Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1999)71ITD238(Coch.)
..... in further appeal before the tribunal with the plea that the revenue authorities were not justified in denying the exemption provided in clause (vi) of sub-section (3) of section 40 of the finance act, 1983.at the time of hearing, shri k. kittu, advocate appeared before us on behalf of the assessee and shri c.d. nair, the ..... on in that building and so there is, no justification for denying the exemption. the commissioner (appeals) has taken the view that clause (vi) of section 40(3) of the finance act, 1983 does not exclude building or land appurtenant thereto used by the assessee for the purpose of running the hospital as a business. the question to ..... value of the hospital building and the land appurtenant thereto had not been included in the assessments. the wealth-tax officer felt that in view of section 40 introduced in the finance act 1983, the value of specified assets held by closely-held companies was includible in the taxable wealth for the assessment years starting from 1-4- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD759(Coch.)
..... the assessment year 1977-78, there would have been no need for the legislature to provide in the finance act itself that these changes, viz., the amended section 55(2)(i) and the newly introduced section 54e, would come into effect from 1-4-1978. it has been held in a number of cases that it is the law as at the commencement ..... (2)(i) whereby the day 1-1-1954 was substituted by the date 1-1-1964 and the introduction of section 54e was made by the finance act of 1977 with effect from 1-4-1978 and, therefore, these provisions would not be applicable for the assessment year 1977-78. the assessee filed an appeal to the aac. the aac without ..... exclusion of the capital gains by the application of section 155(10a), read with section 54e.4. on behalf of the department, it is submitted that it is clear that these provisions are not retrospective but only prospective. they had been introduced by the finance act, 1977 only with effect from 1-4-1978 and, therefore, would not be applicable to any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195629ITR672(Coch.)
..... respondent income tax authority, in the circumstance at that stage.9. we will now proceed to examine the provision of the finance act relied on by the department for the exercise of their jurisdiction under section 35 of the income-tax act. the finance act (xxxix of the 1952) which governed the instant assessment did no bring about any change in the financial structure that ..... existed in the previous year. we have therefore the to refer to the provision of the finance act (xxiii as 1951) as suitably modified with the reference to section 2 of the finance act (xxix of 1952). part 1 of the first schedule to the finance act (xxiii of 1951) may be taken therefore to have provided for the rate of income-tax which ..... was to be charged as per section 2 of the finance act (xxix of 1952). item b of the part dealt with the case of companies. the normal rate of income-tax was fixed as 4 anna in the rupee on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)6ITD788(Coch.)
..... as meaning 'instead of or 'in place of. deposit when to be made.--(1) a deposit in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time before the last instalment of advance tax is due in its case. (2) a ..... withdrew the deduction originally allowed. as a consequence, a further liability of rs. 26,636 was imposed on the assessee by the order passed by the ito under section 13, on 5-10-1978. aggrieved by this order, the assessee appealed to the commissioner (appeals) contending, inter alia, that in any case the deduction allowed for surcharge originally could not be ..... first schedule.4. the ito who made the assessment on the assessee accepted the claim and determined the surtax payable. this was done by an order passed on 11-8-1978. subsequently, the ito noticed that the deposit made with the industrial development bank of india, is not surcharge as one is not equivalent to the other but one is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2001)77ITD442(Coch.)
..... a view to encouraging large exports of certain goods by finance act, 1982, a section was inserted for the first time with effect from 1-6-1982 for providing tax relief to companies and corporate tax payers resident in india whose ..... , the later decision should prevail over the earlier one.21. it is important to note that section 80ab came into the statute with effect from 1-4-1981 by the finance (no. 2) act, 1980; whereas section 80hhc was originally inserted by the finance act, 1983 with effect from 1-4-1983 for and from the assessment year 1983-84. with ..... . the term "export turnover was defined as "sale proceeds of any goods, etc. exported out of india". section 80hhc was introduced by the finance act, 1983 to encourage export. therefore the assessee was entitled to claim deduction under section 80hhc even if it had suffered loss in its business of export of cardamom." the learned departmental representative tried to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)90ITD333(Coch.)
