Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat delhi Page 1 of about 284 results (0.109 seconds)

Mentha and Allied Products Pvt. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)43ITD33(Delhi)

..... the purpose of finding out the profit and, therefore, the income must be said to belong only to the industrial undertaking. he further held that, by the finance act of 1990, an amendment was brought in treating the receipts both of cash compensatory support and of sale of import licences, retrospectively as profits and gains of ..... make only those profits eligible for appropriate relief which are derived from the industrial undertaking. on this aspect, it would be worthwhile to note that, by the finance act, 1990, both the receipts are retrospectively sought to be treated as profits and gains of business, and that is why appropriate amendments are made not only in ..... the retrospective amendments of various sections in chapter via, it appears to me that such controversy need not be gone into. even, in the circular issued by the central board of direct taxes, when-section 80hha had been inserted by the finance (no. 2) act, 1977, with effect from april 1, 1978, in paragraph 20 of the circular, .....

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

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD211(Delhi)

..... . we have considered the submissions made on behalf of the parties and have gone through the record of the case. clause (c) of section 2(7) of the finance act, 1982 defines "industrial company as a company which is mainly engaged in the business of generation of distribution of electricity or any other form or power or in the construction ..... 1982-83, 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 55% was not applicable.6. the learned ..... income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter xvi-a of the income-tax act) is not less than 51% of such total income.8. according to the board's circular no. 103 dated 17-2-1973 an industrial company .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... to be not at arm's length, it can be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according to the above provisions, income arising from ..... carried at arm's length price is on the tax payer. in view of the above discussion it is amply clear that sec. 92 of chapter x as brought out on the statute by the finance act, 2001, has shifted the burden of proof on the assessee to establish that the international transaction has been recorded at arm's length price. ..... the marginal note: `special provisions relating to avoidance of tax'. this chapter requires the computation of income from international transactions having regard to arm's length price. the hitherto section 92 as existing on the statute up to the a.y. 2001-02 was substituted by the finance act, 2001 with sections 92 to 92f. through such tp provisions it has .....

Goodwill India Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... income and then claim higher depreciation as per income tax rules for computing total income. in any case, as mentioned above, the income tax act does not distinguish between finance lease and operating lease. since the ownership of the asset remain vested with the lessor and depreciation is also claimed by the lessor the entire amount ..... prejudicial to the interest of the non-banking financial company, further, section 45q of the rbi act is an overriding clause. this section is contained in chapter iii-b of the rbi act and it provides that the provisions of chapter iii-b shall have an overriding effect, notwithstanding anything inconsistent therewith contained in any other law, ..... as rightly held by him, such a claim is not recognized under the provisions of the income tax act. the assessee can make its claim within the parameters of deductions allowed under chapter iv d of the income tax act, 1961 and the said provisions do not provide for any such deduction. the claim for such deduction .....

Smt. Trishla JaIn Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)34ITD523(Delhi)

..... claim that concessional rate of tax at 20% is applicable under chapter xii-a of the income-tax act, 1961. the assessing officer has rejected the claim of the assessee in this regard and has imposed the tax at normal rates as applicable under the finance act of 1987. the cit(a), faridabad, has dismissed the appeals ..... exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973) and any ' rules made thereunder. 'foreign exchange asset' means any specified asset which the assessee has acquired or purchased, with, ..... definition of investment income under section 115e.since the language of the relevant provisions of the act is unambiguous we cannot unnecessarily resort to investigation and determination of intention of the legislature on the basis of speech of the finance minister. it is well settled principle of law that when the language of the statute .....

Western Geo International Ltd. Vs. Assist. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the claim of the assessee is that multi-stage grossing up cannot be resorted to in view of the insertion of section 10(10cc) in the income tax act by the finance act, 2002 with effect from assessment year 2003-04, which provides that tax on income being a perquisite, not provided for by way of monetary payment, which has ..... the said section reads as under: 195a. where under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter, is to be borne by the person by whom the income is payable, then for the purposes of deduction of tax under those provisions such income shall be increased ..... in accordance with section 44bb. there is no need to refer to section 28(iv). section 195a comes under chapter xvii of the income tax act which deals with collection and recovery of taxes whereas section 44bb comes under chapter iv which deals with computation of business income. therefore, section 195a cannot be evoked to apply the concept of .....

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 1997, section 68 cannot be invoked when the declared asset is sold later and the sale proceeds are credited in the books of account.section 68 of chapter iv of the finance act, 1997, which provided for the voluntary disclosure of income scheme, 1997, says that the amount of the voluntary disclosed income will not be included in ..... scheme and the purport behind the introduction of a special chapter for dealing with cases of search i.e. chapter xiv-b as part and parcel of the income tax act, 1961. this chapter deals with the procedure for making assessment in cases of search and was introduced by the finance act, 1995 and it comprises of various sections 158b to ..... 158bh and it came into force with effect from 01.07.1975. the various provisions contained in this chapter underwent changes from time to time keeping in mind various decisions rendered by the .....

Rbf Rig Corpn. Lic (Rbfrc) as Agent Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)297ITR228(Delhi)

..... the appropriate stage hereinafter.12. in the background of above decisions, shri tulsiyan drew our attention to provision of clause (10cc) of section 10 introduced in the statute by finance act, 2002 w.e.f. 1.4.2003: 10. in computing the total income of a previous year of any person, any income falling within any of the following clauses ..... effect from ist april, 2003 and will, accordingly, apply in relation to the assessment year 2003-04 and subsequent years. 64.6 necessary changes in various provisions of chapter-xvii relating to collection and recovery of taxes have been made to give effect to the new scheme. amendment in section 192 has also been made, so as to ..... ltd. (1980) 125 itr 150. though reference is made by the counsel for the assessee to the decision of the madras high court in cit v. g. venkataraman (1978) 111 itr 444 that could easily be explained because the language of the section which the court considered in that case was materially different from what we are dealing with .....

Paramount Enterprises Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... correct for the reasons recorded by the ao in his order and supported the conclusion of the ao in levying surcharge which in his opinion was provided under the finance act.35. we have heard the parties at length, gone through the paper books filed by the assessee and the department. we have also gone through the synopsis, ..... be rejected. in short, our considered opinion is that the aforesaid loss cannot be regarded to be undisclosed income and is thus outside the pale of chapter xiv-b of the it act.39. so far as documents referred to by the learned departmental representative are concerned, we have gone through very carefully each and every documents and in ..... . we agree with him that as per the provisions of section 113, separate surcharge cannot be levied in respect of search and seizure assessment made under chapter xiv-b of the it act. however, in view of the facts that we have held the entire assessment to be liable to cancellation, this particular ground becomes academic in nature." 50 .....

Steel Authority of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD193(Delhi)

..... than 70% of the profits. in 1987 it was felt that section 80vva has not produced the desired results. by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e., for assessment year 1988-89 onwards. under ..... to be the losses or unabsorbed depreciation of this company by virtue of clause 6 of public sector iron and steel companies (restructuring) and miscellaneous provisions act, 1978]. the real question in dispute is as to whether clause (b) of first proviso to section 205(1) permits adjustment of such loss/unabsorbed depreciation ..... as holding company with some subsidiary companies in 1978 under the public sector iron and steel companies (restructuring) and miscellaneous act, 1978. as a consequence, appellant company became operating company with effect from 1-5-1978 and following subsidiaries were dissolved : as per clause 6 of the restructuring act of 1978, the accumulated losses and unabsorbed depreciation if .....