Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: income tax appellate tribunal itat chandigarh Page 8 of about 508 results (0.559 seconds)

Avon Cycles Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1995)52ITD426(Chd.)

..... scrap was part of the total turnover. it was also pointed out that the expression 'the whole of the income' was substituted by 'profit' inserted by the finance act, 1991, w.e.f. 1-4-1992 with a view to curbing certain unethical practices adopted by the assessees. it was also submitted that the total turnover ..... the assessee preferred an appeal to the learned cit(a) (central), ludhiana, who upheld the contention of the assessing officer that the word 'profit' used in section 80hhc of the act would include loss also. he, however, granted some marginal relief in the matter of computing the total turnover. the learned cit(a) held that the steel ..... on the decision of the ahmedabad bench of the tribunal in the case of fag precision bearing ltd. v. dy. cit for the proposition that provisions of section 115j being capable of more than one interpretation as regards treatment of unabsorbed investment allowance etc., prima facie adjustment in regard to unabsorbed investment allowance by recourse .....

income Tax Officer, Ward-1, Vs. Hari Sarup

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)7SOT439(Chd.)

..... year 1974-75 whereas the assessee case pertained to assessment year 2000-01 and since there was amendment in the definition of asset under section 2(14)(iii) in the finance act, 1989, the said judgment was distinguishable.the learned commissioner of income tax (appeals) after considering the rival submissions observed that there was ..... no change in the definition of agricultural land under section 2(14)(iii) of the income tax act, 1961 even after 1-4-1989. he further observed that ..... rural agricultural land merely on the ground that the land transferred had been subjected to corporation tax @ 5 per cent as per provision of section 147 of the delhi municipal corporation act, 1957, in spite of the fact that the assessee furnished a certificate from the office of the sub-registrar, sub-district vi (north .....

D.C.i.T. Vs. Ruchira Papers Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... of income referred in section 5 computed in the manner laid down in the act. chapter vi-a provides for certain deductions in computing the total income which is chargeable ..... relating to the deduction under section 80hh/80i as per provisions of the act. under section 4 of the income-tax act, 1961, income tax is chargeable in respect of both income of the previous year at any rate or rates, as may be provided under the finance act of each year. total income is defined under section 2(45) of the act, to mean the total amount .....

Gift-tax Officer Vs. Mohri Ram Ram Lal.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1986)17ITD619(Chd.)

..... gifted. therefore, he took the value of the gifted asset at rs. 49,340. after exemption of rs. 5,000 under section 5 of the act the taxable gift was determined at rs. 44,340. this was taxed and a demand of rs. 3,434 was created by ..... also brought in capital and started functioning as working partners. the reconstitution of the firm was for the induction of new blood and finance and it was in the interest of the business. the reconstitution was in course of carrying on the business of the assessee ..... of the firm was recorded. the deed of reconstituion clearly shows that the new partners came in with capital to contribute to the finances of the firm. two of them had gained experience in the working and were well educated. the claim of the revenue that there ..... member - this appeal by the revenue is directed against the order of the aac dated 2-4-1982 relating to the assessment year 1978-79, before we crystallise the issue we like to have a look at the factual canvass of the case which is as under.2 .....

Sodhi Harbhajan Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1993)47ITD48(Chd.)

..... be deemed to be the income of the previous year in which the transfer took place. he has pointed out that sub-section (5) thereof was inserted by the finance act, 1987, w.e.f. 1-4-1988. before the said date, section 45(1) was applicable and, therefore, we have to look to the date of transfer. his main plank of argument is ..... on a decision of the supreme court in the case of k.p. varghese v. ito [1981] 131 itr 597 : 7 taxman 13. that was a case where section 52(2) of the act was under examination and it was to be determined whether that provision had any application in case of a transfer of land. the question there was whether full ..... the punjab act. thereafter, the improvement trust made a request to the collector for acquisition and delivery of possession by a letter dated 30-10-1969. the collector accepted the application made by the trust, vide order dated 31-10-1969. the possession was thereafter taken on 21-4-1971. notice to file claim was published on 27-9-1978 and the .....

Gopal Dass Kulwant Rai Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)88ITD445(Chd.)

