Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: mumbai Page 72 of about 1,733 results (0.069 seconds)

Smt. Ana Maria Cardozo Vs. Third Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)22ITD24(Mum.)

..... the view taken by the authorities below is erroneous. the learned departmental representative, shri subramanian, argued that deposits in nr(e) account came to be first exempted by finance act, 1982 with effect from 1-4-1982 and that the orders of the authorities below are not open for any challenge. the learned counsel for the assessees furnished to ..... two assessments. the orders passed by the authorities below, relating to these two assessments, are erroneous, and liable to be set aside.18. in respect of assessments for 1978-79 and 1979-80, we, in the circumstances of this case, restore the matter to the wto to re-examine the status. he shall verify and find out whether ..... assistant commissioner confirmed the rectification orders. aggrieved by the same, the appeals for 1977-78 and 1979-80 are filed by the assessees.4. in the assessments for 1978-79 and 1980-81, the claim for exemption had been denied by the wto himself. that had been confirmed by aac in the appeals. the assessees are on .....

Ranbir Raj Kapoor Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)25ITD56(Mum.)

..... admissibility of this claim, was placed upon a decision of the gujarat high. court in the case of cit v. patel bros. & co. ltd. [1977] 106 itr 424. the finance act, 1983 by inserting explanation 2 in section 37(2a) with retrospective effect from 1-4-1976 expanded the meaning of the expression 'entertainment expenditure' to include the expenditure on the ..... for r.k. filmsk.v. sunder raman, sd/-trombay road, proprietorchembur, bombay. notice of dishonour waived.accepted. for r.k. filmssd/- sd/-rs. 10,000 due date 9-6-1978 bombay dated 28-12-1977 at (163) one hundred sixty three days after date without days of grace pay at bombay to pokardas jawaharlal or order the sum of rupees ..... of the aac was legal and valid. the bombay high court after referring to the supreme court decision in the case of addl. cit v. gurjargravures (p.) ltd. [1978] 111 itr 1 by which the decision of the gujarat high court was reversed and also referring to the decision of the andhra pradesh high court in cit v. gangappa .....

Straptex (India) (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD320(Mum.)

..... the penalty levied is 100 per cent of the money borrowed in cash. therefore, the provision should be interpreted very strictly. (e) that section 269ss was inserted by the finance act, 1984. the scope and effect of section 269ss was explained in the circular no. 387, dt. 6th july, 1984. in the above circular, it is mentioned that unaccounted ..... relevant portion of the above section, which is applicable to the issue under appeal before us reads as under : "275(1) no. order imposing a penalty under this chapter shall be passed : (c) in any other case, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition ..... the learned counsel for the assesses that the presumption under section 132(4a) is valid only for the purpose of section 132(5). section 132(5) is amended by the finance act, 1995, to provide that order under section 132(5) is required to be passed only in respect of search initiated before 1st july, 1995. therefore, section 132(5 .....

Sudhir Dattaram Patil Vs. Dy Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT678(Mum.)

..... amendment took place in section 28 and clause (v) was introduced by the same finance act, 1992 with effect from 1-4-1993 according to which any interest, salary, bonus, commission or remuneration by whatever name called due or received by a partner of ..... decide this issue it is necessary to examine certain amendments took place with effect from 1-4-1993 through finance act, 1992. before amendment there was a section 67 of income tax act providing method of computing a partner's share in the income of the firm which has been omitted with effect from 1-4-1993. a consequent ..... , adopted a device to avoid the tax by borrowing money from the group of family concerns. learned cit(a) has also distinguished a decision of cit v. rajendra prasad moody (1978) 115 itr 519 (sc), cited from the side of the assessee, and, confirmed the disallowance of interest.santosh kumar agrawal v.assistant commissioner (2001) 78 itd 394 (mum.) .....

imp Power Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)107TTJ(Mum.)522

..... measures for penalizing the employers who misutilised the contribution to pf or any other fund, set up under the provisions of esi act, 1948, or any other fund, for welfare of the employees. further, by amendment by the finance act, 2003, second proviso to section 43b was deleted and the first proviso was amended. however, correspondingly, no change in ..... cause of the assessee. the ao further held that the provisions of section 40(a)(i) were of overriding nature and even took precedence over the provisions of chapter xvh. further, he also rejected the assessee's contention that payments made were of the nature of running payments and if any tax was to be deducted, ..... the same principle and should therefore be allowed. we have been advised that since the payee is not assessed, provisions of section 195 i.e., chapter xvii are not applicable and once chapter xvii is not applicable, the provisions of section 40(1)(i) will also become redundant. moreover, our country has a dtaa with great britain .....

