Judgment Search Results Home > Cases Phrase: competition amendment act 2007 section 24 amendment of section 31 Court: income tax appellate tribunal itat mumbai Page 17 of about 294 results (0.189 seconds)

Aayakar Bhavan, Mumbai Vs. Dena Bank, Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... tribunal, that section 115jb is not applicable to the assessee-company. we, accordingly, set aside the impugned order. we are conscious, even as noted by the ld. cit, that the act has been amended by finance act, 2012, so as to include within the ambit of section 115jb, companies to which the proviso to section 211(2) of the companies ..... , allowing the assessee's relevant ground. 8. in the result, the assessee's appeal is partly allowed. revenue's appeal (in ita no. 4112/mum/2012 for a.y. 2007-08) 9. ground # 1 by the revenue impugns the direction by the ld. cit(a) in allowing its claim qua bad debts for rs.287.89 crores on the basis ..... by the first appellate authority for the relevant years, and another appeal by the assessee contesting the revision order u/s.263 in respect of its assessment for a.y. 2007-08. the appeals raising common issues were listed for hearing and, accordingly, heard together, and are being disposed of vide a common, consolidated order. we shall proceed year wise. .....

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)28ITD499(Mum.)

..... relation to the case. now, the term "income-tax authority" is defined in sections 245a(6) (as it existed prior to the amendment of the section brought about by finance act, 1987 with effect from 1-6-1987) as under :-- (b) "income-tax authority" means a director of inspection, a commissioner, a commissioner (appeals ..... provisions of sub-section (3) of that section, exclusive jurisdiction to exercise the powers and perform the functions of an income-tax authority under this act in relation to the case.this section comes into operation after the settlement commission allows the application under sections 245c to be proceeded with. we have ..... ), an appellate assistant commissioner, an inspecting assistant commissioner or an income-tax officer.even after the amendment, the term "income-tax authority" is defined .....

Fluid Air (India) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)63ITD182(Mum.)

..... where such payment has been made otherwise than in cash, the sum has been realised within fifteen days from the due date." the notable omission in the amended proviso is the expression "during the previous year". because of the omission of the expression "during the previous year" in the second proviso to section 43b ..... clause (b) of section 43b the payment must have been paid not only during the previous year but also within the due date prescribed under the relevant acts. however, the legislature in its superior wisdom has redrafted the above second proviso as follows with effect from 1-4-1989 : "provided further that no deduction ..... had disbursed the salary and wages to its employees for every month on 7th of succeeding month by virtue of the provisions of section 5 of the wages act and the details of amounts and dates of payment are as under :---------------------------------------------------------------- month efpf epf admn. insurance charges fund 1. 2. 3. 4. 5 .....

Shri Dilip S. Dahanukar Vs. Asst. Com. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD525(Mum.)

..... learned counsel for the assessee invited out attention to the following observations of the honorable supreme court a page 227 of the air. "the limitation act is consolidating and amending statue relating to the limitation of suits, appeals and certain types of applications to courts and must, therefore, be regarded as an exhaustive code. it ..... direction to the assessee to comply with the notice and a direction to the ito to complete the assessment by march 31, 1977. subsequently the single judge amended his judgment requiring the assessment to be completed on march 31, 1977, and also directed the ito to make a fresh assessment. the appellant appealed to ..... tanaji (air1985 sc 1279). the learned counsel for the assessee has relied upon the following observations at page 1279 of air.:- "the provisions of the limitation act, 1963 apply only to proceedings in "courts" and not to appeals or applications before bodies other than courts such as quasi-judicial tribunals or executive authorities, .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... amount of depreciation. this according to mr. patil, was the only change in the law w.e.f. 1st oct., 1996. thus, both before and after the amendment, the it act itself recognizes the claim for depreciation in respect of assets leased out under an slb transaction. it was, therefore, contended that slb transactions as such should not be viewed ..... that the documents were a subterfuge, an artifice or embodied colourable transactions. in m.v.valliappan and ors. v. cit (1988) 170 itr 238 (mad) the amendment made to the it act to enable the assessing authority to refuse to recognize partial partitions of huf was challenged and the revenue relied on mcdowell before the madras high court. mcdowell could not ..... dastur, to the evils brought to its notice, is the insertion of expln. 4a to section 43(1) by the finance (no. 2) act, 1996, w.e.f. the asst. yr. 1997-98.the amendment was made from 1st oct., 1996, but the first assessment year from which it was to take effect was the asst. yr. 1997-98. the .....

