Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: income tax appellate tribunal itat delhi Page 4 of about 424 results (0.186 seconds)

Atlas Shoe Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD188(Delhi)

..... dyeing & mfg. co. ltd. and s.a.l. narayan row (supra). as in those cases, in the present case the finance act of 1980 was passed with retrospective effect from 1-4-1972 and in view of the incorporation of section 80j (1a) the present case became a case of mistake apparent from the record in the background of the amending ..... ito in the present case are concerned, they were initiated and made after section 80j (1a) was incorporated by virtue of the finance (no. 2) act, 1980. the present case is not one where the order of rectification has been made prior to the aforesaid passing of the finance act, 1980. the present case is squarely covered by the decision of the ..... for the years under consideration were passed on 25-1-1978 (assessment year 1975-76), 3-2-1979 (assessment year 1976-77) and 30-6-1979 (assessment year 1977-78).3. it is an admitted position that by virtue of the finance (no. 2) act, 1980, sub-section (1a) was added to section 80j with retrospective effect from 1-4-1972. the said .....

Jai UshIn Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)330

..... for the year under consideration i.e. assessment year 2003-04 is required to be considered and decided in accordance with the provisions of section 32(2) as amended with effect from 1-4-2002 by the finance act, 2001 which are applicable to that year. in that view of the matter, we uphold the impugned order of the learned commissioner ( ..... was limited to eight years as against no such time prescribed in the pre-amended provisions. the provisions of section 32(2) as amended by the finance (no. 2) act, 1996 with effect from 1-4-1997 were again amended by the finance act, 2001 with effect from 1-4-2002 whereby the position as it existed prior to 1-4-1997 was ..... to the unabsorbed depreciation of the earlier years as current year's depreciation by creating a deeming fiction were taken away by the amendment made in the said section by finance (no. 2) act, 1996 w.c.f. 1-4-1997, but even the period available to set off such unabsorbed depreciation against the profits of the subsequent years was limited .....

Mannalal Soorana Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)4ITD131(Delhi)

..... the orders of assessments were passed by him after disallowing the claims made by the assessee. the hon'ble supreme court held that the amount declared under section 68 of the finance act, 1965 had the liability to pay income-tax imbedded in it on the valuation dates but only the ascertainment of that liability was postponed to a ..... submissions. we shall first consider the effect of the order of the appellate tribunal dated 17-7-1978 in quantum appeals. in quantum appeals, the dispute was as to whether the provisions of section 2(m)(iii)(b) of the wt act, 1957 with regard to outstanding liability were applicable. in other words, whether the income-tax liability ..... no difficulty in answering both the questions and, therefore, the assessee was not directed to produce any fresh matrial. if the assessee considered the order dated 17-7-1978 as material evidence, then he would have filed the same before the tribunal and would have argued the viewpoint taken by the tribunal at the stage. in the .....

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... we have given our reasons for reaching above conclusion which need not be repeated.25. it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. 1st april, 1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any ..... revising the earlier computation of capital gains would have expired. 23.2 with a view to removing this difficulty, the finance act has inserted a new sub-section (7a) in section 155 of the it act to enable recomputation of capital gains in cases where the transfer of the capital asset is by way of compulsory acquisition ..... 1978 (1979 117 itr (st) 17 and other circulars on the issue. however, amendment referred to above did not serve the purpose and, therefore, statutory provisions were again amended w.e.f. 1st april, 1988 and sub-section (7a) was omitted. the legislature thereafter added sub-section (5) to section 45 with clauses (a) and (b) through finance act, .....

income-tax Officer Vs. Hydle Constructions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD575(Delhi)

..... 1977-78 and 1978-79. the main points involved in these appeals are common and they relate to the assessee's claim for being treated as an industrial company as defined in section 2(9)(c) of the finance act, 1976 (similar in other years finance acts) and the claim of the assessee for relief under section 80j of the income tax act, 1961 ('the act'). while in the ..... assessment year 1976-77 both the points were decided by the commissioner (appeals) in favour of the assessee, in later assessment years, namely, 1977-78 and 1978-79, the .....

