Judgment Search Results Home > Cases Phrase: finance act 1965 section 13 amendment of section 40 Court: income tax appellate tribunal itat indore Page 1 of about 9 results (0.161 seconds)

Shree Synthetics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)61ITD253Indore

..... shri goyal argued that if 'units' were shares, there would have been no need to amended the proviso to section 2(42a) by finance act, 1994, w.e.f.1-4-1995 to specifically include them for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains on sale thereof ..... advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. ..... to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. ..... chief general manager, uti (copy at page 41 of the paper book), whereby c.b.d.t.clarified that for the purpose of section 2(42a) of the act as it then existed, units are not treated as shares for providing benefit of the proviso to that section inserted by the finance act, 1987. ..... 8(15), dated 16-1-1965 to the effect that for the purpose of section 372 of the companies act, the phrase 'invest in shares' will include shares in bodies corporate other than companies but not in u.t.i ..... before him that there is difference between units and shares as defined on page 3 of the order.reference was made to the company law board circular dated 16-1-1965, wherein it has been stated that the units issued by the uti under section 21 of the uti act, 1963 are not shares as understood in company law and, hence, the investment made by a company in the purchase of units of uti does not attract the provisions of section 372 of the companies .....

Jodhani Nina Pitamber Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1982)1ITD332Indore

..... after section 10(3 ) of the act was amended by the finance act, 1972 ..... prior to the amendment of section 10(3) by the finance act, 1972, the persons who had this kind of windfall from lotteries, crossword puzzles, races including horse races, card games, ..... under the circumstances interpretation of the word "winnings" in the relevant section can only be applied in those cases where the money was won by chance as a kind of windfall as in a lottery, a horse race, gambling or ..... of a casual and non-recurring nature will be liable to income-tax only if they can properly be characterised as "income" either in its general connotation or within the extended meaning given to the term by the income-tax act.according to the learned counsel for the assessee, this circular was issued in 1972, i.e. ..... to him the said receipt is an income as defined in section 2(24) (ix) of the income-tax act, 1961 ("the act"). ..... 22,000 to tax by invoking the provisions of section 2(24) (ix) in the view that the amount represented winnings ..... learned aac consequently held that in view of the provisions of section 2(24) (ix) the receipt in question is of a causal nature. ..... the ito has misconstrued the provisions of section 2(24) (ix).thus, it was contended that a sum ..... " "what was intended to be taxed by section 2(24) (ix) was only a windfall that reached persons without any effort on their part, without any skill being exhibited by them ..... delhi administration air 1965 sc 871, pyarali ..... sen [1965] 56 itr 198 and ellerman lines ltd. .....

Deputy Commissioner of Vs. Mittal Appliances (P.) Limited

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2001)76ITD15Indore

..... while lifting the rider, the hon'ble high court of delhi has modified the definition of 'tax arrears' given in clause (m) of section 87 of the said finance act.originally 'tax arrears' means in relation to the direct tax enactment, the amount of tax, penalty or interest determined on or before 31 st day of march, 1998, under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate ..... outset challenged the maintainability of this appeal on the ground that since the appeal for the same assessment year has been dismissed as withdrawn in view of the certificate issued by the commissioner of income-tax under section 90(2) read with section 91 of the finance act, 1998 in respect of kar vivad samadhan scheme, the revenue's appeal should also be deemed to have been withdrawn.3. ..... scheme, no appellate authority shall proceed to decide any appeal of the assessee if he has availed the benefit of kvss by filing a declaration and made the payment of the sum determined by the cit under section 90 of the act but the proviso to this section puts a rider with respect to those appeals which were filed by the revenue and allowed the appellate authorities to proceed with the hearing of such appeals.by the judgment of the delhi high court ..... 2) act, 1998 but also modified the definition of tax arrears' envisaged in clause (m) of section 87 of the said finance act. .....

