Judgment Search Results Home > Cases Phrase: finance act 1981 section 21 amendment of section 269g Court: income tax appellate tribunal itat pune Page 2 of about 12 results (0.105 seconds)

Kothari Vora Associates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)57ITD171(Pune.)

..... tax on such distribution on dissolution, was therefore, not liable to be assessed.to nullify the said decision, the amendment to section 45 was introduced by the finance act, 1987. ..... loophole the finance act, 1987 brought on the statute book, a new sub-section (4) in section 45 of the act. ..... to blocking this escape route for avoiding capital gains tax, the finance act, 1987 has inserted a new sub-section (3) in section 45. ..... the insertion of section 45(4), the legislature should have simultaneously amended the definition of 'transfer' under section 2(47) and 'income under section 2(24) of the income-tax act, 1961. ..... find any necessity for the corresponding amendment to section 2(47) and section 2(24) of the act. ..... there was no legislative necessity either to amend section 2(47) or section 2(24) to enlarge the definition of 'transfer' ..... the said amendment explains that the profits or gains arising from the transfer of a capital asset by way of distribution of capital asset on dissolution of a firm shall be chargeable to tax as the income of the firm in the previous year in which the said transfer has taken place.this amendment to section was necessitated on account of several decisions including that of the supreme court decision in the case of ..... , of the previous year in which transfer took place for the purpose of section 48 of the act; and (iii) the fair market value of the asset on the date of such transfer shall be deemed to be the full value of consideration received or accruing as a .....

Z.F. Steering Gear (i) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... it was subsequently amended by the finance act, 1992 with effect from 1-4-1993 and then by finance act, 1993 with effect from 1-4-1994/1-4-1995. ..... the section 80-ia of the act was inserted by the finance act, 1991 with effect from 1-4-1991. ..... of new unit made in assessment year 1996-96 was not sufficient ground to accept the assessee's contention that since the loss of the new unit had been allowed in the earlier year, the deduction under section 80-ia should be allowed in the subsequent year also, that without prejudice to the above discussions, measures to rectify the above observation made in the assessment order for assessment year 1995-96 were being taken separately ..... 53 pecific finding had been recorded in that order about the fulfilment of the various conditions and the allowability or otherwise of the assessee's claim for deduction under section 80-ia, that the material which had been gathered and examined during the assessment proceeding for assessment year 1996-97 was not available and the assessing officer had no occasion to consider them during the ..... the facts of the case, in brief, are these : the assessee company incorporated on 21-1-1981, was manufacturing mechanical and power steering gears. ..... the assessee company, incorporated on 21-2-1981, was manufacturing mechanical and power steering gears and decided to establish a new undertaking to manufacture exclusively power steering gears-8043 (302 type), for light and medium commercial vehicles like tata 407, tempo- .....

Dhariwal Industries Ltd. Vs. Acit (inv.) and Addl. Cit, Range-1

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)111ITD379(Pune.)

..... view, the assessment order revised by the learned commissioner suffers from (i) incorrect assumption of facts by the assessing officer with regard to the nature of business and consequently granting deduction under section 80i on the basis of such incorrect assumptions; (ii) non-application of mind to the vital aspects of the case; and (iii) being a stereotyped order in which the assessing ..... tobacco preparation as did not contain tobacco in substantial portion either in terms of quantity or value, the learned senior counsel took us through the provisions of section 80i{2)(iii) and submitted that the deduction under section 801 was available to an industrial undertaking if "it manufactures or produces any article or thing, not being any article or thing specified in the list in ..... 1 in part "a" of the thirteenth schedule (inserted by the finance act, 2003, w.e.f.1.4.2004 for the state of sikkim) and submitted that "tobacco and ..... or scientific and industrial research and development or providing telecommunication services whether basic or cellular (such business being hereinafter referred to as the eligible business), to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to the percentage specified in sub ..... , for and from ay 1981-82, and sub-section (2) thereof specifically provided that section 80-i would apply to .....

Charbhai Bidi Works Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)87ITD189(Pune.)

..... . (supra) is a brief 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.24 ..... . while 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 by the union government ..... . cit (2002) 253 itr 578 (p&h) the assessee challenged the charging of interest on the ground that no definite order for payment of interest under section 234b of the act had been passed in the assessment order and that the direction given in the assessment order for charging interest was vague and not specific.hon'ble high court has held that since ..... . it transpires from the perusal of facts that the ao did calculate the interest chargeable under sections 234b and 234c of the act, in the order of assessment itself ..... are being set aside on the file of the ao to be decided afresh, and one of the issues is being dismissed, therefore, the appeal of the assessee as well as of the revenue would be treated to have been accepted partly.reference under section 255(4) of the it act, 1961u.b.s ..... the assessee appealed to the learned cit(a) and submitted that the assessee had maintained regular books of account which had been audited under section 44ab of the act. .....

Alfa Laval India Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)298ITR333(Pune.)

..... further, explanation 8 was inserted in the act by finance act, 1986, with effect from 01.04.1974. ..... we find that both explanations were inserted by the same finance act, but they are quite different in contents. ..... in that order it was held that the deduction is not permissible in view of the provision contained in section 40a(9) of the act and, consequently, the appeals of the revenue for assessment years 1997-98 and 1998-99 were allowed.respectfully following that decision, this ground is dismissed.3. ..... 1,05,86,142/-, in computation of book profit under section 115ja of the act.17.1 before as, the learned counsel relied on the decision of hon'ble bombay high court in the case of cit v. ..... thus, it was only that cost, which was actually paid or payable by the assessee, that forms the cost under section 43(1) and consequently, the cost for the purpose of deduction of depreciation. ..... 6, regarding setting off of the unabsorbed depreciation against the profits and gains of the business of the current year for the purpose of deduction under section 80h.hc, was not pressed by the learned counsel before us. ..... explanation 10 below section 43(1) was inserted by finance (no. ..... the first question posed by the learned counsel was whether the amendment is substantive in nature or procedural in nature. ..... the impact of this statutory amendment is that while calculating the cost, the subsidy, grant or reimbursement received shall not be included in the actual cost of the asset of the assessee. 13.6. .....

income-tax Officer Vs. Mallikarjun Sidramappa Bidwe

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1992)40ITD605(Pune.)

