Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat ahmedabad Page 2 of about 127 results (0.077 seconds)

Amp Spg. and Wvg. Mills (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD142(Ahd.)

..... is not so set off or the whole loss where the assessee had no income from any other speculation business, shall, subject to the other provisions of this chapter, be carried forward to the following assessment year, and-- (i) it shall be set off against the profits and gains, if any, of any speculation ..... aids to construction 15. aids to construction like legislative history, marginal notes, statements of objects and reasons in introducing a particular enactment, views of select committee, finance minister's speech and departmental instructions and circulars etc. are all subsidiary things which do not control the meaning and ambit of the statute.15.1 in cit ..... reads rather as under : this clause seeks to add an explanation to section 73 of the act. the proposed explanation seeks to treat the business of purchase and sale of shares by companies, which are not investment, banking or finance companies, as speculation business. the result of this would be that losses from such dealings will .....

Gujarat Petrosynthese Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)76ITD257(Ahd.)

..... of the provisions of sub-section (1) and sub-section (2) of section 115j. section 115j has been introduced by way of an independent chapter xii-b in the income-tax act by the finance act, 1987 and it came into force from assessment year 1988-89. while introducing section 115j, the legislature deleted section 80vva which provided for levy of ..... provides lax credit in respect of lax paid on deemed income while computing tax for the subsequent assessment years. it appears, that under the new scheme introduced by the finance act, 1997, the concept of lax credit has been brought in on grounds of equity by the legislature. since section 115ja(3) in the new scheme is virtually the ..... three assessment years viz. assessment years 1988-89 to 1990-91 and with effect from 1-4-1997 new provisions were enacted by inserting section 115ja by the finance (no. 2) act, 1996 w.e.f. 1-4-1997. the scheme for levy of minimum tax on zero tax companies as enacted in section 115ja contains some modifications over .....

Acit and the Joint Commissioner of Vs. Panchmahal Cement Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... parties arc either against the purchase of shares, or outstand against the amounts receivable on the sale of shares, so that, in either case, it amounts to financing of the assessee's investments in shares, or only toward its share transactions. the assessee has presumably returned the "profit-arising from its share transactions as its ..... received, the ao, treating the same as unconfirmed cash credits, added the same to the assessee's taxable income under section 68 of the income-tax act. 1961 ["the act" hereinafter].3.2 in appeal, the assessee reiterated its submissions as made earlier, further explaining that it had adopted this unusual practice, i.e., of ..... business income, i.e., assessable under chapter iv-d, while the ao has assessed the same under the head "capital gains" (chapter iv-e) on the transfer of short-term capital assets, after giving a definite finding that subscription to/investment in .....

Smt. Jyoti M. Bhandari Vs. Asstt Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)6SOT375(Ahd.)

..... of the assessment and not within the scope of exercising jurisdiction under chapter xiv-b and, therefore, the court held that section 158ba of the act had no application to the facts of the case. this judgment is dated 15-3-2001, i.e., before the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and also where ..... 2001 and the case of smt. reema bhandari and smt. ritu bhandari (supra) were also cases decided on 29-9-2000, ie., before the insertion of explanation by finance act, 2002 with retrospective effect from 1-7-1995. in these circumstances, in our opinion, the income of the assessment year 1995-96 though assessed under section 143(3) ..... be taxed in block assessment although the same featured in regular books of account. it was a decision rendered on 19-2-2001 and the amended provisions by the finance act, 2002 with retrospective effect from 1-7-1995 were not the subject-matter of consideration before their lordships of calcutta high court. similarly, in the case of .....

Assistant Commissioner of Income Vs. Pratibha Syntex Itd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1999)63TTJ(Ahd.)409

..... total income of the assessee". the gross total income is defined in 80b(5) as the total income computed in accordance with the provisions of this act, before making any deduction under this chapter.here also before allowing deductions as per s. 80hhq3)(a), (b) or (c), the gross total income of the assessee being profits from business, ..... shri sanjay kapadia, the learned representative of the assessee, submitted that s. 80hhc was introduced in the year 1983 when in the speech of the hon'ble finance minister the purpose of the section was stated to be to promote exports by judicious use of fiscal instruments.accordingly, it was submitted that the following hon'ble ..... the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included .....

