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Deputy Commissioner of Vs. Shubham Industies

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)104ITD126Luck

..... obviously, since section 142a was not actually on the statute book till it was inserted by the finance act, 2004, the power could not have been exercised by making a specific reference to section 142a, but now when section 142a is inserted and when the legislature has clarified that the said provision is deemed to be on the ..... he submitted that the said section has been inserted by the finance act, 2004, effective from 15-11-1972. ..... in the light of the above findings of the tribunal, the department has filed application and has stated that in view of the amendment made by the finance mi, 2004, by inserting section 142a of the act, which is effective from 15-11-1972, the dvo's report, obtained by the assessing officer under section 131(1) of the act be deemed to be a valid report and as such the addition made by the assessing officer be confirmed. ..... section 40a(7) was introduced in the income-tax act, with retrospective effect from 1-4-1973, by the finance act, 1975, on 12-5-1975. ..... 2) act, 2004, the order dated 9-11-2004, passed in ita nos ..... 2) act, 2004, the order dated 9-11-2004, passed in ita nos ..... 2) act, 2004, the order dated 9-11-2004, passed in ita nos ..... 2) act, 2004. ..... 2) act, 2004 with retrospective effect from 15-11-1972 inserted section 142a which reads as under: 142a ..... 2) act of 2004 or not ..... 2) act, 2004 reads as under: 142a ..... , section 142a was inserted in the act by the finance (no. ..... under section 254(2) of the income-tax act, 1961, in itat's order dated 9-11-2004, passed in ita nos. .....

Dy. Cit(A) Vs. Subham Industries

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... , right from the fifteenth day of november, 1972, the ao had the power to make reference to the valuation officer.obviously, since section 142a was not actually on the statute book till it was inserted by the finance act, 2004, the power could not have been exercised by making a specific reference to section 142a. ..... he submitted that the said section has been inserted by the finance act, 2004, effective from 15^thnovember. ..... in the light of the above findings of the tribunal, the department has filed application and has stated that in view of the amendment made by the finance act, 2004, by inserting section 142-a of the act. ..... section 40a(7) was introduced in the income-tax act, with retrospective effect from april 1, 1973, by the finance act, 1975, on may 12,1975. ..... 2) act, 2004, the order dated 9^thnovember, 2004, passed in i.t.a.nos. ..... 2) act, 2004, the order dated 9^thnovember, 2004, passed in i.t.a. ..... 2) act 2004 with retrospective effect from 15.11.1972 inserted section 142a which reads as under: 142a (1) for the purposes of making an assessment or reassessment under this act, where an estimate of the value of any investment referred to it section 69 or section 69b or the value of any bullion, jewellery or other valuable article referred to in section 69a on section 69b is required to be made, the assessing officer may require ..... 2) act, 2004, the order dated 9^thnovember, 2004, passed in i.t.a. ..... 2)act, 2004. ..... 2) act of 2004 or not. ..... 2) act, 2004, reads is as under: "142a. .....

Deputy Commissioner of Income Tax Vs. Shubham Industries

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)106TTJLuck34

..... , right from the fifteenth day of november, 1972, the ao had the power to make reference to the valuation officer.obviously, since section 142a was not actually on the statute book till it was inserted by the finance act, 2004, the power could not have been exercised by making a specific reference to section 142a. ..... in the light of the above findings of the tribunal, the department has filed application and has stated that in view of the amendment made by the finance act, 2004, by inserting section 142a of the act, which is effective from 15th nov. ..... he submitted that the said section has been inserted by the finance act, 2004, effective from 15th nov. ..... the tribunal dismissed the revenue's appeal for more or less identical reasons.section 40a(7) was introduced in the it act, with retrospective effect from 1st april, 1973, by the finance act, 1975, on 12th may, 1975.since the assessment order and the appellate order of the aac were completed long before the insertion of sub-section (7) in section 40a and even the order of the tribunal ..... 2) act, 2004, the order dt. ..... 2) act, 2004. ..... 2) act, 2004, the order dt. ..... 2) act, 2004, the order dt. ..... 2) act, 2004 with retrospective effect from 15th nov. ..... 2) act of 2004. ..... 2) act, 2004, reads as under: 142a. .....

Shri Abhay Pratap Singh Sengar Vs. the Ito 4(3)

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... this section has now been substituted by finance act, 2003 with effect from 1.4.2004 as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is - (a) an individual who has been a non-resident in india in nine out of the ten previous years preceding that year, or has ..... prior to its substitution by finance act, 2003 with effect from 1.4.2004, clause 6(6)(a) read as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is- (a) an individual who has not been resident in india in nine out of the ten previous years preceding that year, ..... an individual who has not been resident in india (non-resident as substituted by finance act, 2003) in nine out of the ten previous years preceding that year ..... cit(a), after considering the amendment brought in the act by the finance act, 2003 in section 6(6), observed that the person will be 'not ordinarily resident' only when he is non-resident in atleast 9 out of 10 previous years preceding the relevant ..... cit(a) in para 6 has quoted the explanatory note from the finance act where it is clarified that the amendment is only clarificatory in ..... a specific amendment has been brought in the act by the finance act, 2003 as noted earlier ..... the present case not mentioning of non-resident in section 6(6)(a) is a case of casus omissus which has been corrected by finance act, 2003 ..... that this amendment is clarificatory in nature as per explanatory note in the finance act. .....

