Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD27(Mad.)
..... were taking the sums required on both the counts to 'general reserves', thereby inflating the capital base for purposes of surtax. in order to curb this mischief, the finance act, 1976 inserted rule1a under the second schedule, with retrospective effect from 1-4-1975. the rule brings the axe down in all cases where no provision is made in ..... to make the picture relating to the said rectification application complete, we may here state that an appeal preferred by the assessee against the said order under section 13 of the act was dismissed by the cit(a). and, it is common ground that the assessee did not file any appeal to the tribunal against the said order of ..... the size of the reserves. once the capital base is computed, the determination of the statutory deduction is merely an arithmetical exercise because, by definition [see section 2(8) of the act], statutory deduction means an amount equal to 15% of the capital base.16. one thing will be clear from the foregoing and that is that if the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)74ITD504(Mad.)
..... facts relating to the same and material to the computation of his total income have been disclosed by him." "a conspectus of the explanation added by the finance act, 1964, and the subsequent substituted explanation makes it clear that the statute visualised the assessment proceedings and penalty proceedings to be whole distinct and independent of each other ..... onus of rebuttal is on the assessee. the rationale behind this view is that the basic facts are within the special knowledge of the assessee. sec. 106 of the indian evidence act, 1872, gives statutory recognition to this universally accepted rule of evidence. there is no discretion conferred on the ao as to whether he can ..... s.271(1)(c). the orissa high court held that there is no distinction between the income arising on account of s. 68 and income earned otherwise. sec. 68 dwells on deeming provision which applies when the assessee's explanation is rejected as unsatisfactory. the amount which is deemed to be income by operation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD53(Chennai)
..... that this is a ploy to claim depreciation on horses. admittedly, provision of depreciation on live stock has been withdrawn by amendment of section 43(3) with retrospective effect from 1-4-1962 by finance act, 1995. but this is nothing new which happened during the previous year. as pointed out by the cit(a), the assessee had ..... 129 taxman 854 (mad.) which reads as under:- having regard to the amendment of the definition of the word 'plant' in section 43(3), with effect from 1-4-1962, which amendment has been effected by the finance act, 1995, it must be held that the birds being 'livestock' could not be regarded as capital assets and, therefore, are required ..... horses run in horse races amounts to business or not as per the facts and circumstances of the case.11. the expression "business" as defined in section 2(13) of the income-tax act, reads as under:- 'business' includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.state .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)105ITD623(Chennai)
..... 11 of 2001, dt. 23rd july, 2001 which reads as under: restriction on reopening of completed assessments on account of provisions of section 14aclarification regardingthe finance act, 2001, has inserted section 14a in the it act, 1961, wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to ..... the scope and effect of insertion of proviso to section 14a of the act by the finance act, 2002 w.e.f. 11th may, 2001 and the relevant circular reads as under: 23, amendment of section 14a23.1 through the finance act, 2001, a new section namely 14a was inserted in the it act retrospectively w.e.f. 1st april, 1962 to ..... and not to unsettle the cases by raising the issue afresh. 23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the ao shall not reassess the cases under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD315(Mad.)
..... . 15,134 earlier granted to the assessee.4. on hearing the rival submissions, we consider that the assessee is entitled to succeed.5. prior to the introduction of section 10(10aa) by the finance act, 1982, with retrospective effect from 1-4-1978, any amount received by an assessee, on his retirement from service, by way of cash equivalent of unutilised earned leave ..... was chargeable to tax under the head "salaries". with a view to removing hardship to retiring employees, the finance act, 1982 inserted, with retrospective effect from 1-4-1978, a new clause (10aa) in section 10 of the act, which exempts such receipts from income-tax, to the extent stipulated therein. the new clause was amended by the taxation laws .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD415(Mad.)
..... , there was no extension of the period of availability of the deduction under that section. thus, the deduction under sections 80qq is available only for the assessment years 1971-72 to 1985 ..... of its introduction, stipulated that the deduction contemplated by that section would be available to the assessment year 1971-72 and/or to any one of the four immediately succeeding assessment years. the word "nine" was substituted for the word "four" by the finance act, 1975 with effect from 1 4-1975. the finance act, 1981 substituted the word "fourteen" for the word "nine". thereafter .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD546(Mad.)
..... but the continuation of the original agreement dated 29-1-1976, he held: - that the lump sum consideration was chargeable to tax at 50% (as stipulated in the finance act); and - that the payment for special engineering services must be brought to tax at the rate of 70% for the assessment years 1985-86and 1986-87 and at the ..... entered into after 1-4-1976.23. since the said appendix is a new agreement entered into after 1-4-1976, the provisions of section 9(1)(vi) and (vii) and section 115a of the act would clearly apply.24. the question that then arises for consideration is whether the payments made by bhel under the said appendix are royalty ..... made for securing special engineering services of sulzer personnel were in the nature of fees for technical services and were, therefore, taxable at the rates indicated above under section 115a(1)(b)(iii) as amended from time to time.none of the aforesaid contentions found favour with the assessing officer. taking the line that the appendix-a dated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD570(Mad.)
..... of these accepted principles, we proceed to examine the issue before us.15. section 115j was inserted by finance act, 1987 w.e.f. 1-4-1988. it was withdrawn from the statute book by the finance act, 1990 w.e.f.1-4-1991. thus the impugned section was in force for the assessment years 1988-89, 1989-90 and 1990-91 ..... introduced w.e.f.1-4-1988. thus, the legislature had consciously made a provision in these two sections to create a fiction that in respect of tax holiday profits, depreciation is deemed to have been allowed. section 115j was enacted by the finance act, 1987 w.e.f. 1-4-1988 but such a deeming provision is totally absent. in other ..... from newly established business undertakings. thus the legislative had consciously made a provision under these two sections to create a fiction that in respect of tax holiday profits depreciation is deemed to have been allowed. in section 115j, which was enacted by the finance act, 1987 w.e.f. 1-4-1988 the legislature has not chosen to create a fiction .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)25ITD1(Mad.)
..... following passages appearing at page 62 of indian tax laws, 1966 by a.n. aiyer explaining the changes in the law relating to capital gains in section 45 of the income-tax act brought about by the finance act of 1964 : (i) bonus shares - an assessee who holds any equity shares and receives any bonus shares will be liable to be charged to income ..... this view of ours from the twelfth schedule of the income-tax act, 1961, which was introduced with effect from 1-4-1983, by the finance act, 1982. under this schedule, a percentage deduction is given under section 80t(b) of the act, from the capital gain computed in accordance with section 48 and section 49. this percentage deduction hitherto, i.e., from assessment years 1983-84 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD1a(Mad.)
..... will be allowed for a total of eight years (ten years in the case of co-operative societies). further amendments were made by the finance act of 1983andfinance act of 1985. we quote below the relevant provisions of section 80-i as applicable to the assessment year 1985-86 and as published in a.n. aiyar's indian tax laws [1985] at ..... correctly and properly made in the year under appeal and that the same ought to have been allowed by the departmental authorities.105. section 80-i was reintroduced in the income-tax act, 1961 by the finance (no. 2) act of 1980. this provision introduced, with effect from 1-4-1981, anew tax holiday provision for certain industrial undertakings, ships or hotels ..... s.k.d./c.k.d. condition. he relied on the decision of the bombay high court in the case of cit v. tata locomotive & engg. co.ltd. [1968] 68 itr 325, wherein it was held that even the assembling of such imported s.k.d. or c.k.d. kits would amount to manufacturing. the learned departmental representative .....
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