Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... on record.the board's instruction dated 12-11-1973 was withdrawn in its instruction dated 13-8-1979 which is as follows : xxv/i/50 - special reserve account under section 36(1)(viii) of the income-tax act, 1961 in the case of financial corporations - clarification regarding under section 36(1)(viii') of the income-tax act, 1961, financial corporations engaged in providing long-term finance for industrial or agricultural development in india are entitled to a deduction, in the computation of their taxable profits, of the amounts transferred by them out ..... authority and applied to the case on hand where we are concerned with the law as on 1-4-1982 and 1-4-1983 which governs the assessments for 1982-83 and 1983-84, respectively, for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. ..... is given in the portion of the following board's circular : in computing the income attributable to house property owned and occupied by an assessee for his own residence, the annual value of such house property is determined under section 23(2) of the income-tax act, in a sum equal to the full amount of its annual value (i.e. ..... 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were ..... order for the assessment years 1977-78, 1978-79 and 1980-81. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)7ITD905(Hyd.)
..... than the amount required to be so credited on the basis of the amount of deduction in respect of investment allowance claimed in the return made by the assessee under section 139, but a higher deduction in respect of the investment allowance is admissible on the basis of the total income as proposed to be computed by the income-tax officer under section 143, the income-tax officer shall, by notice in writing in this behalf, allow the assessee an opportunity to credit within the time specified in the notice or within such further ..... year in which such further credit is made : provided that such opportunity shall not be allowed by the income-tax officer in a case where the difference in the total income as proposed to be computed by him and the total income as returned by the assessee arises out of the application of the proviso to sub-section (1) of section 145 or sub-section (2) of that section or the omission by the assessee to disclose his income fully and truly.the assessee in the present case had claimed investment allowance in the return ..... one set of the grounds of appeal contest the computation of relief available to the assessee under section 80j of the income-tax act, 1961 ('the act'). ..... the assessee, for the assessment year under consideration, when filing the income-tax return on 30-7-1977, had claimed investment allowance on various items of machinery. ..... the ito had made the computation holding that the amendment made by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)7ITD133(Hyd.)
..... from abroad and were not at all taxable during the assessment year 1976-77 because the specific clause making it taxable was introduced only with effect from 1-6-1976 by the finance act, 1976 and that even if it is taxable, it is exempt under proviso to clause (vii) of sub-section (1) of section 9 of the income-tax act, 1961 ('the act') as there is an agreement before 1-4-1976 and approval thereafter. ..... an agent could be only in respect of income deemed to accrue under section 9 and that the specific provision relating to payment for consultancy services was only with effect from the assessment year 1977-78 and that it is clearly inferable that such income was not taxable in earlier years. ..... it was also suggested that the foreign agent's accounting year ends on 30th june and on this basis the income of the non-resident would be assessable only for the assessment year 1977-78 and that the ito was not justified in bringing to tax the income which had accrued to the assessee in the assessment year 1976-77 on the fees which was paid to the non- ..... income falls for the assessment year 1977-78, it would be exempt under the proviso to clause (vii) of sub-section (1) of section ..... 2) act, 1977, with effect from 1-4-1977, will apply ..... mentions that the assessee's working of the taxable profits is based upon the accounts for the period from 1-7-1975 to 30-6-1976, an accounting period which falls in the assessment year 1977-78 and not in the assessment year 1976-77 when the assessment has been made. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD60(Hyd.)
..... the finance act, 1969, had amended the provisions of section 80c of the income-tax act with a view to enlarging the area of tax relief on savings through life insurance policies and to provide tax relief in the case of authors, playwrights, artists, etc. ..... agitated is that the deduction of the life insurance premia paid by the assessee, an individual, to keep in force an insurance policy on the lives of her children even after they attained majority should be allowed under the provisions of section 80c(2)(a) of the income-tax act, 1961 ("the act"), for the assessment year 1977-78.2. ..... under the explanation (ii) to section 80c(2) an assessee is entitled to claim rebate on 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. ..... 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. ..... on appeal the aac followed his own order for the earlier assessment year 1976-1977, in which he had held that accord-to section 80c(2)(b)(;7), when a minor became a major he should adopt the ing policy in his name and the premia should also be paid by him and that in the assessee's case this was not so. ..... , 1977-78, the question of the assessee paying insurance premia on the life of any minor child does not arise. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD249(Hyd.)
