Judgment Search Results Home > Cases Phrase: finance act 1983 section 29 omission of section 80mm Court: income tax appellate tribunal itat pune Page 1 of about 13 results (0.097 seconds)

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 ..... , (i) the ito must have reason to believe that income chargeable to tax has escaped assessment by reason of the omission or failure on the part of the assessee (a) to make a return under section 139 for the assessment year to the ito, or (b) to disclose fully and truly material facts necessary for his assessment ..... for the proposition contained at page 196 of the report that the mere production of evidence before the ito is not enough and there may be an omission or failure to make a full and true disclosure, if some material for the assessment lies embedded in that evidence which the assessee can uncover but does ..... the question of the assessee's intention is an inferential fact and so the assessee's omission to state his "true intentions behind the sale of shares" cannot by itself be considered to be a failure or omission to disclose any material fact within the meaning of section 34".in other words, it was the duty of the assessing officer to decide whether the sales by an investment company should in law be treated as trading transactions and the profits made from the sales are trading .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... two decisions, we 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. ..... in the light of the clause (c) as it stood prior to its substitution by the finance act, 2002 with retrospective effect from 1-7-1995 read with main sub-section (1) of section 158bb, there should not be any doubt as to the correctness of the decision rendered by the hon'ble tribunal in the case of b.d.a.. ..... counsel for the assessee, would be of no help to the assessee, inasmuch as these decisions were rendered on an interpretation of clause (a) of explanation to section 158bb(1) and clause (c) as it stood prior to its substitution by the finance act, 2002 with retrospective effect from 1-7-1995 to section 158bb(1), as it would be clear from para 7 to 9 of the order in the base of b.d.a. ..... 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 above herein. .....

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 ..... . 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 ..... the meaning of sections 2(e) and 2(m) of the wealth-tax act and contended that since the premises let out, land and the jeeps were assets within the meaning of section 2(e) of the wealth-tax act and since they belonged to the assessee company by virtue of its partnership in the firm, they were liable to be included in the wealth of the company for the purpose of finance act, 1983.reliance in ..... 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

..... 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. ..... 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. ..... 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 ..... 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 ..... that second proviso to section 2(7) both under finance act, 1995, and finance (no. ..... returned was accepted in the assessment and the block assessment was completed at the returned undisclosed income.however, the ao levied surcharge also in addition to tax under section 113 of the it act, besides interest under section 158bfa(1), against which the assessee filed an appeal before the learned cit(a).3. .....

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

Court : Income Tax Appellate Tribunal ITAT Pune

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

..... (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 ..... 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 that ..... 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 ..... 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. ..... the 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.)

..... ) 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' ..... 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 ..... 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 ..... has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgation of central ordinance. ..... 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 ..... 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 ..... has 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 ..... better to mention here the provisions of section 40(3)(vi) of the finance act, 1983 which are as under : 40(3)(bt). ..... 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 ..... wherein a cinema theatre owned by the assessee-company was held to be exempt from wealth-tax on the ground that it is a plant and machinery as defined under section 40(3)(vi) of the finance act, 1983. ..... 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. ..... 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 .....

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

Court : Income Tax Appellate Tribunal ITAT Pune

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

..... 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 ..... 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. ..... were not in the nature of commercial establishment and complexes, but were in the nature of building which were used for commercial purposes and, as such, the same is not covered by sub-clause (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act, 1957 and as such, the assessee's claim has been rightly rejected by the learned authorities below. ..... clause (i) of sub-section (ea) of section 2 of the wealth-tax act was substituted by the following clause (i) by the finance (no. ..... further submitted that sub-clauses (4) and (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act has been inserted by the finance (no. .....

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.)

..... finance act 1972 section 115bb was introduced by finance act 1986 seeking to replace section 80 tt which was introduced by finance act ..... 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. ..... 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. ..... clear that the board is of a view that though; no deductions are allowed in respect of any expenditure or allowance in computing the income from the aforesaid sources as provided in section 58(4) of the act, where there is a diversion of an amount by overriding title as in the case of certain lotteries where a certain percentage has to be foregone to the government/agency conducting the lotteries, the deduction will be allowed ..... 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. .....

Dy. Commissioner of Wealth-tax Vs. Industrial Oxygen Co. (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1990)34ITD15(Pune.)

..... in sub-section (1) of section 40 of the finance act, 1983, it has been provided that notwithstanding anything contained in section 13 of the finance act, 1960 relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957, wealth-tax shall be charged under said act for every assessment year commencing from 1st day of april, 1984 in respect of the net wealth on the corresponding valuation date of every company, not being a company in which public are substantially interested, at the rate of 2% ..... in sub-section (2) of section 40 of the said finance act, 1983, it has been provided that 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) belonging to the company on the valuation date is in excess of aggregate value of all debts which are secured on or which have been incurred in relation to the said ..... only question to be decided is whether "jeeps" would fall within the ambit of expression "motorcars" in clause (vii) of sub-section (3) of section 40 of the finance act, 1983.9. ..... the meaning which is attached to this expression in the standard dictionaries and also under the motor vehicle act as well as in the depreciation table under the income-tax act would be applicable to said expression in clause (vii) of sub-section (3) of section 40 of the finance act, 1963.we are also supported but the decision of the kerala high court in the case of cait .....