Judgment Search Results Home > Cases Phrase: finance act 1970 section 16 amendment of section 80mm Court: income tax appellate tribunal itat hyderabad Page 3 of about 98 results (0.203 seconds)

Ramadas Motor Transport Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1991)37ITD48(Hyd.)

..... (4), and emphasized that in the absence of a deeming provision, the explanation to section 132(4) should be read only prospectively.explanation to section 263(1) as introduced by the finance act, 1988, w.e.f. 1-6-1988, and as amended by finance act, 1989, w.e.f. 1-6-1988, is as follows :- for the removal of doubts, it is hereby declared that ..... from which it comes into force and not before. in this view of the matter also, we reject the revenue's contention.19.10 sri ratnakar cited the explanation to section 263(1) as introduced by finance act, 1988, w.e.f. 1-6-1988, wherein the deeming provision is found, unlike in the case of explanation to ..... , for the purposes of this subsection,- (c) where any order referred to in this sub-section and passed by the .....

V.B.C. Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1994)48ITD292(Hyd.)

..... dealer. the question was. whether the commission earned by the assessee represent export profits and whether it was entitld to rebate under section 2(5}(i) of finance act, 1963 and under section 2(5)(a)(i) of finance acts of 1964, 1965, 1966 and 1967.the claim of the assessee was disallowed by the income-tax officer but accepted by the ..... profits derived from the export of hides and skins and hence the tribunal was right in holding that the assessee is entitled to rebate under section 2(5) (of the finance act of 1963 and finance acts of 1964 to 1967). it was argued before us that it was an extreme case where the whole activity of export was actually done by ..... 1% discount or commission on the export turnover. even in such a case, the assessee only was recognised as real exporter entitled for the rebate under section 2(5) of the finance acts 1963 to 1967. therefore, however minimum the role of the assessee may be in exporting goods, if ultimately it can be considered to be the exporter, .....

Assistant Commissioner of Income Vs. Beehive Engineering and Allied

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)81ITD330(Hyd.)

..... liable to any capital gains tax in relation to the amount earned of rs. 63,600. the ao however, rejected this contention on the ground that section 55 of the it act has been amended by the finance act, 1987, so as to make capital gains even in the matter of goodwill exigible to tax, and, therefore, the benefit of the said decision ..... should be set aside and the order of the ao restored.5. the learned counsel for the assessee, on the other hand, pleaded that the provisions of section 55(2)(aa) introduced through the finance act, 1994, w.e.f. 1st april, 1995, have no application for the assessment year under appeal. he also mentioned that the only claim made by the ..... appeal accepted the contention of the assessee, and deleted the addition of rs. 63,600. he noticed that there was an amendment brought about by insertion of section 55(2)(aa)(ii) by finance act, 1994, w.e.f. 1st april, 1995, by virtue of which capital gains on the sale of certain financial assets like the rights in question, have .....

Ashoka Enterprises Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... were not applicable for the relevant assessment year as section 2(47)(vi) was inserted by the finance act, 1987 with effect from 1-4-1988. (2) clause (ii) of section 47 was omitted by the finance act, 1987 with effect from 1-4-1988. (3) sub-section (4) to section 45 was inserted by the finance act, 1987 with effect from 1-4-1988. ( ..... capital gains. though, no specific ground was raised by the appellant on the issue of assumption of jurisdiction by the learned commissioner of income tax under section 263 of the act, the larned counsel of the assessee argued that the assessment order was not erroneous or prejudicial to the interest of revenue in the facts of the ..... two views in the facts of the case that the impugned transaction amounted to a transfer as defined in the act. it was, therefore, submitted by her that the commissioner of income tax assumed jurisdiction under section 263 correctly and the direction given by the commissioner of income tax to assess capital gain on the impugned .....

Sattu Mallaiah Sons Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)57TTJ(Hyd.)312

..... relied upon by the learned counsel of the assessee, the issue was in the context of an industrial undertaking within the meaning of s. 2(7)(c) of the finance act, 1973, whereunder industrial company means "a company which is mainly engaged..... in the manufacture or processing of goods....". the assessee in that case received cotton in bulk having ..... . according to him, the deduction is available to an industrial undertaking which manufactures or produces articles or things and the processing operation is not covered by these sections.he observed that no ginning was done by the assessee and it only pressed ginned lint relating to others into small bales and charged a fixed rate for ..... held to be a manufacturing process. he also referred to the decisions in cit vs. perfect liners (1983) 142 itr 654 (mad), state of punjab vs.chandu lal kishori lal (1970) 25 stc 52 (sc), cit vs. baraka overseas traders (1993) 201 itr 827 (kar), and tarai development corpn. vs. cit (1979) 120 itr 342 (all). he .....

