Judgment Search Results Home > Cases Phrase: finance act 1983 section 29 omission of section 80mm Court: income tax appellate tribunal itat delhi Page 3 of about 37 results (0.122 seconds)

Jay Engg. Works Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)43ITD594(Delhi)

..... whether these two omissions by the finance act of 1990 supersede the decision of the hon'ble supreme court in the ..... section (9) of section 32a which was akin to explanation to section 34(3)(a) has been omitted by the finance act ..... section 32a also stands omitted by the finance act ..... the supreme court, it is observed that the decision is based on explanation to section 34 (3) (a) which has been omitted by the finance act, 1990 w.e.f. ..... : where the amount debited to the profit and loss account and credited to the investment allowance reserve account under this sub-section is not less than the amount required to be so credited on the basis of the amount of deduction in respect of investment allowance claimed in the return made by the assessee under section 139, but a higher deduction in respect of the investment allowance is admissible on the basis of the total income as proposed ..... considering the omission of subsection (9) of section 32a and omission of explanation to clause (a) of section 34(3) with retrospective effect and the existence of explanation in sub-section (4) of section 32a and the clarificatory circular issued by the central board of direct taxes, we are firm in our view that the decision of the hon'ble ..... that where there are small profits available to the assessee and a reserve is created to that extent, the adjustment under explanation to section 32a(4) would be permissible whereas in a case where there are no profits, the benefit of the explanation would not be permissible .....

Orient Express Co. (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)14ITD506(Delhi)

..... now since the definition of 'industrial company' in the finance act, is so different from the language in section 32a the meaning given to the expression 'manufacture or processing of goods' cannot be applied to the manufacture or production of any article or thing used in section 32a.this is the basic difference between that decision which has not been noticed by the authorities below and which has been pointed out by the learned chartered accountant shri pradip dinodia, who ..... this is the decision given by the kerala high court on the language used in section 2(6)(w) of the finance act. ..... term as a place where the manufacture was carried on although in normal parlance the process of cooking is not referred to as a process of manufacture, and (d) that the tribunal, cochin bench held in the case of ito v.elite sea foods [1983] 3 itd 348 that an assessee, who purchased shrimps and exported them after subjecting them to certain processes is an assessee engaged in the production of an article and, therefore, is entitled to investment allowance in respect of the machinery used in carrying ..... [1983] 144 itr 12 and the language used in section 32a as contrasted with the language used in section 80j of the act. ..... v.ito [1983] 3 itd 172 was also pressed into service to show that in the case of a contractor construction of a dam would also come within the meaning of section 32a entitling the assessee-contractor for the investment allowance. ..... vittal bhat [1983] 6 itd 560. .....

Ashwini Kumar Consultants (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)47ITD1(Delhi)

..... the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : (a) fob exports 100 100 100 100 (b) domestic sale - 50 100 200 (c) total turnover [(ia) + (ib)] 100 150 200 300 ------------------------------------ (assumed figures) 10 15 20 30(iii) ccs, ddk, i/l 10 10 10 10 total profits ..... the finance act, 1990, has, therefore, clarified the position by inserting the definition for the term "total turnover" in the explanation below section 80hhc. ..... the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia), (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), duty drawback (ddk) and the profit on sale of import entitlement licences (i/l) shall be taxable ..... the sale proceeds received in, or brought into, india by the assessee in convertible foreign exchange of any goods or merchandise to which this section applies and which are exported out of india, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962); (c) 'export house certificate' or trading house certificate' means a valid export house certificate or trading house certificate, as the .....

