Array ( [0] => ..... 28 of the paper book, wherein it was stated that during the year under consideration and also prior to that assessee has been engaged in the business of giving finance on lease basis, hire-purchase and as loans to its customers wherein the repayment of the loans and the interest thereon was recovered in the form of equated monthly ..... p&l a/c, while framing reassessment, is bad in law.2. the assessee company was incorporated on 22nd may, 1995 and its main business activity is hire-purchase, finance and leasing. return declaring income of rs. 1,38,316 was filed on 30th sept. 1997. the computation of income as submitted along with return was as under: income ..... chapter and then section by section and ultimately word by word. it is not in dispute that the ao does not have any jurisdiction to review its own order. his jurisdiction is confined only to rectification of mistake as contained in section 154 of the act. the power of rectification of mistake conferred upon the ito is circumscribed by ..... [1] => ..... this clause payable for service rendered in india shall be regarded as income earned in india ; 4. with the insertion of this explanation retrospectively from 1-4-1979, by the finance act, 1983, the relevant provision of law, viz., section 9(l)(ii) stands as under : (1) the following incomes shall be deemed to accrue or arise in india- (ii) ..... of the case of s.g. pgnatale (supra) and respectfully following the ratio of the above case uphold the impugned orders for the assessment years 1976-77, 1977-78 and 1978-79. appeals of the revenue in relation to the assessee, where these assessment years are involved, fail and stand dismissed.9. as regards the assessment year 1979-80 [it ..... , i.e., 1-4-1979, in our opinion, the provision of section 9(1)(ii, as it originally stood, will apply up to and including the assessment year 1978-79. the orders of the learned first appellate authority up to that assessment year as such call for no interference at our level in view of the categorical finding of ..... [2] => ..... permissible. the ratio of the said decision cannot be applied since section 115a was brought on the statute book with effect from 1-6-1976 by 'insertion' by the finance act, 1976 and assessment years involved in the case before the hon'ble orissa high court were 1964-95, 1965-66 and 1966-67, hence no grossing up provision was ..... be held as not includible in the assessable income of the year under appeal. 2. that withholding of ff 2.1 million for the first instalment received in october 1978 from the second instalment received in may 1.979 be adjusted while computing the assessable income for the above year. 3. that only the amount paid by the government of ..... wherein a total consideration of ff 133 million was agreed upon. this was preceded by a payment of 14000000 ff under the provision of the intention to proceed in october 1978. the balance of 119000000 ff was to be received in instalments. it has been clarified by the assessee that prior to the date on which each instalment became due, ..... [3] => ..... into between the assessee-company and the government of kenya. the commissioner (appeals) pointed out that the persons who undertook the tour to kenya to discuss with the finance minister, the government of kenya and other high officials was only in connection with the supply of machinery or the supply of know-how. this purpose of the visit ..... and should not have been regarded as revenue expenditure by importing into it the theory that for the purpose of grant of section 80j of the income-tax act, 1961 ('the act'), relief expansion of existing business was judicially noticed as amounting to establishment of new industrial undertaking and on the same analogy the expansion should also be considered ..... , namely, rs. 15.43 lakhs in 1977 and about rs. 34.60 lakhs in 1979 besides the assessee-company also exported machinery worth rs. 42.54 lakhs in 1978 and rs. 74.74 lakhs in 1979, which was a part of the assessee's sale proceeds. so the executives of the assessee-company had to visit kenya either ..... [4] => ..... satisfaction of which registration enures to a firm.11. we also notice that after providing for heads of income in section 14 of the act under chapter iv, dealing with the computation of total income, the income-tax act proceeds to lay down the method of computation of such income under each head. thus, income from salaries is to be computed as ..... firm, then the expenses by way of interest and salary to the partners should have been allowed in full. the ground projected in this manner related to assessment years 1978-79 and 1979-80. however, in the asst. year 1981-82 it appears that there were two periods for the assessment as the income was worked for two different ..... the salary and interest paid to partners which amounted to rs. 3,884 & rs. 31,562 and rs. 35,761 & rs. 30,742 respectively for the asst. years 1978-79 and 1979-80. the position regarding