Manaktala Chemicals (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD35(Delhi)

..... bench 'a' in hindustan marbles (p.) ltd. v. ito [1987] 20 itd 16. sub-section (8) of section 40a was inserted by the finance act, 1975 w.e.f. 1-4-1975 and was omitted by the finance act, 1985 w.e.f.1-4-1986. sub-section (8) as inserted by the finance act, 1975 stood as under :- (8) - where the assessee, being a company (other than a ..... inserting a sub-clause, as has been done under the companies (acceptance of deposits) rules, 1975, by inserting clause (ix) in section 2(b) w.e.f.18-9-1975 which has been further amended w.e.f. 1-4-1978. the effect of this amendment was that amounts received from directors and shareholders were excluded from the term "deposit" as defined ..... (b) of rule 2 by the companies amendment rules, 1975 w.e.f. 18-9-1975 and the same was further modified by the companies amendment rules 1978 w.e.f. 1-4-1978. it was contended that but for the exclusion provided under cub-clause (ix), the amounts received by a company from its directors and shareholders would fall within the .....

Garrick D'Silva Vs. Joint Commissioner Of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)105TTJ(Delhi)445

..... the aar is required to be followed in preference to the decision of the house of lords.21. it is also pertinent to mention that the finance act, 1999 had inserted section 17(2)(iiia) to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares under the employees' ..... directly or indirectly under the employees stock option plan or scheme. this is sought to be done by deleting section 17(2)(iiia) and providing an explanation below section 17(2)(iii). sub-section (2b) in section 49 inserted by the finance act, 1999, has also been deleted. under the amended provisions, such shares will only be subjected to capital gains ..... to 31st march, 2000, shall continue to be governed by the old provisions.the above explanatory notes make it abundantly clear that the insertion of section 17(2)(iiia) by the finance act, 1999 was to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares and, therefore, the .....

Deputy Commissioner of Income Tax Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)1113ITD624(Delhi)

..... non-priority list of articles or things from the eleventh schedule. 'projectors' will, however, continue to be included as an item in the eleventh schedule. (section 53 of the finance act, 1988).24. thus, the position of law as it stands is whereas entry 9 was subjected to amendment for a specific purpose. entry 10 continued to remain ..... authorities below or before us that the assessee falls in the exception carved out by the legislature in section 80-i(2)(iii). a perusal of the list of articles or things given in the eleventh schedule shows that before the finance act, 1988, entries 9 and 10 were as under:entry 9. cinematograph films and projectors.entry 10 ..... in photo colour films also as photographic goods. she rejected the assessee's argument based on the amendment made to item no. 9 of the eleventh schedule by the finance act, 1988. prior to the amendment, entry no. 9 read as "cinematographic films and projector". after the amendment it read as "projector". the argument of the assessee .....

Dcit, Spl. Range-i Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the non-priority list of articles or things from the eleventh schedule. "projectors" will, however, continue to be included as an item in the eleventh schedule. [section 53 of the finance act, 1988].23. thus, the position of law as it stands is whereas entry 9 was subjected to amendment for a specific purpose, entry 10 continued to remain ..... the authorities below or before us that the assessee falls in the exception carved out by the legislature in section 80-i(2)(iii). a perusal of the list of articles of things given in the eleventh schedule shows that before the finance act, 1988, entries 9 & 10 were as under: 21. it is necessary to appreciate that the ..... in photo colour films also as photographic goods. she rejected the assessee's argument based on the amendment made to item no. 9 of the eleventh schedule by the finance act, 1988. prior to the amendment, entry no. 9 read as "cinematographic films and projector". after the amendment it read as "projector". the argument of the assessee .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... scope for interpreting the said expression as 'may'. this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving discretion to the authorities concerned to either reduce or waive the interest. ..... relation to an assessment year, an assessment is made for the first time under section 147 or section 153a, the assessment so made shall be regarded as a regular assessment for the purpose of this section.46. the above section was inserted by the finance act, 2003 with effect from first day of june, 2003 and the only amendment ..... his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorized the present assessment. by sub-section (1) of section 6 of the indian finance act, 1939, income-tax for the year beginning on the 1st april, 1939 .....