Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat ahmedabad Page 6 of about 127 results (3.740 seconds)

Monarch Foods Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53ITD33(Ahd.)

..... material for the application of the ratio of such decisions was that they laid down the sequence for the working and allowability of the deductions contemplated by chapter vi-a of the act. and section 80hhc fell within the scope of the ratio decidendi of such decisions. it is noteworthy that no decision of any high court wherein a ..... the cases cited by the learned accountant member the unanimous view taken was that in arriving at the total income of the assessee for granting deductions under chapter vi-a of the act, the computation of gross total income was required to be made after making set off of the losses of earlier years. it is of no significance ..... counsel has relied upon the board's circular issued in relation to the claim for development rebate. our attention was also drawn to the memorandum explaining the provisions in the finance bill, 1990, which were brought in after the landmark judgment of the supreme court in the case of shri shubhlaxmi mills ltd. v. addl. cit [1989] 177 .....

Shri Dinesh Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)72ITD110(Ahd.)

..... made upon, such basis and in such manner as the assessing officer may determine :" the above provisions of section 145 have since been substituted by a new section by the finance act, 1995 with effect from 1-4-1997 as under : (1) income chargeable under the head "profits and gains of business or profession" or "income from other sources" ..... has not issued any standard direction on the subject of valuation of closing stock pursuant to the provisions of sub-section (2) of section 145 and yet the finance (no. 2) act, 1998 has inserted a new section 145a for the specific purpose of making some provision, though limited in scope, on the subject of valuation of stocks. ..... all items in the earlier years was being done at cost, which term was understood to be "total cost", the valuation in respect of the accounting year ended august 31, 1970, has been changed in respect of "work-in-progress" and "finished goods" from "total cost" to "direct cost" and that the difference between the total cost and .....

National Dairy Development Board Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)114TTJ(Ahd.)145

..... system being followed by the assessee in the earlier years. the intention of the assessee was evident from the fact that everything regarding the change was the enactment of the finance act, 2002 making the assessee liable to tax.7. we have heard the parties and considered the rival submissions. let us first discuss the impact of section 44 of the nddb ..... of rural masses and improving their quality of life through co-operatives efforts as detailed in chapter iv of the nddb act. the word "grant" means monetary aid or an act of providing subsidy. when it is given in fulfilment of the activities defined under the nddb act, it amounts to an expenditure incurred. the word "grant" used in the agreement actually refers to .....

Spectrum Construction Co. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)77ITD153(Ahd.)

..... to clause (c) of section 271(1) by the taxation laws (amendment) act, 1975 w.e.f. 1-4-1976 by way of substitution of the original explanation which was earlier inserted by the finance act, 1964 w.e.f. 1-4-1964 explanation (1) incorporates a rule of ..... [1994] 205 itr 244 in which it has been held that rule regarding burden of proof enunciated in cit v. anwar ali [1970] 76 1tr 696 (sc) was no longer valid and the cases to which the explanation was attracted have to be decided in ..... in this view of the matter we are of the considered opinion that the provisions of section 132(4a) of income-tax act are applicable and the presumption of ownership has not been rebutted by the assessee. therefore the seized papers belong to the assessee ..... it would be relevant to mention that explanation ii appended to section 271(1)(c), introduced by the taxation laws (amendment) act 1974 provides for initiation and levy of penalty in situations where any receipt or deposit etc. is claimed by any person as .....

Bharatbhai J. Vyas Vs. Ito (Baroda)

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97ITD248(Ahd.)

..... . aggrieved assessee preferred first appeal, where the order of the assessing officer was confirmed.the learned counsel for the assessee contended that by amendment brought by finance (no. 2) act of 1998 with effect from 1-4-1999 provision for allowing depreciation on intangible assets has been provided as under: (ii) know-how, patents, copyrights ..... reading of these provisions, the assessee is entitled to depreciation. reliance was placed on in case of rustom cavasjee cooper v. union of india air 1970 sc 564 wherein it has been held that goodwill of the business is an intangible asset and a banking establishment has a goodwill and the value ..... profession, the following deduction shall be allowed.these provisions postulate the following requirements for allowability of claim: * the intangible assets have not been defined in the act, but a sort of descriptive items have been given such as know-how, patents, copyrights, trade marks, licenses, franchises or any other business or commercial .....

Smt. Pallavi Haribhai Tandel Vs. Competent Authority

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)226ITR1(Ahd.)

