Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1990)32ITD567(Chd.)
..... the legislature in the same finance act also made a provision for assessment after partial partition of a hindu undivided family by inserting section 20a into the wealth-tax act, 1957 with effect from 1-4-1980. this section reads as under:- 20a. where a partial partition has taken place after the 31st day of december, 1978, among the members of a ..... be the property of shri b.b. singal bigger huf. according to the wealth-tax officer, the partial partition, "being after 31-12-1978, the same cannot be accepted as per the finance act, 1980". the sum of rs. 2,50,000 kept aside by the assessee for the marriage expenses of miss archana singal by taking it ..... assessee. these assessments were challenged in appeal before the commissioner of wealth-tax (appeals) who made the orders after insertion of sub-section (9) of section 171 of the income-tax act, 1961 by finance (no. 2) act, 1980 and confirmed the view taken by the wealth-tax officer. hence the present proceedings.5. we have heard the parties and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD542(Chd.)
..... therefore, felt aggrieved and went in appeal before the commissioner (appeals).3. the commissioner (appeals) took into consideration the provisions of section 64(1)(i), read with explanation 2 to section 64(2), inserted by the finance act, 1979 with effect from 1-4-1980. he held that the share of loss of dr. kamlesh madan will have to be ..... by its legislative wisdom with the introduction of explanation 2 to section 64 with effect from 1-4-1980. the question may, however, arise whether the explanation added by the finance act, 1979 with effect from 1-4-1980 can be said to be applicable to the assessment year 1978-79 which is under appeal before us. this issue has ..... , after giving the spouse an opportunity of being heard, that it is necessary so to do. the finance act, 1979 added explanation 2 to section 64(2) with effect from 1-4-1980. this explanation clarifies that for the purposes of this section, 'income' includes loss.5. on the issue whether income includes loss, there is a judgment of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1997)60ITD332(Chd.)
..... case of cambay electric supply industrial co. ltd. (supra) even for purposes of section 80hh investment allowance had to be reduced before working out the deduction under section 80hh. it was also submitted that under section 80ab which was inserted by the finance (no. 2) act, 1980 w.e.f.1-4-1981 income and first to be computed as ..... submissions of both the sides.when the assessing officer passed the order under section 154 on 30-3-1989, the supreme court decision in the case of cambay electric supply industrial co. ltd. (supra) was available because the same was rendered on 11-4-1978. in that case, however, the question was one of exclusion or inclusion ..... to the supreme court decision in the case of cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84 at 95 wherein the supreme court had held that while computing the deduction under section 80e of the act, there was no scope for excluding items like unabsorbed depreciation and unabsorbed development rebate. it was argued that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)91TTJ(Chd.)1044
..... towards meeting the cost of foreign travel to the doctors.(vi) it was pointed out that sub-section (4a) of section 11 was amended by the finance (no. 2) act of 1992 with effect from 1-4-1994, where it has been laid down that provisions of sub-sections (1), (2), (3) or (4) shall not apply in relation to any income ..... the commissioner (appeals) in order to prove that the assessee-trust was set up for charitable purposes and as such entitled to exemption under section 11, relied on an outdated cbdt instruction no. 1132, dated 5-1-1978. the learned commissioner (appeals) failed to take notice of the subsequent instruction no. 1582, dated 19-10-1984 (copy placed at p ..... of the trust when the facts state otherwise.6. the learned commissioner (appeals) has erred in allowing relief by referring to instruction no. 1132, dated 5-1-1978. the recipient-trust was not in fact carrying out any educational activity during the year in question and the donation received on 12-7-1995 by sardarni uttam kaur .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)95TTJ(Chd.)404
..... ito cannot grant such a depreciation allowance. the apex court declared the law by the aforesaid decision by its judgment dt. 15th march, 2000. section 32 was amended by the finance act, 2001. explanation 5 was added which provided that depreciation would be allowed whether or not the assessee claimed the deduction in respect of depreciation in ..... representative for the assessee also contended before us that the assessee can claim depreciation on revising the same during such proceedings as per expln. 5 inserted by the finance act, 2001, as the same should be deemed to have taken effect from the retrospective effect and so even during the assessment proceedings for the asst. yr. ..... of the act.2.5 the first contention raised by the learned authorised representative for the assessee before us was that the principles of natural justice have not been complied with by the ao while reframing the set aside assessment. in support thereof, he has relied on 1978 air sc 597, in the case of rakesh c. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)15ITD42(Chd.)
