Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat cochin Page 3 of about 32 results (0.178 seconds)

Muthoot Leasing and Finance Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD477(Coch.)

..... charges on unutilised portion of any credit sanctioned for being availed of in india; and (b) discount on promissory notes and bills of exchange drawn or made in india, but does not include- (i) interest referred to in sub-section (ib) of.s.42 of the reserve bank of india act, 1934 (2 of 1934); the above makes it clear that, first of all, only interest on loans and advances made in india is exigible to interest-tax. ..... arising to the assessee, being a hire-purchase finance company, are exigible to tax under section 2(7) of the it act, 1974 and that the board subsequently clarified in ..... the letter says that the assessee is reclassified as a hire-purchase finance company, as the hire-purchase assets formed 75 per cent of the total assets and income from hire-purchase and leasing constituted almost the same percentage, a perusal of section 2(7)(a) makes it clear that commitment charges on unutilised portion of any credit sanctioned for being availed of in india, and as per section 2(7)(b) any discount on promissory notes and bills of exchange drawn or ..... cbdt dealing with the provisions of section 194a.the above instruction says that section 194a was not applicable for payment of hire instalments since the financing charges paid were not in the nature of interest within the meaning of section 2(28a) of the it act, 1961. ..... that the finance charges accruing or arising to hire-purchase finance companies are within the ambit of 'interest' as defined in section 2(7) of the it act, 1974. .....

Wealth Tax Officer Vs. Banerji Memorial Club

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)83ITD1(Coch.)

..... also mention that section 21aa has been amended by finance act, 1989, ..... of rationalisation, the finance act has excluded societies registered under the societies registration act, 1860 from the purview of section 21aa of the wt act, 1957. ..... to bring an aop to charge under wealth-tax, the ingredients of section 21aa of the wt act, inserted by finance act, 1981, w.e.f. ..... that section was introduced by the finance act of 1981 and is applicable for ..... section 29 of the finance act ..... the question posed for answer by the high court.as the question posed for answer by the hon'ble kerala high court in the said decision did not refer at all to the provisions of section 21aa, we are of the view that the above observations of the hon'ble kerala high court are not of much assistance to the revenue in the present appeals.8. ..... even when section 21aa was inserted in the wt act making an aop liable to tax under specified circumstances, there was no corresponding amendment of section 3 of the wt act, which is the charging section, including the aop as an assessable entity along with individual, huf and company, ..... of the decision of the apex court in the case of mammed kayi (supra) and observed that from this decision of the apex court it is difficult to spell out a general proposition that the word "individual" in section 3 of the wt act includes all groups of individuals, even though it includes certain groups of individuals like marumakkathayam tarwad or mappilla marumakkathayam tarwads. ..... 1987-88. ..... 1987-88 .....

ito Vs. Pulimoottil Silk House

Court : Income Tax Appellate Tribunal ITAT Cochin

..... and the issue before the hon'ble special bench was whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective ..... therefore, amendment in proviso to section 43b by finance act, 2003 ..... having regard to this unintended hardship, by the finance act, 2003 in the first proviso of section 43b, the words, brackets and letters referred to in clause (c) or clause (d) or clause (e) or clause (f) have been omitted and second ..... the assessing officer was of the opinion that no deduction under section 40(b)(v) of the act is admissible in respect of remuneration or salary paid to the working partner unless the partnership deed either specified the amount of remuneration payable to each individual working partner or lays down the manner ..... for our consideration is whether the commissioner (appeals) is justified in deleting the addition made by the assessing officer under section 43b of the act in respect of payment of epf and esi beyond the due date. ..... the income tax act does not provide how the partnership should determine the terms in respect of determining the quantum of salary or remuneration agreed to be payable to the working partner but by way of provision of section 40(b)(v) for allowing the expenditure relating to the salary or remuneration certain mandatory conditions are laid down by the act, but in those conditions, there is no condition that as far as the quantification of remuneration and salary is concerned, it should .....

Escapade Resorts (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)303ITR118(Coch.)

