Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: old Court: income tax appellate tribunal itat vizag Page 1 of about 10 results (0.075 seconds)

D.C.i.T. Vs. the Andhra Petrochemicals Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

..... the case of the assessee was that the provisions as they existed prior to the amendment were withdrawn by the finance act, 2001 and thus the assessing officer was not justified in denying the benefit of carried forward of depreciation of ..... even otherwise, a plain reading of the provisions as it existed prior to its substitution by the finance act, 2002, clearly postulate determination of actual cost with reference to the "increase in the liability" and not with ..... in short, the case of the learned counsel is that prior to the substitution by the finance act, 2002, section 43a uses the expression, "there is an increase or reduction in the liability of the assessee as expressed in indian currency for making payment towards the whole or part of the cost of ..... unabsorbed depreciation carried forward to the assessment year 2002-2003 has to be considered as per the provisions as amended by the finance act, 2001 in which event the assessee would be entitled to carry forward depreciation of the assessment year 1994-95 to the assessment year 2003-2004.12. ..... it is necessary to notice here that by the finance act 2002, the legislature amended the provisions of section 43a of the act with effect from 1.4.2003 whereby actual payment was made the basis for claiming depreciation ..... however, by the finance act, 2001 with effect from 1.4.2002, the old provisions were revived by dispensing with the restriction of eight years for carry forward and set off of unabsorbed depreciation.as on 1.4.2002 the .....

income-tax Officer Vs. K. Ramabrahmam and Sons (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD48Visakha

..... even though, there is a difference between the provisions of sub-sections (1) and (2) of section 4, it docs not follow that the finance act can be totally ignored for the purpose of deduction of tax at source. ..... in the present case, liability is traced to the concerned provision of the finance act and not to any circular or instruction of the department. ..... further drawing my attention to part-ii of the annual finance act, prescribing for deduction of tax at source, the learned representative pointed out that the provisions thereof did not cast any additional obligation on the persons responsible for making payments to the contractors and the provision for deduction of surcharge as prescribed under those acts did not bind the appellant. ..... the observation of the cit(a) that the respective finance acts did not cast an obligation on the assessee to deduct surcharge is patently wrong, inasmuch as sub-section (5) of section 2 casts an obligation on the assessee to deduct surcharge also. ..... in the present case, sub-section (5) of section 2 of finance act, 1994 has cast an obligation on the assessee to deduct surcharge also as claimed by the revenue in the grounds taken in this appeal. ..... act wherein it is stipulated that income tax has to be charged as per the terms of the concerned central act which is the annual finance act. ..... i am of the view that an obligation to deduct surcharge as prescribed by the finance act, 1994 cannot be ignored. .....

income-tax Officer Vs. Vegunta Surya Prakasa Rao Sons and

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2004)88ITD322Visakha

..... sub-section (v) to section 128 has been introduced by the same finance act, 1992 to include any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm as income chargeable to income-tax under the head 'profits & gains' of business ..... the amendment of section 40(b) by finance act, 1992 with effect from 1-4-1993. ..... paid or payable is relatable to the book profits of the firm as per the amended provisions of section 40(&) of the income-tax act which are amended by the finance act, 1992. ..... is disallowed for the following reasons :- a new scheme of taxation of firms and partners effective from assessment year 1993-94 has been introduced in the finance act, 1993. ..... made to the partners from out of the income of the firm and then tax the balance in the hands of the firm at a flat rate of 40% is evident even from the speech of the hon'ble finance minister and the words used by him while presenting the relevant budget proposals before parliament. ..... in order to mitigate the hardship of double taxation the finance minister while presenting the union budget 1992-93 indicates :- i agree that we should avoid double taxation and i propose as a measure of relief, to treat the firm as a separate lax entity and do away with the ..... except where there is a specific provision of the income-tax act which derogates from any other statutory law or personal law, the provision will have to be considered in the light of the relevant .....

