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 6 of about 200 results (0.151 seconds)

Daga Containers (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT666(Mum.)

..... his winnings from races nor is it allowed to be carried forward to be set off against income from any source in any subsequent year.the finance act, 1974, has amended section 74a so as to provide that the losses incurred by owners of race horses in the activity of owning and maintaining such horses, to the extent ..... income to tax, a provision for the carry forward and set off of losses from such sources has also been made by the finance act, 1972, by inserting a new section 74a with effect from 1-4-1972. section 74a, as it stood at the material time, is set out below : '74a. losses from certain specified sources falling under the ..... to that assessment year. the relevant observations of their lordships are extracted hereunder, for the sake of reference : "6. the finance act, 1972, in the first instance, inserted a new item of the enumeration of income in section 2(24) by inserting clause (ix) therein. it has made any winnings from lotteries, crossword puzzles, races including horse races, .....

Bharat S. Shah Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD200(Mum.)

..... of cit(a).6. having carefully examined the rival submissions in the light of amended provisions, we find that under section 55, the amendment was brought by finance act, 1995 w.e.f. 1st april, 1996. prior to the amendment, the additional financial assets were to be ..... nullify the effect of the judgment of the apex court, clause (aa) was inserted in section 55(2) by finance act, 1995 w.e.f. 1st april, 1996 in which shares or the securities within the meaning of clause (h) of ..... ltd. and miss dhun dadabhoy kapadia v. cit was not proper and cost of acquisition should be worked out as per amendments by finance act, 1995, according to which the cost of additional benefits would be at nil. the ao accordingly recomputed the short-term capital gain at ..... section 2 of the securities contracts (regulation) act, 1956 have been referred to as "financial asset" and it has been laid down that .....

Second Wealth-tax Officer Vs. Smt. Radha R. Joshi

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD110(Mum.)

..... buildings, it manufactured window and door frames and concrete beams and slabs. the question was whether the assessee-company was an industrial company within the meaning of section 2(7)(d) of the finance act, 1966. the definition of 'industrial company' was as under : (d) 'industrial company' means a company which is mainly engaged in the business of ..... relief under the said provision.8. the words in the definition of industrial company in explanation to clause (xxxi) of section 5(1) are identical with the words in the definition of 'industrial company' in the finance act with only one difference and that difference is that whereas in the definition of 'industrial company' the words are ' ..... concerned with two assessees. they are radha r. joshi and shri r.m. joshi. the appeals relating to smt. radha r. joshi pertains to two assessment years 1978-79 and 1979-80, while the appeal relating to shri r.m. joshi pertains to the assessment year 1980-81.3. the two assessees on the relevant valuation .....

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 17)(bom).71. the reaction of the legislature, according to mr. dastur, to the evils brought to its notice, is the insertion of explanation (4a) to section 43(1) by the finance (no. 2) act, 1996 w.e.f. the assessment year 1997-98. the amendment was made from 1.10.1996, but the first assessment year from which it was to ..... are not to be disapproved but are only to be regulated by the assessing authorities.70. circular no. 2 of 2001 issued on 9.2.2001 refers to instruction no.1978 dated 31.12.1999 (supra) and says, in paragraph 2, that "in cases of sale and lease back of assets without any alteration in the situation of assets and ..... approach paper also recognised that the tax treatment did not differ depending upon whether the transaction embodied a finance lease or an operating lease.69. instruction no. 1978 dated 31.12.1999 was issued by the cbdt suggesting guidelines for investigation in the case of finance lease agreements. paragraph 4(v) and (vi) are part of the enquiries which have been .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... book). attention was also drawn to p. 152g of the paper book, which is a copy of the statement of mr. p.k. das, general manager (finance), geb recorded under section 131 of the it act on 21st march, 1996, by the dy. cit, special range 36, mumbai. in this statement, in answer to question no. 3, he has stated that ..... case of a sale and lease back transaction at all. the facts are completely different and, therefore, the order is not applicable. (10) braithwhite & co. (india) ltd. v. cit(1978) 111 itr 542 (cal) at 560-561 contentions of the department 78. mr. girish dave, the learned cit (departmental representative), put forth the following contentions : 79. mr. dave submitted ..... are not to be disapproved but are only to be regulated by the assessing authorities.70. circular no. 2 of 2001 issued on 9th feb., 2001, refers to instruction no. 1978 dt. 31st dec., 1999 (supra) and says, in para. 2, that "in cases of sale and lease back of assets without any alteration in the situation of assets .....

