Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat jodhpur Page 1 of about 10 results (0.185 seconds)

Rajasthan Vanaspati Products (P) Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93ITD390(Jodh.)

..... provisions of section 153(1) [before the amendment made by the finance act, 1989, w.e.f. ..... at the time of issuing of notice under section 271(1)(c) of the act r/w section 274 was not having any concrete evidence that the assessee was having any concealed income on which penalty under section 271(1)(c) of the act was leviable, therefore, the notice dated 21.3.88 claimed to be served on the assessee had been issued just to get the extended time available under section 153(1)(b) of the i.t. ..... that i was constantly attending to income-tax, sales-tax proceedings and company matters etc of the said company from time to time before various authorities. 3. ..... in view of the above, it can safely be held that the assessing officer was not sure upto 31.3.88 as to whether the assessee had concealed his income or furnished inaccurate particulars of his income because nothing had been mentioned in the alleged show cause notice dated 17.3.88, but only clarification/explanation has been sought. ..... act 1961" for "assessment year 1985-86" as contained in my letter dated 17^th march 1988 was issued by me in my erstwhile capacity as inspecting assistant commissioner of income tax (assessment) jodhpur and duly served upon sri s. k. ..... that by profession i am an advocate and am appearing in the income-tax matters of m/s rajasthan vanaspati product ltd. ..... , since 1980 and prior to that i was working in the said company as internal auditor, accountant and in various other capacities since 1973. 2. .....

income Tax Officer Vs. Bothra International and ors.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... therefore, section 80hhc as it stood at the relevant time was required to be read with section 28(iiib) because both the sections have been amended by the same finance act of 1990. ..... such profits and gains as are derived by the undertaking from the export out of india of the eligible articles or things that are eligible for deduction out of total income of the assessee are prescribed in sub-section (4) to be the amount which bears to the profits of the business of the undertaking in the proportion of export turnover of such eligible articles or things to the total turnover of the business. ..... the export out of india of eligible articles or things, shall be allowed from the total income of the assessee: provided that where in computing the total income of the undertaking for any assessment year, deduction under section 10a or section 10b has been claimed, the undertaking shall not be entitled to the deduction under this section: provided further that no deduction under this section shall be allowed to any undertaking for the assessment year beginning on the 1st day ..... in this connection, it will be pertinent to notice that section 28 states in no uncertain terms that profits and gains of business or profession which was carried on by the assessee at any time during the previous year shall be chargeable to income-tax under the head 'profits and gains of business or profession'. .....

Assistant Commissioner of Income Vs. Geetanjali Education Society

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2008)114TTJ(Jodh.)697

..... from 1st april, 2007 onwards anonymous donations or contributions may result in denial of exemption under section 11 of the act by virtue of sub-section (7) inserted in section 13 of the act and section 115bbc by the finance act, 2006. ..... so long as the assessee society enjoys the registration under section 12aa of the act and applies its income for charitable purposes it cannot be denied exemption under section 11 of the act. ..... he goes on adding that till the time the society remains registered under section 12aa of the act, any income received by it has to be treated as exempt under section 11 of the act. ..... this was the admitted case by both the parties that the recognition under section 12aa of the act remains in operation and the ao has not disputed the application of the income for charitable purposes.6. ..... the ao also got information collected under section 133(6) of the act in respect of some of the donors residing in udaipur from which the ao drew an inference that the society is engaged in issuing bogus donation receipts and in fact it has introduced its unaccounted money in the form of donations he also opined that the donors have at the same time, claimed deduction under section 80g in respect of their donation receipts from their incomes. ..... he has observed that an exemption under section 11 of the act cannot be denied to the assessee on the basis of fake donations, and it cannot be treated as the income of the assessee under section 68 of the act or any other section of the act. .....

Smt. Savitri Devi and Smt. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)112CTR(Jodh.)870

..... in pattern of taxation of registered firm and its partners, under section 247 which allowed partner to file appeal was deleted by the finance act, 1992 w.e.f. ..... the assessee denies his liability to be assessed under it act or objects to the amount of income or tax determined or status, etc. ..... lady has not denied the liability of the firm to tax nor has objected to the determination of income of the firm or tax determined payable by the firm and thus, appeal is not competent under section 246a(1)(a) or even (b). ..... ao fails to recover the demand from firm, recovery proceedings shall be initiated against the partners as provided under section 189(3), which provides that all the partners are jointly and severally liable for payment of demand. ..... as under: it is observed that the appellant has not objected to the liability of the firm from the additions made in case of the firm but has claimed in the grounds of appeal that she is not liable to tax and has denied her individual liability. ..... being aggrieved by raising of tax demand is the person who can file appeal as per the provisions of the act.8. ..... when there is no subsisting demand of tax and that the learned cit(a) has also in a way, held the notices of demand served on appellant to be premature, no such demand survives ..... in view of the above finding, tax demand, which is the subject-matter of these appeals, does ..... a tax liability has been raised against them, so they have a legal right to assail the tax demand raised ..... -2000, a tax demand of .....