P. Govinda Satyanarayana Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)98TTJVisakha908

..... article, thing, entry in the books of account or other documents or transactions represents wholly or partly income or property; (iv) which has not been or would not have been disclosed for the purposes of this act.from the aforesaid analysis of the definition, it clearly emerges that if any asset or any income as recorded in the books or documents has been disclosed or intended to be disclosed to the it authorities, this ..... entry in the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purposes of this act (or any expense, deduction or allowance claimed under this act which is found to be false)".if we analyse the aforesaid definition, it provides that undisclosed income includes: (i) any money, bullion, jewellery or other valuable article or thing, or; (ii) ..... and whether these investments fall within the ambit of undisclosed income as defined under section 158b(b) and are covered for the purpose of block assessment under chapter xiv-b of the it act, 1961 (iii) whether the admission made by the assessee in the statement disclosing the investment in m/s vpsp as his unaccounted income constituted conclusive and final evidence against the assessee and ..... inserted by the finance act, 2002, retrospectively ..... the admission and establishing genuineness of the investments in question chapter xiv-b consisting of section 158b to section 158bh was introduced by the finance act, 1995, w.e.f. .....

Madhavi Finvest (P) Ltd. and ors. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)99TTJVisakha933

..... " the expression "relatable to such evidence" has been inserted by the finance act, 2002, retrospectively w.e.f. ..... the expression "relatable to such evidence" has been inserted by the finance act, 2002 retrospectively w.e.f. ..... ravi kant jain (supra), the hon'ble delhi high court has held that a block assessment under chapter xiv-b of the act is not intended to be a substitute for a regular assessment, that its scope and ambit is limited in that sense to materials unearthed during the search, that it is in addition to the regular assessment already done or to be done. ..... chapter xiv-b which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. ..... chapter xiv-b which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. ..... cit (2004) 85 ttj (bang)(sb) 670 : (2004) 91itd118(bang)(sb).22. ..... , 2004, for the proposition that in the absence of any material found during the course of search and seizure operations throwing light on undisclosed income, additions on presumptions, conjectures and surmises are not permissible, reliance was ..... (2004) 82 ttj (chd) 127 : (2003) 86itd 156 (chd) following the judgment of bombay high court in the case of cit v. ..... , 2004 by the registry, took the following common additional ground by filing separate applications in each of the cases: in the absence of any material throwing light on the undisclosed income of the appellant found in the course of search and ..... , 2004 received on 22nd nov. .....

Smt. Bommana Swarna Rekha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2005)94TTJVisakha885

..... our attention was drawn towards the provision of section 158bb and by referring to the amendment being made by the finance act, 2002, it was stated that the income has to be computed only on the basis of evidence found as a result of search or requisition of the books of account or other documents and such other material or information as are available with the ao ..... the next argument of the learned counsel for the assessee is revenue in nature, and that if an addition is made under section 69 of the act, as undisclosed income, a corresponding deduction has to be given under sections 28 to 37 of the act, towards expenditure incurred in the course of carrying of the business. ..... it is, therefore, argued that even if the addition has to be made under this act, the same has to be allowed as a revenue expenditure and, therefore, this is merely an academic exercise ..... (1) notwithstanding anything contained in any other provisions of this act, where after the 30th day of june, 1995, a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132a in the case of any person, then, the ao shall ..... 10,000 in contravention of section 40a(3) of the it act, and, therefore, he made an addition by disallowing the cash paid expenses during the asst. yr ..... cit (2004) 88 ttj (chennai) 955 : (2004) 88 itd 333 (chennai).in the alternate, it was submitted that the ao has treated the whole of the value of deficit stock as the income of the assessee. .....

i. Appala Raju Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)100TTJVisakha438

..... "relatable to such evidence" has been inserted by the finance act, 2002 retrospectively w.e.f. ..... , we have already quashed the assessment because the income assessed was not the undisclosed income within the definition of section 158b(b) of the it act, therefore, the ao cannot got into the merits by examining the creditors during block assessment proceedings.this action of the ao in our opinion ..... consists, of section 158b to section 158bh was introduced by the finance act,.1995 w.e.f. ..... this fact has not been denied by learned authorised representative that the material relating to the finance business of the assessee was seized during the course of the search at the place of ..... ravikant jain (supra), the hon'ble delhi high court has held that "a block assessment under chapter xiv-b of the act is not intended to be a substitute for a regular assessment, that its scope and ambit is limited in that sense to materials unearthed, during the search, that it is in addition to the regular assessment already done or ..... not produced before us, and the learned departmental representative did point out that there was material on record seized during the course of the search relating to the finance business of the assessee for arriving at the satisfaction of the ao issuing notice under section 158bd. ..... cit (2004) 86 ttj (hyd) 797 : (2003) 127 taxman 86 (hyd)(mag) has held that block assessment under chapter xiv-b cannot be made unless there is material found during the search, which can lead to an .....

