Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: income tax appellate tribunal itat amritsar Page 1 of about 30 results (0.226 seconds)

Gurmail Singh Gurjit Singh and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (1997)62ITD101(Asr.)

..... in view of the foregoing, we feel that the learned cit was justified in directing the assessing officer to recompute the taxable income of the assessee in the light of the provisions of section 44ac read with section 28 to 43c, as the assessment made under section 143(1)(a) cannot be called a regular assessment in view of the expression "regular assessment" defined in section 2(40) of the income-tax act amended by the finance act, 1990 w.e.f. ..... from the above that the hon'ble supreme court have laid down that there is no reason why persons carrying on business in particular goods specified in section 44ac should be denied the reliefs available to others vis-a-vis sections 28 to 43c of the income-tax act.the hon'ble supreme court have further observed that the denial of such reliefs to trades specified in section 44ac, available to other assessees, has no nexus to the object sought to be achieved by the legislature. ..... in this connection, reference may also be made to the explanation inserted under section 143 of the income-tax act by the finance (no. ..... 2) act, 1991 w.e.f. ..... 1-10-1991, which provides that an intimation sent to the assessee under sub-section (1) or sub-section (1b) shall be deemed to be an order for the purpose of sections 246 and 264. .....

Lakshmi Enterprises Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... 2) act, 1991 and that of finance act, 1994 whereby intimation under sub-section (1) or sub-section (1a) of section 143 of the act is deemed to be an order for the purposes of sections 246 and 264 alone. ..... the learned cit initiated proceedings under section 263 of the act and for the reasons given in the order, the action of the income-tax officer in accepting the return under section 143(1) of the act was held to be erroneous in so far it was prejudicial to the interests of the revenue. ..... the returned version was accepted by the assessing officer under section 143(1)(a) of the income-tax act and the refund was determined at rs. ..... in an appeal filed the assessee has challenged the order of the commissioner of income-tax passed under section 263 of the income-tax act.2. ..... clause (b) to the aforesaid sub-section (1a) refers to the orders passed under section 154 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 as a result of which the additional income-tax is to be varied. ..... sub-section (1a) provides for an additional tax on account of increase in the income declared by the person in the return. ..... intimation for any tax or interest due under the aforesaid clause cannot be sent beyond four years from the end of the financial year in which such order is passed.similarly, clause (c) provides for variation in the share income of member of association of persons or body of individuals. .....

Sakay Traders Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD242(Asr.)

..... it was explained before the cit(a) that whether interest income should be treated as income from other sources or income from business would not make any material difference in view of clause (baa) of explanation below section 80hhq(4a) of the income tax act, which was introduced with effect from 1-4-1992.reference was also ..... 86 itd 121 (mumbai) (sb) where it was held that 10 pert cent of the items mentioned in clause (baa) of explanation to section 80hhc must be attributed as indirect costs- to earning of such income, and to that extent, indirect expenses debited to the p&l alc be reduced for the purpose of computing deduction under section 80hhc (b) of the income tax act. ..... (baa) to section 80hhc of the income tax act, all the net receipts by way of interest, rent and commission should be aggregated before deduction and only ..... (baa) to section 80hhc of the income tax act, 1961, interest, rent and commission are to be deducted from export profits or only ..... means the profits of the business as computed under the head "profits and gains of business or profession" as reduced by- (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (hic) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment ..... section 80hhq4b) inserted by the finance ..... act, 1991 ..... section 80hhc was inserted by the finance ..... finance .....

