Judgment Search Results Home > Cases Phrase: aircraft amendment act 2007 section 12 amendment of section 11 Court: income tax appellate tribunal itat mumbai Page 1 of about 352 results (0.147 seconds)

Veena Investments (P) Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... on by him. the above definition was in force between 1-4-1997 to 31-3-1999. the definition of 'assets' under section 2(ea) of wealth tax act underwent an amendment with effect from 1-4-1999 and it was provided as under: (i) any building or land appurtenant thereto (hereinafter referred to as 'house'), whether used for residential ..... as assets for the purpose of computation of net wealth as per the provisions ofsection 2(ea) of the act (ii) motor car other than those used in the business of running on hire or stock-in-trade; (iv) yachts, boats and aircrafts, other than those used for commercial purposes; (vi) cash in hand, in excess of rs. 50,000 ..... of individuals and hindu undivided families and in case of other persons, any amount not recorded in the books of account. 11. the definition of 'assets' in section 2(ea) of wealth tax act is an exhaustive definition, which .....

international Computers India Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)63ITD195(Mum.)

..... or for outright purchase. the sole question that arises for consideration is, whether in the circumstances, section 34(3)(b) of the income-tax act is attracted enabling the ito to pass the amendment order as he did, dated 30th march, 1970, withdrawing the development rebate of rs. 1,00,093 dr. gauri shankar, senior counsel appearing ..... made by the authorities by considering the classification of expenses made in section 37(3b) that is referred to in section 37(3a) of the act, namely, running and maintenance of aircraft and motor cars and payment made to hotels and with reference to the limits prescribed in rule 6d of the rules from out of the travelling ..... only if the following conditions are fulfilled, namely :- (i) the particulars prescribed in this behalf have been furnished by the assessee in respect of the ship or aircraft or machinery or plant; (ii) an amount equal to seventy-five per cent of the investment allowance to be actually allowed is debited to the profit and loss account .....

Micoperi S.P.A. Milano Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD369(Mum.)

..... is to give effect to that meaning. the sixth principle of interpretation is that due consideration must be given to the law as it stood before the amendment and the purpose of enactment, the remedy, if any, defect that existed before the enactment.13. according to the above principles of interpretation, the first is ..... helicopter services. in the above case, the non-resident company derived profits and gains from the business of exploration etc., of mineral oils or operation of aircrafts. the company entered into a contract with c, another non-resident company to provide helicopter services to facilitate the operation of a joint venture project of ..... m/s hhi on account of mobilisation/demobilisation activities and insurance connected therewith from the gross receipts while computing the taxable income under section 44bb of the it act. the learned cit(a) has failed to appreciate that the d.b. crawler barge have ultimately been brought to locations within the continental shelf/exclusive .....

income-tax Officer Vs. Swastik Oil Products Mfg. Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD411(Mum.)

..... be entitled to deduction as that date fell in the earlier previous year.this contention of the learned departmental representative is not correct. in view of the amendment in sectin 3, of the act, defining the term "previous year" with effect from 1 -4-1989, the previous year of an assessee for assessment year commencing on 1 -4- ..... manufacture of such machinery or plant: provided that nothing contained in sub-section (1) shall entitle the assessee to claim deduction in respect of a ship or aircraft or machinery or plant referred to in this clause in any previous year except the previous year relevant to the assessment year commencing on the 1st day of april ..... in relation to, - (ii) any new machinery or plant installed, after 31st day of march, 1987, but before 1st day of april, 1988, unless such ship or aircraft is acquired or such machinery or plant is installed in the circumstances specified in clause (a) of sub-section (8b) and the assessee furnishes evidence to the satisfaction of the .....

Satellite Television Asian Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD91(Mum.)

..... 31st march, 1983.the matters specified therein are activities like drilling and extraction of mineral oils, providing of any services and facilities for ships, aircrafts, etc.4. another example is that of foreign exchange regulation act, 1973 (fera), where it has been stated that it applies to all citizens of india outside india and to branches of agencies outside ..... v. cit has observed that there is no scope for importing into the statute words which are not there. such importation would be not to construe, but to amend the statute. even if there be a casus omissus the detect can be remedied only by the legislation and not by judicial interpretation. the same principle is reflected in ..... it apart that it is not a sale, there is not even a right to use which could be deemed as a sale in the light of the constitutional amendment. in our opinion, the subject-matter of agreements entered into between the assessee and the channel companies on the subject of "ad airtime" is only a permissive right .....

