Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)98ITD200(Chd.)
..... explanation. 32.1 with a view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the it act debarring persons from taking or accepting after 30th june, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the ..... trace the legislative intent for incorporation of such provisions of the act.sec. 269ss was newly inserted by finance act, 1984 (21 of 1984) w.e.f.1st april, 1984. the provisions are effective from 1st july, 1984. the scope and effect of section 269ss and section 276dd have been explained in the departmental circular no. 387, dt. 6th july, 1984. the relevant portion is reproduced hereunder: "(xxiv) prohibition against taking .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)52ITD55(Chd.)
..... argued before us in the assessee's appeal for the assessment year 1984-85 that the revenue authorities have taken a wrong view in the matter. he has pointed out that item no. 20 in the list in the eleventh schedule to the income-tax act was omitted by the finance act, 1981 w.e.f. 1-4-1982. the said item no. ..... the assessee in this year at the cost of rs. 2,92,110 for the manufacture of soap was held to be not eligible for investment allowance under section 32a of the income-tax act. the cit (appeals), however, in this year, allowed investment allowance on the entire plant and machinery on the ground that the word "soap" occurring in item ..... was of the view that "soap" appeared at item no. 4 in the eleventh schedule to the income-tax act and, therefore, any machine acquired for the purpose of manufacture of soap did not qualify for the purposes of investment allowance. section 32a(2)(b)(iii) specified that investment allowance shall be allowed on a new machinery or plant installed after 31 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)107ITD343(Chd.)
..... the interpretation given by the hon'ble andhra. pradesh high court would defeat the purpose of enactment of section 43b and accordingly expln. 2 was inserted by the finance act, 1989 w.e.f. 1st april, 1984. i have quoted expln. 2 elsewhere in this order and since the controversy revolves around the meaning of ..... necessary to trace the legislative intent and history behind the enactment of section 43b. section 43b was inserted by the finance act, 1983 w.e.f. 1st april, 1984 applicable for and from asst. yr.1984-85. the scope and effect of the originally inserted section 43b have been elaborated in the following portion of the cbdt circular no ..... court has taken a contrary view holding that the first proviso to section 43b operates only prospectively. we will refer only to some of these judgments. explanation 2 was added to section 43b by the finance act of 1989 with retrospective effect from 1st april, 1984. the memorandum explaining the reasons for introducing expln. 2, states, inter .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)95TTJ(Chd.)404
..... cannot grant such a depreciation allowance. the apex court declared the law by the aforesaid decision by its judgment dt. 15th march, 2000. section 32 was amended by the finance act, 2001. explanation 5 was added which provided that depreciation would be allowed whether or not the assessee claimed the deduction in respect of depreciation ..... for the assessee also contended before us that the assessee can claim depreciation on revising the same during such proceedings as per expln. 5 inserted by the finance act, 2001, as the same should be deemed to have taken effect from the retrospective effect and so even during the assessment proceedings for the asst. yr ..... in computing his total income. the section as it stood prior to explanation having been understood and declared by the apex court in cit v. mahendra .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)88TTJ(Chd.)450
..... on bonds is being paid half yearly and the board was liable to deduct tax at source on the interest payable/paid under section 193 of the income tax act. further, through a provision introduced by finance act, 1989, income-tax deductible from interest was to be increased by surcharge levied at specified rate. thus, the assessee was liable ..... the meaning of words "the rates in force" stated in section 193 is to be found in the charging section 4 read with the finance act of the relevant previous year. in every finance act, "rates of income-tax" are provided as per part ii of the first schedule to the finance act under the title "rates for deduction of tax at source ..... securities. the assessee was liable to deduct tax at source as per rates prescribed by the finance acts, from year to year. the surcharge was also to be deducted at the rates prescribed. accordingly, it was held that provisions of section 193/201(1a) were mandatory in nature and were applicable to the assessee. accordingly it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)112TTJ(Chd.)94
..... interest related to capital borrowed for a new plant, the same was to be treated as capital in nature. thirdly, the ao noted that the amendment under section 36(1)(iii) made by the finance act, 2003 w.e.f. 1st april, 2004 provided that interest from the date on which the capital was borrowed for acquisition of the asset till the date ..... tribunal in the assessee's own case for the asst. yr. 1992-93 (supra).36. insofar as the plea of the revenue based on the amendment made to section 36(1)(iii) by the finance act, 2003 is concerned we may refer to the decision of our co-ordinate bench in the case of swaraj engines ltd. (supra). no doubt in terms of ..... the amendment made by the finance act, 2003 by way of insertion of the proviso, the impugned expenditure is disallowable. however, the disallowance can be made in the case of the assessee only after the said amendment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)57ITD385(Chd.)
