Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2004)91TTJ(Asr.)708
..... amply clear from the fact that section 80hhc was amended by, finance act (no. ..... & sons (2002) 253 itr 284 (p&h), wherein it has been held that : "the addition of clause (baa) to the explanation to section 80hhc of the income tax act, 1961, is indicative of the legislative intent to exclude income on account of interest and rent, etc. ..... appeals) has rightly directed the assistant commissioner to recompute the deduction under section 80hhc including interest income received by the assessee for a sum of ..... the benefit under section 80hhc of the income tax act with effect from ..... the interpretation given by the learned commissioner (appeals) to section 80hhc is in accordance with the interpretation given by the cbdt, who ..... the assessee craves leave to add, amend, alter or delete any of the grounds of cross- objections before or at ..... and in the circumstances of the case, the learned commissioner (appeals) has erred in directing the assessing officer to recompute the deduction under section 80hhc after including the interest of rs. ..... assessment year under consideration is concerned, which is assessment year 1987-88, since the interest as well as the miscellaneous income forms part of 'profits and gains of business or profession' of the assessee, the learned commissioner (appeals) was justified in directing that these should have been included in the profit and gains derived from the business for working out deduction under section 80hhc. ..... order dated 24-5-1993, relating to assessment year 1987-88. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)96TTJ(Asr.)460
..... per contra, the ld.d.r.invited my attention towards amendments carried out in sub-section (1) and explanation-1 to section 234-b by the finance act, 1995 and 2001 with retrospective effect from 1-4-1989 ..... has taken a stand that the said decision has been nullified by amendment to explanation-1 to section 234-b(1) by the finance act, 2001 with retrospective effect from 1-4-1989. ..... it is only that the finance act, 2001 brought the amendment to section 234-b with retrospective effect from 1-4-1989 ceasing the operation of the aforenoted apex court ..... the finance act, 1995 carried out certain amendments to sub-section (1) of section 234-b with retrospective effect from 1-4- ..... 67.2 with a view to avoid litigation, the act has amended sections 234a and 234b to clarify that the assessee shall be liable to pay interest under the said sections with reference to tax on the assessed income and not on returned ..... the meaning of "assessed tax", as substituted by the finance act, 2001 with retrospective effect from 1-4-1989, has done away with the earlier clauses (a) and (b) of explanation ..... when the tribunal passed the order on 14-3-2001 in the case of sushila devi jain, explanation-1 was in its original form and its substitution took place only thereafter when the finance act, 2001 was passed. ..... the memorandum explaining the provisions to the finance bill, 2001 has explained the effect of the amendment in (2001) 248 itr 192 (statute) to charge interest on the assessed income and not on the returned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1983)5ITD43(Asr.)
..... stand taken by there venue will by and large make the proviso to be unworkable and it evenruns contrary to what is stated in para 71 of explanatory notes on the main provisions of the finance act, 1970, which is quoted by the wto in the assessment order of the year 1974-75.it will be pertinent to invite attention to clause (xvi) of section 5(1) which refers to a limit on investment to be made in the case of each of several investments dealt with therein. ..... also quoted in the first assessment order from para 71 of the explanatory notes on the main provisions of the finance act, 1970, again taking the view that the passage supported his case. ..... ) : para 71 of the explanatory notes on the main provisions of finance act, 1970 is as under : as investments in the small savings certificates and deposits schemes of the central government already exempt from tax may, in some cases, exceed the limit of ..... may be stated that the wto has quoted the under-mentioned para 71 of the explanatory notes on the main provisions of the finance act, 1970 which is printed in [1971] 79 itr 62 (st. ..... long as they continued to be held by the assessee.the tribunal appears to have referred to the speech of the finance minister introducing the finance act of 1970. ..... not prepared, as the tribunal was, to whittle down the plain meaning from the language of these provisions by any presumed or assumed intention of the legislature as gathered from the speech of the finance minister introducing the finance act of 1970. (pp. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2006)100ITD379(Asr.)
