Judgment Search Results Home > Cases Phrase: finance act 1965 section 13 amendment of section 40 Sorted by: recent Court: income tax appellate tribunal itat Page 1 of about 317 results (0.182 seconds)

Assistant Commissioner of Income Vs. Suretech Hospital and Research

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2006)104TTJ(Nag.)869

..... there is no word or language from which it can be inferred that the amendment of section 271(1)(c) of the it act, 1961 by the finance act, 2002 has retrospective operation. ..... there is no word or language from which it can be inferred that the amendment of section 271 by the finance act, 1968, has retrospective operation. ..... april, 2003.in support of his contentions, he relied upon the following decisions and propositions laid down therein: penalty-concealment of income-law applicable-principles-original return filed on 1st march, 1967-law as it stood prior to amendment by finance act, 1968, applies-it act, 1961, section 271(1)(c). ..... 4 to section 271(1)(c) was amended by finance act, 2002 and the said amendment is applicable from 1st april, 2003. ..... section 18(1)(a) of the wt act, 1957, as amended by the finance act, 1969, is not retrospective in its operation. ..... 4 to section 271(1)(c) which were amended by the finance act, 2002 and submitted that the ao has erred in levying penalty under section 271(1)(c) by applying the provisions applicable w.e.f. ..... 4 to section 271(1)(c) which was amended by finance act, 2002, i am of the opinion that the said amendment is applicable from 1st april, 2003. ..... , 1962, and penalty levied on 31st march, 1964 on the date of completion of assessment-law in force as on 30th june, 1962, would apply and the provisions of section 17(1)(a) as amended by gt (amendment) act, 1962, w.e.f. ..... the assessee submitted his returns for 1965-66 and 1966-67 on 1st march, 1967. .....

Yagyawati Jayswal Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD199Cal

..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) ..... year 1965-66 onwards disclosing income under the head 'income from other sources' and that the revenue had also been assessing the said income under the same head, in the light of amendment in sections 27(iiib) and 269ua(f), are of ..... he also contended that there was no change in facts right from the year 1965, and the revenue has consistently accepted the assessable source of income under the head 'income from ..... jayaswal & ors (huf) in respect of property situated at p-117 lake terace, kolkata for a period of 21 years commencing from 1st day of january 1965, at a monthly lease rent of rs. ..... had been made by the revenue authorities on the basis of the law prevailing in the assessment years 1965-66 to 1988-89. ..... the settled law that the income derived by the assessee from sub-letting of the immovable property was assessed under the head 'income from other sources' right from the assessment year 1965-66 onwards. .....

Lloyds Insulations (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD465(Delhi)

..... to appreciate the same, it would be useful to quote the provisions of section 80 of finance act, 1965, as under : "80(1) when goods of the description mentioned in this section chargeable with a duty of excise under the central excise act (as amended by this act or any subsequent act of parliament) read with any notification for the time being in force issued by the central government in relation to the duty so chargeable, are assessed to duty, there shall be levied and collected- (a) as respects goods comprised in item ..... regarding the supreme court judgment, it was submitted by him that provisions of section 80 of finance act, 1965, and provisions of section 40 of finance act, 1983, are differently worded by the legislature and, therefore, the said judgment is distinguishable. 5. ..... v.director of inspection, customs & centra; excise (1985) 153 itr 322 (sc), wherein it has been held that levy of such excise duty under section 80 of finance act, 1965, was different from the levy of excise duty under central excises and salt act, 1944 fin short excise act) and, therefore, assessee was not entitled to tax credit certificate under section 280zd of 1961act with reference to such excise duty. .....

Kerala State Coir Corpn. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)50ITD1(Coch.)

..... in the record, in that the assessee had claimed excess loss in the return, that would not result in the levy of additional tax on the amount of the excess claim of loss in terms of the provisions of section 143(1 a) as it stood then; nor at the time when the assessing officer rectified the "intimation" dated 24-10-1991 by an order under section 154 on 10-3-1993, the retrospective amendment envisaged by the finance act, 1993, had received the assent of the h.e. the president of india ..... . [1958] 34 itr 143 and contended that in view of the retrospective amendment to section 143(1a) of the income-tax act, 1961, as inserted by the finance act, 1993, there was a mistake apparent from record in that the additional tax was not levied on the amount of loss disallowed by the assessing officer and, therefore, the same was rightly rectified under section 154 of the act ..... it was only by a retrospective amendment with effect from 1-4-1989 introduced in section 143(1 a) by the finance act, 1993, that the additional tax is chargeable even in cases where the loss returned by the assessee though reduced did not result in an income. ..... . in the case of narayan row [1965] 57 itr 149 (sc), the amending act with retrospective effect was also in existence at the time when the income-tax officer proceeded to rectify the order and could determine whether the records disclosed an apparent mistake in the background of the amended act ..... . ishwar lal bhagwandas [1965] 57 itr 149 and m.k .....

