Court : Chennai
Reported in : [1999]239ITR734(Mad)
..... carried forward business loss under ss. 72 and 73. 13. unabsorbed depreciation under s. 32(2). 14. other deductions under chapter vi-a. the tribunal further found that the object behind s. 80hh of the act is to encourage establishment of industries in backward areas and the object would be completely lost if the past losses were set off ..... a situation that the assessee may not get any encouragement by way of tax deduction. the tribunal after noticing the budget speech of the finance minister and also the fact that the deduction under s. 80hh of the act will be given only for a period of 10 years, held that the deduction under s. 80hh of the ..... off the earlier losses carried forward or unabsorbed depreciation of the earlier years. this court also held that the tribunal was not correct in holding that the deduction under chapter vi-a has to be allowed before deducting carried forward business losses or unabsorbed depreciation of the earlier years. 5. mr. janarthana raja, learned counsel for the .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1998KAR3784; [1998]231ITR934(KAR); [1998]231ITR934(Karn)
..... section 64 of the finance act (chapter iv) provides that subject to the provisions of the scheme, where any person makes, on or after ..... department on september 10, 1997, in exercise of the power conferred on them under section 132 of the income-tax act, 1961, and in the course of search, some records belonging to the petitioners also have been seized. 3. chapter iv of the finance act, 1997, provides for the voluntary disclosure of income scheme (hereinafter referred to as 'the scheme'). sub-section (1) of .....
Tag this Judgment!Court : Karnataka
Reported in : (1998)144CTR(Kar)174
..... in exercise of the power conferred on them under s. 132 of the it act (hereinafter referred to as the act) and in the course of search, some records belonging to the petitioners also have been seized.(b) chapter iv of the it act, as amended by means of finance act of 1997, provides for voluntary disclosure of the income scheme (hereinafter referred ..... to as 'the scheme'). sub-s. (1) of s. 64 of the act (chapter iv) provides that subject to the provisions of the scheme where ..... july 1997 issued by the cbdt to the extent they preclude the petitioners from availing the benefit under sub-s. (1) of s. 64 of the finance act in the year of search or any earlier years as discriminatory, arbitrary and unreasonable and opposed to art. 14 of the constitution of india and consequently to direct .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1998)146CTR(SC)105; [1998]230ITR442(SC); JT1998(9)SC241; (1998)8SCC409; 1998Supp(8)SCC409
..... case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this chapter, the statement shall be deemed never to have been furnished.5. sub-section (4) was inserted in section 269-uc by the finance act, 1995, with effect from 1-7-1995. section 269-uc, as it stood before the said amendment ..... of the immovable property concerned in the agreement.7. the learned judges have referred to the objects and reasons appended to the bill which was enacted as the finance act of 1995. we have carefully perused the said reasons given by the learned judges of the high court in the impugned judgment as well as the objects and ..... defect regarding legality or validity of the agreement would not fall within the ambit of the said provision. the objects and reasons of the bill which was enacted as finance act, 1995 also do not give an indication that by inserting sub-section (4) in section 269-uc parliament intended to confer a power on the appropriate authority .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1998)144CTR(AP)424; [1998]230ITR536(AP); [1998]99TAXMAN500(AP)
..... clarification on 4th july, 1997. the chief cit answered certain queries and issued press releases through the public relations officer. effect of such clarifications 12. chapter iv of the finance act, 1997, does not contain any section enabling the cbdt to issue any clarifications. section 77 only enables the board to make rules which are also to ..... of the assessee and make an inventory and record the statement of any person as may be useful for any proceeding under the act. voluntary disclosure of income scheme, 1997 10. chapter iv of the finance act, 1997, introduced the scheme which was notified to come into force from 1st july, 1997, and to be in force until ..... classification or sub-classification, it cannot be said that the present classification is untenable as long as it serves the object of the act as held in m. match works vs . asstt. collector : 1978(2)elt429(sc) . it was also argued that in fiscal matters, the classification for taxation in the context of application of art .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)67ITD11(Chennai)
..... application to the settlement commission after withdrawing the appeal from the appellate tribunal before the 1st day of october, 1984. the provisions of section 245m, omitted by finance act, 1987 w.e.f. 1-6-1987 only entitles the assessee to file applications before the settlement commission when an appeal is pending before the appellate tribunal. ..... the assessment years under consideration and the department was represented before the settlement commission by the cit(dr) and the assessing officer. it is submitted that chapter xixa of the act providing for "settlement of cases" is a comprehensive code in regard to the matters to be dealt with by the settlement commission, jurisdiction and powers ..... the appeals filed before the tribunal are pending. the arguments of the learned counsel for the assessee have no merit in view of the provisions of income-tax act in chapter xix-a. we would like to refer to the provisions of section 245c (1) r.w. section 245(a)(b) and sections 245d(4) and 245f .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1998(3)ALD133
..... any guidelines for preemptive purchase of the property relying on the historic legislative background for enacting chapter xx-c, and the instruction no.iass issued by the central board of direct taxes of the government of india, ministry of finance, department of revenue and the counter-affidavit filed by the under-secretary central board of ..... supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the income tax act, namely, to counter attempts to evade tax.' 'the conclusion that the provisions of chapter xx-c are to be resorted to only where there is significant under-valuationof the immovable ..... direct taxes, department of revenue and it was observed that:'the powers of compulsory purchase conferred under the provisions of chapter xx-c of the income tax act are being used and intended to .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1998]231ITR472(AP); [1998]100TAXMAN492(AP)
..... for pre-emptive purchase of the property relying on the historic legislative background for enacting chapter xx-c, and the instruction no. ia 88 issued by the central board of direct taxes of the government of india, ministry of finance, department of revenue and the counter-affidavit filed by the under secretary, central board of ..... supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the income-tax act, namely, to counter attempts to evade tax.the conclusion that the provisions of chapter xx-c are to be resorted to only where there is significant undervaluation of the immovable ..... direct taxes, department of revenue, observed that (page 548) :'........ the powers of compulsory purchase conferred under the provisions of chapter xx-c of the income-tax act are being used and intended to be .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu
Reported in : (1998)(60)ECC676
..... ) every appeal against any order of the nature referred to in the first proviso to sub-section (1), which is pending immediately before the commencement of section 40 of the finance act, 1984, before the appellate tribunal and any matter arising out of or connected with such appeal and which is so pending shall stand transferred on such commencement to the central ..... unloaded at any such destination if goods unloaded at such destination are short of the quantity required to be unloaded at that destination; (c) payment of drawback as provided in chapter x, and the rules made thereunder: provided further that the appellate tribunal may, in its discretion, refuse to admit an appeal in respect of an order referred to in clause .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR232(Mad)
..... total income' is defined as meaning the total income computed in accordance with the provisions of the act before making any deduction under chapter-vi-a or under section 80o of the act. by the finance (no. 2) act of 1980, sections 80aa and 80ab were introduced. section 80aa deals with the manner of computation of deduction under section 80m, while ..... subjected to tax in that year, directed the assessing officer to permit carry forward of all the losses and unabsorbed depreciation for the assessment years 1977-78 and 1978-79.3. learned counsel for the revenue submitted that the tribunal has clearly erred in law in holding that the expenses relating to the earning of the fees ..... by it by way of fees from abroad, from its gross total income, and, therefore, of the amount of loss and unabsorbed depreciation for 1977-78 and 1978-79 and carry forward of the unabsorbed depreciation. the income-tax officer negatived the claim so made. the commissioner of income-tax on appeal and the income-tax .....
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