Deputy Commissioner of Income Tax Vs. Mittal Appliances (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

..... 87 of the said finance act. ..... of the said finance act. ..... 90 by the designated authority or the payment of the sum determined under that section : provided that in case an appeal is filed by a department of the central government in respect of such issue relating to the disputed chargeable expenditure, disputed chargeable interest, disputed income, disputed wealth, disputed value of gift or tax arrear (except ..... , the ao on or before 31st march, 1998.nowhere in this section or in the judgment of the delhi high court it has been said that if the assessee files a declaration in his own appeal pending before the appellate authority and paid the taxes determined by the cit, the ..... the consequential effect of the aforesaid judgment of delhi high court has been interpreted by both the parties in their own fashion for giving effect to the kvss, we feel it proper to reproduce the relevant section, which was affected by the aforesaid judgment : "92. ..... 90 of the act but the proviso to this section puts a rider with respect to those appeals which were filed by the revenue and allowed the appellate authorities to proceed with the hearing of such ..... consideration of the rival submissions and from a perusal of the kvss introduced by the finance (no. ..... of the finance (no. ..... of the finance (no. ..... attention was also invited to the scheme introduced by the finance (no. ..... of the finance (no. ..... 80hh and 80-i of the act on the interest income after treating the same as directly relating to the business of the assessee .....

Arihant Builders Developers and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD10Indore

..... with effect from april 1, 1998, the second proviso to section 143(l)(a) was substituted by the finance act, 1997, which was operative till june 1, 1999. ..... that when the word "and" is used, the same indicates the connection and the addition of the items within the same class or type.therefore, by using the word "and" in between sub clauses (i) and (ii) of section 143(1)(a), the legislature clearly intended to use the expression "without prejudice" for both the provisions.we do not have any quarrel with the proposition laid down by the authority cited by shri p.m.chowdhary, the learned ..... it is also not disputed by shri choudhary that intimation sent by the assessing officer under section 143(1) after amendment of the sub-section as noted by the hon'ble delhi high court is not an "assessment". ..... under section 143(10(a) as it stood prior to april 1, 1989, the assessing officer had to pass an assessment order if he decided to accept the return, but under the amended provision, the requirement of passing of an assessment order has been dispensed with and instead an intimation is required to be sent. ..... where the words are clear and there is no obscurity and the intention of the legislature is clearly conveyed, there is no scope for the court to take upon itself the task of amending or altering the statutory provisions. .....

Jitaji Chunnilal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1990)34ITD347Indore

..... ito 18 itc 154.the bench had considered the amendment by the finance act, 1989 and had held that the amendment will not have any effect. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty etc. ..... in order to mitigate this difficulty, the finance act, 1987 has introduced a proviso to the section. ..... in the absence of clear words indicating that the amending act is declaratory, it would not be so construed when the pre-amended provision was clear and unambiguous.the above extracts refer to the declaratory acts but the principle would be equally applicable to sections which are introduced by amendments to existing acts. ..... liability for which was incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year relates. ..... in this connection, we may also refer to the intention of the parliament as expressed in the memorandum explaining the provisions in finance bill, 1989 : - under the existing provisions of section 43b of the income-tax act, a deduction for any sum payable by way of tax, duty, cess or fee, etc. ..... either way it would continue to be a trading receipt and could be brought to tax.prior to the introduction of section 43b the crediting of the sales-tax receipt to another account made no difference at all in the ultimate computation of the total income .....

Ayush Ajay Construction Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

..... object sub-section (4a) of section 80-ia was brought to the statute by the finance act, 1995 with effect from 1-4-1996, according to which any enterprise carrying on developing, maintaining and operating any infrastructure facility, shall be entitled to deduction under section 80-ia of the act if it ..... provisions of section 80-ia(4a) of the act were brought to the statute by the finance act, 1995 ..... we, therefore, have no hesitation in holding that the assessee-company has fulfilled, the requirements provided in clause (ii) of sub-section (4a) of section 80-ia of the act for claiming deduction under this section because had it not been recognised as a valid assignment of the tenderer by the state government or had it not stepped into the shoes of the main tenderer, the state ..... the object of creation of the assessee-company and contended that ajay construction being a proprietorship concern was not entitled to claim deduction under section 80-ia(4a) of the act as the deduction could only be claimed if the agreement is entered into between the state government and the company incorporated in india. ..... lordships have held that in case of doubt or difficulty encountered in ascribing the proper meaning to a provision or word in a provision, the statement of objects and reasons or the explanatory notes on clauses relating to amendment or the report of the joint parliamentary committee which preceded the legislation concerned, will be useful to ascertain the intention of the legislature.17. .....

