Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)108ITD709(Delhi)
..... deduction under section 80hhc is available on such income. in the course of hearing before us, the attention of the learned d.r. was drawn towards the amendment made by the taxation laws (amendment) act, 2005, retrospectively w.e.f. 01.04.1998, by which clause (iiid) was inserted in section 28 with a view to deem any profit on the transfer of ..... duty remission scheme under the export and import policy formulated and announced under section 5 of the foreign trade (development and regulation) act, 1992, as the profits and gains of business. by the same amendment act, provisions of section 80hhc of the act were also modified by, inter-alia, inserting clause (iiid) in the clause (ba) of the explanation below sub-section (4c). these .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)109ITD327(Delhi)
..... not qualified by a pre-condition of faith and true disclosure of material fact by an assessee as contemplated in the pre-amended section 147(a) of the act and the assessing officer can under the amended provisions legitimately reopen the assessment in respect of an income which has escaped assessment. viewed in that angle the power to ..... material facts. to similar view were the conclusions of this court in rakesh aggarwal v. act 225 itr 496, it is to be noted at this juncture that ..... reopen assessment is much wider under the amended provision and can be exercised even after the assessee has disclosed fully and truly all the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)110TTJ(Delhi)834
..... is not qualified by a precondition of faith and true disclosure of material fact by an assessee as contemplated in the pre-amended section 147(a) of the act and the assessing officer can under the amended provisions legitimately reopen the assessment in respect of an income which has escaped assessment. viewed in that angle the power to ..... material facts. to similar view were the conclusions of this court in rakesh aggarwal v. act 225 itr 496, it is to be noted at this juncture that ..... reopen assessment is much wider under the amended provision and can be exercised even after the assessee has disclosed fully and truly all the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)109ITD198(Delhi)
..... that the rent declared by the assessee was in any way less than the alv required to be determined under section 23(1)(a) of the act.11. the relevant provisions of section 23, after amendment w.e.f.01.04.1976 and as applicable for assessment year, under consideration before us, are stated as under: as per section 23 ( ..... to be ascertained considering the applicable laws governing the place where the property is situated and must be held to be a standard rent determinable under the provisions of the act applicable for such determination.13. thereafter, in case the assessing officer finds that such ratable value determined by him under sub-clause (a) of sub-section (1) ..... let from year to year which can be done either on the basis of fair rent fixed by the local municipal corporation laws or under the delhi rent control act but certainly not by considering any notional income representing the interest on security deposit received by the owner of the property. we are of the opinion that this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)108TTJ(Delhi)924
..... considered the relevant facts, arguments advanced and the case law cited. the lower authorities have incorrectly appreciated the scheme of deduction under section 10a of the act, as amended and have completely erred in denying set-off of loss of the eligible undertaking against that incomes, for the reasons hereunder: 6. the charge of income ..... the eligible undertaking. with a view to rationalise the existing tax incentive in respect of such undertaking, sub-section (6) of section 10a of the act has been amended to do away with restriction on carry forward of business loss and unabsorbed depreciation arising in asst. yr. 2001-02 and subsequent year.the explanatory ..... business losses or unabsorbed depreciation arising in the asst. yr. 2001-02 and subsequent years.the aforesaid amendment by the finance act is consistent with the new scheme of tax holiday under section 10a of the act, which is a deduction provision as opposed to earlier provisions of section 10a, which provided for exemption .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)107ITD1(Delhi)
..... a mistake or defect in the notice which is contrary to the mandatory provisions of the statute is curable under section 292b of the act.42. he submitted that section 292b was introduced by the taxation laws (amendment) act, 1975 and in para 47 of the explanatory notes vide circular no. 179, dt. 30th sept., 1975, (1976) 102 itr ( ..... and therefore the notice issued was proper was rejected by the court.24. he argued that it is pertinent to mention here that section 148 of the act, prior to amendment in 1996 retrospectively from 1st april, 1989, also required that notice issued under that section must prescribe 30 days clear time for filing the return of income ..... .1 on a careful consideration of the rival submissions, we are of the view that the arguments advanced for the assessees are well taken. section 142 of it act, prior to its amendment had the title 'inquiry before assessment'. it started with the words 'for the purpose of making an assessment'. it then did not have clause (i) of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)108TTJ(Delhi)312
..... 80hhc, there was no restriction on allowing deductions under any other section of chapter vi-a on gross total income after deduction under section 80hhc of the act. the observation regarding the amendment w.e.f. 1st april, 1999 has been made as a sequel to the argument of the revenue and is not the ratio of the decision as ..... (supra) was rendered much later in point of time. prior to the said decision there was a considerable debate, on this issue. as already stated, the subsequent statutory amendment with retrospective effect also supports the claim of the assessee. exercise of jurisdiction under section 263 on this ground cannot be sustained.18. the decisions relied upon by the learned ..... the tribunal in the case of ajit gupta v. ito in ita nos. 2990 and 2994/del/2004 for the asst. yr. 2001-02 and 2002-03 reported at (2007) 108 ttj (del) 301--ed. wherein on identical facts this tribunal was pleased to hold that exercise of jurisdiction under section 263 vis-a-vis claim for deduction under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)110TTJ(Delhi)798
..... in the aforesaid cbdt circular has to be read with the following words of the sentence i.e. "raised consequent to the enactment of taxation laws (amendment) act on account of variation in the returned/assessed income attributable to profit on sale of depb credits or dfrc" so as to understand and appreciate the exact meaning ..... has been decided that no penalty shall be levied or interest shall be charged in respect of any fresh demand raised consequent to the enactment of taxation laws (amendment) act, 2005, on account of variation in the returned/assessed income attributable to profits on sale of depb credits or dfrc. further, in such cases where assessments ..... ) could not be taken into account for the purpose of computing deduction under section 80hhc as per the second proviso to section 80hhc(3) inserted by the amended act of 2005 with retrospective effect from 1st april, 1988. the deduction claimed by the assessee under section 80hhc and allowed in the original assessment, therefore, was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)112TTJ(Delhi)982
..... 6. at the outset, a brief reference is made to the provisions of section 10a of the act as it stands for the year under consideration.prior to the amendment made by the income-tax (second amendment) act, 1998, exemption under section 10a of the act upto asst. yr. 1998-99 was available for a period of five consecutive years falling within ..... in which the undertaking began to manufacture or produce articles. with effect from asst. yr. 1999-2000, the provisions of section 10a of the act have been amended and in view of the amended provisions, the exemption is available for ten consecutive assessment years beginning with the assessment year in which the industrial undertaking begins to manufacture or produce articles ..... . asstt. cit (1989) 31 itd 217 (del) and also followed in the case of ito v. damco solutions (p) ltd. ita no. 3915/del/2004, dt. 23rd march, 2007, a copy of which has been placed in the paper book at pp. 167 to 169. the plea of the assessee is that it is eligible for the claim of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)112TTJ(Delhi)464
..... waive interest. the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory cit v. anjum m.h. ghaswala ..... expression 'shall' used in the said sections cannot by any stretch of imagination be construed as 'may'. this is clear from the fact that prior to the amendment brought about by the finance act., 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving a discretion to the authorities concerned to either reduce or .....
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