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Seva Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)38ITD409(Mad.)

..... assessed according to the profit sharing ratio of the beneficiaries. the income-tax officer rejected this contention and held by virtue of the newly inserted section 161(1 a) by the finance act, 1984 with effect from 1-4-1985 the consideration received for appointing varalakshmi agencies as sub-distributors of the three periodicals mentioned above would ..... and so there is no warrant to apply the ratio of vegetable product's case in the present case. section 161(1a) was inserted by the finance act with effect from 1-4-1985. not only the provisions of section 161(1a) are very clear and unambiguous they were also explained lucidly in cbdt circulars reported in 152 itr ..... which would become payable if the business is carried on in partnership. 26.2 in order to counteract such attempts at tax avoidance, the finance act has inserted a new sub-section (1a) in section 161 of the income-tax act which provides that where any income in respect of which any person mentioned in clause (iv) of sub .....

Rajapalayam Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1986)18ITD114(Mad.)

..... )-[1971] 79 itr (st.) 5.(2) the direct taxes (amendment) act, 1974 regarding section 32-[1974] 95 itr (st.) 153. (3) the finance act, 1975, regarding the proviso to section 32(1)(ii) - [1975] 99 itr (st.) 137. (4) the finance (no. 2) act, 1980, specifying a date with regard to section 32(1)(iia)-[1980] 124 itr (st.) 68.17. it is ..... delineate the steps by which the income-tax levied at the rates laid down by the annual finance act is to be collected by the exchequer.both sets of provisions provide the machinery for realising the charge contemplated in the charging section s and in that sense form the machinery for carrying out the purpose of the income-tax ..... giving additional depreciation on plant and machinery acquired after 31-5-1974. the third is the insertion of clause (iia) in sub- section (1) of section 32 by the finance (no. 2) act, 1980. here the plant and machinery should have been installed within a specified period. it is the contention of shri swaminathan that in all these .....

Dharmapuri District Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1996)58ITD170(Mad.)

..... was to encourage agricultural development. referring to circular 6p dated 6-7-1968, the learned departmental representative submitted that the finance act 1968 introduced the ..... 7-1968 issued by the c. b. d. t., to take a contrary view.6. the learned departmental representative drew our attention to the provisions of sections of section 35c which appears under the heading "agricultural development expenses" and explained that the intention behind the legislation introduced by finance act 1968 ..... . it was argued that the cit (appeals) was justified confirming the denial of weighted deduction as the conditions under section 35c of the it act were not fulfilled.7. section 35c, providing for weighted deduction on agricultural development allowance reads as under :- "35c (1)(a) where any company .....

R.K. Swamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD185(Chennai)

..... terms thereto should alone be considered for taxation and not the amount received under separate agreement for non-competition.4.10 moreover sub-clause (va) to section 28 introduced by the finance act, 2002 with effect from 1-4-2003 would strengthen the view of the appellant regarding non-taxability of the receipt of non-compete fee.further, in ..... fee received by the assessee from r.k. swamy/bbdo is taxable as income in its hands for the relevant assessment year.sub-clause (vet) to section 28 was introduced by the finance act, 2002 with effect from 1-4-2003, which reads as under :- 28. the following income shall be chargeable to income-tax under the head ' ..... the appellant in the course of hearing such as, the corresponding assessment details of the company that made the payment to the appellant and the amendment proposed to section 28 by the finance bill, 2002; (c) in relying upon certain decisions (mentioned by him in his order) that are not relevant for deciding the issue on hand; and .....

Fagun Co. (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)45ITD117(Mad.)

..... the profit and loss account. we are satisfied that the property was used in the assessee's business and was, therefore, excluded from the operation of section 40 of the finance act, 1983.9. in this view it may not be necessary to consider the other submission regarding the exclusion of the land beneath the building as part ..... which was rejected by the cit (appeals) also.2. in the further appeal before us it was contended on behalf of the assessee that under section 40 of the finance act, 1983, an office building held by the assessee for the purpose of its business was exempt and since the assessee was holding this property only for ..... have considered the submissions of both sides and we have considered the back-ground to section 40 of the finance act, 1983.originally, the wealth-tax act imposed a charge on assets belonging to companies which was suspended by finance act, 1960. in his budget speech, the finance minister stated : it has come to my notice that some persons have been trying .....

investment Trust of India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)37ITD100(Mad.)

