Array ( [0] => ..... the provisions of chapter iv, on the basis of evidence found as a result of search or requisition of books of account or documents and such other material or information as are available with assessing officer as reduced by aggregate of the total income provided under clauses (a) to (f). thus for computing the undisclosed income of the ..... income-tax (inv.), circle 5(2), hyderabad, erred in placing reliance on the report of the valuation cell which was a telephonic reference made by the department and no information was gathered from the appellant by the valuation cell while finalising the cost of construction report, thus violating the principles of natural justice. 4. without prejudice to ground no ..... to include the dy.director or joint director of income-tax in the definition of "assessing officer". the law in this regard was amended by the finance (no. 2) act, 1998 with effect from 1-10-1998 and at the relevant time when the search took place in this case on 8-11-1995, the dy. director of ..... [1] => ..... the high court did so by mainly following the decision of the supreme court in the case of cit v. anwar ali [1970] 76 itr 696. however, after amendment of the act and the omission of the word "deliberately" from section 271(1)(c) and enactment of explanation 1 to the said section, the decision in the case of anwar ..... consider it necessary to mention that the learned counsel for the assessee, sri ratnakar, was allowed several adjournments to inform us whether the ratio of a criminal case is applicable in a penalty case under section 271(1)(c) of the it act. sri ratnakar, however, was not able to place before us any authority in this regard.there is ample ..... completion of the assessment. in the said petition, it was brought to the notice of the commissioner that the ito had informed the assessee that he would initiate no penalty proceedings under section 271(1)(c) of the it act. it was also brought to the notice of the commissioner that sri sharma may have confessed due to his own income- ..... [2] => ..... high court did so by mainly following the decision of the supreme court in the case of cit vs. anwar ali (1970) 76 itr 696 (sc). however, after amendment of the act and the omission of the word "deliberately" from s. 271(1)(c) and enactment of expln. 1 to the said section, the learned departmental representative points out that ..... consider it necessary to mention that the learned counsel for the assessee, sri ratnakar, was allowed several adjournments to inform us whether the ratio of a criminal cases is applicable in a penalty case under s. 271(1)(c) of the it act. sri ratnakar, however, was not able to place before us any authority in this regard. there is ample ..... completion of the assessment. in the said petition, it was brought to the notice of the commissioner that the ito had informed the assessee that he would initiate no penalty proceedings under s. 271(1)(c) of the it act. it was also brought to the notice of the commissioner that sri sharma may have confessed due to his own income ..... [3] => ..... that the income-tax department should confer exemption under section 10 to the undertakings of the government or public sector from tax liability by suitable amendment to section 10 of the i.t. act as is given to local authorities/housing boards and the support for such a view was sought to be on the ground that the ..... fact was contributed by the state government. therefore, even assuming that any declaration of dividends permissible under clause 28 of the memorandum of association as it stood before amendment, the dividend would go in its entirety to the government, i.e., it goes to the public and consequently there would be no chance of any element of ..... through an f.g.m. to pass a resolution for deleting the said offending clauses and secures necessary confirmation from the company law board. without such a formal amendment of articles of association, clause 92 of articles of association cannot be wished away by any pious assurance given by the appellant-corporation. in that view of the ..... [4] => ..... a paper-book containing 97 pages and invited our attention to extract of circular no. 549 dated 31 -10-1989 on explanatory notes on the provisions of direct tax laws (amendment) act, 1987, part ii, filed at page 1 of the paper book. he has also relied on the decision of the hyderabad bench 'b' of tribunal in anam machinery ..... the income or loss declared in the return, namely :- (iii) any loss carried forward, deduction, allowance or relief claimed in the return, which, on the basis of the information available in such return, accounts or documents, is prima facie inadmissible, shall be disallowed: provided further that where adjustments are made under the first proviso, an intimation shall be ..... is filed at page 1 of the paper book, at para 5.4, lists out the prima facie adjustments which can be made only on the basis of information available in the return or the accompanying accounts or documents and not on the basis of the past records of the assessee. though the said list does not contain ..... [5] => ..... maintaining its books of account. they have certified that the audited statement give a true and fair view. such a method was followed by the company even after amendment of s. 209(3) making it mandatory for the companies to maintain their accounts on accrual basis. therefore, the ao was bound to compute the taxable income ..... of recognition of income by way of lease rentals