Judgment Search Results Home > Cases Phrase: finance act 1968 section 14 amendment of section 194a Court: income tax appellate tribunal itat Page 5 of about 241 results (0.227 seconds)

Bombay Coal Ash Co. and ors. Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... , 1979, the applicant applied to the commission to permit him to contest the objections of the commissioner under the provisions of sub-section (1a) inserted by the finance act, 1979, with effect from april 1, 1979. the settlement commission, by its order dated august 7, 1987, negatived this contention of the applicant ..... been made without furnishing an opportunity of hearing as required by the provisions of the first proviso to section 245d(1). when the said application was pending, on april 1, 1979, the finance act, 1979, inserted sub-section (1a) after section 245d(1), which empowered the settlement commission to overrule the objections of the commissioner. on may 29 ..... of natural justice was of no value. if that is so, then the application made for the settlement under section 245c was still pending before the commission when the amendment made to the finance act of 1979, came into effect and the said amendment being procedural, it would govern the pending proceedings and the .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... . received by an indian company from a foreign company in consideration for its supply of technical know-how or technical services under approved agreements.sec. 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. the department's circular no. 72, dt. 6th january, 1972 (chaturvedi ..... . 80-o w.e.f. 1st april, 1972, before amendment by the finance act of 1974 and s. 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature : "sec. 80-o as inserted by finance act, 1967, w.e.f. 1st april, 1968. - where the gross total income of an assessee being an indian company includes .....

Delhi Bottling Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD231(Mum.)

..... computers indian mfr. ltd. [1991] 187 itr 580. there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. the court in that case had to interpret the words "and shall extend and shall be ..... reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. the explanation defines the ..... deemed always to have been extended (emphasis supplied)". the language is similar to the language used in explanation to item no. 5 of 11th schedule. the court in that context held that explanation to sub-section .....

Addl. C.i.T., Special Range-5 Vs. Vestas Rrb India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)275ITR81(Delhi)

..... intended" in fact the amendment would not serve its object in such a situation, unless it is construed as retrospective." initially the first proviso was inserted in section 43b by the finance act, 1987 w.e.f. 1st april, 1988. however, the assessee's contention was that since the proviso was inserted to remove the hardship, the same had ..... been expressed by the hon'ble rajasthan high court in cit v. shiv dayal radhey shyam 259 itr 147 by observing that first proviso to section 43b of the act inserted by the finance act, 1987 is retrospective and if the sales tax had been paid after the due date but during the grace period allowed under the sales tax ..... 1996 have been made even after the grace period had expired. however, the proviso clause to section 43b stands amended by the finance act, 2003. prior to the amendment of section 43b, the two proviso 43b read as under: "provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) or clause (c) .....

income-tax Officer Vs. Lt. Col. G.R. Chopra

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)11ITD662(Delhi)

..... service, he is required to spend out of his remuneration wholly, necessarily and exclusively in the performance of his duties.13. the finance act, 1968 substituted the following clause (iv) with effect from 1-4-1968 ; where the assessee is not in receipt of a conveyance allowance, whether as such or as part of his salary, and ..... , who has accepted the claim of the assessee for standard deduction under section 16(i) against the pension amount received by him (the assessee) by observing as under : section 16 of the income-tax act, 1961, as it stands after the amendment by the finance act, 1974, with effect from 1974-75, deals solely and exclusively with ..... retirement, as brought out above, retains the character of 'employment'.22. we now come to the ordinary dictionary meaning of the expression 'derived' as appearing in section 16(i), as it stood in the year under consideration. in the living webster encyclopedic dictionary of the english language by the english language institute of america, .....

Assistant Commissioner of Vs. Anjaria Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)55ITD53(Ahd.)

..... accordingly, we agree with the finding of the cwt (appeals) that neither the work-in-progress nor the land is liable to tax under the provisions of section 40 of the finance act, 1988 which is a self-contained and separate code by itself. in this we are supported by the order of the tribunal madras bench "a" in ..... considered as either land or building. without prejudice to the above, the learned counsel for the assessee submitted that in view of the proviso to sub-section 3 inserted by the finance act, 1988, land or building held as stock-in-trade does not form part of net wealth of a company. the learned counsel for the assessee ..... business purposes.thus, the proviso clarifies the meaning of the expression "land other than agricultural land" as vacant land lying unused. section 40 of the finance act is a charging section. it is well-established judicial proposition that charging section should be construed strictly. as held by the supreme court in the case of cit v. ajax products ltd. [1965] .....

Smt. Jyoti M. Bhandari Vs. Asstt Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)6SOT375(Ahd.)

..... by the assessee, in our opinion, have no bearing on the issue raised in these cases after the amendment with retrospective effect from 1-7-1995 by finance act, 2002 in section 158bb(1)(a). in the first decision cited by the assessee in the case of nagin das m.goradia (supra), the issue was that in the ..... income declared by the assessee in the belated return did not come within the definition of 'undisclosed income' under section 158b of the act. this was a case decided on 1-12-1999 and was prior to the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and, therefore, would not be of any help to the assessee ..... by the assessees are prior to the amendment by the finance (no. 2) act, 1998 and finance act, 2002 with retrospective effect from 1-7-1995. the explanation which the assessees relied upon was inserted by finance (no. 2) act, 1998 with retrospective effect from 1-7-1995 and the amendment in section 158bb providing for computation of undisclosed income of block .....

Suhag Traders (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114TTJ(Delhi)116

..... of cit v. avery cycle industries (p) ltd. (supra) has also not been given in context of the second proviso and/or omission of second proviso to section 4313 by finance act, 2003.14. it may, however, be mentioned that an issue regarding allow ability of deduction of pf and esi paid after the due date, but before the due ..... 2004-05. in the face of this material, which are normal aids to construction, it cannot be said that because the second proviso has been omitted by the finance act, 2003 section 43b is also now covered by the first proviso. in interpreting statutory provisions, the court also considers the mischief rule, namely what was the state of law before ..... v. godaveri (mannar) sahakari sakhar karkhana ltd. (2007) 212 ctr (bom) 384, the hon'ble bombay high court has held that the deletion of second proviso to section 43b by finance act, 2003 w.e.f. 1st april, 2004 as prospective in nature and not retrospective in nature. the observation of the hon'ble court are as under: held : when .....

inspecting Assistant Vs. Paliwal Glass Works

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)20ITD50(Delhi)

..... for any action to rectify a mistake in an order passed by the aac before the appointed day would arise after the said date. those words in section 39(2) of the finance act, 1977 would cover cases where the rectification application had been filed after the appointed day or the aac had issued the show-cause notice on his own ..... apply and the same aac or any other aac presently having jurisdiction in respect of the concerned case of the assessee may amend the previous order. likewise section 39(2) of ths said finance act would cover the cases where the tribunal's order setting aside the aac's order wholly or partly was passed after the appointed day, i.e., july ..... was in the form of questions and answers where the board had sought to clarify the legal position on this subject. a reference was made to sub-section (2) of section 39 of the finance (no. 2) act, 1977 by which the posts of the commissioner (appeals) were created. it was clarified that in respect of an order passed by the aac before .....

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

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... other hand shri shaji p. jacob, sr. departmental representative submitted that reserve bank of 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. 01.04.1991, for recognition of income in case of a public financial institution ..... guidelines 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. this exhibits the present situation under which banks and public financial institutions take advantage .....