Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)282ITR117(Ahd.)
..... consideration.9. it is also not the case of revenue that the assessee has committed default of non-furnishing audit report as per amended provisions of section 44ab which stood amended by finance act, 1995 with effect from 1^st july, 1995 as revenue did not base its penalty under amended provisions. moreover, it will be a point of ..... cause for non-levy of penalty for the year under consideration. he also observed that it is not the case of the revenue that provisions of section 44ab as they stood amended by finance act, 1995 with effect from 1^st july, 1995 were applicable as the revenue did not base its penalty under such a mended previsions.5. ..... or non-action as the case may be) spares penalty for a default/breach which is otherwise undisputed. secondly, the law stood amended by finance act-1995 w.e.f. 1-7-1995, extending the scope of section 44ab, which hereinbefore was limited to only obtention of the audit leport, to its furnishing by the specified date. consequential amendments to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1987)22ITD266(Ahd.)
..... the speech of the hon'ble finance minister in parliament is relevant. this is as under : again, when a pension is given to ..... rightly given by the ced (a) and as envisaged by section 29a(b) of the act.4. we have examined the rival contentions. according to us the matter has to be adjudicated upon by going right back to 1965 when section 29a was introduced as a piece of legislation by means of the finance act, 1965 (w.e.f. 1-4-1965). an extract from ..... result of these measures will be nominal.4.1 we would at this stage also reproduce the relevant portion of the finance bill, 1965 which reads as follows : sub-clause (vi) seeks to insert a new section 29a in the estate duty act to secure that estate duty shall not be attracted in respect of any pension payable on the death of an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)98ITD165(Ahd.)
..... vi-a even prior to above amendment, therefore, it is unnecessary to examine the rival contentions with regard to retrospective effect of explanation 5 to section 32 introduced by the finance act, 2001.71. the following 26 appeals where other issues are also involved, they are to be placed before the division bench for disposal on other ..... 80ib, etc. of an industrial undertaking.70. before we part with the matter, we may state that the revenue has contended that explanation 5 to section 32 introduced by the finance act, 2001 with effect from 1-4-2002 is retrospective while the learned representatives of the assessees have contended that the amendment is prospective. however, as we ..... in the case of cambay electric supply industrial co. ltd. v. cit (1978) 113 itr 84, this question is no longer res integra. dealing with a similar provision, i.e., section 80e of the act prior to its amendment by the finance (no. 2) act, 1967, this court came to the conclusion that in computing the profits of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)94TTJ(Ahd.)973
..... the revenue ?" 9. the learned departmental representative, shri p.k. ambastha, submitted that the tribunal had decided the matter before the amendment brought in by the finance act, 2002, in section 158b(b) with retrospective effect from 1st july, 1995, and, therefore, the order of the tribunal holding that this issue can be agitated in regular proceedings ..... hon'ble gujarat high court in the case of n.r. paper & board ltd. and ors. v. dy. cit 4. there was an amendment by the finance act, 2002, to section 158b, amending the definition of undisclosed income with retrospective effect from 1st july, 1995, which reads as under : 158b(b) "undisclosed income" includes any money, bullion ..... all the three assessee's, be restored because the addition for the block assessment period was proper and just, in view of amendment made by the finance act, 2002, to section 158b with retrospective effect from 1st july, 1995. the counsel of the assessee objected to the same on the ground that in respect of m/s .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)112ITD1(Ahd.)
..... would it only be an irregularity, which can be cured? (iii) what is the effect of retrospective amendment brought by the finance act 2006 by inserting the proviso to section 148 of the it act, 1961? and (iv) whether there was compliance of provisions of section 143(2)? 14. as regards first part of the question the ld. departmental representative dr. banwarilal, submitted that the proceedings ..... as may be, apply accordingly as if such return were a return required to be furnished under section 139. (2) the ao shall, before issuing any notice under this section, record his reasons for doing so.12. certain provisos are added by the finance act, 2006 to section 148 to save the assessments completed on the assumption that no such notice need be issued for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)87ITD312(Ahd.)
