Judgment Search Results Home > Cases Phrase: finance act 1968 section 9 amendment of section 80k Court: income tax appellate tribunal itat mumbai Page 10 of about 303 results (0.257 seconds)

NavIn Bharat Industries Ltd. Vs. the Deputy C.i.T., Special

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... includible in the total income and does not deal with the losses from that source etc., and in any case, as per the amendment in the said section by the finance act, 2001, it is applicable only from 1.4.1962.22. the learned departmental representative strongly relied upon the orders of the authorities below. he submitted that ..... since the income includes loss which is exempt under section 10a, the same should not be allowed to be set off against other income. he placed reliance on section 14a brought on the statute book by the finance act 2001 with effect from 1.4.1962.23. we have considered the rival submissions and ..... perused the facts on record. we have also perused the provisions of section 10a, section 70 and section 71 of the i.t. act and also the decisions relied upon by .....

Walchand Hindustan Ltd. Vs. the Asst. Cit [Alongwith Int. T.A.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD331(Mum.)

..... in the business of banking, public financial institutions, state financial corporations and other financial companies the term "financial company" is defined in section 2(5b) of the act to mean a hire purchase finance company, an investment company, a housing finance company, a loan company, or mutual benefit financial company, a company which carries on the business consisting of one or more of the ..... mainly on a credit institution, which is basically a financial company or a public financial institution. the act, as already stated, has included some other companies within the fold of "financial company" as mentioned in section 2(5b) there of a hire purchase finance company is again a company whose principal business is hire purchase transaction and an investment company, whose principal business .....

Mohananlal M. Shah Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD669(Mum.)

..... , tax is charged on the distributor of income and no tax is charged in the hands of the recipient by virtue of section 10(33) of the income-tax act.7. section 14a inserted by finance act, 2001 with retrospective effect from 1-4-1962 provides for disallowance of expenditure in relation to income which does not form part ..... claimed and allowed as a deduction against the dividend income earned by the assessee from year to year. by virtue of insertion of section 10(33) with effect from 1-4-1998 by finance act, 1997 such dividend income received by the assessee became exempt. during the year under consideration, the assessee had claimed the interest paid ..... computing the income under each head independently and separately and the heads of income are as under: section 14a of the income-tax act was inserted by the finance act, 2001 with retrospective effect from 1-4-1962, which provided as under: section 14a - for the purpose of computing the total income under this chapter, no deduction shall be .....

Mukand Global Finance Ltd. Vs. Dcit - Range 3(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... different asscssccs that this provision may be misused and assessmenl may be reopened. in order to avoid misuse of this provision proviso to this section was introduced by the finance act 2002 with retrospective effect from 11/05/2001 and through this proviso a restriction was imposed upon the assessing officer that he shall not be ..... a).32. having given a thoughtful consideration to the rival submissions and from a perusal of record and the provisions of section 14a we find that section 14a was brought on the statue by the finance act, 2002 with retrospective effect from 01/04/2001. after the introduction of provision 14a a strong apprehension was raised on ..... funds invested in shares. the assessee preferred an appeal before the cit(a) and raised preliminary objection that provisions of section 14a cannot be invoked in the light of the proviso inserted by the finance act, 2002 with retrospective effect from 11/05/2001. the learned counsel for the assessee further stated that in the instant .....

Assistant Commissioner of Vs. Tribhovandas Bhimji Zaveri

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD92(Mum.)

..... by the creditor and taxed under the scheme, from investigating the true nature and source of the credits. (iv) that the legal fiction created by section 24(3) of the finance (no. 2) act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the declaration under ..... , but was the income of somebody else, then there was nothing to prevent an investigation into the true source of the amount. there was nothing in section 24 of the finance (no. 2) act, 1965, which prevented the ito, if he was not satisfied with the explanation of an assessee about the genuineness or source of an amount found credited ..... officer and referred to in the ground taken by the department before us, is not applicable as the apex court had occasion to interpret the provisions of section 24 of the finance (no. 2) act, 1965 [58 itr (st.) 1] in that case and not the provisions of the amnesty scheme.in particular, he referred to a letter dated 17 .....

Jaihind Bottling Co. (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT1(Mum.)