..... --for the purposes of this clause, the loss shall not include depreciation; the aforesaid provision /explanation in section 115 jb was substituted by the finance act, 2002 with effect from 1-4-2001 and admittedly applicable retrospectively with effect from 1-4-1997, provides: (iii) the amount of loss brought forward or unabsorbed depreciation whichever is less as ..... party checked this case and raised objection that the assessee company has brought forward unabsorbed depreciation only but as per provisions of section 115jb of the income-tax act provides that if out of brought forward business loss or unabsorbed depreciation, one is nil, nothing is deductible (substituted by the finance act, 2002 with effect from 1-4-1997). ..... was not entitled for deduction on account of unabsorbed depreciation as per amended provisions of law, therefore, the assessing officer acted only in accordance with law to rectify the mistake which was apparent from ..... applicable because in these cases the amended provision of explanation(iii)(b) to section 115 jb have not been considered. ..... provisions of section 115ja were applicable in which also similarly explanation (iii) was amended as reproduced above ..... were, therefore, justified in applying the amended provisions as are applicable to the present ..... unabsorbed business loss or it was 'nil', therefore, the amended provision is clearly applicable to the present case and the authorities below have rightly taken into consideration the amended provisions of law.7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2004)91ITD398(Asr.)
..... the said quotation is not relevant as the explanation introduced by the finance act, 1964, was not applicable to the present case and the position about the expln ..... to be dismissed, be modified to the extent which shall have the effect of not only recalling the tribunal's order but vacating the cit(a)'s decision also, for fresh adjudication on the question of levy of penalty under section 271(1)(c) of the act.it was also mentioned that the assessee in the miscellaneous application has made a prayer only for recalling of the order dt. ..... , though the expressions 'concealed particulars of his income' and 'furnished inaccurate particulars of such income' are used in distinctive terms in section 271(1)(c) of the it act, 1961, and these are two separate offences, the commission of one does not exclude the possibility of the commission of the other. ..... 41/asr/1992 and referred the following point of difference to the hon'ble president of the tribunal under section 255(4) of the it act, 1961 : "whether, on the facts and in the circumstances of the case, the proposed order of the am restoring the case to the cit(a) for fresh adjudication, can be said to be justified or the jm's approach that the miscellaneous ..... , 1986, explaining the provisions of taxation laws (amendment and miscellaneous provisions) act, 1986, 1986) 162 itr (st) 21, at p. ..... 713/asr/1987 vide order ..... 713/ asr/1987 but find myself unable to agree that the tribunal's order ..... 1992 in ita no.713/asr/1987 relating to asst. yr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2000)68TTJ(Asr.)244
..... . 152(65)/70-tpl, dated 30-12-1970, on the subject-matter, the relevant extract of the circular is reproduced as follows : under section 11(1) of the income tax act, 1961, as amended by the finance act, 1970, income derived from property held under trust for charitable or religious purposes is exempt from income-tax only to the extent such income is actually applied to such purposes during the previous year itself or ..... resolved is that whether on the facts and in the circumstances of the case and in the case of the trust, capital gains is to be assessed under section 11(1a)(a) of the income tax act or capital gain is to be taxed in accordance with chapter-iv of the income tax act read with chapter y read with sections 45 to 69 of income tax act.chapter iv of the income tax act deals with the computation of total income of any assessee including the assessee enjoying status of aop and having legal entity of trust ..... . the learned counsel pleaded that the learned commissioner (appeals) as well as other judicial authorities have to intervene regarding the levy of interest under sections 234a and 234b of the income tax act.so far as explanation 4 attached with section 234a is concerned, we are of the opinion that the same is applicable on facts and circumstances of the case .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1989)31ITD151(Asr.)
..... it should be stated here that sub-section (1a) was inserted by the finance act, 1966, w.e.f. ..... y m---------------------------------------------------------------------------81-82 4800 480 april, 81 7-11-86 5 - 6 31782-83 8800 880 april, 82 7-11-86 4 - 6 47583-84 13000 1300 april, 83 8-7-83 0 - 3 4984-85 6000 600 april, 84 6-12-84 0 - 7 55--------------------------------------------------------------------------- the learned aac by a cryptic order and without understanding the implications of the provisions of section 201(1a) of the act cancelled the interest and it is considered expedient to produce the relevant portion of his order because it must necessarily be shown that not only the decision was incorrect but the judgment of the honourable madhya pradesh ..... sub-section (1 a) was inserted but the rate referred to therein was 6% at that time which was increased to 9% w.e.f.1-10-1967 by the taxation laws (amendment) act, 1967 and later increased to 12% w.e.f. ..... 1-10-1984 has increased the rate of interest to 15% but the amendment has clarified that the increase in the rate of interest will apply in respect of any period falling after 30-9-1984 and also in those cases where the interest became chargeable or payable from an earlier date.9. ..... a further amendment by the taxation laws (amendment) act, .1984, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (1983)4ITD109(Asr.)
