Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat mumbai Page 17 of about 275 results (0.065 seconds)

Datamatics Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)110ITD24(Mum.)

..... used under section 209(1)(a) made the assessee estimate his current income and since a bona fide dispute was pending which, was clarified by the legislature by the finance act, 1999, imposition of interest under section 234b was not justified without a hearing and without reasons.52. the same principle, we are of the view, is applicable in ..... under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income. explanation 2 : where, in relation ..... 'ble supreme court in the case of continental construction ltd. v.cit (supra), contended that there is no bar to allow deduction under two sections forming part of chapter vi-a, in respect of same receipts.it was submitted, deduction under section 80hhe as well as section 80-o should be allowed.15. this claim of the .....

Aayakar Bhavan, Mumbai Vs. Dena Bank, Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... v), and is therefore to be allowed as deduction there-under, the balance being debited to the provision account. further, vide explanation 2 to section 36(1)(vii) (inserted by finance act, 2013 w.e.f. 01.04.2014) it has been clarified that the provision for bad and doubtful debts u/s.36(1)(viia) refers to a single account toward ..... . cit(a) confirming the computation of income u/s.115jb; on the basis that the assessee, being a banking company, is not exigible to tax under the mat provisions of chapter xvii-b. we decide accordingly, allowing the assessee's relevant ground. 8. in the result, the assessee's appeal is partly allowed. revenue's appeal (in ita no. 4112/ ..... second and the only other ground in the assessee's appeal is toward confirmation of the assessee's liability u/s.115jb of the act, rejecting its claim of the mat provisions of chapter xii-b of the act being not applicable to it. the matter, even as was the common contention of the parties, stands squarely covered by a series of .....

National Construction Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD677(Mum.)

..... 'article' i.e., the building. but, the assessee's case rests on a reference to explanation 2 to section 80j(1). this explanation introduced retrospectively by the finance act, 1980 does not support the assessee's case. this explanation refers to computation of capital employed only, which, earlier, formed part of rule 19a. even otherwise, when ..... conclusion. (pp. 379-80) 16. the bombay high court had before them a case of interpretation of an 'industrial company' under section 2(7)(d) of the finance act, 1966.there were expressions 'construction' and 'manufacture' in the provision to be construed. the high court has pointed out that the legislature 'does not want to include ..... various persons on ownership basis.3. in the assessment proceedings for the assessment year 1979-80, for which the accounting year was the year ended 30-6-1978, the assessee claimed that they were entitled to deduction under section 80j. the ito held that the assessee was not eligible for the deduction, while, on appeal .....

A-z (industrial) Premises Vs. Competent Authority, Iac

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)12ITD451(Mum.)

..... ordered that the property, being the leasehold land measuring 17,199 sq. yards together with the structures now standing thereon, to be acquired under the provisions of chapter xx-a of the act.6. the society has filed this appeal before the tribunal on various grounds ; firstly, objecting to the initiation of the proceedings for acquisition of the entire ..... on 1-11-1976.the learned counsel has proceeded to argue that the law for the acquisition of immovable property was introduced by the insertion of chapter xx-a in the act with effect from 15-11-1972. according to him, the competent authority was invested with the power to acquire the property with effect from 15- ..... his argument, the learned standing counsel had made the only ground for rejecting the registered valuer's report and it was that the property was valued for january 1978, for which there was no justification. the registered valuer had valued the property on the basis of the amount it would have cost, and the estimated profits .....

inspecting Assistant Vs. Hoechst India Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD689(Mum.)

..... m.b.h.it is submitted by the learned departmental representative that the relief granted by the cit(a) is without any justification. adverting to the amendment made by the finance act, 1980 w.e.f. 1/4/1981, it is pointed out that several of the sub-clauses of section 35b(l)(b) have been deleted and those that survived ..... the cit(a) was in error in directing the ito to grant relief under section 80j in regard to universal plant unit commissioned in june 1980 as the same was financed exclusively from the borrowings from the banks. there was no outlay of any capital by the assessee. the i ac has clearly stated in his order that the fixed ..... construed as to effectuate the object of the legislature and not to defeat it. this view has been reiterated by the gujarat high court in cit v. satellite engg. ltd. [1978] 113 itr 208. the provisions of section 80j are incentive provisions and are intended to give impetus to industrial activity. such provisions, therefore, have to be construed liberally. that .....

Standard Chartered Bank Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)39ITD57(Mum.)

