Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD242(Hyd.)
..... after the commencement of the companies (amendment) act, 1960, had to be provided for out of the profits of the financial year or of the previous financial years before declaration of dividend.accordingly, it would follow ..... to section 205(1) makes it clear that the company has to provide for depreciation for any previous financial year or years which falls after the commencement of companies (amendment) act, 1960, before declaring or paying dividend for any financial year. under clause (a) of the first proviso to section 205(1), depreciation for all financial years ..... reads as under :-- if a company has incurred any loss in any financial year or years, which falls or fall after the commencement of the companies (amendment) act, 1960, then the amount of loss or an amount which is equal to the amount provided for depreciation for that year or those years whichever is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD473(Hyd.)
..... owner occupied dwelling house involved three steps. firstly, the annual value is determined in the manner as if the property were let out to tenants. the amendment to section 23(2) by taxation laws (amendment) act, 1970, effective for and from assessment year 1971-72, assures that full municipal taxes payable are to be deducted in such computation. secondly, the amount ..... has been modified for and from assessment year 1987-88.though it is not relevant for the purpose of deciding these appeals, we feel it essential to mention the amendment with a view to property appreciate the argument of the learned counsel for the appellant. as per the modified method, where a house property consisting of a house ..... the section, it is only to give a benefit to an assessee as, from that date onwards, self-occupied property is not subjected to tax. prior to the amendment with effect from 1-4-1987, there was no concept of house or part of house. as per the existing law at the relevant time, any portion of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD639(Delhi)
..... provisions of sections 142, 143(2) and (3), and sections 144 and 145 shall, so far as may be, apply section 158bb as existing prior to amendment by the finance act, 2002, provides that the undisclosed income of the block period shall be computed in accordance with the provisions of chapter iv on the basis of evidence found as ..... or property which has not been or would not have been disclosed for the purpose of this act and after the amendment by finance act, 2002 with effect from 1-7-1995 it includes also any expenses, deduction or allowance claimed under this act which is to be found to be false. 9. section 158bb provides for computation of undisclosed ..... such other person under the provisions of chapter xiv-b by invoking the provisions of section 158bd of the act. (the amendment to section 158bd by inserting the words "under section 158bc" is with effect from 1 -6-2002 and such amended provision was not available at the time when the notice was issued to the appellant and the provisions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1991)37ITD1a(Hyd.)
..... filing of the same with the registrar of companies within the time allowed and the corporation having complied with the procedures as prescribed in the companies act, the amended article had come into force as early as 1980 itself. the assessee cannot be said to have any control over the price equalisation/stabilisation fund to ..... though the corporation had deleted the articles relating to the variation of shareholders' rights or distribution of dividends, etc., it has by its conduct acted in violation of the amended articles by making declaration and payment of dividends. he referred to the published accounts of the corporation to buttress his point that even after ..... commodities at cheaper rates to the public and thus comes under the definition of charitable purposes as given by the income-tax act, 1961, and attracts exemption under the act. the en bloc amendments as reported above were carried out for satisfying our first contention....18. before we proceed further, we may state that to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)86ITD445(Hyd.)
..... ... further, that the aggregate of all deductions in respect of depreciation shall not exceed the actual cost to the assessee in respect of such assets. by the amending act, these sub-sections have been deleted in view of the switchover to the system of allowing depreciation on blocks of assets.(j) ... further, the existing explanation below ..... . these provisions have lost their relevance as they were applicable for the limited period of the sixth five year plan. hence, they have been omitted by the amending act.(e) the objective underlying the terminal adjustment is to ensure that the total depreciation relation to any particular item of asset is limited to 100 per cent. . ..... he submitted that the assessing officer allowed the claim or depreciation on ponds for assessment years 1995-96 and 1996-97. he argued that the taxation laws (amendment) act had changed the method of allowing depreciation with effect from 1-4-1988 and the concept of "block of assets" was introduced with effect from 1-4 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD93(Hyd.)
