Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)1ITD45(Hyd.)
..... profit. this measure will yield a revenue gain of approximately rs. 75 crores." 12. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 (see [1987] 166 itr (st.) 26). in the bill as introduced, the provisions of item (iv) of the explanation to ..... amount by way of provision for losses of subsidiary companies ; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies ; or (g) the amount withdrawn from the reserve account under section 80hhd, where it has been utilised for any purpose other than those referred to in ..... a net loss after adjusting depreciation and cannot be applied to a case where there is a net profit after adjusting depreciation.18. in nothman v. barnet london borough council [1978] 1 wlr 220 at page 228 (ca), lord denning m. r. observed thus : "the literal method is now completely out of date. it has been replaced .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD1(Pat.)
..... jamshedpur motor accessories stores (supra) that the first proviso below section 43b is clarificatory and operative from assessment year 1984-85 retrospectively although the proviso was inserted by the finance act, 1987 w.e.f. 1-4-1988. this decision had been followed by the bombay bench of the tribunal in the case of rapel (supra) in coming ..... and section 43b was not applicable during assessment year 1986-87.5. the id. counsel for the assessee conceded fairly that section 43b had been inserted by the finance act, 1983 with effect from 1-4-1984, but since section 29 was amended only with effect from 1-4-1989 to include section 43b, the only conclusion to ..... the disallowance was confirmed by the cit(a).3. the ld. counsel for the assessee has advanced a novel argument before us. our attention has been invited to chapter iv of the it act, 1961 dealing with "computation of total income". section 14 gives the classification of the heads of income and contains, inter alia, "d - profits and gains .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2003)86ITD252(Chennai)
..... details before the assessing officer even though the same might have been filed before the first appellate authority. section 80a of the income tax act, which controls the whole of sections failing under chapter via, states that in computing the total income of an assessee, there shall be allowed from his gross total income in accordance with and ..... following observations have been made in the finance bill: "as donations in kind were not intended to qualify for this concession, it is proposed to make a provision for the removal of doubts clarifying that no ..... got transferred to syndicate bank by issue of cheques.similarly in this case the balance also had been transferred from grindlays bank to syndicate bank. the extract from the finance bill, 1976 (page 16 of the paper book) is also relevant. while stating that donation in kind not to qualify for tax concession, in para 61 the .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)114TTJ(Chennai)881
..... the total income of a person. in other words, these incomes do not enter the computation part at all.subsequently also when section 10a was first introduced by the finance act, 1981 w.e.f. 1st april, 1981, the said provision provided for total exemption of the income described in section 10a. similarly, when section 10b was introduced ..... section from the total income of an assessee. since these provisions provided for total exclusion from the total income, they were grouped along with section 10 in chapter iii of the act. however, later on, the nature of relief provided by these sections underwent a sea change insofar as that total exclusion of the income was removed and ..... which was titled as "incomes which do not form part of total income" and there was a distinction between the provisions contained in chapter vi-a of the act and those in chapter iii. according to him, once the profits and gains of the unit are eligible for section 10b deduction, it cannot be taken into consideration for .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(5)BomCR369; 2009(111)BomLR1529; (2009)224CTR(Bom)197; [2009]17STJ255; 2009[14]STR289; [2009]19STT408; (2009)22VST293(Bom)
..... mandapam's case (supra). in that case the supreme court was dealing with the grievance made by the mandap-keepers inter alia that the provisions of chapter v of the finance act 1994 in so far as they relate to mandap-keepers were illegal and ultravires the constitution. one of the questions raised before the supreme court was ..... challenge raised in this petition, it is necessary to see the legal provisions and various circulars which have relevance to the present case.4. in 1994 chapter v of the finance act, 1994 was enacted in order to tax services rendered by service providers in india. each year more and more services have been made taxable.5. section ..... therefore, the present petition is liable to be dismissed.34. we are concerned here with the scope of entry (zzzy) inserted into section 65(105) of the finance act 1994 by the finance act, 2007. the moot question is what kind of services are covered by this entry. as noticed by us hereinabove entry (zzzzj) was inserted into section 65( .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1985KAR955; [1985]152ITR618(KAR); [1985]152ITR618(Karn)
..... of the constitution has challenged item no. 2 of part i of the first schedule to the act introduced by the finance act of 1974 (central act no. 20 of 1974), as amended by the finance act of 1976 (central act no. 66 of 1976) (finance acts), as violative of arts. 14 and 19(1)(f) of the constitution. 4. article 19 ..... enquiry committee - final report (published by the government of indian n december, 1971). the wanchoo committee examined tax avoidance prevalent in the country in great detail in chapter iii - 'tax avoidance' - and made various recommendations action thereto. on huf, with which alone we are concerned in this case, the committee at paras 3. ..... on the new doctrine evolved by the supreme court in e. p. royappa v. state of tamil nadu, : (1974)illj172sc , maneka gandhi v. union of india, : [1978]2scr621 , ramana dayaram shetty v. international airport authority of india, : (1979)iillj217sc and ajay hasia v. khalid mujib sehervardi, : (1981)illj103sc , that arbitrariness was the very .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1997]223ITR713(AP); [1997]93TAXMAN310(AP)
..... (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74a or sub-section (3) of section 80j.' 9. by the finance act, 1987, chapter xiib containing a lone section, viz., section 115j, extracted above, was inserted with effect from april 1, 1988. it replaced section 80vva and remained in force for three ..... profit of rs. 274 crores showed no tax liability. so after conducting a careful study, by the finance act, 1987, section 80vva was deleted and section 115j was introduced by way of an independent chapter xii-b in the income-tax act and it came into force from the assessment year 1988-89. it is only when the total income ..... allowance for the assessment year, the income of the petitioner for the assessment year 1990-91 became nil. the petitioner says that section 115j was inserted by the finance act, 1987; and a new concept of book profit was introduced; and the provisions of section 80vva were deleted. by virtue of the operation of the newly inserted provision .....
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