Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat ahmedabad Page 7 of about 93 results (0.218 seconds)

Assistant Commissioner of Income Vs. Modern Cement Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90ITD170(Ahd.)

..... learned am that spot enquiries have been made at the back of the assessee and proper opportunity has not been afforded to the assessee thus violated the principle of natural justice as well as express provisions of section 142(3) of the act all the more require that the matter should have been set aside for making the said field enquiry report available to the assessee for its comments as directed by the learned jm and ..... on a difference of opinion between the am and the jm, the following point is referred by the hon'ble president, tribunal, under section 255(4) of the it act for my opinion : "whether, on the facts and in the circumstances of the case, the am is justified in deleting the impugned addition of rs. ..... of share capital contributed by a large number of shareholders spread all over the country in response to private placement offer of the company, made in accordance with the requirements and procedures as contained under the provisions of the companies act would have to be kept in view while considering the question of onus under the provisions of section 68 of the it act.looked at from this perspective, we feel that the assessee has discharged the onus under ..... the question whether section 68 of the act is applicable to the issue of share capital by a company, came for consideration of hon'ble delhi high court (full bench) in the case of sophia finance ltd. .....

Unimed Technologies Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)73ITD150(Ahd.)

..... on an enquiry by the ao from itc bhadrachalam relating to the above transactions, itc bhadrachalam explained that they are in the business of leasing and hire purchase finance and they finance their clients each equipment required by and to be installed at the clients premises.the terms of an agreement between itc bhadrachalam & rseb were as under :assets : 100 per cent depreciable assets being leased to rsebrentals : 8.55 per cent ..... it was submitted that the first contention of the revenue is that the agreement entered into by rseb was only an agreement to obtain finance at a lower rate and the whole transaction in which the assets have been shown as sold to itc bhadrachalam and then reverted to rseb through the agency of one m/s ..... as regards the reliance of the senior departmental representative on the decision of the supreme court in the case of kerala finance corporation (supra) and that of himachal pradesh state forest corporation (supra) is concerned, they did not deal with the issue of ..... in any case, if the ao refuses the registration solely on this ground, although the other formalities required under the act are complied with like execution of a proper partnership deed, filing of proper application of registration, the tribunal will have to decide in favour of the assessee ..... 43b on account of deferred sales-tax, whereas the said amount was not covered under the provisions of the said section. ..... 496 dated 25th september, 1987 and circular no. ..... cit (1987) 166 itr 783 (sc) .....

Gujarat Petrosynthese Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)76ITD257(Ahd.)

..... section 115j has been introduced by way of an independent chapter xii-b in the income-tax act by the finance act, 1987 and it came into force from assessment year 1988-89. ..... the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32a or clause (it) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74a or sub-section (3) of section 80j.a plain reading of the above sub-section would indicate that the legal fiction created by enacting sub-section (1) has a limited scope and would not affect "determination of the amounts in relation to the relevant previous year - to be carried forward - under the ..... it does not lie within the province of this tribunal to modify or amend the explicit enactments in the statutes merely on the ground of inequitable results. .....

Acit Vs. Goldmine Shares and Finance Pvt.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD209(Ahd.)

..... the provisions of section 80ia were then divided in two parts by finance act, 1999 w.e.f. ..... of the priority industry was first to be reduced from the total income and before computing the income of the assessee for the purpose of deductions and it was not by reliance on and by forgetting the existence of sub-section (6) to section 80i further it was a case of rectification invoked the assessing aforesaid case, the tribunal confirmed the order of the cit(a) on the ground that the aforesaid issue could not be subject matter of rectification under ..... and the fourth ground is that though it true that the origin of the unabsorbed losses/ depreciation carried forward in the hands of the assessee to the year in which the deduction under section 80-ia of the act is to be allowed, must be traced and if the unabsorbed losses/depreciation relates to the eligible undertaking, such unabsorbed losses/depreciation must be set off against the profits of the eligible undertaking for computing such deduction. ..... act which had no provisions like 801(6) or pre amended section 80ia(7) or post amended section 80ia(5)of the i.t. ..... instead of defining the concept separately by clause (b) to sub-section (12) of the pre amended 80ia, the sub-section (2) itself has contained the provisions of the explanation by providing the period of deduction and the year from which it is to starts. .....

Assistant Commissioner of Vs. Smt. Nina Arora

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)80ITD348(Ahd.)

..... which has to be taken note of is the retrospective amendments introduced by the finance act, 2001 in the provisions relating to levy of interest under sections 234a, 2.34b as well as section 140a. ..... sub-section (1) of section 234a(1) has been omitted by the finance act, 2001 ..... after the end of the accounting year and any such credit erroneously given by the assessing officer treating the payment as advance-tax would be liable to be rectified by taking recourse to the provisions of section 154.thus, the statutory provision is unambiguous that while computing the interest for late filing of the return, credit is to be given only to advance-tax and tax deducted at source and any tax ..... must apply them as they stand, however unreasonable or unjust the consequences and however strongly we may suspect that this was not the real intention of parliament.as we have already pointed out section 234a provides in clear terms that advance-tax and tax deducted at source are to be excluded while computing interest for the late furnishing of the return. ..... amendments have been made by the legislature for clarifying the statutory provisions regarding levy and computation of interest under the various sections of income-tax act ..... raised by the revenue : on the facts and in the circumstances of the case and in law, the learned cit(a) erred in directing the assessing officer to give credit of tax paid under section 140a of the income-tax act while calculating interest charged under section 234a of the it act.2. .....

Wealth-tax Officer Vs. Shrimant F. P. Gaekwad

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)28ITD23(Ahd.)

