Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: income tax appellate tribunal itat ahmedabad Page 9 of about 127 results (0.159 seconds)

Jt. Cit, Gnr, Sr Vs. Sardar Sarovar Narmada Nigam Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)93ITD321(Ahd.)

..... clause, "infrastructure capital company" to mean such company as has made investments by way of acquiring shares or providing long-term finance to an enterprise carrying on the business of developing maintaining and operating infrastructure facility and explanation b) to this section provide for the purposes of this clause) ..... dividends, interest or long-term capital gains of an infrastructure capital fund or an infrastructure capital company from investments mae by way of shares or long-term finance in any enterprise carrying on the business of developing, maintaining and operating any infrastructure facility.explanation a) to this section provide for the purposes of this ..... and not in accordance with the accountancy practice. accountancy practice cannot override section 56 or any other provision of the act. as pointed by lrd russell in the case of b.s.c.footwear ltd., (1970) 77 itr, 860 (ca), the income-tax law does not march step by step in the footprints of the .....

Essar Steel Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)985

..... , the assessee decided to set up another division of hot salted drain for which it needed imported machine of value of more than rs. 450 crores. for financing above project* the assessee borrowed funds, which were interest-bearing. in order to safeguard its interest against fluctuation in foreign currency, repayment in indian currency, the ..... this increase in liability to repay these loans came to rs. 21,82,062 on 8th/9th march, 1961. in the assessment for the asst. yrs. 1970-71 and 1971-72 the assessee-companies claimed depreciation on account of increased liability for development as aforesaid on the sum of rs. 18,46,023. the ..... the assessee were considered to be same and integrated business : (i) life insurance and general insurance business irrespective of the different mode of computation of business income under the it act in prithvi insurance co. ltd. (supra);hooghly trust (p) ltd. v. cit (iii) share business and business in diverse commodities in produce exchange corporation ltd. v. .....

Kirtikumar Vinodray, Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)49ITD6(Ahd.)

..... in oversight of the availability of all the relevant facts for attracting the provisions of section 161(1a).the provisions of section 161 (1 a) were inserted by the finance act, 1984 w.e.f. 1 -4-1985. the trust is carrying on business and, therefore, the said provisions of section 161 (1a), providing for levy of ..... charged again in the hands of the members individually and vice versa. the provisions of section 166 also provides that "nothing in the foregoing sections in this chapter (chapter xv) shall prevent either the direct assessment of the person on whose behalf or for whose benefit income therein referred to is receivable, or the recovery from ..... beneficiaries had been accepted under section 143(1). the provisions of section 143(1), prior to insertion of a newly substituted section by the taxation laws (amendment) act, 1970, inter alia, provided that where a return has been made under section 139 and the ito is satisfied without requiring the presence of the assessee or the production .....

Drill Well Associates Co-op. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)73ITD240(Ahd.)

..... society was formed in response to the scheme issued by ongc with specific aims and objects and in consonance with the guidelines of bureau of public enterprises, ministry of finance, government of india, which envisages that there should be an ancillary unit in each public enterprise as a rule. it was contended that this society is registered as ..... in mysore spg. & mfg. co ltd. v. cit [1966] 61 itr 572 (bom.) which was affirmed by the supreme court in cit v. mysore spg. & mfg. co. ltd. [1970] 78 itr 4 and also on the decisions in cit v. gemini cashew sales corpn.[1967] 65 itr 643 and in cit v. hazaribagh coal syndicate (p.) ltd. [1989] 177 ..... where the detailed reasons are given for the disallowance. on the other hand, while disposing of the application for exemption certificate under section 194c of the income-tax act the assessing officer issued the certificate peremptorily without examining in depth the merits of the claim which is to be looked into because such an exercise is done only .....

Jyotindra H. Shodhan Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)87ITD312(Ahd.)

..... (hereafter in this section referred to as the relevant asset), be dealt with in the following manner, that is to say," (iii) section 155(7a) (inserted by the finance act, 1978, with retrospective effect from 1st april, 1974) "where in the assessment for any year, the capital gain arising from the transfer of a capital asset, being a ..... that section being reckoned from the end of the previous year in which the additional compensation or consideration was received by the assessee." (iv) 155(10b) (inserted by the finance act, 1978, w.e.f. 1st april, 1978) "where in the assessment for any year, a capital gain arising from the transfer, being a transfer by way of ..... property was completed on 31st march, 1968, long before the transfer of assets, i.e., 20th march, 1970, though the assessee paid a substantial portion of the cost of construction and obtained possession of new assets on 31st march, 1970, that is to say on the day on which transfer took place and the conveyance was executed, it .....

