..... this fact is also further corroborated by the income-tax assessments that have been completed by the department right from 1971, that is, from the year in which the company was incorporated, the department has always .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)83TTJ(JP.)246
..... the part i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. ..... there is no reference in these sections to compute the tax on undisclosed income in accordance with the rates given in finance act. ..... (e) it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous year. ..... the charging section for the block assessment is 158ba(2), which does not speak anything about the rates prescribed in central act, therefore, the rates prescribed in finance act are not applicable for the special assessment of the search cases. ..... rule 10 of finance act prescribes that the provisions of it act relating to procedure for assessment, shall with the necessary modification apply in relation to the computation of the net agriculture income of assessee as they apply in relation to the assessment of total income. ..... tax on undisclosed income should be computed in accordance with the provisions of section 158ba(2) r/w section 113 of it act. ..... tax on undisclosed income should be computed in accordance with the provisions of section 158ba(2) r/w section 113 of it act. ..... the section 113 of the act mandates that tax on undisclosed income should be charged at flat rate of 60 per cent. ..... the section 113 of the act mandates that tax on undisclosed income should be charged at flat rate of 60 per cent. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)87TTJ(JP.)340
..... the facturn of registration under the motor vehicles act cannot be said to be decisive for the purpose of the ownership required under section 32 of the income tax act. ..... locus standi insofar as ownership is concerned so long as there is no default in payment of the instalment as per the agreement of finance, applicant's case is fully covered by the decision of hon'ble rajasthan high court in case of golecha properties (p) ltd. v. ..... business of assessee- company is similar to the banks who are financing the vehicles and eallning interest thereon.thus, in brief the allegation of the assessing officer is that the assessee is neither owner of leased vehicles, nor it is using them for its business and thus the conditions for allowance of depreciation under section 32 of the act are not fulfilled. ..... and 18 of his order.in view of the above, the assessee has simply acted as a facilitator between purchaser and the dealer for running its financing business.the real owner and the dominion over the rights of ownership are with ..... treating the transaction of lease of vehicles as finance activity and thereby taxing the lease rent as return on the finance on the one hand but not allowing the shortfall in the amount of alleged finance and the recovery of principal (by way of security deposit) ..... the finding of the commissioner (appeals) that the monthly security deposit invariably equals the amount financed is factually incorrect.the enclosed statement shows the cash deficit in recovery to the extent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)330
..... sources; (iv) in respect of investment of surplus fund there is divergence of opinion between different high courts and the rajasthan high court has held that if the surplus funds are invested instead of keeping them idle, the income by way of interest should be treated as income from other sources; (v) if the surplus funds emerge out of business regularly carried on by the assessee and with the intention to carry on the business of money-lending the loan is advanced the ..... the learned counsel further argued that having regard to the heads of income mentioned in section 14 of the it act, it is first to'be seen whether the income falls under the head "business". ..... , 1992, and observed as under : "in view of the categorical statement contained in circular, which contained the explanatory notes given on the provisions relating to direct taxes, it is clear that these amendments are only prospective in nature and it will apply only in relation to the asst. yr. ..... in rebuttal, the learned counsel for the assessee argued that amendment made by finance act, (no. ..... czt (1980) 121 itr 951 (bom), the bombay high court while interpreting the expression 'derived from' observed that only the proximate source is to be considered and not the source to which it may be ultimately be referable. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2001)73TTJ(JP.)851
..... such a finding of the commissioner (appeals) needs to be reversed and the claim of the appellant be allowed so as to be treated as profits of the business for the purpose of claim of deduction under section 80hhc of the income tax act.on the other hand, the learned departmental representative contends that the commissioner (appeals) has passed a reasoned order. ..... the interest receipt was only a meagre amount and the resultant amount after reducing the receipts on account of interest showed a higher amount of expenditure on interest and finance charges, though the issue related to the same assessment year i.e. ..... the issue related to assessment year 1996-97, an year which came for consideration, after the insertion of the explanation (baa) in section 80hhc by the finance (no. ..... (1991) 187 itr 688 (sc) though their lordships reiterate that the appellate powers conferred on the appellate assistant commissioner under section 251 could not be confined to the matter which had been considered by the income tax officer, as the appellate assistant commissioner is vested with all the plenary powers which the income tax officer may have while making the assessment, but did not comment on the issue whether these wide powers also include .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2006)101TTJ(JP.)192
..... under section 149(1)(b) of the act, as per amended provisions as applicable on date of issue of the notice, the notice under section 148 shall not be issued for the relevant assessment year if seven years, but not more than 10 years, have elapsed from the end of the relevant assessment year, unless the income chargeable to tax which has escaped assessment amounts to ..... section 148(1) (operative from 1st april, 1989, it mandated that a section 148 notice not giving a minimum period of 30 days for furnishing the return could not be sustained in view of the expression, 'not being less than 30 days' in the said section 148(1).but by finance ..... may observe that, by the finance bill, 1992, the definition of the term 'small scale industrial undertaking' in section 80-ia has been amended to the effect that, the said expression cover only those small-scale industrial undertakings which are regarded as such undertakings under section 11b of the industries (development and regulation) act, 1951. ..... arrived at the above conclusion, by considering the additional material, namely, the reasons given in the memorandum explaining the provisions of the finance bill, 1986, with the emphasis that, in the light of the upward revision to the term by the ministry of industries, the definition is being revised under the it act. ..... in 1986, through the finance bill, 1986, it was observed that, the upward revision of the value of machinery and plant is being made in the light of the upward revision made by the .....
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