Judgment Search Results Home > Cases Phrase: competition amendment act 2007 section 15 amendment of section 21 Court: income tax appellate tribunal itat cochin Page 1 of about 54 results (0.153 seconds)

indo Marine Agencies (Kerala) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1995)51TTJ(Coch.)18

..... financial year 1987-88. let it be also assumed that the company had suffered losses after charging depreciation in its accounts from the commencement of the companies (amendment) act, 1960, except in relation to the financial years 1983-84, 1985-86 and 1986-87. in such an event, if the company desires to declare dividends ..... : (a) if the company has not provided for depreciation for any previous financial year or years which falls or fall after the commencement of the companies (amendment) act, 1960 (65 of 1960), it shall, before declaring or paying dividend for any financial year provide for such depreciation out of the profits of that financial year ..... amount of depreciation whichever is less in respect of the years in which the loss was incurred, if those years fell after the commencement of the companies (amendment) act, should be taken into account for adjustment against the profits of the impugned assessment year and there is no justification to start the computation from the asst. .....

Singhal Brothers Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)74ITD78(Coch.)

..... an order of assessment. it may be noted that in s. 143 entirely recast as from 1st april, 1989, by the direct tax laws (amendment) act, 1987, there is no provision to the effect that the intimation under s. 143(1)(a) shall be an order of the ao. there is ..... be deemed to be an order for the purpose of s. 264. the finance act, 1994, has substituted in the explanation "ss. 246 and 264" for s. 264 w.e.f. 1st june, 1994. the effect of the amendment is that an intimation sent to the assessee under s. 143(1)(a) or ..... . with a view to rectify any mistake apparent from the record of an it authority, it is provided that the it authority may - (b) amend any intimation sent by it under s. sub-s. (1) of s. 143, or enhance or reduce the amount of refund granted by it ..... been brought in cl. (a) of s. 154(1) and in that case there was no need to specifically provide in cl. (b) for amendment of any intimation sent under sub-s. (1) of s. 143. evidently, the intention is to treat the intimation under s. 143(1) as .....

Apollo Tyres Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)43ITD464(Coch.)

..... section 205(1) provides that, in case a company has not provided for depreciation for any previous financial year or years after the commencement of the companies (amendment) act, 1960, the arrears of such depreciation have also to be provided before declaring or paying dividend out of profits. thus, before declaring or paying dividend for ..... did not provide for depreciation for double shift and triple shift working. to that extent, there has been understatement of depreciation in the past. the companies (amendment) act, 1988 has prescribed the rates of depreciation on straight line method not only for normal depreciation but also for double shift and triple shift working of the ..... a higher rate if the company estimated the useful life of an asset for a shorter period than that envisaged in the income-tax act. again, prior to companies (amendment) act, 1988 it was not free from doubt whether the rate of depreciation should cover additional shift allowance. some thought that it was obligatory .....

Misbah Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD349(Coch.)

..... gains on the sale of the depreciable portion should be treated as short-term capital gains. section 50 of the income-tax act, as inserted by the taxation laws (amendment & miscellaneous provisions) act, 1986, with effect from 1-4-1988, i.e. relevant for the assessment year 1988-89, is as under : 50. notwithstanding anything contained in clause (42a) of section 2, where ..... the ground that the firm claimed depreciation on the portion of the building used as lodge and in view of the amendment to section 50 of the income-tax act with effect from 1-4-1988, capital gains on transfer of depreciable assets should be deemed to be short-term capital gains and so the assessee is not entitled to .....

Wealth-tax Officer Vs. H.H. Setu Parvathi Bayi, Maharani

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1984)9ITD348(Coch.)

..... 224 (pc). however, any amendments in the act made subsequent to the 1st april of the financial year, unless retrospective effect expressly or by necessary intend-ment was given, are not applicable to the assessment of that ..... in the year of assessment unless otherwise stated or implied. see citv. isthmian steamship lines [1951] 20 itr 572 577 (sc). the provisions of the income-tax act as they stand amended on the 1st day of april of a financial year are applicable to the assessment of that year. see maharajah of pithapuram v. cit[1945] 13 itr 221, ..... day of april of a financial year would not apply to the assessment for that year, even if the assessment is actually made after the amendments come into force. this principle has been applied to the act by the andhra pradesh high court in m.sulochanamma v. cwt [1972] 85 itr 201. the high court has observed as follows: it .....