..... he further pointed out that there is no decision of the high court which directly dealt with section 7(4) which came into force by way of an amendment.he has further referred to the notes on clauses, when the amendment by way of section 7(4) was introduced by the finance act, 1976.3. ..... the provision was inserted by section 27(3) of the finance act, 1976, with effect from 1-4-1976. ..... dispute regarding the valuation, the contention of the assessee before the lower authorities was that in view of the provisions of section 7(4) of the wealth-tax act, 1957 ('the act'), the value of the self-occupied property has to be restricted to the value as determined for the assessment year 1971-72.the wto held that since section 7(4) came into force on 1-4-1976, it cannot apply to the assessments prior to that date and since the matter relates to the ..... on which he became the owner of the house or on the valuation date relevant to the assessment year commencing on the 1st day of april, 1971, whichever valuation date is later: the above provision has been introduced by the finance act, 1976, which came into effect from 1-4-1976. ..... accordingly, the following question has been referred to me for decision under section 255(4) of the 1961 act, by the president: whether, the provisions of section 7(4) of the wealth-tax act are applicable to the case of the assessee for the purpose of valuation of residential property at 696, model town, jullundur in respect of the assessment years 1974-75 and 1975-76? 2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2008)114TTJ(Asr.)728
..... 36,10,19,907 under sections 10(15), 10(23g) and 10(33) of the act, in the light of section 14a of the act, which has been brought to statute by finance act, 2001 w.e.f. ..... neither a company nor a fund operating under the provisions of the registration act were not covered by the definitions of 'infrastructure capital fund' or 'infrastructure capital company'.thus, clause (23g) of section 10 has been amended so as to provide that income of a cooperative bank by way of interest, dividends (other than dividends referred to in section 115-o) and long-term capital gains from investments made by way of equity or long-term finance in an approved enterprise will also be exempt from payment of income-tax ..... , 2008).from the above news item, it is clear that the banking sector was enjoying exemption under section 10(23g) which has been deleted by the finance act, 2006. ..... this section was deleted by the finance act, 2006. ..... to an 'infrastructure capital fund' or "infrastructure capital company' or a 'cooperative bank'; (b) the income should be in the nature of dividend (not being covered under section 115-o of the act); or long-term capital gains or interest; (c) the aforesaid income is derived from investments made on or after june, 1998 by way of shares or the long-term finance in any infrastructure enterprise; and (d) the infrastructure enterprise is approved by the central government on an application made by it in accordance with the prescribed rules; (e) for this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2006)97ITD482(Asr.)
..... he submitted that when the amendment to wealth tax act, 1957 was introduced by the finance act, 1969, the then finance minister was very clear of the legal position that the entry '86' of union list in the with schedule to the constitution clearly divested the parliament from its cause (sic) to legislate as regards leviability ..... urban land for area except the state of j&k, specific exclusion (provisions) for the state of j&k might have been there, as the government provided same by way of proviso to sub-clause (2) of clause (e) of the then section 2 of the wealth tax act, 1957, in the finance act, 1969. ..... is not vested with the power of levying wealth-tax in the state of j&k so the government had no intention to include agricultural land in the definition of urban land in section 2(ea)(v) of the wealth tax act, in the finance act, 1993. ..... in exercise of its powers, referred to in sub-clause (1) having regard to the extent of and scope for urbanization of that area, specified under sub-clause (ii) of clause (b) of explanation of section 2(ea), according to assessee, union government here again meant not to include agricultural land in the urban land, but included non-agricultural land situated in the notified area.commissioner of wealth tax v.dr. ..... chand jain (1987) 164 itr 516 (pat), where it was held that if agricultural operations were carried out on land, the same would be an agricultural land within the meaning to section 2(ea) of the wealth tax act.commissioner of wealth .....
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