Judgment Search Results Home > Cases Phrase: finance act 1978 section 36 amendment of act 1 of 1944 Sorted by: recent Court: income tax appellate tribunal itat kolkata Page 1 of about 75 results (0.147 seconds)

income-tax Officer Vs. Kenaram Saha and Subhash Saha and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)301ITR171(Kol.)

..... to regulate business transactions and to prevent the use of unaccounted money or reduce the chances to use black money for business transactions.47. after the amendment in section 40a(3) by the finance act, 1995 with effect from april 1, 1996, and the amendment in rule 6dd of the income-tax rules by the income-tax (fourteenth amendment) rules, ..... (3) has been upheld by the hon'ble apex court in the case of attar singh gurmukh singh v. ito . after the amendment by the finance act, 1995, again the validity of section 40a(3) was challenged and the hon'ble high courts have upheld its constitutional validity in the following cases: 29. he also stated that the income ..... is clear that the circumstances spelt out in circular no. 220 were inclusive by way of examples and not exhaustive.5. that finance act, 1995 amended section 40a(3) with effect from april 1, 1996, by which disallowance under section 40a(3) was reduced to 20 per cent, of the expenditure claimed. clause (j) of rule 6dd was also omitted .....

Neville De Noranha Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)390

..... 25 per cent ownership of the property, offered long-term capital gain on the aforesaid sale of the property at rs. 12,06,169.3. finance act, 2002 introduced a new section viz. section 50c, w.e.f.1st april, 2003, which reads as below: where the consideration received or accruing as a result of the transfer by the ..... consideration for transfer of capital asset from two different angles, viz. acquisition proceedings by the appropriate authority and then again the application of the deeming provisions of section 50c of the act. section 50c came into effect from 1st april, 2003. hence, it would cover in a general manner the entire 'previous year' 1st april, 2002 to 31st ..... entering into the transaction (of actual sale of the property) under a legal compulsion. at that point of time, there was no question of applicability of section 50c of the act. it has been reiterated that the assessee duly received the sanction (permission) on 3rd april, 2002 i.e. in the next financial year and that almost .....

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)112ITD57(Kol.)

..... date as defined in the explanation below clause (va) of sub-section (i) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench ..... , chennai in the case of kwality food products reported in 100 itd 198 has held that such amendment by the finance act, 2003 is retrospective in nature. however, the hon'ble chennai high court in the case of cit v. synergy financial exchange ltd. (supra) has held that ..... supreme court in the case of cit v.lakshmi machine works reported in 290 itr 667, wherein your lordship held as under: the object of the legislature in enacting section 80hhc of the act was to confer a benefit on profits accruing with reference to export turnover. therefore, "turnover" was the requirement, commission, rent, interest, etc. did not involve .....

Joint Commissioner of Income Tax Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)115TTJ(Kol.)45

..... due date as defined in the explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 w.e.f. 1st april, 2004 and the special bench ..... , chennai in the case of kwality milk foods ltd. v. asstt cit has held that such amendment by the finance act, 2003 is retrospective in nature.however, the hon'ble madras high court in the case of cit v. synergy financial exchange ltd. (supra), has held that deletion of ..... of the hon'ble supreme court in the case of cit v.lakshmi machine works , wherein your lordship held as under: the object of the legislature in enacting section 80hhc of the act was to confer a benefit on profits accruing with reference to export turnover. therefore, 'turnover' was the requirement, commission, rent, interest, etc. did not involve any .....

Smt. Mina Deogun Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)117TTJ(Kol.)121

..... apply only the cost inflation index, applicable to the year of inheritance.8.5 the provisions of section 48 prescribing indexed cost of acquisition were enacted by the finance act, 1992. memorandum explaining the provisions of finance bill, 1992 explained that old provisions relating to taxation of capital gain were unfair because the deduction ..... circular no. 636, dt. 31st aug., 1992, explained provisions of finance act, 1992 relating to amended scheme of capital gains. in this circular the board explained that in the scheme prior to 1992 a specified percentage was allowed as deduction under section 48(2) which was unrelated to the length of the period of ..... under section 48 was being allowed in respect of cost of acquisition which did not relate to the .....