the assessment year 1981-82 is not clear though the salary and interest were disallowed similarly. for the asst. year 1982-83 interest ..... [5] => ..... should be included as capital. the tribunal by its order in i.t.a. nos. 361 to 364/1978-79 dated 27-8-1980 allowed the assessee's claim, following the law as then decided, understood and applied. subsequently by finance act no. 2 of 1980, section 80j was amended with retrospective effect, providing that in computing the capital employed ..... which covered the years under appeal before the tribunal. since the tribunal had not noticed the amendment and gave relief which was against the provisions of the income-tax act, as amended with retrospective effect. the department had by a misc.application dated 28-1-1981 brought this mistake to the notice of the tribunal and requested it ..... rs. 9678. the assessee applied for rectification of his assessment and wrote several letters to the income-tax authorities right from december, 1959. but the department did not act on those applications.it filed a writ in the high court in 1967 for a writ to compel the i.t.o. to rectify the assessment. it was pleaded ..... [6] => ..... tax, penalty and interest. the tax is what is payable as per the rates of tax prescribed under the finance act on the total income computed. penalties are those payable for violation of the provisions of the income-tax act. as has been held by the supreme court in central provinces manganese ore co. ltd.'s case [1986] 160 itr 961 ..... thus, a combined reading of sections 218, 219, 221 and 222 provide a positive intention on the part of the legislature that amounts paid or recovered under that chapter continue to be treated as advance tax and retain that character as such till they are adjusted against the tax payable on regular assessment. advance tax paid after the expiry ..... " 20. the underlined words would show that any sum paid by or recovered from an assessee continues to be treated as advance tax paid in pursuance of that chapter, and both shall be treated as payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment ..... [7] => ..... words "other than a payments for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the payments by ..... to the financial year 1996-97 to 1998-99 only.proceeding further, it was stated by him that section 10(15a) of the act was substituted w.e.f. 1st april, 1996, by the finance act, 1995 according to which the payments made for providing spares, facilities or services in connection with the operation of leased aircraft were excluded ..... or after deducting fails to pay such tax as required by or under the act. the provisions for deducting the tax at source are incorporated in chapter xvii of the act. in the present case, we are concerned only with the provisions of section 195 of the act, relevant portion of which, for the benefit of this order, is being reproduced ..... [8] => ..... . hence the nature of impugned amount is that of the interest. the interest was payable outside india on which tax had not been paid or deducted under chapter xvii-b of the act. so the amount was not deductible in computing the income chargeable under the head 'profits and gains of business' under section 40(a)(i) of the ..... in the commercial world other than the ship and, therefore, the assessees should be held entitled to claim deductions under sections 80hha and 80-i. cst v. indian metal traders (1978) 41 stc 169 (bom) and ashish steels (p) ltd. v. mukhopadhyay (1989) stc 293 (bom) followed; cst v. delhi ironand steel (p) ltd. (1995) 98 stc 202 (bom ..... an activity of manufacture or production of any article or thing for the purposes of availing of the benefit of deductions under sections 80hh and 80-i of the it act, 1961. the tribunal was, therefore, wrong in holding that ship-breaking activity gives rise to manufacture and production of altogether new articles or things and in allowing ..... [9] => ..... "other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by the finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the payments by ..... or after deducting fails to pay such tax as required by or under the act. the provisions for deducting the tax at source are incorporated in chapter xvii of the act. in the present case, we are concerned only with the provisions of section 195 of the act, relevant portion of which, for the benefit of this order, is being reproduced ..... the question that arises is as to what was intended to be excluded by the legislature by amendment made by the finance act, 1995, w.e.f. 1st april, 1996. from the perusal of the memorandum explaining the provisions of the finance bill, 1995, it appears that after the insertion of section 10(15a) in the statute, it was experienced by ..... ) Finance Act 1978 Chapter Iii Direct Taxes - Court Income Tax Appellate Tribunal Itat Delhi - Page 9 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat delhi Page 9 of about 284 results (4.388 seconds)

