Judgment Search Results Home > Cases Phrase: finance act 1968 Court: income tax appellate tribunal itat chennai Year: 2007 Page 1 of about 14 results (0.099 seconds)

Arun Excello Foundations (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2007)(3)269

..... 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. 2) act, 2004, the housing projects must be approved on or before 31st march, 2007 by the local authority ..... section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. asst. yr. 2005-06 and allowed the claim of deduction under section 80-ib of the appellant. (iii) without prejudice to the ..... housing project or two thousand square feet, whichever is less.14. prior to its substitution by the finance (no. 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. 1st april, 2001 and finance act, 2003 w.e.f. 1st april, 2002 reads as under: (10) the amount of .....

Ford Business Services Center (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)881

..... introduced for the first time by the finance act, 1988 w.e.f. 1st april, 1989, sub-section (1) thereof provided for a clear exclusion of the income referred to in the said section from the ..... the total income of a person. in other words, these incomes do not enter the computation part at all.subsequently also when section 10a was first introduced by the finance act, 1981 w.e.f. 1st april, 1981, the said provision provided for total exemption of the income described in section 10a. similarly, when section 10b was ..... off of business loss and unabsorbed depreciation of earlier assessment years against the profits and gains of a unit eligible for deduction under section 10b of the it act, 1961 ('the act').2. the assessee is engaged in the business of it enabled accounting services and also in the development of computer software. while determining the total income .....

The Asst. Commissioner of Income Vs. Real Image Media Technologies

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2008)(2)362

..... payment. if an assessee had not preferred any claim towards service tax, there was no question of disallowing the same. secondly, it was argued that section 67 of the finance act which deals with the service tax was amended with effect from 6.10.1998 and provided that the duty of paying service tax is on the person providing the service ..... section (2) thereof which clearly provided that service tax shall be paid in the manner prescribed and rate specified in section 68 and all other provisions of chapter v of finance act, 1994. he then referred to rule 6 of service tax rules 1994 which clearly provides that service tax shall be paid by the 5^th of the month immediately ..... is effected, the dealer becomes liable to pay.14. now, in the case of service tax, when and how the amount becomes payable has been provided in section 68 of finance act, 1994 as well as rule 6 of service tax rules which read as under: (1) every person providing taxable service to any person shall pay service tax at the .....

Mohan Breweries and Distilleries Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)532

..... the initial assessment year and to every subsequent assessment year upto and including the assessment year for which the determination is to be made.section 80-ia as enacted by finance act, 1999 w.e.f. 1st april, 2000 as stated earlier gives an option to the assessee w.e.f. 1st april, 2000 to claim relief under this section ..... on record. we have gone through the case law relied on by the departmental representative. these case law are relating to the assessment years prior to the amendment inserted by finance act, 1999. the new amended section 80-ia came into force from 1st april, 2000. hence the new amended section 80-ia is applicable to the facts of the case. ..... : (2005) 96 itd 160 (mambai) were not applicable to the facts of the case. these order were delivered before the amendment to section 80-ia. by amendment by the finance act, 1999 w.e.f. 1st april, 2000, section 80-ia(2) was introduced which has given the option to the assessee to opt the initial assessment year to claim deduction .....

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

..... xvii-b", which would include section 201 also and would include the expression "the whole or any part of the tax", which has been inserted in section 201 by the finance act. 2001 with retrospective effect from 1.4.1962. therefore, whatever may be the impact of the absence of the expression "the whole or any part of the tax" in section ..... deduction only. in this connection he also referred to the provisions of section 201. where the words "the whole or any part of the tax" have been inserted by the finance act, 2002 w.r.e.f. 1.4.1962 he then invited our attention to the decision of andhra pradesh high court in the case of p.v. rajagopal and ors ..... india even for the first time to supply plant and machinery, etc. which was used in the business of oil exploration or production. since the provision was introduced by the finance act, 1987 w.e.f. 1.4.1987.therefore, it was applicable in the year before us.7. the ld. senior counsel for the assessee then referred to the provisions of .....

