Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Court: income tax appellate tribunal itat pune Page 1 of about 111 results (0.148 seconds)

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... ). copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade ..... karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under ..... the supreme court in the case of lakhmani mewal das (supra).26. the stand of the assessee was that the amendment made by the finance act, 1988 in section 40 of the finance act, 1983 would be retrospective and would be applicable for the assessment years under appeal by relying on the judgments of the patna high court in .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... undisclosed income of other assessment years is hit by the specific provisions contained in the newly inserted sub-clause (a) or clause (c) of section 158bb(1) of the act inserted by the finance act, 2002 with retrospective effect from 1-7-19,95.31. therefore, in the light of our discussions made above and having regard to the newly ..... it is also explicit clear from the departmental circular no. 8 of 2002 dated 27-8-2002 clarifying the scope and effect of the amendment made in section 158bb by the finance act, 2002 with retrospective effect from 1-7-1995 which has already been set out above herein. in the light of the provisions contained in newly inserted clause ..... included in the block assessment as long as such income has been detected as a result of evidence gathered during the search. 61.3.2 the finance act, 2002 has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in .....

Rajathdri Hotel (P.) Ltd. Vs. Wealth-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1995)54ITD579(Pune.)

..... the firm held such assets as were liable to tax and were enumerated for the purpose in sub-section (3) of section 40 of the finance act :addanki narayanappa v. bhaskara krishnappa air (4) sudhakar manibhai and kulinsingh manibhai v. cwt [1978] 111 itr 384 (guj.), and after discussing the aforesaid court decisions, the learned cwt(a) held ..... that in respect of a company the deeming provision of section 4(1)(b) was equally applicable and that ..... value of all the assets which is in excess of the aggregate value of all the liabilities of an assessee. as against this, sub-section (3) of section 40 of the finance act, 1983 exhaustively enumerates the various items of property, in other words assets, the aggregate value of which shall be the amount of net wealth .....

Mrs. Aruna M. Katara Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)82TTJ(Pune.)363

..... .7. after having heard both the sides and considering the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. before considering the same, it is imperative to look into ..... it clearly says that surcharge has to be levied (refer para 39(3)(f) of the said circular). further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed ..... applicable when the search was carried out. further it is noted that second proviso to section 2(7) both under finance act, 1995, and finance (no. 20) act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part .....

Daulat Chitra Mandir (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)46ITD343(Pune.)

..... cbdt circular no. 528 dated 16-12-1988 by which the circular explained the substance of the provisions relating to direct taxes in the finance act, 1988. section 40 of the finance act, 1988 was one such section which is relevant for our consideration. at page 198 of 176 itr (statute) the circular states that the proposed amendment to sub ..... s contention was that this theatre building is exclusively used for the purpose of business of the company in the exhibition of cinema and hence exempt under section 40(3) of the finance act, 1983. as these appeals were heard together they are, therefore, disposed of by this consolidated order for the sake of convenience.2. at the ..... outset, it would be better to mention here the provisions of section 40(3)(vi) of the finance act, 1983 which are as under : 40(3)(bt). building or land appurtenant thereto, other than building or part thereof used by the assessee as factory .....

Shri Satvinder Singh Kalra and Vs. Commissioner of Wealth-tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)109ITD241(Pune.)

..... assets is to be kept in mind.17. on reading of the main enacting provision of clause (i) of sub-section (ea) of section 2, as substituted by the finance (no. 2) act, 1996 with effect from 1.4.97 and by the finance act, 1998 with effect from 1.4.99, it is clear that any building or land appurtenant thereto whether used for residential ..... properties in the nature of commercial establishments or complexes. he further submitted that sub-clauses (4) and (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act has been inserted by the finance (no. 2) act, 1998 with effect from 1.4.1999. in this connection, the id counsel for the assessee invited our attention to the notes on clauses .....

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)302ITR136(Pune.)

..... , one must see the provisions' of section 2(24)(ix), section 56(2)(ib) and section 115bb together. first two provisions have been introduced by the same finance act 1972 section 115bb was introduced by finance act 1986 seeking to replace section 80 tt which was introduced by finance act 1972. in all these sections reference is to same type of income which ..... or betting of any form or nature whatsoever, which were provided to be charged at a specified flat rate under the provisions of section 115bb(i), which section was also inserted by the finance act, 1986, w.e.f. 01/04/87. the said circular reads as under: (xiii) provisions of a flat rate of ..... is referred to section 2(24)(ix) namely winning from any lottery or crossword .....

Dy. Commissioner of Wealth-tax Vs. Industrial Oxygen Co. (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1990)34ITD15(Pune.)

..... has not been used for confining to the motor vehicle other than jeeps. we accordingly hold that the expression "motor cars" in clause (vii) of sub-section (3) of section 40 of the finance act, 1963 would include jeeps and as such the ito was justified in including the value of jeeps owned by the assessee company in the net wealth of the ..... in appeals before us. me only question to be decided is whether "jeeps" would fall within the ambit of expression "motorcars" in clause (vii) of sub-section (3) of section 40 of the finance act, 1983.9. we have heard the parties. no decision directly on this point has been cited by either party. the learned cwt(a) has relied on the ..... a company in which public are substantially interested, at the rate of 2% of such net wealth.3. in sub-section (2) of section 40 of the said finance act, 1983, it has been provided that for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred .....

Kothari Vora Associates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)57ITD171(Pune.)

..... the value of his share from the net partnership asset.25. with a view to blocking this escape route for avoiding capital gains tax, the finance act, 1987 has inserted a new sub-section (3) in section 45. the effect of this amendment was that the profits and gains arising from the transfer of a capital asset by a partner to a ..... into individual assets on dissolution or otherwise also formed part of the same scheme of tax avoidance. to plug these loophole the finance act, 1987 brought on the statute book, a new sub-section (4) in section 45 of the act. the effect was that the profits or gains arising from the transfer of a capital asset by a firm to a partner ..... capital gains tax on such distribution on dissolution, was therefore, not liable to be assessed.to nullify the said decision, the amendment to section 45 was introduced by the finance act, 1987. the government was aware that one of the devices used by the assessee to evade tax on capital gains was to convert an asset held independently .....

Z.F. Steering Gear (i) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... first proceed to examine the legal position in this regard in the following paras.15. the section 80-ia of the act was inserted by the finance act, 1991 with effect from 1-4-1991. it was subsequently amended by the finance act, 1992 with effect from 1-4-1993 and then by finance act, 1993 with effect from 1-4-1994/1-4-1995. the deduction under ..... section 80-ia was available to an assessee whose gross total income included any profits or gains derived from any business of an industrial undertaking which .....