Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Court: kolkata appellate Page 6 of about 295 results (0.276 seconds)

Mrs. Manju Kataruka Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)94TTJ(Kol.)873

..... section 271f as inserted w.e.f. 1st april, 1997 was provided for failure to furnish return of income as required under main section 139(1). subsequently, by the finance (no. 2) act, 1998, a new section 271f has been substituted w.e.f. 1st april, 1999 in place of the then existing section 271f so as to provide also for penalty ..... that a large number of persons having salary income which are subject to deduction of tax at source do not file their returns. since the finance (no. 2) act, 1998, has amended section 192(23) of the it act to provide that loss from house property shall be allowed to be adjusted against salary income at the source, filing of returns has become absolutely ..... be liable to pay by way of penalty, a sum of five hundred rupees." 7.1 the aforesaid section 271f as inserted by the finance act, 1997, w.e.f. 1st april, 1997 was later substituted by the finance (no. 2) act, 1998, w.e.f. 1st april, 1999 as under : 271f. penalty for failure to furnish return of income--if a person .....

Pampasar Distillery Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... jurisdiction to the assessing officer to make the assessment prior to the period of amalgamation in the hands of amalgamated company. he further stated that there is no provision in the act which will permit the assessing officer to make the assessment of the dissolved company in the hands of amalgamated company. he further submitted that the decision of ..... on the date when parashakti finance & investment ltd. is not in existence is nullity. he also stated that the detailed argument made in the ..... ltd. on 4-1-1999 when parashakti finance & investment ltd. was not in existence. that the scheme of amalgamation was approved by the hon'ble madras high court vide order dated 9-12-1997 and by hon'ble calcutta high court vide order dated 10-2-1995. therefore, he stated that any order passed by the revenue authorities .....

income-tax Officer Vs. Bharat Roadways

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1985)12ITD647(Kol.)

..... there is an amendment of substantive law, it is normally not retrospective unless the amending act itself makes it retrospective as in the case, for example, sub-section (1a) of section 80j of the act introduced by the finance (no. 2) act, 1980. in the present case, the amendment to item no. 9 in group d in appendix i of part i was made by the notification ..... the bombay high court was approved by their lordships of the hon'ble supreme court, who pointed out, inter alia, that the fourth proviso to section 10(2)(vii), inserted by the amendment act, which came into force in may 1946, was not ..... which held that the fourth proviso to section 10(2)(vii) did not apply to the assessment for the assessment year 1946-47 as the said proviso was not in force on 1-4-1946 and that the liability of the company had to be determined as on 1-4-1946, when the finance act, 1946 came into force.the above finding of .....

Som Datt Builders (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1989)29ITD495(Kol.)

..... the foreign accounts and each foreign project is required to be cleared separately under the foreign exchange regulations act, 1973 and the rules made thereunder.15. section 80ab was introduced in 1980 with effect from 1-4-1981 by the finance (no. 2) act, 1980. the purpose and objects of this section are fully explained by the central board of ..... direct taxes in paragraph 15 of its circular no. 281, dated 22-9-1980. it is pointed out that both section 80aa and 80ab ..... -wise profit and loss account was drawn from 4 projects in execution in saudi arabia during the relevant previous year. this appears at page 4 of paper book no. 2. the consolidated profit & loss account in respect of indian activities as well as overseas activities is drawn separately for each overseas country accounts. the same has been .....

Paharpur Cooling Towers Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)85ITD745(Kol.)

..... heard, orders of the authorities below carefully perused, and applicable legal position duly deliberated upon.in view of the conclusions that we have arrived at, in ita no.313/cal./98, discussed in paragraphs 6 to 21 above, we hold that assessees contentions are not sustainable in law, and, accordingly, we reject the same ..... thus rejected and the assessing officer, relying upon plain provisions of explanation to section 73, as also the contents of the central board of direct taxes circular no.204, the loss on share transaction was treated as speculation loss since assessee companys main income was not from interest on securities, income from house property, ..... the proposition thus canvassed is that the expression speculation business, for purposes other than section 73 of the act, is to be governed by the definition contained in section 43(5), as read with section 28 (explanation 2), of the act. however, this proposition also proceeds on a fallacy i.e., that the definition under section 43(5 .....

Sri Arun Kumar Bagla Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD110(Kol.)

