Judgment Search Results Home > Cases Phrase: finance act 1981 section 21 amendment of section 269g Sorted by: recent Court: income tax appellate tribunal itat pune Page 1 of about 12 results (0.116 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. .....

Shikshan Prasarak Mandali Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)117TTJ(Pune.)337

..... societies registration act, 1860, or any law corresponding to that act in force in any part of india or under section 25 of the companies act, 1956 ..... sections 11 and 12 or clause (23aa) or clause (23c) of section ..... section 80g(5)(i) to (v) are satisfied, and once the objective tests contemplated in these provisions are satisfied, it is not open to the cit to decline approval under section ..... section 80g is whether or not the conditions of section 80g(5)(i) to (v) are satisfied, and, as ..... sections ..... act ..... section 12a or copy of notification issued under section 10(23) or section ..... section ..... section ..... section (5) of section 11; (iii) this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business; (iv) the assessee will regularly file its return of income before the it authority in accordance with the provisions of the it act ..... section ..... section 80g of the it act, r/w rule 11aa of the it rules, thus makes it clear that the decision on whether to grant or not grant the approval under section ..... section 80g.an institution or fund seeking approval under section ..... section ..... act ..... section ..... section ..... section, there shall be deducted, an amount equivalent to fifty per cent of any sum paid by the assessee in the previous year, as a donation, to any fund or any institution, other than the ones specified in section 80g, to which this section .....

Maharashtra Arogya Mandal Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

..... representative has also urged us to consider the intent of the legislature by taking into account a fact that it is only when public funds of the institutions, eligible to exemption under section 11, are invested and deposited with the government institutions or scheduled banks or such other safe investment places that the tax exemption is available, it is submitted that these credit societies are managed ..... credit society engaged in the business of receiving monies from and lending monies to its members is to be treated as a co-operative society engaged in the business of banking, it cannot be open to us to decline the exemption under section 11 on the ground that investments/deposits made by the assessee in a credit society engaged in the business of accepting deposits from and giving loans to its members are not covered by the scope ..... (a) the investment of funds in patsanstha was not in violation of the provisions of section 11(5) and section 13(1)(d) (b) the patsanstha was a co-operative society engaged in the business of banking and thus, the investments were in accordance with the provisions of section 11(5) and hence, there was no violation of section 13(1)(d).the short issue we are thus required to adjudicate is whether or not the ..... patsanstha (credit society) cannot be covered by the scope of section 11(5)(iii) of the act and, therefore, the ao was justified in invoking the provisions of section 13(1)(d) to deny exemption claimed by the assessee. ..... lies in an amending act.... .....

U.B. Engineering Ltd. Vs. Jt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)1113ITD577(Pune.)

..... the learned am that there is an apparent mistake in the order does not stand to reason for the reason that on the one hand the assessee is challenging the validity of notice issued under section 148 on the ground that all material facts regarding the claim of depreciation were disclosed to the ao at the time of assessment and thereby defending the order of assessment granting depreciation and on the ..... learned am did accept the stand of the revenue that the ao is free either to act under section 147 or to act under section 154 when both the options are available, but he held, when two courses are open, one ..... of statute have not been applied or the binding decisions of the apex ax court or jurisdictional high court have been ignored.however, there are two exceptions namely, retrospective amendment by the legislature and the declaration of the law by supreme court after the impugned order passed by the taxing authority. ..... bhide, general manager (finance) and two kvss petitions were filed by the assessee ..... with the departmental authorities after shri vijay mallya receiver letter referred to in para supra is confirmed by shri a.s, bnide, general manager (finance) by way of a sworn affidavit. ..... after prolonged discussions with the income-tax authorities to avail of the kvss, the learned counsel filed a sworn affidavit of shri a.s.bhide, who is the general manager (finance) of the company. ..... general manager (finance) of the assessee company filed an affidavit, which is evidenced at page 16 .....

Darshan Enterprises Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)113TTJ(Pune.)857

..... it needs to be noted that section 44af was inserted by the finance act, 1997, w.e.f. ..... operation wherein it was found that the appellant had maintained the books of accounts for its business and the profit as per the books was higher than the presumptive profits as per the provisions of sections 44ae and 44af of the act while the appellant had shown in the return the presumptive profit as per these provisions only. ..... therefore the case was surely covered by the provisions of section 44af of the act.during the survey conducted under section 133a at its business premises it was noticed that the assessee was maintaining books of account and that the profits and gains from business was more than 5 per cent of the total turnover. ..... the order of the cit(a) needed to be upheld.we have considered the rival submissions in the light of material on record and we are of the view that the order of the cit(a) confirming the penalty levied by the ao under section 271(1)(c) of the act cannot be sustained for the reasons discussed in the following paras.6. ..... 1,71,795) 51,539 1,57,187 1,51,198------------------------------------------------------------------------------ total 2,90,504------------------------------------------------------------------------------less : set off of losses 2,90,504------------------------------------------------------------------------------ total income nil during a survey conducted under section 133a of the act, at the business premises of the assessee on 28th aug. .....

