Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... pending cases unless specifically provided for. there can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for. sec.87 of the finance act, 1988 specifically provides that the amendment will be w.e.f. 1st april, 1989 thus, we reject the contention made on behalf of the assessee that stock ..... 500.4. on account of the revival of levy of wealth-tax in the case of closely held companies by s. 40 of the finance act, 1983, the assessee filed its return of wealth for the asst. yr. 1984-85 on 30th march, 1985 declaring total wealth of rs. 14,52,800. on assessment, the assessing officer (ao) enhanced the ..... which were held by the assessee as stock-in-trade from the beginning, they should not be visited with the levy of wealth-tax right from asst. yr. 1984-85 and onwards.11. it is difficult to be persuaded by the contentions of shri pandey.we are not dealing with a procedural provision which can have retrospective operation. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... . 4,30,500.4. on account of the revival of levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on 30-3-1985 declaring total wealth of rs. 14,52,800. on assessment, the assessing officer enhanced the valuation of ..... ,0001986-87 1,91,36,8501987-88 2,26,58,7001988-89 2,66,75,000 5. however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, ..... officer had made substantial enhancement in the value of all the assets, the assessee has raised those grounds also in the present appeals.17. as per sub-section (4) of section 40 of the finance act, 1983, the basis for valuation is the open market price. the said open market price could be decided either by the assessing officer or the valuation officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)83TTJ(JP.)246
..... of the years comprised in the block period, there was no surcharge. (e) it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous year. in the search cases, tax is charged on undisclosed income for the ..... is clearly mentioned in section 2 of the finance act. the part i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. but this first schedule is subject to section 2 of finance act, 2000. section 2 of the finance act provides that the rates ..... : (2003) 86 itd 93 (cal) (tm). several amendments in provisions relating to the block assessment were enacted through the finance act, 2002 and most of them were made applicable retrospectively. but amendment in section 113 was not made applicable retrospectively, which shows the intention of the lawmakers. therefore, this amendment cannot be applied for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)87TTJ(JP.)340
..... that there cannot be two owners of the property simultaneously and in the same sense of the term. the intention of the legislature in enacting section 32 of the act would be best fulfilled by allowing deduction in respect of depreciation to the person in whom for the time being vests the dominion over the ..... that the assessee is neither owner of leased vehicles, nor it is using them for its business and thus the conditions for allowance of depreciation under section 32 of the act are not fulfilled. 'accordingly, he disallowed whole of the depreciation on leased vehicles claimed by the assessee.he further submits that the commissioner (appeals) ..... finance, existence of which stands duly disclosed by the appellant by way of filing a declaration in form no. 20 with the registering authority under motor vehicles act. in any event the facturn of registration under the motor vehicles act cannot be said to be decisive for the purpose of the ownership required under section 32 of the income tax act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)43ITD292(JP.)
..... gujarat high court in patel bros. & co. ltd. 's case (supra) at page 438 reference is made to finance act, 1965 passed by the british parliament wherein sub-section (8) had been added to section 15 of the finance act, 1965 to apply it to the provision of all gifts (other than inexpensive gifts incorporating an advertisement) not being gifts ..... the assessee and which did not amount to either entertainment expenditure or expenditure relating to advertisement, publicity or sales promotion in terms of section 37(3aj as operative before its omission by the finance act, 1985 with effect from 1-4-1986. on the other hand shri s.k. kundra, the learned departmental representative strongly supported the ..... learned cit (appeals) on the special bench decision of the bombay bench 'b' in the case of first ito v. french dyes & chemicals (i) (p.) ltd. [1984] 10 itd 240 (sb). however, the learned cit (appeals) did not accept that submission. the learned cit (appeals) had in fact given a notice dated 11-10-1989 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46ITD24(JP.)
