Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat ahmedabad Page 8 of about 93 results (0.172 seconds)

Shreenathji Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)58TTJ(Ahd.)611

..... 271d among others which was inserted w.e.f.1st april, 1989; by the direct tax laws (amendment) act, 1987 provides for the levy of penalty for failure to comply with the provisions of s.269ss for taking or accepting any loan or deposit in excess of ..... has placed strong reliance on the board circular no.572 explaining various sections of finance act, 1990. ..... view to counter this device which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. ..... inserted by the finance act, 1984. ..... learned cit(a) has erred in not appreciating any of the argument, circular, advertisement by the department and the judgment cited only on the ground of his interpretation of word "aggregate" in the section.4.1 the learned counsel for the assessee has reiterated the submission made before the lower authorities. ..... noted that there being no ambiguity in the language of section, the assessee was not to go by any advertisement. ..... that the nature of business is not relevant as the assessee has to manage its business affairs looking to its requirements and while doing so the provisions of the act were required to be followed.he further mentioned that s. ..... or more and this is evident from the plain reading of the 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 bankdraft if the amount of such loan or deposit .....

Chandulal Gulabchand Mehta, Huf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1986)16ITD671(Ahd.)

..... 31.3 with a view to curbing the practice of creating multiple hindu undivided families by making partial partitions, the finance act has inserted a new-sub-section (9) in s171 whereunder partial partitions of hindu undivided families effected after 31st december, 1978 will not be recognised for tax purposes. ..... the head notes of the said case read as under : mysore sales tax (amendment) act, 1969 - section 3 - validity of-enhancement of rate of duty from 61/2 per cent to 45 per cent with retrospective effect is arbitrary and unreasonable - amendment not removing lacuna - held, amendment is invalid and unconstitutional. ..... section 2 of the impugned amendment to the extent that it imposes the higher levy of 45 per cent with retrospective effect from the 1st day of april, 1966 and section 3 of the impugned act seeking to nullify the judgment and order of the high court are invalid and unconstitutional.he, therefore, urged that the ito should be directed to recognize the partial partition effected by the members of the assessee-huf ..... -- though the subject of the charge is the income of the previous year, the law to be applied is that in force in the assessment year, unless otherwise stated or implied ; and any amendment which is in force at the beginning of the relevant assessment year must govern the case though the amendment is made after the income under assessment is earned. .....

Walaiti Ram Gupta and Co. Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)38TTJ(Ahd.)108

..... in the eleventh schedule, we are of the view that, the construction of a building could be said to be manufacture or production of an article or thing and the claim of the assessee accordingly it justified.4.2 the argument of the assessee that, the finance act, 1983, has included in the definition of "industrial company", execution of projects, which has been defined to include construction of buildings is also relevant even though, this definition occurs for purpose of specifying the rate of tax, since ..... the expression "industrial company" has not been defined elsewhere in the income-tax act, 1961.4.3 in the case of minocha brothers (supra), the delhi high court at page 139 examined the construction activity in comparison to the manufacturing of goods and did observe that the construction of building could be ..... crux of the issue is whether the term "article or thing" as referred to in sec.80-1 could be said to include a building 4.1 section 80-1 states that, an assessee whose gross total income includes any profits and gains derived from an industrial undertaking, to which this section applies, then in accordance with and subject to the provisions of this section, would be allowed in computing his total income, deduction from such profits and gains of the industrial undertaking of an amount equal to twenty per ..... [1987] 20 itd 220 ( .....

income-tax Officer Vs. Elite Ship Yards

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)39ITD178(Ahd.)

..... to consider the legislative amendments made from time to time in the provisions of section 80j prior to amendment by the finance act, 1975 w.e.f. ..... the effect of the aforesaid amendment made in section 80j(4)(ii) is that deduction under section 80j is to be allowed even in cases where the new industrial undertaking is set ..... being a building taken on rent or lease)" were omitted by the finance act, 1975. ..... that the new industrial undertaking established by the assessee would be entitled to grant of relief under section 80j not with standing that the assessee used old units premises and staff. ..... the considered opinion that the cit(a) has rightly cancelled the orders under section 154 passed by the ito for all these years under consideration. ..... aforesaid discussions, the ito had rightly allowed deductions under sections 80j and 80hha at the time of making the original ..... the object of the legislature in providing for the concessions contemplated by sections 80j and 80hha is obviously to encourage setting up of new industrial undertakings and growth of small- ..... 1-4-1976 one of the conditions for grant of deduction under section 80j was that the industrial undertaking should not be formed by the transfer to a new business of a building (not being a building taken on rent or lease), machinery or ..... 1987] 166 itr 325 to support his contention that overlooking a mandatory provision of law is a mistake which can be rectified under section ..... [1987] 166 itr 454 and the judgment of hon'ble rajasthan high court .....

Dr. Sanjiv P. Desai Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)60TTJ(Ahd.)305

..... 1st april, 1986, which was omitted by finance act, 1989, w.e.f. ..... 16 inserted by the finance act, 1985, w.e.f. ..... considering all the aforesaid facts and circumstances, we are of the considered opinion that the amount given by the employer by way of reimbursement towards vehicle conveyance expenses is exempt under s.10(14) of it act, 1961, in view of the clear notification dt. .....

