Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)18ITD114(Mad.)
..... laws (amendment) act, 1970 regarding section 32 (1 a)-[1971] 79 itr (st.) 5.(2) the direct taxes (amendment) act, 1974 regarding section 32-[1974] 95 itr (st.) 153. (3) the finance act, 1975, regarding the proviso to section 32(1)(ii) - [1975] 99 itr (st.) 137. (4) the finance (no. 2) act, 1980, specifying a date with regard to section 32(1)(iia)-[ ..... -3-1970. the second was the insertion of clause (vi) in sub- section (1) of section 32 by section 3 of the direct taxes (amendment) act, 1974 giving additional depreciation on plant and machinery acquired after 31-5-1974. the third is the insertion of clause (iia) in sub- section (1) of section 32 by the finance (no. 2) act, 1980 ..... argued that apart from the specification of the periods, the taxation laws (amendment) act, 1970 and the finance (no. 2) act, 1980 also specified the dates on which they came into force, namely, 1-4-1971 and 1-4-1981 (by the finance act, 1980) and, therefore, they became prospective changes.35. it may be pointed out .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD174(Mad.)
..... and after considering the legal position on this point that the assessee is correctly assessed under section 21(4) of the wealth-tax act. sections 21(1) and (4) were amended by the finance (no. 2) act, 1980 with effect from 1-4-1980. before the said amendment section 21(1) stood as follows :- in the case of assets chargeable to tax under this ..... assessee should be made for each of the nine assessment years under consideration. we hold that only one common trust was created under the four deeds dated 15-7-1970, 15-12-1970, 23-2-1971 and 3-3-1971.16. the next question posed for consideration is the main question involved in these appeals, viz., whether the names of ..... leave to raise them were also filed along with additional grounds. it is contended that the properties conveyed to the trust under the four deeds dated 15-7-1970, 15-12-1970, 23-2-1971 and 3-3-1971 and beneficiaries under them were different. the wealth-tax officer under the circumstances had no authority to aggregate the values of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act of the relevant ..... also refer to the decision of apex court in cit v. dhadi sahu 199 itr 610 sc, wherein considering the effect of amendment to the provisions of section 274(2) by the taxation laws(amendment)act, 1970 with effect from april 1, 1971, the apex court vide relevant portion of the head-note on pages 611-612 of the report(199 itr) held .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... w.e.f. 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. 2) act, 2004, the housing projects must be approved on or before 31st march, 2007 by ..... housing project or two thousand square feet, whichever is less.14. prior to its substitution by the finance (no. 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. 1st april, 2001 and finance act, 2003 w.e.f. 1st april, 2002 reads as under: (10) the amount of profits ..... was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. asst. yr. 2005-06 and allowed the claim of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)92TTJ(Ahd.)645
..... singh (1990) 183 itr 69 (p&h) was applicable to the asst. yr. 1970-71, whereas we are concerned with the asst. yr. 1988-89 when expln. 4 was in the statute. one more aspect needs to be mentioned. by the finance bill, 2002, section 271 of the it act has been amended vide clause 97. by clause 97(f) of the ..... ltd. v. union of india (supra) and j.k. synthetics ltd. v.asstt. cit (1993) 200 itr 584 (del). after the above decisions, the legislature by finance act, 1993 amended section 143(1a) with retrospective effect from 1st april, 1989 and specifically provided for levy of additional tax where the loss declared by such persons in the return of income ..... that would have been chargeable on the amount of the adjustments as if it had been the total income of such person." 27. thus, the legislature vide finance act, 1993, has amended section 143(1a) with retrospective effect from 1st april, 1989 for providing the levy of additional tax where the loss is reduced. however, no such amendment was made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... 's income under the head "income from house property". the assessee's this claim was rejected by the a.o. in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head ..... . the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. 1.4.2002 has restored the sub-section (2) of section 32 as it stood in the assessment year 1996-97, in other words, the restrictions imposed by the ..... (2(iii) as substituted w.e.f. 1.4.97. in this context, it may be observed that amended section 32(2) as substituted by the finance (no. 2) act, 1996 (w.e.f. 1.4.1997) has been substituted by the finance act, 2001, w.e.f. 1.4.2002 and status quo ante has been restored with effect from a.y. 2002-2003 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
..... ). copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade ..... karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under ..... the supreme court in the case of lakhmani mewal das (supra).26. the stand of the assessee was that the amendment made by the finance act, 1988 in section 40 of the finance act, 1983 would be retrospective and would be applicable for the assessment years under appeal by relying on the judgments of the patna high court in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)6SOT139(Bang.)
..... receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. he, accordingly, directed the assessing officer to compute capital gains as long-term capital gains. still aggrieved, the assessee is in appeal ..... an absurd situation. if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process ..... which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. secondly, under the agreement with praxiar, the appellant has not transferred any right to manufacture, etc. such rights .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... cases unless specifically provided for. there can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for. sec.87 of the finance act, 1988 specifically provides that the amendment will be w.e.f. 1st april, 1989 thus, we reject the contention made on behalf of the assessee that ..... s. 7(3) of the wt act in s. 40(4) of the finance act has become redundant. the only effect of keeping this redundancy in s. 40 of the finance act is that schedule iii would be applicable in the case of the companies also. sec. 7 has been held to be a machinery section and schedule iii referred to therein a ..... for the remaining years under consideration were completed as mentioned below : 5. however, by the time these assessments were completed, s. 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... 0001986-87 1,91,36,8501987-88 2,26,58,7001988-89 2,66,75,000 5. however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it ..... had made substantial enhancement in the value of all the assets, the assessee has raised those grounds also in the present appeals.17. as per sub-section (4) of section 40 of the finance act, 1983, the basis for valuation is the open market price. the said open market price could be decided either by the assessing officer or the valuation ..... is changed, provided, of course, that no injustice is done.19. in the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule .....
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