Ayush Ajay Construction Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2001)69TTJIndore579

..... section (4a) of section 80-ia was brought to the statute by the finance act, 1995, with effect from 1-4-1996, according to which any enterprise carrying on developing, maintaining and operating any infrastructure facility, shall be entitled to deduction under section 80-ia of the act if it fulfils the requisite conditions.for the sake of brevity, we reproduce sub-section (4a) of section 80-ia of the act ..... following years: on the basis of tripartite agreement executed between the assessee, m/s ajay constructions and the state government, the assessee had claimed deduction under section 80-ia(4a) of the act which was rejected by the assessing officer and the commissioner (appeals) on the ground that the assessee did not enter into an agreement with the ..... transfer principle (bot)" the assessee in its computation of income attached with the return of income claimed the exemption at the rate of 100 per cent under section 80-ia(4a) of the act on the entire income on the ground that it had taken contract for construction of bakur bridge on build, operate and transfer basis (hereinafer referred to as the ..... doubt or difficulty encountered in ascribing the proper meaning to a provision or word in a provision, the statement of objects and reasons or the explanatory notes on clauses relating to amendment or the report of the joint parliamentary committee which preceded the legislation concerned, will be useful to ascertain the intention of the legislature.it is also a settled position of law .....

Assistant Commissioner of Vs. Tesla Transformers (P) Ltd

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2000)72ITD459Indore

..... with the intent to clarify any ambiguity in the construction of this sub-section, another amendment was made by the finance act, 1995 w.e.f. ..... dealing with the object of insertion of this section by the taxation laws (amendment) act, 1987 w.e.f. ..... while explaining the necessity of this amendment, the explanatory memorandum to the finance bill, 1995 stated as under : "the legislative intention is that the interest for default in payment of advance tax is to be charged till the date of the determination of total income under s. ..... 234b is quite unambiguous and its object of insertion was also clarified through an explanatory memorandum to the finance bill, 1995 whereby only one interpretation is possible that the ao can charge interest under this section in a regular assessment under s. ..... 234b of the act, it can be easily understood that the legislature has brought necessary amendment by the direct tax laws (amendment) act, 1989 w.e.f. ..... 1st april, 1989, it has been stated in clear words that the amendment brought by the direct tax law (amendment) act, 1989 w.e.f. ..... 234b of the act by the direct tax laws (amendment) act, 1989 w.e.f. ..... even if there is some defect in the phraseology used by the legislature, the court cannot aid the legislature's defective phrasing of an act or add and amend or, by construction, make up deficiencies which are left in the act. .....

Smt. Chandrakanta Jhavar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1989)29ITD368Indore

..... is seen that section 80u of the act has been renumbered as sub-section (1) by the finance act, 1984 w.e. ..... (supra), which was reported in income-tax tribunal decisions and we find that the tribunal after examination of the relevant provisions of law made the following observation : a simple reading of the section shows that for purposes of claiming a deduction under this section, an individual who is resident at the end of the previous year in respect of an assessment year which the deduction is claimed should produce certificate from a registered medical practitioner as to the ..... that the observations of the tribunal made in the case of om prakash (supra) that the section shows that the legislature has not left anything to the executive or for any subsidiary legislation so as to whittle down the relief granted by the legislature were taken note of while making the amendment and the amendment has been made for authorising the cbdt to frame rules in this behalf. ..... therefore, the amended provisions of section 80u will apply to the assessment ..... the section before amendment indicated that it is only if any individual, who is a resident, at the end of the previous year is subject to or suffers from a permanent physical disability and such permanent physical disability effects substantially his- capacity to engage in gainful ..... it may, the position of law before the amendment governs the appeals before us.12. ..... on the subject, therefore, will have to be considered as it was before the amendment. .....