Accountant Member Zainalabdeen Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1986)16ITD1a(Coch.)

..... absence of proof of such prior export contract the assessee is not entitled to exemption.50. section 5(3) of the central sales tax act, which was introduced by section 3 of the central sales tax (amendment) act, 1976 with retrospective effect from 1-4-1976 reads as follows : notwithstanding anything contained in sub-section (1), the last sale or ..... made was rs. 51,686. the ito disallowed it on the ground that levy of cst on local purchases of kernels was done away with by an amendment to central sales tax act, 1956 with effect from 7-9-1976. the learned commissioner (appeals) in his impugned order confirmed the disallowance on two grounds. firstly, he stated that ..... the assessee, did not very much question the correctness of the position that purchase tax of imported raw nuts has been done away with by an amendment brought about in the central sales tax act, 1956 with effect from 7-9-1976 and, thus, the provision is inadmissible. however, what he contends is that, the closing stock of .....

Baby Marine Exports Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)77ITD442(Coch.)

..... exceeds export turnover of the immediately preceding year by more than 10%. this was subsequently withdrawn and the present section was introduced. with the 1989 amendment the section for the first time exempted the entire profits derived from exports and made express provision for dividing the exemption between a recognised export house ..... this section"; whereas the phraseology in other sections mentioned in the other provisions noted above of this chapter are "in accordance with the provisions of this act". we can clearly visualise the difference. while computing the deduction under section 80hhc only this section is to be considered and taken note of; whereas ..... 5) defines what is gross total income. according to this definition "gross total income" means "total income computed in accordance with the provisions of this act before making any deduction under this chapter". section 80hhc on the other hand contemplates a deduction for an assessee being an indian company or a person resident .....

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

..... to avoiding litigation regarding the allowability of claims for deduction in respect of contributions made in recent years to such trusts, etc., the amendment has been made retrospectively from 1st april, 1980. however, in order to avoid hardship in cases where such trusts, funds, etc., ..... -1999 copy of retired employees medical scheme--------------------------------------------------------------------- the controversy before us is in respect of applicability of section 40a(9) of the act. as per the facts available before us, the associate bank officers' association (hereinafter referred to as "union") had raised some demands ..... bank to the medical scheme, we have directed the assessee bank to file the relevant documents. the ld. ca of the act has filed the copies of the following documents:---------------------------------------------------------------------sr. no. date particulars---------------------------------------------------------------------1. 15-9-1997 letter from state bank of .....

Mrs. Catherine Thomas Vs. the Dy. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)111ITD132(Coch.)

..... of sakuru v. tanoji air 1985 sc 1279, submitted that it was held by the hon'ble supreme court that in the absence of clear words indicating that the amending act is declaratory, it would not be so construed. making a reference to. the decision of the jurisdictional high court in the case of cit v. s.r. pattom ..... consideration received was taxed, shall be recomputed accordingly. it is proposed to insert a new sub-section (16) in section 155 to provide that the assessing officer shall amend the order of assessment to revise the computation of said capital gain of that year by taking the compensation or consideration so reduced by the court, tribunal or any ..... received was taxed, shall be computed accordingly. it is proposed to insert a new sub-section (16) in section 155 to provide that the assessing officer shall amend the order of assessment to revise the computation of the said capital gain of that year by taking the compensation or consideration so reduced by the court, tribunal or .....

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)267ITR52(Coch.)

..... further been clarified by the circular of the board (supra) while explaining the position with reference to the foreign banks in the context of the amendments made by the it (amendment) act, 1986. in particular, it has been explained that the foreign banks do not have rural branches in india and, therefore, they are not eligible ..... by the rural branches of the bank.this is further clarified by the following circular (no. 464, dt. 18th july, 1986) explaining certain amendments made to the clause by the it (amendment) act, 1986 : "modification in respect of deduction on provisions for bad and doubtful debts made by the banks. 5.1 under the existing provisions ..... advances made by the rural branches of indian banks, whichever is higher, should be modified. accordingly, by the amending act, the deduction presently available under clause (viia) of sub-section (1) of section 36 of the it act has been split into two separate provisions. one of these limits the deduction to an amount not exceeding 2 .....