..... is not correct, as was argued before the learned cit (appeals) so also before us on behalf of the assessee, that the deductions under section 80j had been reduced on account of retrospective amendment to section 80j introduced by finance act, 1980 the validity of which was upheld by the hon'ble supreme court in the case of lohia machines ltd. (supra). a perusal ..... rectification or appellate order etc. he submitted that this amendment, permitting the assessing officer to increase the interest both under section 215(3) as well as in explanation 2(b) of section 139(8) had been introduced vide taxation law amendment act, 1984 with effect from 1-4-1985 and hence even if the income of the assessee increased by giving effect to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)330
..... in 1991 and, therefore, should be applied in this case.18. in rebuttal, the learned counsel for the assessee argued that amendment made by finance act, (no. 2) act, 1991, under section 80hhc was not declaratory or retrospective. it was prospective only. this was clear from circular no. 621 issued by cbdt on 19th dec., 1991, ..... the case of cit v. kantilal chhotalal (supra), wherein their lordships held that definition of total turnover and clause (baa) of the explanation to section 80hhc inserted by finance (no. 2) act, 1991, was only clarificatory in nature. in other words, reassortment labour charges, commission, interest, rent or receipts of similar nature, could not be ..... is not material for our purposes.22. a major change was brought about in section 80hhc w.e.f. 1st april, 1992, through the addition of clause (baa) in the explanation to the section and addition of sub-section (4a) by the finance (no. 2) act, 1991, providing meaning to expression 'profits and gains' as under: "(baa)' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46TTJ(JP.)84
..... the assessee. on consideration of the rival contentions we are satisfied that the decision of the cit(a) is in order. sec. 44b was incorporated by the finance act of 1984 w.e.f. 1st april, 1985 by virtue of this section every person carrying on business and having turnover or gross receipts exceeding rs. 40 lakhs in any previous year and in the ..... of the words "or furnish the said report along with the return of his income filed under sub-s. (1) of s. 139. .." these were inserted by the finance act, 1988 w.e.f. 1st april, 1989. before the aforesaid amendments the penalty under s. 271b was provided where the assessee had failed to furnish the report along with the ..... as well as the authority of the registrar of the co-operative societies to audit or to cause the audit done at least once in each year. sec. 68 of the rajasthan co-operative societies act, 1965 is reproduced hereunder : "(1) the registrar shall audit or cause to be audited by a person authorised by him by general or special .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)3SOT476(JP.)
..... of processed minerals and ores, also the benefit of this section, the finance (no. 2) act, 1991 with effect from 1-4-1991 wherein it was laid down that "processed mineral and ores specified in the twelfth schedule would be considered for deduction under section 80hhc. the same finance act inserted the twelfth schedule. this schedule provides the list ..... of the processes which the minerals and ore specified therein should undergo for being covered by the exception provided in section 80hhc(2)(b)(ii) of the act. on being asked by the learned commissioner(a ..... applied his mind to the facts and he has not found any opinion. he also submitted that this case will not fall under the proviso of section 147 of the act as the assessment had been reopened with the limit of 4 years. for this purpose, he relied upon the following case laws: 1. pralul .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1998)65ITD117(JP.)
..... hence no interest could be levied at the time of regular assessment also. the said income became taxable, he submitted, only on account of a retrospective amendment in section 2(14) by finance act, 1970 with effect from 1-4-1970. the belief, therefore, according to him, was bona fide. thus shri kothari vehemently urged to uphold the order of ..... assessment. however, the apex court took note of the sweeping changes brought about by the taxation laws (amendment) act, 1984 brought about in the provisions pertaining to levy and grant of interest w.e.f.1-4-1985, which were common to sections 139(8) 214, 215 and 217. in this case, since the supreme court was dealing mainly with ..... a partner. it was submitted by shri kothari that it was only as a result of the retrospective amendment with effect from 1-4-1970 in section 2(14) by the finance act, 1989 that the said capital gains became taxable beyond any doubt and hence there existed the bona fide belief that the impugned capital gains were exempt.21 .....
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