Jan 31 2008 (TRI)

Moonbeam Finvest Lease Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)510

..... 28 of the paper book, wherein it was stated that during the year under consideration and also prior to that assessee has been engaged in the business of giving finance on lease basis, hire-purchase and as loans to its customers wherein the repayment of the loans and the interest thereon was recovered in the form of equated monthly ..... p&l a/c, while framing reassessment, is bad in law.2. the assessee company was incorporated on 22nd may, 1995 and its main business activity is hire-purchase, finance and leasing. return declaring income of rs. 1,38,316 was filed on 30th sept. 1997. the computation of income as submitted along with return was as under: income ..... chapter and then section by section and ultimately word by word. it is not in dispute that the ao does not have any jurisdiction to review its own order. his jurisdiction is confined only to rectification of mistake as contained in section 154 of the act. the power of rectification of mistake conferred upon the ito is circumscribed by .....

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Jul 28 1984 (TRI)

income-tax Officer Vs. S.A. Hareford

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)11ITD569(Delhi)

..... this clause payable for service rendered in india shall be regarded as income earned in india ; 4. with the insertion of this explanation retrospectively from 1-4-1979, by the finance act, 1983, the relevant provision of law, viz., section 9(l)(ii) stands as under : (1) the following incomes shall be deemed to accrue or arise in india- (ii) ..... of the case of s.g. pgnatale (supra) and respectfully following the ratio of the above case uphold the impugned orders for the assessment years 1976-77, 1977-78 and 1978-79. appeals of the revenue in relation to the assessee, where these assessment years are involved, fail and stand dismissed.9. as regards the assessment year 1979-80 [it ..... , i.e., 1-4-1979, in our opinion, the provision of section 9(1)(ii, as it originally stood, will apply up to and including the assessment year 1978-79. the orders of the learned first appellate authority up to that assessment year as such call for no interference at our level in view of the categorical finding of .....

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Jan 31 1985 (TRI)

British Aerospace Aircraft Group Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)21ITD26(Delhi)

..... permissible. the ratio of the said decision cannot be applied since section 115a was brought on the statute book with effect from 1-6-1976 by 'insertion' by the finance act, 1976 and assessment years involved in the case before the hon'ble orissa high court were 1964-95, 1965-66 and 1966-67, hence no grossing up provision was ..... be held as not includible in the assessable income of the year under appeal. 2. that withholding of ff 2.1 million for the first instalment received in october 1978 from the second instalment received in may 1.979 be adjusted while computing the assessable income for the above year. 3. that only the amount paid by the government of ..... wherein a total consideration of ff 133 million was agreed upon. this was preceded by a payment of 14000000 ff under the provision of the intention to proceed in october 1978. the balance of 119000000 ff was to be received in instalments. it has been clarified by the assessee that prior to the date on which each instalment became due, .....

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Apr 11 1986 (TRI)

income-tax Officer Vs. J.K. Synthetics Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1986)18ITD490(Delhi)

..... into between the assessee-company and the government of kenya. the commissioner (appeals) pointed out that the persons who undertook the tour to kenya to discuss with the finance minister, the government of kenya and other high officials was only in connection with the supply of machinery or the supply of know-how. this purpose of the visit ..... and should not have been regarded as revenue expenditure by importing into it the theory that for the purpose of grant of section 80j of the income-tax act, 1961 ('the act'), relief expansion of existing business was judicially noticed as amounting to establishment of new industrial undertaking and on the same analogy the expansion should also be considered ..... , namely, rs. 15.43 lakhs in 1977 and about rs. 34.60 lakhs in 1979 besides the assessee-company also exported machinery worth rs. 42.54 lakhs in 1978 and rs. 74.74 lakhs in 1979, which was a part of the assessee's sale proceeds. so the executives of the assessee-company had to visit kenya either .....

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Feb 17 1989 (TRI)

income-tax Officer Vs. Republic Electricals Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)29ITD449(Delhi)

..... satisfaction of which registration enures to a firm.11. we also notice that after providing for heads of income in section 14 of the act under chapter iv, dealing with the computation of total income, the income-tax act proceeds to lay down the method of computation of such income under each head. thus, income from salaries is to be computed as ..... firm, then the expenses by way of interest and salary to the partners should have been allowed in full. the ground projected in this manner related to assessment years 1978-79 and 1979-80. however, in the asst. year 1981-82 it appears that there were two periods for the assessment as the income was worked for two different ..... the salary and interest paid to partners which amounted to rs. 3,884 & rs. 31,562 and rs. 35,761 & rs. 30,742 respectively for the asst. years 1978-79 and 1979-80. the position regarding the assessment year 1981-82 is not clear though the salary and interest were disallowed similarly. for the asst. year 1982-83 interest .....

