Judgment Search Results Home > Cases Phrase: finance act 1965 section 13 amendment of section 40 Court: income tax appellate tribunal itat Page 3 of about 317 results (0.119 seconds)

M. Padmanabhan Vs. Fifth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD701(Mad.)

..... . in that case the virus of section 24 of the finance act, 1969, insofar as it amended the relevant provisions of the wealth-tax act, 1957, so as to bring to charge agricultural land and buildings, came to be examined by the supreme court ..... court held that irrespective of the question of any beneficial interest in or emoluments attached to the office, a trustee or manager of a temple or endowment who obtains the right to the office by hereditary right would be entitled to it as his property.section 2(1)(d) of the provincial insolvency act, 1920 defines 'property' in an inclusive fashion and states that 'property' includes any property over which or the profits of which any person has a desposing power which he may exercise for his own ..... . we may notice closely the line of reasoning adopted by the supreme court while upholding the validity of section 24 of the finance act, 1969 ..... benefit.the aforesaid general definitions notwithstanding, a full bench of the punjab high court held that the said general definition stood excluded in regard to the property dealt with in section 28(5) of that act, because that section deals with tangible property and not with the extent of the right of the insolvent thereinbrij mohan lal males hi ram air 1975 punj ..... . v.cit[1965] 57 itr 490 ..... . wto [1965] 56 itr 224, and (b) sudhir chandra nawn v .....

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 .....

Dharmodayam Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD259(Coch.)

..... , section 11 (4a) was introduced by the finance act, 1983.this section states that sub-section (1) or (2) or (3) or (3a) should not be applied in relation to any income, being profits and gains of business, unless- (a) the business is carried on by a trust wholly for public religious purposes and the business ..... section 11 (4a) inserted by the finance act, 1983 was effective from 1-4-1984 and further it was substituted by the finance ..... what is applicable is the sub-section as inserted by the finance act, 1983. ..... institution, in order that it may retain its character, never carry on any business obviously, that cannot be the case, for then sub-section (4) of section 11 providing that "property held under trust" for the purposes of the said section 11, includes a business undertaking so held, would be meaningless.provisions of section 11 (5) prescribing the forms and modes of investing or depositing the money, may, preclude a charitable trust or institution from acquiring a business ..... , profits or gains falling within the following classes shall not be included in the total income of the person receiving them : (i) subject to the provisions of clause (c) of sub-section (1) of section 16, any income derived from property held under-trust or other legal obligation wholly for religious or charitable purposes, insofar as such income is applied or accumulated for application to such religious ..... of the law as it stood before the amendment brought in by the finance (no. ..... years 1984-85 and 1965-86. .....

income-tax Officer Vs. A.P. State Financial Corpn.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)8ITD473(Hyd.)

..... that since the amendment was not in existence when he framed the original assessment, a mistake apparent from record had crept in, relief under section 80m of the act was allowed with reference to gross dividends and not with ..... way of dividends from a domestic company which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, the deduction under that section shall be computed with reference to the income by way of such dividends as computed in accordance with the provisions of this act (before making any deduction under this chapter) and not with reference to the gross amount of such dividends.the ito came to the conclusion ..... 99 which was relied on by the counsel who submitted that in spite of the retrospective amendment of section 80m, relief originally granted could not be reduced. ..... the learned counsel for the assessee first; of all submitted that there was no jurisdiction to invoke the provisions of section 154 for the assessment year 1977-78, in any event, he submitted relying on the gujarat high court's decision ..... 1977-78, subsequent to the completion of the original assessment on 28-1-1980, an amendment was made by the finance (no. ..... bhogwandas [1965] 57 ..... [1965] 57 itr 306 and the decision of the gujarat high court .....

Bindals Developers Pvt. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the nature of amendment to section 29(2) of the bombay rents, hotel and lodging house rates control act as amended by gujarat act 18 of 1965, observed as follows: the amending clause does not seek to explain any pre-existing ..... the transferee has, in part-performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession, continues in possession in part-performance of the contract and has done some act in furtherance of the contract, and the transferee has performed or is willing to perform his part of the contract, then, notwithstanding that the contract, though required to be registered, has not been registered, or where there ..... the rajasthan high court in maharani yogeshwari kumari s case (supra) again considered the same question and after referring to various judgments held as follows: section 22 of the it act has created a charge on the income in respect of annual value of the property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such ..... from the memorandum explaining the finance bill, 1987 (supra), it is crystal clear that the amendment was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act. ..... no hesitation to hold that the amendment introduced by the finance bill, 1987 was declaratory/clarificatory in nature so far as it relates to section 27(iii), (iiia) and ( .....

Seamist Properties Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95TTJ(Mum.)201

..... the amended section 2(22)(e), which we are presently concerned with, was brought on the statute by virtue of the finance act, 1987.the cbdt, vide its circular ..... , sections 104 to 109 stood omitted by the finance act, ..... has, in the explanatory notes on provisions relating to direct taxes contained in the finance act, 1987, explained, inter alia, the provisions of section 2(22)(e). ..... ) 187 itr 1 (bom) in the case before us, however, the taxing authorities have stretched the deeming fiction contained in section 2(22)(e) beyond its outer reaches in applying the said provision to the assessee who clearly does not come within its four-corners.16 ..... it was to forestall this manipulation that section 2(22)(e) was amended suitably.under the extant provisions of the said section, payments by way of loans or advances to shareholders having substantial interest in a company to the extent to which the company possessed accumulated profits, were treated ..... so, while taxing notional income, the provisions relating to deemed dividend, like the ones comprised in section 2(22)(e) of the income-tax act, need to be interpreted, not loosely, as the lower authorities have chosen to do, but ..... sen, appellate assistant commissioner of income tax, bombay', (1965) 56 itr 198, has held, by a majority view, inter alia, that if the legislature realizes that private controlled companies generally adopt the device of making advances or giving loans to their shareholders with the object of ..... sen, aacit", (1965) 56 itr 198 .....