..... explanation 2 to proviso (b) under section 37(2a) of the income-tax act, 1961 ('the act') was inserted by the finance act, 1983, with retrospective effect from 1-4-1976 in which the term 'entertainment expenditure' was stated to convey the following meaning: for the removal of doubts, it is hereby declared that for the purposes of this sub-section and sub-section (2b), as it stood before the 1st day of april, 1977, 'entertainment expenditure' includes expenditure on provision of hospitality of every kind by the assessee to ..... commissioner (appeals) found that the ito was not correct in view of the third proviso to sub-section (4) of section 80j introduced by the finance act, 1979, with effect from 1-4-1979.according to the said sub-section, the conditions to be fulfilled by an industrial undertaking to become eligible for deduction under section 80j, it must have begun to manufacture or produce articles within a period of 33 years next following ..... representative that neither the word 'manufacture' nor the word 'processing' was defined either under the income-tax act or under the andhra pradesh general sales tax act. ..... the provisions of section 8(3)(b) of the central sales tax act, 1956, and also rule 13 of the central sales tax rules, 1957. ..... assessee for use in the above operations could be said to be goods purchased for use in the manufacture or processing of goods for sale or in mining so as to attract the lower rate of sales tax under section 8(1)(b) of the central sales tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... urban land tax act, 1966 on the basis of recognition by a subsequent order of the itat of the assessee as a public charitable trust under section 12a(a) of the income tax act, 1961, it was held as follows- since the order recognizing the appellant trust as a charitable trust under section 12-a(a) of the income tax act was passed on 29.4.1977 by itat, the appellant could not claim the benefit of that order as the exemption of the land from payment of urban land tax was claimed only for the period 1965 to ..... , considering the violations of the provisions of section 10(22) and section 13 stated to have been committed by the assessee and come to light on account of search and seizure operations under section 132 conducted on the premises of the assessee, the commissioner of income tax passed the impugned order dated 26.7.2004 cancelling the registration of the assessee by turning down the legal objection of the assessee and observing that though the provisions of sub-section (3) of section 12aa was inserted by the finance (no. ..... of the retrospectivity, would have to be examined in the appellate proceedings, if instituted by the assessee.7.6 in the light of the foregoing discussion, we find that the commissioner has no power to cancel the registration, prior to insertion of sub-section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as such the impugned order dated 26.7.2004 has no legal sanctity. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a 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 ..... . urban land tax act, 1966 on the basis of recognition by a subsequent order of the itat of the assessee as a public charitable trust under section 12a(a) of the income tax act, 1961, it was held as follows- since the order recognizing the appellant trust as a charitable trust under section 12-a(a) of the income tax act was passed on 29.4.1977 by itat, the appellant could not claim the benefit of that order as the exemption of the land from payment of urban land tax was claimed only for the period 1965 to 1976 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD511(Hyd.)
..... the next ground relates to the claim of the assessee under section 35cc of the income-tax act, 1961 on a programme approved by the prescribed authority. ..... 2) act, 1977 has introduced a new section 35cc under which companies and co-operative societies will be entitled to a deduction in the computation of their taxable profits of the expenditure incurred by them during the previous year on any programme of rural development [vide sub-section (1) of new section 35ccj. ..... 2) act, 1977, which introduced the relief, explains the scope of this relief in para 14(1) of such instructions: 14.1 the finance (no. ..... it was claimed that the programme was a rural development programme, taken up with effect from 1-10-1977, the beginning of the accounting year at the instance of the chief minister of andhra pradesh and secretary to the government for rural ..... programme as planned by the assessee is approved by the ministry of finance as prescribed authority vide its letter dated 10-3-1978. ..... /201/77-it (a-ii)], dated 14-11-1977--see taxmann's direct taxes circulars vol. ..... /9/77-tpl], dated 9-8-1977--see taxrnann's direct taxes circulars vol. ..... assessee's initiative had been approved and appreciated from a letter dated 7-1-1977 issued by the chief minister of andhra pradesh. ..... assessee's alternative argument is that there is at least no case for disallowance of the expenditure after 12-12-1977, the date of the application. ..... assessee also pointed out that the expenditure between 1-12-1977 and 12-12-1977 was only rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)47ITD398(Hyd.)
..... kaziamunnisa begum [1992] 65 taxman 390 found that section 2(1 a) of the income-tax act was amended by finance act 1989 with retrospective effect from 1-4-1970 ..... the profit said to have been derived from real estate business is computed by the income-tax officer for these three assessment years as follows :assessment year: 1985-86 .. rs ..... however, at the assessment stage, the assessing officer held that the firm was only a benami and the real transactions were all done by shri ramanaiah chowdhury and, therefore, the income-tax officer had computed the business income arising out of the sale of plots in survey no ..... thus, he is not liable to pay income-tax on the ground that he earned business income or on the ground that he sold a 'capital asset ..... . we direct the income-tax officer to compute capital gains according to law after duly taking consideration our findings in this order and determine the capital gains tax payable by the assessee for each of the three assessment years under ..... . from the records of the income-tax officer it is very clear as to the total extent of land for which regular registered sale deeds were executed in favour of the ultimate purchasers for each of the accounting years in question and what is the total ..... the nature of the land is agricultural and in order to prove the nature of the land the assessee filed a certified copy of the pahani patrak relating to year 1977-78 obtained from tahsildar's office. ..... . mahalingam chettiar [1977] 107 itr 236 ( ..... . cit [1977] 107 itr 716 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD292(Hyd.)
..... 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 appellate assistant commissioner and the tribunal. ..... that the decision of the cit (appeals) confirming that the deduction claimed under section 35ab could be admissible only if the expenditure was laid out in connection with the business carried on during the previous year, the profits and gains of which alone are subject to tax, and section 35ab would not operate independent of the provisions of sections 28 and 29 of the income-tax act, is neither here, nor there, and does not provide a pointed answer to the question ..... in the reassessment for the assessment year 1980-81, the income-tax officer included the income relating to the assets which were partitioned in the hands of the huf in view of section 171 (9) of the act, the assessee filed a writ petition contending that the income from the property which was the subject matter of partial partition should not be treated as income of the huf, that section 171(9) was violative of articles 14 and 265 of the constitution, etc. ..... [1977] 110 itr 880. .....
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