..... statute, neither a word is to be ignored nor a comma is to be added, when one comes to interpretation. once we observe that introduction of section 171(9) which was inserted by finance (no. 2) act with effect from 1-4-1980, partition for the purpose of enquiry, recognition and order had to be 'complete partition', on the one hand, and ..... 3-1981.4. the ito rejected the assessee's claim on the basis of section 171(9), which came on the statute with effect from 1-4-1980 inserted by the finance (no. 2) act, 1980, as per which no partial partition which had taken place after 31-12-1978 was capable of recognition. the contention of the assessee before the ito was that ..... taken place and any finding recorded under sub-section (3) to that effect whether before or after the 18th day of june, 1980, being the date of introduction of the finance (no. 2) bill, 1980, shall be null and void ; (b) such family shall continue to be liable to be assessed under this act as if no such partial partition had taken .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1991)39ITD400(Chd.)
..... capacity. this appears to be the position for the assessment years 1982-83 and 1983-84.5. finance (no. 2) act, 1980 which received the assent of the president on 21 -8-1980 brought on the statute book by way of insertion of sub-section (9) to section 171, effective from 1-4-1980, which reads as under: - 171(9) notwithstanding anything contained ..... he relied on the judgment of the bombay high court in the case of ctt v. smt. godavaridevi sara/[1978] 113 itr 589. it was further submitted by the learned counsel for the assessee that if a provision in the act has been struck down by a high court, the tribunal in the appellate proceedings may take note of such judgment ..... (9) is restricted only to a claim in respect of partial partition effected after 31st december, 1978 made for the first time in the assessment year 1980-81 and that the provisions of section 171(9)(a) would not affect a partial partition which has already been recognised in the assessment year 1979-80 and in respect of which a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)107ITD343(Chd.)
..... behind these provisions is to provide for a tax disincentive by denying deduction in respect of a statutory liability which is not paid in time. the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year will be allowed ..... behind these provisions is to provide for a tax disincentive by denying deduction in respect of a "statutory liability" which is not paid in time. the finance act, 1987, inserted a provision of section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year will be allowed ..... circular no. 550, dt. 1st jan., 1990 [(1990) 86 ctr (st) 45] issued by cbdt in the context of expln. 2 to section 43b. the finance act, 1989 has brought in the expln. 2 to section 43b, according to which "any sum payable" shall mean any sum, liability for which has been incurred by the taxpayer during the previous year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)88TTJ(Chd.)450
..... on bonds is being paid half yearly and the board was liable to deduct tax at source on the interest payable/paid under section 193 of the income tax act. further, through a provision introduced by finance act, 1989, income-tax deductible from interest was to be increased by surcharge levied at specified rate. thus, the assessee was liable ..... the meaning of words "the rates in force" stated in section 193 is to be found in the charging section 4 read with the finance act of the relevant previous year. in every finance act, "rates of income-tax" are provided as per part ii of the first schedule to the finance act under the title "rates for deduction of tax at source ..... securities. the assessee was liable to deduct tax at source as per rates prescribed by the finance acts, from year to year. the surcharge was also to be deducted at the rates prescribed. accordingly, it was held that provisions of section 193/201(1a) were mandatory in nature and were applicable to the assessee. accordingly it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)112TTJ(Chd.)94
..... interest related to capital borrowed for a new plant, the same was to be treated as capital in nature. thirdly, the ao noted that the amendment under section 36(1)(iii) made by the finance act, 2003 w.e.f. 1st april, 2004 provided that interest from the date on which the capital was borrowed for acquisition of the asset till the date ..... tribunal in the assessee's own case for the asst. yr. 1992-93 (supra).36. insofar as the plea of the revenue based on the amendment made to section 36(1)(iii) by the finance act, 2003 is concerned we may refer to the decision of our co-ordinate bench in the case of swaraj engines ltd. (supra). no doubt in terms of ..... the amendment made by the finance act, 2003 by way of insertion of the proviso, the impugned expenditure is disallowable. however, the disallowance can be made in the case of the assessee only after the said amendment .....
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