..... 1-4-1989 and was subsequently omitted by the finance act, 1992 w.e.f. 1-4-1993.section 206c was also enacted by the finance act, 1988. at the time section 44ac was omitted from the income-tax act, section 206c was amended by the finance act, 1992 w.e.f. ..... 1 -4-1992. after sub-section (8), an explanation was inserted. the word "buyer" ..... that the provisions of sub-section (1) shall not apply to a buyer (other than a buyer who obtains any goods, from any seller which is a public sector company) in the further sale of any goods obtained under or in pursuance of the sale under sub-section (1).section 44ac was enacted by the finance act, 1988 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1996)56TTJ(Chd.)252
..... the sale under sub-s. (1)." sec. 44ac was enacted by the finance act, 1988, w.e.f. 1st april, 1989, and was subsequently omitted by the finance act, 1992, w.e.f. 1st april, 1993. sec. 206c was also enacted by the finance act, 1988. at the time s. 44ac was omitted from the it act, s. 206c was amended by the finance act, 1992, w.e.f. 1st april ..... case of a liquor dealer, the provisions contained in s. 44ac intended to adopt the purchase price as the measure of tax.secs. 44ac and 206c are anti-evasion measures. sec. 44ac did not bar a regular assessment of the business income of the assessee in accordance with ss. 28 to 43c. this decision was followed by the punjab & haryana ..... the s. 44ac was omitted, the provisions were incorporated to the same effect in s.206c of the act. we have already examined the two provisions contained in the two sections on this issue. in our view, goods received by the retail vends were in the nature of second sale from l-13 licensee.there is no evidence on record .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)100ITD365(Chd.)
..... year cannot set off against any other income. assessing officer also noted that the law, which was, substituted with effect from 1997-98 was again substituted by finance act 2001 with effect from assessment year 2002-03 and reinstated the original provisions which were available on the statutory book up to 1996-97. assessing officer taking cognizance ..... any, be set off against the income under other heads, namely "income from house property' and 'income from other sources'. (iii) the provisions of section 32(2) as amended by finance (no. 2) act, 1996, have been duly explained by circular no. 762, dated 18-2-1998. the amendment does not deal with the problem of setting off of ..... iv) in fact the intent and purpose of the amendment made in 1996 has been clarified by the finance minister on the floor of the parliament as under: clause 11 of the bill seeks to amend section 32 of the income-tax act, 1961 relating to depreciation. during the course of discussion on the general budget, a number of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1994)48TTJ(Chd.)249
..... stores vs. union of india (1991) 189 itr 70 (pat), wherein it was held that the benefit of the proviso inserted by the finance act would be available to the back asst. yrs. 1984-85 onwards and, therefore, it should be considered as explanatory of the existing legal position and not prospective in operation. the bench was thus ..... an article or thing first and the thing produced is later on used for carrying in the business preservation of articles and goods.the language of the relevant section will be fully satisfied, if in the production of an end product, several intermediate articles are produced. it will be obviously not possible to say that the ..... satisfied that the assessee has not been able to make out a case where cash payments were at all justified or necessary.there is, therefore, clear contravention of the section and the conditions under rule are not satisfied. we thus see no justification to interfere and the finding under challenge is, therefore, confirmed.11. in ground no. .....
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