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 : (1984)7ITD905(Hyd.)
..... grounds of appeal contest the computation of relief available to the assessee under section 80j of the income-tax act, 1961 ('the act'). the ito had made the computation holding that the amendment made by the finance (no. 2) act, 1980, being retrospective, was applicable to the assessment year in question. the contention of the assessee ..... that the validity of the retrospective amendment was under challenge and, therefore, the computation should not be upheld, did not find acceptance of the ..... and restoring the matter to him for decision afresh in conformity with any decision the supreme court may render on the point relating to the challenge of amendment to section 80j. in view of such decision, the orders of the commissioner (appeals) for those years had been set aside and the matter restored .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD473(Hyd.)
..... income.6. we have considered the rival submissions. while ihe ito made the assessment, the retrospective amendment was not in existence. the amendment was introduced by the finance (no. 2) act, 1980 with retrospective effect from 1-4-1968. when the retrospective amendment came into force, it was clear that on the dote the ito made the assessment, there ..... , proposed to make a rectification and the assessee's contention was that there was no mistake and the amendments made were ultra vires of the act. the ito held that he could not go into the vires of the amendment. he next considered the contention of the assessee that at the maximum, the expenses incurred for earning the ..... 1977-78, subsequent to the completion of the original assessment on 28-1-1980, an amendment was made by the finance (no. 2) act, 1980, by introduction, with retrospective effect from 1-4-1968. of a new provision, section 80aa of the act, which reads as under: where any deduction is required to be allowed under section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)9ITD580(Hyd.)
..... is available from the qualifying words 'in relation to capital assets' in section 2(47) itself. besides, the definition of 'capital asset' in section 2(14) has undergone amendment about half a dozen times to exclude certain assets from its purview whenever exemption from capital gains tax was sought to be given as in the case of gold bonds ..... 32(1)(iii). as for section 34(3)(b) dealing with withdrawal of development rebate, it is corresponding to section 10(2)(vi)(b) of the 1922 act. both the acts deal with the concept of transfer in the simple phrase 'sold or otherwise transferred'. while extension was made to the concept of transfer in section 2(47) and ..... was reflected as capital contributed by the assessee. the ito with the view that it involved a transfer, took action under section 155(5) of the income-tax act, 1961 ('the act') so as to withdraw the development rebate.3. the first appellate authority, however, accepted the assessee's case that there was no transfer in law. he also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)16ITD692(Hyd.)
..... also in view of the amendment of section 80j.6. the next item is with regard to the investment allowance under section 32a of the act. the assessee claimed investment allowance under section 32a on the ground that it is carrying on activity of manufacture or pro ..... his order on this point.5. the next ground is with regard to the computation of capital for the purpose of relief under section 80j of the income-tax act, 1961 ('the act').this ground is to be rejected in view of the decision of the supreme court in lohia machines ltd. v. union of india [1985] 152 itr 308 and ..... cessing in producing foodstuffs which are not articles specified in the eleventh schedule of the act. the ito held that the hotel business cannot be equated with that of an industrial concern manufacturing an article or thing. industry contemplates a factory in which machinery .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD93(Hyd.)
..... such, appendix i of part i forms part of substantive law and is not procedural in nature.they further held when there is an amendment of the substantive law, it is normally not retrospective unless the amending act itself makes it retrospective. the learned departmental representative also relied upon sampath iyengar's law of income-tax, seventh edn., p. 452, where ..... fell to be determined as on 1-4-1946, but the proviso to section 10(2)(vii) of the indian income-tax act, 1922, under which the charge was made had been introduced by the income-tax (amendment) act, 1946 which came into force on 4-5-1946. the bombay high court held that the abovesaid proviso was not retrospective in ..... supra) where it is held as follows : now, it is well-settled that the income-tax act, as it stands amended on the first day of april of any financial year must apply to the assessments of that year. any amendments in the act which come into force after the first day of april of a financial year, would not apply to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. 2) act 1967, finance act, 1970, finance (no. 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted ..... eligible amount of savings qualifying for tax relief. in order to resolve this difficulty, the proviso to section 23(2) of the income-tax act has been amended to provide that the annual value of house property owned and occupied by an assessee for his own residence will be limited to 10 per cent ..... it had employed specific language such as to be found in sections 23(2), 32a(3), 33(2) and 33a(2) of the act, and, therefore, this amendment introduced by the finance act, 1985, viz., 'before making any deduction under this clause', was valid only prospec-tivcly and not retrospectively. section 32a deals with investment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1989)28ITD534(Hyd.)
..... provision have been made by persons with a physical disability of a relatively minor nature. with a view to preventing disputes and litigation on this issue, the finance act has amended section 80u and empowered the central board of direct taxes to frame rules for specifying the various categories of permanent disabilities for the purposes of this section. a ..... above was only illustrative and there could be other situations or other categories of physically handicaps such as deafness, dumbness and mental retardation 6. section 80u was amended by finance act, 1984 (21 of 1984) with effect from 1-4-1985, which is relevant for the assessment year 1985-86. the scope and effect of this ..... amendment were elaborated upon in paragraphs 25.1 to 25.3 of the departmental circular no. 387 dated 6-7-1984 as follows :-- 25.1 under section sou of the income-tax act, a resident individual who is either totally blind or is subject to or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1989)30ITD143(Hyd.)
..... years 1973-74 and 1974-75, applied the exposition of law found in the explanations 2 and 3 inserted in section 40(b) by section 10 of the taxation laws (amendment) act, 1984, which came into effect from 1-4-1985. speaking about the effect of the explanations 2 and 3 their lordships held as follows at pages 289-290 : it ..... by the supreme court in karimtharuvi tea estate ltd.s case (supra), and other cases and pointed out that the principle is well settled that the provisions of the amended act as on 1st april of the assessment year would be applicable irrespective of the date on which the expenditure or receipts were incurred or accrued.the special bench after referring ..... 1941-42, 1942-43 and 1943-44. section 10(2) (vi) of the indian income-tax act, 1922, was amended by the amending act of 1939 with effect from 1-4-1940. the provision of s. 10(2) (vi) of the act after being amended by the act of 1939 read as follows : "such profits or gains equivalent (where the assets are ships other than .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)33ITD650(Hyd.)
..... fact that confirmation letter and sworn statements would constitute good pieces of evidence for discharging the initial burden. with the serapping of this explanation by taxation laws (amendment) act, 1975 (41 of 1975), it cannot be held that the amount added under sec. 68 on grounds of unsatisfactory explanation would automatically lead to the inference ..... the income of the assessee of that previous year"."where in respect of any facts material to the computation of the total income of any person under this act, - (a) such person fails to offer an explanation or offers an explanation which is found by the income-tax officer or the appellate assistant commissioner or ..... the inspector had collected not from the creditor himself but from the village munsif who had issued a certificate to that effect. thus, the inspector himself had acted on hearsay evidence and the income-tax officer has based his conclusions on such flimsy material. here also, the identity of the creditor is established. even .....
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