Judgment Search Results Home > Cases Phrase: finance act 1978 section 39 amendment of act 6 of 1898 Court: income tax appellate tribunal itat mumbai Page 1 of about 200 results (0.202 seconds)

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... .62. the validity of the impugned block assessment has been so far examined in this order in the light of the expanded definition of "undisclosed income" inserted under section 158b(b) by the finance act, 2002, with retrospective effect from 1st july, 1995, the second situation in which undisclosed income could be conceived on the falsity of claims made by the assessee towards ..... from 1st july, 1995. but for the retrospective effect, the enlarged definition of undisclosed income brought in by the finance act, 2002, will not apply to the present case. in the present case, the search was conducted on 7th dec, 1998.notice under section 158bc requiring the assessee to file its block return was issued on 16th june, 1999. the block return was .....

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD369(Mum.)

..... at pages 780 and 781 the hon'ble supreme court observed as under: the first question is whether section 3 of the indian income-tax act, 1922; or section 2 of the finance (no. 2) act, 1957, is the charging section. the revenue contends that the finance act is the charging section and that, therefore, the liability accrued only on the first day of april, 1957. while the ..... declaring total income of rs. 1,16,920. the tax payable thereon was rs. 67,521. (c) on 23-11-1978 the i.t.o., at the instance of the assessee, framed provisional assessment under section 141a of the act on a total income of rs. 1,16,920 as declared by the assessee in its return. the assessee was accordingly ..... the commissioner of income-tax (appeals) in not granting refund of the entire tax paid by it.2. the assessee is a private limited company. the assessment year is 1978-79 and the relevant previous year ended on 30-6-1977.3. as the facts are narrated, it would be seen that the case has a chequered history. the facts .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... by an indian company from a foreign company in consideration for its supply of technical know-how or technical services under approved agreements.sec. 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. the department's circular no. 72, dt. 6th ..... money borrowed specifically for investment in shares. their lordships of the supreme court referred to its earlier decision in the case of cambay electric supply industrial co. ltd. vs. cit (1978) 113 itr 84 (sc) as also its decision in the case of distributors (baroda) (p) ltd. (supra). their lordships also noted the fact that w.e.f ..... divergent views in regard to the interpretation of s. 80-o. the madras high court in the case of addl. cit vs. isthmian india maritime (p) ltd. (1978) 113 itr 570 (mad) held that deduction under s. 80-o is permissible with reference to the gross receipts without deducting the expenditure incurred in india. the same .....

Delhi Bottling Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD231(Mum.)

..... computers indian mfr. ltd. [1991] 187 itr 580. there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. the court in that case had to interpret the words "and shall extend and shall be ..... reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. the explanation defines the ..... deemed always to have been extended (emphasis supplied)". the language is similar to the language used in explanation to item no. 5 of 11th schedule. the court in that context held that explanation to sub-section .....

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... 495 dated 22-9-1987 (168 itr (st.) 87) issued by the cbdt by way of explanatory notes to the amendments brought in by the finance act, 1987. in section 70 of the act, the circular has stated that the distinction between short term and long term capital assets, though conforming to the principle of equity of taxation, has led ..... of setting off against other sources except against long term capital gains. this position existed upto the assessment year 1987-88.37. thereafter, the finance act, 1987 brought an amendment in section 70 with effect from 1-4-1988. the amendment removed the isolation in respect of the set off of long term capital loss and made ..... year were substantially different from the law prevailed for the assessment years 1995-96 and 1996-97, pertaining to the cases under consideration. the finance act, 1987 has amended the provisions of section 70 and the amended law should apply to the impugned assessment years 1995-96 and 1996-97 which are different from the law relating to .....

Tulsidas V. Patel (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD287(Mum.)

..... asset (bella vista property) can be said to be belonging to the assessee-company within the meaning of sub-section (2) of section 40 of the finance act, 1983.sub-sections (3), (5) & (6) of section 40 of the finance act cover all the assets with which we are concerned in this appeal, bella vista, which not only comprises of ..... said provisions in order to determine what is 'net wealth' held by the company apart from what is stated in sub-section (3) of section 40 of the finance act, without themselves examining the provisions of the finance act and by proper discussion of the provisions, they did not come to the conclusion whether the propositions laid down in park ..... amended w.e.f. 1-4-1988 as can be seen from clause (5)(b) of section 40 of the finance act which categorically excludes application of any provisions of the wealth-tax act not confirming to section 40 of the finance act. on the other hand, the learned departmental representative submitted the following arguments. in view of the .....

Narangs Hotels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD190(Mum.)

..... learned departmental representative, shri deepak tralshawala, opening his arguments, first referred to the definition of "industrial company" as given in s. 2(8)(c) of the finance act, 1974, which is relevant for the assessment year under consideration. it reads as follows : "industrial company" means a company which is mainly engaged in the business ..... undertaking eligible for investment allowance, esa and relief under s. 80j." 20. the tribunal observed that similar issued had arisen in respect of asst. yr. 1978-79 and the matter was pending before the hon'ble supreme court in the assessee's india hotels co. ltd. own case. under the circumstances, the ..... therefore, we hold that the assessee's separate catering unit satisfied the requirement of s. 80j(4)(iii) of the act and the assessee's claim for relief under s. 80j allowable". "(4) this section applies to any industrial undertaking which fulfils all the following conditions, namely : (iii) it manufactures or produces articles, or .....

West End Hotel (P) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... legal position. it is an undisputed position of law that income-tax is charged at the rates specified by the relevant finance act as per the provisions of section 2(37a) of the act. section 2 of the finance act has specified the manner of computation of tax in two ways i.e., one as per rates specified in part 1 ..... on dividend tax and interest thereon though there was no provision for levy of surcharge on dividend tax under section 115-o for the year under consideration particularly when the levy of surcharge was expressly provided by the finance act, 2000 with effect from 1-4-2000.12. the facts in brief are that the assessing officer passed ..... specific circumstances, as the case may be section 2(4) of the finance act, 1997 specified the liability to pay additional tax at the rate specified in section 115-o and there was no provision for payment of surcharge. section 2(4) of finance act, 2000 provided for payment of tax at the rate specified in section 115-o as increased by surcharge @ .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... with effect from assessment year 2006-07.9. section 14a has been inserted in the income tax act, section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e., for and from assessment year 1962-63. section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. section 14a as so amended reads now as under ..... assessment year beginning on or before the ist day of april, 2001. (*inserted as section 14a (without numbering) in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962.** inserted by the finance act, 2006 and consequently all the clauses of section 14a were numbered. -inserted by the finance act, 2002.) 10. in the matter before us, we are not concerned with the .....

Ethnor Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)35ITD268(Mum.)

..... down by the supreme court in mahindra & mahindra ltd.'s case (supra), would apply with equal force. the result would be that the amendment by the finance act to section 2(18) which took effect from 2-4-1983 would notbeavailable to the department for determining whether a company is a company in which the public are substantially ..... expression "company in which public are substantially interested" is a definition by incorporation, the same should be given the meaning as on 1-4-1983 when section 40 of the finance act came into force, has to be rejected. the company in which public are substantially interested has to be a company which is so on the relevant valuation ..... only from 2-4-1983. even so, the amended definition would govern the chargeability of a company to wealth-tax, in terms of the provisions of section 40 of the finance act, 1983. as on the valuation date thecompany was one in which the public were not substantially interested as per the new definition given to that expression, .....