Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat madras Page 1 of about 676 results (0.163 seconds)

Chettinad Agencies (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD243(Mad.)

..... down by the supreme court of the ruling in the case of cloth traders (p.) ltd. (supra). parliament, by section 12 of the finance (no. 2) act, 1980, introduced in the income-tax act, 1961 section 80aa with retrospective effect from april 1, 1968 - the date when section 80m was originally enacted. in the case of distributors (barodaj (p.) ltd. (supra), the constitutional validity of the retro ..... .t. circular referred to and relied upon by the assessee's representative "was issued prior to the introduction of section 80aa with retrospective effect from 1-4-1968 by the finance (no. 2) act, 1980. further, after such introduction of section 80aa with retrospective effect from 1-4-1968, the board had issued instructions bringing out the correct legal position viz. that before allowing deduction under .....

Deputy Commissioner of Vs. India Cine Agencies

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD257(Mad.)

..... ctit sizes is an activity amounting to processing of goods. this argument naturally draws support from the definition of an 'industrial company' contained in section 2(6)(d) of the finance act, 1968, which talks of processing of goods.apart from the obvious fact that the definition given in a totally different context cannot avail the assessee, ..... there is the further fact that neither section 32a nor section 80-1 talks of 'processing of goods'. again, the cutting and slitting operations cannot be ..... cut sizes of the specifications mentioned supra.15. the assessee's case is that it is entitled to investment allowance as also to deduction under section 80-1 of the act, because the operations involved in cutting jumbo rolls into smaller rolls/cut sizes are manufacturing activity.16. the validity of this claim needs to .....

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 .....

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 .....

R.M. Valliappan Vs. the Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD63(Chennai)

..... also as specified in sub-clauses (a) to (f) of clause 48 of the articles of association. the delhi special bench also took note of section 47(xi). this amendment brought about by finance act, 1997 with effect from 1.4.1998 clearly indicates that the parliament also intended to treat the membership card as a capital asset. in this connection, ..... right vested in the stock exchange be disposed of by inviting offers with a minimum floor price of rs. 25,00,000/-. a provisional attachment order under section 281b of the act was issued by the income tax authorities in respect of the membership card in the name of rajesh shah. the supreme court held that under the rules ..... was reversed. the supreme court held that the membership right in question was not the property of the assessee and, therefore, it could not be attached under section 281b of the act. in arriving at this conclusion the supreme court referred to its judgement in the case of vinay bubna v. stock exchange 97 comp. cas 874, in which .....

ito Vs. P.C. Ramakrishna (Huf)

Court : Income Tax Appellate Tribunal ITAT Madras

..... fact of employment or business of the assessee at a place different from the place where such property was situated. 19.3 the finance act has made the following modifications in section 54 of the income tax act, namely: (i) the conditions of residence by the assessee or his parent in the property which was transferred, as also ..... of using the words a residential house the words one residential house would have been used therein. it may also be noted that under general clauses act, as per section 13, singular shall include plural and vice versa. reliance placed on the decision of honble supreme court in vegetable products ltd. case to the extent that ..... partition of shri p.c. ramakrishna is perfectly in accordance with the provisions of law and the same should be recognized as a family partition under section 171 of the act.accordingly, he urged the bench to recognize the partition and reverse the orders of the lower authorities.6. the learned departmental representative relied on the orders .....

Southern Travels Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD198(Chennai)

..... for that previous year, be deemed to be the allowance for that previous year, and so on for the succeeding previous years. the provision of sub-section (2) of section 32 as amended by the finance (no. 2) act, 1996 w.e.f. 1.4.1997 is as under: (2) where in the assessment of the assessee full effect cannot be given to any ..... 1.4.1997. it is our considered view that it would be relevant to reproduce the said section as it stood prior to the amendment and after the amendment: the provision of section 32(2) as it stood prior to the amendment by the finance (no. 2) act, 1996 as under: (2) where, in the assessment of the assessee, full effect cannot be ..... 98. the decision in uttam air products (p) ltd. considered the speech of the finance minister and the circular of the cbdt no. 762 dt. 18.2.1998 that explained the manner in which the amended provisions of section 32(2) of the act would have to be acted upon, the bench came to conclude that the unabsorbed depreciation for the assessment year 1996 .....

Alankar Business Corporation Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD629(Chennai)

..... a) ought to have considered the carry forward unabsorbed depreciation of rs. 7,84,18,940/- as current depreciation in view of the amendments to section 32(2) as amended by finance (no. 2) act, 1996 and also in view of the board's circular no. 762 dated 18.2.1998 and that such depreciation was available for set off against ..... deducted from wdv. he argued that after introduction of the concept of block of assets, the calculation of short term capital gain has been separately provided in the act under section 50. this section clearly provides that in the case of depreciable assets, the short term capital gain shall be calculated by deducting from the sale value of the consideration (a) ..... gain of rs. 1,88,47,376 by the assessing officer by adding notional breakage and deducted from wdv on an estimated basis without considering the provisions of section 50 of the act. (2) the cit(a) ought to have appreciated and held that the lease compensation charges of rs. 1,84,63,0297- is in the nature of .....

Joint Commissioner of Income Tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)102ITD135(Chennai)

..... purpose of its business, in the case of cit v. pinnacle finance ltd. the hon'ble high court has held that the assessee, a company carrying on the business of financing, investment, leasing, etc., which leased out boiler, was entitled to depreciation under section 32 of the it act, 1961, in relation thereto. in deciding this issue the ratio laid ..... down by the hon'ble supreme court in the case of cit v. shaan finance (p) ltd. was mowed. the hon'ble ..... madras high court in the case of cit v. annamalai finance ltd. has held that where .....

Assistant Commissioner of Income Vs. Tamil Nadu Silk Producers

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 .....