Judgment Search Results Home > Cases Phrase: finance act 1979 schedule i first schedule Court: income tax appellate tribunal itat hyderabad Page 1 of about 28 results (0.214 seconds)

income-tax Officer Vs. Maddi Satyanarayana and Co. (P.)

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1984)8ITD249(Hyd.)

..... on appeal, the learned commissioner (appeals) found that the ito was not correct in view of the third proviso to sub-section (4) of section 80j introduced by the finance act, 1979, with effect from 1-4-1979.according to the said sub-section, the conditions to be fulfilled by an industrial undertaking to become eligible for deduction under section 80j, it must have begun to manufacture or produce articles within a period of 33 years ..... explanation 2 to proviso (b) under section 37(2a) of the income-tax act, 1961 ('the act') was inserted by the finance act, 1983, with retrospective effect from 1-4-1976 in which the term 'entertainment expenditure' was stated to convey the following meaning: for the removal of doubts, it is hereby declared that for the purposes ..... in the circumstances all these processes are manufacturing processes within section 2(k)(i), as the definition in section 2(k)(i) of the act (factory act) is widely worded.it is argued that from the facts of the above case, it is clear that the various processes undertaken in eluru branch were considered and they were held to be part of manufacturing process undertaken ..... item 2 in the list of articles in the eleventh schedule is 'tobacco and tobacco preparations, such as, cigars and cheroots, cigarettes, biris, smoking mixtures for pipes and cigarettes, ..... according to the first set of computation the ..... the first ground is against the allowance of business promotion expenses for the assessment years 1976-77 to 1980-81 and the .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... also stipulates increase of income-tax by levy of surcharge, by making appropriate provisions in section 2(8) read with part iii of schedule a of the finance act and that section 2 of the finance act, 2000 also correspondingly stipulates that income-tax shall be charged at the rates specified in part i of first schedule.thus, he submitted that in view of the specific provisions found in section 2 of finance act, 1999 and in finance act, 2000, it is clear that the charge has been created and that "income-tax" in section 2(2) includes "surcharge" and ..... .(c) there was contradiction in basis in the provisions of the finance act(s) inasmuch as both part i of first schedule and part iii of first schedule referred to levy of surcharge.12.73 the applicability of either of the rates would have resulted in absurdity as explained hereunder: a finance act contains proposals for the following financial year e.g ..... the provisions which are found in part iii of first schedule of the finance act, 1999, have also been correspondingly introduced in the finance act, 2000, in part i of the first schedule, so as to make it applicable to assessment year 2000-2001 which corresponds to previous year 1999-2000.8.6. ..... . in the case of search initiated/conducted on 1.8.2001, the revenue relies upon the proviso to section 2(3) of the finance act, 2001, to levy surcharge, which refers to part i of the first schedule.part i of the finance act, 2001, contains the rates of tax for the asst .....

Ganji Krishna Rao Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)15ITD209(Hyd.)

..... it was submitted by shri anandkumar that for the purpose of sub-paragraph ii of part i of the first schedule to the finance act, 1981, the member of the huf should have separate and independent income of his own. ..... 279) it will be apparent from the above that there is no manner of difficulty at all in holding that the total income for the purpose of the finance act also includes income under section 64. ..... therefore, there can be no manner of doubt that the total income referred to in sub-paragraph ii of part i of the first schedule includes the income under section 64 also.7. ..... sub-paragraph ii of part i of the first schedule referred to reads as under: in the case of every hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year ..... 12,000, it is submitted that the provisions of sub-paragraph ii of part i of the first schedule will not be applicable.6. ..... only then will the higher rates prescribed in sub-paragraph ii of part i of the first schedule will be applicable. ..... so the real issue is what is meant by the total income of the previous year which expression is found in sub-paragraph ii of part i of the first schedule. ..... where there is no such ambiguity and where the term to be construed as defined by the act itself, there is no need for going into the finance minister's speech. .....

Nb Jaffar Ali Khan Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)87ITD359(Hyd.)

