Judgment Search Results Home > Cases Phrase: finance act 1965 section 13 amendment of section 40 Court: income tax appellate tribunal itat Page 9 of about 317 results (0.216 seconds)

Bhagwan Dass Khanna Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2001)78ITD151(Delhi)

..... with a view to securing the benefit under section 80hhd for all the segments of the tourism industry, section 80hhd was amended by the finance act, 1991, w.e.f.1-4-1992, by inserting, inter alia.explanation to sub-section (2) and sub-section (2a), which read as under:-- "explanation. ..... let us now analyze the nature of the amendments made in section 80hhd by the finance act, 1991 in the light of the legal propositions set out in para 6 above. ..... not concerned with the question whether this provision is retrospective or not.9.1 on a careful consideration of the facts and circumstances of the case in its entirety and in view of the foregoing discussion we hold that the above referred amendments made by the finance act, 1992 by introducing explanation to section 80hhd(2) and sub-section (2a) are retrospective in nature. ..... " if the amendment in section 80hhd, introduced by the finance act, 1991 is considered in the light of the above propositions, it would emerge that the same having been introduced to remedy unintended consequences, has to be given a retrospective effect.9. ..... who receives the foreign exchange is not entitled to claim relief in relation to the whole of the amount, because the relief is admissible only on services being rendered by it.in any case, on realising a lacuna in law, the provisions were amended by the finance act, 1994, w.e.f. ..... counsel reiterated that the explanation to section 80hhd(2), although inserted by the finance act, 1991, w.e.f. .....

Mrs. Aruna M. Katara Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)82TTJ(Pune.)363

..... does not suggest it to be clarificatory in nature and moreover, other amendments in section 158bc and 158bc though made by the same finance act, 2002, yet these were made effective from 1st july, 1995, whereas the proviso to section 113 was inserted by finance act, 2002, w.e.f. ..... further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed unintended tax liability ..... the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. ..... act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part i of the first schedule did not provide for surcharge in finance act ..... to section 2(7) both under finance act, 1995, and finance (no ..... the learned counsel for the assessee, in order to counter the submissions of the learned departmental representative has pleaded that so far as the provisions of sections 112 and 167 are concerned, section 4(1) is applicable and as there is no similarity between the block assessment of undisclosed income and taxability of capital gains, therefore, no retrospective effect can be given to the proviso ..... commerce (1965) .....

Wealth-tax Officer Vs. Priya Holding (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)29ITD641(Delhi)

..... the contention that since the industrial plot was purchased by the company in public auction from delhi development authority in november 1983 and the building after construction was used for industrial purposes clause (vi) of section 40(3) of the finance act, 1983 came to the assessee's rescue and the value of the plot and the factory building under construction was, therefore, not taxable.4. ..... sub-section (1) of section 40 of the said finance act, 1983 provided that notwithstanding anything contained in section 13 of the finance act, 1960 relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957 (hereinafter referred as 'the act') wealth-tax shall be charged for every assessment year commencing on and from the first day of april, 1984 in respect of the net wealth on the corresponding valuation date, not being a company in which the public are substantially interested.sub-section (2) lays ..... down that for the purpose of sub-section (1), the .....

Gkw Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... provisions were again reintroduced by the finance act, 1987 by introduction of a ..... as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 w.e.f. ..... the finance act, ..... held that reliance on the tribunal's decisions was found to be misplaced and claim made by the assessee was not permitted by the express language of the act and, therefore, such issue could not be made debatable merely because such claim is couched in a legal language.6. ..... the successive finance ministers at various stages stated that it seemed reasonable that profitable and prosperous companies should contribute at least a small proportion of their profits to the national exchequer at a time when other and less better off sections of the society ..... section was brought into the statute book vide finance ..... far as the ao is concerned, is final, except these few differences, the effect of adjustment in both the sections would be same, that is to say, apparent adjustment. ..... this is clear from the language of section and is supported by the authority as well as by the circular issued by the ..... by an amendment made to ..... assessee claimed in the return that the cash compensatory support was not taxable (this was made taxable by subsequent amendment to s. ..... provision whereby every company will have to pay minimum tax on the profits declared by it in its own accounts and these profits could only be those which are assessable as income under the act and not the profit on realization of capital asset. .....

Gkw Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2000)74ITD161(Kol.)

..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect ..... the provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 ..... offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. ..... claimed in the return that the cash compensatory support was not taxable (this was made taxable by subsequent amendment to section 28) and it was held by the high court that the assessee was fully justified in making the claim when the return was filed and no adjustment on account of cash compensatory support could be made under section 143(1)(a), so as to attract additional tax.9.3 the cit (appeals) has also fallen into the error in ..... assessee prepared the profit and loss account as per the provisions of schedule vi to the companies act and in such account, profit on sale of assets was duly credited and, therefore, such profit and loss account was binding on the department as well as on the assessee and only adjustments permitted under explanation to section 115ja(2) could be carried out by the assessee as well as by the department. .....

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. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... behind amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section 143] ..... section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act ..... the proposition that if the assessee posts debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.r.e.f. ..... provisions of section 143(1)(a) as amended by the finance act, 1987 ..... insofar as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1981, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts .....

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... 1st april, 1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... sub-section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act. ..... the reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained in circular no. ..... the provisions of section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. ..... in so far as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-81, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts of the debtor. .....

Baby Marine Exports Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)77ITD442(Coch.)

..... with a view to encouraging large exports of certain goods by finance act, 1982, a section was inserted for the first time with effect from 1-6-1982 for providing tax relief to companies and corporate tax payers resident in india whose ..... appreciate the fact that explanation (baa) to section 80hhc(4a) was inserted by the finance act, 1991 with effect from 1-4-1992. ..... 2) act, 1980; whereas section 80hhc was originally inserted by the finance act, 1983 with effect ..... ' means the profits of the business as computed under the head 'profit and gains of business or profession' as reduced by - (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the ..... section 80hhc was introduced by the finance act ..... 37 deciding the issue for the assessment years 1990-91 and 1991-92, the tribunal held that the deduction under export turnover/ profits retained for export business as used in section 80hhc(3) unambiguously refers to total turnover of the entire business and not to the total turnover of export business and the tribunal further held that business includes not only the ..... with the 1989 amendment the section for the first time exempted the entire profits derived from exports and made express provision for dividing the exemption between a .....

Goa Carbon Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT152(Mum.)

..... tern) 'mineral oil'- item 3 of- part tv of the first subject : scope of the term 'mineral oil'- item 3 of the part iv of the first schedule to the finance act, 1964, item 3 of part iii of the first schedule to the finance act, 1965, and item 3 in both the fifth and sixth schedules to the income tax act, 1961 a question has been raised whether a company carrying on the business of refining crude oil into motor spirit, aviation spirit, kerosene and allied ..... after considering representations from various quarters, the amendment was brought in and an exception to the above restriction in section 80hhc(2)(b) was carved out and consequently export of processed minerals and ores as specified in xiith schedule was made eligible for deduction under section 80hhc. ..... the product exported remains the mineral oil with some processing and since the exclusion as made by the statute by amending section 80hhc(b)(ii) is only in respect of minerals and ore and not mineral oil, the assessee is not entitled for benefit under section 80hhc. ..... (ii) in this connection, it is necessary to keep in mind the amendment that has been brought in the statute from the assessment year 1991-92.prior to this amendment 'mineral oil' as well as 'minerals and ores' in any form were not entitled for benefit under section 80hhc. ..... by virtue of the amendment made in section 80hhc(2)(b)(ii) with effect from 1-4-1991 the processed minerals and ores specified in xiith schedule were excluded from minerals and ores. .....