..... the cit(appeals) has allowed only a period of 14 days on the ground that the provisions contained in clause (iii) of explanation 1 to section 153 have been amended by the finance act, 1996 with effect from 1.4.1997. the learned departmental representative submitted that this amendment is applicable only for the assessments pertaining to the assessment ..... provisions of law should apply in this case is not correct. he submitted that in the copy of the finance act, which was filed by the learned departmental representative at the time of hearing, para (sic) amendment to section 153 clearly mentions that "the last date on which the assessee is required to furnish the audit report" is ..... with the last date on which the assessee is required to furnish a report of such audit under that sub-section shall be excluded, in computing the period of limitation. this clause of explanation 1 was amended by finance act, 1996 with effect from 1.4.1957 and for the words "the date on which the assessee furnishes" .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... mentioned (supra) has drawn a distinction between an 'industrial company' as defined under the relevant finance act and the 'industrial undertaking' which is eligible for the benefit under sections 80j and 80hh. the words 'industrial undertaking' are not defined in the act and one has to take the general meaning as used at other places and if necessary in ..... contended before us that this is a case where resjudicata applies since the income-tax officer has allowed the deduction claimed by the assessee under section 80j for the assessment year 1978-79 and that he cannot deviate from the view taken earlier on the same facts as the decision given by him earlier was on full ..... 1983] 6 itd 575. he further relied upon the decision of the calcutta high court in the case of addl. cit v. a.mukherjee & co.(p.) ltd. [1978] 113 itr 718, wherein their lordships of the calcutta high court have held thata publisher is engaged in the manufacture or processing of books; whereas a printer is not engaged .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)100ITD500(Coch.)
..... total income from whatever source is above the non-taxable limit, no tax could be levied. 3.3 the issue whether exemption limit under the finance act should over-ride section 115bb which prescribed a flat rate, has to be decided in the light of the fact that in other matters like discretionary trusts where the tax ..... and materials on record. the short point for our consideration in this case is whether in view of the provisions of section 115bb of the act the basic exemption avalable under section 2 of the first schedule to the finance act (rs.28000/- prevalent during the relevant assessment year) is applicable to the assessee or not? for examining this aspect ..... is a debatable issue. the question whether the issue is a debatable one or not will depend on an understanding of section 2, the provisions of section 115bb and the provisions of the schedule to the respective finance acts, certainly with reference to the circular also. since the tribunal has not considered the above, we are of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)47TTJ(Coch.)304
..... rival submissions. shri abraham, the learned senior departmental representative, contended that as per first schedule part i of income-tax and sur-tax on income-tax as provided in the finance act, 1985, the highest rate of tax is at 55% where the income exceeded rs. 1 lakh. therefore, this should represent the maximum marginal rate.on the other hand ..... maximum marginal rate of tax. while so doing, he charged the tax @ 55% on the income of the assessee because it represented the highest rate of tax prescribed in the finance act, 1985.4. being aggrieved, the assessee took up the matter in appeal before the cit(a), who held as follows : "for the asst. yr. 1985-86, this ..... in expln. 2 to s.164, as follows : "in this section, "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an aop as specified in the finance act of the relevant year." thus, it does not represent the highest rate .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD741(Coch.)
..... judgment dt. 28th oct., 1999, the hon'ble kerala high court directed the tribunal to take a fresh view in the light of certain amendments made in section 234b of the it act by finance act, 1995, with retrospective effect from 1st april, 1989, and also to consider the issue relating to registration of the assessee-firm. the case was posted ..... the bus, by failure to file the appeal, the revenue cannot possibly set up a new case at subsequent stages by reference to the retrospective amendment to section 234b by the finance act, 1995. actually, the revenue could not have filed an appeal because at the relevant time the amendment was not on the statute book. at the most, ..... (1)(a) in terms of the provisions of s, 234b, as they stood prior to the above-mentioned amendment by finance act, 1995, with retrospective effect from 1st april, 1989. the subsequent amendment of the section is supportive of the case of the revenue, but unfortunately the revenue has not come in appeal before us. so, we are .....
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