Judgment Search Results Home > Cases Phrase: remittances of foreign exchange and investment in foreign exchange bonds immunities and exemptions act 1991 Court: allahabad Page 1 of about 3 results (0.112 seconds)

Assistant Commissioner of Income Vs. V.K. Gupta and ors.

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2003)86ITD200(All.)

..... , 1991, and gave a perverse finding that the board's circular clarifies that remittances in foreign exchange are exempt from levy of tax under the it act, whereas the cbdt circular clarified that only the remittance of the nature referred in section 3 of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991, will get preferential treatment for which no enquiry as to its source would be carried out in any proceedings under the it act, 1961. 3. ..... the learned counsel for the assessee filed copy of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991, along with the scheme and the copy of the board's circular on the subject. ..... the dispute raised was about the taxing of the aforesaid amount which the assessee claimed as exempt under section 4 of "the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991" (in short, 'special act'). ..... 1,00,000 credited in the bank a/c of the assessee ignoring the facts that the assessee was not covered by the immunity under the "remittances of foreign exchange and investment in foreign exchange bonds (immunities & exemptions) act, 1991" in respect of the said deposits and the assessee failed to explain the source of the deposits as per the provisions of section 69 of the it act. 2. .....

Rajendra Kumar Gupta Vs. Commissioner of Income-tax (Central)

Court : Allahabad

..... in writ tax no 432 of 2005 for determination by the full bench: "(a) whether the immunity provided to the bond holder of india development bond in us dollars, under sections 6 and 7 of the remittance of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 which includes that no enquiry to be made from bond holder, regarding the source, is also available to gifts, which are found to be bogus gifts, routing the unaccounted money of the bond holder, through such bonds, by purchasing the bonds for consideration in india; (b) whether the view taken in the judgment dated 26.7.2011 in income ..... consequently, we answer the reference by holding with reference to question-a that the immunity which is provided in section 6 (1) (a) of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 extends to a non resident indian or overseas corporate body who or which owns the foreign exchange bonds and to a person resident in india to whom a gift of such bonds has been made by such an nri or ocb. ..... the questions which have been referred to the full bench, turn on the interpretation of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 the act and the india development bonds scheme which was notified on 21 september 1991. .....

Amritraj S. Punamiya, Huf Vs. Ito, Ward 24(15)

Court : Allahabad

Reported in : [2005]3SOT547(NULL)

..... immunity before him under 'remittances of foreign exchange and investment in foreign exchange bonds' (immunities and exemptions) act, 1991 (act ..... to appreciate that your appellant has satisfactorily explained the nature and source of the credit in his capital account out of foreign remittance under the remittance in foreign exchange (immunities) scheme, 1991 and therefore, the recipient is eligible for the immunities granted under the said act.'2. ..... section 2(a) and 2(b) of remittance of foreign exchange immunities act, 1995 defines 'recipient' and 'remittance' as under :(a) 'recipient' means a person as defined in clause (31) of section 2 of the income tax act, 1961 (43 of 1961), who receives any remittance under this chapter :(b) 'remittance' means remittance made in foreign exchange by any person resident outside india to a person resident in india or after the date of commencement of this act but before the specified date, in the form of drafts, travellers cheques, cheques drawn on banks situated outside india, telegraphic transfers, mail transfers, money orders, ..... to sections 3 and 4 of the remittance of foreign exchange immunity act, 1991 to highlight the point that such remittances cannot be questioned under income tax act.4. ..... he would get immunity under foreign exchange remittance act and because of that his relatives and friends who had requested him to gift money out of amounts standing in his nre a/c would also get immunity as the same is exempted under gift tax act. .....