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Sep 04 1989 (TRI)

Somany Pilkingston'S Ltd. Vs. Income-Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)31ITD287(Delhi)

..... should be included as capital. the tribunal by its order in i.t.a. nos. 361 to 364/1978-79 dated 27-8-1980 allowed the assessee's claim, following the law as then decided, understood and applied. subsequently by finance act no. 2 of 1980, section 80j was amended with retrospective effect, providing that in computing the capital employed ..... which covered the years under appeal before the tribunal. since the tribunal had not noticed the amendment and gave relief which was against the provisions of the income-tax act, as amended with retrospective effect. the department had by a misc.application dated 28-1-1981 brought this mistake to the notice of the tribunal and requested it ..... rs. 9678. the assessee applied for rectification of his assessment and wrote several letters to the income-tax authorities right from december, 1959. but the department did not act on those applications.it filed a writ in the high court in 1967 for a writ to compel the i.t.o. to rectify the assessment. it was pleaded .....

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Dec 27 1991 (TRI)

A.K. JaIn and Brothers (Huf) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)40ITD100(Delhi)

..... tax, penalty and interest. the tax is what is payable as per the rates of tax prescribed under the finance act on the total income computed. penalties are those payable for violation of the provisions of the income-tax act. as has been held by the supreme court in central provinces manganese ore co. ltd.'s case [1986] 160 itr 961 ..... thus, a combined reading of sections 218, 219, 221 and 222 provide a positive intention on the part of the legislature that amounts paid or recovered under that chapter continue to be treated as advance tax and retain that character as such till they are adjusted against the tax payable on regular assessment. advance tax paid after the expiry ..... " 20. the underlined words would show that any sum paid by or recovered from an assessee continues to be treated as advance tax paid in pursuance of that chapter, and both shall be treated as payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment .....

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Feb 12 2002 (TRI)

Sahara Airlines Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)83ITD11(Delhi)

..... words "other than a payments for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the payments by ..... to the financial year 1996-97 to 1998-99 only.proceeding further, it was stated by him that section 10(15a) of the act was substituted w.e.f. 1st april, 1996, by the finance act, 1995 according to which the payments made for providing spares, facilities or services in connection with the operation of leased aircraft were excluded ..... or after deducting fails to pay such tax as required by or under the act. the provisions for deducting the tax at source are incorporated in chapter xvii of the act. in the present case, we are concerned only with the provisions of section 195 of the act, relevant portion of which, for the benefit of this order, is being reproduced .....

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Oct 27 2004 (TRI)

Alang Auto and General Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)97TTJ(Delhi)778

..... . hence the nature of impugned amount is that of the interest. the interest was payable outside india on which tax had not been paid or deducted under chapter xvii-b of the act. so the amount was not deductible in computing the income chargeable under the head 'profits and gains of business' under section 40(a)(i) of the ..... in the commercial world other than the ship and, therefore, the assessees should be held entitled to claim deductions under sections 80hha and 80-i. cst v. indian metal traders (1978) 41 stc 169 (bom) and ashish steels (p) ltd. v. mukhopadhyay (1989) stc 293 (bom) followed; cst v. delhi ironand steel (p) ltd. (1995) 98 stc 202 (bom ..... an activity of manufacture or production of any article or thing for the purposes of availing of the benefit of deductions under sections 80hh and 80-i of the it act, 1961. the tribunal was, therefore, wrong in holding that ship-breaking activity gives rise to manufacture and production of altogether new articles or things and in allowing .....

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Apr 12 2005 (TRI)

Deputy Commissioner of Income Tax Vs. Sahara Airlines Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)969

..... "other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by the finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the payments by ..... or after deducting fails to pay such tax as required by or under the act. the provisions for deducting the tax at source are incorporated in chapter xvii of the act. in the present case, we are concerned only with the provisions of section 195 of the act, relevant portion of which, for the benefit of this order, is being reproduced ..... the question that arises is as to what was intended to be excluded by the legislature by amendment made by the finance act, 1995, w.e.f. 1st april, 1996. from the perusal of the memorandum explaining the provisions of the finance bill, 1995, it appears that after the insertion of section 10(15a) in the statute, it was experienced by .....

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