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Morepen Laboratories Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Subject : Direct Taxation

Reported in : (2005)95TTJ(Chd.)404

submissions as to how claim of depreciation could be revised during such proceedings. Explanation 5 inserted by the Finance Act, 2001, is also of no help to the appellant. It has been held by the Hon'ble Kerala High Court … grounds of appeal are that originally the assessment was completed on 31st July, 1996, by the AO under Section 143(3) of the Act at nil income as a result of deduction under Section 80-IA of IT Act.

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Subject : Direct Taxation

Acts : Direct Tax Laws (Amendment) Act, 1987 - Sections 28, 36, 36(1) and 36(2); Finance Act, 2001

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.The Finance Act, 2001 inserted the following Explanation after the proviso to Section 36(1(vii):Explanation - For the purposes of this clause, any

Addl. Cit Vs. Kwality Frozen Foods Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Service Tax

Reported in : (2005)1SOT243(Mum.)

sale of trademark as such was brought into the provisions of section 55(2) through the amendment by the Finance Act, 2001. The said amendment brought in by the Finance Act, 2001 is effective only from assessment year 2002-03. The

Wimco Seedlings Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Land Acquisition

Reported in : (2007)293ITR216(Delhi)

of the activity is exempt from taxation however, a new section i.e. Section 14A has been inserted by finance Act, 2001 retrospectively which provides as under: Section 14A : For the purpose of computing the total income under this

New India Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2007)112TTJ(Delhi)917

asst. yr. 1998-99 when the Explanation to Section 36(1)(vii) was not there as it was brought by the Finance Act, 2001 w.e.f. 1st April, 1989.The decision of Tribunal in Overseas Sanmar Financial Ltd. (supra) is also distinguishable on following … decision of Hon'ble Madras High Court in the case of Thammayya v. Rajah Tyada Pasupati AIR 1930 Mad 96. Shri Maheshwari further submitted that when the legislature intended to give the benefit of allowing provision for bad

Rastriya Ispat Nigam Limit Vs. Asst. Commissioner of Income Tax and An ...

Court : Andhra Pradesh

Subject : Direct Taxation

Assessment Year 1997-98 and seven subsequent assessment years. The Parliament again amended Section 32 of the Act by Finance Act, 2001 w.e.f.01-04-2002 and the original provisions of Section 32 of the Act were restored, removing the time limit of

J.K. Cement Works Vs. Asstt. Commissioner of Central Excise and Custom ...

Court : Rajasthan

Subject : Excise

Acts : Central Excise Act, 1944 - Sections 11B and 11BB

Reported in : 2004(97)ECC6; 2004(170)ELT4(Raj); RLW2004(4)Raj2604; 2004(3)WLC757

delayed refund was 10% which has now been lowered to 5% vide amendment made by Finance Act in 2001 with effect from 1-6-2003. Section 11B refers to order passed under Section 11B and application made under Section … three months from such date, till the date of refund of such duty.'20. Section 11BB was inserted by Finance Act of 95 with effect from 26-5-95. At the time of insertion the minimum rate of interest required to

income Tax Officer Vs. Shambhu Mercantile Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2008)304ITR36(Delhi)

Circular No. 14 of 2001 [(2002) 172 CTR (St) 13] issued by the CBDT explaining the provisions of Finance Act, 2001 and the reasons for incorporating Section 94(7) of the Act. The relevant part of the said circular is

Abn Amro Bank Nv Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2005)96TTJ(Kol.)1041

contrary view overruling the Tribunal decision considering the Explanation to Section 90(2) of the Act, inserted by the Finance Act, 2001." 39. The relevant facts relating to this issue are that the AO had levied tax in this case

Aquarius Travels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2008)111ITD53(Delhi)

. The attention of the learned Authorised Representative was drawn to Section 14A which was inserted by the Finance Act, 2001 with retrospective effect from 1st April, 1962 as per which any expenditure incurred by the assessee in relation