Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD229(Mad.)
..... is in contrast to the indirect levies under the central excise & customs enactments where the provisional collection of taxes act, 1931 provides that upon declaration by parliament, the imposition or increase of duty of customs or excise will have immediate effect upon presentation of finance bill, and such provisions will have the force of law and cease to have effect on the expiry of the 75th day, unless the bill becomes an act. ..... this is not a case of provisional collection of tax where it could take effect from the date of the ..... considerations have no relevance to the income-tax act which is a tax on the income of the previous year. ..... - in section 54e of the income-tax act, -(1) ** ** **(a) ** ** **(b) ** ** **(c) ** ** ** (i) for the words, brackets and figure 'for the purposes of this sub-section and sub-section (3), 'specified asset' means any of the following assets, namely:-', the following shall be substituted, namely:- (a) in a case ..... appeal relates to the claim of the assessee for exemption under section 54e of the income-tax act, 1961.2. ..... we also have the classic case of the gift-tax bill, 1990 which lapsed without even becoming an act, putting many taxpayers who acted on the basis of the proposed bill to difficulties ..... an honest and law abiding taxpayer would have expected the central board of direct taxes which thus professes to be friendly to the assessees to at least clarify its own stand so that the assessee could act in accordance with the stand of the department. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)45ITD209(Mad.)
..... income which was the higher of the two.as respects an amended order under section 210(3) also, the 1964 amendment introduced the concept of maximising advance tax collection.thus, if after making of an order under section 210(1) and before 15th day of february of the financial year - a regular assessment or a provisional assessment under section 141 is made in respect of a previous year later than the one referred to in the order under section 210(1), an amended order might ..... excess, if any, of the advance tax paid by the assessee was to be refunded.section 18a(2) of the old act gave the assessee the option to file a lower estimate, if he considered that his current income would be less than that mentioned in the order/the amended order passed under section 18a(1)(a).though section 23b of the old act (analogous to section 141 of the new act) conferred on the ito the power to make provisional assessment in advance of regular assessment ..... , the scheme of advance payment of tax did not contemplate the passing of an order/amended order under section 18a(1)(a) of the old act on the basis of a provisional assessment.yet another significant feature of the scheme of the old act was that it was immaterial that the assessee had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD8(Mad.)
..... in our opinion going as it does against the scheme of the income-tax act, 1961 relating to collection and recovery of tax, the said contention lacks force.13. ..... credit shall be given also in such provisional assessment.the italicised portion will at once make it clear that the advance tax recovered from the assessee is also advance-tax, and that the legislature has not set much store by the delay which is generally occasioned by the recovery ..... , paid by or recovered from an assesses as advance tax in pursuance of this chapter shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment year next following the financial year in which it was payable, and credit therefor shall be given to the assessee in the regular assessment: provided that where, before the completion of the regular assessment, a provisional assessment is made under section 141a, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1995)54ITD694(Mad.)
..... relevant accounting year, that but for the search the investments found would not have been accounted for and that the assessee was found to be maintaining a daily collection register meant for income-tax purposes, grossly under-stating his professional receipts. ..... in fact, no regular books of account were maintained by the assessee and two daily collection registers happened to be maintained by the assessee for the period from 1-4-1985 relevant for the assessment year 1986-87 and not ..... deemed to have concealed the particulars of such income or furnished inaccurate particulars of such income is terms of explanation 5 to section 271 (1 )(c), the second exception provided by the taxation laws (amendment & miscellaneous provisions) act, 1986 with effect from 10-9-1986 is applicable to the case of the assessee as rightly concluded by the cit (appeals). ..... presumably, the amendment to the said explanation 5 made by the taxation laws (amendment & miscellaneous provisions) act, 1986 providing two exceptions to the said explanation was not applied to the case by the assessing officer as such the amendment came into force after the raid which took place on ..... the second exception provided by the taxation laws (amendment & miscellaneous provisions )act, 1986 shows the legislative intent to mitigate the rigour of law contained in the deeming provisions of explanation 5 to section 271 (1 )(c) and therefore beneficial interpretation even if there could be two interpretations on this point, should .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD415(Mad.)
..... appended to the taxation laws (amendment) bill, 1969 explained the scope and effect of sections 80qq in the following words: clause 24 seeks to insert a new sections 80qq in chapter vta of the income-tax act with effect from 1-4-1970.under the proposed new sections 80qq any person carrying on a business, in india, of the printing and publication of books or publication of books without the activity of printing, will ..... printing- - books, such as service books, bill books, measurement books, order books, cash books and the like; - registers, such as revision petition registers, registers of appeals, professional tax demand registers, water meter reading registers, mutation registers and the like; - licence books, such as vehicle licence books licence for elephants, camel, asses, dogs and the like; and - forms ..... , such as property tax assessment list, establishment bills, forms for ta bills, bills for contingent charges, dcb statement, annual account, budget estimate etc.obviously the policy of the state government in this regard ..... printed or blank sheets fastened together along one edge and usually trimmed at the other edges to form a single series of uniform leaves; specifically a collection of folded sheets bearing printing or writing that have been cut and sewn and usually bound between covers into a volume; a stack of sheets of ..... 1931 .....
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