Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: income tax appellate tribunal itat ahmedabad Page 1 of about 202 results (0.204 seconds)

Assistant Commissioner of Income Vs. Apsara Processors (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)92TTJ(Ahd.)645

..... ltd. v. union of india (supra) and j.k. synthetics ltd. v.asstt. cit (1993) 200 itr 584 (del). after the above decisions, the legislature by finance act, 1993 amended section 143(1a) with retrospective effect from 1st april, 1989 and specifically provided for levy of additional tax where the loss declared by such persons in the return of income ..... that would have been chargeable on the amount of the adjustments as if it had been the total income of such person." 27. thus, the legislature vide finance act, 1993, has amended section 143(1a) with retrospective effect from 1st april, 1989 for providing the levy of additional tax where the loss is reduced. however, no such amendment was ..... to asst. yr. 1990-91. similarly, the kerala high court in the case of n. krishnan (supra) has taken the view that for asst. yr.1978-79, penalty under section 271(1)(c) cannot be levied where the assessed income is loss.20. the revenue has relied upon the contrary decision by the karnataka high court in the case .....

Wealth-tax Officer Vs. Niranjan Narottam (individual)

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)14ITD27(Ahd.)

..... objects of the amendment referred to in the preceding paragraphs.10. in the circular of the cbdt no. 202 of 5-7-1976, referring to section 27(3) of the finance act, it is mentioned that the amendment comes into force with effect from 1-4-1976 and will be applicable in relation to the assessment year 1976 ..... and 51.2 of the circular. the last paragraph is based on a correct interpretation of section 1(2), read with section 27(3)(a) and (b). according to the learned counsel, except section 29(c)(ii) of the finance act, no other section of the finance act, 1976 specifically gives retrospective effect to the provisions contained therein. if the intention was to ..... pointed out about it and would have been worded like section 29(c)(ii).illustrating the process further, the learned counsel referred to the provisions of section 52 of the income-tax act, 1961 ('the 1961 act') amended by the finance (no. 2) act, 1977, with effect from 1-4-1978.reference is also made to the decision in the case of .....

Chandulal Venichand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)38ITD138(Ahd.)

..... all of them follow mercantile system of accounting.2. the common point in these three appeals relates to interpretation of provisions of section 43b of the income-tax act, 1961 as amended by the finance act, 1987 and the finance act, 1989.3. in ita no. 229/ahd/1988 the assessee is firm of m/s. chandulal venichand carrying on business in ..... court in srikakollu subba rao & co. v. union of india [1988] 173 itr 708 that in order to apply the provision of section 43b (as it stood prior to amendments by finance act, 1987 and finance act, 1989) not only should the liability to pay the tax be incurred in the accounting year but the amount also should be statutorily " ..... was engaged in the business of ship breaking was an industrial undertaking and that whether relief under section 80j was allowable. before the tribunal reliance has been placed on the decision of bombay high court in cst v. indian metal traders [1978] 41 stc 169. the tribunal considered the said decision of bombay high court in which .....

Assistant Commissioner of Wealth Vs. Prasad Productions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and s. 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a production cannot be ..... more of such precious metals (not being any such precious metal or alloy held for use as raw material in industrial production)." the last portion of the said sub-section, i.e., 'not being any such precious metal or alloy held for use as raw material in industrial production' has been included in the said ..... section w.e.f. 1st april, 1989. further from 1st april, 1989, a proviso was introduced to the said section, which reads as follows : "provided that this section shall not apply to any asset referred to in cls. (i), (ii), (iii), (iv), (v) or .....

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD482(Ahd.)

..... entire business undertaking as a going concern.10. now coming back to the first basic question concerning the retrospective operation of section 50b arising in the present appeal it would be useful to reproduce the provision of section 50b introduced by the finance act, 1999, w.e.f. 1st april, 2000: (1) any profits or gains arising from the slump sale effected in the ..... above have been substituted in place of the earlier explanation, by the finance act, 2000, w.e.f. the same date on which section 50b comes into force i.e., 1st april, 2000. with the introduction of section 50b, the legislature simultaneously inserted clause (42c) after clause (42b) of section 2 by the finance act, 1999, containing the definition of slump sale which reads as under: "(42c .....

