Judgment Search Results Home > Cases Phrase: finance act 1981 section 21 amendment of section 269g Court: income tax appellate tribunal itat pune Page 1 of about 12 results (0.085 seconds)

Mirje Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1986)18ITD25(Pune.)

..... to section 164 was introduced by the finance (no.2) act, 1980 ..... in the case of closely-held companies, statutory percentage was changed by the finance act, 1959, which received the assent of the president on 28-4-1959 with effect ..... act, 1980 prefaces section 1(2) with the remark 'save as otherwise provided in this act, sections 2 to 43 and sections 52 and 53 shall be deemed to have come into force on the 1st day of april, 1980'.the impugned clause is section 27 of the finance ..... reliance was also placed on a special bench decision that the disallowance of expenditure under section 44c of the act which came into effect from 1-6-1976 refers to expenditure incurred after 1-6-1976-american express international banking ..... was introduced in the lok sabha on 18-6-1980 and the act was made operative from 1-4-1980, in terms of section 1(2) of the finance bill. ..... ).the substance of this, notice is that the ito failed to consider the impact of explanation 1 to section 164 of the act inserted by the finance (no. ..... the commissioner, the above provisions when read in the light of the explanation to section 164 (newly added) render the trust liable to assessment as such at maximum rate ..... it was contended that this aspect was accepted in the assessment year 1981-82 and that the document explains the intention of the parties right from ..... later it should be seen from the purpose of determining the real intention of the parties.such amendment is permitted under section 56 of the indian trusts act, 1882. .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989-90 onwards. ..... therefore, prima facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... 1, the learned counsel for the assessee pointed out that year-wise particulars of gross area, net area sale proceeds, cost of land and development expenses and resultant profits relating to assessment years 1981-82 to 1988-89 were furnished to the assessing officer for income-tax purposes. ..... wto [1981] 127 itr 308 wherein it has been held that audit report does not amount to "information" regarding law and cannot form basis for re-assessment proceedings. .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... 8 of 2002 dated 27-8-2002 clarifying the scope and effect of the amendment made in section 158bb by the finance act, 2002 with retrospective effect from 1-7-1995 which has already been set out ..... therefore, after the amendment made by the finance act, 2002 with retrospective effect from 1-7-1995 in clause (c) of section 158bb(1), the claim of the assessee that the losses as determined on the basis of entries as recorded in the seized books of accounts of the assessee maintained in the normal course on or before the date of the search ..... the finance act, 2002, has amended the said clause (b) to include a specific reference to such returns filed in response to notices issued under section ..... 61.3.2 the finance act, 2002 has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post search inquiries made on the basis of evidence found ..... find that these decisions were rendered in the light of provisions contained in (i) main sub-section (1) of section 158bb providing for aggregation of total income of all the previous years falling within the block period to be computed in accordance with the provisions of chapter iv of the act as it then stood; (ii) the original clause (a) of explanation to main sub-section (1) of section 158bb, and (iii) clause (c) to section 158bb(1) as it stood prior to its substitution by the finance act, 2002 with retrospective effect from 1-7-1995. .....

Rajathdri Hotel (P.) Ltd. Vs. Wealth-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1995)54ITD579(Pune.)

..... . it will be necessary at this stage to reproduce sub-section (2) and the opening part of sub-section (3) of section 40 of the finance act, 1983 : "(2) for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in sub-section (3), wherever located, belonging to the company on the valuation date is in excess of the aggregate value of all the debts owed by the company on the valuation date which are secured on, or which have been ..... points raised before him and dismissed the assessees appeals.5. before us, the following points were raised by the learned counsel for the assessee : (1) on the subject of levy of wealth-tax on company, the law contained in section 40 of the finance act, 1983 is a complete code in itself.under that provision, the assets as enumerated in sub-section (3) thereof and belonging to the company are liable to be included in the net wealth of a company ..... ., (c) shalimar drycleaners, and (d) rajathadri restaurant and wine shop were being used as hotel by the partnership firm and, therefore, under the terms of clause (vi) of sub-section (3) of section 40 of the finance act, 1983, they were not liable to be included in the net wealth of the company .....

Mrs. Aruna M. Katara Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)82TTJ(Pune.)363

..... it was also emphasised that the proviso does not suggest it to be clarificatory in nature and moreover, other amendments in section 158bc and 158bc though made by the same finance act, 2002, yet these were made effective from 1st july, 1995, whereas the proviso to section 113 was inserted by finance act, 2002, w.e.f. ..... further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed unintended tax liability depending the date when the order was passed. ..... after having heard both the sides and considering the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. ..... 20) act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part i of the first schedule did not provide for surcharge in finance act, 1995. ..... further it is noted that second proviso to section 2(7) both under finance act, 1995, and finance (no. .....

