Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD612(Ahd.)
..... case referred to in clause (b), shall not be less than ten per cent but shall not exceed one and a half times the amount on which interest is payable under section 217.the said clause (ii) was amended by the finance act, 1969, with effect from 1-4-1970, and such amended clause reads as follows : which, in the case referred to in clause (b), shall not be less than ten per cent but shall not exceed one and a half times ..... of seventy-five per cent of the assessed tax as defined in sub-section (5) of section 215 ; and the basis of penalty considered by the hon'ble gujarat high court in the case of kohinoor flour ..... the tax determined on the basis of the regular assessment [reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d and section 195] so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made.the above provisions define 'assessed tax' as tax determined .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1985)14ITD393(Ahd.)
..... the sake of completing the narration of the facts, it may be mentioned that the said sub-section was omitted by the finance act, 1979, with effect from 1-4-1980.however, since the year under appeal is 1979-80, the provisions of the said sub-section were very much there when the ito framed the assessments on the dates mentioned above. ..... the ito had framed the assessments on 6-8-1980 and 16-8-1980, sub-section (1a) of section 35b had already been brought on the statute by the finance act, 1978 with effect from 1-4-1978. ..... members who originally heard these appeals and, therefore, they referred the following point of difference to the learned president under section 255(4) : whether, on the facts and in the circumstances of the case, the commissioner, surat, was right in law assuming jurisdiction to pass the order under section 263 of the income-tax act, 1961 the learned president has directed me to deal with the above point of difference as a third member, and it is in these ..... does 'a point' cover all items covered by a particular section of the act irrespective of sub-sections or other overriding sections, or does it confine itself to a particular item of receipt or expenditure in respect of which the matter has been adjudicated upon by the ito/aac the word 'point' would suggest that one cannot consider a provision of law in ..... are appeals against the orders of the commissioner, surat, under section 263 of the income-tax act, 1961 ('the act') dated 10-8-1982 and 3-8-1982, respectively. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)928
..... sued in its corporate name, and shall be competent to acquire, hold and dispose of property, both movable and immovable and to contract, and do all things necessary, for the purposes of this act.he further referred to the functions of the assessee as prescribed in section 13 of chapter iii: (i) generally to promote and assist in the rapid and orderly establishment; growth and development of industries in the state of gujarat, and (ii) in particular and without prejudice ..... has concluded as under: 8.1 after considering the arguments of both the sides and the facts of the case, we are unable to agree with the stand of the revenue, section 12a does not make any distinction between the trust and institution created by the private individuals or by the government. ..... the learned cit has grievously erred in considering the application filed under section 12a as suffering from inordinate delay by considering the same in isolation with a total disregard to the fact that the appellant was legally entitled to exemption under section 10 of the it act, 1961 by virtue of the legal position as pronounced by the hon'ble supreme ..... however, the finance act, 1983 has omitted the words "not involving the carrying ..... though the legislature by simultaneous amendment under section 11(4a) has provided that the exemption under section 11 shall not be available in relation to any income of a trust or an institution being profits and gains of business unless the business is incidental to the ..... amendment, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)94TTJ(Ahd.)1103
..... above words, if an activity which is for the purpose of advancement of an object of general public utility is carried out with profit motive, it would fall within the definition of "charitable purpose" under section 2(15).though the legislature by simultaneous amendment under section 11 (4a) has provided that the exemption under section 11 shall not be available in relation to any income of a trust or an institution being profit and gains of business unless the business is incidental to the attainment of the object of the trust. ..... for sufficient reasons; (ii) from the 1st day of the financial year in which the application is made, if the cit is not so satisfied; (b) where the total income of the trust or institution as computed under this act without giving effect to the provisions of section 11 and section 12 exceeds thousand rupees in any previous year, the accounts of the trust or institution for that year have been audited by an accountant as defined in the explanation below sub ..... however, the finance act, 1983 has omitted the words "not involving the carrying on of any activity ..... therefore, the moot question to examine is whether the object of the assessee institution is charitable or not section 2(15) of the it act defines the words "charitable purpose" as under : "2(15) 'charitable purpose' includes relief of the poor, education, medical relief, and the advancement of any other object of general ..... definition of "charitable purpose" is modified by the finance act, 1983, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)94TTJ(Ahd.)970
..... the assessee submitted that the provisions of section 191 have been amended by insertion of explanation by finance act, 2003, w.e.f. ..... it is pertinent to mention that it is specifically mentioned that this period is prior to insertion of explanation to section 191 by finance act, 2003, which is effective from 1st june, 2003. ..... besides, various contentions were raised by the assessee but the same were rejected and ao made addition under sections 201(1) and 201(1a) of the act, matter was carried in appeal before the first appellate authority who also confirmed the same.3. ..... the assessee was also asked to state as to why action under sections 201(1) and 201(1a) should not be initiated for non-deduction of tds under section 194c of the it act on the amount of rs. ..... as provided under the provision of section 194c of the act, carrying out the work includes "service contract" and work done by any person includes "service rendered" to others. ..... the assessee was liable to deduct tax at source under section 194c of the act in view of circular no. ..... such contract of sale is outside the purview of sections 192-194 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... be applied after examining the impact the retrospective amendment of sections 140a, 234a/b amended by the finance act, 2001 with retrospective effect from 1-4-1989. ..... of income given in sections 2(24) and 28 had not been amended till that time, which have been amended by the finance act, 1990 with retrospective effect ..... with the provisions of law and not the view which the assessee takes with regard to the admissibility or otherwise of the deduction.4.9 shri soparkar submitted that even subsequent to the insertion of section 2s(iiia) by the finance act, 1990 with retrospective effect from 1-4-1962, what is taxable is only the amount of profit on sale of import on licences granted by way of export incentives. ..... the view that such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the finance act, 1990 has inserted in section 28 of the income-tax act, 1961. ..... against exports under any scheme of the government of india taxable under the head 'profit and gains of business or profession' retrospectively for and from assessment year 1967-68; and - clause (iiic) read with section 2(24)(vc) (w.r.e.f 1-4-1972) so as to make any duty of customs and excise repaid or repayable as draw back to any person against exports under the customs and central excise duties drawback rules, 1971, taxable ..... project automobiles [1987] 167 itr 781 and the decision of the ..... cit [1987] 163 itr 7 has considered in ..... the opinion was given in january 1987 i.e. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)51ITD147(Ahd.)