Assistant Commissioner of Income Vs. Pratibha Syntex Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included ..... shri sanjay kapadia, the learned representative of the assessee, submitted that s. 80hhc was introduced in the year 1983 when in the speech of the hon'ble finance minister the purpose of the section was stated to be to promote exports by judicious use of fiscal instruments.accordingly, it was submitted that the following hon'ble supreme ..... total income of the assessee". the gross total income is defined in 80b(5) as the total income computed in accordance with the provisions of this act, before making any deduction under this chapter. here also before allowing deductions as per s. 80hhc(3)(a), (b) or (c), the gross total income of the assessee being profits from .....

Amrutlal Muljibhai Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1987)21ITD545(Ahd.)

..... bogus firm. within 7 months of the gift made to bis mother the assessee converted his proprietary concern into partnership firm. the assessee did not require any further finance. otherwise, he would not have gifted an amount to his mother. the old mother did not have much knowledge either about the partnership or about the business of ..... was running a business of manufacturing and selling scales as proprietor up to assessment year 1971-72. he gifted a sum of rs. 15,000 on 10-3-1970 to his mother aged 70 years. for this gift assessment was made and the same had become final. during the assessment year 1972-73 the assessee took his ..... the orders passed by the authorities below and the relevant material to which our attention was drawn. it is an admitted position that penalties levied under the income-tax act for concealment of particulars were deleted by the itat. therefore, prima facie the issue under consideration is merely consequential especially when the penalties are deleted. the aac .....

Kisan Discretionary Family Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)918

..... . 2001-02 and has been following the same consistently till now. the revenue's case is that the system of accounting, in assessment for block period under chapter xtv-b of the act completed on 30th june, 2005 (for the period 1st april 1995 to 27th sept., 2001), having been taken as "mercantile system" and assessee having not appealed ..... or press release issued by the cbdt does not have statutory force like circulars issued by the board under section 119 of the act. wherein it was held that, "the press notifications issued by the ministry of finance, government of india, on 19th may, 1951 and 18th july, 1951 dealing with a concessional scheme for the payment of ..... arrears of tax and disclosure of income have not been passed under the provisions of it act or any other law and have no legal force. court held .....

Govind Glass and Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)56TTJ(Ahd.)430

..... a separate account was being maintained. but now, in view of the explanation to sub-s. (4) to s. 37 and further introduction of sub-s. (5) by finance act, 1983, the expenditure incurred on the guest house is not allowable. so on this point, we sustain the order of the learned cit(a).7. the next disputed point relates ..... was rejected by the tribunal. against that order of the tribunal rejecting the reference application the revenue approached the high court with application under s. 256(2) of the it act. that application was also rejected by the honble high court. even recently in the case of gujarat state fertilizer co. ltd. for the asst. yr. 1983-84 the ..... but the assessee disputed the said liability. the matter was finally decided by the high court on 26th oct., 1970, and even the writ petition was dismissed on 4th feb., 1970. the assessee made the payment during the financial year 1970-71 and claimed deduction in 1972-73. the honble court did not allow the claim in 1972-73 rather observed .....

Elecon Engg. Co. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)81TTJ(Ahd.)809

..... not claimed deduction under correct section i.e., 80hhb where there is clear provision under section 80hhb(5) which restrict the allowing of any other deduction under chapter vi-a including 80hhc for the consideration or of the income comprised in the consideration payable to the assessee for the execution of the foreign project referred to ..... the learned authorised representative submitted that this amount represents the bonus payable for asst. yr. 1984 on account of raising of the limit of eligible salary under the bonus act from rs. 1,600 per month to rs. 2,500 per month. this expenditure remained to be debited to revenue account i.e., salary account in asst. yr ..... of the whole project. so in totality no deduction under heading, in respect of certain income under chapter vi-a including section 80hhc is allowable to the assessee in view of the provisions of section 80hhb(5) of the act. since assessee-company has not claimed any deduction under section 80hhb and the conditions laid down in .....