..... of copies of seized documents, he was not in a position to file his return for the block period. it was claimed that since under chapter xiv b of the act, the assessee is not permitted to file revised return, the assessee required inspection & copies of the seized documents for preparing true and correct return of his undisclosed income ..... of the block return. the assessing officer noted this omission subsequent to 24.5.99 and therefore issued notice under section 154 of the act. in the said notice the a.o. stated that since no interest under section 158bfa was charged in the order under section 158bc(c) there was a mistake apparent from record, which needed rectification under ..... 1. this appeal is filed by the assessee against the order of cit (a) central, ii, kolkata upholding the order under section 154/158bc(c) of the i.t. act.2. in this case a search under section 132 of the act was conducted on 11^th march 1997. thereafter by a notice dated 7.11.1997 issued under section 158bc(1) the .....

Smt. Monmohini Coomer Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1984)8ITD537(Kol.)

..... not a piece of legislation as noted earlier de hors the 1961 act and the 1957 act. it is no doubt independent of the said acts but in the same sense in which the finance act is. its main purpose is to effectuate the 1961 act and the 1957 act and not to supplant them and to create a separate charge or a separate category of income ..... therefore, returns filed by an assessee in any manner, for any purpose and before any authority, if those conform to the returns to be filed under section 14(1)/(2) of the act, will have to be treated as returns under section 15, giving the wto jurisdiction to make the assessment on the basis of those returns. in this context, shri ..... that it will be in the form prescribed by section 14. that is, more is less, the phraseology used in section 14, itself. by borrowing it in sub-rule (2), no different meaning was intended to be ascribed to the phrase 'return of income'. it has, in my opinion, the same connotation as that spelled out by section 14. that the .....

itc Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD135(Kol.)

..... i.e., asst. yr. 1995-96 as pointed out by the learned authorised representative to plug this loophole by the insertion of sub-clause (ii) to section 55(2)(aa) of the act by the finance act, 1994, which provides that the cost of acquisition of right entitlement would mandatorily be taken at nil. in the light of these facts and ..... : "4. we have heard both the parties and perused all the records available. we feel that the basic instinct of a businessman is to earn profit. no prudent businessman will act in a manner which is not beneficial to him. for the sake of analogy, the basic instinct of a human being is that he loves his life, ..... incurred by the appellant outside india for registration of its trade-marks in foreign countries, while computing the business profits for the relevant assessment year.1. there is no dispute about the fact that these expenses were incurred on registration of trade-mark in foreign countries. we respectfully following the decision of hon'ble supreme court in .....

Kanoi Industries (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2006)100ITD462(Kol.)

..... after the 31st day of march, 1977, shall be two per cent of uch chargeable interest. (3) notwithstanding anything contained in sub-sections (1) and (2), no interest-tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of march, 2000.now, it is clear from the provisions ..... our considered opinion, in the present case, jurisdiction under section 10 has not been validly assumed, hence issue of notice is bad in law as there is no nexus between formation of belief and material available which is clear from the facts mentioned hereinabove. since initiation of proceeding itself is bad in law and invalid, whatever ..... institution' falling within the ambit of section 2(5a) and 2(5b) of interest-tax act, 1974? 12.1 the learned counsel submitted that section 4 of the interest-tax act is the charging section. sub-section (2) of this section provides that there shall be charged on every credit institution/finance company for every assessment year commencing on and .....

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... gurmukh singh v. ito , the supreme court upheld the constitutional validity of section 40a(3) of the income-tax act, 1961. the supreme court was dealing with section 40a(3) prior to its amendment by finance (no. 2) act, 1996, wherein the provision was for complete disallowance of expenditure if the same was in excess of the limit provided ..... rule 6dd(j) would be applicable, cannot be spelt out. thus it is clear that the circumstances spelt out in circular no. 220 were inclusive by way of examples and not exhaustive.5. that finance act, 1995 amended section 40a(3) with effect from april 1, 1996, by which disallowance under section 40a(3) was reduced ..... . he argued the matter at great length. his arguments/submissions can be summarized as follows: 2. that section 40a(3) was introduced by the finance act, 1968, with effect from april 1, 1968. in the memorandum explaining the provisions in the finance bill, 1968, it was explained that the purpose behind the enactment of the provisions of section .....