Wealth-tax Officer Vs. H.H. Setu Parvathi Bayi, Maharani

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1984)9ITD348(Coch.)

..... it is submitted that that decision was not on the question whether the particular amendment considered in that decision (introduced by the finance act, 1964) was applicable to the assessment year 1965-66. ..... we would, in the light of this hold that the commissioner (appeals) was not correct in holding that the proviso to clause (vi) of sub-section (1) of section 5 could not apply to the determination of the net wealth of the assessee for this assessment year. ..... cwt [1968] 69 itr 864, 866 that the liability to wealth-tax gets crystallised on the valuation date.the proviso to clause (vi) of sub-section (1) of section 5 is for the purpose of computation of net wealth and not for creating a charge. ..... it is pointed out that the proviso to clause (vi) of sub-section (1) of section 5 had been introduced with effect from 1-4-1975 and, therefore, it would govern the assessment for the assessment year 1975-76. ..... was regarding the manner in which the proviso was implemented by the wto and the other was that the annuity in respect of an annuity policy taken from the lic cannot be commuted and, therefore, under section 2(e)(2)(ii) of the act, it cannot be subjected to wealth-tax. ..... under section 5(1)(vi) of the wealth-tax act, 1957 ('the act') exemption is available in respect of the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the assessee. .....

Plasticotes Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD332(Mum.)

..... he also referred to the amendment brought in section 40 of the finance act, 1983, by the finance (no. ..... again, by virtue of sub-sections (5) and (7) of section 40 of the finance act, 1983, we have to refer to all the provisions of the wealth-tax act, 1957, other than stipulated in clause (a) of sub-section (5) of section 40 of the finance act, 1983. ..... act, 1957, cannot over-ride the provisions of section 40 of the finance act, 1983, even if we have to give the meaning to the provisions of sub-sections (5) and (7) of section 40 of the finance act, 1983. ..... notwithstanding anything contained in section 13 of the finance act, 1960 (13 of 1960), relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957(27 of 1957) (hereinafter referred to as the wealth-tax act), wealth-tax shall be charged under the wealth-tax act for every assessment year commencing on and from the 1st day of april, 1984, in respect of the net wealth on the corresponding valuation date of every company, not being a company in which the public are ..... however, in the instant case, the assessee owns only a portion of building (flat) and therefore the value thereof could not be considered for determining its net wealth.he also submitted that since section 40 of the finance act, 1983, is a charging section, the same should be construed strictly. ..... [1965] 55 itr 741 (sc), cit v. .....

S.L. Suri Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)68TTJ(Delhi)846

..... (iv) there has been amendment in the law in section 55(2) introduced by the finance act, 1994 with effect from i-4-1995, and the receipt obtained on transfer of tenancy rights would be taxable as capital gains even if the cost of acquisition is nil, so it is clear that the legislature wanted to be taxed only under the ..... (2) that the findings of the learned commissioner (appeals) that the receipt in question is taxable as casual and non-recurring receipt under section 10(3) and the provisions of sections 2(24) and 45 of the act are inapplicable in respect of such receipt, is totally misconceived and is based upon incorrect interpretation of the relevant provisions of law. ..... after a critical analysis of the provisions of delhi rent control act, the assessing officer came to the conclusion that the assessee does not qualify for obtaining the benefit of section 20 of the delhi rent control act and in view of the provisions of section 14 of the delhi rent control act, there was no compulsion or order in the instant case by which the tenants can be deprived of the tenancy rights. ..... (4) that the learned commissioner (appeals) has arbitrarily ignored the amended provisions of section 55(2) of the act w.e.f. ..... 15 lakhs received by the assessee on surrender of tenancy rights was not taxable as casual income assessable under section 10(3) of the act and instead the same represented a receipt under section 55(2) of the act and was assessable as capital gains. ..... cit (1965) 57 itr 532 (sc). .....

Deputy Commissioner of Vs. Ramnath and Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)83ITD698(Coch.)

..... introduced by finance act, 1965 for the ..... section 80-o was first introduced by finance act, ..... long as the technical and professional services are rendered from india and are received by a foreign government or enterprise outside india, deduction under section 80-o would be available to the person rendering the services even if the foreign recipient of the services utilises the benefit of such services ..... noted that after the amendment to the section made applicable with effect from the assessment year 1992-93 onwards, the concession of the section is also available in ..... assessing officer noticed that from the assessment year 1992-93 onwards, the assessee had claimed deduction under section 80-o for the services rendered in pursuance of certain agreements between the assessee and the foreign enterprises.the assessing officer held that to claim the benefit under section 80-o, the assessee had not fulfilled the following conditions : (i) the assessee must be an indian ..... section 80-o was amended from time-to-time, and from assessment year 1992-93 it was amended with a view to provide that the concession will also be made available in relation to professional services rendered or agreed to be rendered to the government of a foreign state or ..... services which the assessee rendered cannot come under the category of services that can be rendered from india, and to qualify for deduction under section 80-o, services rendered should be such that they were capable of being rendered outside india also. .....