..... v.presiding officer, labour court [1969] 36 fjr 177; air 1969 sc 1335; nityanand m. joshi v. life insurance corporation of india [1969] 36 fjr 324; air 1970 sc 209 and smt. sushila devi v. ramanandan prasad, air 1976 sc 177.10. the proviso to sub-section (4) of section 12 of the safema prescribes 60 days ..... of the deceased, haribhai naranbhai tandel, who died on november 11, 1980. haribhai naranbhai tandel was detained under the conservation of foreign exchange and prevention of smuggling activities act, 1974 (cofeposa). certain properties belonging to haribhai naranbhai tandel were forfeited and he preferred an appeal against the order of the competent authority, ahmedabad, dated april 19, ..... of section 12 amounts to an express bar to the application of section 5 of the limitation act and hence the decision cited by learned counsel is not applicable in the present case.union of india v. jyoti chit fund and finance, air 1976 sc 1163, is also not of any help to him. the supreme court was .....

Assistant Commissioner of Vs. Atul Shopping Centre

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)78ITD349(Ahd.)

..... j. patel were "sleeping partners" not actively engaged in the activities of the partnership. according to the learned accountant member, the three sleeping partners had contributed finance. they were found to be not well conversant with the affairs of the partnership business. that in his view was no ground for refusing registration because sleeping ..... of valid partnership deed.the three partners viz., smt. meenaben d. manek, shri a.h. patel and shri lalit bhanjibhai were sleeping partners. they had contributed finance. they were found during the search to be not well conversant with the affairs of the partnership firm. that in our opinion is no ground for refusing ..... all the partners." [emphasis supplied] 11.1 the other conditions for getting registration for a firm under the income-tax act are stated by the hon'ble supreme court in the case of agarwal & co. v. cit [1970] 77 itr 10 as follows :-- "the conditions of registration prescribed in this section and the relevant rules are: ( .....

The Asst. Commissioner of Vs. Adani Export Limited and Adani

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... p. ltd. (supra) is also on different facts as in that case liability to pay interest on service tax was extended by way of amendment to finance act with retrospective effect, which in the present case it is not so.12. parties are heard and rival submissions considered. section 195 under which liability to deduct ..... giving an opportunity cannot be sustained and as such should be determined afresh after giving opportunity to the assessee by the officer presently laving jurisdiction in relation to chapter xvii-b. therefore, in respect of the asst. yr. 1985-86, the order is set aside and the appropriate authority currently having jurisdiction is directed ..... interest under that section. therefore, this case does not involve any substantial question of law for admission. the appeal is, therefore, dismissed.-cit v. darshan treading and finance (p) ltd.(guj), grindlays bank ltd. v. cit and grindlays bank ltd, therefore it was concluded section 201(1a) postulates mandatory liability to pay interest at .....

AmIn Machinery Pvt. Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)298ITR140(Ahd.)

..... the hardship may appear to the judicial mind to be.in fact, the provisions of section 47(xiii) and section 72a[(4) & (5)] stand co-opted statute by finance (no. 2) act 98. w.e.f. 1-4-99, and which, clearly provide for the case of the succession of a proprietary firm or a partnership firm by a company, subject ..... which reads as: (2) where any person carrying on any business or profession has been succeeded in such capacity by another person otherwise than by inheritance, nothing in this chapter shall entitle any person other than the person incurring the loss to have it carried forward and set off against his income.3. the law, thus, envisages succession of business ..... 4.4 the revenue's case is that it is the case of succession of business, otherwise than by way of inheritance. the relevant provisions of the income-tax act, 1961 ('the act' hereinafter) are clear. the assessment up to the date of succession and thereafter, during the year of succession, is to be in the hands of the predecessor .....

Chhajed Steel Corporation Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)77ITD419(Ahd.)

..... had no application.therefore, it is not right to contend that provision of s. 40a must override provisions of s. 40(b) of the it act. the provisions of s.40(b) were amended by finance act, 1992, w.e.f. 1st april, 1993, and remuneration paid by a firm to its working partner has been allowed as a deduction provided ..... clause, 'book-profit' means the net profit, as shown in the p&l a/c for the relevant previous year, computed in the manner laid down in chapter iv-d as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing the ..... which is quoted below : "the board have received representations seeking clarification regarding disallowance of remuneration paid to the working partners as provided under s. 40(b)(v) of the it act. in particular, the representations have referred to in two types of clauses which are generally incorporated in the partnership deeds. these are : (i) the partners have agreed .....