..... ) & (v) of section 40(&) of the income-tax act. clause (v) is relevant for our purposes and is reproduced as below :- (v) any ..... salary/remuneration or interest paid by a firm to a partner was totally disallowed under section 40(b) of the income-tax act till assessment year 1992-93. however, w.e.f. 1-4-1993 changes have been made in the income-tax act by the finance act, 1992 allowing interest and remuneration to partners and working partners as per clauses (iv ..... remuneration which was actually paid was less than the maximum amount payable under the statute. the sentence "subject to overall limit as laid down under section 40(b) of income-tax act" is not a term of partnership deed. it is a statutory provision which is applicable to all partnerships whether provided in the instrument of partnership .....

Om Parkash Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1982)1ITD1060(Chd.)

..... . on these facts, the claim of the assessee is to be considered for relief under section 80u(ii).5. section 80u(a) came on the statute book by an insertion by the finance act, 1968, with effect from 1-4-1969. this section was substituted by the taxation laws (amendment) act, 1970, with effect from 1-4-1971. it deals with deductions in the case of ..... considered the submissions of the assessee but, taking into consideration circular no. 246 [f. no. 178/3/1977-it(a-ii)], dated 20-9-1978 issued by the cbdt enumerating certain types of disabilities to which the section could apply, came to the conclusion that "pulmonary tuberculosis with bronchial asthma is not covered under this circular". he, therefore, held that the assessee .....

income-tax Officer Vs. Sriyansh Knitters

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)5ITD429(Chd.)

..... installed. in this view of the matter, it has been contended that a reasonable and proper interpretation of item 32 of the fifth schedule, which was inserted by section 23 of the finance act, 1969, with effect from 1-4-1970, is that any assessee engaged in the manufacture of textiles wholly or mainly of cotton and any assessee who is manufacturing ..... is, therefore, to be seen whether on these facts, the assessee is entitled to development rebate in view of the provisions of section 33(1)(b)(b)(i)(b) read with item 32 of the fifth schedule to the act. item 32 of the fifth schedule is as under : textiles (including those dyed, printed or otherwise processed) made wholly or ..... under appeal, the assessee installed new machinery of the value of rs. 7,80,646. the assessee claimed development rebate at the rate of 25 per cent under section 33 of the income-tax act, 1961 ('the act'). the ito, however, allowed the development rebate at 15 per cent with the general observation that it was clear that .....

The A.C.i.T. Vs. Nahar International Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... erred both in law and on facts of the case in deleting the disallowance of rs. 63,76,256 made by the ao on account of deduction under section 80i of the it act.2.1 the assessee did not press ground no. 1 taken in the co and the remaining effective grounds read as under:- 1. that ld cit(a)( ..... differed in their opinion while considering and deciding the captioned appeal on the following point which is being referred to the president, income-tax appeallate tribunal under section 255(4) of the i.t. act, 1961. whether, on the facts and in the circumstances of the case, cit (appeals) was right in deleting interest of rs. 49,68,000 attributable ..... own shares. however, proviso to section 77(2) of the companies act provided exception inasmuch as it could advance money to the members of staff for purchase or subscribing to fully paid up shares of the company. attention of the tribunal was also drawn to the guidelines dated 11.2.1987 issued by the ministry of finance, department of economic affairs as .....

Assistant Commissioner of Vs. Nahar International Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD96(Chd.)

..... both in law and on facts of the case in deleting the disallowance of rs. 63,76,256 made by the assessing officer on account of deduction under section 80-i of the it act.2.1 the assessee did not press ground no. 1 taken in the co and the remaining effective grounds read as under :-- 1. that ld. cit ..... differed in their opinion while considering and deciding the captioned appeal on the following point which is being referred to the president, income-tax appellate tribunal under section 255(4) of the income-tax act, 1961: whether, on the facts and in the circumstances of the case, cit(appeals) was right in deleting interest of rs. 49,68,000 ..... shares. however, proviso to section 77(2) of the companies act provided exception inasmuch as it could advance money to the members of staff for purchase or subscribing to fully paid-up shares of the company. attention of the tribunal was also drawn to the guidelines dated 11-2-1987 issued by the ministry of finance, department of economic affairs as .....