Judgment Search Results Home > Cases Phrase: finance act 1976 section 27 amendment of act 27 of 1957 Court: income tax appellate tribunal itat Page 7 of about 128 results (0.188 seconds)

income-tax Officer Vs. Kalima Plastics (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD211(Delhi)

..... from such activity is less than 51% of its total income; and (b) a company which, even though mainly not so engaged, derives income in any year 51% or more of its total income from such activities.the explanation to clause(c) of section 2(7) of the finance act, 1982 contains a deeming provision as a result of which a company which, in fact, is not mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture ..... -83, the income from the manufacturing activity was less than 51% of the total income and, therefore, in view of the explanation to section 2(7) of the finance act, 1982, the assessee-company cannot be held to be an industrial company and, therefore, in this case concessional rate of tax at ..... is, therefore, not correct to say that it is only when income derived by a company from one or more activities enumerated in clause(c) of section 2(7) of the finance act, 1982 is not less than 51% of its total income that it can be treated as an industrial company for the purpose of applying the ..... definition of an industrial company in sub-section 7(d) of section 2 of the finance act, 1966 and the explanation thereto are in pan materia with clause (c) of section 2(7) of the finance act, 1982 and the explanation to clause(c). ..... assessee is an industrial company within the meaning of clause(c) of section 2(7) of the finance act, 1982 concessional rate of tax at 55% would be applicable for .....

Assistant Commissioner of Vs. Smt. Chandri N. Shah

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1999)71ITD231(Nag.)

..... after giving careful consideration, 1 am of the view that the order of the commissioner (appeals) is to be confirmed.section 2(9)(d) of- the finance act, 1992 provides that net agricultural income in relation to a person means the total amount of agricultural income from whatever, sources derived of that person computed in accordance with the rules ..... was not to be aggregated for rate purpose, in view of section 10(2a), with effect from 1-4-1993, and omission of section 67 and rule 5 of part iv of first schedule of finance act, 1992, with effect from the same date. ..... the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in the manner laid done in sub-sections (1), sub-section (2) and sub-section (3) of section 67 of the income tax act and the shares so computed shall be regarded as the agricultural income or loss of the assessee".provided that nothing contained to this rule shall apply for computing the agricultural income ..... the finance act, 1994, amended the rule 5 of part iv of schedule 1 which reads as under:- "rule 5 - where the assessee is a member of an association of persons or a body of individuals (other than a hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the income tax act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals ( .....

Assistant Commissioner of Vs. Smt. Chandri N. Shah. (Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

..... the finance act, 1994, amended the r. ..... i which reads as under : "rule 5 - where the assessee is a member of an aop or a boi (other than an huf, a company or a firm) which in the previous year has either no income chargeable to tax under the it act or has total income not exceeding the maximum amount not chargeable to tax in the case of an aop or a boi (other than an huf, a company, or a firm) but has any agricultural income, then, the agricultural income or loss of ..... rates of income are provided in the finance act and newly inserted s. 2(9)(d). ..... 5 of part iv of first schedule of finance act, 1992, with effect from same date i.e. ..... for every year, finance act provides the system of calculating agricultural income ..... 5 of part iv of first schedule of finance act, 1992, with effect from the same date. ..... under the finance act, 1992, the net agricultural income is defined as under : "2(9)(d) 'net agricultural income', in relation to a person, means the total amount of agricultural income, from whatever source derived of that person computed in accordance with the rules contained in ..... (3) of the it act and the shares so computed shall be regarded as the agricultural income or loss of the assessee.proviso to this section further states that nothing contained in this rule shall apply for computing the agricultural income of the assessee in relation to the assessment year commencing on or after the 1st day of april, 1993. ..... (b) of this section states that it includes any income derived from such land. .....

