Judgment Search Results Home > Cases Phrase: finance act 1968 section 9 amendment of section 80k Court: income tax appellate tribunal itat mumbai Page 15 of about 303 results (0.239 seconds)

Rohan Software Pvt. Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)304ITR314(Mum.)

..... (19aa) it states that for the purpose of this clause "undertaking" shall have the meaning assigned to the undertaking. explanation 1 to section 2(19aa) was introduced with effect from 01.04.2000 by the finance act, 1999. "undertaking" includes, as per the definition, any part of an undertaking, or a unit or division of an undertaking or ..... and cit v.artex manufacturing co. reported in 227 itr 260 (sc), were decided before the introduction of section 50b by the finance act, 1999, with effect from 01.04.2000 and also the definition of "slump sale" in the newly inserted section 2(42c), which came into effect from 01.04.2000.therefore, the decisions relied upon by the learned ..... of cit v. artex manufacturing co. reported in 227 itr 260 (sc) was prior to insertion of section 50b by the finance act, 1999 with effect from 01.04.2000. the definition of "slump sale" is given in the newly inserted section 2(42c), which also came into effect from 01.04.2000, replacing the earlier definition, which was .....

Shardul Securities Ltd. Formerly Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)614

..... , the business of acceptance of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956) to be a nidhi or mutual benefit society; or (vi) a miscellaneous finance company, that is to say, a company which carries on exclusively or almost exclusively. two or more ..... the stand of the assessing officer is that assessee is financial company under sub-clause (iv). the financial company has been defined in sub-clause (5b) of section 2 of the act which reads as under: (i) a hire purchase finance company, that is to say a company which carries on, as its principal business. hire purchase transactions or the ..... company within the ambit of sub-clauses (ii) and (iv) of definition clause (5b) of section 2 of the act on the basis of the test laid down by the special bench of the tribunal in the case of venkateswar investment and finance pvt. ltd. (supra). we have gone through the memorandum of association appearing at page 5 of .....

Assistant Commissioner of Income Vs. Smt. Rasila S. Mehta and Smt.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD27(Mum.)

..... operate for deeming in given situations concealment of particulars of income or furnishing of inaccurate particulars of such income. amendment of the provisions of section 271(1)(c) and insertion of an explanation by the finance act, 1964, was described in cbdt circular no. 20, dt. 7th july, 1964, as "tightening up of the provisions relating to ..... these appeals hinges upon a correct reading and interpretation of expln. 5 appended to section 271(1)(c), provision for penalty for concealment of particulars of income or furnishing inaccurate particulars of such income as it stood prior to amendment by the finance act, 1964, did not have any explanation and it was held by courts that ..... by the immunity, provided under expln. 5 to section 271(1)(c). the learned counsel referred to the judgment of hon'ble high court reported in maharashtra law journal (1975) 497 and submitted that as in the case of statements or estimates of advance tax, the finance act, 1979, had provided that the same could be .....

Mafatlal Apparel Mfg. Co. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD234(Mum.)

..... the income returned or the income as adjusted by addition under cl. (iii) of the proviso, both being figures of loss.7. sec. 143(1a) read with explanation thereunder as amended by the finance act, 1993 with retrospective effect, provides for the charge of additional tax at the rate of 20 per cent. on the tax payable on ..... it could not be incorrect in view of the decision of the special bench in the case of gedore tools (india) (p) ltd. (supra). it became incorrect when finance act 1990, introduced retrospective amendment making cash compensatory support taxable. therefore, the court held : "an assessee cannot be imputed with clairvoyance. when the return was filed, the assessee ..... adjustment on account of ccs.the assessee filed an appeal which was dismissed by the cit(a) as in his opinion the provisions of the retrospective amendment by finance act of 1990 were clear to make ccs taxable as revenue income.6. we have heard the parties and considered their rival submissions. in our opinion, it .....

Joint Cit Vs. Alchemic Financial Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)7SOT616(Mum.)