from the year 1990-91 or so. the learned counsel submitted that the term "accrual" used in companies act, it act or other laws may have different meanings depending on the purpose of legislation and the context in which such expression has been used. the concept of accrual under ..... by the institute of chartered accountants of india to which our attention was drawn during the course of hearing. we have also examined the relevant provisions of it act, companies act and other relevant laws.26. the principles of law as enunciated by the various judgments of the hon'ble apex court relied upon by the learned representatives ..... [6] => ..... to insertion of the aforementioned provisos, the tribunal enjoyed unbridled power to grant absolute stay. clarifying the statement, the learned counsel submitted that section 253(6) was amended by the finance act, 1998 with effect from 1.10.1998, to enhance the appeal fee payable to the tribunal at the time of filing of appeal, by an assessee, and ..... assessee was entitled to file an appeal after paying only the admitted tax under the central provinces and the bearer sales tax act of 1947. this act was amended on 25.11.1949 and according to this amendment an assessee should pay both the disputed tax and undisputed tax before filing an appeal. the assistant commissioner of sales tax issued ..... the central board of direct taxes (cbdt) reproduced in 2001-252 - ttr (st.) - 65, 120. in contrast, when the legislature made an amendment to section 253 through the finance (no. 2) act of 1998 "w.e.f. 1.10.1998" by substituting a pre-existing sub-section 6 with a new sub-section (6), enhancing the appeal ..... [7] => ..... shall be allowed to be carried forward to the following assessment year and set off against the speculation profits, if any, in that year, and so on. the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying ..... the head 'brokerage'. if it is speculative loss, it can only be carried forward for set off against future speculative profit, in terms of section 73 of the it act. we do not see how the assessee can escape the terms of the said explanation to section 73. we have pointedly enquired of the learned counsel for the assessee ..... allowed as set off against his business income. the cit(a) upheld the view of the ao that the claim was hit by the provisions of section 73 of the it act, 1961, and accordingly rejected the claim of the assessee with the following remarks : "3.1 before me, the learned authorised representative of the appellant had submitted that ..... [8] => ..... viz. that the asset should have been sold when the business was carried on. therefore all that b.m. kharwar's case lays down is that after the amendment act 1949 referred to earlier even if plant and machinery is sold as a part of a realization sale the provisions of the second proviso to section 10(2) (vii) ..... 1990. there has been no further communication from mysore cements ltd. after the preliminary information had been provided as required by them. a telex message had been sent to the chairman & managing director of cement corporation of india ltd., in response to a ..... that discussions had been held at hyderabad with m/s. gujarat ambuja cements ltd., larsen & toubro ltd., and india cements ltd. when detailed operating, financial and other information as required had been provided. plant visits by teams from the above three prospective purchasers were planned to commence from 14^th march to be completed by end march, ..... [9] => ..... and ends with 2000-01. upto asst. yr. 2000-01, the assessee has not got any benefit by virtue of section 10a or 10b of the act. even on consideration of amended provisions of section 10b applicable to period 1st april, 1999 to 31st march, 2001 where period of 8 assessment years has been substituted by 10 assessment years ..... 1st april, 1993 to 31st march, 1994 was 8 assessment years beginning with assessment years relevant to previous year in which the undertaking begins to manufacture. but subsequent amendments applicable to period 1st april, 1999 to 31st march, 2001 in provisions of section 10b this period of 8 assessment years has expanded to 10 assessment years. it ..... 1993-94 which has ended with asst. yr. 2000-01 on completion of eight years. however, this period of 8 years was extended to 10 years by subsequent amendment. the learned departmental representative further submitted that in asst. yrs. 1993-94, 1994-95 and 1995-96, the assessee did not make claim under section 10b. he further ..... [10] => ..... be applied, as according to him the said accounting standard is applicable only in those cases wherein events occurring after the balance-sheet date that provide additional information materially affecting the determination of the amounts relating to conditions existing on the balance-sheet date since in the present case all conditions from convening of the ..... have just begun to make profits after some years of losses and also sick companies that have just turned the corner. this is amply clear from the amendment introduced to the finance bill by the finance minister in the year 1987 when he said as under : the finance bill inserts a new section 115j in ..... pelrolium co. ltd's case (supra), the learned departmental representative submitted that the said decision was rendered by the court considering the normal provisions of the it act.in the said case the court had discussed the method of discharging of liability and since-the remission of liability was in the same