Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)292ITR268(Chd.)
..... after referring to the decision in the case of distributors (baroda) (p) ltd. (supra) as well as the fact of introduction of section 80aa by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968, overruled the judgment of the bombay high court; in the case of cit v. united general trust (p) ltd. . the position ..... referred to its own decision in the case of cit v. united general trust ltd. (supra) and the provisions of section 80aa introduced by the finance (no. 2) act, 1980 w.e.f. 1st april, 1968 to support the answer in favour of the revenue. the hon'ble supreme court having answered the question raised by the ..... , i.e., dividend minus admissible expenditures. with a view to supersede the aforementioned decision of the supreme court, section 80aa was inserted by finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 providing that deduction under section 80m is to be allowed on the net dividend as computed in accordance with the provisions of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)104ITD408(Chd.)
..... on the net component of interest computed in accordance with the provisions of the act.16. it is also pertinent to mention that section 14a has been incorporated in the income-tax act, 1961 by the finance act, 2001 with retrospective effect from 1.4.72. the said section reads as under: 14a.for the purposes of computing the total income under ..... , which provided for exemption to a cooperative society from payment of income-tax, was incorporated in the income-tax act with effect from april 1, 1968, by deletion of section 81, with which we have dealt. jeevan reddy j. (one of us), who spoke then for the division bench of that high court, answered the aforesaid question ..... in the negative, taking the view that what was deductible under sub-section (1) of section 80p was only that portion of the said .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD198(Chd.)
..... was on when this issue cropped up. in a detailed order, made under section 143(3)/144b, the ito rejected the claim of investment allowance made under section 32a. this section 32a was inserted by the finance act, 1976 with effect from 1-4-1976. the relevant portions of this section are as under : 32a. (1) in respect of a ship or an ..... aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and is ..... of the amount spent, if it was a permissible allowance on another ground. whether the allowance was admissible under one head or another of sub-section (2) of section 10 of the 1922 act, the subject-matter for the appeal remained the same. we thus find that if the subject-matter of appeal remains the same, the tribunal is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)2ITD489(Chd.)
..... justified on the facts of the case. one has to remember that in this case itself the supreme court has further held that section 16(3) of the 1922 act (corresponding to section 64 of the 1961 act) creates an artificial income and it must receive a strict construction. but in this case, no such strict construction is necessary because, ..... to the benefits of partnership.therefore, when the revenue argued that clause 8, which provides that the parties shall contribute the finances towards the firm and they may or may not charge interest on the finances so contributed, be read so as to include the minor rakesh kumar, it does not cut much ice because the minor ..... cent nil 7. karam chand admitted into partnership for the benefits of the partnership. 8. that the parties shall contribute the finances towards the firm and they may or may not charge any interest on the finances so contributed.smt. parmeshri devi being the grandmother of minor rakesh kumar, out of love and affection, gifted an amount of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)1ITD1060(Chd.)
..... facts, the claim of the assessee is to be considered for relief under section 80u(ii).5. section 80u(a) came on the statute book by an insertion by the finance act, 1968, with effect from 1-4-1969. this section was substituted by the taxation laws (amendment) act, 1970, with effect from 1-4-1971. it deals with deductions in ..... the case of totally blind or physically handicapped resident persons. this section is a part of chapter vi-a of the act, dealing with the ..... a total income of rs. 20,470. this return was revised subsequently and, in this revised return, the assessee, inter alia, claimed relief under section 80u(ii) of the act. the assessee also filed a certificate from a medical practitioner as proof of permanent physical disability. the ito examined this claim but came to the conclusion .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)8ITD396(Chd.)