..... the amendment in sub-clause (iii) of clause (14) of section 2 was made by the finance act 1970 with effect from 1-4-1970 which is applicable to the appeals under consideration. ..... referring to section 2(1a) which defines 'agricultural income' he pointed out that explanation thereunder inserted by the finance act, 1989 clarified that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2. ..... limits of any municipality or cantonment board as might be specified by the government in this behalf by notification in the official gazette.in other words, the agricultural land situated in urban agglomeration within the meaning of sub-clause (iii) of clause (14) of section 2 should be treated as capital asset and, therefore, capital gains arising on the sale of such asset is liable to capital gains tax and thus the judgment of the bombay high court in the case of manubhai a.sheth (supra ..... 50,000 in the specified assets on 7-2-1981, though compensation was received on 19-8-1980. ..... n.d .nirgudkar ,second ito[1981} 128 itr 871. .....

R.S. Nayyar Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)108ITD424(Pune.)

..... are against the finding of the learned cit(a) that provisions of section 40a(3) of the it act, 1961, as amended by the finance act, 1995, w.e.f. ..... mentioned earlier, that section 40a(3) was amended by the finance act, 1995, w.e.f. ..... since the amendment affects the computation of income, the aforesaid amendment made by the finance act, 1995, ..... and circumstances prevailing in the case, it be held that, if any disallowance is justified and warranted in terms of provision of section 40a(3), the disallowance should have been pertaining to the period subsequent to the amendment effected in rule 6dd(j) and the new amendment is substituted the period in which the new provisions were not applicable should be considered as not qualifying for any disallowance. ..... from the judgment of the hon'ble court, the amendment in section 40a(3), effective from 1st april, 1996, shall be applicable while computing income ..... prevailing in the case and as per provisions of law it be held that, no disallowance in terms of provision of section 40a(3) of the act pertaining to transactions with m/s sanjeev traders situated at panvel (district), raigut, amounting to rs. ..... 31 held that "now, it is well settled that the it act, as it stands amended on the first day of april of any financial year must apply to the ..... been restricted to the period starting from the date of omission of rule 6dd(j) and such date is 25th july, 1995.2.4 before us, the learned counsel of the assessee pointed out to the amendment in section 40a(3). .....

Motisagar Estate (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)47ITD72(Pune.)

..... on or before the due date applicable in his case for furnishing his return of income under section 139(1) of the income-tax act, he shall be entitled to claim deduction of that amount.it is for this reason the amendment was held to be explanatory in nature and proviso to section 43b was held to be retrospective in its operation and explanation 2 to section 43b inserted by finance act, 1989 with retrospective effect from 1-4-1984 is subject to proviso inserted by the finance act, 1987. ..... the amendment made by the finance act, 1988 to section 40(3)(vi) of the finance act, 1983 was held by the karnataka high court in the case of cwt v. ..... the supreme court has considered the scope of explanation 2 inserted by the finance act, 1979 in section 64(2) in the case of p.doraiswamy chetty (supra) and held at page 160 head notes that the assessee was entitled to carry forward to subsequent years not only his share but also share of his wife in the ..... the patna high court held that the first proviso to section 43b inserted by the finance act, 1987 was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer. ..... reference is also made to the amendment made to section 272a(2) by the finance (no. ..... , on the day when section 272a has been substituted by direct tax laws (amendment) act, 1987 with effect from 1-4-1989 when hardship has been caused statutorily. .....

Shri Shetty G.D. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD103(Pune.)

..... . the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and ..... the hon'ble supreme court, therefore, held that the amendment introduced by the finance act, 1987 was declaratory or clarificatory in nature so far as it related to section 27(iii), (iiia) and (iiib) and, consequently ..... held that the amendment made to section 27 of the act by the finance act, 1987 was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act ..... one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269ua, shall be deemed lo be the owner of that building or part thereof; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property.clause (iii), (iiia) and (iiib) to section 27(1) has been inserted by the finance act, 1987 with effect from 1.4.1988.6.5 ..... . 20.2 with a view to encouraging house construction, the finance act, 1982, has inserted a new section 54f to provide that where any capital gain arises from the transfer of any long term capital asset, other than a residential house, and the assessee purchases .....

Maharashtra Land Development Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1991)36ITD118(Pune.)

..... a specific provision in the new clause (20a) of section 10 exempting the income of such boards from tax altogether. ..... scope of this section was explained by the board in a circular in which it is stated that since several statutory housing boards set up by the states for the framing and execution of housing and other development schemes play an important role in implementing housing programmes of the government for common good and since those boards were serving an important public purpose and since they did not exist for private profit, finance act, 1970 had made ..... section 10(20a) of the act which was inserted with retrospective effect from 1st april, 1962, by finance act, 1970, is as follows : 10. ..... it was brought to our notice by the learned representative of the assessee that the assessee had initiated proceedings under section 264 of the it act, 1961 for obtaining relief of deduction in the years to which those expenses pertained. ..... grounds 6 and 7 which relate to exemption under section 10(20a) of the act are hereby rejected for the reasons already given.9. ..... subsequently by an order under section 154 of the act, he corrected the figure to rs. ..... 1984-85 relate to the claim for exemption under section 10(20a) of the act on identical facts. .....