Dr. Sanjiv P. Desai Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 1st april, 1986, which was omitted by finance act, 1989, w.e.f. ..... 16 inserted by the finance act, 1985, w.e.f. ..... 10(14) of it act, 1961, in view of the clear notification dt.9th june, 1989 (supra). .....

Asstt. Cit Vs. Mugat Dyeing and Printing Mills

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)77TTJ(Ahd.)696

..... 1996) 59 itd 523 (ahd-trib) and contended that order of learned commissioner (appeals) be reversed and that of the assessing officer be restored.section 43b was inserted by the finance act, 1983 (with effect from 1-4-1984), and reasons for the same as per budget speech of the then finance minister are as under : "several cases have come to notice where taxpayers do not discharge their statutory liability such as in respect of excise duty ..... from this, it is clear that excise duty is "actually paid" by the assessee on 13-3-1987, and 21-11-1988, within the meaning of section 43b and same is allowable when payment of excise duty is made to government account in accordance with the procedure for payment of excise duty under the ..... bringing explanation 2 to section 43b by retrospective amendment is within legislative competence and could not be challenged.in fact, as the wordings of explanation 2 themselves states it is mere clarificatory explanation of the government's intention all along.further, the supreme ..... excise department, furnishing of bank guarantee to secure the payment of dues to excise department in the event of their succeeding in pending litigation cannot, therefore, be regarded as actual payment of tax on duty in terms of section 43b of the act.the view that furnishing of bank guarantee for payment of disputed amount of excise duty/additional excise duty cannot be regarded as equivalent to actual payment of such duty, is further fortified by the decision of the hon'ble .....

Cas Card Finance Ltd., Rathore Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)78TTJ(Ahd.)55

..... jodhpur. a-shri purjan singh sumersingh naruka the above persons have been examined on oath and statements were recorded under section 131 of it act, 1961 wherein they have denied in clear terms to have made any such investment in purchase of shares of ..... capital. i find that the provisions of section 68 are applicable to credit entries on account of share capital of company, as has been held by the delhi high court in the case of sophia finance ltd (supra), wherein it has been held that the ito has jurisdiction to make inquiry with regard to nature and source of sums credited in books of account of the assessee, as to whether the amount so credited given ..... the case of the present appellants, the conditions for applicability of section 68 in respect of share application money laid down by the hon'ble high court in the case of sophia finance ..... 1997; and addition of rs, 35,88,555 in the case of rathore finance in ita no.204/ahd/1997 and additions of ..... is imperative to mention that in case of cas card finance, the addition includes investment in the name of ..... . the assessee-company is engaged in the business of financing of various types of vehicles on hire- ..... 205/ahd/1997 in the cases of m/s rathore investments, m/s rathore finance company and m/s mahi trading co. ..... made on account of non-genuine share capital of assessee and contentions of the learned authorised representative of the assessee and the learned departmental representative were almost similar as in the case of cas card finance .....

The Jt. Commissioner of Vs. S.C. Chemicals

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)99ITD41(Ahd.)

..... allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year) : provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, ..... relied upon by the learned counsel for the assessee, their lordships have held as under :- that the ao cannot take any action under section 147 of the it act, 1961, merely because he happens to change his opinion or to hold an opinion different from that of his predecessor on the same set ..... dcit (2004) 89-itd-25 (delhi) (sb), wherein the special bench of the tribunal has held as under :- for the purpose of supplying explanation (baa) below sub-section (4b) of section 80hhc and while reducing 90 per cent of the receipt by way of interest from the profits of the business, it is only the 90 per cent of the net interest remaining after ..... assessment, when no conscious consideration of the material was made and a mistake had been committed it would not create an embargo or a ban on the competent officer to exercise powers under the amended section 147. ..... relied upon the decision of the hon'ble jurisdictional high court in the case of gruh finance ltd. v. ..... decision of the hon'ble jurisdictional high court in the case of garden finance ltd. v. ..... gruh finance ltd ..... garden finance ltd. .....

Radhe Investments (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)99TTJ(Ahd.)777

..... , it would only be limited to that which was obvious, apparent or patent, and not one which would require any debate or discussion, so that where the assessee denied the receipt of any intimation under section 245, it would require an investigation into the facts, and is, therefore, a matter of serious debate, and not an inadvertent error, clerical or arithmetical, as is also the case in the present appeal. ..... representative, on the other hand, submits that the matter be restored to the file of the ao to examine if the mandatory requirement of section 245 of the act by way of issue of notice to the assessee, prior to the adjustment of its refund, stood complied with or not. ..... aggrieved, the assessee preferred an appeal before the cit(a), who with reference to the provisions of kvss, whereby, per section 87(m), the term 'tax arrear' stands defined as the amount of income-tax, interest or penalty that stood determined as on 31st march, 1998 in respect of any assessment year, which remains unpaid as on the date of ..... representative, before us, has also pleaded for the direction for grant of interest under section 244a of the act, both for the periods prior to 4th feb. ..... was contended that its application under section 88 of the finance (no. ..... said dispute, and consequently, the concomitant tax arrears, it filed a declaration with the designated authority, ahmedabad, under section 88 of the finance (no. ..... the said requirement, a certificate under section 90(2) r/w section 91 of the finance (no. .....