Salgaocar Mining Ind. (P) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2006)102ITD289Panji

..... . it is, therefore, not possible to include the amount of interest in the "income-tax" so fixed by section 2 of the finance act, 1999, for the assessment year under consideration.8 ..... . secondly, while the rates of income-tax can fluctuate depending upon the provisions in the finance act enacted for each assessment year, the rate of interest continues to be fixed in terms of the provisions of sections 201, 234a, 234b and 234c of the it act, 1961 ..... year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for levy of additional income-tax) of this act in respect of the total income of the previous year of every person". in pursuance of the aforesaid provisions, the finance acts are enacted year after year to provide for the rates at which income-tax is required to be charged in a given assessment year ..... . as already mentioned above, "income-tax" is charged under section 4 of the it act at the rates specified in the first schedule to the finance act ..... . it means the income-tax which has been specified in schedule 1 to the finance act, 1999 and hence, its meaning cannot be artificially extended to include interest ..... . the amount of "income-tax" so fixed by the finance act can neither be increased nor decreased by any other sum including interest, penalty, fine, etc .....

Deputy Commissioner of Income Tax Vs. Indiahit Com (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)105TTJ(Delhi)501

..... 4(a) it is clear that now the legislature clearly provides for the levy of penalty where the loss declared in the return of income is reduced or converted into income.therefore, before the amendment by finance act, 2002, it cannot be held that the penalty under section 271(1)(c) can be levied where the assessed income is loss. ..... as per the finance act, 2002, the amendment is effective from 1st april, 2003, and section 271(1)(c) is a provision for imposing penalty and, therefore, the normal presumption is that the amendment is not retrospective unless provided otherwise expressly or by necessary implication ..... as the finance act, 2002, made the amendment in section 271(1)(c) w.e.f ..... anil bhalla that the legislature, vide finance act, 2002, amended section 271(1)(c) w.e.f. ..... in view of above, having regard to the amendment made by taxation laws (amendment) act, 1975, and by finance act, 2002, for the asst. yr. ..... return in the instant case was filed much prior to the amendment by the finance act, 2002. ..... -02, under our consideration, after amendment in section 271(1)(c) by the direct tax laws (amendment) act of 1975. ..... -71 as the same was not applicable after amendment to section 271(1)(c) by the direct-tax laws (amendment) act of 1975.3. ..... supra) was 1970-71, much before the 1976 amendment came into force on 1st april, 1976 whereunder expln. ..... therefore, the decision in prithipal singh by the supreme court will have no bearing in those cases which have arisen after 1st april, 1976 when the said expln. .....

Ethnor Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)35ITD268(Mum.)

..... it is then contended that the fact the amendment has been allowed to take effect from 2-4-1983 by the legislature was a deliberate act and that amendment will not change the definition of a company in which public are substantially interested as section 40 of the finance act, 1983, has been made effective from 1-4-1983 ..... other words, for the purpose of section 40 of the finance act, 1983, a company in which public are substantially interested, would have the meaning given to it in section 2(18) as it stood prior to the amendment which took effect from 2-4-1983. ..... it is argued that since provisions of section 40 of the finance act, 1983, had come into force w.e.f.1-4-1983, the amended section 2(18) which has effect from 2-4-1983, would have to be ..... the result would be that the amendment by the finance act to section 2(18) which took effect from 2-4-1983 would notbeavailable to the department for determining whether a company is a company in which the public are substantially interested or ..... section 2(75) of it act was amended by the finance act, 1983 with a view to excluding certain companies from the purview of widely held ..... code of civil procedure was amended by the code of civil procedure (amendment) act, 1976, w.e.f. ..... question for consideration before the supreme court was whether reference to section 100 of the cpc in section 55 of the mrtp act was to be construed as reference to the provisions of that section prior to its amendment by the civil procedure (amendment) act, 1976 w.e.f. .....

Reckitt and Colman (i) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)46ITD273(Kol.)