Sanghvi Movers P. Ltd. Vs. Dy. C.i.T. Special Range-3

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD1(Pune.)

..... is an allowance for diminution in value due to wear and tear of a capital asset and that claim on account of depreciation legitimately belongs to one who has invested in the capital asset.15.8 reference to section 32(1) as existing in all material time reveals that building, machinery and other assets mentioned in sub-section (1) when owned by the assessee and "used for purposes of the business or profession" are entitled to (sic) it has been noted that ..... dilip singh sardarsingh bagga 201 itr 995, the bombay high court on the question of allowing depreciation and after considering relevant provisions of the motor vehicle act, observed as under: in view of the foregoing discussion, we are of the clear opinion that the assessee, who had purchased the motor vehicle for valuable consideration and used the same for ..... to produce the hire contract with the parties is in respect of the two oil tankers is of little significance in view of exposition of law that the word "used" under section 32 of the act has to be given wider meaning and it will include assets ready for use.cit v. ..... hon'ble court held that a leasing or finance company, which owns machinery and leases it to third parties to use the machinery for manufacture of articles or things specified in the section, is entitled to investment allowance in respect ..... an another decision of hon'ble supreme court in the case of shaan finance, 231 itr 308. ..... finance ..... finance ..... the decision of hon'ble supreme court in the case of cit v.shaan finance(p. .....

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 .....

Deputy Commissioner of Income Tax Vs. Finolex Cables Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)114TTJ(Pune.)785

..... to section 43(1) inserted by the finance act, 1996 ..... division 28,24,61,348 depreciation as per books 2,61,00,924 add : customs duty paid on opening stock 1,53,83,606 32.46,62,828 less : depreciation as per it act 1,82,22,148 30,64,40,680 less : customs duty paid on closing stock 2,16,43,410 profit of new undertaking 28,47,97,270 9.1 the ao was of the view that, in order to increase the quantum of deduction under section 80-1, the allocation of expenses to the urse unit was kept proportionately low so as to artificially increase the profit of the urse unit. ..... part of expenses would be identifiable either with one unit or the other, but still there would be some expenses, which cannot be so identified.the new unit is eligible for deduction under section 80-1, which is calculated at a certain percentage of the profit of that unit, and therefore, it is necessary to correctly determine the profit of the new unit. ..... in paras 20 and 21 of the aforesaid order the tribunal decided an altogether different issue relating to the claim of deduction under section 80m.6.2 in view of the fact that the cit(a), while deciding the above issue, passed a cryptic order, the matter has to be ..... the appellant had obtained the consent by amending the memorandum only during 1991-92 hence this ..... the memorandum of the company, the object clause was amended, as noted by the cit(a) in para 14 ..... therefore, they amended the law to provide for allowing of the depreciation on the entire block of assets instead ..... amendment .....

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. .....

Konkani Bharat Dairy Farm (Aop) Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)113ITD72(Pune.)

..... in view of the amendment effected by the finance act, 2006, requirement of service of notice under section 143(2) within one year of the filing of the return has been dispensed with in a case of reassessment of income and it has been provided that such a notice can be served at any time before completing the reassessment. ..... also, copies of documentary evidence have been filed to show that that registrations were available in the names of individual members under the bombay shops and establishment act 1948, that the members of the family were enrolled under section 5(2) of maharashtra state tax on professions, trades, callings and employments act, 1975, that the members had separate electric connection provided by maharathstra state electricity board, nasik. ..... the charge of income is on every 'person' and the expression 'person' appearing in the charging section 4 is defined in section 2(31) of the act as under: (v) an association of persons or a body of individuals, whether incorporated or not, (vii) every artificial juridical person, not falling within any of the preceding sub-clauses. ..... o that during the survey conducted, under section 133a of the act on 03.08.2000 at the dairy situated at vadala road, nasik the statements of shri peersahib kokani and his son shri zakir p. .....