Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: mumbai Page 74 of about 1,733 results (0.101 seconds)

Jt. Commissioner of Income-tax, Vs. D.C. Polyster Pvt. Ltd., Sir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD394(Mum.)

..... , to be carried forward. this construction of sub-sections (1) and (2), section 115j is in keeping with the avowed purpose for which chapter xii-b was introduced in the act by the finance act, 1987. this was stated by the finance minister in his budget speech1 in the following manner. it is only fair and proper that the prosperous should pay at least some ..... in circular no. 4952, dated september 22, 1987, issued by the central board of direct taxes. the circular gives explanatory notes on the provisions relating to direct tax in the finance act. with reference to section 115j, it was said : section 115j, therefore, involves two processes. firstly, an assessing authority has to determine the income of the company under the provisions of .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... : (2005) 94 itd 31 (mumbai) has observed as follows: 19. section 44d was brought on the statute, with effect from 1-4-1976, by the finance act, 1976. by the same finance act, section 115a was also introduced. section 44d, as we have already seen, provides for taxation of royalties and fees for technical services on gross basis and without allowing ..... 5a ......13. in this view of the matter, the comparison of lower tax rates under section 115a, for the non-resident taxpayers, with higher tax rates under the finance act, for resident taxpayers, is irrelevant. in the case of non-residents, there were restrictions for deduction of expenses incurred for earning dividend, interest and royalty incomes.it is ..... other wing or so to say by one hand to another. the tax is to be deductible under chapter xvu-b of the act and in case of a payment to non-resident it is section 195 of the income tax act. this section provides that "any person responsible for paying to a non-resident, not being a company, .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the clauses ofsection 14a), of section 14a. the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. 14 of 2001 issued by the central board of direct taxes, which reads as under: 25. no ..... the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. section 14a has been inserted in the income ..... and again by section 7 of the finance act, 2006. section 14a as so amended reads now as under: 14a. expenditure incurred in relation to income not includible in total income.-(1) 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-tax Officer Vs. Hindustan Petroleum Corpn. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)16ITD574(Mum.)

..... , for the assessment years prior to the assessment year 1979-80, which was covered by the clarificatory sub-section (5) of section 37 inserted by the finance act, 1983 with retrospective effect from 1-4-1979, the expenses on the guest houses under consideration here were admissible and were rightly allowed by the commissioner (appeals ..... which were disallowed by the ito. at the outset it was pointed out to us that the ground of appeal by the revenue for the assessment year 1978-79 actually pertains to the assessment year 1976-77 and a rectification application in this connection is pending before the commissioner (appeals). the learned departmental representative, ..... (appeals). on this issue, therefore, the order of the commissioner (appeals) is reversed.12. the next grievance common to the assessment years 1976-77 to 1978-79 is against the direction of the commissioner (appeals) to allow the claim of deduction of guest house expenses. the assessee-company had maintained two guest houses, .....

Chatrabhuj Dwarakadas Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD147(Mum.)

..... considering the facts of the case let us examine the legislative intention in respect of section 2(47) in which sub-clause (v) has been inserted by the finance act, 1987 w.e.f 1-4-1988. the purpose of the insertion was to neutralise certain devices and transactions pursuant to which capital assets or interest therein were ..... obtained all the necessary permissions and authorities as provided in clause 8 above and upon receipt of the no objection certificate from the appropriate authority under, chapter xxc of the income-tax act, 1961, the vendor shall grant to the purchaser and/or its nominee(s) an irrevocable licence to enter upon the vendor's share of the ..... borne by the purchaser and the purchaser has to indemnify the seller and as per clause 9 on receipt of the no objection certificate from the appropriate authority under chapter xxc the seller viz. the appellant has to give an irrevocable licence to the purchaser i.e., m/s. floreat to enter the property, ld. commissioner (appeals .....

Asstt. Cit Vs. Expresso Investments

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT287(Mum.)