Smt. Jyoti M. Bhandari Vs. Asstt Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)6SOT375(Ahd.)

..... by the assessee, in our opinion, have no bearing on the issue raised in these cases after the amendment with retrospective effect from 1-7-1995 by finance act, 2002 in section 158bb(1)(a). in the first decision cited by the assessee in the case of nagin das m.goradia (supra), the issue was that in the ..... income declared by the assessee in the belated return did not come within the definition of 'undisclosed income' under section 158b of the act. this was a case decided on 1-12-1999 and was prior to the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and, therefore, would not be of any help to the assessee ..... by the assessees are prior to the amendment by the finance (no. 2) act, 1998 and finance act, 2002 with retrospective effect from 1-7-1995. the explanation which the assessees relied upon was inserted by finance (no. 2) act, 1998 with retrospective effect from 1-7-1995 and the amendment in section 158bb providing for computation of undisclosed income of block .....

Assistant Commissioner of Vs. Anjaria Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)55ITD53(Ahd.)

..... accordingly, we agree with the finding of the cwt (appeals) that neither the work-in-progress nor the land is liable to tax under the provisions of section 40 of the finance act, 1988 which is a self-contained and separate code by itself. in this we are supported by the order of the tribunal madras bench "a" in ..... considered as either land or building. without prejudice to the above, the learned counsel for the assessee submitted that in view of the proviso to sub-section 3 inserted by the finance act, 1988, land or building held as stock-in-trade does not form part of net wealth of a company. the learned counsel for the assessee ..... business purposes.thus, the proviso clarifies the meaning of the expression "land other than agricultural land" as vacant land lying unused. section 40 of the finance act is a charging section. it is well-established judicial proposition that charging section should be construed strictly. as held by the supreme court in the case of cit v. ajax products ltd. [1965] .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... for enabling grant of deduction in respect of pf contribution of last month provided such amount is paid before the due date prescribed under the pf act. the second proviso to section 43b introduced by the finance act, 1987 w.e.f. 1st april, 1988, provided that no deduction shall, in respect of any sum referred to in clause (b), be allowed ..... the time being in force shall be allowed in computing the income only of that previous year in which such sum is actually paid by him. by the finance act, 1987, two provisos to section 43b were inserted w.e.f. 1st april, 1988. it is submitted that the first proviso is inserted to mitigate the hardship caused to the taxpayers because ..... a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, w.e.f. 1st feb., 2002; (f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... for enabling giant of deduction in respect of pf contribution of last month provided such amount is paid before the due date prescribed under the pf act. the second proviso to section 43b introduced by the finance act, 1987 with effect from 1-4-1988, provided that no deduction shall, in respect of any sum referred to in clause (b), be allowed ..... time being in force shall be allowed ii. computing the income only of that previous year in which such sum is actually paid by him.by the finance act, 1987, two provisos to section 43b were inserted with effect from 1-4-1988. it is submitted that the first proviso is inserted to mitigate the hardship caused to the taxpayers because ..... scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, with effect from 1-2-2002; (f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... by way of cash compensatory support became taxable retrospectively w.e.f. 1-4-1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. levy of additional tax bears all the characteristics of penalty. additional tax was levied as the assessee did ..... mentioned therein is chargeable to income-tax under the head 'profit and gains of business or profession'. clause (iii)(b) in section 28 was inserted by the finance act of 1990. finance bill which ultimately became the finance act received assent of the president of india on 31-5-1990. clause (iii)(b) was given retrospective operation w.e.f.1-4-1967 ..... of bad debts of rs. 1,30,815. insofar as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1981, the claim of bad debt can be allowed only if the debt is written off by passing entries in .....