Deputy Commissioner of Income Tax Vs. All Saints Christian Educational

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2007)111TTJVisakha109

..... notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, assessment or recomputation as specified in sub-section (2) of section 153, every such notice referred to in this clauses shall be deemed to ..... the facts and conduct of the assessee, it is evident that the income through the seized document was such which the assessee had neither disclosed nor it would have disclosed for the purpose of this act.furthermore, the ao is found to have made the block assessment on the basis of material and evidence found as a result of search on the assessee on 10th dec, 1999 and did not rest its ..... (supra), on which assessee's counsel has also placed reliance, had an occasion to consider the expression "such other materials or information as are available with the ao" in section 158bb of the it act and also the expression "such evidence", and has given interpretation as under: a mere reading of the above provision clearly indicates that the sentence 'such other materials or information as are available with the ..... ) 81 ttj (bang)(sb) 1044 : (2004) 268 fir 49 (bang)(sb)(at), held that the validity of the action taken under section 132 of the act could not be examined in the appeal ..... cit (2004) 88 ttj (mad) 955 : (2004) 88 ..... traders (2004) 83 .....

A.C.i.T. Vs. Vinman Finance and Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Vizag

..... plea of non-availability of the banking facility was in itself taken as the pointer to hold that the assessee was conscious of the provisions of the act, ignoring the fact that though the assessee pleaded ignorance of the provisions of the act, in response to the penalty proceedings he was advised to take the benefit of the factual matrix with regard to non-availability of the banking facility ..... on an appeal filed at the instance of the revenue, learned accountant member noticed that the depositors were not from village background and a finance company is duty bound to abide by the provisions of law, whereas the learned judicial member observed that they were all from rural background where there is no ..... law, the transactions of accepting the deposits and payments were not doubted by the revenue during the regular assessment and no addition was made under section 68 of the act most of the persons to whom the payments or deposits made were mostly agriculturists irving in rural areas but there is lack of banking facilities. ..... dr has not brought to our notice that in the assessment under section 143(3) the addition was made under section 68 of the act therefore deposits were termed as genuine one and the some was paid at the request of the depositor by the assessee in their need and request since most ..... the assessee being a finance and leasing company, it is duty bound to abide by the provisions of the act and thus merely on account of the fact that the transaction is genuine, it ..... 2004 .....

Raghava Health Care Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Vizag

..... reduced to one year with effect from 1.6.2001 by the finance act 2001. ..... by adverting our attention to section 153(2a) and 153(3)(ii) of the it act, submitted that the act prescribes time limit only of two years or one year, as the case may be, in respect of orders which are passed under section 153(2a) and the act does not prescribe any time limit for the orders passed under section 153 ..... ld authorised representative submitted that the order of the assessing officer is barred by limitation prescribed under section 153(2a) of the it act that stood at the relevant point of time.according to section 153(2a), that stood at the relevant point of time, any order of fresh assessment made in pursuance of order under section ..... the time limit for completing the assessment and reassessment are prescribed in section 153 of the act.under section 153(2a), as it stood before its amendment from 1.6.2001, an order of fresh assessment in pursuance of an order under section 250 or 254 or section 263 or section 264, setting aside or cancelling an ..... the assessing officer has passed the order only in march 2004, the same is barred by limitation and hence the assessment ..... order of fresh assessment only on 12-03-2004, his order for these two years viz ..... hence the consequential order passed on 10.3.2004 for the second time becomes infructuous and is ..... time limit is available from the end of the financial year in which order of the hon'ble itat was passed and accordingly the time limit expires only on 31.3.2004. .....