Raptakos, Brett and Co. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT17(Mum.)

..... the following extracts from the memorandum explaining the provisions of finance bill, 1995 as contained in ((1995) 212 itr 354 (st)) "the first proviso to section 32(1)(ii) of the income tax act, which was inserted by the finance act, 1966, provides that where the actual cost of any individual item of machinery or plant does not ..... depreciation. our attention was drawn to the notes on clauses of finance bill, 1995 ((1995) 212 itr 297 (st)) as well as to the memorandum explaining the provisions of finance bill, 1995 ((1995) 212 itr 354 (st)), which refer to the first proviso to section 32(1)(ii) of the income tax act, 1961 as providing for depreciation. our attention was particularly drawn to .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... would not prove that the assessee was doing any business activity or trading activity dealing in the shares in the year under consideration. section 115-0 was inserted into the act by the finance act, 1997 w.e.f. 1st june, 1997 which has brought substantial changes in the system of taxation of dividend. the new scheme ..... of 2002, dt. 27th aug., 2002 (2002) 178 ctr (st) 9 : (2002) 258 itr (st) 13 by saying that through finance act, 2001 new section namely 14a was inserted in the it act retrospectively w.e.f. 1st april, 1962 to clarify the intention of the legislature that no deduction shall be allowed in respect of any expenditure ..... yield taxable income and others do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall .....

Deputy Commissioner of Income Tax Vs. Boston Consulting Group Pte. Ltd ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD31(Mum.)

..... taxable income was determined on net basis, i.e., after allowing deduction in respect of costs and expenses incurred for earning the income. 26.2 the finance act has inserted a new section 44d in the it act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical services received by foreign companies from indian concerns... 26.3 ..... in the treaty are to be given a general meaning - general to lawyers and general to layman alike.19. section 44d was brought on the statute, w.e.f. 1st april, 1976, by the finance act, 1976. by the same finance act, section 115a was also introduced. section 44d, as we have already seen, provides for taxation of royalties and fees for technical services on gross basis .....

Abdulgafar A. Nadiadwala Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD394(Mum.)

..... of an amount equal to fifty per cent of the income so received in, or brought into india, in computing the total income of the assessee.31. this section had been amended by the finance act of 1977 (supra) and w.e.f. 1st april, 1998, the deduction is permissible in respect of the use outside india of any patent, invention, design ..... have been omitted. the assessment year involved in the present appeal is 1996-97.therefore, we have to deal with the section as it existed before its amendment by the finance act of 1977 (supra).32. a perusal of the section quoted above reveals that for getting a deduction under s. 80-o the assessee must have derived income by way of specified ..... relating to deduction under s. 80-o. it will be useful to give s. 80-o as it existed before its amendment by the finance act of 1997 (26 of 97) w.e.f. 1st april, 1998 : "sec. 80-o-deduction in respect of royalties, etc. from certain foreign enterprises-where the gross total income of an assessee, being an indian company .....

Burlingtons' Exports Vs. Assistant Commissioner Of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD424(Mum.)

..... misfired.17. the contention of the learned departmental representative, sri keshavprasad, however, is that there was a transfer on 7-10-1986 under clause (vi) introduced in section 2(47) of the act, by the finance act, 1987. under this clause, he submitted, any transaction (whether by way of becoming a member of or acquiring shares in a co-operative society, company, or ..... 7-3-1988, he held, was a colourable device and the deed dated 30-3-1978 (wrongly typed as 30-3-1979) by which sri n.r. kapur retired suggested the dissolution of the firm and, therefore, the provisions of section 45(4) of the act applied. working out the market value of the property at the rate of rs. 2, ..... partnership. in this connection, he referred to the decision of the bombay high court in the case of cit v. tribhuvandas g.patel [1978] 115 itr 95 and in the case of cit v. h.r. aslot [1978] 115 itr 255. the firm is continuing and, therefore, there was no dissolution of the firm even though it might be a dissolution .....