Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: old Court: income tax appellate tribunal itat Page 100 of about 1,078 results (0.078 seconds)

Mrs. Pushpa B. Sheth Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD314(Mum.)

..... in this context, he submitted that doubts, if any, had been specifically set at rest by the very specific provision in the act itself by way of insertion of explanation below section 53 vide finance act, 1987 w.e.f. ..... on further appeal to the cit(a), the latter noted inter alia the explanation below section 53 inserted by the finance act, 1987 w.e.f. ..... he therefore submitted that the assessing officer had carried out adjustment under section 143(1)(a) for applying correctly the specific provision of the act, and it was not the case of some disallowance being made.6. .....

Deputy Commissioner of Vs. Addison and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD514(Mad.)

..... in the previously decided madras tribunal's decision, the effect of explanation 8 to section 43(1), which was introduced in the statute by finance act, 1986 with retrospective effect from 1-4-1974 was considered by the learned tribunal. ..... act, 1961, the bombay high court had the following to say as per its headnote of the decision at page 514:- a bare reading of explanation 8 to section 43(1) of the income-tax act, 1961, inserted with effect from april 1, 1974, shows that it was added with the object of removing doubts with regard to the includibility of interest relatable to any period after the asset has first been ..... the car is running or not and whether it runs for longer distance or shorter distance.therefore, the driver's salary cannot be regarded as a wasteful expenditure incurred for running a car so as to be considered for disallowance under section 37(3a) of the act. ..... appeal is whether driver's salary is excludible from the computation of disallowance under section 37(3a) and whether the payment of salary to the driver come under the expression 'running and maintenance of motor cars' mentioned in section 37(3a) of the i.t.act. ..... act 1961. .....

Nirfabrics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)50ITD336(Mum.)

..... the explanatory notes to finance act, 1983 vide circular no. ..... for this purpose, the explanatory memo to the finance bill, 1983 was relied upon by the assessee.8. ..... in the memorandum explaining the provisions of the finance bill, 1983 vide 140 itr (st. ..... this is an appeal by the assessee, which is directed against the revisional order of the commissioner of income-tax under section 263 of the income-tax act, 1961 dated 20-3-1989.2. ..... further, the assessee has paid bonus at the rate of 20% though on account of loss sustained only the minimum bonus of 8.33% was payable under the payment of bonus act under section 36(1)(ii). ..... (supra), we hold that the commissioner of income-tax was not justified in invoking the jurisdiction and revising the impugned order under section 263 of the income-tax act, 1961.10. .....

income Tax Officer Vs. Abdul Majid Valimohmad Dal.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)51TTJ(Ahd.)147

..... of gujarat, finance department, to deduct income-tax and surcharge (both combined) at the rate of 16% from the amount of lottery winning payable to the assessee.the said lottery ticket was presented to the lottery authorities through bank of india to be ..... 197(1) of the it act, 1961, authorising the secretary to the govt. .....

Jaldacca Tea Plantations Private Vs. State of West Bengal and ors.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... world income assessed under section 25 or section 31 or the amount of loss computed under section 26 or the amount of agricultural income-tax determined under section 25 or section 31 or denying his liability to be assessed under this act or objecting to a refusal of an agricultural income-tax officer to make a fresh assessment under section 31 or objecting to any order under section 30 or section 32 made by an agricultural income-tax officer or objecting to any ..... to produce before the agricultural income-tax officer any order under the enactments relating to indian income-tax or a certified copy thereof, which may be necessary under the provisions of this act for the purpose of enabling any assessment to be made under section 8, such officer shall make the assessment to the best of his judgment and determine the sum payable by the assessee ..... agricultural income assessed under section 25 or section 31 or the amount of loss computed under section 26 or the amount of agricultural income-tax determined under section 25 or section 31 or denying his liability to be assessed under this act or objecting to a refusal of an agricultural income-tax officer to make a fresh assessment under section 31 or objecting to any order under section 30 or section 32 made by an agricultural income-tax officer or objecting to any ..... proviso to section 20(1) of the bengal finance (sales tax) act, 1941, and the proviso to section 12(1) of the west bengal sales tax act, 1954, reference has also been made .....

Delhi Auto and General Finance Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD626(Delhi)

..... prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee: provided that in computing the tax or interest payable by, or refundable to the assessee, the following adjustments ..... the document dated 11-3-1991 titled as an intimation which we are compelled to hold as an order of assessment of income made by flouting the rules of natural justice, and without following the mandate of the act, survives in the light of the supreme court decisions [supra), till it is struck down by a superior authority, as an invalid order.therefore, so long as the order dated 11-3-1991, is not struck down as an invalid order, it is enforceable ..... of importance and do away with examination in several others.she contended that the plain reading of section 143(1)(a) shows that its contents or procedures are without prejudice to what is contained in section 143(2) of the act and that the assessing officer always reserves a right to issue a notice under sub-section (2), to any assessee, if he feels like scrutinising the return of any assessee. ..... we have heard the rival submissions, perused the finance bill by which the said sections were amended and introduced and the circular of the cbdt bearing number 549 .....