..... the assessing officer shall, so far as the valuation of the asset in question is concerned, proceed to complete the assessment in conformity with the estimate of the valuation officer.21.2 rule 18 of schedule-iii to the wealth-tax act, before its substitution by the finance act, 1990, with effect from 1-4-1990 read as under:- (a) where the value declared by the assessee in the return of net wealth does not exceed rs ..... of such gold or silver or such alloy as on the valuation date relevant to the concerned subsequent assessment year shall be substituted for the value of such gold or silver or alloy on the valuation date relevant to the first assessment year; (b) where any jewellery or part of is sold or otherwise disposed of by the assessee, or any jewellery or part of jewellery is acquired by him, on or before the valuation date relevant to the ..... had decided that the jewellery of the nizam were 'art treasures' and, in national interest, they should not be allowed to be taken out of the country.8.4 on 24-10-1979, the cabinet also decided to amend the rules of the antiquities act to provide for a committee to be set up to examine the jewellery items from the angle of 'art treasures' and, accordingly, rule 2a was amended and also an ..... the petitioners sought that the government of india be directed to withdraw and cancel its decision dated 24-10-1979 and the trustees be directed to give possession of 37 items of jewellery to the highest bidder in an auction of the jewellery and, if .....

Sarvaraya Textiles Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1995)54ITD612(Hyd.)

..... .31. yet shri vasanth kumar, it may be recalled, argued that the ht power tariff itself is a "fee" within the meaning of section 43b(a).according to him, the finance act, 1988 substituted ..... ltd. (supra), the madras high court held that the liability to pay the amount in question arose for the first time on august 31, 1972; and that, therefore, the claim by the assessee for revenue deduction in respect of the said sum in the assessment for the assessment year 1973-74 was ..... rs. 25 lakhs to ssc in accordance with the following schedule of payments : (i) a sum of ..... pro quo - one should not rush to the conclusion that the price charged by the government or a state instrumentality while carrying on a trade or business is "fee" in the technical sense in which the term has been used in the seventh schedule to the ..... used." now, the words "tax" and "duty" occur in the union list, the state list and the concurrent list included in the vii schedule to the ..... no. v of schedule 1 - notes on balance-sheet as at and profit and loss a/c for the year ended on 31-3-1989 annexed to and forming part thereof (page 24 of the annual report).true, the litigation concluded on 2-4-1990 when the andhra ..... no. 8 of schedule b-notes on balance-sheet as at and profit and loss a/c for the year ended 31-3-1988 annexed to and forming part thereof (page 32 of the 32nd annual report of the assessee-company relating to the year of account ended on .....

Hotel Banjara Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)16ITD692(Hyd.)

..... after the 31st day of march, 1976,- (iii) in any other industrial undertaking for the purposes of business of construction, manufacture or production of any article or thing, not being an article or thing specified in the list in the eleventh schedule.a reading of the above provision would show that if any new machinery or plant owned and used for the business carried on by the assessee in any industrial undertaking for the purpose of business or construction, manufacture or production ..... circumstances of the case, the appellate tribunal is legally correct in holding that the activity carried on by the assessee in preparing articles] of food from raw materials, constitutes 'manufacture or processing of goods' within the meaning of section 2(6)(d) of the finance act, 1968, and that the assessee is an 'industrial company' within the meaning of the definition contained in that section (p. ..... on appeal, the commissioner (appeals) held that the infrastructure in the form of hotel building, plant and machinery were in existence even before 29-3-1979 and these were ready for use by that date and trial run of the hotel was started on that date by inviting staff members and vip guests, etc. ..... they are raised for the first time before us. ..... the first question to be considered is whether the assessee manufactures or produces any article or thing ..... the first ground in this appeal relates to the capitalisation of the pre-operative expenditure ..... we will first take up the assessee's appeal being 828 (hyd .....

D.S. Chenai Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)11ITD9(Hyd.)

