Judgment Search Results Home > Cases Phrase: competition amendment act 2007 section 24 amendment of section 31 Court: income tax appellate tribunal itat mumbai Page 19 of about 294 results (0.184 seconds)

Parshuram D. Patil Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103TTJ(Mum.)765

..... gain in the light of the decision of bombay high court in the case of cadell wvg. mill co. (p) ltd. v. cit as well as, as per amended section 55(2) of it act.in regard to this land, the learned counsel has given certain facts in the written submissions and the same are reproduced as under- the five brothers of patil ..... only transferred the possessory rights in respect of the said plot of land. we hold that the gains earned by the assessees are taxable as per the amendment of section 55(2) by the finance act, 1994 w.e.f. 1st april, 1995. as the assessee acquired the plot prior to 1974 and transferred the same in june, 1994, the gains are ..... to the learned counsel, the ao was not justified in treating the profits earned by the assessee as business profits. but the learned counsel fairly conceded that in view of amendment of section 55, the profits earned by the assessee are taxable as long-term capital gains.36.1 the learned counsel relied upon the following decisions (in respect of both .....

Dy. Cit Vs. Sarabhai Piramal

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... acquisition of a trademark was held to be revenue expenditure and was allowable deduction under section 37 of the income tax act, meaning thereby, before this amendment in section 32 of the income tax act, the expenditure incurred on acquisition of trademark was considered to be revenue -expenditure in the light of the judgment of ..... of a patent right in the light of the provisions of section 35a of the income tax act, the assessee is entitled either for a deduction of the entire expenditure or a revenue expenditure. if, the amendment in section 32 is called to have a retrospective effect the acquisition of a trademark, can be ..... integral part thereof. in these circumstances, the term 'patent' include trademarks and, therefore, the assessee is entitled to deduction under section 35a of the income tax act.30. without prejudice to the above contentions, the learned counsel for the assessee submitted that the expenditure on trademark falls within the definition of plant and, therefore .....

Dr. Rajesh M. Parikh Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... that the assessing officer has rightly termed the transaction as dividend stripping. however, such transactions are taken care of by amendment to section 94(7) of the act. according to him if the legislature intended, the amendment to section 94(7) could have been made operational with retrospective effect to cover the assessment year under consideration also. relying ..... its disapproval of misuse of the provisions of law as they stood before the amendment.in the alternative, the dividend received must be reduced from the cost of acquisition in order to commute the loss.the loss arising on sale of the ..... this connection, the assessing officer referred to the provisions of section 14a of the act.the depreciation in the value of units after declaration of dividend is nothing but part of the cost incurred.the introduction of the amended provisions of section 94(7) is merely a reflection of the right of the legislature to codify .....

Van Oord Dredging and Marine Vs. Adit, (international

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)297ITR115(Mum.)

..... mumbai tribunal in the case of toyo engg. corpn. ita no.6600/m/02, cited by the assessee, has not considered the amendment made by finance (no.2) act, 2004 which has modified the amendment made by finance act, 2001 retrospectively. he relied on decision in 94 itd 401 (mum), 254 itr 31(ker), 240 itr 341 (sc), and also ..... state immediately after the entry into force of that convention and, if the competent authority of the other state so requests, the provisions of this sub-paragraph shall be amended by protocol to reflect such terms. (b) however, no such deduction shall be allowed in respect of amounts, if any, paid (otherwise than towards reimbursement of actual ..... year 2001-02 computed income from the assessee's dividends, business carried out in india from different sites and therefore the provision of section 176(3a) of the act cannot be applied where the business of the assessee is not totally discontinued. in support of its preposition that where the assessee itself ceased to exist, but .....

The West Coast Paper Mills Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD19(Mum.)

..... to be interpreted in a manner practicable. if the contentions that the opening stock also requires revision on account of amendment to section 145 a of the act were to be accepted, it would mean the re-computation of the closing stock value of the earlier year, which is not the intention of the ..... corresponding adjustment in opening stock of the same assessment year.the necessary disallowance was made by the assessing officer and the cit(a) discussed elaborately the amendment to section 145a of the act and was of the opinion that the contentions of the assessee are not acceptable. according to him even when a legal fiction is created it has ..... of tax, duty, cess or fee should always be treated as a part of the cost. it is in.this direction that the aforesaid amendment had been made by the finance (no. 2) act, 1998. the assessee initially adjusted the element of excise duty only to the closing stock of paper division and ofc division and computed the effect .....

