Judgment Search Results Home > Cases Phrase: competition amendment act 2007 section 24 amendment of section 31 Court: income tax appellate tribunal itat mumbai Page 1 of about 294 results (0.116 seconds)

Mehta Manufacturers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)110ITD1(Mum.)

..... to rest by the insertion of clauses (iiid) and (iiie) to section 28 by the same amendment act with retrospective effect.9. in the instant appeal we are concerned with an assessee who has loss under section 80hhc(3) with incentives and is claiming deduction under ..... down the rigour of such view representations were made to the government and eventually second to fifth provisos to section 80hhc(3) were inserted by the taxation laws (amendment) act, 2005 with retrospective effect. other ongoing controversy regarding the taxability of duty entitlement pass-book (depb) and duty free replenishment certificate (dfrc) was also put ..... report in form no. 1 occac observed that the assessee has loss on export turnover at rs. 10,19,985. he considered taxation laws (amendment) act, 2005, in which amendment has been carried out to section 80hhc. since the assessee's export turnover was below rs. 10 crores and there was loss on the total export .....

NagIn Das M. Goradia Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)151

..... phrase "relatable to such evidence" has been added, so that "other materials or information" be related to evidence found as a result of search. the amended law, therefore, recognises that post search enquiries unrelated to evidence obtained as a result of search cannot be the basis for block assessment. the methodology to compute ..... and this view is a fortiori, evident from the addition of the words "and, relatable to such evidence" in section 158bb(1) by virtue of the latest amendment). such assessment, if assessable, can only be the subject-matter of regular assessment or reassessment, if within permissible jurisdiction and time-limit.20. if, au contraire, ..... available with the ao and relatable to such evidence. this is as provided under the amended provisions of section 158bb(1), such amendment having been made applicable retrospectively w.e.f. 1st july, 1995, by the finance act, 2002. before the said amendment, section 158bb(1) read: "158bb(1)--the undisclosed income of the block period .....

Jeetay Investments Pvt. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD739(Mum.)

..... officer's requisition for further details, the assessee clarified that since the bonus shares were not sold during the relevant previous year, and in view of amendments in section 55 of the act which provides that the cost of acquisition of bonus shares is required to be taken at nil, 'it is mandatory for the assessee to keep lot ..... will take its meaning from the definition in clause (h) of section 2 of the securities contracts (regulations) act 1956. the period of holding of the bonus shares will be reckoned from the date of allotment of such asset. these amendments will take effect from 1^st april 1996, and will, accordingly, apply to the securities transferred on or after ..... of affairs is contrary to the very scheme of computation of capital gains under the income tax act. our present concern is how to deal with this incongruity.8. one thing which is immediately clear is that in view of the legislative amendment in section 55(2), any bonus shares that the assessee owns as on, or comes to .....

Asian Paints (India) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)34ITD268(Mum.)

..... any time after the 31st day of march 1948. later on, the taxation laws (extension of merged states and amendment) act, 1949 (18 itr - statutes - page 22) indicated that the expression used in clause (ii) under this act was "within a period of three years from the 1st day of april 1948. the report of the select ..... 1966. the minister of finance had announced in the lok sabha during its previous session that it was intended to amend the it act for extending the period of this concession. accordingly it is proposed to amend the act to secure that the aforesaid tax concession will be available to industrial undertakings going into production during the 5 years ..... mentioned in the eleventh schedule. in such cases, therefore, the production must have commenced on or before 31 march, 1979.while commenting on the amendment brought out under the finance act of 1975 in terms of which the period of 31 years was extended to 33 years, the learned authors chaturvedi & pithisaria have made the following .....

Dr. Balkrishna R. Naik Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT177(Mum.)

