Judgment Search Results Home > Cases Phrase: finance act 1978 section 2 income tax Court: income tax appellate tribunal itat madras Page 2 of about 679 results (0.176 seconds)

R.K. Ambady Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)36ITD315(Mad.)

..... under the head "salaries". with a view to removing hardship to retiring employees, the finance act, 1982 inserted, with retrospective effect from 1-4-1978, a new clause (10aa) in section 10 of the act, which exempts such receipts from income-tax, to the extent stipulated therein. the new clause was amended by the taxation laws (amendment ..... granted to the assessee.4. on hearing the rival submissions, we consider that the assessee is entitled to succeed.5. prior to the introduction of section 10(10aa) by the finance act, 1982, with retrospective effect from 1-4-1978, any amount received by an assessee, on his retirement from service, by way of cash equivalent of unutilised earned leave was chargeable to tax .....

C.M. Kothari Charitable Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)31ITD46(Mad.)

..... that the ito and the commissioner (a) were not correct in holding that the assessee was not entitled to exemption under section 11 of the act because the provisions of section 13(1)(d) as amended by the finance act, 1983 came into effect from 1-4-1983 and the assessee had not changed its investment as on 28-2-1983 to ..... however, having regard to the practical difficulties involved and also to ensure a more orderly change-over, the aforesaid date viz.31-3-1978 was extended by three years to 31-3-1981 by finance (no. 2) act, 1977. according to that, if any funds of a trust or institution were invested or deposited or continued to remain invested or ..... 1)(d) of the act would clearly show that section 13(1)(d) was only prospective and not retrospective.this will be confirmed by the fact that initially when the taxation laws (amendment) act, 1975 laid down an investment pattern for trust funds, it was applicable in respect of accounting years commencing after 31-3-1978 and that was how even .....

Sulzer Brothers Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... executed before april 1, 19'76, the payments are not totally exempt from tax. reference has been made to the provisions of sections 44d, 115a and the schedules to the finance act from year to year. the learned departmental representative pointed out that royalty paid in recent years on the basis of agreements entered into before ..... , 1976, inserted a new clause (vii) in section 9(1) of the income tax act, with effect from june 1, 1976, specifying the circumstances in which income by way of fees for technical ..... 1978] 115 itr 505 (mad); maharaja dharmendra pratap narain singh v. state of u.p. [1980] 121 itr 806 (all). thus, in the instant case, the assessee has proved that the agreement in question was entered into prior to april 1, 1976, in accordance with the provisions contemplated under the proviso to clause (vii) of section 9(1).17. the finance act .....

Sulzer Bros. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD16(Mad.)

..... , 1976 inserted a new clause (vii) in section 9(1) of the income-tax act, w.e.f. 1-6-1976 specifying the circumstances in which income by way of fees for technical services ..... of agreements executed before 1-4-1976, the payments are not totally exempt from tax.reference has been made to the provisions of sections 44(d), 115(a) and the schedules of the finance act from year to year. the learned departmental representative pointed out that royalty paid in recent years on the basis of agreements entered into ..... 1978] 115 itr 505 (mad.) and maharaja dharmendra pratap narain singh v. state of u.p. [1980] 121 itr 806 (all.). thus in the instant case the assessee has proved that the agreement in question was entered into prior to 1-4-1976 in accordance with the provisions contemplated under the proviso to sub-clause (vii) of section 9(1).15. the finance act .....

V.G. Ramachandran Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD545(Chennai)

..... be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 with effect from 1-4-2004, the legislature intended to clarify the position that any amount received or receivable by an employee of a ..... were facing problems in case the amount was given to them in instalments, over a number of years. to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or receivable (i.e., even if received in instalments) by an employee on ..... any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 with effect from 1-4-2004. further he drew our attention to section 17(3) which reads as under-- (i) the amount of any compensation due to or received by an assessee .....

income-tax Officer Vs. M.A. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)14ITD411(Mad.)