..... of the transfer, be reckoned from the date immediately following the date on which such compensation is received by the assessee." (ii) section 54e(3) (inserted by the finance act, 1978 w.e.f. 1st april, 1978) "where the transfer of the original asset is by way of compulsory acquisition under any law or where the full value of the ..... (3) and 155(10b) were applicable in the case of the assessee for the asst. yr. 1975-76 though these sections were inserted by the finance act, 1978, and applicable w.e.f. 1st april, 1978." 14. the hon'ble gujarat high court in the case of shantaben govindlal patel v. cit (supra) "held, that the amount of enhanced ..... whole or any part of such additional compensation or consideration in any specified asset (hereafter in this section referred to as the relevant asset), be dealt with in the following manner, that is to say," (iii) section 155(7a) (inserted by the finance act, 1978, with retrospective effect from 1st april, 1974) "where in the assessment for any year, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1993)44ITD300(Ahd.)
..... been made subsequently the legislature inserted a proviso not to disallow such liabilities if they were paid before the date prescribed for filing the return under section 139(1). this was brought in by finance act 1987 but with effect from 1-4-1988. the alternate claim of the assessee rests on this explanation which has been held to be clarificatory ..... krishna rao (supra) is of no help in view of another decision of the andhra pradesh high court in the case of buddala china venkata rao & co. v. cit [1978] 112 itr 58 wherein their lordships have expressed their inability to follow the decision in the case of p. krishna rao (supra) as on identical question another decision of the ..... case of kedarnathjute mfg. co. ltd. (supra), sinclair murray & co. (p.)ltd. v. cit [1974] 97 itr 615, 43 itr 452 (sic) and p. krishna rao v. cit [1978] 112 itr 26 (ap). he further submitted that it was the assessee who sold the goods to the customers and the principal nowhere came into picture for making the sales .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)818
..... from the record. (b) he erred in not appreciating the fact that the adjustments made by the ao in the order under section 154 of the act were not permitted under section 143(1) of the act as amended by the finance act, 1999, w.e.f. 1st june, 1999. (c) he, therefore, erred in not appreciating that since the said adjustments ..... the liability and do not discharge the same. for some reason or the other, undisputed liabilities also are not paid. to curb this practice, the finance act has inserted a new section 43b to provide that deduction for any sum payable by the assessee by way of tax or duty under any law for the time being in force ..... invited to the relevant extract of circular no. 372, dt. 8th dec., 1983 giving explanatory notes in respect of amendments made in finance act, 1983, stating the intention of the introduction of section 43b in the it act : "several cases have come to notice where taxpayers do not discharge their statutory liability such as in respect of excise duty, employer' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)10ITD831(Ahd.)
..... ), which enabled the assessee to seek rectification of the assessment in respect of the capital gains by investing the proceeds in the prescribed manner under section 54e, was enacted by the finance act, 1978. no specific reference to this was made in the hon'ble finance minister's speech. notes on clauses, however, stated as below : these provisions (except the provisions relating to exemption under ..... itr (st.) 9-is worded similarly : these provisions will take effect from 1st april, 1978 and will accordingly apply in relation to the assessment year 1978-79 and subsequent years.-[1978] 111 itr (st.) 26.5. section 155(7a) invoked by the ito was introduced by the finance act, 1978, retrospectively, from the assessment year 1974-75. as there is no dispute about this, we need not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90TTJ(Ahd.)1024
..... (st) 131 which has been referred to above in para 61.3.2 has laid down as under (p. 58) : '61.3.2. the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post- ..... kumar (2003) 263 itr 77 (mp) wherein their lordships have examined the impact of the amendment in the provisions of section 158bb made by finance act, 2002.their lordships held as under : "if the provisions of section 168bb are read in proper perspective, we are inclined to respectfully agree with the view expressed by the bombay high court. ..... an expenditure since the expenditure has been made for running of the school. regarding proviso to section 69c which prohibits allowance of any such deduction of unexplained expenditure, we may point out that proviso has been introduced by the finance (no. 2) act, 1998, and takes effect prospectively with effect from 1-4-1999. the proviso would, .....
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