..... has been passed even without touching on the matter where the assessee did not prefer an appeal, the intention of the legislature in enacting section 263 would be frustrated.their lordships also referred to the amendment made by the finance act, 1988 with effect from 1-6-1988 and also by the finance act 1989 with retrospective effect from 1-6-1988 in support of their conclusion that there will be only partial merger of the assessment order with the ..... our attention to the amendment made to section 263 by insertion of the explanation (c) with effect from 1-6-1988 by the finance act, 1988 and also the further amendment to the section by the finance act, 1989, with retrospective effect from 1-6-1988 and submitted that the doctrine of total merger was no longer applicable in the case of orders of the cit passed under section 263. ..... on the question of merger be relied on the explanation (c) incorporated in section 263(1) by the finance act, 1988 with effect from 1-6-1988 under which the power of the commissioner under section 263 was extended to such matters as had not been considered and decided in any appeal filed by the ..... almal [1977] 106 itr 743 in support of his claim that the clarificatory amendment such as one made by the finance act, 1988 is always retrospective in nature. ..... 1989] 178 itr 74 with reference to the explanation inserted by the finance act, 1988 to section 263(1) of the act, that the said explanation made explicit what was implicit in the provisions of section 263. .....

Dr. K. Senthilnathan Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)96TTJ(Chennai)637

..... the cit(a) in his order stated that finance act, 2001, levied tax at the rate prescribed in section 113 as well as surcharge for the asst. ..... our opinion, this claim of the revenue is not justified because the proviso was added by finance act, 2002 and made effective from 1st june, 2002. ..... " this proviso was inserted by the finance act, 2002, indicating that it would be effective from 1st june, ..... he further noted that finance act, 2001, applied to income that had arisen during the previous year ending march, ..... 2000, which falls within the previous year ending 31st march, 2001, the surcharge that is made by finance act, 2001 is applicable. ..... in the case of assessment that is made with reference to provisions under section 158bc of the act, the loss cannot be allowed.he further submitted that for the loss that is stated to have been claimed, sufficient evidence is not ..... section 113 was inserted with a proviso that reads as under : "provided that the tax chargeable under this section shall be increased by a surcharge, if any, levied by any central act and applicable in the assessment year relevant to the previous year in which the search is initiated under section 132 or the requisition is made under section ..... on that basis the loss suffered by the assessee consequent to the fraud played on the assessee is outside the ambit of chapter xiv-b of the act. ..... is an appeal of the assessee that is moved with reference to assessment that was framed under the provisions of chapter xiv-b of the it act.2. .....

Travancore Chemical and Mfg. Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1983)6ITD788(Coch.)

..... --(1) a deposit in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time before the last instalment of advance tax is due ..... even if the provisions of the finance act, 1976 are to be considered relevant, it is significant that the words 'in lieu of particularly emphasized by the assessee's learned counsel, appear only in clause (6) of section 2 and not in clause (8).this is material because clause (8) lays down prospectively the provision for exemption from surcharge for the assessment year 1977-78 to the specified category of companies, while clause (6) ..... is lieu of payment of surcharge on income-tax under subsection (8) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time during the financial year commencing on the 1st day of april, 1976. ..... by clause (8) of section 2 the finance act, 1976 provided that where an assessee, being a company, makes, during the financial year commencing on 1-4-1976, any deposit with the industrial development bank of india under any scheme made by the central government in this behalf, then, the surcharge on income-tax payable by the company for the assessment ..... ito noticed that the deposit made with the industrial development bank of india, is not surcharge as one is not equivalent to the other but one is in substitution of the other.therefore, he proceeded to amend the order by rectifying it under section 13 of the act. .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as deduction. ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at p. ..... with a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation. ..... the second proviso was, therefore, amended by the finance act, 1989, in which the words "during the previous year" were omitted. ..... --(1) the provisions of this act and of any rules or schemes made thereunder shall have effect notwithstanding anything inconsistent therewith contained in any other law except the provisions of the foreign exchange regulation act, 1973 (46 of 1973), and the urban land (ceiling and regulation) act, 1976 (33 of 1976), for the time being in force or in the memorandum or articles of association of an industrial company or in any other instrument having effect by virtue of any law other than this act.3.4. .....