..... under the head 'income from other sources' and not under any other head.3. this section was inserted in the act by the finance act, 1972 with effect from 1-4-1972. the finance act, 1972 introduced substantial modification mainly of the provision contained in section 10(3) to remove or restrict the exemption granted under the provision to casual an non- ..... this intention of restricting the adjustment of the losses from these sources that was put into effect by the insertion of section 74a. as introduced by the finance act, 1972, this provision contained only sub-sections (1) and (2). sub-section (3) was introduced by the finance act, 1974 with effect from 1-4-1975. the intention for the introduction of this sub ..... ' or against income under any other head. i am now concerned in this matter with clause (c) which deals with races including horse races. sub-section (3) inserted by the finance act, 1974 with effect from 1-4-1975 is intended to carve out an exception to the total ban provided in sub .....

Oriental Hotels Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... . the finance act, 1965, inserted sub-section (6) of section 33. the effect of this sub-section was that no deduction by way of development rebate shall be allowed in respect of any plant or machinery installed after march 31, 1965 ..... rebate was being granted. the scheme of granting development rebate was continued in the new act also.26. the finance act, 1964, inserted sub-section (5) of section 33 with effect from april 1, 1904, by the said sub-section, the central government assumed powers to withdraw the development rebate by giving a clear three-year notice of its intention to withdraw the development rebate.27 .....

T.R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)240ITR33(Mad.)

..... [1961] 41 itr (st.) 33), at page 55, para 97, and section 6 of the finance act, 1961.10. when the indian income-tax act, 1922, was substituted by the income-tax act, 1961, section 32 provided for development rebate as before on almost identical terms. sub-section (5) enabled the government to dis-continue the rebate which was done by a ..... the members arose. originally, the assessing officer had allowed investment allowance in favour of the assessee-hindu undivided family for each of these assessment years as follows :1978-79 1,37,9511979-80 (together with carry-forward 2,39,188investment allowance the loss was determined at)1980-81 (carry forward investment allowance 1,12,843from the ..... the learned accountant member adopted the meaning of the word "transfer" given under sections 2(xii) and 2(xxiv) of the gift-tax act and also under section 45(2) of the income-tax act, which were not in existence in the assessment years 1978-79 to 1981-82, with which we are concerned in these appeals.11. the .....

T. R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)70ITD127(Mad.)

..... a sale by a firm to the company formed by the partners would fall within the prohibition contained in this section. the legislature, perhaps, took note of the hardship caused by this decision and that was the reason why the finance act, 1961 provided that a case of amalgamation or conversion of a firm into a company would not fall within ..... for these years, differences between the members arose. originally, the ao had allowed investment allowance in favour of the assessee-huf for each of these assessment years as follows : 1978-79 1,37,951 1979-80(together withwas determined at) 2,39,188 1980-81 (carry-forward investment for the current year) 1,12,843 1981-82 (as current ..... appeal before the cit(a), coimbatore. the assessee was not successful in the appeals. hence, the appeals were dismissed by separate orders dt. 21st july, 1986 for asst. yr. 1978-79, 30th december, 1985 for asst. yr. 1979-80, 13th november, 1985 for asst.yrs. 1980-81 and 1981-82. challenging the orders of the cit(a), the .....

Dr. (Mrs.) G. Isaac Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)1ITD1120(Mad.)

..... who come to india after 1-4-1976, this is not warranted by the language of the provisions of section 5(1)(xxxiii) nor by any other indication. the mere fact that the section was introduced with effect from 1-4-1977 by the finance act, 1976, i.e., from the assessment year 1977-78, does not mean that the exemption is not open ..... similar order as for the earlier two years and direct the departmental authorities to allow the claim in the manner already indicated. coming to the assessment years 1977-78 and 1978-79, the assessee, in addition to the claim for deduction of income-tax liability for 1974-75 and wealth-tax liability for the years 1974-75 and 1977-78 on ..... five by the assessee, dr. (mrs.) g. isaac, relating to her wealth-tax assessment for the years 1974-75 to 1978-79, and three by the department, pertaining to her wealth-tax assessment for the years 1974-75, 1977-78 and 1978-79, are conveniently disposed of by this consolidated order.2. taking up the assessee's appeal for the year 1974 .....