Deputy Commissioner of Income Tax Vs. Asian Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 80j, prior to its omission vide finance act, 1996, hotel is included along with industrial undertakings for the purpose of relief under the said section and obviously it is indicative that the act itself made a distinction between an industrial undertaking and the business of a ..... of finance act, 1973, is to give concession in rate of income-tax to manufacturing concerns - concession not intended to be given to trading concerns - assessee company carrying on hotel business - activity is only a trading activity - assessee not an industrial company entitled to the concessional rate of tax - finance act, 1973 ..... but, in the context of the finance act, 1968, a hotel is mainly a ..... the particular provision of the finance act with which we are concerned here prescribes deduction by way of investment allowance and the assessee seeks to be included within the definition of the term 'industrial company', so as to get the benefit of the said allowance as ..... of the expression "manufacturing process" for purposes of the factories act, 1948, will not be relevant in construing the same expression for the purposes of the finance act, 1966. ..... "manufacture or processing of goods" has not been defined by the finance act, 1968. ..... 2(7)(d) of the finance act, 1966, has been used in the sense of merchandise ..... this is apparent from the contradiction maintained by other sections of the act where a manufacturing or producing undertaking stands apart from the business of a hotel.in north india caterers (india) ltd. .....

Deputy Commissioner of Vs. British Motor Car Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD565(Delhi)

..... admittedly, there is a close nexus between the debt and the asset, the value of which is chargeable under the wealth-tax act for the purpose of section 40 of finance act, 1983.as regards the proportionate deduction of liabilities which are charged or secured on chargeable asset, there is no dispute between the parties ..... as per scheme of section 40 of the finance act, 1983, the net wealth of the assessee is to be computed after taking into account the aggregate value of all assets as specified in sub-section (3) of section 40 of the finance act, 1983, after deducting therefrom the debts owed, which are secured on or which have been incurred in ..... drawing our attention to the provisions of section 40 of the finance act, 1983, it was argued that since a part of the asset was taxable it is only the proportionate debt, if at all, which has to be considered against the ..... clause (vi) of sub-section (3) of section 40 of the finance act, 1983 specifies following asset :- "(vi) 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 ..... in this context we, however, find that as per the provisions of section 59 of the transfer of property act, which reads as under, the registration in respect of the mortgage by title-deed, is not required :- where the principle money secured is one hundred rupees or upwards, a mortgage other than a mortgage by deposit of .....

Asstt. Cit Range-1 Vs. Mohd. Umar Asarafi

Court : Income Tax Appellate Tribunal ITAT Delhi

..... with effect from 1-4-1998, second proviso to section 143(1)(a) was substituted by the finance act, 1997, which was operative till 1-6-1999. ..... as a result of insertion of explanation to section 143 by the finance act (no. ..... such reason to believe can be raised in any manner and is not qualified by a pre-condition of full and true disclosure of material facts by an assessee as contemplated in pre-amended section 147(a) and the assessing officer can, under the amended provisions, legitimately re-open the assessment in respect of income which had escaped assessment. ..... on a comparison of the provisions as it stood before the direct tax laws (amendment) act, 1987 and the provisions as substituted by the direct tax laws (amendment) act, 1987, it would be clear that: the scope and effect of section 147 as substituted with effect from 1st april, 1989, as also sections 148 to 152 are substantially different from the provisions as stood prior to such substitution.14. ..... to confer jurisdiction under section 147(a) two conditions were required to be satisfied: firstly, the assessing officer must have reason to believe that income, profits or gains chargeable to income-taxable have escaped assessment, and secondly, he must also have reason to believe that such escapement has occurred by reason of either omission or failure on the part of the assessee to disclose fully or truly all material facts necessary for his assessment of that year. .....

Assistant Commissioner of Income Vs. Eicher Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)369

..... of the total income under this act: provided that nothing contained in this section shall empower the ao either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, 2001.the section was introduced by the finance act, 2001 with retrospective effect from ..... can be said to deal with one of the aspects of the legal contention urged before the tribunal and in this connection reliance was made on the amendment placed to section 80m by section 10 of the finance act, 1968. ..... computing 'profits and gains of business or profession' when an assessee is carrying on business in various ventures and some among them yield taxable income and the others do not, the question of allowability of the expenditure under section 37 of the act will depend on: (b) on the fact whether all the ventures carried on by him constituted one indivisible business or not; if they do, the entire expenditure will be a permissible deduction but if they do not, the principle ..... act, 1980 with retrospective effect from 1st april, 1968 as well as section 80ab which was inserted by the same finance act ..... reference to the statement of objects and reasons and the notes on clauses of the finance bill and found that the reason for omitting certain words from the section was different from what was sought to be urged on behalf of the department. .....

