Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... w.e.f. 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. 2) act, 2004, the housing projects must be approved on or before 31st march, 2007 by ..... housing project or two thousand square feet, whichever is less.14. prior to its substitution by the finance (no. 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. 1st april, 2001 and finance act, 2003 w.e.f. 1st april, 2002 reads as under: (10) the amount of profits ..... was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. asst. yr. 2005-06 and allowed the claim of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)288ITR150(Chennai)
..... 273 of the constitution of india. the parliament in their wisdom, while enacting income tax act, 1961 left open the rate of tax on income to be decided by a central act namely, the finance act. therefore, section 4(1) refers to central act for the purpose of rate of tax. the reason for doing so is obvious. the ..... subject to the provisions of the act. section 95, which was omitted by the finance act of 1965, contained similar provision with regard to super-tax. although under the act section 4 is the charging section yet income-tax can be charged only where the central act which, in the present case, will be the finance act, enacts that income-tax shall be ..... central enactment for the purpose of fixing the rate of tax, whereas for the purpose of block assessment, section 113 provides the rate of tax itself. the learned counsel further submitted that section 113 was amended by finance act, 2002 with effect from 1.6.2002. the legislature introduced a proviso which provides for levy of surcharge .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... other hand shri shaji p. jacob, sr. departmental representative submitted that reserve bank of india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. 01.04.1991, for recognition of income in case of a public financial institution ..... guidelines issued by reserve bank of india could suo moto overrule, the specific provision of section 145 of it act, 1961, there was no need of introducing section 43d by the finance act, 1991 and later on modify it by extending the benefit to some more class of assessees by the finance act, 1999. this exhibits the present situation under which banks and public financial institutions take advantage .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD457(Chennai)
..... surrender of technical know-how being a capital receipt is not liable to capital gain tax for the assessment year in question and even the amendment brought in section 55(2) by the finance act, 1997, w.e.f. 1st april, 1998 is only relevant for and from the asst. yr. 1998-99. in view of this, the assessee succeeds ..... though the know-how is used in india, if no part thereof is attributable to any services rendered in india. 15.2 the finance act, 1976, has inserted a new clause (vi) in section 9(1) of the it act, clearly specifying the circumstances in which the royalty income will be deemed to accrue or arise in india and also defining the term ..... contention of the learned departmental representative that it was issued by the it department.29. in this regard, we have gone through the amended provisions of section 148 and the proviso brought out by the finance act, 2006 reads as under: (a) where a return has been furnished during the period commencing on the 1st day of october, 1991 and ending .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)637
..... asst. yr. 2001-02. he further noted that finance act, 2001, applied to income that had arisen during the previous year ending march, 2001. he ..... the cit(a) in his order stated that finance act, 2001, levied tax at the rate prescribed in section 113 as well as surcharge for the ..... be increased by a surcharge, if any, levied by any central act and applicable in the assessment year relevant to the previous year in which the search is initiated under section 132 or the requisition is made under section 132a." this proviso was inserted by the finance act, 2002, indicating that it would be effective from 1st june, 2002. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD479(Chennai)
..... is liable to pay advance tax at the threshold tax limit under section 208-rs. 1,500. as a result of the amendment of section 208 by the finance act (no. 2) 1996 the threshold tax limit has been raised from rs. 1,500 to rs. 5,000 w.e. ..... for this assessment year under consideration.hence, he submitted that when there is no liability to pay advance tax under section 208 interest under section 234b cannot be charged.5. on the other hand, the learned departmental representative submitted that the finance act (no. 1) 1996 is applicable for the period 1st april, 1988 to 30th sept., 1996, the assessee ..... offered by the assessee for non-payment of advance tax.13. further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)284ITR53(Chennai)
..... cannot be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. 1.4.2004, the legislature intended to clarify the position that any amount received or receivable by an employee of a company ..... were facing problems in case the amount was given to them in instalments, over a number of years. to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or receivable (i.e., even if received in instalments) by an employee on his ..... any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 w.e.f 1.4.2004. further he drew our attention to section 17(3) which reads as under- the amount of any compensation due to or received by an assessee from his .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)280ITR179(Chennai)
..... , which has clarified that even liabilities like income-tax and wealth-tax liability are no more deductible.14. we have considered the rival submissions carefully. section 2(m) of the wealth-tax act, 1957, which was inserted by finance act, 1992, w.e.f. 1.4.1993 reads as under :- (m) "net wealth" means the amount by which the aggregate value computed in accordance ..... appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him (inserted by the finance act, 1993, w.e.f. 1.4. 1994) [or any land held by the assessee as stock-in-trade for a period of (substituted for "five" by the ..... finance act, 1998, w.e.f. 1.4.1999, earlier "five" was substituted for "three" by the finance act, 1994, w.e.f. 1.4.1995.) [ten] years from the date of its acquisition by him.]" a plain reading of this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)278ITR41(Chennai)
..... , has to be construed as a substantive provision.therefore, according to the learned counsel for the assessee, the amendment carried out by the legislature by finance act, 1999 with effect from 1-6-1999 incorporating section 158bc in section 140a(1) has to be taken as prospective in operation. according to the learned counsel, the legislature does not clarify anything which was already in ..... in nature.therefore, it will have retrospective operation. according to the learned departmental representative, the amendment carried out by finance act, 1999 with effect from 1-6-1999 incorporating section 158bc in section 140a(1) will have retrospective operation and, therefore, the amended provisions of section 140a(1) would be applicable for the assessment year under consideration also.the learned departmental representative further submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)1033
..... , has to be construed as a substantive provision.therefore, according to the learned counsel for the assessee, the amendment carried out by the legislature by finance act, 1999, with effect from 1-6-1999 incorporating section 158bc in section 140a(1) has to be taken as prospective in operation. according to the learned counsel, the legislature does not clarify anything which was already in ..... in nature.therefore, it will have retrospective operation. according to the learned departmental representative, the amendment carried out by finance act, 1999, with effect from 1-6-1999 incorporating section 158bc in section 140a(1) will have retrospective operation and, therefore, the amended provisions of section 140a(1) would be applicable for the assessment year under consideration also.the learned departmental representative further submitted that .....
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