..... assorted items below rs. 5,000. this enabled the assessees to reduce their taxable profits by claiming 100% write off in the year of purchase. the finance act, 1995, has deleted the first proviso to section 32(1)(ii) and all items of machinery or plant, including those costing less than rs. 5,000 will form part of "block of assets ..... applicable in respect of plant and machinery, cost of which was below rs. 5,000 and actual cost thereof was allowed as deduction by virtue of first proviso. the finance act, 1995 has since deleted the first proviso and by virtue thereof all items of plant and machinery cost less than rs. 5,000 will also form part of block ..... allowed as depreciation in the very first year of use and the written down value of the asset thereafter is taken to be nil this proviso was introduced through the finance act, 1966, when the concept of "block of assets was not in existence. thereafter, sweeping changes were made in the provisions relating to depreciation. 23.2 further, it .....

Concepta Cables Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD143(Mum.)

..... of lcici ltd. (supra) are not applicable in the present case because all these judgments were rendered prior to the insertion of the explanation to section 36(1)(vii) by the finance act, 2001 with retrospective effect 1-4-1989.in view of the above discussion, we are of the considered opinion that the claim of the assessee ..... case of overseas sanmar financial ltd. (supra), we find that this judgment was delivered by the tribunal on 5-2-2001; whereas, explanation to section 36(1)(vii) was inserted by the finance act, 2001; and therefore this judgment is without considering this explanation; and hence, not applicable in this present case. regarding another tribunal judgment rendered ..... or in kind and net amount of advances is considered in the balance sheet as asset. provision of section 36(1)(vii) has been amended by insertion of explanation with retrospective effect from 1-4-1989 by the finance act, 2001 and as per this explanation, bad debts written off in the accounts of the assessee shall .....

ito Vs. Patel Wood Syndicate

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the sides, we have carefully gone through the orders of the authorities below. prior to insertion of the words "or processed" by the finance act, 1992 in clause (a) of sub-section (3) of section 80hhc, it d was essential that for application of said clause, export out of india, was of goods or mercandised manufactured by the assessee ..... has also generated the fire wood which was sold separately for rs. 22,625. in clause (a) of sub-section (3) of section 80hhc, after manufacture, the legislature inserted the words "or processed" was inserted by the finance act, 1992 with effect from 1 -4-1992. in view of this insertion, the case of the assessee is squarely ..... to understand the object inserting "or processed" in clause (a) of sub-section (3) of section 80hhc by the finance act, 1992 we have gone through the cbdt circular no. 636, dated 31-8-1992 reported in 198 itr (st.) 1 being explanatory notes to finance act, 1992 which reads as under : 40. rationalisation of provisions relating to tax .....

A.S.K. Gothenburg Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD828(Mum.)

..... in bombay photo stores (p.) ltd. (supra), relied on by the assessee, is relevant. that case related to the effect of the amendment of section 23a of the indian income-tax act, 1922, by section 11 of the finance act, 1959, which received the assent of the president on 28-4-1959. the amendment was of the percentages mentioned in the ..... p.) ltd. (supra), the amendment clearly indicated that it was to operate only from a particular date. it related to sub-clause (hi) of section 40(c). the sub-clause was substituted by the finance act, 1964. the sub-clause as substituted dealt with expenditure constituting perquisite incurred after 29-2-1964. the sub-clause prior to its substitution related to expenditure ..... of income should be treated as 50 per cent and this was being allowed.but a new development took place in the form of introduction of section 44d of the income-tax act, 1961 ("the act"), by the finance act, 1976, with effect from 1-6-1976. so far as it is relevant for the present purpose, the .....

National Construction Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD677(Mum.)

..... incorrect conclusion. (pp. 379-80) 16. the bombay high court had before them a case of interpretation of an 'industrial company' under section 2(7)(d) of the finance act, 1966.there were expressions 'construction' and 'manufacture' in the provision to be construed. the high court has pointed out that the legislature ..... produced the 'article' i.e., the building. but, the assessee's case rests on a reference to explanation 2 to section 80j(1). this explanation introduced retrospectively by the finance act, 1980 does not support the assessee's case. this explanation refers to computation of capital employed only, which, earlier, formed part ..... and 'manufacture' find a place there. in the definition of 'industrial company' in the finance act, the expression 'construction' is used in contradistinction to 'manufacture'. we will, for illustration, give the definition as found in the finance act, 1974, in section 2(8)(c) : (c) 'industrial company' means a company which is mainly engaged in .....