accounting year, it ..... [11] => ..... extension of the benefit to the units set up in any electronic hardware technology park or as the case may be, software technology park, mentioned in clause (i)(b) of sub-section (2) of section 10a of the act by virtue of the amendment brought about by finance act w.e.f. 1st day of april, 1994. he pleaded that this ..... assessee has filed a letter dt.14th feb., 2000, addressed to the ao which reads as under: with reference to your letter cited above, we wish to inform you that we have verified the minutes books of the company for the financial year 1996-97 in respect of education of mr. bgv krishna in usa and ..... the ten consecutive assessment years referred to in sub-section (3); (c) recording of programmes on any disc, tape, perforated media or other information storage device; (iv) "electronic hardware technology park" means any park set up in accordance with the electronic hardware technology park (ehtp) scheme notified by the government of india in the ministry of commerce; (v) "software ..... [12] => ..... filing of the same with the registrar of companies within the time allowed and the corporation having complied with the procedures as prescribed in the companies act, the amended article had come into force as early as 1980 itself. the assessee cannot be said to have any control over the price equalisation/stabilisation fund to ..... though the corporation had deleted the articles relating to the variation of shareholders' rights or distribution of dividends, etc., it has by its conduct acted in violation of the amended articles by making declaration and payment of dividends. he referred to the published accounts of the corporation to buttress his point that even after ..... commodities at cheaper rates to the public and thus comes under the definition of charitable purposes as given by the income-tax act, 1961, and attracts exemption under the act. the en bloc amendments as reported above were carried out for satisfying our first contention....18. before we proceed further, we may state that to ..... [13] => ..... the appeal is filed on behalf of the minor children. this petition is supported by an affidavit sworn in by shri poonamchand toshniwal. the request to amend the appeal memo at this late stage was vehemently opposed by the learned departmental representative. the learned departmental representative argued that it is very essential to keep ..... sec. 29 does not prescribe any period of limitation for issuing a notice. wherever the legislature thought it necessary, it has prescribed period of limitation in the act. no support for the contention of sri srinivasan can be gathered from the language of s. 29." they relied upon an earlier decision of the patna high ..... delay in communicating the orders of the authorities is specifically held to relate to executive authorities. now in this case, the ito while making the assessments was acting as quasi judicial authority and not merely as executive authority, and, therefore, the ratio of the andhra pradesh high courts decision that due to inordinate delay ..... [14] => ..... winding it up. mugneeram bangur & co.(land department)'s case (supra) is a case decided before the second proviso to section 10(2)(vii) of the indian income-tax act, 1922 was amended in 1949. in mugneeram bangur & co. (land department)'s case (supra) no doubt the supreme court held as follows : held, that the sale was the sale of ..... assessee under the sale deed dated 2-11-1981 is rs. 3 lakhs minus the rent over the land payable for the unexpired portion of the lease. as this information is not available with us we remand the matter to the commissioner (appeals) to call for the registered rent deed dated 1-2-1968 executed by n. venkataramaraju in ..... that condition for the exigibility of the tax.following the above decision the later decision of the supreme court in k.b. kalikutty's case (supra) held that the amending words in the proviso eliminated the third condition which had been laid down for its applicability in the previous decision, vis., that the machinery shall have been sold when ..... [15] => ..... 327, under heading "lacuna in the 1998-substituted section 10(23g) removed", and submitted that explanation 2 to section 10(23g) inserted by the income-tax (second amendment) act, 1998, clarifies that the exemption available under section 10(23g) is only in respect of investments made between 1-4-1998 and 31-5-1998 and shall continue to ..... of shares of apgpcl was exempt under section 10(23g). he took this bench through explanation 2 of section 10(23g) as inserted by the income-tax (second amendment) act, 1998, with effect from 1-4-1999, and argued that in the light of the explanation, the assessee is entitled to exemption of the long term capital ..... court of india, in the case of shyam sunder v. ram kumar 39. lastly, it was contended on behalf of the appellants that the amending act whereby new section 15 of the act has been substituted is declaratory and, therefore, has retroactive operation. ordinarily when an enactment declares the previous law, it requires to be given retroactive effect ..... ) Information Technology Amendment Act 2008 Section 46 Amendment of Section 87 - Court Income Tax Appellate Tribunal Itat Hyderabad - Page 3 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: information technology amendment act 2008 section 46 amendment of section 87 Court: income tax appellate tribunal itat hyderabad Page 3 of about 36 results (0.097 seconds)

