Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: mumbai Page 85 of about 1,733 results (0.539 seconds)

Berlia Chemicals and Traders (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... earlier. if the intention was to make it retrospectively effective, it would have specified so in no uncertain terms as was done when expln. 8 was inserted by the finance act, 1986, with retrospective effect from 1st april, 1974. the situation in the present case is clearly distinguishable from the one which was before the bombay high court in the ..... net income which formed part of the total income after making permissible deductions. this was made clear, the court held, by the explanation added to rule 1 by the finance act, 1981.6. in this connection, it was contended on behalf of the assessee in that case that rule (x) can be interpreted as referring to the net income ..... two sister concerns. he relied on the decisions of the supreme court in juggilal kamlapat v. cit (1969) 73 itr 702 (sc), union of india v. gosalia shipping (p) ltd. (1978) 113 itr 307 (sc), mcdowell & co. ltd. v. cto (1985) 154 itr 148 (sc), sunil siddharthbhai v. cit (1985) 156 itr 509 (sc) and workmen of associated .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the objects and reasons for enacting the legislation were referred to (196 itr 31 (st)]. the tax was withdrawn in 1978, reintroduced in a modified form in 1980 and again withdrawn in 1985. on its reintroduction by finance (no. 2) act, 1991, w.e.f. 1st oct., 1991, the scope was enlarged by inserting sub-section (2) in section ..... effect from 1st aug., 1974, and remained in force upto 28th jan., 1978. it was revived from 1st july, 1980, and continued upto 31st march, 1985.finance (no. 2) act, 1991, again brought into force the act w.e.f. 1st oct., 1991. the operation of the act has again been suspended since 1st april, 2000. in its last reincarnation in ..... stated earlier, exclusion of interest on securities from the taxability to interest-tax act led to ambiguity. hence, the speech of the finance minister, at the time of re-introducing the interest-tax act, in the year 1991, by amending act no. 45 of 1974 by finance act, 1992, can be relied on to clarify the position. if the legislature intended .....

Assistant Commissioner of Income Vs. Premier Consolidated Capital

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)843

..... the cit(a).10. we have carefully considered the issue section 14a which has been introduced by the finance act, 2001, w.e.f. 1st april. 1962, says that for the purpose of computing the total income under chapter iv, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... a single order.2. the assessee is a company whose main object is the carrying on of business in investments and financial management activities such as hire-purchase finance equipment leasing, portfolio management, inter-corporate deposits, bill discounting and government securities and units of the unit trust of india.3. in the accounting year relevant for ..... which does not form part of the total income under the act, there is no dispute that the income from bonds was not chargeable to .....

Sigma Securities Vs. the Jcit, Spl. Rg. 28

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD342(Mum.)

..... d.r on the other hand, while controverting the contention of ld.counsel for the assessee submitted that definition of "undisclosed income" has been amended by the finance act 2002 with retrospective effect i.e. 1/7/95. in the amended definition it has been included that any expenses, deduction or allowance claimed under this ..... was introduced to streamline the procedure concerning the search matters. it is abundantly clear from the perusal of the prescription of section 158ba that within the pale of chapter xivb assessment could be made only in respect of the undisclosed income. such undisclosed income must come as a result of search. this section does not provide a ..... to draw a particular inference from a particular fact, until and unless the truth of such inference is disproved by other evidence. we find that the scheme of chapter xivb does not give power to the revenue to draw the presumption in regard to the undisclosed income. the assessing officer could proceed on the basis of material .....

The Dcit Vs. Koatex Infrastructure Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD510(Mum.)

..... of section 158bc. (2) the assessing officer or the commissioner (appeals) in the course of any proceedings under this chapter, may direct that a person shall pay by way of penalty a sum which shall not be less than the amount of ..... , we offer the following additional income for the block period:___________________________________________________________________particulars a.y 1998-99 a.y 1999-2000___________________________________________________________________dis-allowable finance charges 68,30,970/- 98,48,354/-___________________________________________________________________transport charges 6,51,360/- nil___________________________________________________________________total 74,82,330/- 98,48,354/-___________________________________________________________________ ..... assessee and the one determined by the a.o, ld. a.o issued notice under section 158bfa(2) of the act, inviting respondent's explanation as to why the penalty be not imposed. the assessee filed a detailed reply vide letter .....

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 .....

Nestle India Ltd. Vs. Cc

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (1997)(72)LC594Tri(Mum.)bai

..... under the provisions of one enactment and the customs law wherein it is the basic duty of customs that is prescribed in the customs act, while auxiliary duty is prescribed under the finance act (even though, there is only one order of assessment by the customs authorities). therefore, we hold that the appellants were not automatically ..... is not covered by notification 189/86 and it is excluded from the coverage of serial no.11(xii) of the notification which covers goods falling under chapter heading 84.19 viz. "machinery, plant or laboratory equipment, whether or not electrically heated, for the treatment of materials by a process involving a change of ..... case of certain nutritious substances, a ready cooking effect by which instant properties were obtained. the classification of the goods was confirmed by the lower authorities under chapter heading 8419.81 which is applicable to 'machinery, plant and equipment for making hot drinks or for cooking or for heating food'. the appellants came up .....

Express Hotels Pvt. Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2006)2STR367

..... central excise & customs, vadodara. in the impugned order, the commissioner demanded service tax of rs. 3,01,858.37 and imposed various penalties under sections 76,77,78 of chapter v of the finance act, 1994. the commissioner held that the service provided by the applicant fall under the service "convention services" whereas, the applicant claims that these services are defined under "mandap ..... makes this point clear. in this view of the matter, we see prima facie no justification for the commissioner to impose a penalty under sections 76,77,78 of the act. we find that a prima facie case exists in favour of the department in regard to tax liability. we, accordingly, direct the applicant to deposit a sum of rs. 1 .....

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 .....

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, .....