Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)50TTJ(Ahd.)130
..... cgt (1988) 173 itr 439 (ap). he further submitted that the provisions of direct taxes (amendment) act, 1987 contain various significant amendments. some amendments were made effective from 1st april, 1988 while other amendments introduced by the said amending act were made effective from 1st april, 1989. the legislature in its wisdom thought it proper to ..... . the government have, in recent past, taken several legislative and administrative measures to unearth black money. the income-tax (second amendment) act, 1981 (hereinafter referred to as the amending act), represents another step in the same direction.2.2 it came to governments notice that a substantial amount of black money was ..... tax evaders with banks, companies, co-operative societies and partnership firms either in their own names or in benami names. the income-tax (second amendment) act, 1981, seeks to counter attempts to circulate black money in this manner." it is clear from the aforesaid circulars issued by the board that these .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1996)56TTJ(Nag.)421
..... continue to be a huf liable to be assessed as such." 8. in this s. 20, the word "wealth-tax officer" was substituted by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1988. reading of cl. (1) of this section makes it clear that if the ao after inquiry, was not satisfied that a ..... tapeshwari prasad vs. cit (supra). the learned departmental representative further contended that the cwt(a) has failed to consider the fact that the provisions of s. 20a have been amended w.e.f. 1st april, 1980, and incorporated out of necessity to curb the avoidance of wealth-tax so frequently resorted by the assessees by creating multiple hufs.6. ..... of the tribunal in kamal vishnubhai panchal (huf) vs. ito (1987) 29 ttj (ahd) 166 : (1987) 34 taxman 316 (ahd) also independently took a similar view holding that amendment in s. 171 derecognising a partial partition is applicable only to the huf once assessed to tax and the undivided families which were never assessed could not be brought within .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1996)59ITD257(Nag.)
..... continue to be a huf liable to be assessed as such." 8. in this s. 20, the word "wealth-tax officer" was substituted by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1988. reading of cl. (1) of this section makes it clear that if the ao after inquiry, was not satisfied that a ..... tapeshwari prasad vs. cit (supra). the learned departmental representative further contended that the cwt(a) has failed to consider the fact that the provisions of s. 20a have been amended w.e.f. 1st april, 1980, and incorporated out of necessity to curb the avoidance of wealth-tax so frequently resorted by the assessees by creating multiple hufs.6. ..... of the tribunal in kamal vishnubhai panchal (huf) vs. ito (1987) 29 ttj (ahd) 166 : (1987) 34 taxman 316 (ahd) also independently took a similar view holding that amendment in s. 171 derecognising a partial partition is applicable only to the huf once assessed to tax and the undivided families which were never assessed could not be brought within .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2000)75ITD155(Delhi)
..... than the advance demanded by the ao under sub-s. (3) or (4) or intimated by him under sub-s. (5).12. sec. 209 of the act, after amendment by the amending act, 1987, lays down the method of computing advance tax payable during a financial year as follows : (a) where the calculation is made by the assessee for paying the ..... 1994) 4 scc 276 in which their lordships concluded that in case dealer deposited full amount of tax which, according to him, was due without wilfully omitting any material information and later on additional amount was found to be payable, then dealer would not be liable to pay interest on the additional amount of tax deposited by him under ..... procurement of foodgrains and thus assessee was not supposed to pay any advance tax and thus interest under s. 234b is not chargeable as assessee has not omitted any information in filing the return and was having bona fide basis for not showing the income from trading in procurement of wheat, etc. as its income because the department .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)81ITD127(Delhi)
..... . 147 and 148). this principle was recently applied by the supreme court in construing section 15(b) of the central sales-tax act, as it stood before its amendment by act no. 61 of 1972, and the amendment introduced by this amending act, though not retrospective, was used as a parliamentary exposition of its intent contained in the unamended section (see manickam & co. v ..... hotels in indian currency and such certificate had been specified in sub-section (2a) which was also added to sub-section (2) to section 80hhd by the same amending act. this requirement, according to the learned jm, was to be complied with by an assessee and it could not be said that it was in anyway clarificatory or declaratory ..... neither of these and the intention of the legislature was quite clear.31. at the inception of the section itself by the direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989, the stress was on the earnings in convertible foreign exchange and relief was to be given to the first recipient .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)267ITR52(Coch.)
