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 : (1993)47ITD610(Hyd.)
..... period after 21-11-1984 had been stayed.ordinance no. 34 of 1984 was replaced by andhra pradesh (mineral rights) tax (amendment) act, 1985 (act no. 7 of 1985), with effect from 7-4-1985. the said amendment act also repealed the ordinance no. 34/84.subsequent to the end of the assessee's accounting year, government of andhra pradesh issued ..... 30-6-1984 which was relevant to assessment year 1985-86.26. the state government immediately got ordinance no. 34/84 promulgated on 20-11-1984 amending section 3 of the mrt act by substitution of the words "at such rate not exceeding 10 times" for the words "at such percentage". this was to cure the defect pointed ..... out that government of india had issued cement (control) order, 1967, in exercise of the powers conferred under section 18g and section 25 of the industries (development & regulation) act, 1951 (65 of 1951). in terms of clause 1a of the said order, the provisions thereof, excepting clause 9a, were to apply in relation to levy cement. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD249(Hyd.)
..... paper-book containing 97 pages and invited our attention to extract of circular no. 549 dated 31 -10-1989 on explanatory notes on the provisions of direct tax laws (amendment) act, 1987, part ii, filed at page 1 of the paper book. he has also relied on the decision of the hyderabad bench 'b' of tribunal in anam machinery ..... case, since the loss was only reduced on account of disallowance under section 43b, additional tax is not attracted. in view of the retrospective amendment to the provisions of section 143(1a) made by finance act,' 1993 w.e.f.1-4-1989, even where the loss declared by the assessee is reduced, additional income-tax can be levied. ..... note which shows that the amount has to be remitted within one month. the said note and also the provisions of coal mines provident fund and miscellaneous provisions act and of the scheme framed thereunder, clearly indicate that there is a due date for the remittance of the provident fund contributions and the remittances not made in accordance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)92ITD500(Hyd.)
..... may not fall within the expression 'house', e.g., factory building, cinema hall etc. [see 264 itr 482 at 484 (all).] under the a.p. urban area (development) act, 1975, 'building' has been defined as under:- a house, outhouse, stable, latrine, godown, shed, hut; wall (other than a boundary wall) and any other structure whether of ..... the business of letting out of properties." 12. a plain reading of the definition of the term 'assets', as amended from time to time, and as explained in the budget speeches as well as memo explaining- the amendments, indicates that the tax is sought to be levied only on unproductive assets and not on productive assets. the legislature ..... learned cit(a) observed that the land covered by incomplete construction, would fall within the meaning of term' urban land' as per the section 2(ea) of the act. he therefore concluded that the impugned property would fall within the expression 'urban land' and it cannot be considered as a 'house property' within the meaning of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195425ITR309(Hyd.)
..... and the question of excluding income from business in an indian state for all purposes in view of section 14(2)(c) would not arise.the income-tax amendment act, 1939, by basing the liability to income-tax on residence had brought within its ambit all foreign income of residents including residents in what were then called native ..... added clause (c) to sub-section (2) of section 14 and sub-sections (3) and (4) to section 17 by the indian income-tax amendment act (xxii of 1941). before the 1941 amendment, however, income-tax was payable by an assessee resident in british india on his total income, profits and gains subject to certain exemptions. the income ..... from business in these circumstances had to be computed in accordance with section 10 of the said act, i.e., by setting off losses against profits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)32ITD406(Hyd.)
..... 8-83. therefore he held that he had time to pass the revisionary orders on or before 31-3-86. he further held that the amendment brought in section 263 by the taxation laws (amendment) act, 1984 came into effect from 1-10-84. the powers thereunder can be exercised in respect of orders passed by an i.t.o. under ..... above, he held that he had necessary powers to pass orders under section 263 on this question. he also held that by virtue of the amendment brought out in section 263 by taxation laws (amendment) act, 1984, he had powers to revise the orders of the income-tax officer under section 263 though the assessment was made under section 143(3) ..... the tribunal, and therefore no order of the income-tax officer, as such, was presently existing which could be revised by the commissioner under section 263 of the income-tax act. the assessee relied upon the allahabad high court's decision in j.k. synthetics ltd. v. addl. cit [1976] 105itr 344. the learned commissioner negatived the objection raised .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)35ITD402(Hyd.)
..... valuation of the assets disclosed by the assessee in the return.95. in order to augment administrative set up of official valuation machinery, the taxation law amendment act, 1972 made several changes in the act. it created valuation officers for the revenue and registered valuers for the taxpayers. technical job connected with the valuation of the asset has been delegated to ..... at section 21(4) by the supreme court in trustees of h.e.h. the nizam's family trust's case (supra), the finance (no. 2) act, 1980 has amended sub-section (4) of section 21 in order to secure that the entire value of assets settled on a discretionary trust are charged to wealth-tax as one unit ..... difficulty resulting from the interpretation placed by the hon'ble supreme court on the provision of that sub-section.84. under section 21(4) of the act (prior to the 1980 amendment) wealth-tax was leviable on assets settled on a private discretionary trust at an average rate of 1.5 per cent or at the appropriate rate of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD719(Hyd.)
..... by the assessee and not any other amount. it is precisely to meet such a situation that the second proviso was inserted by the taxation laws (amendment) act, 1984. section 16 of the said amendment act, no doubt, does not say that the proviso shall have retrospective effect; but, in our opinion, it would be consistent with reason to construe ..... clarificatory. in other words, we are inclined to hold that even prior to april 1, 1984, the very same situation as has been expressly provided by the said amendment act obtained. we are inclined to hold that in the case of compulsory acquisition, the period of six months should be reckoned from the date of receipt of compensation, ..... in n.t.r. estate v. cit [1986] 157 itr 2851 (ap). in that case three explanations were inserted under section 40(b) of the taxation laws (amendment) act, 1984, w.e.f.assessment year 1985-86. but those explanations were held to be clarificatory in nature and work retrospectively in operation and they can be applied to .....
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 : (2002)82ITD178(Hyd.)
..... unless there is positive income, there could be no assessment to tax. according to him, the position is parallel to section 143(1a) before its amendment in 1993 under which the additional tax was levied on the prima facie, adjustment effected in the return. proceeding further, he contended that in cases where ..... to the said definition, undisclosed income is that income which has not been or would not have been disclosed by the assessee for the purposes of it act. the subject of undisclosed income has to be considered separately from income or loss considered in the regular assessments. therefore, undisclosed income is sufficiently insulated from ..... the ao is correct in treating the current year's unabsorbed depreciation as loss' for the purpose of computation of undisclosed income under section 158bb of the it act, 1961?" (2) "whether block assessment can be framed where 'aggregated total income (including undisclosed income) determined under section 158bc for each assessment years and .....
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