Sakay Traders Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)96TTJ(Asr.)451

..... against the profits and gains of the business could not be adjusted against the interest received for the purpose of reducing 90 per cent of the interest for the purpose of computing deduction under section 80hhc.the ratio of this judgment is also more or less the same as that of hon'ble punjab & haryana high court in the case of smt. ..... cit, where it was held that even if receipts from machinery hire charges and building rent were assessable as business income, 90 per cent of the same had yet to be excluded for computing profits of the business for the purpose of deduction under ..... ) of explanation to section 80hhc must be attributed as indirect costs to earning of such income, and to that extent, indirect expenses debited to the p&l a/c be reduced for the purpose of computing deduction under scction 80hhc(3) of the it act. ..... action is in conformity with the legislative intent.6.4 the reasoning given therein can equally be considered for the purpose of apportioning part of such expenses debited to p&l a/c to interest income which is liable to be taxed under the head "income from other sources" because it cannot be said that expenses required to be incurred for earning such income from business would be different from earning such income under the head "income from other sources" when the income is the same. ..... ) below section 80hhc(4b) inserted by the finance (no. ..... 2) act, 1991, ..... ) of explanation to section 80hhc was inserted by the finance (no. ..... explanation was inserted by the finance (no. .....

Asstt. Cit Vs. Marketeers

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2004)91TTJ(Asr.)708

..... isher dass mahajan & sons (2002) 253 itr 284 (p&h), wherein it has been held that : "the addition of clause (baa) to the explanation to section 80hhc of the income tax act, 1961, is indicative of the legislative intent to exclude income on account of interest and rent, etc. ..... from the benefit under section 80hhc of the income tax act with effect from 1-4-1992, only. ..... the commissioner (appeals) has rightly directed the assistant commissioner to recompute the deduction under section 80hhc including interest income received by the assessee for a sum of rs. ..... this is also amply clear from the fact that section 80hhc was amended by, finance act (no. ..... by the assessee are directed against the order of the commissioner (appeals), jalandhar, dated 16-11-1994, relating to assessment year 1991-92.the only affective ground raised by the department in this appeal, reads as under : "1. ..... as far as assessment year under consideration is concerned, which is assessment year 1987-88, since the interest as well as the miscellaneous income forms part of 'profits and gains of business or profession' of the assessee, the learned commissioner (appeals) was justified in directing that these should have been included in the profit and gains derived from the business for working out deduction under section 80hhc. ..... the interpretation given by the learned commissioner (appeals) to section 80hhc is in accordance with the interpretation given by the cbdt, who clarified in circular no. ..... 1991, by inserting expln. .....

Janak Raj Chauhan and ors. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2002)75TTJ(Asr.)260

..... ito (supra), the honble andhra pradesh high court has held that "under rule 40 and 117aa of the income tax rules, 1962, the income tax officer is vested with discretion to waive or reduce interest levied under sections 215, 217 and 139 of the income tax act, 1961, under certain circumstances. ..... which may be evident from the notice itself where word additional has been written before the deputy commissioner by the income tax officer in his own hand and the commissioner (appeals) has erred in not appreciating that it is not a mere technicality where section 292b is applicable but it involves a question of jurisdiction.since we have allowed the appeals of the assessee on merits and, therefore, we do not think it proper to decide this common ground of appeals by which ..... however, the assessing officer was not justified in charging the interest under sections 139(8) and 215/217 of the income tax act on the association of person, submitted the learned counsel for the assessee. ..... "it was also held by the honble karnataka high court that "interest under section 217 of the act on the same reasoning was also to be waived in respect of the income derived by the assessee on sale of import entitlement which was made taxable because of retrospective amendment by the finance act, 1990. ..... 1881-1884 of 1986 : (1991) 187 itr (st) 162). ..... ito (1991) 191 itr 382 (ap). .....

Janak Raj Chauhan and ors. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... " it was also held by the hon'ble karnataka high court that "interest under section 217 of the act on the same reasoning was also to be waived in respect of the income derived by the assessee on sale of import entitlement which was made taxable because of retrospective amendment by the finance act, 1990." 9.9. ..... in our view, there is merit in this contention of the learned counsel for the assessee that the aop cannot be made liable for chargeability of interest under sections 139(8) and 215/217 of the act on the ground that it has failed to anticipate the said subsequent judgment of the hon'ble supreme court. ..... , 1996, to the ao, who was having jurisdiction in their cases and requested him that in view of the judgment of the hon'ble supreme court the income from the 'venture' of sale of agricultural land of village masudabad, new delhi, may be assessed in the hands of the aop independent of individual members. ..... ltd (1979) 118 itr 50 (sc) held that the ao was under an obligation to tax the right person and the right person alone, and therein if the income belonged to an aop the same has to be taxed in the hands of the aop alone, and the ao therefore, had no option to assess the same either in the hands of the aop or in the hands of the members. ..... 1881-1884 of 1986 : (1991) 187 itr (st) 162]. ..... /to (1991) 191 itr 382 (ap). .....