..... had realised this and they had amended the ambit of section 43b by the finance act, 1988, w.e.f. ..... the finance act, 1988 when the word "cess or fee" were further inserted in the relevant clause of section 43b. ..... the first ground in the appeal relates to the finding given by the cit(a) holding that for the purpose of allowing deficiency under section 80j(3) of the income-tax act, only the profits and gains of the industrial undertaking are to be considered and not the profits and gains earned by the assessee from ..... that the payment which is made by the assessee for any facility or service granted by the state cannot be regarded as tax but it would be in the nature of fee which was outside the scope of section 43b in the years under consideration.it was submitted that this matter is squarely covered in favour of the assessee by the decision of the itat in the case of iac v. ..... the cit (appeals) is reasonable.8.3 we concur with the aforesaid reasonings and conclusions derived by the tribunal in the aforesaid case.respectfully following the same, we hold that the provisions of section 43b, as far as the year under consideration is concerned, will not at all be applicable in relation to the amount of royalty payable by the assessee to the government of gujarat. ..... 'ble supreme court in the case of om prakash agarwal v.girl raj kishori [1987] 164 itr 376 had brought out a distinction between "tax" and "fees" ..... giri rag kishori [1987] 164 itr 376 had brought out a distinction between 'tax' and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)2SOT571(Ahd.)
..... here, it is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. ..... the words" any bad debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. ..... of law and nothing was materialized and therefore, the assessee was compelled to write off of amount for which proper entry was passed in the books of account, which is pre-requisite for claiming deduction under section 36(1)(vii) of the income tax act.on the other hand, the learned departmental representative vehemently argued that the lower authorities were justified in disallowing assessee's claim for bad debts, insofar as the deduction claimed under ..... the previous year in which such account has been written off.since this amount has not been accounted for as income in any of the earlier years, the assessee is not eligible for deduction under section 36(1)(vii) read with section 36(2) of the income tax act.the assessing officer further observed that in the balance sheet as on 31-3-2000 the assessee had shown the outstanding sum of rs. ..... it was held that in view of the amended provisions of section 36(1)(vii) the assessee need not establish that debt has become bad and considering that the assessee had not been able to recover any amount despite filing suit and obtaining decree, there .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... ors. (2000) 164 ctr (pat) 201 (fb) will now have to be applied after examining the impact of the retrospective amendment of sections 140a, 234a/13 amended by the finance act, 2001, with retrospective effect from ..... . (1987) 59 ctr (guj) 116 : (1987) 166 itr 316 (guj) has held, that if there is a nexus between the business of the appellant, and the benefit derived, then it is taxable under section 28(iv) of the income tax act, 1961 ..... . vii-4 (iv) it may be noted that the opinion was given in january 1987, i.e.before the accrual basis of accounting was made mandatory.shri girish dave, the learned commissionerdepartmental representative thus strongly supported the order of the commissioner (appeals) in relation to this ground.at this stage of the hearing, ..... v. cit (1986) 56 ctr (cal) 185 : (1987) 164 itr 466 (cal); shri dave, the learned commissionerdepartmental representative, did not make any submission with regard to ground ..... v. cit (1986) 51 ctr (guj) 252 : (1987) 163 itr 378 (guj); and the learned commissionerdepartmental representative relied upon the reasons mentioned in the assessment ..... . project automobiles (1988) 67 ctr (mp) 152 : (1987) 167 ttj 781 (mp) and the decision of the calcutta high court in cit v ..... . cit (1986) 55 ctr (guj) 154 : (1987) 163 itr 7 (guj) has considered in detail and reiterated the above principle ..... . (1987) 67 ctr (raj) 120 (1987) 169 itr 499 (raj); (f) cit v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)91ITD311(Ahd.)
..... has been clarified in the the provisions of newly inserted section 14a by the finance act, 2001, with retrospective effect from 1-4-1962 and as well as in the memorandum explaining the provisions, notes on clauses relating to the finance bill, 2001 and in the board's circular no. ..... includible in taxable income, by virtue of insertion of sub-section (33) to section 10 of the finance act, 1997 w.e.f. ..... . the proviso to section 14a is inserted by the finance act, 2002 with retrospective effect from 11-05-2001 to save ..... of supreme court and the high courts were not considered." 28. in this view of the matter and for the reasons given above we are of the considered view that the tax payable by the company under section 115-o on the amount of dividend declared, distributed or paid is not the tax paid for and on behalf of the shareholder on the dividend income received by the shareholder, and consequently the dividend income ..... the assessee by letter dated 26-2-2002 stated that the expenditure by way of interest was mainly on investment of shares particularly when the dividend was taxable; that after amendment also, the dividend was still taxable and only the procedure for collection of taxes has been shifted from the shareholders to the company; that the expenditure was also otherwise ..... 2 the assessee has also sought to contend that the amendment made in this respect is only a procedural amendment in the section since the dividend is still taxable, though, it is taxed in the hands .....
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