Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)928
..... ", it is evident that advancement of any other object of general public utility is also charitable purpose. the above definition of "charitable purpose" is modified by the finance act, 1983 w.e.f. 1st april, 1984. before the above amendment, the purpose, i.e., advancement of any other object of general public utility was qualified ..... purposes for which the corporation is established and all matters connected therewith. thus he pleaded that the assessee should be held entitled to registration under section 12a of the act.5. on the other hand, the learned departmental representative vehemently objected to such grant of registration. he tried to distinguish the case laws relied ..... not brought any material nor recorded any finding to hold that activities of assessee were not genuine, therefore, the assessee was not entitled to registration under section 12a. he placed on record the copy of both the orders of the tribunal.referring to these orders and also the fact that the assessee-corporation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD612(Ahd.)
..... shall not be less than ten per cent but shall not exceed one and a half times the amount on which interest is payable under section 217.the said clause (ii) was amended by the finance act, 1969, with effect from 1-4-1970, and such amended clause reads as follows : which, in the case referred to in clause ..... 1-4-1970 reads as follows : in this section and sections 217 and 273, 'assessed tax' means the tax determined on the basis of the regular assessment ..... provisions of clause (c) of section 273 and section 273(h) wherein the words used are "in accordance with the provisions of sub-section (3a) of section 212".no assistance can, therefore, be had from chandrakant damodardas's case (supra) either.13. sub-section (5) of section 215 of the act which was inserted by the finance act, 1969, with effect from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)94TTJ(Ahd.)1103
..... purpose", it is evident that advancement of any other object of general public utility is also charitable purpose. the above definition of "charitable purpose" is modified by the finance act, 1983, w.e.f. 1st april, 1984. before the above amendment, the purpose, i.e., advancement of any other object of general public utility was qualified ..... such object, the cit must register the institution. therefore, the moot question to examine is whether the object of the assessee institution is charitable or not section 2(15) of the it act defines the words "charitable purpose" as under : "2(15) 'charitable purpose' includes relief of the poor, education, medical relief, and the advancement ..... previous year, the accounts of the trust or institution for that year have been audited by an accountant as defined in the explanation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)94TTJ(Ahd.)970
..... vide its order dt. 8th march, 2004. it is pertinent to mention that it is specifically mentioned that this period is prior to insertion of explanation to section 191 by finance act, 2003, which is effective from 1st june, 2003. in the facts and circumstances of the case, ao is directed accordingly.4. the next issue is ..... printing of raw materials cannot be segregated as a separate contract of printing material/printed materials. the assessee submitted that the provisions of section 191 have been amended by insertion of explanation by finance act, 2003, w.e.f. 1st june, 2003, and accordingly the tax cannot be recovered from the company in respect of period ..... towards supply of raw material/packaging materials supplied by the suppliers under the "contract of sale". such contract of sale is outside the purview of sections 192-194 of the act. it is wrongly alleged that printed flexible films, plastic laminated tubes, printed boxes and cartons, printed wrappers, etc. were printed according to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... view which the assessee takes with regard to the admissibility or otherwise of the deduction.4.9 shri soparkar submitted that even subsequent to the insertion of section 2s(iiia) by the finance act, 1990 with retrospective effect from 1-4-1962, what is taxable is only the amount of profit on sale of import on licences granted by way ..... to the view that such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the finance act, 1990 has inserted in section 28 of the income-tax act, 1961. - clause (hid) read with section 2(24)(va) (w.r.e.f 1-4-1962) so as to make the profit on the sale of import ..... it appeal no. 359 (ahd.) of 1997], the tribunal is bound by the aforesaid judgments. he placed reliance on the judgment in the cases of cit v. smt. godavaridevi saraf [1978] 113 itr 589 (bom.) and cit v. maganlal mohanlal panchal (huf) [1994] 210 itr 580 (guj.) to support this contention.iii(9). shri soparkar submitted that the liability .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)51ITD147(Ahd.)
..... in the larger sense, it is not tax in the narrower sense and it would not come under section 43b. 80. the legislature had realised this and they had amended the ambit of section 43b by the finance act, 1988, w.e.f. 1-4-1989. the section, as now amended, includes tax, duty, cess or fee. they have not made this amendment retrospective. therefore ..... 'ble supreme court in the case of rqjapalayam mills ltd. v. cit [1978] 115 itr 777 held that it is well settled that the words "no profits or gains chargeable for that year" are not confined to profits and gains derived from the business whose income is computed under section 10 but refer to the totality of the profits and gains computed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)2SOT571(Ahd.)
..... in view of part of the amount having been received during the year under consideration. here, it is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. before the amendment the words used were "any debt or part thereof, which is established to have ..... debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. it is clear from the substitution itself that the intention of the legislature was to lay it to the prudence of businessmen to judge himself as to whether ..... as bad debts in the profit & loss account for the relevant assessment year 2001-02 under consideration and claimed the amount as bad debts eligible under section 36(1)(vii) of the act. the main reason for disallowance by the assessing officer was that the company was not legally entitled to advance sharafi loan and that as per the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... not the view which the assessee takes with regard to the admissibility or otherwise of the deduction.shri soparkar submitted that even subsequent to the insertion of section 28(iiia) by the finance act, 1990, with retrospective effect from 1-4-1962, what is taxable is only the amount of profit on sale of import licences granted by way of ..... in the case of sun pharmaceuticals (supra), the tribunal is bound by the aforesaid judgments. he placed reliance on the judgment in the cases cit v. smt. godavari deo saraf (1978) 113 itr 589 (bom) and cit v. magan lal mohan lal panchal (huf) (1994) 210 itr 580 (guj) to support this contention.shri soparkar submitted that the ..... v. cit & ors. (2000) 164 ctr (pat) 201 (fb) will now have to be applied after examining the impact of the retrospective amendment of sections 140a, 234a/13 amended by the finance act, 2001, with retrospective effect from 1-4-1989. the tribunal in the case of s.k. family trust (supra) has also dealt with the similar issue and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)91ITD311(Ahd.)
..... were acquired at the time when the dividend income was chargeable to tax. dividend income not includible in taxable income, by virtue of insertion of sub-section (33) to section 10 of the finance act, 1997 w.e.f. 1-6-97 and the tax is levied on distribution event directly on the company by virtue of another inserted ..... the ultimate conclusion of the tribunal in respect of the interest paid." 15. such an intention has been clarified in the the provisions of newly inserted section 14a by the finance act, 2001, with retrospective effect from 1-4-1962 and as well as in the memorandum explaining the provisions, notes on clauses relating to the ..... moody (supra) and the provisions of explanation 8 to section 43(1) of the act.30. the third submission of the assessee that it is saved by proviso to section 14a prohibiting the re-assessment or enhancement of assessment already completed. the proviso to section 14a is inserted by the finance act, 2002 with retrospective effect from 11-05-2001 to save .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90ITD170(Ahd.)
..... quota generally no under writer is involved. therefore, in case of private placement, heavy burden lies on the assessee to prove three parameters stated earlier of section 68 of the act. on share application form itself it has been stated "for private circulation only'. this clearly indicates that in this issue neither any promoter nor any underwriter ..... could the amount of share capital be regarded as undisclosed income of the company" have not been approved by the full bench decision in the case of sophia finance ltd. (supra) even though the full bench agreed that if the shareholders are identified and it is established that they invested money in purchase of shares, then ..... investment for this purchase was rs. 25,902.the explanation of the assessee regarding the source of the purchase money for these investments was that the same was financed from out of the savings from the income of the properties which were left by her mother's first husband. the tribunal though agreed with the ao .....
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