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 6 of about 72 results (1.169 seconds)

Smt. B. Shylaja Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the said decision of the apex court in the case of shri shubhlaxmi mills ltd. (supra), the provisions of section 34 of the i.t. act have been suitably amended with retrospective effect from 1-4-1962 by the finance act, 1990 by providing that the condition of the creation of reserve in the relevant year of account is not mandatory. ..... as a similar amendment is not made in the context of creation of reserve under the provisions of section 80hhc, he was of the view that the question ..... relied upon the decision of the hon'ble allahabad high court in the case of addl. cit v. saran engg. co. ltd. [1978] 115 itr 270. "in rectification proceedings under section 154 of the income-tax act, 1961, the income-tax officer held that the assessee was entitled to development rebate at a rate higher than that already allowed but, .....

Baby Marine Exports Vs. Assistant Commissioner of

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 .....

Deputy Commissioner of Vs. C. P. Lonappan and Sons.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... (5)(a) the capital gains could be considered for assessment for the asst. yr. 1993-94 only.4. sub-s. (5) was inserted in s. 45 of the it act by finance act, 1987 w.e.f. 1st april, 1988. new sub-s. (5) provided that the initial compensation awarded or determined or approved on compulsory acquisition of property shall be deemed ..... affected persons are unable to avail of the exemption for roll-over of capital gains, within the specified time period, through investment in specified assets. 23.2. sec. 45 of the it act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory acquisition under any law shall be ..... on 31st august, 1991 was part of the compensation amount, which could be assessed for the asst. yr. 1992-93 on receipt basis as per cl. (a) of section 45(5). it may be noted that the assessee became entitled to the compensation on the acquisition of the property by the government. what the government paid on 31st august .....

S. Gopakumar Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purpose of the income tax act. section 158bb provides for the computation of the undisclosed income of the block period. it is provided that the undisclosed income of the block period shall be the ..... once an assessment had been framed for a block period under section 158bc, the assessing officer is debarred from framing an assessment under section 143(3) could not be accepted. it may be mentioned here that by way of explanation in section 158ba, it is clarified by finance (no. 2) act, 1998, with effect from 1-7-1998, that an ..... assessment made under chapter xiv-b is in addition to the regular assessment in respect of each previous year included in the block period. but that does not mean that in respect of an income returned after the date of the search, the assessment could be made only under section .....

S. Gopakumar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)79ITD285(Coch.)

..... account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purpose of the it act. section 158bb provides for the computation of the undisclosed income of the block period. it is provided that the.undisclosed income of the block period shall be the ..... that once an assessment had been framed for a block period under section 158bc, the ao is debarred from framing an assessment under section 143(3) could not be accepted. it may be mentioned here that by way of explanation in section 158ba, it is clarified by finance (no. 2) act, 1998, w.e.f. 1st july, 1998, that an assessment ..... made under chapter xiv-b is in addition to the regular assessment in respect of each previous year included in the block period. but that does not mean that in respect of an income returned after the date of the search, the assessment could be made only under section .....

Deputy Commissioner of Income Tax Vs. C.P. Lonappan and Sons

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)75ITD301(Coch.)

..... 5)(a) the capital gains could be considered for assessment for the assessment year 1993-94 only.sub-section (5) was inserted in section 45 of the income tax act by finance act, 1987 with effect from 1-4-1988. new sub-section (5) provided that the initial compensation awarded or determined or approved on compulsory acquisition of property shall be ..... or consideration is first received. cbdt circular no. 621 dated 19-12-1991 providing the explanatory notes on the provisions of the finance (no. 2) act, 1991 deals with the amendment in clause (a) of section 45(5) as under: "streamlining the provisions relating to exemption for roll-over of capital gains.23. capital gains are deemed ..... shall be chargeable as income under the head 'capital gains of the previous year in which the transfer took place.clause (a) was later amended by the finance (no. 2) act, 1991, with retrospective effect from 1-4-1988. the amended clause (a) now reads as under: "(a) the capital gain computed with reference to the .....

Kerala Financial Corporation Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)74ITD360(Coch.)

..... be correct to insist on the reserve being retained intact. in this connection he drew our attention to the amendment brought about in s. 36(1)(viii) by the finance act, 1997. shri devarajan stated that only after the amendment there was the condition imposed that the reserve should be maintained as such and the violation would invite withdrawal of ..... be seen from p. 15 of the annual report and thereby fulfilled the condition under s.36(1)(viii) and so the assessee was entitled to the deduction under that section. drawing our attention to p. 17 of the report, shri devarajan stated that subsequently in accordance with the guidelines issued by the idbi in their letter, dt. 28th march ..... special reserve in the year in which the amount is withdrawn. for this purpose, a new sub-s. (4a) is sought to be introduced in this section and a reference of this sub-section is also sought to be made in sub-s. (5). the proposed amendments will take effect from 1st april, 1998, and will, accordingly, apply in .....

Singhal Brothers Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)74ITD78(Coch.)

..... to the assessee under sub-s. (1) or (1b) shall be deemed to be an order for the purpose of s. 264. the finance act, 1994, has substituted in the explanation "ss. 246 and 264" for s. 264 w.e.f. 1st june, 1994. the effect of the ..... to bring to tax the escaped income, whether s. 154 or s. 148, and not on the fact of escapement of income. sec. 147 gives the ao the jurisdiction to make the assessment/reassessment, if he has reason to believe that income liable to tax has escaped ..... to be decided first is whether the intimation issued under s. 143(1)(a) could be considered as an order of assessment.10. sec. 143(1)(a) permits certain prima facie adjustments to be made in the income or loss declared in the return filed by the assessee ..... by the assessee from the export of specified goods and merchandise. in the case of cambay electric supply industrial co. ltd. vs. cit (1978) 113 itr 84 (sc) the supreme court has held that the expression "derived from" has a definite, but narrow meaning and it cannot .....

industrial Finance Corporation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)72ITD449(Coch.)

..... "you are also liable for being posted at the corporation's decision, with the sister-concerns of the corporation, the management development institute, risk capital of technology finance corporation ltd., technical consultancy organisations sponsored by the corporation, all india or state level financial institutions. central government or public sector undertakings or quasi-government organisations, etc. ..... the learned representative of the assessee before us was that the house rent allowance payable to the employees was totally exempt under s. 10(13a) of the it act and so the same was not included as salary for working out the tax deductible under s. 192. drawing our attention to s. 10(13a), the ..... is an appeal by the assessee, the industrial finance corporation (i) ltd., cochin, against the order passed by the cit(a) in respect of the asst. yr. 1992-93.2. the assessee filed an annual return of salary in form no. 24 as required under s. 206 of the it act in respect of the year ending on 31st .....

P.A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)69TTJ(Coch.)566

..... assessment year. in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under section 112 of the income tax act. there is no provision either in chapter xiv or in section 112 providing for basic exemption and restricting the levy of tax on the excess amount alone.the contention of the ..... inspector in the kerala state excise department. on 12-12-1996, the it department conducted a search in the residence of the assessee under section 132 of the income tax act. in response to a notice issued under section 158bc, the assessee filed the return of income in form no. 213 on 17-6-1997. in the course of the assessment proceedings ..... this is an appeal arising out of the order passed by, the asst. cit, (inv) circle- 1, dvn. 1, trichur, under section 158bc of the income tax act on the assessee, shri p.a. chandran, trichur, for the block period from 1-4-1986, to 12-12-1996.the assessee is a government servant employed as excise .....