..... commissioner (appeals) rejected the contention in respect of the retrospectivity of the amendment made by the finance act, 1971 having been effected from 1-4-1963 on the basis that such contention ..... letter dated 1-4-1981 issued pursuant to reply given by the hon'ble minister of state for finance the commissioner (appeals) held that the impugned land admeasuring 39.4 acres of land in laxmi vilas palace was required to be treated as part of the palace complex exempt under section 5(1)(m) of the act.13.1 on behalf of the assessee it was submitted that the commissioner (appeals)'s order is dated 31st march, 1984 and subsequent to ..... that those silver articles constituted personal effects of the assessee and were not shown because they were exempt under section 5(1)(viii) of the wealth-tax act, it is worth noting here that when the returns were filed even preliminary information that the assessee was owning ..... other cases the effect may be given by the appropriate authority under the provision for rectification and within the time limit prescribed under section 35 from the date of the order.the assessing officer shall keep in mind above while deciding the issue in the context of ..... it was then submitted that since now the decision of the hon'ble high court of gujarat in the case of cwt v.kasturbhai mayabhai [1987] 164 itr 107 is available on the issue of valuation according to the provisions contained in rule 1bb of the wealth-tax rules, the valuation should be made accordingly and for .....

State Bank of Saurashtra Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)24ITD97(Ahd.)

..... 288 that where the income-tax officer had no subsequent information but merely proceeded to reopen the original assessment without any fresh facts or materials or without any inquiry into the materials, provisions of section 34(1) (b) would not apply.3.2 the learned departmental representative further submitted that decision in the case of indian & eastern newspaper society (supra) overruled only a particular part of the decision rendered in ..... part of the total advances becoming irrecoverable has to be accepted as normal incident of the banking business and that is why probably a beginning was made in the income-tax act by the finance act, 1979 having inserted clause (vii) to sub-sec. ..... assessment order at page 44 of the paper books is as under : "4.4 having heard the submission of the learned counsel of the assessee, his attention was drawn to the provisions of section 36(1) (vii) which state that subject to the provisions of section 36(2), the amount of any debt or any part thereof which is established to have become a bad debt in previous year shall be allowed in computing the business income of the assessee. ..... provision thereof is a necessary process and in the process of drawing up of the profit and loss account and balance sheet of the bank as per the provisions of the banking regulation act, 1949 (section 29 and third schedule of the act), the provision for bad and doubtful debts has to be to the satisfaction of the statutory auditors of the bank is essential. ..... amendment .....

Shreenath Builders Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... "32.2 with a view to counter in this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. ..... 269ss and 269t were inserted by the finance act, 1984. ..... 2.2 it came to government's notice that a substantial amount of black money was deposited by tax evaders with banks, companies, co-operative societies and partnership firms either in their own names or in benami names, the it (second amendment) act, 1981, seeks to counter attempts to circulate black money in this manner. ..... the it (second amendment) act, 1981 (hereinafter referred as the amending act), represents another step in the same direction. ..... even if the minimum penalty is prescribed the authority competent to impose the penalty will be justified in refusing to impose penalty when there is a technical breach or venial violation of the provisions of the act or where the breach flows from a bona fide belief like in the present case. ..... 269ss in the it act debaring 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 amount of such loan or deposit or ..... 271d and 271e of the act. ..... 271e of the act. .....

Shri Dinesh Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)72ITD110(Ahd.)

..... the income can not properly be deduced therefrom, the computation shall be made upon, such basis and in such manner as the assessing officer may determine :" the above provisions of section 145 have since been substituted by a new section by the finance act, 1995 with effect from 1-4-1997 as under : (1) income chargeable under the head "profits and gains of business or profession" or "income from other sources" shall, subject ..... year 1997-98 subsequent years.it is pertinent to note that even as of today, the government has not issued any standard direction on the subject of valuation of closing stock pursuant to the provisions of sub-section (2) of section 145 and yet the finance (no. ..... it is proposed to amend section 145 to provide that income chargeable under the head "profits and gains of business or profession" or "income from other sources' shall be computed only in accordance with ..... the bill proposes to amend the income-tax act to empower the central government to prescribe by notification in the official gazette, the accounting standards which an assessee will have to follow in computing his income under the head "profits and gains of business or profession" or "income from other sources".the proposed amendments will take effect from 1st april, 1997 and will accordingly, apply in relation to assessment .....

Atman Trust Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)31ITD315(Ahd.)

..... tribunal held that it was not a device because the dissolution of the aops had taken place because of the restrictive provisions introduced by the finance act, 1980 with effect from 1-4-1981 and the terms of dissolution were specific and clear. ..... year 1985-86 the assessee trust had incurred a loss and thereafter the law was amended by inserting a proviso with effect from 1-4-1985 and that the assessee did not carry on business activity thereafter because the assessee's purpose was establishing the intermediary trusts and aops would not ..... that therefore, even if the income of the year under consideration was includible under section 86(v) there was no tax effect so far as the assessee was concerned. ..... it rejected the department's argument based on the application of section 86(v) on the ground that that section dealt with the inclusion of the income in the hands of a member of aop for ..... he submitted that although the ito had stated that section 8 of the indian trusts act forbade a trust upon trust that was not applicable because in the present case the subject matter of the 21 discretionary trusts was only ..... his next submission was that section 164 was a charging section and according to explanation 1 thereto if under the trust deed the beneficiaries of the income thereof was identifiable, the trust was a ..... he contended that section 3 of the trust act applied to the 21 discretionary trusts also which meant that their income was for the benefit of others and so these trusts were merely .....