..... and advances. it is pertinent to note that the legislature has not used the words "income from finance activities". the words used by the legislature in the exceptions provided in the explanation to section 73 of the act are "business of banking or granting of loans and advances". admittedly, the assessee is not carrying on ..... duly recognized by the rbi and assessee has obtained the requisite certificate from rbi granting the status of non banking finance company (nbfc) and, therefore, the provisions of explanation to section 73 of the act, were not applicable, (ii) the main object of the assessee-company as per the memorandum of association and articles of ..... appeals relates to the disallowance of loss on the sale of shares under section 74 read with section 73 explanation of the income tax act, 1961 (act).briefly stated the facts are, that the assessee was engaged in the business of money lending, leasing, finance and trading in shares as well as fabrication of chemical equipments. in .....

Asian Paints (India) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)34ITD268(Mum.)

..... mentioned originally was extended to six years with effect from 1-4-1952 by section 10 of the indian income-tax act, 1953. it was extended to 8 years, 13 years, 18 years, 23 years and 28 years by successive finance acts passed in 1954, 1956,1960,1965 and 1969. section 84(2)(iii) used the expression "has begun or begins to manufacture or produce ..... articles within a period of 18 years from the first day of april 1948". by finance (no. 2) bill, 1965, for the words ' 'eighteen years'' the words .....

Burlingtons of Bombay Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD384(Mum.)

..... slightly different. clause (1) of section 80hhc which was first inserted by the finance act, 1983, w.e.f.1-4-1983, spoke of 'exports out of ..... effect retrospectively from 1-4-1986, i.e., the day on which the substituted section 80hhc took effect. we are, in the present appeal, concerned with the assessment year 1984-85 when section 80hhc as it stood before its amendment by the finance act, 1985 which became effective from 1-4-1986, was applicable. therefore, we ..... sales. although this decision was given in the context of section 35c,the main finding given by the tribunal, argued mrs. vissanji, supported the appellant's case.the learned departmental representative pointed out that the language of section 80hhc, as it stood before its amendment by the finance act, 1985, with effect from 1-4-1986, was .....

M/S. Johnson and Johnson Limited Vs. the Addl.Commissioner of Income-t ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... as ers is different from vrs. we find no discussion on the facts of the instant ground in the orders of the authorities below. since section 35dda has been inserted by the finance act, 2001, which is relevant from assessment year 2001-2002, we therefore, set aside the impugned order and remit the matter to the file of ..... 'provision basis' claimed by the assessee. however, it is important to note that section 35dda has been inserted by the finance act, 2001 with effect from 01.04.2001. this section provides for amortization of expenditure incurred under voluntary retirement scheme (vrs) . as per this section, the entire amount of expenditure incurred on vrs cannot be allowed as deduction in ..... a.o. for deciding this issue afresh in the light of section 35dda, if applicable. 26. ground no.3 of the assessee's appeal and .....

income-tax Officer Vs. Murlidhar Premchand and Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)23ITD397(Mum.)

..... the 31st day of march, 1978 and omitted by the finance act, 1979 with effect from 1-4-1980 will ..... for grant of weighted deduction under section 35b is the expenses incurred wholly and exclusively on activities enumerated in the various sub-clauses of clause (b) of sub-section (1) of section 35b. it will also be necessary here to point out that clause (1 a) of section 35b inserted by the the finance act, 1978 relating to expenditure incurred after ..... officer in the course of the assessment proceedings was the claim of weighted deduction under section 35b on expenses relating to the activities enumerated in the various sub-clauses of clause {b) of sub-section (1) of section 35b of the income-tax act, 1961. this was not accepted by the income-tax officer on the ground that .....

Fifteenth Income-tax Officer Vs. P.J. Anthony

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)19ITD381(Mum.)

..... employer shall be regarded as perquisite received by the employee and charged to tax accordingly. this clause inserted by the taxation laws (amendment) act, 1984 was to take effect from 1-4-1985. however, by the finance act, 1985 this clause was deleted with effect from 1-4-1985, i.e., in other words, this clause never came into operation. ..... to have been charged, and the interest actually charged by the employer was a 'perquisite' within the meaning of sub-clause (iii) of clause (2) of section 17 of the income-tax act, 1961. the ito, therefore, valued the perquisite on this account at rs. 5,028 for the assessment year 1978-79, rs. 2,542 for the ..... rates of interest or free of interest, they amount to benefit and, consequently, constitute a 'perquisite' within the meaning of sub-clause (iii) of clause (2) of section 17, the value of the perquisite being determined by the fair rate of interest on the loans advanced and the interest actually charged by the employer. he, therefore, vehemently .....