Assistant Commissioner of Vs. Mipa Investment Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)43ITD60(Mum.)

..... under the amended law vide section 47(1) to (4) of the english finance act, 1965 the dividend income of a shareholder in an english company stood to be the gross dividend as against the net dividend in the past (under the old ..... the year 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but the english finance act, 1965 amended this position. ..... 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but this position underwent a change by the amendment made to the english finance act, 1965. ..... under section 47(1)/(2)/(4) of the english finance act, 1965 the dividend income of a shareholder in a english company is the gross dividend which would mean that it is the gross dividend which is to be included in the total income of a shareholder resident in india rather than the net ..... is ample force in the submission made by the learned depastmental representative to the effect that in view of the change in the english finance act, 1965 the ratio of the decision of the calcutta high court in shaw wallace & co.ltd. ..... the case of the assessee indisputably falls within the ambit of section 5(1)(c) of the income-tax act, 1961 which reads as under : 5(1) subject to the provisions of this act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which naturally, any shareholder of a foreign company if a resident in india would be taxed on the dividend income .....

Commissioner of Wealth-tax Vs. Ram Pershad

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1984)7ITD656(Delhi)

..... by the taxation laws (amendment) act, 1972, sub-section (3) of section 7 has been inserted with effect from 1-1-1973, while, under the finance act, 1976, sub-section (4) comes into effect from 1-4-1976. 4 ..... 205, 206 and 207 (delhi) of 1977-78 in relation to the assessment years 1973-74, 1974-75 and 1975-76, held that although the provisions of section 7(4) of the act was brought on the statute book by the finance act, 1976, with effect from 1-4-1976, it would be a fair position if the value of the property, the subject-matter of appeals, for the valuation dates 31-3-1973, 31-3-1974 and 31-3-1975 be adopted, as for the valuation date 31-3- ..... 1971 relevant to the assessment year 1971-72, the provisions of section 7(4) has to be taken as a guide for the years involved in those appeals, hence, the valuation adopted for the valuation dates ..... section 7 of the wealth-tax (amendment) act, 1964, has inserted the words 'subject to any rules made in this behalf in sub-section (1) and at the end of sub-section (2)(a) has substituted the words 'may be prescribed' for the words 'the circumstances of the case may require' and this is made effective from 1-4-1965.8 ..... deputy collector for land acquisition air 1965 sc 1017, 1019. .....

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 ( .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... there is no distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated as an independent and distinct levy ..... the provisions of this act, and in relation to any other assessment year income-tax and super-tax ..... of rates income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90, whichever is applicable by virtue of the provisions of section 90; "regular assessment" means the assessment made under sub-section (3) of section 143 or section 144; "tax" in relation to the assessment year commencing on the 1st day of april, 1965, and any subsequent assessment year means income-tax chargeable under .....

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act ..... issued by reserve bank of india could suo moto overrule, the specific provision of section 145 of it act, 1961, there was no need of introducing section 43d by the finance act, 1991 and later on modify it by extending the benefit to some more class of assessees by the finance act, 1999. ..... india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. ..... held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia), which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade ..... has held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia) which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade related ..... 1965 .....

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(Hyd.)

..... section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as ..... section (3) to section ..... acts ..... under section 12a of the act by ..... section ..... section 155 of the income tax act ..... amended provisions of law have no retrospective operation and under the pre-amended ..... act thereby reading to ..... section 21 of the general clauses act, which reads as follows- 21: where by any central act ..... -tax act, ..... amendment to the provisions of section 12aa, though came ..... section 150(1) as amended ..... section 132 of the act has brought to light plethora of instances where ..... section (3) of section 12aa does not have retrospective operation, and if we look at the position existing prior to the amendment ..... amended act could come into force and appeals pending as on the said date are required to be disposed of, by the courts wherever they were pending and that the amendment ..... section 12aa as it stood on the relevant date, we have to hold that the commissioner does not have such a power to cancel the registration under section 12aa of the income tax act or by virtue of the general clauses act, and the subsequent amendment made to the provisions of section 12aa by insertion of sub-section ..... amending act, the hon'ble supreme court observed that where the statute thus, on its face, clearly indicates retrospective effect where intended, there can be no justification to read retrospectivity into the amendment made by clause (a) of section 6 of the amending act .....