Judgment Search Results Home > Cases Phrase: finance act 1978 section 19 amendment of section 155 Sorted by: recent Court: income tax appellate tribunal itat cochin Page 1 of about 72 results (0.290 seconds)

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

..... towards the formulation of the fund under the scheme.22. it is necessary to refer to the legislative history of sub-section (9) of section 40a of the act. sub-section (9) of section 40a was inserted by the finance act, 1984 with effect from 1st april, 1980. the scope and effect of the new provision was explained by the ..... or investment in shares, etc. 16.2 with a view to discouraging creation of such trusts, funds, companies, association of persons, societies, etc., the finance act has provided that no deduction shall be allowed in the computation of taxable profits in respect of any sums paid by the assessee as an employer towards the ..... section 40a(5), which would operate to the same extent as they would have operated had such expenditure been incurred by the assessee directly: deduction under this provision will be allowed only if no deduction has been allowed to the assessee in an earlier year in respect of the sum contributed by him to such trust, fund, etc. 16.4 the finance act .....

Harrisons Malayalam Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the sale of said bonds amounting at rs. 1,96,15,776. the controversy is in respect of the indexation cost. by the finance act, 1997, proviso is added to section 48(ii) of the act with effect from 1-4-1998 which reads as under: provided also that nothing contained in the second proviso shall apply to the long- ..... payment. it is argued that though the commissioner (appeals) has accepted the contention of the assessee that it was a contractual liability and admissible deduction under section 37(1) of the act, but he himself interpreted the decision of the hon'ble supreme court in the case of madras industrial investment corpn. ltd. v. cit and held that ..... assessee on this issue are allowed.8. the next issue is regarding the disallowance made by the assessing officer and enhanced by the commissioner (appeals) under section 14a of the act relating to the investment in tax-free bonds. in the assessment year 1995-96 when the assessee challenged the impugned order of the assessing officer on the .....

ito Vs. Pulimoottil Silk House

Court : Income Tax Appellate Tribunal ITAT Cochin

..... for the allowability of the claim. the amendment was made to eliminate unintended consequences that caused undue hardship to the taxpayers. therefore, amendment in proviso to section 43b by finance act, 2003 was curative in nature. accordingly, it should be applied retrospectively.respectfully following the decision of the special bench in the case of kwality milk foods ..... tribunal in the case of kwality milk foods ltd. (supra) and the issue before the hon'ble special bench was whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature. the hon'ble special bench has held as under: 34. we have ..... contributions to the respective authorities at times delayed even though the payment tendered before the due date. having regard to this unintended hardship, by the finance act, 2003 in the first proviso of section 43b, the words, brackets and letters referred to in clause (c) or clause (d) or clause (e) or clause (f) have .....

Assistant Commissioner of Income Vs. Norasia Lines (Malta) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)292ITR31(Coch.)

..... payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, ..... ) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, ..... of march, of the financial year: provided further that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment .....

Mrs. Catherine Thomas Vs. the Dy. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)111ITD132(Coch.)

..... itr (at) 1 (delhi-sb) is not in accordance with law and he made the following submissions: it was argued that the legislature while inserting sub-section (5) in section 45 through the finance act 1987 with effect from 1-4-1988 did not provide for cases where enhanced compensation was reduced by any courts tribunal or other authority.clause (c) to ..... only dispute is in respect of the year in which it should be charged to tax and in our opinion, sub-section (5) of section 45 is relevant on the issue. sub-section (5) in section 45 was inserted by the finance act, 1987 to provide for taxation of the additional compensation in 'the 'year of receipt in stead of the year of transfer ..... the issue, the hon'ble special bench of the itat in the case of padam prakash (huf) (supra) held as under: clause (c) to sub-section (5) was inserted by finance act, 2003, but it has to be held to be retrospective in operation and taken to be introduced with effect from april 1, 1988. the picture without insertion .....