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 .....

Sonal Garments Vs. Jcit, Special Range-33

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)1020

..... ltd v. acit, 82 itd 306 wherein it has been held that the position has been changed after omission of section 34 by the taxation law (amendment) and miscellaneous provision act with effect from 1.4.1988. after the omission of section 34, there does not remain any condition of furnishing of the information to be eligible ..... 243 itr 56, it was optional for the assessee to claim current depreciation. the assessee did not claim depreciation according to such discretion. he further contended that amendment came by way of explanation 5 to section 32 is prospective in nature and reference in this regard is made to the decision to the decision of kerala ..... and disallow the deduction under section 263 and further erred in not following judgment of bombay high court and supreme court and further erred in not considering that the amendment of section 32(1) of allowing depreciation by proposed finance bill 2001 is not retrospective. 4. the learned cit (administration) has erred in not considering that .....

Sigma Securities Vs. the Jcit, Spl. Rg. 28

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD342(Mum.)

..... prakash sharma v. dcit, wherein it was held that surcharge will not be levied upon the assessee in whose case search has taken place prior to the amendment carried out in section 113 of the act. on the other hand, ld. d.r relied upon the orders of the revenue authorities below.15. we have duly considered the rival contention and ..... find force in the contentions of the ld. counsel for the assessee. since amendment has been carried out in section 113 of the act subsequent to the search, therefore, assessee would not be liable to levy of surcharge.respectfully following the decision of the tribunal(supra) we allow this ..... as per section 158 ba(2) on undisclosed income was to be charged at the rate prescribed section 113 of the act. at the time of search levy of surcharge was not available in section 113. it has been amended w.e.f. 1/6/02 and it cannot be applied in the case of the assessee. he further relied upon .....

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... notify each other of any substantial changes, which have been made in their respective taxation laws.11.2 it is, thus, evident that dtaa recognizes the fact that the amendments made in the it act are not affected in so far or they are not in conflict with the specific provisions of the dtaa. therefore, we are of the view that the ..... of assessability and computation of income and not about rates of taxes on the income so computed as it falls in the domain of annual finance act.further, the power of parliament to make amendment in law is not assigned or compromised by virtue of dtaa being in force. it has only to be seen as to whether new provision is ..... . the departmental circular no. 14 of 2001 explains the effect of explanation as under : 54. amendment in section 90 relating to agreement with foreign countries 54.1 through finance act, 2001, an explanation has been inserted in section 90 of the income-tax act to clarify that the charge of the tax in respect of a foreign company at a rate .....

National Plastic Industries Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... for the purposes of computing business income and it could have never been the intention of the legislature to artificially inflate profits in the first year of amended provision, therefore, the value of the opening stock had to be necessarily modified.14. the learned departmental representative, on the other hand, narrated the ..... the alternative ground is regarding the observation of learned commissioner (appeals) in treating the employer's contribution as part of disallowance under section 43b of the act. we find that the assessee had suo motu disallowed the employer's contribution deposited after the due dates, therefore, the observations of the learned commissioner (appeals ..... depreciation thereon may be allowed. it was also contended that if the expenditure was of the capital nature, the provisions of section 37(l) of the act would not be applicable and consequently the nature of such payment would be immaterial.7. we have considered the rival submissions, material on record and orders .....