..... to promote rural banking and assisting the scheduled commercial banks in making proper provisions from their current profits to provide for risks in relation to their rural advances, the finance act 1979 inserted a new clause (viia) in sub-section (1) of section 36 to provide for a deduction in computation of taxable profits in all scheduled commercial ..... advance made by the rural branches of a scheduled and non-scheduled bank was allowed as a deduction. the provisions of section 36(1)(viia) were amended by finance act, 1985 with effect from 1-4-1985 to extend the cushion to all scheduled and non-scheduled banks and an amount not exceeding 10% of the total income ..... country outside india) or a non-scheduled bank, an amount not exceeding ten per cent of the total income (computed before making any deduction under this clause and chapter vi-a) or an amount not exceeding two per cent of the aggregate average advances made by the rural branches of such bank, computed in the prescribed manner, .....

Ceat International S.A. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)36ITD603(Mum.)

..... revenue authorities. the issued capital of the indian company was in terms of rupees. the indian company in its letter dated 1-4-1958 to the chief secretary, ministry of finance, specifically stated that 60% of the issued capital, i.e., rs. 69 lakhs out of the total issue of rs. 1,15,00,000 will be subscribed by ceat ..... contrary decision, the tribunal was bound to follow it in view of the principles laid down by the bombay high court in the case of cit v. smt. godavaridevi saraf [1978] 113 itr 589.6. we have given our anxious consideration to the arguments on both the sides. we have also gone through the various authorities cited. we are here ..... held that the loss incurred by transferring the income to germany and conversion into dms., was an event after the computation of capital gains and was not taxable under the act. in our opinion, this decision would appear to cover the issue squarely in favour of the revenue and against the assessee since it is given on almost exactly identical .....

Laxmichand Bhagaji Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)48ITD322(Mum.)

..... (supra) at p.56 that unfortunately, their lordships were given a wrong book wherein they noted section 271(1)(iii) as amended by finance act, 1976, with effect, from 1-4-1976 and the explanations 3 and 4 annexed thereto.because of this, the above observations were made ..... , reliance was placed on the judgment of the madras high court in the case of addl.cit v. murugan timber depot [1978] 113 itr 99, which dealt with the law as it existed prior to 1-4-1968. they have also relied on ..... accepted during the previous year relevant to the assessment year 1985-86. our attention was also invited to the banking laws (amendment) act, 1983, already referred to by us earlier, according to which the assessee was debarred from receiving fresh deposits with effect from ..... revenue for levy of penally under section 271(1)(c) of the act. reliance was also placed on the decision of the bombay high court in thecase of western automobiles (india} v. cit [ 1978] 112 itr 1048 and that of the madras high court in the .....

Cadell Weaving Mill Co. Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... conceived. the leading case propounding this interpretation is cit v. b. c. srinivasa setty [1981] 128 itr 294 (sc). in order to overcome the judicial interpretation, the finance act, 1987, with effect from april 1, 1988, has provided in section 55(2)(a) that cost of acquisition in the case of self-generated goodwill will be taken ..... of rs. 575 to the landlord. the contractual terms of lease were not extended and so the terms of the above two indentures expired on october 25, 1978. however, from that date onwards the assessee was continuing in possession of the tenanted premises as a statutory tenant under section 12 of the bombay rents, hotel ..... premises 3. whether a statutory tenant governed by the bombay rent act could have created a valid licence before 1973 4. whether vasant tatoba hargude v. dikkaya muttaya pujari, air 1980 bom 341 and chandrakant kashinath tkahur v. narayan lahhanna shetty (first appeal no. 754 of 1978) (reported in 1980 bombay rc 122) were correctly decided ?" 21 .....

Assistant Commissioner of Income Vs. Meghraj GolechA. (Meghraj

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)60ITD448(Mum.)

..... any of his contentions before any of the authorities. moreover, the exemption from tax of income from self-occupied property was given by the finance act, 1986, w.e.f. 1st april, 1987, and would not be available to the assessee in these assessment years. this objection is, ..... of complying with the notices under s. 148/142(1), assessee wrote to the ao with reference to recovery proceedings for asst. yrs.1978-79 to 1985-86 that after setting aside of the assessment orders by the cit(a), the income-tax demand had become nil and ..... estimate basis. when assessee went in appeal, the learned cit(a) vide his orders dt. 10th march, 1988, for the asst. yrs. 1978-79 to 1983-84 and dt.11th march, 1988, for the asst. yrs. 1984-85 and 1985-86, set aside all the assessments ..... 1985-86, the ao had also mentioned that peak loans of rs. 27.33 lacs were noticed in the accounting year 1st july, 1978, to 30th june, 1979. it was also stated from the side of the revenue, and admitted on behalf of the assessee, that .....