Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Court: income tax appellate tribunal itat madras Page 2 of about 676 results (0.097 seconds)

C.M. Kothari Charitable Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)31ITD46(Mad.)

..... opinion that the ito and the commissioner (a) were not correct in holding that the assessee was not entitled to exemption under section 11 of the act because the provisions of section 13(1)(d) as amended by the finance act, 1983 came into effect from 1-4-1983 and the assessee had not changed its investment as on 28-2-1983 to the ..... year under consideration in this appeal is 1983-84 and the cut-off date fell beyond that previous year. therefore the provisions of section 13(1)(d), as it ultimately stood after the amendment introduced by the finance act, 1983, would not be applicable to the case of the assessee-trust for the assessment year 1983-84 even though the amended provision ..... and therefore exemption could not be denied. it was also contended that the ito failed to note that the provisions of section 13(1)(d) of the act as amended by the finance act, 1983 came into effect only from 1-4-1984, that is to say, 1984-85 assessment year. it was the case of the assessee that having regard to .....

V.G. Ramachandran Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD545(Chennai)

..... be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 with effect from 1-4-2004, the legislature intended to clarify the position that any amount received or receivable by an employee of a ..... were facing problems in case the amount was given to them in instalments, over a number of years. to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or receivable (i.e., even if received in instalments) by an employee on ..... any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 with effect from 1-4-2004. further he drew our attention to section 17(3) which reads as under-- (i) the amount of any compensation due to or received by an assessee .....

income-tax Officer Vs. M.A. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)14ITD411(Mad.)

..... under the head 'income from other sources' and not under any other head.3. this section was inserted in the act by the finance act, 1972 with effect from 1-4-1972. the finance act, 1972 introduced substantial modification mainly of the provision contained in section 10(3) to remove or restrict the exemption granted under the provision to casual an non- ..... this intention of restricting the adjustment of the losses from these sources that was put into effect by the insertion of section 74a. as introduced by the finance act, 1972, this provision contained only sub-sections (1) and (2). sub-section (3) was introduced by the finance act, 1974 with effect from 1-4-1975. the intention for the introduction of this sub ..... ' or against income under any other head. i am now concerned in this matter with clause (c) which deals with races including horse races. sub-section (3) inserted by the finance act, 1974 with effect from 1-4-1975 is intended to carve out an exception to the total ban provided in sub .....

Oriental Hotels Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... intention to withdraw the development rebate.27. the finance act, 1965, inserted sub-section (6) of section 33. the effect of this sub-section was that no deduction by way of development rebate shall be allowed in respect of any plant or machinery installed after march ..... rebate was being granted. the scheme of granting development rebate was continued in the new act also.26. the finance act, 1964, inserted sub-section (5) of section 33 with effect from april 1, 1904, by the said sub-section, the central government assumed powers to withdraw the development rebate by giving a clear three-year notice of its ..... , the finance (no. 2) act, 1967, gave a package of tax concessions to hotels as an integral part of the larger policy of promoting tourism in the country. the following are the details of the tax concessions : (a) the new clause (v) of section 32(1), which came into force with effect from april 1, 1968, granted .....

T.R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)240ITR33(Mad.)

..... 1961] 41 itr (st.) 33), at page 55, para 97, and section 6 of the finance act, 1961.10. when the indian income-tax act, 1922, was substituted by the income-tax act, 1961, section 32 provided for development rebate as before on almost identical terms. sub-section (5) enabled the government to dis-continue the rebate which was done by ..... and the partnership was reconstituted with the remaining two partners who continued the same business. on march 3, 1968, one of the two partners died. as a result, the partnership firm stood dissolved on march 4, 1968. a new partnership was constituted comprising the surviving partner and the legal heirs of the deceased partner. in ..... the assessment made against-the partnership firm, the benefit of development rebate under section 33(1)(a) had been granted.however, on the ground that the firm entitled for the development rebate benefits stood dissolved on march 4, 1968, before the expiry of eight years from the grant of development rebate, the commissioner .....