..... appeals), he should have noticed that the ito had referred to the provisions of section 40a in considering this claim. section 40a came on the statute book by way of insertion by the finance act, 1968, with effect from 1-4-1968. section 40a(7) was inserted by the finance act, 1975 with effect from 1-4-1973.in other words, it has retrospective effect ..... was held that even though the securities were part of the trading assets of the company doing business, the income therefrom had to be assessed under section 8 of the 1922 act. thereafter, the hon'ble court has made very significant observations that, 'this decision does not say that the income from securities is not income from ..... it.6. for the assessment year 1976-77, the assessee had also claimed an amount of rs. 70.92 lakhs as a deduction under section 40a of the income-tax act, 1961 ('the act'). the ito in this regard observed that, 'perusal of the details filed goes to show that the assessee bank has claimed gratuity liability pertaining .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD119(Chd.)
..... , the assessee found that with effect from 1-4-1976, the finance act, 1976 had inserted section 32a for deduction of investment allowance, if the conditions prescribed in the section were fulfilled by the claimant. these conditions have been prescribed under sub-section (4) of this section and are that (i) the particulars prescribed on-this behalf have ..... circumstances of the case, the commissioner (appeals) erred in upholding the disallowance of rs. 63,242 claimed on account of investment allowance under section 32a(4) of the income-tax act, 1961 ('the act')- insofar as this issue is concerned, the relevant facts are as under.2. the assessee swastika metal works, jagadhari, is a registered ..... case of rita mechanical works (supra). in this judgment, the court has observed that the andhra pradesh high court in the case of veerabhadra iron foundry v. cit [1968] 89 itr 425 ; the allahabad high court in the case of cit v. modi spinning & weaving mills co. ltd. [1973] 89 itr 304 ; the bombay .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD587(Chd.)
..... erred in issuing the directions that he did for the reasons that we record infra. section 7(4) was brought on the statute book by the finance act, 1976 with effect from 1-4-1976 by way of insertion. the memorandum to the finance act explained that the valuation of self-occupied properties had from year to year resulted in ..... certain practical difficulties and inconveniences to taxpayers. therefore, with a view to getting over these difficulties,, this section freezes the open market valuation of such properties at the option of ..... 78 to 1979-80. the common issue involved in all these appeals is whether the assessee was entitled to the benefit of the provisions of section 7(4) of the wealth-tax act, 1957 ('the act'), with regard to the kothi in sant nagar, civil lines, ludhiana, onstructed in the financial year 1973-74.2. the assessee is a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD542(Chd.)
..... therefore, felt aggrieved and went in appeal before the commissioner (appeals).3. the commissioner (appeals) took into consideration the provisions of section 64(1)(i), read with explanation 2 to section 64(2), inserted by the finance act, 1979 with effect from 1-4-1980. he held that the share of loss of dr. kamlesh madan will have to be ..... , after giving the spouse an opportunity of being heard, that it is necessary so to do. the finance act, 1979 added explanation 2 to section 64(2) with effect from 1-4-1980. this explanation clarifies that for the purposes of this section, 'income' includes loss.5. on the issue whether income includes loss, there is a judgment of ..... in fact set at rest by the legislature by its legislative wisdom with the introduction of explanation 2 to section 64 with effect from 1-4-1980. the question may, however, arise whether the explanation added by the finance act, 1979 with effect from 1-4-1980 can be said to be applicable to the assessment year 1978-79 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD429(Chd.)
..... installed. in this view of the matter, it has been contended that a reasonable and proper interpretation of item 32 of the fifth schedule, which was inserted by section 23 of the finance act, 1969, with effect from 1-4-1970, is that any assessee engaged in the manufacture of textiles wholly or mainly of cotton and any assessee who is manufacturing ..... is, therefore, to be seen whether on these facts, the assessee is entitled to development rebate in view of the provisions of section 33(1)(b)(b)(i)(b) read with item 32 of the fifth schedule to the act. item 32 of the fifth schedule is as under : textiles (including those dyed, printed or otherwise processed) made wholly or ..... under appeal, the assessee installed new machinery of the value of rs. 7,80,646. the assessee claimed development rebate at the rate of 25 per cent under section 33 of the income-tax act, 1961 ('the act'). the ito, however, allowed the development rebate at 15 per cent with the general observation that it was clear that .....
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