..... it was further argued that section 115ja has been brought on the statute book by the finance act, 1996, which was made applicable from the asst. yr. ..... the finance act, 1997, provides in section 2(1) of that act that for the assessment year commencing on the first day of april, 1997, income tax shall be charged at the rate specified in part i of the first schedule and such tax shall be increased in the cases to which ..... profits, so long as the enterprises (other than ftz units and eous) earning income from export profits do not have their component of export income higher than 70 per cent of the book profits, the provisions of section 115ja will not be attracted, in other words, the mat will apply only to such cases where export profits forming part of book profits of an assessee exceed 70 per cent of the total profits. ..... (supra), the judgment of the hon'ble high court of kerala in (supra) was challenged and the issue of treatment to be given to depreciation while computing the book profit under section 115j was for consideration.after examining the provisions of section 115j, the hon'ble supreme court held as under: the above speech shows that the it authorities were unable to bring certain companies within the net of income-tax because these companies were ..... 46.7 the amendment will take effect from 1st april, 1997, and will accordingly apply m relation to the asst. yr. .....

Deputy Commissioner of Vs. Ramnath and Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)83ITD698(Coch.)

..... section 80-o was first introduced by finance act, ..... long as the technical and professional services are rendered from india and are received by a foreign government or enterprise outside india, deduction under section 80-o would be available to the person rendering the services even if the foreign recipient of the services utilises the benefit of such services ..... introduced by finance act, 1965 for ..... assessing officer noticed that from the assessment year 1992-93 onwards, the assessee had claimed deduction under section 80-o for the services rendered in pursuance of certain agreements between the assessee and the foreign enterprises.the assessing officer held that to claim the benefit under section 80-o, the assessee had not fulfilled the following conditions : (i) the assessee must be an indian ..... section 80-o was amended from time-to-time, and from assessment year 1992-93 it was amended with a view to provide that the concession will also be made available in relation to professional services rendered or agreed to be rendered to the government of a foreign state or ..... services which the assessee rendered cannot come under the category of services that can be rendered from india, and to qualify for deduction under section 80-o, services rendered should be such that they were capable of being rendered outside india also. ..... noted that after the amendment to the section made applicable with effect from the assessment year 1992-93 onwards, the concession of the section is also available in .....

income-tax Officer Vs. Hindustan Latex Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)42ITD325(Coch.)

..... . cit [1979] 117 itr 804 observed : at this stage it may be appropriate to refer to certain subsequent amendments made to section 9(1) of the act by adding clauses (vi) and (vii) by finance act, 1976, and finance (no ..... . prior to its amendment by the finance act, 1976 with effect from 1-6-1976, section 9, insofar as it is relevant to the purpose on hand, stood as follows : 9 ..... ).21. as an integral part of the scheme of systematising or rationalising assessment of foreign companies, the finance act, 1976 introduced two more sections, namely sections 44d and ..... 20%.31. from the foregoing it is clear that one of the significant results of the systematisation or rationalisation of assessment of foreign companies introduced by the finance act, particularly as respects post 31.3.1976 agreement, is first that no deduction is admissible from the royalty/ technical fees paid, and secondly that tax is to be deducted at source at the same rate at which income-tax itself is payable ..... no. i(2)(b)(iv)(b)(1) of part-ii of the first schedule to the finance act, 1984, tax deductible at sources is also fixed at ..... case. part ii of the first schedule to the finance act, 1984, which prescribes the rates for deduction of tax at sources in certain cases, contains the following provisions, which are relevant to the case before us: ..... 1984. therefore, the provisions of the finance act, 1984, relating to the rates at which tax has to be deducted at source, will govern this .....

income-tax Officer Vs. M. Balan

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1982)1ITD40(Coch.)