T. R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)70ITD127(Mad.)

..... sale by a firm to the company formed by the partners would fall within the prohibition contained in this section. the legislature, perhaps, took note of the hardship caused by this decision and that was the reason why the finance act, 1961 provided that a case of amalgamation or conversion of a firm into a company would not fall ..... rebate under s. 33(1)(a) had been granted. however, on the ground that the firm entitled for the development rebate benefits stood dissolved on 4th march, 1968, before the expiry of 8 years from the grant of development rebate, the cit sought to revise the assessment order under s. 263. the hon'ble supreme court ..... retired and the partnership was reconstituted with the remaining two partners who continued the same business. on 3rd march, 1968, one of the two partners died. as a result, the partnership firm stood dissolved on 4th march, 1968. a new partnership was constituted comprising the surviving partner and the legal heirs of the deceased partner. in the .....

Dr. (Mrs.) G. Isaac Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)1ITD1120(Mad.)

..... come to india after 1-4-1976, this is not warranted by the language of the provisions of section 5(1)(xxxiii) nor by any other indication. the mere fact that the section was introduced with effect from 1-4-1977 by the finance act, 1976, i.e., from the assessment year 1977-78, does not mean that the exemption is not ..... ". the department is in appeal against his order accepting the assessee's claim partially. the contention of the department is that since the exemption itself was introduced by the finance act, 1976, with effect from 1-4-1977, it can only apply to persons returning to india on or after 1-4-1977 and not to persons who had returned ..... for a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to india. this exemption was introduced by the finance act, 1976, with effect from 1-4-1977. the commissioner (appeals) accepted the assessee's claim for exemption up to a sum of rs. 19,25,000, representing the .....

Assistant Commissioner of Vs. Hajee Moosa Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD292(Mad.)

..... cwt (a) that the buildings in question have been used by the assessee for purposes of its own business within the meaning of clause (vi) of sub-section (3) of section 40 of the finance act, 1983. hence, we confirm the order of the cwt (a) that the buildings at d. nos. 17, 18 and 19, east chitrai st., madurai, ..... out the franchising business was used for the business of the appellant itself and therefore it is exempt from wealth-tax under clause (vi) of sub-section (3) of section 40 of the finance act. 1983. it would therefore delete the addition.aggrieved by the orders of the cwt (a), the revenue preferred these five appeals before the tribunal.6. ..... east chitrai st., madurai, on the ground that the assessee used the said buildings for purposes of its business as contemplated under clause (vi) of sub-section (3) of section 40 of the finance act, 1983. hence, these appeals relating to one and the same assessee have been heard together for disposal by a common order.3. the facts that led .....

Gopal Srinivasan Trust Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD157(Mad.)

..... that tax shall be charged on trust income as if such income were the total income of an association of persons. (b) in section 164(1) as substituted by the finance act, 1970, the income received by the trustees of a discretionary trust was chargeable at the rate of sixty five per cent or the rate ..... was that if one travelled outside the inclusive definition contained in section 2 (31), one would face difficulties in administering the act because the finance act does not prescribe the rate of taxation for any category other than the seven categories enumerated in section 2(31) of the act. theoretically that may be so.in the cases before us ..... enumerated therein one might face difficulties in administering the act. one difficulty readily suggested itself and that was that the finance act does not prescribe the rate of taxation for any category other than the seven categories enumerated in section 2(31) of the act.therefore, the fact that section 2(31) contains an inclusive definition of the term .....

Would-be Wife of T. Senthil Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)37ITD265(Mad.)

..... such a manner that a discretionary trust was converted into a specific trust whenever it suited them tax-wise. in order to prevent such manipulation, the finance act has inserted explanation 1 in section 164 to provide as under : a. any income in respect of which the court of wards, the administrator-general, the official trustee, receiver, ..... unable to accept either of these arguments. firstly the memorandum explaining the provisions of finance (no. 2) act, 1980 which introduced the explanation states as follows : 4. under the provisions as they existed prior to the amendments made by the finance act, the flat rate of 65 per cent was not applicable where the beneficiaries and their ..... a consideration of the rival submissions, we are of the opinion that the facts of these cases do net attract the provisions of section 164 of the income-tax act, that section provides that where the income is not specifically receivable on behalf of or for the benefit of any one person or where the individual .....