..... such, appendix i of part i forms part of substantive law and is not procedural in nature.they further held when there is an amendment of the substantive law, it is normally not retrospective unless the amending act itself makes it retrospective. the learned departmental representative also relied upon sampath iyengar's law of income-tax, seventh edn., p. 452, where ..... fell to be determined as on 1-4-1946, but the proviso to section 10(2)(vii) of the indian income-tax act, 1922, under which the charge was made had been introduced by the income-tax (amendment) act, 1946 which came into force on 4-5-1946. the bombay high court held that the abovesaid proviso was not retrospective in ..... supra) where it is held as follows : now, it is well-settled that the income-tax act, as it stands amended on the first day of april of any financial year must apply to the assessments of that year. any amendments in the act which come into force after the first day of april of a financial year, would not apply to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)7ITD905(Hyd.)
..... grounds of appeal contest the computation of relief available to the assessee under section 80j of the income-tax act, 1961 ('the act'). the ito had made the computation holding that the amendment made by the finance (no. 2) act, 1980, being retrospective, was applicable to the assessment year in question. the contention of the assessee ..... that the validity of the retrospective amendment was under challenge and, therefore, the computation should not be upheld, did not find acceptance of the ..... and restoring the matter to him for decision afresh in conformity with any decision the supreme court may render on the point relating to the challenge of amendment to section 80j. in view of such decision, the orders of the commissioner (appeals) for those years had been set aside and the matter restored .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)33ITD650(Hyd.)
..... fact that confirmation letter and sworn statements would constitute good pieces of evidence for discharging the initial burden. with the serapping of this explanation by taxation laws (amendment) act, 1975 (41 of 1975), it cannot be held that the amount added under sec. 68 on grounds of unsatisfactory explanation would automatically lead to the inference ..... the income of the assessee of that previous year"."where in respect of any facts material to the computation of the total income of any person under this act, - (a) such person fails to offer an explanation or offers an explanation which is found by the income-tax officer or the appellate assistant commissioner or ..... the inspector had collected not from the creditor himself but from the village munsif who had issued a certificate to that effect. thus, the inspector himself had acted on hearsay evidence and the income-tax officer has based his conclusions on such flimsy material. here also, the identity of the creditor is established. even .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1989)28ITD534(Hyd.)
..... provision have been made by persons with a physical disability of a relatively minor nature. with a view to preventing disputes and litigation on this issue, the finance act has amended section 80u and empowered the central board of direct taxes to frame rules for specifying the various categories of permanent disabilities for the purposes of this section. a ..... above was only illustrative and there could be other situations or other categories of physically handicaps such as deafness, dumbness and mental retardation 6. section 80u was amended by finance act, 1984 (21 of 1984) with effect from 1-4-1985, which is relevant for the assessment year 1985-86. the scope and effect of this ..... amendment were elaborated upon in paragraphs 25.1 to 25.3 of the departmental circular no. 387 dated 6-7-1984 as follows :-- 25.1 under section sou of the income-tax act, a resident individual who is either totally blind or is subject to or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)105ITD375(Hyd.)
..... was not given, no part of the compensation money was received by the assessee on condition not to carry on competitive business in explosives. consequently no part thereof was exempted from the income-tax act. in cit v. bombay burman trading corporation [1986] 161 itr 386 (sc), the issue before their lordship was what should be the nature of ..... & agricultural farm v. cit (1987) 65 ctr (ap) 44 : (1985) 169 itr 291 (ap) . the legislature was also fully aware of this legal position and therefore it has amended section 55(2)(a) and consequently incorporated the definition of the 'cost of acquisition' in respect of number of all assets and profit for taking cost of such assets to ..... be nil. initially, the amendment was made to take the cost of good will to be nil with effect from asst, year 1988-89. thereafter with effect from asst. year 1995-96, the cost .....
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