Judgment Search Results Home > Cases Phrase: finance act 1970 section 22 amendment of section 193 Court: income tax appellate tribunal itat ahmedabad Page 7 of about 151 results (0.138 seconds)

Acit Vs. Goldmine Shares and Finance Pvt.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD209(Ahd.)

..... before the itat. the ld. dr submitted that the provisions of section 80ia(5) are identical to the provision of section 80i(6) of the it. act., which was brought in the statute by the finance act, 1980 w.e.f. 1-4-1981. on introduction of 80i(6) by the finance (no. 2) act, 1980 the board issued a circular no. 281 dated 22/09 ..... considered by the court; and (b) arguments based on the language of sub-section (6), similar to the one addressed before this bench, were also very much raised and considered by the court. reference, in this regard, was made to ballabhdas mathuradas lakhani air 1970 sc 1002, 1003 wherein their lordships observed in the context of binding effect of ..... fiction of "carry forward of loss or depreciation of unit which has already been set off from other income in earlier year". 10.2.2 section 80hh is with regard to industry which started manufacture after 31.12.1970. it has sub-section 9 which is as under: (9) in case where the assessee is entitled also to the deduction under .....

Gujarat Petrosynthese Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)76ITD257(Ahd.)

..... of the provisions of sub-section (1) and sub-section (2) of section 115j. section 115j has been introduced by way of an independent chapter xii-b in the income-tax act by the finance act, 1987 and it came into force from assessment year 1988-89. while introducing section 115j, the legislature deleted section 80vva which provided for levy ..... of minimum tax on companies. the object of insertion of section 115j was to ensure levy of minimum tax on ..... it appears, that under the new scheme introduced by the finance act, 1997, the concept of lax credit has been brought in on grounds of equity by the legislature. since section 115ja(3) in the new scheme is virtually the reproduction of sub-section (2) of section 115j of the earlier scheme, the content and meaning of .....

Assistant Commissioner of Vs. Smt. Nina Arora

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)80ITD348(Ahd.)

..... be taken note of is the retrospective amendments introduced by the finance act, 2001 in the provisions relating to levy of interest under sections 234a, 2.34b as well as section 140a. explanation 4 below sub-section (1) of section 234a(1) has been omitted by the finance act, 2001 w.e.f. 1-4-1989.similarly, in section 140a, the legislature has inserted explanation (1a) w.e.f ..... . 1-4-1989 which provides that interest payable under section 234(a) shall be computed on .....

Wealth-tax Officer Vs. Shrimant F. P. Gaekwad

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)28ITD23(Ahd.)

..... ornaments was an article intended for the personal use of the assessee and in that case, the particular jewellery would fall to be governed by section 5(1)(xv) of the act. the finance act, 1971, by deleting w.e.f. 1-4-1963 the exemption clause (xv) (jewellery belonging to the assessee subject to a maximum of ..... precious stones for which exemption was claimed under section 5(1)(viii) of the wealth-tax act. secondly, the jewellery simpliciter required to be added on the basis of retrospective amendment. the commissioner (appeals) rejected the contention in respect of the retrospectivity of the amendment made by the finance act, 1971 having been effected from 1-4 ..... words 'but not including jewellery', with retrospective effect from april 1, 1963, is to supersede the decision of the supreme court in cwt v. arundhati balkrishna [1970] 77 itr 505. the supreme court in this case held that though jewellery and ornaments can be collectively described as 'jewellery', so far as dictionary definition is .....

Shreenathji Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)58TTJ(Ahd.)611

..... the books of accounts maintained in the normal course of business.6.4. the assessee has placed strong reliance on the board circular no.572 explaining various sections of finance act, 1990. para 43 of the circular explains, that s. 271d among others which was inserted w.e.f.1st april, 1989; by the direct tax laws ( ..... for the purpose of s. 271d, it would be appropriate to see the legislative intention or the object for which the provisions of s. 269ss were inserted by the finance act, 1984. the board in its circular no. 387, dt. 6th july, 1984 elaborately explained the scope and intention of inserting the provisions of s. 269ss in the ..... of their explanation.32.2. with a view to counter this device which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. 269ss in the it act debarring persons from taking or accepting, after 30th june, 1984 from any other person any loan or deposit otherwise than by an account-payee .....

Shreenath Builders Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... ss. 269ss and 269t, it will be necessary to examine the legislative intention of the objects for which the provisions of ss. 269ss and 269t were inserted by the finance act, 1984. the cbdt vide circular no. 387, dt. 6th july, 1984, have elaborately explained the scope and intention of inserting the provisions of ss. 269ss and ..... . "32.2 with a view to counter in this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. 269ss in the it act debaring persons from taking or accepting after 30th june, 1984, from any other person any loan or deposit otherwise than by an account ..... was deposited by tax evaders with banks, companies, co-operative societies and partnership firms either in their own names or in benami names, the it (second amendment) act, 1981, seeks to counter attempts to circulate black money in this manner." it is clear from the aforesaid circulars issued by the board that these provisions were .....

State Bank of Saurashtra Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)24ITD97(Ahd.)

..... has to be accepted as normal incident of the banking business and that is why probably a beginning was made in the income-tax act by the finance act, 1979 having inserted clause (vii) to sub-sec. (1) of sec. 36 whereby certain percentage of the aggregate average of the advances made at least by the rural branches of the bank is made ..... and the denial thereof since the other grounds having been decided in favour of the assessee, there should be substantial deduction in the amount of interest under section 139(8) of the act.7. to the extent as above, the orders passed by the first appellate authority are modified and the income-tax officer is directed to pass appropriate ..... in the process of drawing up of the profit and loss account and balance sheet of the bank as per the provisions of the banking regulation act, 1949 (section 29 and third schedule of the act), the provision for bad and doubtful debts has to be to the satisfaction of the statutory auditors of the bank is essential. in the .....

Shri Dinesh Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

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

..... therefrom, the computation shall be 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" shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system ..... 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 .....

income-tax Officer Vs. Gitar Laboratories

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)12ITD229(Ahd.)

..... company in that case was carrying on a profession as auctioneers. the company would be entitled to exemption from excess profit duty in terms of section 39(1) of the finance (no. 2) act, 1915, if the income was held to be from a profession, the profits of which are dependent mainly on the personal qualifications of the ..... , unlike section 2(5) of the excess profits tax act, do not contain a further requirement that the profits of the profession should depend, wholly ..... carefully considered the rival contentions. i agree with shri patel that the provisions of section 2(5) of the excess profits tax act, and the provisions of sub-paragraph ii of paragraph c of part i of the first schedule of the finance (no. 2) act, 1977 are materially different inasmuch as the provisions with which we are concerned herein .....

Atman Trust Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)31ITD315(Ahd.)

..... upon their dissolution. the tribunal held that it was not a device because the dissolution of the aops had taken place because of the restrictive provisions introduced by the finance act, 1980 with effect from 1-4-1981 and the terms of dissolution were specific and clear. the tribunal held that the amount received by the assessee was on ..... income of the year under consideration was includible under section 86(v) there was no tax effect so far as the assessee was concerned. thus the entire decision turns on the fact that the dissolution of the aops took place because of the restrictive provisions introduced in the finance act, 1980 and also the fact that there was no ..... been created within a period of one month, they all had the same address and that the ultimate beneficiaries were all inter-related. he contended that section 3 of the trust act applied to the 21 discretionary trusts also which meant that their income was for the benefit of others and so these trusts were merely conduit pipes. .....