Judgment Search Results Home > Cases Phrase: information technology amendment act 2008 section 46 amendment of section 87 Page 8 of about 18,884 results (0.241 seconds)

Ajay Gupta Vs. Commissioner of Income Tax

Court : Delhi

Reported in : (2007)210CTR(Del)116; 2007(97)DRJ317; [2008]297ITR125(Delhi)

..... to 31-08-2003. it appears to us that this may have been for the reason that by virtue of the taxation laws (amendment) ordinance, 2003, subsequently cemented by the taxation laws (amendment) act, 2003, the rate of interest stood reduced to 0.5 per cent per month with effect from 8-9-2003. accordingly, interest ..... period has been successively reduced by parliament, since section 132b as originally inserted into the act by income tax (amendment) act, 1965 specified the period to be six months. this period was thereafter reduced to 120 days by virtue of finance act, 2002. obviously, parliament is mindful of the fact that where assets and money belonging to ..... amount having been returned, the only remaining controversy concerns the element of interest payable by the department to the petitioner.3. according to the petitioner, it had informed the department at the time of the search itself and thereafter in detail on 11.7.2002 that the seized cash belonged to two companies, namely, arkaylite .....

Deputy Commissioner of Income Tax Vs. Rampur Distillery and Chemical C ...

Court : Delhi

Reported in : (1998)60TTJ(Del)630

..... assessed will have no previous year for asst. yr. 1988-89 and this situation would be incongruous with the provisions of s. 3 of the it act, 1961, as amended by the taxation laws (amendment) act, 1987.'3. the facts relating to the aforesaid matter are briefly as under. the appellant-company was following its previous year ending on 31st ..... the specific provisions contained in this regard in s. 154(3).6.2 the new provision of s. 3 which was introduced by the direct tax laws (amendment) act, 1987, also nowhere provides that any permission granted for change of accounting year prior to the introduction of the new provision of s. 3 can be cancelled ..... . it also authorises the ao to disallow any deduction, allowance or relief or carry forward of loss claimed in the return, which, on the basis of the information available in such return, accounts or documents, is prima facie, inadmissible. only such rectification are allowed to be done by way of adjustments while preparing the intimation under .....

Deputy Commissioner of Income Tax Vs. Rampur Distillery and Chemical C ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)64ITD279(Delhi)

..... assessee will have no previous year for asst. yr. 1988-89 and this situation would be incongruous with the provisions of s. 3 of the it act, 1961, as amended by the taxation laws (amendment) act, 1987." 3. the facts relating to the aforesaid matter are briefly as under. the appellant-company was following its previous year ending on 31st ..... the specific provisions contained in this regard in s. 154(3).6.2 the new provision of s. 3 which was introduced by the direct tax laws (amendment) act, 1987, also nowhere provides that any permission granted for change of accounting year prior to the introduction of the new provision of s. 3 can be cancelled ..... . it also authorises the ao to disallow any deduction, allowance or relief or carry forward of loss claimed in the return, which, on the basis of the information available in such return, accounts or documents, is prima facie, inadmissible.only such rectification are allowed to be done by way of adjustments while preparing the intimation under .....

income-tax Officer Vs. Jai Jinendra Investment (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1999)70ITD512(Nag.)

..... with the arguments of the parties, for a better appraisal of the arguments, it is necessary to have a glance of the section before and after amendment. before amendment brought in by the direct tax laws (amendment), act, 1987 w.e.f. 1st april, 1989, s. 147 read as under : (a) the ao has reason to believe that, by reason of ..... material facts relating to computation and the claim of deduction under s. 80m. the ao, he held, has applied his mind. in the absence of any information, the subsequent ao cannot act upon on the basis that he had different opinion. he further held that though the provisions of s. 147 have been changed w.e.f. 1st april, ..... loss or depreciation allowance has been computed or if there was no failure or omission on the part of the assessee but subsequently, the officer has, in consequence of information in his possession, reason to believe that income has escaped assessment either by way of allowing excessive relief, or underassessed or assessed at low rate of tax, then .....

Deputy Commissioner of Income Tax Vs. Kelvinator of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the reassessment proceedings were initiated by the ao. this issue is vital in view of the fact that the provisions of section 147 were amended w.e.f. 1st april, 1989, by the direct tax laws (amendment) act, 1987. the assessment years involved in the reassessment proceedings are the asst.yrs. 1986-87, 1987-88 and 1988-89. since ..... section 147(b) cannot be upheld. reliance is placed on cit v. hickson & dedajee ltd. (1980) 121 ttr 368 (bom). 13. the interpretation of the word "information" appearing in section 147(b) has been subject-matter of judicial review and has been held to mean instruction or knowledge derived from an external source concerning facts or particulars ..... alleged to have escaped assessment was due to any omission on the part of the appellant to disclose fully and truly material facts or in consequence of any information coming to his possession subsequent to completion of assessment. 5. computation of claim under section 80-1 was given by the appellant to the ao at the .....

income Tax Officer Vs. Bombaywala Readymade Stores

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)271ITR1(Ahd.)

