Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD309(Hyd.)
..... the same arguments are applicable in respect of the taxability of the non-competition fee received from spil. as regards the amendment to various provisions of the act to bring to tax the income received under a non-competition agreement, the learned counsel submitted that the amendments are prospective in nature and have no application to the asst. years ..... placed upon the assessee, the amount received should be treated as capital in nature.it was further submitted that the provisions amended from time to time to bring to tax the amount received towards non-competition fee, are not applicable to the assessment years under consideration and also distinguishable on facts. he submitted that the contention ..... that the impugned receipt was not assessable to tax since it was exempt under section 10 of the act. the ao observed that the amount was received by the assessee for being a party to the non-competition agreement between natco and spil and thus it is a revenue receipt in the hands of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)96TTJ(Hyd.)315
..... capital assets. thus, the amount of rs. 87.33 lakhs received by the assessee from p & g was a revenue receipt liable to tax. (ii) that the amended provisions of section 148/147 provide ample power to the assessing officer to initiate reassessment proceedings when he is of the opinion that income chargeable to tax has escaped assessment ..... the decision of the hon'ble supreme court in the case of indian and eastern newspaper society, 119 itr 996, has no application. the only requirement as per the amended section, he argued, is that the ao should have reason to believe that income chargeable to tax had escaped assessment. in the instant case, he submitted, the ao ..... the amount had been received by him as per agreement dated 28-4-1998 styled as "non-competition agreement", under which he was not to help, advise, assist, aid any company, person, body corporate in establishing, managing, providing or developing or act as a consultant or as a technical advisor or an agent on his own account or on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... at maximum marginal rate. the term 'maximum marginal rate' has been defined in section 2(29c), brought on to the statute book, by the direct tax laws (amendment) act, 1987 with effect from 1.4.1989, as "the rate of income tax (including surcharge on income tax, if any) applicable in relation to the highest slab ..... 1.6.2002.12.29 similarly in the case of sales tax officer v. oriental coal corporation , considering retrospective or otherwise nature of a provision in the amending act, the hon'ble supreme court observed that where the statute thus, on its face, clearly indicates retrospective effect where intended, there can be no justification to ..... case at paragraphs 39 to 44 of that judgment, observed as follows- 39. lastly, it was contended on behalf of the appellants that the amending act whereby new section 15 of the act has been substituted is declaratory and, therefore, has retroactive operation. ordinarily when an enactment declares the previous law, it requires to be given retroactive .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD344(Hyd.)
..... asset should have been sold when the business was carried on. therefore all that b.m. kharwar's case lays down is that after the amendment act 1949 referred to earlier even if plant and machinery is sold as a part of a realization sale the provisions of the second proviso to section 10(2) (vii) would ..... because the transfer was not in the course of business of the assessee. this contention was also rejected by the supreme court having regard to the amendment made in section 10(2)(vii) by the amendment act of 1949 as a result of which a balancing charge could be levied even if the transfer of the asset took place after the cessation of ..... down it was held that the provisions of section 10(2)(vii) would not apply. the lacuna was plugged by the amendment act of 1949. therefore, the supreme court in cit v. ajax products ltd. 55 itr 741 held that the amendment made in 1949 only removed one of the conditions for the exigibility of the balancing charge to tax, viz. that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)1ITD45(Hyd.)