indo Asian Switchgears (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)12ITD65(Delhi)

..... . firstly, what was being interpreted by the gujarat high court was the term 'derived from the exports of any goods' appearing in the finance acts.the question of taxability of the sale consideration for import entitlements under section 28(i) was not before the court at all.secondly, even within the narrow sphere of the questions posed to the court, it was found that the facts of the case did not call ..... it in the previous years relevant for the assessment years 1964-65 and 1965-66.it claimed the benefit of deduction admissible to assessees, whose total income included any profits or gains derived from exports under section 2(5)(a)(i) of the finance acts, of 1964 and 1965 ..... . one of the arguments taken before the court was that in considering the allow ability of the rebate under the finance act, the fact that the assessee had made an overall profit for the two assessment years under consideration should be given weight even though it could not show whether any ..... . as regards section 28(iv), that reads as under : (iv) the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession.this provision was introduced by the finance act, 1964, ..... the question whether profit derived by the sale of import entitlements were profits derived from the export of any goods or merchandise out of india within the meaning of section 2(5)(a)(i) of the finance act, 1966 ..... cit [1983] ..... [1983] 139 ..... . [1983] 142 itr 702.here the assessee-company .....

Deputy Commissioner of Income Tax Vs. Oriental General Insurance Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)92TTJ(Delhi)300

..... 80,86,921, the learned counsel for the assessee pointed out that both the ao as well as the cit(a) have relied upon in this respect on omission of rule 5(b) by the finance act, 1988, w.e.f. ..... argued that the following observations in the explanatory notes had no statutory basis : "to enable the general insurance corporation and its subsidiaries to play more active role in capital markets for the benefit of policyholders, the finance act has amended sub-rule (b) of rule 5 of the first schedule to provide for exemption of the profits earned by them on the sale of investment. ..... the learned counsel argued that the finance act, 1988, had not amended sub-rule (b), but omitted it ..... in that case, the hon'ble supreme court held that certain amount set apart which is treated to be an expenditure for the purpose of insurance act, 1938, cannot be treated so for the purpose of rule 5(a) of the first schedule for the reason that the amount set apart did not fall to be considered as an expenditure in the ordinary meaning of the ..... learned cit(a) has based his decision on cbdt circular by way of explanatory notes on the changes brought about by the relevant finance act. ..... finance act, 1988, the learned cit(a) had rightly relied upon the ..... he, therefore, argued that no disallowance under section 43b can be made prior to asst. yr ..... 1982-83 and 1983-84, viz. ..... 1983. ..... yrs.1982-83 to 1983-84.9. ..... 1984-85, 1982-83 and 1983-84.4. ..... 1984-85, 1982-83 and 1983-84. ..... yrs.1984-85, 1982-83 and 1983-84. ..... 1984-85, 1982-83 and 1983-84. .....

Atlas Shoe Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD188(Delhi)

..... as in those cases, in the present case the finance act of 1980 was passed with retrospective effect from 1-4-1972 and in view of the incorporation of section 80j (1a) the present case became a case of mistake apparent from the record in the background of the amending act.we hold likewise.7. ..... he, accordingly, issued show cause notices to the assessee as to why the assessments of the assessee for the years under consideration be not rectified under section 154 of the act so as to exclude from the capital computation of the assessee for each of the years under consideration the respective amounts of the borrowed capital of the assessee in each of those years. ..... the present case is not one where the order of rectification has been made prior to the aforesaid passing of the finance act, 1980. ..... in the present case, as we have brought out above, the assessment orders were passed long before the finance act of 1980. ..... we do not propose to include the expression 'deemed to be apparent' in section 35 of the act.this is not the position here. ..... {supra) is distinguishable as is clear from the observations of their lordships of the calcutta high court at page 256 because both the assessment order which was sought to be rectified under section 154 as also the order of rectification which was sought to be challenged had been made before the passing of the amending act involved over there, though the amending act was retrospective in operation. .....