Varas International (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... the tribunal (a) whether, on the facts and in the circumstances of the case and on a correct interpretation of the amendment made by the finance act, 1988 to the section 43b(a) of the income tax act, 1961 which has been explained as clarificatory of legislative intention by the explanatory notes issued by the government, the tribunal was justified in law in not ..... a distillery and is engaged in the bottling of country liquor after importing the same from outside the west bengal. he invited our attention to section 43b and submitted that the provision was inserted by the finance act, 1983, with effect from 1-4-1984 and has enacted a deeming fiction whereby certain expenses can be allowed only on payment basis even if .....

Hutchison Telecom East Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

..... appeals) has accepted the contention of the assessee regarding pass through charges at the same time he has considered the port charges payment as payment to contractor under section 194c of the act which is not at all justified. it has been contended by the id. counsel that various benches of the tribunal and high court has already interpreted the ..... interconnect charges to the other telecom operators do not come within the purview of contract for "work" and therefore does not attract tax deduction at source under section 194c of the act. 3. the appellant therefore prays that the order treating the appellant as an assessee in default be struck down. 1. without prejudice to grounds i and ..... connotation of the word 'work' for the purpose of section 194c as in the case of s.r.f. finance ltd. v. cbdt . the hon'ble court has held that .....

Pfh Mall and Retail Management Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)110ITD337(Kol.)

..... of the hon'ble gauhati high court, in the case of bongaigaon refinery & petrochemicals ltd v.union of india he contended that the jurisdiction exercisable under section 263 of the act being supervisory in nature, permitting suo motu review of any assessment already made, the statutorily enjoined sanctions circumscribing it have to be rigorously construed. the ..... discussion taking into account the relevant judicial pronouncements, the court held that the rental income derived from the lease is assessable as business income under section 10 of the 1922 act. the learned counsel argued that the main consideration of the court in the said case was whether the lease rent received was from commercial utilisation ..... of rs. 1,25,14,595 in the profit & loss a/c as interest and finance charges. the assessing officer allowed an amount of rs. 1,25,00,867 out of the said amount under section 24( b) of the act, since it appeared to him from the submission of the assessee and the books of account produced .....

Vesuvius India Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)116TTJ(Kol.)393

..... legislature. 7. in the light of the discussion above, and respectfully following the amritsar bench decision of the tribunal, we accept the assessee's working of interest under section 234c of the act and direct the ao accordingly.6.3 considering the totality of the facts of the case and relying on the decisions of amritsar bench and mumbai benches of the ..... ), and also the decision of the karnataka high court in the case of dr. section reddappa and ors. (supra), we agree with the reasoning given by the amritsar bench of the tribunal in the case of ..... interest charged under section 234c of rs. 6,640 is accordingly deleted.6.2 we further find that the tribunal mumbai bench in the case of panther investrade ltd. (supra) at pp. 8 and 9 of the order has held as under: in the light of the decision of the bombay high court in the case of kotak mahindra finance ltd. (supra .....

Asian Exports Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)110TTJ(Kol.)152

..... the definition of an "industrial company" because it processed cotton into cotton bales and was entitled to the concessional rate of tax within the meaning of sections 2(7)(c) and 2(8)(c) of the finance acts, 1973 and 1974, respectively.nu-look (p) ltd. v. cit (supra) held, reversing the decision of the tribunal, that when the ..... the hon'ble supreme court has largely relied upon the rule of construction and legislation intentions in coming to its decision by earlier provisions of the it act under section 10(27) of the act. it has been submitted by the learned counsel that the main crux of the matter before the hon'ble supreme court in above case was ..... or thing and/or no new article or thing emerged which are distinctive in character or identity and thereby disallowing the claim of the appellant under section 10b of the it act though it was demonstrated with evidence that the appellant was engaged in the business of ornamental fishes which was produced by them and new ornamental fishes .....