..... of such asset [as reduced by the debts, if any, under clause (a)] only if, and to the extent that, such debts exceed the aggregate gross value of assets other than urban assets.so also rule 2 of paragraph b of part i of the schedule of rates of wealth-tax, relevant to the assessment year 1974-75, reads as follows: in determining, for the purposes of item (2) of paragraph a, the value of any urban asset,-- (a) any debt (whether secured or not) incurred for the purpose ..... for the assessment years 1971-72, again rule 2 of paragraph b of part i of the rates of wealth-tax, provided under the relevant finance act, clearly lays down what categories of debts and liabilities are deductible from the value of the urban asset. ..... against this, the learned departmental representative had chosen to bring to our notice the provisions contained in part i, paragraph a(3) and rule 2 of paragraph b of the finance acts, relating to the assessment years 1971-72, 1972-73, 1973-74 and 1974-75.5. ..... it is essential for us to note the contents of these finance acts in order to appreciate the real point in controversy. ..... therefore, firstly, the claim of the assessee that he is entitled to deduct the liabilities from the urban assets held by him is utterly untenable. ..... v.ito [1979] 118 itr 946 (cal. ..... cit [1979] 118 itr 243 for concluding that additional wealth-tax is leviable on the gross value of urban assets and liabilities are not deductible, is erroneous.at the time of hearing, shri p. ..... of 1979. ..... of 1979. ..... of 1979. .....

A.P.S.E.B. Vs. Joint Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... -tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... is placed on the full bench decision of the bombay high court in 185 itr 6; wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular. .5. ..... 1055/hyd/03 is directed against the order of the cit(a)-ii, hyderabad, dated 18.8.2003, whereby the first appellate authority confirmed the assessment made for the assessment year 1997-98 in pursuance of the above order of ..... the assessee are maintained as per the electricity (supply) act, 1948 and profits are arrived at under section 69 of the said act, 1948, and consequently assessee's profit and loss account was not drawn up in accordance with the provisions of part-ii and part-iii of schedule vi of the companies act, 1956, as required by section 115ja(2) of the income-tax act. ..... every assessee, being a company, shall for the purposes of this section prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956(1 of 1956). .....

A.P.S.E.B. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)85TTJ(Hyd.)30

..... sentence says that income-tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof, and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... 'submitted that accounts of the assessee are maintained as per the electricity (supply) act, 1948 and profits are arrived at under section 69 of the said act, 1948, and consequently assessee's p&l a/c was not drawn up in accordance with the provisions of part-n and part-ii of schedule vi of the companies act, 1956, as required by section 115ja(2) of the it act. ..... on the binding nature of the circulars, it is held as follows : "the first question now is, whether the earlier and later circulars are orders, instructions or directions to central excise officers within the meaning of section 37b which the central excise officers are bound to observe and ..... sentences therein relevant to the controversy before us are the first, the penultimate and the ultimate sentences. ..... , 2003, whereby the first appellate authority confirmed the assessment made for the asst. ..... the first sentence says that a company receiving dividends from any domestic company is entitled, under section 85a, to a rebate of income-tax which has the effect of limiting the tax on such dividends to a specific percentage of the ..... we first take up the appeal against the order of the cit under section 263 .....

Surana Steels Pvt. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)1ITD45(Hyd.)

..... 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 (see [1987] 166 itr (st.) ..... section 115j thus provides for the book profit of the assessee to be computed in accordance with schedule vi to the companies act and, thereafter, the items mentioned from (a) to (h) are to be added back and items (i) to (iv) are to be reduced from such net profit to arrive at a resultant amount called the book profit for the purpose ..... third column with the second column, we will find that, in the first situation, the assessee would be entitled only to the deduction of depreciation of ..... the case of the revenue is that we should compare the first column with the second column as if the word "loss" refers to loss before depreciation.the case of the assessee is, we should compare the second column with the third column taking the word ..... of section 80hhd, as the case may be ; or (iv) the amount of the loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable. ..... find that the view we have now taken was first taken by a single member of the tribunal in ..... profit is to be worked out in accordance with the explanation to section 115j(1) and it is to be seen whether the income determined under the first process is less than 30 per cent. .....