Acit - 1 (3) Vs. Weizmann Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... gains of business or profession for any previous year, deduction of depreciation under section 32 shall be mandatory. therefore, the provisions of section 32(2) as amended by finance act, 2001 would allow the unabsorbed depreciation allowance available in the a.y. 1997-98, 1999-2000, 2000-01 and 2001-02 to be carried forward to the succeeding ..... been to allow the unabsorbed depreciation allowance worked out in a.y. 1997-98 only for eight subsequent assessment years even after the amendment of section 32(2) by finance act, 2001 it would have incorporated a provision to that effect. however, it does not contain any such provision. hence keeping in view the purpose of amendment of ..... forward depreciation could be set off against all the heads of income. the supreme court in an another decision in the case of rajapalayam mills ltd v. cit (1978) 115 itr 777, held that no unabsorbed depreciation was not only to be set off against other heads of income in the relevant previous year but where it .....

Second Income-tax Officer Vs. National Machinery Mfrs.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)15ITD514(Mum.)

..... could be given by means of a notification issued by the central government unless expressly provided for in the statute, namely, section2(14)(iii). we find nothing either in the finance act, 1970, which substituted a new sub-clause (iii) for the old sub-clause (iii) in section 2(14) or in the new sub-clause (iii), empowering the central ..... commissioner (appeals) erred in holding that the depreciation was admissible on drawings and designs amounting to rs. 5,53,404. in paragraph 16 of the appellate order dated 29-7-1978, the tribunal had remanded this issue also to the a ac for the following reasons : 16. as we pointed out earlier, the ito did not consider the assessee's ..... cwt v. h.v. mungale [1984] 145 itr 208. shri r.c. desai next relied upon the decisions of the gujarat high court in smt. chandravati atmaram patel v. cit [1978] 114 itr 302, cit v. vajulal chunilal (huf) [1979] 120 itr 21 and manibhai motibhai patel v. cit [1981] 131 itr 120 as supporting the contentions of the assessee. .....

First Income-tax Officer Vs. V.J. Paymaster

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)27ITD351(Mum.)

..... 339 (bom.) of 1984, dated 29-9-1986], (to which one of us was a party). it is seen that section 10(14) of the it act was amended by finance act, 1975 with retrospective effect from 1-4-1962 and an explanation was introduced which reads as under: explanation: for the removal of doubts, it is hereby declared ..... considet clause (5a) possibly because the amendment brought about by the taxation laws (amendment) act, 1984 was not before the hon'ble court at the relevant time. ..... -clause (v)(a) by taxation laws (amendment) act, 1984 with retrospective effect from 1-4-1978 has to be considered only clarificatory. further, it would appear that the court considered clause (10aa) of section 10 which was introduced by the finance act, 1982 with retrospective effect from 1-4-1978 in this context but did not have occasion to .....

Anchor Line Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD403(Mum.)

..... the 'total income'. chapter iv-d deals with the topic 'profits and gains of business or profession'. it is comprised over sections 28 to 44d. section 44b speaks of 'special provision for computing profits and gains of shipping business in the case of non-residents'. this was brought on the statute book by insertion by finance act, 1975 with effect ..... ground no. 2 taken by the assessee-appellant before the income-tax appellate tribunal, i will like to supplement our reasoning in the following terms.2. chapter iv in the income-tax act, 1961 deals with the topic,'computation of total income'. subject matter of charge to income-tax under the provisions of the income-tax ..... under sections 28 to 43a do not come into play. the net result is that under chapter iv-d the measure of computation provided in section 44b becomes the net but other chapters in the apt do not stand excluded. naturally chapter vi of the act, which deals with the, topic, 'aggregation of income and set off or carry forward of .....

R.M. Enterprises, Mittal Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... construction co. ltd. [1983] 142 itr 696 (bom), the hon'ble high court has given a restricted moaning to the definition of " industrial company " contained in the finance acts only because the word " construction " is used' in connection with ships and not in connection with other construction activities. he also pointed out that the said provision advisedly contains ..... 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 vi-a of the income-tax act), is not less than fifty-one per cent, of such total income : provided that this clause shall not apply for the purposes of ..... 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 vi-a of the income-tax act) is not less than fifty-one per cent, of such total income ; (ii) ' project' means a project for the construction of a building, .....