Sattu Mallaiah Sons Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)60ITD131(Hyd.)

..... relied upon by the learned counsel of the assessee, the issue was in the context of an industrial undertaking within the meaning of s. 2(7)(c) of the finance act, 1973, whereunder 'industrial company' means "a company which is mainly engaged..... in the manufacture or processing of goods....". the assessee in that case received cotton in bulk having ..... . according to him, the deduction is available to an industrial undertaking which manufactures or produces articles or things and the processing operation is not covered by these sections.he observed that no ginning was done by the assessee and it only pressed ginned lint relating to others into small bales and charged a fixed rate for ..... to be a manufacturing process. he also referred to the decisions in cit vs. perfect liners (1983) 142 itr 654 (mad), state of punjab vs. chandu lal kishori lal (1970) 25 stc 52 (sc), cit vs.baraka overseas traders (1993) 201 itr 827 (kar), and tarai development corpn. vs. cit (1979) 120 itr 342 (all). he thus .....

Wealth-tax Officer Vs. Nb. Sarwar Ali Khan

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)19ITD188(Hyd.)

..... no. 14(xi-35) of 1955 dated 11-4-1955 held that it was incumbent on the ito to advise the assessee to claim relief under section 2(5)(a)(iii) of the finance act, 1964, if the proceedings or any other particulars before the ito at the stage of the original assessment indicated that the assessee was entitled to relief ..... cit v. ahmedabad keiser-e-hind mills co. ltd. [1981] 128 itr 486 (guj.) the assessee claimed before the aac that it was entitled to a rebate under the finance act, 1964. this ground was not raised before the ito. the aac allowed this point to be raised and directed the ito to calculate the rebate after verifying the details of ..... the finance act, 1964. what was the obligation of the ito would be the obligation of all officers of the department concerned with the execution of the 1961 act. in fida hussain v. wto [1981] 12 ttj 499 (jp.) the wto accepted the return of wealth in which the assessee failed to claim exemption under section 6(ii) of the act, read with section 10 .....

Chekka Anasuya Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1982)2ITD60(Hyd.)

..... assessee. i may also refer to the following passage occurring at page 1181 of chaturvedi and pithisaria's income-tax law, second edition : ii. the finance act, 1969-changes made in section 80c by the finance act, 1969, have been elaborated in the following portion of the departmental circular no. 22 dated 17-7-1969 : 43. the ..... premia paid on a children's endowment assurance policy during the child's minority, which was the position prevailing under the corresponding section 15(1) of the indian income-tax act, 1922. from the assessment year 1970-71 onwards, however, such benefit was also allowable to the father in his assessment. this position is clarified at page ..... express statutory provision in this regard, which was not there in the corresponding section 15(1) of the 1922 act. under the explanation up to assessment year 1969-70, such benefit was available only in the case of the minor child. from assessment year 1970-71, such benefit is also allowable to the father in his assessment.6. .....

Penzol Investment and Trading Co. Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2000)75ITD39(Hyd.)

..... purview of 'assets' by virtue of s. 40(3)(v) of the finance act, 1983.it is in this context, the assessee-company has claimed exemption from the levy of wealth-tax, on the ground that the land purchased and possessed by it ..... the value of the said landed property in the computation of net wealth, in terms of s. 2(e)(2) of the wt act, 1957, on the ground that the lands are agricultural lands. the finance act, 1983, has revived the levy of wealth-tax in the case of closely held companies, but has excluded the agricultural lands from the ..... , 1997. the seven assessment years involved in these appeals are from 1986-87 to 1992-93.2. the appellant is a private limited company, carrying on its business in financing activity. the appellant has purchased 46.69 acres of land situated at vaddugapatti village, gandarvakottai tq., pudukottai district, tamil nadu, in the previous years relevant to asst. yrs. .....

Nb Jaffar Ali Khan Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)87ITD359(Hyd.)

..... the opinion of the valuation officer, on a reference made to him under section 16a, the jewellery would fetch if sold in the open market on the valuation date.the same rule, after its substitution by the finance act, 1990, with effect from 1-4-1990, reads as under:- 18( ..... be the value of the jewellery for such subsequent assessment year. consistent with the amended provisions of rule 18 of schedule-iii, by the finance act, 1990 with effect from 1-4-1990, rule 19 was also amended, whereby the words 'sub-rule (3) of rule 18' were ..... acquired the jewellery of both the trusts.7. the nizam died on july 24,1967 and his eldest son also died on october 9,1970. as per the terms of the trust deed, the jewellery of the main trust has to be sold after the death of the ..... section 5(1)(xii) of the wealth-tax act for the simple reason that they have all along been intended for sale. as per the terms of the trust deed, these items were meant to be sold after the death of the eldest son of the settler in 1970 .....