..... c. gnanasundara nayagar v. cit [1961] 41 itr 375 also.13. the second limb of shri jagadisan's argument was that the amendments made by the finance act, 1988 and the finance act, 1989 to section 263 cannot affect the assessee's rights. according to him, the explanation introduced by the said amendments would apply only to the orders passed by the cit ..... 000. the ito held that the assessee was entitled to fractional capital allowance equivalent to l/14th part of the said sum of rs. 2,35,000 under section 35a of the act. aggrieved by the said decision, the assessee preferred an appeal before the aac.32. while the assessee's appeal was pending before the aac, the cit, ..... the assessee's claim. he also allowed extra-shift allowance and additional depreciation on the same basis.3. subsequently, invoking the powers vested in him by and under section 263 of the act, the c.i.t. called for and examined the assessment records of the assessee. on such an examination, he found that the i.t.o. had .....

Assistant Commissioner of Income Vs. Ambadi Enterprises (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... there will be huge tax liability on the petitioner. the departmental representative has not disputed the cause for the delay and agreed that there was retrospective amendment by the finance act, 1990.3. we have given our careful consideration to the rival contentions.the issue before us whether the tribunal should condone the delay on the facts and in ..... the circumstances of the case before the tribunal.sec. 253 of the it act, 1961 provides for an appeal to the tribunal against the various decisions of the it authorities referred to therein. sub-s. (3) of s. 253 ..... which the assessee failed to do. the balance in p&l a/c is always transferred and shown under the head 'reserves and surplus' in the balance sheet. sec. 80hhc requires a specific reserve to be created for the purpose of deduction, which the assessee failed to create.referring to the p&l a/c he pointed out .....

Nahar Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1996)57ITD55(Mad.)

..... necessary to repeat the same.2. the dispute revolves around the meaning of 'maximum marginal rate' as contained in explanation 2 to section 164. this explanation 2 to 164 was inserted by section 27 of the finance act, 1980. to know the background and purpose for which it was introduced, we can look into the memorandum explaining the provisions in ..... the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year according to explanation 2 to section 164(3) of the income-tax act, 1961. the rates of income-tax in the finance act is mentioned in the first schedule, part-i, paragraph-a and sub-paragraph-i. according ..... the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year according to explanation 2 to section 164(3) of the income-tax act, 1961'. the rates of income-tax in the finance act is mentioned in the first schedule, part-i, paragraph-a and sub-paragraph-i. according .....

Tube Investments of India Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1990)34ITD397(Mad.)

..... total of the contributions together with accretions during the assessment years 1977-78 to 1982-83 came to rs. 30,50,000. in 1983-84 under the provisions of finance act, 1984, sections 40a(9), (10) and (11) are inserted. these provisions are retrospective in operation and the legislature made them retrospective from 1-4-1980. by virtue of the ..... be transferred to him, and where any claim is so made, such asset shall be transferred, as soon as may be, to him.the aforesaid provisions were inserted by finance act, 1984 with retrospective effect from 1-4-1980. the transfers made to the assessee funds were clearly made before the first day of march, 1984. therefore, the company ..... then the trust necessarily had to repay such unutilised amounts.the trust had no option in the matter. this statutory provision, no doubt, was enacted only by the finance act of 1984, which was a date subsequent to the valuation date. the question which we have to examine is what is the impact of this provision which had .....

P.K. Ramasamy Nadar Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)2ITD624(Mad.)

..... deduction in respect of contribution to notified provident fund is available under section 80c(2)(a)(iv) where the assessee is an individual and under section 80c(2)(g)(i)(2) where the assessee is an aop or boi. the concession to individuals was introduced by the finance act, 1968, with effect from 1-4-1969. the requisite notification was issued ..... in so 2431 on 2-7-1968 in [1968] 69 itr (st.) 1. it was extended to ..... aop/boi of married persons, following the system of community property in erstwhile portuguese territories, by the finance act, 1970 with effect from 1-4-1971. assessees being hufs, the only clause applicable to them is clause (b) of section 80c(2) which authorises .....