..... also referred to the provisions of section 194b of the act introduced also by the finance act, 1972, and pointed out that under the proviso to this section, no deduction shall be made under this section for any payment made before 1-6- ..... while agreeing with the assessee, the aac has pointed out that along with the amendment of section 2(24), section 10(3) of the act was also amended with effect from 1-4-1972 whereby the winnings from lotteries were excluded from the purview of receipts with are casual and non ..... of the assessee, it is urged that the amended provisions in the income-tax act in this regard came into effect only from 1-4-1972 except the provisions of section 194b, which came into effect only from 1-6-1972 ..... this, it is pointed out, is not in dispute.after 1-4-1972, the provisions of the amended section 2(24) came into play and, therefore, these winnings would amount to income which the ito can charge to tax on ..... income at the time of the receipt even though the amended section 2(24) came into force from 1-4-1972.16. ..... been made by the ito on the basis that this amount has been received in april 1972, after this amendment and under the amended provisions of the income-tax act winnings from lottery amounts to income.7. ..... is an attempt to give effect to this amendment beyond the period intended by parliament.17. ..... that if this amount is taxed on its receipt in april 1972, such assessment would in effect bring into operation the amended definition of income retrospectively, i.e. .....

Smt. Meera Jacob Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Cochin

..... contention in the assessment year 1989-90 that it was an agricultural land but the assessing officer added the valuation of the said land in the assessment years 1993-94 to 1999-2000 by holding that as per section 2(ea) of the wealth tax act applicable with effect from assessment year 1993-94 or any subsequent assessment year, every urban land is chargeable to tax and as no distinction has been made between the agricultural and non-agricultural land the ..... with a view to stimulating investment in productive assets, the finance act has abolished wealth-tax on all assets except certain specified assets ..... 636 dated 31-8-1992 explained the provisions of the finance act, 1992 and the relevant extract of the said circular is reproduced as under: ..... the relevance of the finance minister's speech for the purpose of finding out the object of the amendment for interpreting the statutory provisions has got the approval of the hon'ble supreme court in the case of sole trustee, loka shikshana trust v ..... , as he then was, made the following observations: in the case before us, a reference was made merely to the fact that a certain reason was given by the finance minister, who proposed an amendment, for making the amendment. ..... ar that after referring to the hon'ble finance minister's speech while moving the finance bill, 1992 and subsequent circular by the cbdt explaining the provisions of the said act, it is clear that the government was more concerned for stimulating the investment in the productive .....

P.V. Basheer Ahammed Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)44ITD604(Coch.)

..... clause (b) of explanation to section 263 newly substituted with effect from 1st june, 1988 by the finance act, 1988 and as amended by the finance act, 1989 coins an inclusive definition of the expression "record" which would include and deemed always to have included all records relating to any proceeding under this act available at the time of examination by the commissioner of income-tax. ..... thereupon, the commissioner of income-tax initiated action under section 263 of the act and issued show-cause notice to the appellant as to why the assessment order dated 10-3-1987 should not be set: aside. ..... act on 10-3-1987. ..... i shall therefore set aside the assessment order passed by the ito on 10-3-1987 under section 143(1) with a direction that the present assessing officer should redo the assessment after affording a fresh opportunity to the assessee.4. ..... on a consideration of the written submission and also the oral submissions made by the appellant gave the direction as follows : in any case, all these facts were not examined by the ito when he made the assessment on 10-3-1987 since he accepted the return under section 143(1). ..... there was no basis that the assessment order dated 10-3-1987 suffered from any error prejudicial to the revenue. ..... there was no basis for the formation of the belief that the investment in the smuggled goods had escaped the notice of the income-tax officer or otherwise not considered by him in the assessment order dated 10-3-1987. .....

Asstt. Cit Vs. Lord Krishna Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... however, by the finance act, 2002, a proviso was added with retrospective effect frorn 11-5-2001 providing that nothing contained in the section 14a would empower the assessing officer either to reassess under section 147 or to rectify under section 154 any assessment so as to increase the tax liability of the assessee for any assessment year beginning on or before the 1-4- ..... section 14a was brought on the statute book vide finance act, 2001 with retrospective effect.subsequently, clarification was made vide proviso to section 14a which was inserted by the finance act, 2002 with effect from ..... is seen that the section 14a was inserted in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962 providing that no deduction shall be allowed in respect of expenditure incurred by an assessee in relation to income which does not form part of the total income under the act. ..... other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other 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) production before the assessing officer of account books or other evidence from which material ..... ought to have seen that the order under consideration was made on 20-2-2001 much before the amendment into effect." 12. .....