..... respect of all matters relevant for the purposes of any investigation connected with any proceeding under the indian income tax act, 1922 (11 of 1922), or under this act." the explanation to sub-section (4) was introduced by finance act, 1987 with effect from 1-4-1989 and is clarificatory in nature because it starts with "for removal of ..... case of other assessees that onus is deemed to have been discharged as required under section 68. the tribunal was satisfied on the facts of those cases viz. rushab finance & investment co. (supra), dhirajlal d. goshars (supra) and expresso investments for the assessment year 1992-93. but it cannot be said that facts are identical and ..... and genuineness of transactions. mere filing of confirmatory letters does not discharge the onus that lie on the assessee. he relied on bharati (p.) ltd. v.cit (1978) 111 itr 951 (cal). regarding the disclosure made under section 132(4), learned dr submitted that the assessee had in his knowledge that loans are not genuine. .....

Dy. Cit Vs. Abg Heavy Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)303ITR328(Mum.)

..... tribunal.31. we have heard the parties and considered their submissions including the judicial authorities referred to by them. section 115ja has been inserted in the income tax act by the finance (no. 2) act, 1996 with effect from the assessment year under appeal, i.e., assessment year 1997-98 with a view to levy a minimum tax on companies which are having ..... of traffic, for safety of vessels, or for improvement, maintenance or good government of the port.referring to chapter v ("works and services to be provided at ports") of the major port trusts act, 1963, he submitted that the provisions contained in the said chapter empowered the board to provide morrings and cranes, scales and all other necessary means and appliances for loading .....

Deputy Commissioner of Income Tax Vs. Star Chemicals (Bom) (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)110TTJ(Mum.)753

..... interpretation emanating from the judgment of hon'ble supreme court in the case of b.c. srinivasa setty (supra) the legislature by the finance act, 1987 introduced the provisions of section 55(2) w.e.f. 1st april, 1988. the provisions of section 55(2) as ..... right, title and interest of the vendors subject to the ultimate outcome of legal proceedings in bccc suit no. 3809 of 1978 and bccc suit no. 3889 of 1982. thus it was clear that the assessee company was incurring legal cost to obtain ..... had thereby become the owners thereof. (j) on international airport authority of india (iaai) being constituted under the international airport authority act, 1971, all the assets, properties, rights and obligations of the civil aviation department of the government of india became the assets, ..... /12. reference made by the ao as respect to cost of bccc suit nos. 3809 of 1978 and 3889 of 1982 was not justified. suit no. 3809 of 1978 was not in respect of the impugned land. as to suit no. 3889 that suit had .....

Dy. Cit, Range 12(1) Vs. Samta Marine Kakinada

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of goodwill of a business shall be taken at the cost at which it is acquired from the previous owner or at nil the said insertion was made by the finance act, 1994 with effect from 1-4-1995, which provided that "in relation to capital asset being goodwill of a business." in other words, once any goodwill of business arises to ..... , irrespective of whether the sale consideration has been received or not received in the said previous year, the capital gains is to be computed as per the provisions contained under chapter-e. (1) in relation to a capital asset being goodwill of a business (or a right to manufacture, produce or process any article or thing) (or right to carry ..... any person, the same is includible in the hands of the said person under chapter-e i. e., capital gains and not under chapter-d i.e. profits and gains of business or profession. there is no merit in the argument of the assessee that the said income is not .....

Vinodkumar Jaichand Shah Vs. Fifth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD220(Mum.)

..... the case of schrader-scovill duncan ltd. [it appeal nos. 2463 (cal.) of 1981 and 47 (cal.) of 1982] where the applicability of section 37(5) of the act introduced by the finance act, 1983 was interpreted. section 37(5) also reads that 'for the removal of doubts' the meaning of 'guest house' was declared and the said provision was not held ..... besides, a sum of rs. 70,000 said to have been withdrawn from canara bank one month earlier was available as on the date of the declaration, namely 19-1-1978. in section 144b proceeding, the iac was convinced that the amount withdrawn from the bank consisted of a different series of high denomination notes and that the declared high denomination ..... agents. at the time of assessment, it had been submitted before the ito that the high denomination notes formed part of its cash balance on the relevant date 19-1-1978 which was rs. 2,19,852. it may be mentioned here that the decision of the supreme court in the case of lalchand bhagat ambica ram v. cit [1959] .....