Kripa Chemicals (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)80TTJ(Pune.)458

..... judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001, and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. ..... the first aspect has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either by the amendment introduced by the finance act, 2001, or by promulgating any central ordinance ..... of the hon'ble supreme court has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgamation of central ordinance. ..... unless the source of profit is the undertaking.therefore, it was held that the assessee is not eligible to claim deduction and there were no compelling reasons to give wider meaning to the expression 'derived from' under section 80hh to cover every aspect.further, it will be pertinent to mention that slp filed by assessee has since been rejected as reported in (2000) 246 itr (st) 243, as the intention of the legislature was ..... majority view, we hold that interest income on fdrs is not eligible for deduction under section 80-ia of the act.the assessee fails on this ground of appeal and other part of this order shall remain ..... income on fdrs is not eligible for deduction under section 80-ia of the it act, 1961. ..... concurred with the view of the jm that the interest income on fdrs is not eligible for deduction under section 80-ia of the it act. .....

Kripa Chemicals (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)88ITD200(Pune.)

..... that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001 and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. ..... has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either by the amendment introduced by the finance act, 2001 or by promulgating ..... has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgation of central ordinance. ..... opinion between the accountant member and the judicial member, following question was referred to a third member : action in holding that interest income on fdrs is not eligible for deduction under section 80-ia and for that purpose, gross interest is excludible, is justified action in setting aside the issue and restoring it back to the assessing officer for determining whether fdrs were for business ..... hold that interest income on fdrs is not eligible for deduction under section 80-ia of the act.the assessee fails on this ground of appeal and other part of this ..... ttj (pune)(tm) 436 i hold that the interest income on fdrs is not eligible for deduction under section 80-ia of the income-tax act, 1961.1 am, therefore, inclined to agree with the view taken by the learned judicial member on this ..... concurred with the view of the judicial member that the interest income on fdrs is not eligible for deduction under section 80-ia of the income-tax act. .....

Daulat Chitra Mandir (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)46ITD343(Pune.)

..... . it also clarified that the amendment would not have retrospective effect.section 87 of the finance act, 1988 speaks for amendment of act 11 of 1983, by which section 40 of the finance act, 1983 has been amended inserting the clause (vi) in place of original clause (vi) to section 40(3), which reads as follows : building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the purposes of its business or as a hospital, creche ..... . at page 198 of 176 itr (statute) the circular states that the proposed amendment to sub-section (3) of section 40 of the finance act, 1988 will take effect from 1st april, 1989 and will apply in relation to the assessment year 1989-90 ..... outset, it would be better to mention here the provisions of section 40(3)(vi) of the finance act, 1983 which are as under : 40(3)(bt). ..... . section 40 of the finance act, 1988 was one such section which is relevant ..... appeals, we have arrived to a considered opinion to conclude that the theatre buildings though exclusively used for the purpose of business of the assessee for exhibiting cinema films are not eligible for exemption under section 40(3)(vi) of the finance act, 1983 ..... building (cinema house) inasmuch as the appellant company's contention was that this theatre building is exclusively used for the purpose of business of the company in the exhibition of cinema and hence exempt under section 40(3) of the finance act, 1983. .....

Shri Satvinder Singh Kalra and Vs. Commissioner of Wealth-tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)109ITD241(Pune.)

..... he wealth tax act was amended by the finance act, 1992 " with the view to stimulating investments in productive assets by abolishing wealth lax on all assets except certain specified assets" ..... proposition with regard to the building used for commercial purposes as under: (1) that any building or land appurtenant thereto used for commercial purposes shall not be excluded from the "asset" as defined under sub-section (ea) of section 2 of the wealth-tax act, unless i) any house is occupied by the assessee for the purpose of any business or profession carried on by him (sub-clause 3), or ii) the property by its very nature is in the nature of commercial establishment or commercial complex, ..... one of the reasons given by the ao in rejecting the assessee's claim of treating the properties in question as exempted, was that the provisions of sub-clause (5) of clause (i) of sub-section (ea) of section 2 are applicable only in the case of property as a single unit because the word used there is "any property in the nature of commercial establishments or complexes", but in the case of the assessee there is no single unit, but there ..... this property is in the nature of commercial building and as well as it was used for the purpose of business or trade, the same can be said to be a commercial establishment within the meaning of section 2(ea)(i)(5) of the act and hence, it is excluded from the purview of the asset, and as such, it is not includible in the net wealth chargeable to wealth-tax.34. .....

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)302ITR136(Pune.)

..... is not a usual practice but is very much an unusual practice" ignores the prevalent malpractice that was noticed by the direct faxes enquiry committee and the recommendations made by the said committee which led to the amendment of the act by the finance act of 1972 whereby the exemption from tax that was available in respect of winnings from lotteries, crossword puzzles races was withdrawn. ..... first two provisions have been introduced by the same finance act 1972 section 115bb was introduced by finance act 1986 seeking to replace section 80 tt which was introduced by finance act 1972. ..... the activity of owning and maintaining race horses), card games and other games of any sort or gambling or betting of any form or nature whatsoever, which were provided to be charged at a specified flat rate under the provisions of section 115bb(i), which section was also inserted by the finance act, 1986, w.e.f. 01/04/87. ..... be considered in isolation from that of the receipts and payments made by the assessee as a bookmaker on bets accepted by him so as to permit the revenue authority to tax the same independently at the maximum marginal rate of tax specified under section 115bb of the act.it is not in dispute that normal receipts of a bookmaker from accepting the bets from others is not assessable as winning from horse-races and is not so assessed by the a.o. .....