Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... in the reference before the delhi high court in that case was whether the assessee was an 'industrial company' within the meaning of section 2(6)(c) of the finance (no.2) act, 1971 and the finance act, 1972. however, in the case before us firstly we need not consider whether the assessee is an industrial company or not within ..... rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. held that the assessee was not an 'industrial company' and was not entitled to be taxed at the concessional rate. ..... building it should be considered as an 'industrial company' within the meaning of finance act, 1983. even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)73ITD180(Chennai)
..... october, 1989. the grievance of the appellant-company is with reference to the provisions of s. 40 of the finance act, 1983 (hereinafter referred to as the act). the plea as raised in this appeal is that the said section that was amended by the finance act, 1988 had extended the exemption to the buildings that are owned by the company and used by it for ..... consequences and to make the provisions workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation'. the lawmaker in their amendment made by finance act, 1988 has stated that 'the unintended hardship was noted with reference to the assets that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD576(Mad.)
..... decision of the appellate tribunal in the case of varadarqja theatres (p.) ltd. 29 itd 29 was distinguishable on facts. (iii) the 1988 amendment to section 40(3) of the finance act, 1983 is not retroactive, but prospective in operation with effect from 1-4-1989. therefore, the said amendment cannot help the assessee.14. shri v. ..... thereafter, the commissioner passed an order in revision holding that the theatre building could not be categorised in any of the exempted categories mentioned in section 40(3)(vi) of the finance act, 1983. the tribunal allowed the assessee's claim. in this regard, the tribunal followed the line of reasoning that it had earlier adopted ..... of the cinema theatre. this exemption was claimed on the ground that the cinema theatre building was a plant not chargeable to tax under section 40(3)(ut) of the finance act, 1983.alternatively, it was contended that the 1988 amendment which exempts theatre building from wealth-tax should be given retrospective effect.31. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD191(Mad.)
..... is actually utilised and not for depriving the assessee of the use of the funds. this is in contrast with section 54e where originally any investment of the proceeds in specified assets were exempt under the section as enacted by finance act, 1978. subsequently, by finance act, 1983 it was provided that if the tax-payer takes a loan on the security of the specified asset, he ..... would forfeit the exemption from capital gains. in the present section there is no such provision and hence in our considered opinion the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)60ITD267(Mad.)
..... proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a ..... of development and printing of films.therefore, it is a manufactured item by the assessee-company, which cannot be treated as an assets within the meaning of section 40(3) of the finance act, 1983. again the said order, the revenue is in appeal before us.2. on behalf of the revenue it was contended that although silver is ..... against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)29ITD29(Mad.)
..... we look into the subsequent amendment brought about by the finance act of 1988 in section 40(3)(fn) of the finance act of 1983. section 87 of the finance act of 1988 has introduced several amendments in section 40 of the finance act of 1983.sub-section (ii)(c) of section 87 of the finance act of 1988 has substituted the following three clauses for the ..... tax had interpreted the said provision of law.5. shri bhatt further relied on the latest amendment brought about in section 40 of the finance act of 1983 by the provisions of section 87 of the finance act of 1988, whereby a cinema house is expressly excluded from the category of assets includible in the net wealth of ..... k.v. ananthachari, the learned departmental representative opposed these contentions urged on behalf of the appellant and argued that the provisions contained in section 40 of the finance act of 1983 as quoted by the commissioner were clear and unambiguous and therefore there was no need for us to look into either the budget .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD199(Chennai)
..... the issue which is posed before the special bench. the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. various benches of the tribunal allowed both the types of claims giving rise ..... law. question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. the question whether a statutory provision has retrospective effect or not depends primarily on the language in ..... of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. we have heard the rival submissions in the light of material placed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)242ITR55(Mad.)
..... section 271(1)(c) which was applicable in the aforesaid case decided by the mumbai high court has been substituted by another explanation by taxation laws (amendment) act, 1975, w.e.f. 1-4-1976.this new explanation i applicable to the assessee's case now before the tribunal, is totally different from the nature and content of the explanation inserted by finance act ..... material to the computation of his total income have been disclosed by him." there is amendment brought in explanation b by the finance act, 1986.the following words in brackets were inserted by finance act, 1986 :- "(and fails to prove that such explanation is bona fide and that all the facts relating to the same and ..... material to the computation of his total income have been disclosed by him)".the above words which were introduced by the finance act, 1986 were taken to be part of explanation 1(b) even by finance act, 1983 by the learned accountant member, as can be seen from the extracted portion of the explanation given in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)84ITD459(Chennai)
..... to cover receipts from sources other than the actual conduct of the business also for the purpose of the definition of 'industrial company' in section 2(8)(c) of the finance act, 1976.8. the assessee had been allowed depreciation on plant and machinery, while computing the income of business for the earlier years. by ..... that was the main contention of the learned departmental representative.shri babu also drew our attention to the definition of industrial company appearing in section 2(8)(c) of the finance act, 1976, and submitted that for qualifying as an industrial company the assessee should be mainly engaged in the business of manufacture or processing ..... , as provided in the explanation to section 2(8)(c) of the finance act, 1976. regarding the meaning of the expression 'attributable to' recurring in the phrase 'profits and gains attributable to the business of, in section 80e, the supreme court in cambay electric supply industrial co. ltd v. cit (1978) 113 itr 84 (sc) observed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)34ITD77(Mad.)
..... refer to an assessee who is mainly engaged in the manufacture of articles as in the definition of an industrial company in the finance act. therefore, a reading of the provisions of section 32a confines it to a case of an assessee whose business is manufacture of articles.11. it was then contended on behalf of ..... and windows etc. could not be considered eligible for the investment allowance under section 32a. a comparison of the wording of this section with those sections 80j and 80hh as well as the definition of 'industrial company' in the finance act shows that this section 32a does not incorporate the defintion of a factory as in 80j or ..... these three appeals claiming that it is entitled to investment allowance under section 32 a, deduction under section 80j and concessional rate of tax under the provisions of the finance act.5. we may first consider the claim of the assessee for the deduction under section 80j in respect of profits and gains from newly established industrial undertaking .....
Tag this Judgment!