..... dividend for any financial year is declared or paid out of the profits of any previous financial year or years which falls or fall before the commencement of the companies (amendment) act, 1960. " 17. sub-section (1a) of section 115j states that every assessee, being a company, shall, for the purposes of this section, prepare a profit ..... or years ; (b) if the company has incurred any loss in any previous financial year or years, which falls or fall after the commencement of the companies (amendment) act, 1960, then, the amount of the loss or an amount which is equal to the amount provided for depreciation for that year or those years whichever is less ..... government : (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, it shall, before declaring or paying dividend for any financial year provide for such depreciation out of the profits of that financial year or out of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46TTJ(Hyd.)458
..... that government : (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, it shall, before declaring or paying dividend for any financial year provide for such depreciation out of the profits of that financial year or out of profits of ..... year or years; (b) if the company has incurred any loss in any previous financial year or years which falls or fall after the commencement of the companies (amendment) act, 1960, then the amount of the loss or an amount which is equal to the amount provided for depreciation for that year or those years whichever is less, ..... dividend for any financial year is declared or paid out of the profits of any previous financial year or years which falls or fall before the commencement of the companies (amendment) act, 1950." 12. sub-s. (1a) of s. 115j states that every assessee being a company shall, for the purpose of this section, prepare a p&l .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1997)57TTJ(Hyd.)86
..... 1)(a).7. the circular of the board no. 549, dt. 31st oct., 1989, reported in (1990) 182 itr (st) 20, explains the scope of amendment brought about in s. 143 by the direct tax laws (amendment) act, 1989, w.e.f. 1st april, 1989. in para 5.4 of the said circular, the prima facie adjustments as contemplated under cl. (ii) of ..... attention to the circular of the board no. 549, dt. 13th oct., 1980, found reported in (1990) 182 itr (st) 20, where the scope of amendment brought about in s. 143 by the direct tax laws (amendment) act, 1989 w.e.f. 1st april, 1989, was explained, and the subsequent circular no. 689, dt. 24th aug., 1994, reported in (1994) 209 itr ( ..... st) 75 wherein the scope of prima facie disallowances under s. 143(1)(a) of the it act, 1961, has been explained, he submitted that the impugned adjustment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)55ITD437(Hyd.)
..... 1)(a).7. the circular of the board no. 549 dated 31-10-1989 reported in 182 itr (statutes) p. 20, explains the scope of amendment brought about in section 143 by the direct tax laws (amendment) act, 1989 with effect from 1-4-1989. in para 5.4 of the said circular, the prima facie adjustments as contemplated under clause (ii) of ..... attention to the circular of the board no. 549 dated 13-10-1989 found report in 182 itr (statutes) p. 20, where the scope of amendment brought about in section 143 by the direct tax laws (amendment) act, 1989 with effect from 1-4-1989 was explained, and the subsequent circular no. 689 dated 24-8-1994 reported in 209 itr (st.) 75 ..... wherein the scope of prima facie disallowances under section 143(1)(a) of the income-tax act, 1961, has been explained, he submitted that the impugned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)85ITD325(Hyd.)
..... press note of 19th feb., 1972, will not be enforced in 100 per cent export-oriented cases, (viii) so as to keep rates of return on export production competitive, exporting units including large houses/mrtp units may be permitted to borrow from financial institutions at normal debt/ equity ratio. (ix) indigenously available capital goods, components and ..... the assessee that an stp unit being 100 per cent eou is eligible for exemption under section 10b of the act is accepted, the amendment brought about by the finance act, 1993 extending the benefit under section 10a of the act to the stps from 1st april, 1994, becomes redundant or superfluous. if a stp unit is otherwise eligible ..... w.e.f. 1st april, 2001, which exactly reproduces the definition of 100 per cent eou as given in clause (i) of explanation to the pre-amended provisions of section 10b which we have reproduced hereinabove. it cannot be assumed that the legislature is unaware of such replacement as claimed by the assessee before us.19 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)89ITD326(Hyd.)
..... strictly be described as "profit derived from the export of goods or merchandise out of india." the deduction is computed in the following manner:- 5. the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia) (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), duty ..... and gains of business or profession" (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following example: 10. the chief commissioners and directors-general of income-tax may bring these clarifications to ..... to "import entitlement benefit account" 17. the assessee-company had maintained its account on accrual basis which has been made mandatory by the amendment of section 209(3) of the companies act, 1956 w.e.f. 15-6-1988. it followed the opinion formulated by the institute of chartered accountants of india on this issue .....
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