Abhay Pratap Singh Sengar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)108ITD8Luck

..... this section has now been substituted by finance act, 2003 w.e.f.1st april, 2004 as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is- (a) an individual who has been a non-resident in india in nine out of the ten previous years preceding that ..... the learned cit(a), after considering the amendment brought in the act by the finance act, 2003 in section 6(6), observed that the person will be 'not ordinarily resident' only when he is non-resident in at least 9 out of 10 previous years ..... who has not been resident in india (nonresident as substituted by finance act, 2003) in nine out of the ten previous years preceding that ..... (a) in para 6 has quoted the explanatory not from the finance act where it is clarified that the amendment is only clarificatory in ..... has been brought in the act by the finance act, 2003 as noted earlier. ..... not mentioning of nonresident in section 6(6)(a) is a case of casus omissus which has been corrected by finance act, 2003. ..... substitution by finance act, 2003 ..... amendment is clarificatory in nature as per explanatory note in the finance act. ..... 2004-05 and subsequent years which is evident from finance bill, 2003 introducing this amendment (2004) ..... it was further held that the correct construction of section 6(6) of the act was that a person would become resident and ordinarily resident if- (a) he had been a resident in 9 out of 10 previous years preceding that year; and (b) had been in india for at least 730 days or .....

Sri Jitendra Mohan Saxena, Mohan Vs. the I.T.O. (1)

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... it is clear that the newly inserted section 50c of the it act, 1961 was inserted by the finance act, 2002 with effect from assessment year 2003-04. ..... such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23a, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under sub-section (1) of section 16a of that ..... ] this was introduced by the finance act, 2002 with effect from 1.4.2003.the intention of the legislature for introducing this section can be gauged from the explanatory notes to the amendment. ..... 37.1 the finance act, 2002, has inserted a new section 50c in the income-tax act to make a special provision for determining the full value of consideration in cases of transfer of immovable property. ..... cit(a) bareilly erred in making the decision as he did not place reliance even on the submissions given on 28.3.2004 before the assessing officer shahjahanpur wherein the rates were quoted as per letter of the cpwd dated 26.7.2000 giving basis for valuation to be. ..... ) 198 & 221 itr 608 (gan).in addition to this, the assessee requested the assessing officer vide letter dated 5.10.2004 to refer the property to the departmental valuation cell. .....

U.P. State Bridge Corpn. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)79TTJLuck814

..... making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount-- (a) the amount of income-tax, if any, payable by the company in respect of any income referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of ..... a company which has been charged to tax in a country outside india on any portion of its income, profits and gains included in its total income as computed under the it act, the tax actually paid in respect of such income, profits and gains in the said country in accordance with the laws in force in that country after allowance of every relief due ..... amount of distributions of dividends" has the meaning assigned to it in the finance act of the relevant year, (c) the amount of income-tax, if any, payable by the company under section 104 of the it act. ..... is, as to whether, while computing the chargeable profits in accordance with rule 2 of first schedule of the companies (profits) surtax act, 1964, the amount of interest payable under sections 215 and 217 shall also be excluded along with the amount of income-tax. ..... schedule, clearly points out as to what is deductible, is the amount of tax, the learned cit(a) also referred to the definition of tax appearing in section 2(43) of the act and held that from the definition, it is clear that interest chargeable under section 215 cannot be in the nature of tax. .....

U.P. State Bridge Corpn. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)84ITD452Luck

..... by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income tax act after making allowance for any relief, rebate or deduction in respect of income tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount (a) the amount of income tax, if any, payable by the company in respect of any income ..... referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act with reference to the relevant amount of ..... "the relevant amount of distributions of dividends" has the meaning assigned to it in the finance act of the relevant year; (c) the amount of income-tax, if any, payable by the company under section 104 of the income tax act. ..... case of a company which has been charged to tax in a country outside india on any portion of its income, profits and gains included in its total income as computed under the income tax act, the tax actually paid in respect of such income, profits and gains in the said country in accordance with the laws in force in that country after allowance of every relief due under the .....

Assistant Commissioner of Wealth Vs. Major S. Qureshi

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)78TTJLuck474

..... the contention of the revenue was that notwithstanding vesting of the property in the custodian, the legal ownership remained with the assessee and, therefore, section 9(1) of the old act was attracted.this contention of the department was repelled by the hon'ble supreme court of india in the following words : "the question is who is the owner referred ..... amendment inserted in section 27 of it act through finance act, 1987, w.e.f. ..... , 1988, namely : "explanation : a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the it act shall be includible in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof;" 28. ..... the learned counsel, further, elaborated his argument by submitting that in view of amendment made under s, 27 of it act and corresponding amendments made in section 2(m) of wt act, the beneficial owner is to be treated as real owner of the property and from that angle also the assessee did not remain the owner of the property after mutation which was effected ..... court of india has also considered the aspect relating to retrospectivity of the amended provision and held as under: "from the circumstances narrated above and from the memorandum explaining the finance bill, 1987 [see (1987) 165 itr (st) 161], it is crystal clear that the ' amendment was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act. .....

Commercial Motors Finance Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)82ITD176Luck

..... we consider it proper to reproduce the reasons for issuing notice under section 10 of the interest-tax act recorded by the ao which are as under : "the main business of the assessee-company is of financing through hire-purchase and also doing leasing of the vehicles on hire-purchase transactions as cases is charging finance charges as well as repayment of principal amount which is taken in the balance sheet as capital receipts. ..... madras bench, and the bench after examining the agreement, the circulars of the board and relevant case laws held that the term "chargeable interest" as defined in sub-section (5) of section 2 was though enlarged by the finance act (no ..... if on examination of relevant material, the transaction is found to be in the nature of finance transactions, then interest on such financing transactions shall be chargeable to interest-tax act.hence, for proper examination of the nature of transaction involved, we have to study the relevant agreements and other connected circumstances.32. ..... by the finance act (no. ..... 25th march, 1996, and clarified that the finance charges accruing or arising to hire-purchase finance company are in the nature of interest as defined in section 2(7) of the interest-tax act, and, therefore, chargeable to interest-tax act.however, by another circular no. .....