Sm Energy Teknik and Electronics Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)109TTJ(Mum.)34

..... 1992, the central government may from time-to-time formulate and announce by notification in the official gazette the export and import policy and may also in like manner amend the policy. in exercise of powers vested in section 5, ftrda, 1992, ministry of commerce, government of india, had issued a notification on 31st march, 1992 ..... contained in exchange control manual. (viii) the payment of customs duty and customs clearance comes into operation only in such cases where the carrier of the goods (aircrafts, ships and surface transport) takes out or bring in the goods and liable to file what is known as customs manifest or bill of entry. (ix) taking ..... customs duty, which the state collects in respect of goods imported into or occasionally, exported out of its frontiers. this concept was enacted into an act as customs act, 1962/customs tariff act, 1975, etc. which enabled the state to collect customs duty and prevent import export of goods listed in so-called negative list. therefore, it .....

Michigan Engineers (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)19ITD45(Mum.)

..... , with effect from 1-4-1976 and has partially replaced development rebate in respect of ships, aircrafts or machinery and plants installed after 31-3-1976. this section was amended by the finance (no. 2) act, 1977 with effect from 1-4-1978. in the course of the discussion of the bill in the lok sabha, the then finance minister ..... though they might be engaged in the manufacture of low priority items.the explanatory note on the provisions relating to direct taxes further highlighted the objective of the amendment as follows : the finance act has substituted sub-clauses (ii) and (iii) of clause (b) of section 32a(2) referred to above by two new sub-clauses. under the new provisions ..... of any article or thing specified in the said list.it is also seen that the finance (no. 2) bill, 1977 proposed amendment of section 32a as follows : 9. amendment of section 32a.-in section 32a of the income-tax act, with effect from the 1st day of april, 1978,- (i) in clause (b), for sub-clauses (ii) and (iii), .....

Bajaj Auto Ltd. Vs. Dcit, Sr-43

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD287(Mum.)

..... deducted from the profits of the two wheeler unit, for working out the eligible profits or not. the contention of the assessee is that in view of the amendment to section 32 and on introduction of the concept of "block of assets", depreciation has to be computed with reference to the undertaking as a whole and ..... gains of an eligible unit is computed in accordance with law, the provisions of law contained in section 32 cannot be excluded. section 32 of the income-tax act provides for depreciation allowance. therefore, computation of profits and gains in accordance with the provisions of law means computing profits and gains after adjusting for the depreciation ..... wheeler unit at waluj, aurangabad for the purpose of deductions under section 80hh and 80i without deducting therefrom the deposits made by the assessee under section 32ab of the act. this ground is, therefore, allowed. (b) the other ground raised by the assessee and relating to the issue of deductions under sections 80hh and 80i is .....

Joint Commissioner of Income Tax Vs. Mukund Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD231(Mum.)

..... addition of rs. 6,04,137 on account of provision for doubtful debts.the learned counsel for the assessee fairly conceded that in view of the retrospective amendment to section 36(1)(vii) of the act, the ground is to be decided in favour of the department. the learned cit departmental representative has supported the contention of the learned counsel for the ..... the case, we admit the additional grounds of cross-objection preferred by the assessee.34. the learned counsel for the assessee submitted that in view of retrospective amendment to section 36(1)(vii) of the act w.e.f. 1st april, 1989, the ground of appeal no. 1 in the revenue's appeal for the asst. yr. 1992-93 has to be ..... , 1991-92 and 1995-96. the issue of deduction for provisions for doubtful debts has been decided in favour of the revenue due to retrospective amendment to the provision of section 36(1)(vii) of the act and the ground of appeal no. 1 for the asst yr. 1992-93 in the revenue's appeal has been allowed in favour of the .....

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... tax.capital gains were subjected to the charge of income-tax for the first time in india by the income-tax and excess profits tax act (amendment) act, 1947, which inserted, inter alia, section 12b in the it act, 1922 from asst. yr. 1946-47. quite obviously, the provisions analogous to sections 45, 50 and 50b of the present ..... undertaking as determined by the ao, has impliedly accepted that the asset that is transferred is the transportation business as such. he further submitted that the subsequent amendment in the it act by the insertion of sections 50b and 2(42c) also bring out that the business is an asset, which is separate and distinct from the various ..... the appellant. it is submitted that the appellant had changed the method of accounting from cash basis to accrual basis for its account purpose following the amendments in the companies act, and submitted that for income-tax purposes the appellant continues to follow the receipt basis and the cit(a) ought to have accepted the same.151 .....