Dr. Miss V. Banka Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)52ITD623(Delhi)

..... mentioned that the principles built into the existing rule 1bb of the wealth-tax rules is proposed to be incorporated in the wealth-tax act to give the identical base to the properties which are valued differently as is the case of the properties used for residential and commercial ..... 1bb with that of schedule iii can be best understood in the intention of the legislature as expressed in the speech of the finance minister at the time of moving the direct tax laws (amendment) bill, 1988.extract from (1989) 176 itr (st. ..... the wto adopted the value as arrived at by the valuation cell after rejecting the assessee's plea that the value of the entire building should be worked out by schedule iii of the wealth-tax act which replaced rule 1bb of the wealth-tax rules with effect from 1-4-1989. ..... 142 : the proposal to incorporate the rules of valuation of assets in the wt act by way of a schedule to the act is with a view to providing certainty in the matter of assessment and reducing litigation ..... it was held that the provisions contained in section 7 of the wealth-tax act deal with the mode or method of determination of the value of assets of the assessee for the purpose of assessing to wealth-tax on the net wealth of the assessee as provided in section ..... for arriving at the valuation of the property, we however, hold that the wealth-tax officer is also empowered to apply rule 8 contained in part b of schedule iii of the act, if he finds that the same is applicable to the case of the assessee.7. .....

Airtech Pvt. Ltd., Harichand Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... the finance act, 1987 ..... in a brochure published by the directorate of income-tax, taxpayers' information series 5--on the subject of settlement of cases under the direct taxes acts, in paragraph 4(iii) of chapter iii thereof, this is what is stated : (iii) the additional amount of tax payable on the income disclosed before the commission calculated in the manner laid down ..... has furnished the return of income which he is or was required to furnish under any of the provisions of this act; and (b) the additional amount of income-tax payable on the income disclosed in the application exceeds fifty thousand rupees." ..... disposed of in the manner hereinafter provided : (a) the assessee has furnished the return of income which he is or was required to furnish under any of the provisions of this act; and (b) the additional amount of income-tax payable on the income disclosed in the application exceeds fifty thousand rupees." 4. ..... it is obvious from the foregoing that the purpose of the introduction of chapter xix-a in the income-tax act for the settlement of cases was only to have a statutory basis for settlement which at times becomes necessary because of the nature and circumstances ..... this definition which is contained in section 245a(b) is as follows : "'case' means any proceeding under this act for the assessment or reassessment of any person in respect of any year or years, or by way of appeal or revision in connection with such assessment or reassessment, which may be pending before an .....

M. Anandan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD428(Mad.)

..... bring it within the scope of a particular section against which the appeal lies to the appellate authority, the appeal to the appellate authority would be competent.also to current assessment years though, by the finance act, 1994, order under s. 143(1) is specifically made appealable.tax collected from assessee was required to be refunded, where his pension income was not liable to tax in india in view of double ..... . keeping in view the aforesaid rulings of the courts, it is crystal clear that the appellant assessee is entitled to deny his liability to be assessed under the it act, 1961 in view of article 19(3) of the convention signed by the government of india and government of great britain which is effective from the assessment year 1982-83 ..... the government of great britain through state bank of india, coimbatore branch under the foreign exchange regulation act.after making enquiries, the department set in motion the assessment proceedings by issuing statutory notice under ..... orders passed by the assessing officer are against the assessee and the assessee totally denies his liability to be assessed under the it act in terms of the convention signed by the government of india and the government of great britain in general and article 19(3) ..... case of best judgment assessment, it is open to the assessee to raise question of nonliability to be assessed under the act at the appellate stage even if no such contention is raised by the ito, who made the assessment under section .....

Avon Cycles Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1995)52ITD426(Chd.)

..... out that the expression 'the whole of the income' was substituted by 'profit' inserted by the finance act, 1991, w.e.f. ..... of the above adjustments made under section 143(1)(a) of the act was that the returned income of the assessee was enhanced from ..... in his intimation under section 143(1) (a) of the act, however, calculated deduction under section 80hhc at rs ..... an appeal to the learned cit(a) (central), ludhiana, who upheld the contention of the assessing officer that the word 'profit' used in section 80hhc of the act would include loss also. ..... this case were distinguishable from those of the assessee's case, is not correct and that the principle laid down by the court was that re-calculation of adjustment under section 80hhc of the act could not be made under section 143(1)(a) of the act. ..... itr 219 for the proposition that re-calculation of adjustments under section 80hhc of the act is not permissible under section 143(1)(a) of the act. ..... in this appeal is whether the revenue authorities were justified in reducing the claim of the assessee under section 80hhc of the income-tax act, 1961.2. ..... any issue which is of a debatable nature and about which there can conceivably be more than one opinion, cannot be made a subject-matter of prima facie adjustments under section 143(1)(a) of the act. ..... the prima facie adjustments under section 143(1)(a) were concerned, the assessing officer was not justified in making the same and thereby reducing the assessee's claim under section 80hhc of the act. .....