Jun 03 2000 (TRI)

Prasanchand Surana Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)76ITD423(Hyd.)

..... the provisions of chapter iv, on the basis of evidence found as a result of search or requisition of books of account or documents and such other material or information as are available with assessing officer as reduced by aggregate of the total income provided under clauses (a) to (f). thus for computing the undisclosed income of the ..... income-tax (inv.), circle 5(2), hyderabad, erred in placing reliance on the report of the valuation cell which was a telephonic reference made by the department and no information was gathered from the appellant by the valuation cell while finalising the cost of construction report, thus violating the principles of natural justice. 4. without prejudice to ground no ..... to include the dy.director or joint director of income-tax in the definition of "assessing officer". the law in this regard was amended by the finance (no. 2) act, 1998 with effect from 1-10-1998 and at the relevant time when the search took place in this case on 8-11-1995, the dy. director of .....

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Dec 18 1992 (TRI)

Shivlal Dulichand Agarwal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)45ITD319(Hyd.)

..... the high court did so by mainly following the decision of the supreme court in the case of cit v. anwar ali [1970] 76 itr 696. however, after amendment of the act and the omission of the word "deliberately" from section 271(1)(c) and enactment of explanation 1 to the said section, the decision in the case of anwar ..... consider it necessary to mention that the learned counsel for the assessee, sri ratnakar, was allowed several adjournments to inform us whether the ratio of a criminal case is applicable in a penalty case under section 271(1)(c) of the it act. sri ratnakar, however, was not able to place before us any authority in this regard.there is ample ..... completion of the assessment. in the said petition, it was brought to the notice of the commissioner that the ito had informed the assessee that he would initiate no penalty proceedings under section 271(1)(c) of the it act. it was also brought to the notice of the commissioner that sri sharma may have confessed due to his own income- .....

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Dec 18 1992 (TRI)

Shivlal Dulichand Agarwal Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)46TTJ(Hyd.)480

..... high court did so by mainly following the decision of the supreme court in the case of cit vs. anwar ali (1970) 76 itr 696 (sc). however, after amendment of the act and the omission of the word "deliberately" from s. 271(1)(c) and enactment of expln. 1 to the said section, the learned departmental representative points out that ..... consider it necessary to mention that the learned counsel for the assessee, sri ratnakar, was allowed several adjournments to inform us whether the ratio of a criminal cases is applicable in a penalty case under s. 271(1)(c) of the it act. sri ratnakar, however, was not able to place before us any authority in this regard. there is ample ..... completion of the assessment. in the said petition, it was brought to the notice of the commissioner that the ito had informed the assessee that he would initiate no penalty proceedings under s. 271(1)(c) of the it act. it was also brought to the notice of the commissioner that sri sharma may have confessed due to his own income .....

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Oct 31 1994 (TRI)

Deputy Commissioner of Vs. A.P. State Textiles Development

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)53ITD142(Hyd.)

..... that the income-tax department should confer exemption under section 10 to the undertakings of the government or public sector from tax liability by suitable amendment to section 10 of the i.t. act as is given to local authorities/housing boards and the support for such a view was sought to be on the ground that the ..... fact was contributed by the state government. therefore, even assuming that any declaration of dividends permissible under clause 28 of the memorandum of association as it stood before amendment, the dividend would go in its entirety to the government, i.e., it goes to the public and consequently there would be no chance of any element of ..... through an f.g.m. to pass a resolution for deleting the said offending clauses and secures necessary confirmation from the company law board. without such a formal amendment of articles of association, clause 92 of articles of association cannot be wished away by any pious assurance given by the appellant-corporation. in that view of the .....

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Nov 30 1994 (TRI)

Singareni Collieries Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)53ITD249(Hyd.)

..... a paper-book containing 97 pages and invited our attention to extract of circular no. 549 dated 31 -10-1989 on explanatory notes on the provisions of direct tax laws (amendment) act, 1987, part ii, filed at page 1 of the paper book. he has also relied on the decision of the hyderabad bench 'b' of tribunal in anam machinery ..... the income or loss declared in the return, namely :- (iii) any loss carried forward, deduction, allowance or relief claimed in the return, which, on the basis of the information available in such return, accounts or documents, is prima facie inadmissible, shall be disallowed: provided further that where adjustments are made under the first proviso, an intimation shall be ..... is filed at page 1 of the paper book, at para 5.4, lists out the prima facie adjustments which can be made only on the basis of information available in the return or the accompanying accounts or documents and not on the basis of the past records of the assessee. though the said list does not contain .....

