Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1992)40ITD605(Pune.)
..... has been superseded by the amendments in statute law. the amendment in sub-clause (iii) of clause (14) of section 2 was made by the finance act 1970 with effect from 1-4-1970 which is applicable to the appeals under consideration. at this juncture, it is relevant to point out that the learned counsel for the assessees rightly conceded this ..... to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2. this explanation inserted by the finance act, 1989, is made retrospective from 1-4-1970. then referring to sub-clause (iii) of clause(14)of section 2, he pointed out that any other agricultural land in india is not a capital ..... relied on the amendments made in the statute law. referring to section 2(1a) which defines 'agricultural income' he pointed out that explanation thereunder inserted by the finance act, 1989 clarified that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)41ITD227Ctk
..... of law as held by the supreme court in the case of k.p. varghese (supra) but yet the speech made by the finance minister who moved the bill explaining the reasons for its introduction can certainly be referred to for the purpose of ascertaining the object and ..... argument of the learned counsel for the assessee that the cit(a) was not justified in taking the aid from the speech of the finance minister at the time of enacting the provisions of section 80p(2)(a)(vi) submitted that the cit(a) has not exclusively and ..... according to shri rotho, the learned counsel for the assessee, it is not permissible to take the aid from the speech of the finance minister particularly if the language of the statutory provision is clear. to support his argument he relied on the decision of the supreme court ..... 2. the assessee is a co-operative society registered under the orissa cooperative societies act, 1962 on 29-9-1970. its main object as stated in the bye-laws is to promote the economic interest of its members .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1994)51ITD18(Bang.)
..... circular is specifically repealed. the relevant extract from the circular is being given below in the instant case: under sub-section 7(d) of section 2 of the finance act, 1966, an 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in ..... 73.5. for deciding the issue, it will first of all be necessary for us to examine the definition of an 'industrial company', as provided in the relevant finance acts for the two years. the said definition runs as follows:- industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or ..... attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent of such total income; the position of the income (not clear as to whether gross or net .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD1(Pat.)
..... jamshedpur motor accessories stores (supra) that the first proviso below section 43b is clarificatory and operative from assessment year 1984-85 retrospectively although the proviso was inserted by the finance act, 1987 w.e.f. 1-4-1988. this decision had been followed by the bombay bench of the tribunal in the case of rapel (supra) in coming ..... and section 43b was not applicable during assessment year 1986-87.5. the id. counsel for the assessee conceded fairly that section 43b had been inserted by the finance act, 1983 with effect from 1-4-1984, but since section 29 was amended only with effect from 1-4-1989 to include section 43b, the only conclusion to ..... the disallowance was confirmed by the cit(a).3. the ld. counsel for the assessee has advanced a novel argument before us. our attention has been invited to chapter iv of the it act, 1961 dealing with "computation of total income". section 14 gives the classification of the heads of income and contains, inter alia, "d - profits and gains .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)57ITD254(Hyd.)
..... of costs and expenditure incurred for earning the same and charged to tax at the rates applicable to the ordinary income of the non-resident as specified in the relevant finance act." as the foregoing would clearly show, the finding given by the cit(appeals) is not only without basis, it is also absolutely erroneous. (9) in a recent decision ..... sold. in that case, the question with regard to application of section 9(1)(vi) was not a subject-matter of consideration. the assessment years involved were 1967-68 to 1970-71, i.e., before the introduction of clause (vii) of sub-section (1) of section 9 in the statute w.e.f. 1-6-1976. as we have ..... clarified that the profits derived from the excluded services (i.e., services falling within the exclusionary clause) will have to be taxed as per the regular provisions of the act. in its circular, the board had explained the rationale for inserting the exclusionary clause in section 9(1)(vii). to quote, "such consideration has been excluded from the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD353(Mad.)
..... income-tax purposes. sales on every occasion including the "sale" during the year were either to depositors to enable them to be shareholders or to finance for repayment of loans for purchase of shares or for such other reasons. in other words, there was no design to take advantage of market fluctuations ..... collaborators and persuaded them to accept the purchase consideration in three annual installments, the first installment being payable in 1970. the following was the arrangement : the collaborators agreed to receive the payment in installments as mentioned above but they insisted on the appellant opening a confirmed ..... of these shares was treated as acquisition of investment and was exhibited as "investments (non-trade)" in a schedule required for the purposes of the companies act. these were continued to be shown as such in later years mr. s. viswanathan, the managing director of seshasayee brothers (p.) ltd., negotiated with the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1997)62ITD106(All.)
..... . air 1976 bom 82, where the hon'ble high court interpreted the word "before" in the expression "before the 1st day of april, 1970". in maharashtra (vidharbha region) agricultural debtors' relief act. looking to the various sections of the act together and harmoniously it was held that the word "before" was used by the legislature in the context of the word "within" meaning ..... decisions of the tribunal relied upon by the learned counsel for the assessee. after going through the memorandum explaining the provisions of finance bill, 1984, circular no. 582 of cbdt dt. 23rd october, (1990) 186 itr 153 (st)], and the finance minister's speech in respect of budget for financial year 1984-85 [(1984) 146 itr 66 (st.)], it was held that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1999)68ITD439(Chd.)
..... such broadcasting or telecasting, carriage of goods and passengers by any mode of transport other than by railways and catering. obviously, the purpose of the definition, as inserted by the finance act, 1995 w.e.f. 1st july, 1995, is to set aside the effect of various judgments mentioned above. the said definition is, however, inclusive and the ordinary meaning of ..... he further referred to the provisions of s. 191, wherein it is provided that 'in the case of income in respect of which provision is not made under this chapter for deducting income-tax at the time of payment, and in any case where income-tax has not been deducted in accordance with the provisions of this ..... chapter, income-tax shall be payable by the assessee direct. learned counsel pointed out that direct payment of tax has been made, though by contractor. he, therefore, submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1999)69ITD224Indore
..... whereby the goodwill was brought within the purview of capital gains.the assessment year involved in the instant case is 1991-92 and as such the amendment brought by the finance act of 1987 was applicable to the assessee's case. as per the amended provision, the cost of acquisition of goodwill is to be taken at nil if it is ..... by the cit (appeals) are not relevant to the assessee's case as the relevant provisions of sections 55(1)(b) and (2)(a) have been amended by the finance act, 1987 with effect from 1-4-1988. by virtue of this amendment, the profit earned during the course of transfer of goodwill is subjected to tax under the head 'capital ..... more than the probability that the old customers will resort to the old place. in state of rajasthan v. bundi electric supply co. ltd. air 1970 raj. 36, it was held that the indian contract act doos not define the word 'goodwill' but in its legal sense the word 'goodwill' means every affirmative advantage as contrasted with negative advantage that has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1999)65TTJ(JP.)480
..... the tribunal relied upon by the assessee was for the years when the provisions of new cls. (viia) of s.36(1) were not inserted by the finance act. it was also observed by the assessing officer that the tribunal had not given any specified finding regarding the accounting entries and that it had issued directions to the ..... or under the laws of a country outside india, an amount not exceeding five per cent of the total income (computed before making any deduction under this clause and chapter (via); (c) a public financial institution or a state financial corporation or a state industrial investment corporation, an amount not exceeding five per cent of the total ..... country outside india or a non-scheduled bank, an amount not exceeding five per cent of ' the total income (computed before making any deduction under this clause and chapter (via) and an amount not exceeding ten per cent of the aggregate average advances made by the rural branches of such bank computed in the prescribed manner; (b) .....
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