..... the assessment years involved in that case were 1969-70 and 1970-71, i.e., prior to insertion of clause 23(1)(b) with effect from 1-4-1976 vide amendment act of 1975.in m.v. sonavala's case (supra) it has been held that computation of annual value has to be on the basis of sum for which property might ..... taking the standard rent as basis.considering all the facts and circumstances of the case together with the fact that the assessment year involved is 1996-97 ie., after the amendment of section 23 by insertion of clause (b) of section 23(1) as also the legal position, we are of the view that the alv has to be determined ..... that the authorities below have not followed the well accepted method of valuation and have instead resorted to estimation method, which is arbitrary and contrary to the provisions of the act.as against the above, the learned departmental representative has contended that the hon'ble bombay high court has, in m.v. sonavalas case (supra) held that municipal valuation alone .....

Blue Star Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)974

..... we have perused the agreement. the assessee did receive commission for the services rendered to hpa. the mere fact that the assessee was restrained from entering into a competitive business with hpi cannot be construed as permanent loss of business or the very source from which to earn income. the revenue authorities took into consideration the true nature ..... by hp, it was one of the reasons why the assessee was made a party to the joint venture.7. ao held that prior to the amendment brought out by the finance act, 1955, compensation for loss of office or agency undoubtedly was regarded as a capital receipt not chargeable to tax. but after the change in law, ..... 7th aug., 1989, entered into between the assessee and the new indian company hpi (a joint venture of hp and the assessee), whereby the assessee agreed to avoid competition with the latter (hpi) by entering into any new business activities pertaining to manufacture or sale or promotion of sale of such products. new company agreed to pay .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... relied upon in the impugned order was as a result of the search in the case of the assessee. the learned departmental representative emphasized the amendment to section 158bb(1) by the finance act, 2002 with retrospective effect from 1.7.95 to the effect that the undisclosed income shall be computed "in accordance with the provisions of ..... 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 w.e.f. 1-7-1995 it includes also the any expenses, deduction or allowance claimed under this act which is to be found to be false.9. section 158bb provides for computation of ..... in relation to the insertion by the finance act 2002 in the provisions of section 158b(b) with retrospective effect from 1.7.1995, the learned counsel for the assessee argued that so far as the finance bill was concerned, the amendment was introduced to have prospective effect. thus, the amendment as passed by the legislature was only prospective .....

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... 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 ..... record that the assessee, after transferring its activities relating to its client, namely, railways, to the purchaser, was not in a position to offer any competition to the joint venture for many reasons. firstly, the activities relating to the supplies to the railways were highly technical activities requiring specialized plants and machinery. having ..... transfer their individual operations in various countries into a new joint venture company formed for this purpose." this clause itself rules out the possibility of any competition between the assessee and other companies of the group. perusal of para 3.12 of the said report shows that there were internal projections indicating downward .....

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)201

..... upon in the impugned order was as a result of the search in the case of the assessee. the learned departmental representative emphasized the amendment to s. 158bb(1) by the finance act, 2002 with retrospective effect from 1st july, 1995 to the effect that the undisclosed income shall be computed "in accordance with the provisions ..... 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 w.e.f. 1st july, 1995 it includes also the any expenses, deduction or allowance claimed under this act which is to be found to be false.9. section 158bb provides for computation of ..... in relation to the insertion by the finance act, 2002, in the provisions of section 158b(b) with retrospective effect from 1st july, 1995, the learned counsel for the assessee argued that so far as the finance bill was concerned, the amendment was introduced to have prospective effect. thus, the amendment as passed by the legislature was only .....

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... this situation diluted the scope of exemption available to them under section 80hhc and other similar sections.49. in order to overcome the above impasse, the direct tax laws (amendment) act, 1989 brought in expln. (iii) under section 115j(1a), which provided for deduction under section 80hhc etc. even in a mat assessment. the deduction was to be ..... -section (3) of section 80hhd, as the case may be] or.... 2 that the above explanation brought under section 115j(1a) by the direct tax laws (amendment) act, 1989 with effect from the asst. yr. 1989-90 has provided for deduction under section 80hhc on the basis of the adjusted book profit worked out for section 115j ..... parliament which again reflected in similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it very clear that the deduction under section 80hhc would be available in its entirety to an assessee even if .....