Hari Singh and Associates Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2008)117TTJ(Jodh.)101

..... contended before us that the alteration made by the finance act, 2006 has not changed the earlier legal position qua the assessment to be invalid for the reason that no notice under section 143(2) was issued in the assessee's case. ..... per proviso to section 148 inserted by the finance act, 2006 with retrospective ..... these decisions is sought to be withdrawn by the legislature through the insertion of proviso to section 148 by the finance act, 2006 w.r.e.f. ..... in the rejoinder, the learned authorised representative submitted that if the contention of the learned departmental representative is accepted and the non-issuance of notice under section 143(2) is held to be a procedural irregularity, even then the time-limit for service of notice under section 143(2) being the period of one year from the end of the month in which return was filed, having expired, no such notice can now be issued and ..... was a case in which the petition was filed for issuance of notice by the ito to pass order in pursuance of notice under section 148, whereas in our case, there is no such direction from the hon'ble high court for permitting or prohibiting the ao from ..... the learned authorised representative has relied on several orders passed by the different benches of the tribunal holding that if the notice under section 143(2) is served after the prescribed period of 12 months from the end of the month in which return is filed then the ..... assessment order was passed on 31st march, 2004 by computing total income at rs. .....

income Tax Officer Vs. Emrald Construction Co. (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2008)304ITR338(Jodh.)

..... akil qureshi, the learned advocate, appearing for the revenue, has submitted that as per the provisions of section 194c of the act, the assessee was duty-bound to deduct income-tax from the amount which the assessee had paid to ravi builder. ..... as income-tax had not been deducted by the assessee society under the provisions of section 194c of the act, the society had committed a default and as a result thereof, the amount of tax, which ought to have been paid to the revenue was not paid and, therefore, the ao had rightly levied the interest as per the provisions of section 201(1a) of the act upon the assessee. mr. ..... if one looks at the provisions of the act which pertain to imposition of tax, it is very clear that as per the provisions of section 4 of the act, which is the charging section, the tax is to be paid on the income of the assessee and as per the provisions of the act, the said tax can also be deducted at source. ..... enterprises contractual 1,47,134m/s mutual finance (p) ltd. ..... 1977-78, 1978-79 and 1980-81, assessment orders were made on the assessee and demand notices were issued. .....

Smt. Saraswati Devi Gehlot Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2008)304ITR354(Jodh.)

..... value adopted or assessed by any authority of a state government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of section 48, is deemed to be the full value of the consideration received or accruing as a result of such transfer.thus, the reference made by the ao as well as the learned cit(a) to the ..... to a valuation officer, under section 55a of the act and of a commission issued under section 75 read with order xxvi, rule 9, of the code are different, it is not, therefore, a case of correction of an error in mentioning the section by the ao, an error which could be ignored by referring the action to the appropriate source of power.besides, section 55a having expressly set out the ..... the opinion of the ao, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.thus, it is clear that section 69 is attracted where the assessee had made investment but has not recorded it in the books of account. ..... section 142a in which reference was made to the dvo for determining the cost of construction, we find that this section has been inserted by the finance ..... section 45(4) also contemplates a situation in which capital assets are distributed on the dissolution of a firm or otherwise, and for the purposes of charging tax under this head in the hands of the firm, the fair market value of the asset on the date of such .....

Om Prakash Pandya Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)110TTJ(Jodh.)135

..... explanation 2(a) to section 147 provides that where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall be deemed to be cases where income chargeable to tax has escaped assessment. ..... thus, if the amount of income exceeds maximum amount which is not chargeable to tax and no return of income has been filed, it would be a case of income escaping assessment which would call for issuance of notice under section 148 and consequentially passing of order under section 147 would be valid. ..... 17 of the paper book, being copy of the order-sheet entry of the ao for the year under question that the notice under section 148 was issued on the ground that the assessee had not filed his return of income for the year in question.the said reasons have been extracted above verbatim. ..... in the fresh proceedings, he took note of the fact that the ao has recorded reasons for reopening on 16th july, 1990, which read as under: since the assessee did not file his return of income for the year under consideration, notice under section 148 of the it act, 1961 issued to the assessee. ..... he noted that this scheme was brought out by the finance ministry for unearthing black money by way of giving exemption to interest and penalty provisions. .....

Navneet Kumar Thakkar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2008)110ITD525(Jodh.)

..... transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed by any authority of a state government (hereafter in this section referred to as the 'stamp valuation authority') for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.it is observed that section 50c was inserted by the finance act, 2002 w.e.f. ..... "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer.memorandum explaining provisions of finance bill, 2002, states in this regard as under: the bill proposes to insert a new section 50c in the it act to make a special provision for determining the full value of consideration in cases of transfer of immovable property. .....

Shokat Ali Contractor Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)112TTJ(Jodh.)547

..... challenged before the hon'ble rajasthan high court, who held that in view of insertion of the provision in the finance act, 1997, a proviso to section (2) of section 44ad and giving it retrospect operation from 1st april, 1994, circular no. ..... is thus an authority of an income-tax which is authorised to rectify its order under section 154 of the act. ..... doubt with regard to the fact the retrospective amendment applies to this case because the amendment in the provisions of section 44ad was made by the finance act w.e.f. ..... against the above findings of the learned cit(a), the assessee filed application under section 154 of the act for the rectification of the order on the ground that the provisions of section 44ad were amended vide finance act, 1997 w.e.f.1st april, 1994, whereby the interest and salary paid to the partners have become allowable from ..... the above grounds, in gist, have only one issue, which challenges the order of the ao in not allowing rectification under section 154, as prayed for by the applicant on the reasoning that the issue is a debatable one and which was also confirmed by the learned cit(a) vide ..... has been considered and decided in any proceeding by way of appeal or revision relating to an order referred to in sub-section (1), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided. .....