Mrs. Catherine Thomas Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)116TTJ(Coch.)797

..... . cit v. padam prakash (huf) is not in accordance with law and he made the following submissions : it was argued that the 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 compensation was reduced by any court, tribunal or other authority.clause (c) ..... only dispute is in respect of the year in which it should be charged to tax and in our opinion, sub-section (5) of section 45 is relevant on the issue. sub-section (5) in section 45 was inserted by the finance act, 1987 to provide for taxation of the additional compensation in the year of receipt instead of the year of transfer of ..... the issue, the hon'ble special bench of the tribunal in the case of padam prakash (huf) (supra) held as under: clause (c) to sub-section (5) was inserted by finance act, 2003, but it has to be held to be retrospective in operation and taken to be introduced w.e.f. 1st april, 1988. the picture without insertion of .....

K. Vinod Kumar Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... to the relevant previous year cannot form part of the "annual rent" for the previous year, for determining the annual value of the property for the purposes of section 22 of the act. a similar view has been expressed by the calcutta high court in hamilton's case (1992) 194 itr 391, with which we are in respectful agreement.9. ..... received by the assessee in the previous year relevant to the assessment year 1996-97. the argument of the learned chartered accountant for the assessee is that section 25b of the act is brought on the statute book with effect from the assessment year tj 2001 -02 and it has no retrospective effect to bring to tax the arrears ..... high court has held as under: in this connection, it may be mentioned that the explanation below section 23(1) was inserted by the taxation laws (amendment) act, 1976, with effect from the assessment year 1976-77 simultaneously with the amendment of sub-section (1). the tribunal is correct to the extent that the arrears of rent of a past year .....

Smv Firm Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... interest income and dividend on sbi magnum units is entitled to be assessed under the head "business income" and eligible for deduction under section 80hhc of the act. alter interpreting the provisions of section 80hhc, the hon'ble high court was of the opinion that the income in the form of dividend from sbi magnum units and ..... concerned assessees were not engaged in the business of financial services. it was further argued that it is not necessary that the assessee should only engage in financing and lending money, but it is sufficient if the assessee is issuing cheques to the creditors of the associate concerns which is nothing but financial services.4. ..... assessee has a fixed deposit of rs. 2,50,00,000 with the bank. with the overdraft facility available to the assessee against the fixed deposits the assessee finances its associates and help them to make timely payments to their suppliers. by utilizing the 'at par' cheque facility for effecting payments to suppliers all over india, .....

Smt. Meera Jacob Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Cochin

..... hufs, the cash in excess of rs. 50,000 is treated as an "asset" for the purpose of charging sections of the wealth tax act. we find force in the argument of the id. ar that after referring to the hon'ble finance minister's speech while moving the finance bill, 1992 and subsequent circular by the cbdt explaining the provisions of the said ..... others). while interpreting the scope and legislative intent behind the introduction of section 2(ed), this tribunal has held as under: 8. while moving the finance bill, 1992, which is popularly known as budget speech, the hon'ble finance minister explained the reasons and object for introducing changes to the wealth tax act, 1957. the relevant part of his speech is as under: 67 .....

Muthoot Bankers Vs. Dy Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the assessee. in the, opinion of the assessing officer, the assessee-firm was not the owner of the property and, therefore, no depreciation can be allowed under section 32 of the act. the assessing officer also placed reliance on the following decisions:kalpaka tourist home (p.) ltd. v. cit 3. we have heard the rival submissions of the ..... -company was a private limited company and claim of depreciation was disallowed on the ground that the said company was not the real owner of the property though finance was made by the said company. the initial investment by the two shareholders was in the nature of the advances only and the building was standing in the ..... the title deed was pledged with nedungadi bank ltd. for availing overdraft facilities. the assessing officer was of the opinion that merely because the assessee has made finances for purchasing the said building or that the property was shown among the fixed assets in the assessee's books of account was not conclusive of the ownership .....