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Apr 21 1997 (TRI)

Deputy Commissioner of Income Tax Vs. Nagarjuna Investment Trust Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1998)65ITD17(Hyd.)

..... maintaining its books of account. they have certified that the audited statement give a true and fair view. such a method was followed by the company even after amendment of s. 209(3) making it mandatory for the companies to maintain their accounts on accrual basis. therefore, the ao was bound to compute the taxable income ..... of recognition of income by way of lease rentals from the year 1990-91 or so. the learned counsel submitted that the term "accrual" used in companies act, it act or other laws may have different meanings depending on the purpose of legislation and the context in which such expression has been used. the concept of accrual under ..... by the institute of chartered accountants of india to which our attention was drawn during the course of hearing. we have also examined the relevant provisions of it act, companies act and other relevant laws.26. the principles of law as enunciated by the various judgments of the hon'ble apex court relied upon by the learned representatives .....

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Sep 16 2005 (TRI)

Anuradha Timber Estates Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2006)99ITD53(Hyd.)

..... to insertion of the aforementioned provisos, the tribunal enjoyed unbridled power to grant absolute stay. clarifying the statement, the learned counsel submitted that section 253(6) was amended by the finance act, 1998 with effect from 1.10.1998, to enhance the appeal fee payable to the tribunal at the time of filing of appeal, by an assessee, and ..... assessee was entitled to file an appeal after paying only the admitted tax under the central provinces and the bearer sales tax act of 1947. this act was amended on 25.11.1949 and according to this amendment an assessee should pay both the disputed tax and undisputed tax before filing an appeal. the assistant commissioner of sales tax issued ..... the central board of direct taxes (cbdt) reproduced in 2001-252 - ttr (st.) - 65, 120. in contrast, when the legislature made an amendment to section 253 through the finance (no. 2) act of 1998 "w.e.f. 1.10.1998" by substituting a pre-existing sub-section 6 with a new sub-section (6), enhancing the appeal .....

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Jul 24 2001 (TRI)

MerfIn (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)80ITD399(Hyd.)

..... shall be allowed to be carried forward to the following assessment year and set off against the speculation profits, if any, in that year, and so on. the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying ..... the head 'brokerage'. if it is speculative loss, it can only be carried forward for set off against future speculative profit, in terms of section 73 of the it act. we do not see how the assessee can escape the terms of the said explanation to section 73. we have pointedly enquired of the learned counsel for the assessee ..... allowed as set off against his business income. the cit(a) upheld the view of the ao that the claim was hit by the provisions of section 73 of the it act, 1961, and accordingly rejected the claim of the assessee with the following remarks : "3.1 before me, the learned authorised representative of the appellant had submitted that .....

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Nov 10 2003 (TRI)

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)90ITD344(Hyd.)

..... viz. that the asset should have been sold when the business was carried on. therefore all that b.m. kharwar's case lays down is that after the amendment act 1949 referred to earlier even if plant and machinery is sold as a part of a realization sale the provisions of the second proviso to section 10(2) (vii) ..... 1990. there has been no further communication from mysore cements ltd. after the preliminary information had been provided as required by them. a telex message had been sent to the chairman & managing director of cement corporation of india ltd., in response to a ..... that discussions had been held at hyderabad with m/s. gujarat ambuja cements ltd., larsen & toubro ltd., and india cements ltd. when detailed operating, financial and other information as required had been provided. plant visits by teams from the above three prospective purchasers were planned to commence from 14^th march to be completed by end march, .....

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Sep 14 2007 (TRI)

Techtran Polylenses Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2008)113TTJ(Hyd.)1007

..... and ends with 2000-01. upto asst. yr. 2000-01, the assessee has not got any benefit by virtue of section 10a or 10b of the act. even on consideration of amended provisions of section 10b applicable to period 1st april, 1999 to 31st march, 2001 where period of 8 assessment years has been substituted by 10 assessment years ..... 1st april, 1993 to 31st march, 1994 was 8 assessment years beginning with assessment years relevant to previous year in which the undertaking begins to manufacture. but subsequent amendments applicable to period 1st april, 1999 to 31st march, 2001 in provisions of section 10b this period of 8 assessment years has expanded to 10 assessment years. it ..... 1993-94 which has ended with asst. yr. 2000-01 on completion of eight years. however, this period of 8 years was extended to 10 years by subsequent amendment. the learned departmental representative further submitted that in asst. yrs. 1993-94, 1994-95 and 1995-96, the assessee did not make claim under section 10b. he further .....

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