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 .....

income-tax Officer Vs. Ashokkumar Lalitkumar

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53ITD326(Ahd.)

..... chance and was not possible in this case.he also placed reliance on the conditions mentioned in section 36(2) as amended by the finance act 1987 which, inter alia, provides that the year in which the assessee has written off the debt as bad debt in the books ..... a bad debt contemplated in section 36(2) has assumed significance in view of the amendment of section 36(2) made by the finance act, 1987 effective from assessment year 1989-90. the said decision also therefore does not in any manner help the assessee.6.4 a ..... the decision in cit v. f.m. chlnoy &. co. (p.) ltd. [1969] 74 itr 780 and t.j. lalvani v. cit [1970] 78 itr 176 are not of much use to us in deciding the questions before us in the light of the tests which we have culled out ..... is clearly distinguishable, as the deduction in that case represented a trading loss and was allowed as such under section 28 of income-tax act, 1961.6.3 the next decision in the case of bombay film lab (p.) ltd. (supra) decided by the bombay tribunal related .....

Jayant Silk Mills (P) Ltd. Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)59TTJ(Ahd.)377

..... the year under appeal was asst. yr. 1972-73 when s. 43b was not on the statute book as it was inserted by the finance act, 1973 w.e.f.1st april, 1984. hence the ratio laid down by the supreme court in the aforesaid judgment relied upon by the ..... (1) has to be r/w s. 43b, which was brought on the statute book w.e.f. 1st april, 1984, by the finance act, 1983. the liability on account of excise duty was an ascertained liability and during the year under appeal a sum of rs. 11,04,765 ..... delhi high court challenging the claim for excise duty on polymer chips and this petition was allowed by a single judge on 28th august, 1970. on the basis of this judgment, the ito disallowed the deduction claimed in respect of the current liability and also treated the sum of ..... etc. in view of the case laws cit vs.partabmull rameshwar (1977) 107 itr 526 (cal) and cit vs. bijli cotton mills (p) ltd. (1970) 76 itr 625 (all). in the case of mc dowell & co.ltd. vs. cto 154 itr 148 (sc) the honble supreme court has held .....

Jayant Silk Mills (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the year under appeal was asst. yr. 1972-73 when s. 43b was not on the statute book as it was inserted by the finance act, 1973 w.e.f.1st april, 1984. hence the ratio laid down by the supreme court in the aforesaid judgment relied upon by the ..... (1) has to be r/w s. 43b, which was brought on the statute book w.e.f. 1st april, 1984, by the finance act, 1983. the liability on account of excise duty was an ascertained liability and during the year under appeal a sum of rs. 11,04,765 ..... delhi high court challenging the claim for excise duty on polymer chips and this petition was allowed by a single judge on 28th august, 1970.on the basis of this judgment, the ito disallowed the deduction claimed in respect of the current liability and also treated the sum of ..... etc. in view of the case laws cit vs.partabmull rameshwar (1977) 107 itr 526 (cal) and cit vs. bijli cotton mills (p) ltd. (1970) 76 itr 625 (all). in the case of mc dowell & co.ltd. vs. cto 154 itr 148 (sc) the hon'ble supreme court has .....

Smartchem Technologies Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)818

..... 16). further, in case the amendment is not accepted to be operative retrospectively, then the amendment, so brought into statute by the finance act, 2003, would produce inequitable and illogical result. for instance, in case of assessees where there has been delay in labour welfare payments ..... be allowed as deduction in computing the income of the year in which sum is actually paid by the assessee. further, the finance act, 1987, inserted two provisos before the explanation to section 43b w.e.f. 1st april, 1988 to the effect that the second ..... in the case of neelkamal talkies v. cit , orissa high court in the case of orissa road transport co. ltd. v. cit (1970) 75 itr 126 (on). however, when the benefit is not of an enduring nature but is to exhaust in year or in a ..... high court in the case of neelkamal talkies , orissa high court in the case of orissa road transport co. ltd. v. cit (1970) 75 itr 126 (ori). however, when the benefit is not of an enduring nature but is to exhaust in year or in a .....