Assistant Commissioner of Income Vs. First Leasing Company of India

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)115TTJ(Chennai)802

..... , this case is squarely covered by the ratio emanating from the special bench decision and hon'ble karnataka high court decision cited supra.giving a purely finance transaction, the garb of sale and lease back transaction to claim depreciation, is clearly a colourable device and subterfuge and hence, no depreciation can be ..... thereto and came to the conclusion that sale and lease back agreement entered into by the assessee with tneb were not actually lease agreements but were mere finance agreements. accordingly, depreciation claimed was disallowed.2.3 upon assessee's appeal, the learned commissioner of income tax (appeals) laconically accepted the assessee's statements ..... board meeting are interesting. it once again mentions that the assets are eligible for 100% depreciation under the income tax act and that the tneb has approved the proposal of availing lease finance of rs. 30 crores from flci. it also approves the security of irrevocable standing instruction to the bankers and furnishing .....

Ashok Leyland Finance Ltd. Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)865

..... 142a by which the assessing officer was given power to refer the matter to the dvo in certain cases. this provision was inserted by the finance (no. 2) act, 2004 with retrospective effect from 15-11-1972. the learned judicial member did not make any comment on this aspect whereas the learned accountant member ..... transaction treated by the ao as loan transaction. the contention of the assessee was that the revenue authorities were not correct in treating the lease transaction as finance transaction, ex consequenti adding the notional interest on deemed loan transaction. both the parties agreed before the id. third member that this issue is consequential. ..... assessing officer as loan transaction. it was contended on behalf of the assessee that the revenue authorities were not correct in treating the lease transaction as finance transaction, ex consequent adding the notional interest on deemed loan transaction. both the parties agreed that this issue is consequential.since in the context of m .....

Lason India Pvt. Ltd. (Formerly Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)301ITR306(Chennai)

..... any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years. ..... refers to the loss belonging to the undertaking eligible for section 10b and not to the other business. he also submitted that section 10b has been amended by finance act, 2002 w.e.f. 01-04-2003 and assessee is now entitled only to 90% of deduction and therefore the deduction available under section 10b cannot be ..... assessee submitted that the only issue involved was regarding set off of losses against the balance of income against which deduction under section 10b of the income-tax act, 1961 is allowed.2. after hearing both the parties, we find that assessee is engaged in the business of providing software services and had clamed deduction .....

Ansaldo Energia Spa Vs. the Asst. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2008)(2)358

..... iii and iv. during the relevant period 60% of holding in aspl was with the assessee (in march 2002 it was enhanced to 99.99%). control, management and financing part of aspl was by the assessee. on the basis of guarantee given by the assessee only, banks in india have advanced money to aspl. the assessee was under ..... of bifurcation of this part of the receipt for which services were utilised in india.60. last issue relates to the charging of interest under section 234b of the act.61. we have heard the rival submissions. learned counsel for the assessee submitted that assessee received only income on which tax was deductible. as such there was no ..... identified the issues involved in this case as under: i) whether conditions precedent for assuming jurisdiction to make enhancement under section 25 l of the income-tax act, 1961 (in short 'the act') did exist under the facts and circumstances of the case? ii) whether the order of cit(a) was in conformity with the principles of natural justice? .....

Vinbros and Company Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)110ITD185(Chennai)

..... (supra) itself was delivered no mention of eleventh schedule is there, while in section 80-ib mention of eleventh schedule is there. the act itself envisages that manufacture or production is involved to bring about items referred in eleventh schedule and so small-scale industries engaged in manufacture or ..... was also quoted for elaboration on manufacture.7. we have carefully considered the rival contentions and perused the relevant records. section 80-ib of the it act provides deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings. in sub-section (2) briefly following conditions have ..... has been certified as a small-scale industry by the industries department. the installed capacity has also been similarly certified. it is functioning under factories act. the assessee has got considerable work force. the process of manufacture is subject to excise and registered with the pondicherry government for this purpose. ( .....