Gtc Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)1010

..... ignore the high court's decision in the reference. the decision, therefore, turns on the special provisions of the amending act.nevertheless, it is clear that a court cannot ignore the retrospective operation of a law which is in existence when it decides a matter.the hon'ble ..... , 1989 needed rectification.application filed by the department was dismissed by the tribunal on the ground that there was no apparent error on record as the amending act received the assent of the president nearly three months after the tribunal had passed the order. appeal against the order of the tribunal was dismissed by ..... intention of the legislature of restoring the assessments and orders made earlier and hence the tribunal was entitled to take such retrospective amendment into account. the supreme court observed that, under the amending act, assessments at the enhanced rate were invalid notwithstanding any judgment or order of any court. hence the tribunal was entitled to .....

Rajneesh Foundation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD409(Mum.)

..... of executive council from amongst the different class of members and such council will look after such work as per the rules framed by the board.5. an amendment to the trust deed dated 26-9-1969 made certain minor changes including the deletion of the words 'or abroad' appearing in clause 5(c) of the ..... of the madras high court and various other cases. it was also claimed that the assessee was exempt under section 10(22) of the income-tax act, 1961 ('the act'), as the assessee ran an ashram where intensive training in education was imparted. the ito rejected the assessee's contentions. he held the trust as having ..... , schools, pathshalas research centres and other educational institutions and/or to arrange for the purpose with other schools and/or educational institutions and for the purpose to do all acts, deeds and things necessary far the starting, conducting and/or promotion thereof. (e) to give loans, scholarships, freeships, prizes, honorarium, remuneration and/or monetary assistance .....

Wealth-tax Officer Vs. C.J. Sheth

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD706(Mum.)

..... and the amount of advance tax paid during the financial year immediately preceding the assessment year relevant to the accounting year.according to the submissions, the proposed amendment was only clarificatory of the position, existed.8. finally, the learned counsel referred to the decision of the supreme court in cit v. vegetable products ltd ..... 800 and, therefore, a reconsideration was justified. the learned counsel finally referred to the definition of 'tax', as occurring in section 2(43) of the income-tax act, 1961, and submitted that there was a vital difference between tax 'chargeable' and tax 'payable', which had been well recognised by the legislature.9. on behalf ..... 1981], in which cases shri b.a. palkhivala appeared.7. opening the case for the revenue, shri joshi submitted that while section 211 of the companies act, which prescribes the form and contents of the balance sheet, did not specifically indicate the manner of exhibiting the payments made on account of advance tax, it .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... is not the income of the year of assessment but the income of the previous year.in that case, section 16(1)(c) of the 1922 act, which was amended by the income-tax (amendment) act, 1939, was held to apply to the assessment year 1939-40 although the subject of charge was the income of the accounting year 1938-39. ..... section 16(1)(c) applied to revocable transfers of assets- whether they were effected before or after the commencement of the income-tax (amendment) act. the assessee by certain deeds of trust and settlement dated 5-4-1933 had settled properties on his daughters with a provision reserving to himself powers to revoke the ..... steam navigation co. ltd. [1961] 42 itr 589 declined to allow retrospective operation to be given to fourth proviso to section 10(2)(vii) inserted by the income-tax (amendment) act, 1946 which had been brought into force on 5-5-1946".7. similar are the observations of chaturvedi and pithisaria in income-tax law, third edn., vol. 1 at .....

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... bill and concludingly the high court observed that, 'interpretation of a statutory provision is always a question of law on which reasons stated by the mover of the amendment can only be used as an aid in interpretation if we think, as 1 do in the instant case, that it helps us considerably in understanding the meaning of ..... on this issue, assessee fails.19. the next grievance is about claim of weighted deduction in terms of export market development allowance under section 35b of the income-tax act, 1961. the learned cit (appeals) is very categorical that although claim was raised by the assessee vide letter dated 14-2-1985, it has been considered at the ..... quoting from the finance minister's speech that the law made, viz. section 80ab was prospective and therein specific reference is made to section 80-o of the act concludirigly, shri palkhivala made the distinction between grant of deduction 80m and other sections under section 80 series and said that deduction under section 80m has to be .....