..... further been clarified by the circular of the board (supra) while explaining the position with reference to the foreign banks in the context of the amendments made by the it (amendment) act, 1986. in particular, it has been explained that the foreign banks do not have rural branches in india and, therefore, they are not eligible ..... by the rural branches of the bank.this is further clarified by the following circular (no. 464, dt. 18th july, 1986) explaining certain amendments made to the clause by the it (amendment) act, 1986 : "modification in respect of deduction on provisions for bad and doubtful debts made by the banks. 5.1 under the existing provisions ..... advances made by the rural branches of indian banks, whichever is higher, should be modified. accordingly, by the amending act, the deduction presently available under clause (viia) of sub-section (1) of section 36 of the it act has been split into two separate provisions. one of these limits the deduction to an amount not exceeding 2 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)104TTJ(Coch.)434
..... 1987-88 is bad in law. the cit(a) ought to have found that as per the law as it stood before amendment w.e.f. 1st june, 2001, reassessment proceedings could have been validly initiated upto a period of ten years from the end ..... substance. as far as section 147 is concerned, there are certain mandatory conditions for reopening of assessment and no amendment has been brought in section 147 as far as period of limitation is concerned. when the assessments of the assessee are completed ..... representative is not helpful to the revenue, because notices under section 147 were issued beyond the mandatory time-limit prescribed under the act. hence, in our opinion, considering the facts and materials on record, the cit(a) is right in declaring all the assessment ..... it act. we have also considered circular no. 5 dt. 22nd may, 2003 issued by the cbdt. it is pertinent to note that the said circular is issued by the cbdt after introduction of rule 7a which is relevant to us in these appeals. the it (second amendment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2006)99TTJ(All.)123
..... section, a notice is mandatory and not a mere formality. in the provisions of section 143(2), as they stood before substitution by the direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989, no time-limit was prescribed for issue of a notice. it was in the context of the pre ..... to the appellant and in response to such show-cause notice, the appellant again made detailed submissions and even referred to various case law. after considering all these materials and information, including the position of law, the ao granted exemption.32. subsequently, the hon'ble supreme court in the case of cit v.mahalaxmi sugar mills co. ltd. ..... proves that the decision taken to initiate action under section 263 was justified. 6. because the findings as aforesaid are wholly misconceived and even inconsistent with the material and information on record and assumption of jurisdiction under section 263 on such misconception has rendered the impugned order dt. 27th feb., 2004, as vitiated in law. 7. because .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2005)95TTJ(All.)489
..... order was made after the insertion of section 292b by taxation laws (amendment) act, 1975, impugned assessment order was in substance in conformity with and according to the provision of the it act. hence, assessment order was not invalid under section 292b of the it act and could not be nullified.4.3 similarly the hon'ble allahabad ..... transactions of investment in the assessee-company. 38. it is, therefore, seen that the assessee has no explanation to offer on the aforesaid important evidence/information found during the search. as regards the assessee's reliance on the affidavits of the so-called shareholders, it is submitted as stated earlier also that ..... recorded in the books of account or other documents found during the search may require further clarification, inquiry or investigation.in my opinion, the material or information gathered during the course of investigation or inquiry in respect of such entry or transaction recorded in the books of account or documents, etc. found during .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1996)132CTR(SC)234
..... and the acceptance of the contribution authorised by it.explanation. - where a portion of a financial year of the company falls before the commencement of the companies (amendment) act, 1985, and a portion falls after such commencement, the latter portion shall be deemed to be a financial year within the meaning, and for the purpose, ..... commission, for its scrutiny, the details of the expenditure incurred or authorised by the parties in connection with the election of their respective candidates.we are informed that the election commission of india has from time to time issued instructions which have been published in the compendium of instructions on conduct of elections (1996 ..... notice issued by the it department on 4th dec., 1995, the party filed return of income for the asst. yr. 1995-96. the party also furnished information as required by the department for the accounting period ending 31st march, 1993 and 31st march, 1994. according to the department the returns of income filed by .....
Tag this Judgment!