Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat ahmedabad Page 4 of about 127 results (0.133 seconds)

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... relation to the meaning of actual cost has not been examined by the learned accountant member. further i find that the aforesaid provision came into force in the statute by finance act, 1986 with retrospective effect from 1-4-1974. admittedly, that provision was not in existence while hon'bte supreme court and hon'ble gujarat high court rendered the decisions ..... of existing business. in this connection, it will be useful to refer to the decision of the supreme court in the case of cit v.india discount co. ltd. [1970] 75 itr 191 at page 192 "that the receipt being one which in law could not be regarded as income, it could not become income merely because the respondent erroneously ..... of the character or nature of claim of deduction and relied upon the decision of supreme court in the case of cit (west bengal) v. india discount co. ltd. [1970] 75 itr 191. in addition to this, various other court decisions are also quoted. (iii) it is also pleaded that the case of assessee is not covered by the .....

Assistant Commissioner of Vs. Krishna Textiles

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)59ITD523(Ahd.)

..... of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or further explanation 2, which though has been inserted by the finance act, 1989 has been made effective retrospectively with effect from 1 -4-1984 which says that- explanation 2 - for the purposes of clause (a), as in force at all material ..... case would obviously fall under the ratio laid down by the supreme court in the case of chowringhee sales bureau (p.) ltd. (supra). the sales-tax act in andhra pradesh was amended in 1970 with retrospective effect from 1963 making those amounts taxable but at the relevant time it was not so. the supreme court judgment in the case of t ..... tax was disputed by it and was questioned in various proceedings. (in assessee's case also excise duty has been collected even though it was disputed by him). in 1970, there was a retrospective amendment of the sales tax law as a result of which the appellant's liability was upheld by the courts. (in assessee's case also .....

Deputy Commissioner of Vs. Mira Industries

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)87ITD475(Ahd.)

..... any industrial undertaking which fulfils all the following conditions, namely :- (i) it has begun or begins to manufacture or produce articles after the 31st day of december, 1970 [but before the 1st day of april, 1990), in any backward area; (ii) it is not formed by the splitting up, or the reconstruction, of a ..... the functional focus of this industrial legislation and the social perspective of part iv of the paramount law drive us to hold that the dual goals of the act are contentment of workers and peace in the industry and judicial interpretation should be geared to their fulfilment, not their frustration. a worker-oriented statute must ..... therefore, have to find out what is an "industrial undertaking" and what is "profit derived from.21. the term "industrial undertaking" is not specifically defined in the act though it appears in various other places including these two sections, and various other enactments. its general meaning is very wide. 'industry' is ascribed a meaning in chambers .....

The Asstt. C.i.T. Vs. National Lamination Industries

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2007)109ITD181(Ahd.)

..... out to the high court that the question in that case was whether the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975, and that, in answering that question, the high court had held that raw diamonds and cut and polished diamonds were different and distinct marketable commodities having ..... of diamonds costs about rs. 1 crore, but still, cutting and polishing of diamonds is not a manufacturing/production activity of the purposes of chapter vi-a of the act. however the nature of activity that is carried out on that machine or with the help of that machine would certainly determine whether it was ..... to the above remarks.39. in the book "practical heat treating" by howard e. bayer (american society for metals, metals park, oh 44073) (1984 edition), in chapter 1, under the heading "what is heat treatment, classification and commercial importance" (at page 1), the learned author has summarisedh that: the generally accepted definition for heat treating .....

Shri Arvindbhai H. Shah Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)91ITD101(Ahd.)

..... order: (iii) section 269uj- with a view to rectifying any mistake apparent from the record, like appropriate authority may amend any order made by it under this chapter, either on its own motion or on the mistake being brought to its notice by any person affected by the order: provided further that no amendment shall be made ..... final due to the bar of limitation prior to april 1, 1989 and this position was equally applicable to reassessments proposed on the basis of orders passed under the it act or under any other law. the court held that the provisions of a fiscal statute, more particularly, one regulating the period of limitation, must receive a strict ..... the prosecution against the company was not maintainable. the bench of the supreme court on the first issue held that "the grant of sanction is purely an administrative act and affording opportunity of hearing the accused is not contemplated at that stage". by a majority decision, the court also held that "if the legislature has left a .....

