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Punjab State Industrial Vs. Deputy Commissioner of Income Tax

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 .....

Punjab State Co-op. Milk Producer Vs. Income-tax Officer

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 .....

Deputy Commissioner of Income Tax Vs. Glaxo Smithkline Consumer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107ITD343(Chd.)

..... behind these provisions is to provide for a tax disincentive by denying deduction in respect of a statutory liability which is not paid in time. the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year will be allowed ..... behind these provisions is to provide for a tax disincentive by denying deduction in respect of a "statutory liability" which is not paid in time. the finance act, 1987, inserted a provision of section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year will be allowed ..... circular no. 550, dt. 1st jan., 1990 [(1990) 86 ctr (st) 45] issued by cbdt in the context of expln. 2 to section 43b. the finance act, 1989 has brought in the expln. 2 to section 43b, according to which "any sum payable" shall mean any sum, liability for which has been incurred by the taxpayer during the previous year .....

Asstt. Cit Vs. Kishore Lal Balwant Rai

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... the purport of chapter xiv-b dealing with the procedure for making assessment in the cases of search which has been inserted in the act by the finance act, 1995 consisting of sections 158b to 158bh with effect from 1-7-1995. under these provisions the undisclosed income detected as a result of a search initiated or ..... section 158bd can be issued at any time for the reason that there is no time limit prescribed. in our view the said argument is fallacious having regard to the scheme of the block assessment under chapter xiv-b as also the objectives for which the special procedure for assessment in search cases has been brought on statute by the finance act ..... , 1995. in the memorandum explaining the provisions introduced by the finance act, 1995 (refer to 212 itr 345 (st.) in this connection), it is explained that under the then existing scheme of assessment .....

Acit Vs. Mahavir Spinning Mills Limited

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2008)110ITD211(Chd.)

..... assesseess it was further stated that 100% export oriented undertakings were eligible only for deduction out of export profits under section 80hhc and with a view of providing further incentive for earning foreign exchange, a new section 10b had been inserted by the finance act, 1988 so as to secure that the income of 100% equ shall be exempt from tax for a period ..... of five consecutive assessment years falling within the block of eight assessment years. a reference was made to the departmental circular no.528 dated 16.12.1988. it was submitted that section 10b provided for the exemption .....

Glaxo Smith Kline Consumer Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)112TTJ(Chd.)94

..... interest related to capital borrowed for a new plant, the same was to be treated as capital in nature. thirdly, the ao noted that the amendment under section 36(1)(iii) made by the finance act, 2003 w.e.f. 1st april, 2004 provided that interest from the date on which the capital was borrowed for acquisition of the asset till the date ..... tribunal in the assessee's own case for the asst. yr. 1992-93 (supra).36. insofar as the plea of the revenue based on the amendment made to section 36(1)(iii) by the finance act, 2003 is concerned we may refer to the decision of our co-ordinate bench in the case of swaraj engines ltd. (supra). no doubt in terms of ..... the amendment made by the finance act, 2003 by way of insertion of the proviso, the impugned expenditure is disallowable. however, the disallowance can be made in the case of the assessee only after the said amendment .....

Shri Pardeep Kumar Dhir Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... different insofar as it provided for giving credit to the assessee in repect of tds in the assessment for me immediately following assessment year. by the finance act, 1987, the language of section 199 was modified to the extent that the credit for the tax deducted at source was provided to be given in the assessment year in which ..... to the income shown by the assessee in the relevant year on cash basis. the assessing officer, in respect of his action, invoked the provisions of section 199(1) of it act. the provisions of section 199 read as under. 199, [(1)] any deduction made in accordance with [the foregoing provision of this chapter] and paid to the central government ..... in her rival submissions ld. d.r. for the revenue strongiv supported the orders of authorities below and further submitted that as per the provisions of section 199 of it act the credit for tds shall be given to assessee for the amount which a assessable and since the income was shown by the assessee on receipt basis the .....

D.C.i.T. Vs. Ruchira Papers Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... of income referred in section 5 computed in the manner laid down in the act. chapter vi-a provides for certain deductions in computing the total income which is chargeable ..... relating to the deduction under section 80hh/80i as per provisions of the act. under section 4 of the income-tax act, 1961, income tax is chargeable in respect of both income of the previous year at any rate or rates, as may be provided under the finance act of each year. total income is defined under section 2(45) of the act, to mean the total amount .....

Punjab State Co-operative Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107TTJ(Chd.)677

..... revenue has defended the orders of the lower authorities.according to the learned departmental representative, the assessee does not fulfil the criteria for exemption under section 10(20a) of the act.according to him the object of the assessee was to give credit facilities to its member co-operative societies within the state of punjab. the ..... directors. it was submitted that the assessee was thus an instrumentality of the state. therefore, it should be regarded as an authority for the purpose of section 10(20a) of the act. in the course of his submissions, the learned counsel has relied upon the following decisions:u.p. state co-op. land development bank ltd. v ..... within its area of operation i.e.state of punjab. further, its objects, inter alia, include undertaking, as an agent of the government, the work of financing the housing societies and allied activities under the schemes which may or may not be sponsored by the government. the assessee is also engaged in the activity of .....

Chandigarh Golf Club Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)106TTJ(Chd.)1096

..... to the very date of creation of the trust or institution. as a matter of fact, by the amendment of the proviso below clause (a) of section 12a by the finance (no. 2) act, 1991, w.e.f. 1st oct., 1991, it is not made clear by the legislature itself that where condonation is granted and the trust is ..... , 2000, the assessee submitted further explanation and sought registration with effect from the financial year 1989-90. it also filed the following: (b) audit report under section 12(b) of the it act, 1961, in the form 10b for the financial years. 1989-90 to 1998-99. (c) three copies of accounts for the financial years 1989-90 to ..... under: "chandigarh golf club", sector 6 chandigarh, registered with the registrar of firms and societies, punjab on 25th aug., 1966 has filed the registration application under section 12a(a) of the it act, 1961, in the prescribed form on 31st march, 1998. the application is not in time. the delay in filing application for registration is condoned. registration is .....