..... that assessee is previously assessed to tax. therefore, expln. 3 is not applicable. the expln. 5 is also not applicable as the same is also inserted by taxation laws (amendment) act, 1984 w.e.f. 1st oct., 1984 whereas search was conducted on 31st aug., 1984. the learned counsel of the assessee finally contended that even otherwise the portion of addition ..... to it, the assessee failed to file the return of income. the ao had, therefore, no option but to compute the income to the best of his judgment and information available to him. the computation of income is not in dispute. it is not the contention of assessee that it has not earned any income. the only contention is that ..... to it, the assessee failed to file the return of income. the ao, had therefore no option but to compute the income to the best of his judgment and information available to him. the computation of income is not in dispute. it is not the contention of assessee that it has not earned any income. the only contention is .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... has no intent to allow any expenditure incurred in earning exempted income against the taxable income. the judgments relied on by the assessee relate to the pre-amendment period and were rendered following the judgment of supreme court in the case of ctt v. indian bank (supra) and rajasthan state warehousing corporation (supra), ..... do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall ..... learned departmental representative has invited our attention to the object of introduction of section 14a with the submission that section 14a has been inserted by the finance act, 2001 with retrospective effect from the 1st day of april, 1962 to nullify the decision of the supreme court in the case of rajasthan state warehousing .....

Deputy Commissioner of Income Tax Vs. B.S.E.S. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113TTJ(Mum.)227

..... circular no. 549, dt. 31st oct., 1989 [(1990) 82 ctr (st) 1 : (1990) 182 itr (st) 1], which explains the provisions of the direct tax laws (amendment) act.in para 11 thereof it is stated that "these provisions, apart from being complicated, left certain gaps for which interest was not paid by the department to the assessee for ..... money remaining with the government.to remove this inequity as also to simplify the provisions in this regard, the amending act, 1987 has inserted new section 244a of the it act, 1961, applicable from the asst. yr. 1989-90 onwards which contains all the provisions for payment of interest by the department and delay ..... 1998 i.e. the date on which self-assessment tax was paid. section 244a of the act was inserted by the direct tax laws (amendment) act, 1989, which provides that where refund of any amount becomes due to an assessee under the act, the assessee shall be entitled to receive in addition to the said amount, simple interest at .....

Arun Kumar Maheshwari and ors. Vs. Income Tax Officer and ors.

Court : Allahabad

Reported in : (2005)196CTR(All)207; [2006]284ITR642(All)

..... is not made but is confined to the provisions of adjustments specified in clause (b) of section 143(1) of the act.29. under section 147 of the act, as substituted by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989, the only requirement for taking proceeding is that the ao should have reason ..... the matter and not otherwise. at the stage of considering the validity of a notice of reassessment, the question is not whether what is stated in the information or the conclusion drawn, is true or not. the only question at this stage is about the relevancy of the material for formation of the requisite belief.'36 ..... passing a speaking order.on receiving notices under section 148 the appellant filed the returns. the appellant also received notices under section 143(2) calling for further information on certain points in connection with the returns. thereupon the appellant filed writ petitions challenging the notices. the high court dismissed the writ petitions holding that the .....

Hungerford Investment Trust Ltd. Vs. Income Tax Officer and ors.

Court : Supreme Court of India

Reported in : (1998)145CTR(SC)300

..... 33a, s. 33b, s. 66 or s. 66a.'this is how the second proviso to s. 34(3) stood after its amendment in 1953 by the it (amendment) act of 1953 w.e.f. 1st of april, 1952. the appellant-company contends that this proviso has no application in the present case ..... been no omission or failure as mentioned in cl. (a) on the part of the assessee, if the ito has, in consequence of information in his possession, reason to believe that income chargeable to income-tax has escaped assessment for any year, or has been underassessed he can serve ..... present appeals are concerned with asst. yrs. 1949-50, 1950-51 and 1951-52.2. an order under s. 23a of the it act, 1922, before its amendment in 1955 was passed by the ito in the case of m/s. turner morrison & co. ltd. as a result of ..... firm or aop or a new assessment of a firm or aop is ordered to be made, the aac may authorise the ito to amend accordingly any assessment made on any partner of the firm or any member of the association. this provision under s. 31(4) .....