Ashima Syntex Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD247(Ahd.)

..... section 37. it however, observed that the public issue in that case was of partly convertible debentures. the object of the issue was to raise the finance for expansion and diversification of the business. one debenture was issued to every shareholder holding two equity shares. part-a was convertible part of rs. 25 ..... 1) where an assessee, being an indian company or a person (other than a company) who is resident in india, incurs, after the 31st day of march, 1970, any expenditure specified in sub-section (2),- (ii) after the commencement of his business, in connection with the extension of his industrial undertaking or in connection with ..... and advertisement of the prospectus; (d) such other items of expenditure (not being expenditure eligible for any allowance or deduction under any other provision of this act) as may be prescribed.33. this section basically applies to the expenditure incurred before commencement of business. it also applies to the expenditure incurred after commencement if .....

Electropack, Connection and Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)94ITD227(Ahd.)

..... view of the decision of the hon'ble gujarat high in the case of n.r. paper & board ltd (supra)." 4. there was an amendment by finance act, 2002 to section 158b, amending the definition of undisclosed income with retrospective effect from 1-7-1995, which reads as under: 158b(b) "undisclosed income" includes ..... subject to this that the defendant appellate, having duly filed the stipulated undertaking, through his learned advocate, is allowed time till the end of january, 1970, for vacating the disputed premises and delivering up quiet and peaceable possession thereof to the decree-holder respondent on contradiction that the said defendant appellant deposits ..... to be gradually extended to other proceedings like revisions and even to proceedings before quasi-judicial and executive authorities.shanker ramchandra abhyankar v. krishnaji dattatraya bapat ((1970) 1 scr 322 : (1969: 2 scc 74) where after a single judge had dismissed a civil revision application filed by the tenant under section 115 .....

Shri Vijaysinh R. Rathod and ors. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... incurred a cost, it would be impossible to compute the income chargeable to tax under the head "capital gains". by the finance act, 1987, with effect from april i, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even if there is no cost of acquisition. similarly, section 55 ..... ... ". the english into portuguese dictionary gives the meaning of that word also as portuguese equivalent of ownership. paragraph no. 5:- article 2 to article 5 are contained in chapter ii of o.a. article 2 classifies the lands into three types (i) lands for hamlets or that which is intended for that purpose and its suburbs, (ii) ..... stand extinguished and such land shall vest in the government free from all encumbrances, and be subject to the rights, if any granted in respect thereof under this chapter.24. a plain reading of these two provisions 3 and 4 of the 1971 regulation reveals that all concession granted under oa stood extinguished and the lands vests in .....

Vadilal Gases and Chemicals (P) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... have allowed the entire claim of interest to the assessee. it was submitted that the first appellate authority was not correct in holding that 20 per cent. paid to vadilal finance co.(p) ltd. was excessive. hence, it was restricted to 18 per cent.because in similar circumstances 20 per cent. was allowed by cit(a) in the ..... . cit (1978) 113 itr 616 (bom), r. b. bansilal abirchand spinning & weaving mills vs. cit (1970) 75 itr 260 (bom), cit vs. sekar offset press (1995) 214 itr 516 (mad), ashok theatres vs. ito (1984) 10 itd (del) 552, dy. cit vs. metalizing equipments co. (p ..... being the difference between the written down value and the market value fixed by the chartered engineer should not be treated as taxable income under s. 28(iv) of the it act. the learned counsel on behalf of the assessee placed reliance on the following decisions : kalooram govindram vs. cit (1965) 57 itr 335 (sc), ginner & pressers (p) ltd. vs .....

Harish Krishnakant Bhatt Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)91ITD311(Ahd.)

..... incurred in respect of income not forming part of total income under the act. it was introduced by finance act 2001 with retrospective effect from 1-4-1962 and it reads as under:- "14a-for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee ..... in relation to income which does not form part of the total income under this act." 11 ..... it is saved by proviso to section 14a prohibiting the re-assessment or enhancement of assessment already completed. the proviso to section 14a is inserted by the finance act, 2002 with retrospective effect from 11-05-2001 to save certain completed actions otherwise. it reads as under: "provide that nothing contained in section shall empower .....