Judgment Search Results Home > Cases Phrase: finance act 1968 section 28 amendment of section 280zb Year: 1996 Page 10 of about 262 results (1.077 seconds)

Dr. Sanjiv P. Desai Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... of the sort has been done by the ao. it will also be worthwhile to observe that expln. 2 to s. 16 inserted by the finance act, 1985, w.e.f. 1st april, 1986, which was omitted by finance act, 1989, w.e.f. 1st april, 1990 also clarifies that the use of any vehicle for journey by assessee from his residence to his ..... and circumstances, we are of the considered opinion that the amount given by the employer by way of reimbursement towards vehicle conveyance expenses is exempt under s. 10(14) of it act, 1961, in view of the clear notification dt.9th june, 1989 (supra). the said circular clearly lays down that any allowance granted to meet the expenditure incurred on conveyance in .....

Spade Electro (P.) Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)60ITD600(Hyd.)

..... time. in this connection, he also referred to the provisions of section 80mm which was originally introduced by the finance act, 1969 with effect from 1-4-1970, which was omitted by the finance act, 1983 with effect from 1-4-1984, and noted that when in the scheme of section 80mm, as it then stood, fee for provision of indigenous ..... not offer the same for assessment. the assessing officer, holding that it was a revenue receipt, made addition in that behalf, while completing the assessment under section 143(3) of the act on 29-3-1989. aggrieved by the action the assessing officer, assessee preferred appeal before the cit(a), contending, inter alia, that by the agreement entered ..... the court held that as the receipt was referable to restrictive covenant, it was a capital receipt not liable to income-tax. in the case of motor & general finance ltd. (supra), the punjab high court held that the question whether a particular receipt is a revenue receipt or a capital receipt is a question of law.12. .....

Assistant Commissioner of Vs. MexIn Medicaments (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD209(Mum.)

..... of flats given on rent to m/s. ipca laboratories p. ltd. from the total wealth of the assessee, holding that it is not a specified asset under section 40(3) of the finance act, 1983." 2. the assessee-company owns certain flats which were let out to a sister concern, m/s. ipca laboratories p. ltd. the value of these ..... flats was not disclosed in the return of wealth on the ground that the assets have to be excluded from the category of specified assets as defined in section 40(3)(vi) of the finance act, 1983, which revived wealth-tax on closely held companies with effect from 1-4-1984. the relevant provision reads as under :- "40(3). the ..... assets referred to in sub-section (2) shall be the following, namely :- (vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown .....

Sibonarayan Patro and Bros. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... liable to be quashed. the learned counsel has also submitted before us that s. 44ab was introduced by the finance act, 1984, and while presenting the union budget for 1984-85, the then finance minister observed as under (1984) 146 itr (st) 65 at page 66] : "with the reduction in rates and expeditious disposal of assessments, i ..... incumbent ao has initiated the penalty proceedings. to our mind, taking the limitation period prescribed in s. 275 for initiation of penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from ..... of s. 275, which comes into operation from 1st april, 1989, initiation of penalty proceedings cannot be deferred unendingly and by taking the spirit of the section as a whole, the initiation of the penalty proceedings should take place within a reasonable period of time. the learned counsel for the assessee placed before us .....

Sibonarayan Patro and Bros. Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Cuttack

Reported in : (1996)54TTJCtk644

..... liable to be quashed. the learned counsel has also submitted before us that s. 44ab was introduced by the finance act, 1984, and while presenting the union budget for 1984-85, the then finance minister observed as under [(1984) 39 ctr (tlt) 34 at page 35 : (1984) 146 itr (st) 65 at page 66] : "with the reduction ..... subsequent incumbent ao has initiated the penalty proceedings. to our mind, taking the limitation period prescribed in s. 275 for initiation of penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from ..... of s. 275, which comes into operation from 1st april, 1989, initiation of penalty proceedings cannot be deferred unendingly and by taking the spirit of the section as a whole, the initiation of the penalty proceedings should take place within a reasonable period of time. the learned counsel for the assessee placed before us .....

K.E. Hansen Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it was held in similar circumstances that the assessee was clearly entitled to exemption under section 10 (14) of the i. t. act.in that case, the decision of the bombay high court in the case of d.r. phatak (supra) and the amendment brought in by finance act, 1975, with retrospective effect from 1-4-1962 were also discussed. it was ..... a place where the duties of his office are ordinarily performed and, therefore, not exempt. this case is on the lines of the provisions of the explanation added by the finance act, 1975, similarly, the allahabad high court, in the case of addl. cit v. a. k. misra, ito [1979] 117 itr 342, held that city compensatory allowance is ..... said explanation was not considered, nor was it considered by the gujarat high court in the case of s. g. pgnatale (supra). the said explanation was introduced by the finance act, 1975, with retrospective effect from 1-4-1962.8. in the case of zdzizlaw skakuz (supra), referred to by the cit (appeals), it was held by the andhra .....

Commissioner of Income-tax Vs. Shri Arbuda Mills Ltd.

Court : Supreme Court of India

Reported in : [1998]231ITR50(SC); [1998]98TAXMAN457(SC)

..... had merged in that of the commissioner (appeals) so as to exclude the jurisdiction of the commissioner of income-tax under section 263 of the act.we may refer to the amendment made in section 263 of the income-tax act by the finance act, 1989, with retrospective effect from june 1, 1988. the relevant part thereof for the present case is as under :'explanation. - for ..... with retrospective effect. ratio :where the commissioner (appeals) on appeal, exercised his power under section 263 on the items accepted by the assessing officer, and which were not the subject-matter of the appeals, the powers of commissioner by the finance act, 1989, with retrospective effect from 1-6-1988, shall extend and shall be deemed always to have extended to such matters .....

C.V. Siva Prasad Vs. Registrar of Companies and anr.

Court : Andhra Pradesh

Reported in : 1996(2)ALT(Cri)758; [1997]88CompCas420(AP); 1997CriLJ1138

..... persons alleging that the financing company as a lending company has advanced loans in excess of limits prescribed under the central government ..... which comes to rs. 1.5 crores. accordingly, it is alleged that the financing company having lent the loan in excess of 30 per cent. without a resolution of the shareholders has committed an offence under section 370 of the companies act, 1956. it is further alleged that the accused persons being officers-in-default are ..... the complaint itself the petitioner was appointed as the managing director of the said financing company with the effect from september 16, 1992. these three cases are filed alleging that the company has committed offences under the different sections of the indian companies act. c.c. no. 64 of 1994 was filed against the five accused .....

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 .....

Dharmapuri District Co-operative Sugar Mills Ltd. Vs. Income-tax Offic ...

Court : Chennai

Reported in : (1996)56TTJ(Mad)15

..... 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 provision ..... 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 .....