Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat mumbai Page 1 of about 275 results (0.281 seconds)

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. 2) act, 1980 brought on the statute book the above two sections, viz. sections 80aa and 80ab, since one is made retrospective ..... raised on behalf of the assessee can be summarised as under:- (i) that on the basis of approval granted by the central board of direct taxes dated 4th april 1978 (assessee's paper book page 27), it cannot be said that either facts have been mis-stated or, else, incomplete facts have been given to the central board of ..... these appeals, which have been filed by the assessee, a resident company, are 1979-80, 1980-81 and 1982-83 with respective previous years having ended with 31st december 1978, 31st december 1979 and 31st december 1981. one of the common issues involved in all these appeals is the deduction claim of the assessee made under section 80-o .....

Daga Containers (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT666(Mum.)

..... carried on by him in the previous year relevant to that assessment year. the relevant observations of their lordships are extracted hereunder, for the sake of reference : "6. the finance act, 1972, in the first instance, inserted a new item of the enumeration of income in section 2(24) by inserting clause (ix) therein. it has made any winnings ..... against income, if any, from any source other than the activity of owning and maintaining race horses in that year and shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and (a) it shall be set off against the income, if any, from the activity of owning and maintaining race ..... of income except his winnings from races nor is it allowed to be carried forward to be set off against income from any source in any subsequent year.the finance act, 1974, has amended section 74a so as to provide that the losses incurred by owners of race horses in the activity of owning and maintaining such horses, to .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the provisions of section 14-a.108. the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under:- "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation ..... arguments of the learned special counsel for revenue, it is significant that both the provisions of section 14a and section 94(7) were introduced by the same finance act, 2001. while the provisions of section 14a have been given retrospective effect from 1.4.1962, the provisions of section 94(7) have been introduced prospectively ..... the legislature became alive to the hardships which the retrospection of the provision could cause to the tax payers. hence the proviso above mentioned was inserted by the finance act, 2002 with retrospective effect from 11th may, 2002.it, therefore, meant that an assessment order already made could not be disturbed or interfered with on the .....

Plastiblends India Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD295(Mum.)

..... gross total income for the purpose of section 80 ia. this view is further strengthened by the fact that explanation 5 has been inserted under section 32 by the finance act, 2001 w.e.f. 1.4.2002. this explanation provides that section 32 shall apply whether or not the assessee has claimed the deduction in respect of depreciation, ..... the total taxable income. this is the ratio of the judgment of the supreme court also in the case of cambay electric supply industrial company ltd. v. cit (1978) 113 itr "chapter vi-a, for the purposes of computing such deductions, constituted a separate code by itself. in order to compute the total taxable income of the assessee, deductions ..... facts are clear and undisputed and the moot question which arises to be adjudicated is whether in the case of an assessee who has claimed deduction under chapter vi-a of the it act, depreciation can be thrust upon him by the ao even though not claimed by the assessee. the hon'ble supreme court decision in the case of .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... from out of the funds received by it, which were essentially in the nature of subscription funds.referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and three months subsequent to the declaration ..... by describing an agreement in a particular form though in essence and in substance it may be a different transaction."union of india v. gosalia shipping p. ltd. (1978) 113 itr 307(sc), honble supreme court held, "it is true that one could not place over-reliance on the form which the parties give to their .....

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... book profit is considered for the computation of section 80hhc.48. the concept of "minimum alternate tax" was introduced by the finance act, 1987 w.e.f. 1st april, 1988, through section 115j under chapter xii-b of the it act, 1961. this provision remained in the statute book for the period from the asst. yrs. 1988-89 to 1990-91.section ..... 115j as originally introduced by the finance act, 1987 did not provide any exemption to export profits under section 80hhc. at the same ..... in similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it very clear that the deduction under section 80hhc would be available in its entirety to an assessee even if the relief under section 80hhc is .....

Narangs Hotels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD190(Mum.)

..... learned departmental representative, shri deepak tralshawala, opening his arguments, first referred to the definition of "industrial company" as given in s. 2(8)(c) of the finance act, 1974, which is relevant for the assessment year under consideration. it reads as follows : "industrial company" means a company which is mainly engaged in the business ..... before making any deduction under chapter vi-a of the it act) is not less than fifty-one per cent of such total income".30. comparing the above two definitions, the difference between the two is quite noticeable. definition under s. 80j excludes 'processing' of goods, whereas definition in the finance act excludes 'production'. the only ..... undertaking eligible for investment allowance, esa and relief under s. 80j." 20. the tribunal observed that similar issued had arisen in respect of asst. yr. 1978-79 and the matter was pending before the hon'ble supreme court in the assessee's india hotels co. ltd. own case. under the circumstances, the .....

Dy Cit, Central Circle 5 Vs. Mrs. Meena Nayan Chandan

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT1(Mum.)

..... 142(1), 143(2) or 142(ia), 147/148. the undisclosed income falling in this domain will suffer tax at normal rates as prescribed in the yearly finance act and also suffer interest and penalty as provided under sections 234a, 234b, 234c, 271(1)(c), 271b etc. the undisclosed income falling under search domain will have ..... direct or prima facie, which is later supported by further evidence collected on post-search enquiries and investigation, addition as undisclosed income cannot be made under chapter xiv-b.cit v. khushlal chand nirmal kumar "search and seizure-block assessment-un explained expenses-investment in construction-addition cannot be made on basis of departmental ..... procedure laid down in the two categories of assessments provide assessment of undisclosed income. thus a perusal of the provisions of section 147/148 and that of chapter xiv-b shows that there are two domains of undisclosed income. one is undisclosed income relating to money, jewellery, valuable or articles or things or .....

Smt. Babita P. Kanungo Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)277ITR177(Mum.)

..... referred to in section 5, computed in the manner laid down in this act. in chapter iii, section 10(1) of this act clearly says that agricultural income is not to be included in total income. here, it is pertinent to note that as per section 2(2) of the finance act, 1997, also, only agricultural income of the assessee has to be ..... be said that the agricultural income of the minor children of the assessee is agricultural income of the assessee and, therefore, in view of section 2(2) of the finance act, 1997, this agricultural income of the minor children of the assessee cannot be included into the income of the assessee for rate purposes. we hold accordingly and both these ..... income of the assessee for rate purposes. we find that for including the agricultural income for rate purposes, it has to be done as per section 2(2) of the finance act, 1997, which is reproduced below : "in the cases to which para a of part i of the first schedule applies, where the assessee has, in the previous year, .....

income-tax Officer Vs. George Motors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD602(Mum.)

..... ended 31-12-1978 was the relevant previous year.2. the only ground taken in this appeal is that the commissioner (appeals) erred in holding that the repairing of motor car was 'processing of goods' within the meaning of the definition of 'industrial company' appearing in section 2(7)(c) of the finance act, 1979 ('the act.'). it may be ..... 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 via of th e income-tax act) is not less than fifty-one per cent of such total income.3. the case of the assessee before the ito was that it was ..... it was held that the folding and stitching of the printed sheets would constitute 'processing of goods' within the meaning of 'industrial company' as envisaged under the aforesaid finance act, the case of the assessee before the commissioner (appeals) was that it got damaged automobiles and repaired the same in order to produce commercially new articles.hence, it .....