Hindustan Sanitary Engineers Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)96TTJ(Asr.)460

..... modification of provisions relating to interest chargeable in certain cases : 67.1 under the existing provisions of sections 254a and 234b of the income-tax act, interest is levied for defaults in furnishing return of income and in payment of advance tax respectively. ..... it has been specifically explained as under: "under the existing provisions of sections 234a and 234b of the income-tax act, interest is levied for defaults in furnishing return of income and in payment of advance tax respectively. ..... such financial year to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment is made, to the date of such regular assessment on the amount equal to the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax, expianation-1 to sub-section (1) gives the meaning of the assessed tax as the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the ..... has taken a stand that the said decision has been nullified by amendment to explanation-1 to section 234-b(1) by the finance act, 2001 with retrospective effect from 1-4-1989. ..... per contra, the ld.d.r.invited my attention towards amendments carried out in sub-section (1) and explanation-1 to section 234-b by the finance act, 1995 and 2001 with retrospective effect from 1-4-1989. ..... cit (1991) 191 itr 634(s.c. .....

Wealth-tax Officer Vs. Brij Bhushan Sanwalka

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (1983)5ITD43(Asr.)

..... taken by there venue will by and large make the proviso to be unworkable and it evenruns contrary to what is stated in para 71 of explanatory notes on the main provisions of the finance act, 1970, which is quoted by the wto in the assessment order of the year 1974-75.it will be pertinent to invite attention to clause (xvi) of section 5(1) which refers to a limit on investment to be made in the case of each of several investments dealt with therein. ..... in the names of two adults, the maximum amount permitted to be invested in such a case for the purpose of section 5(1)(xvi) of the wealth-tax act, 1957 ('the act'), was rs. ..... assessee claimed that proviso to section 5(1a) rendered this investment to be exempt from wealth-tax in all the three assessment ..... para 71 of the explanatory notes on the main provisions of finance act, 1970 is as under : as investments in the small savings certificates and deposits schemes of the central government already exempt from tax may, in some cases, exceed the limit of rs. ..... items of wealth in respect of which wealth tax shall not be payable, section 5(1a) put a maximum limit of rs. ..... involving the same point, these three wealth-tax appeals of the revenue for the assessment years 1974-75to 1976-77 are conveniently considered together and disposed of by a ..... that clause gives exemption from wealth-tax only 'to the extent to which the amount of such certificates or deposits do not exceed in each case the maximum amount permitted to be invested or deposited .....

Jammu and Kashmir Bank Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)114TTJ(Asr.)728

..... operating under the provisions of the registration act were not covered by the definitions of 'infrastructure capital fund' or 'infrastructure capital company'.thus, clause (23g) of section 10 has been amended so as to provide that income of a cooperative bank by way of interest, dividends (other than dividends referred to in section 115-o) and long-term capital gains from investments made by way of equity or long-term finance in an approved enterprise will also be exempt from payment of income-tax.this means that all other banks ..... which were companies are covered under the definition of "infrastructure capital company" for the purpose of exemption under section 10(23g). ..... 17.3 accordingly, any income by way of dividends, interest or long-term capital gains of an infrastructure capital fund or an infrastructure capital company from investment made by way of shares or long-term finance in any enterprise carrying on the business of developing, maintaining and operating any infrastructure facility which fulfills the conditions specified in sub-section (4a) of section 80-ia has been exempted from income-tax. .....