Judgment Search Results Home > Cases Phrase: finance act 1968 Court: income tax appellate tribunal itat mumbai Year: 2007 Page 1 of about 93 results (0.052 seconds)

Abu-dhabi Commercial Bank Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in section 90 cannot be overlooked or ignored. with regard to tax treaties with 4-countries, which are subsequent to insertion of this explanation to section 90 by the finance act, 2001, we are of the considered opinion that in spite of insertion of this explanation in section 90, insertion of such clause in tax treaties with the outside ..... to the assessee in excess of tax rate being charged to an indian company. in this connection, we find that anexplanation has been inserted in section 90 by the finance act, 2001 with retrospective effect from 1-4-1962. the explanation reads as under: explanation. for the removal of doubts, it is hereby declared thatthe charge of tax in ..... the definition of 'domestic company' in section 2(22a) itself includes the similar contention as was there in explanation to section 90 prior to its deletion by the finance act,2004. we find no merit in this contention of the assessee because we find that this argument has already been dealt with by us in para no. 33 of .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the clauses ofsection 14a), of section 14a. the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. 14 of 2001 issued by the central board of direct taxes, which reads as under: 25. no deduction ..... retrospective effect from 1-4-1962, i.e., for and from assessment year 1962-63. section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. section 14a as so amended reads now as under: 14a. expenditure incurred in relation to income not includible in total income.-(1) for ..... the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. section 14a has been inserted in the income .....

income Tax Officer Vs. Ranisati Fabric Mills P. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)177

..... . applying the above test to the facts of the present case, we are of the view that it is not possible to hold that without the aid of the subsequent finance act, 2003 by which the second proviso to section 43b was omitted, the unamended provision of section 43b would allow the deduction of payment of provident fund, etc. when such ..... fund contribution is made before the due date for furnishing the return. according to the learned counsel for the assessee, the deletion of second proviso to section 43b by the finance act, 2003 w.e.f. 1st april, 2004, should be given retrospective operation so as to make it applicable to the impugned asst. yr. 1994-95. 4.7. it is ..... by him. 4.3. during the relevant assessment year, namely, 1994-95, the second proviso to section 43b, as then in force, of course, which stands omitted by the finance act, 2003 w.e.f. 1st april, 2004, imposed a further condition that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 2005) 94 itd 31 (mumbai) has observed as follows: 19. section 44d was brought on the statute, with effect from 1-4-1976, by the finance act, 1976. by the same finance act, section 115a was also introduced. section 44d, as we have already seen, provides for taxation of royalties and fees for technical services on gross basis and ..... 13. in this view of the matter, the comparison of lower tax rates under section 115a, for the non-resident taxpayers, with higher tax rates under the finance act, for resident taxpayers, is irrelevant. in the case of non-residents, there were restrictions for deduction of expenses incurred for earning dividend, interest and royalty incomes. ..... net basis i.e. after allowing deduction in respect of costs and expenses incurred for earning the income ........ 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical services received by foreign .....

Mashreque Bank Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... ) ltd. 94 itd 31 has observed as follows: 19. section 44d was brought on the statute, with effect from 1 -4-1976, by the finance act, 1976. by the same finance act, section 115a was also introduced. section 44d, as we have already seen, provides for taxation of royalties and fees for technical services on gross basis and ..... . in this view of the matter, the comparison of lower tax rates under section 115a, for the non-resident tax payers, with higher tax rates under the finance act, for resident tax payers, is irrelevant. in the case of nonresidents, there were restrictions for deduction of expenses incurred for earning dividend, interest and royalty incomes. ..... on net basis, ie., after allowing deduction in respect of costs and expenses incurred for earning the income. 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income byway of royalties and fees for technical services received by foreign companies from .....

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... fees shall not be regarded as assignment of values to individual assets or liabilities. it may be reiterated that clause (42c) has been inserted in section 2 of the it act by the finance act, 1999 w.e.f. 1st april, 2000. assessment year involved in the appeal before us is asst. yr. 1997-98. thus, the definition of the "slump ..... foods ltd. v.asstt. cit (supra) wherein it was held that the deletion of the second proviso and the amendment to the first proviso to section 43b by the finance act, 2003 were clarificatory in nature and would have retrospective effect. in cit v. synergy financial exchange ltd. (2006) 205 ctr (mad) 481, the madras high court has ..... 1 : (2006) 100 itd 199 (chennai)(sb) has taken the view that the deletion of the second proviso and the amendment to the first proviso by the aforesaid finance act are clarificatory in nature and would have retrospective effect. he further submits that even assuming that one would have regard to the second proviso as it stood prior to its .....

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... in similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it very clear that the deduction under section 80hhc would be available in its entirety to an assessee even if the relief under section 80hhc is ..... (3a). the mat regime has been again amended to a new section 115jb from the asst. yr. 2001-02 onwards. this new provision has been introduced by the finance act, 2000. this section also retained the deduction available under section 80hhc under expln. (iv) provided under section 115jb(1). in the new explanation, the computation has to ..... profit is considered for the computation of section 80hhc.48. the concept of "minimum alternate tax" was introduced by the finance act, 1987 w.e.f. 1st april, 1988, through section 115j under chapter xii-b of the it act, 1961. this provision remained in the statute book for the period from the asst. yrs. 1988-89 to 1990-91 .....

Asstt. Cit Vs. Ajanta Pharma Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in similar terms of the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it clear that the deduction under section 80hhc would be available in its entirety to an assessee even if the relief under section 80hhc is being ..... and no deduction would be allowed in respect of assessment year beginning on 1-4-2005 and in any subsequent assessment years. section 115jb was also introduced by the finance act, 2000 with effect from 1-4-2001. in sub-section (1) of section 80hhc the legislature has used the words "for determining the quantum of deduction" to ..... be allowed in computation of total income of the assessee under section 80hhc is a different thing. after introduction of sub-section (1b) to section 80hhc by the finance act, 2000 with effect from 1-4-2001 the entire profit derived from the export of goods or merchandise is not available for deduction under section 80hhc as it .....

Rohan Software Pvt. Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... 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 a business activity taken as a whole, ..... ltd. v. cit 237 itr 587 (bom) 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 ..... "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 omitted by the finance act, 1990 with effect from 01.04.1990. the judgment of the hon'ble supreme court in the case of cit v. artex manufacturing co. (supra) is dated 08.07 .....

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 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 empowered either to ..... 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 behalf of the corporate sector and different ..... 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 case the refund of rs. 41,23, .....