Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat cochin Page 4 of about 32 results (0.203 seconds)

A.A. Salam Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)106TTJ(Coch.)1140

..... the charging provisions in respect of the wt act have been substantially amended by the finance act, 1992, w.e.f. ..... by the finance act, 1992, section 2(ea) was brought on the statute book giving the definition of "asset" for the purpose of wt act which reads as under: (ea) 'assets' in relation to the assessment year commencing on the 1st day of april, 1993, or any subsequent assessment year, means- (i) any guest-house and any residential house (including a farm house situated ..... on the other hand, the learned senior departmental representative vehemently argued that from the plain reading of clause (vi) to section 2(ea) of the wt act, it is very clear that in case of individuals and hufs, whether cash is recorded in the books of account or not, if it is in excess of rs ..... from the date of its acquisition by him; (c) in clause (m), for the portion beginning with the words 'on the valuation date other than-'and ending with the words, brackets, figures and letter 'under sub-section (ia) of section 5,', the words 'on the valuation date which have been incurred in relation to the said assets;' shall be substituted.8. ..... further submitted that the ao as well as cwt(a) have mis-interpreted the provisions of section 2(ea) of the wt act and brought to tax the productive assets which is never the intention of the legislature. ..... the question whether the object stated was properly expressed by the language of section 2(15) of the act is a matter which we have to decide for ourselves as a question of .....

Asstt. Cit Vs. Choice Trading Corporation Ltd

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)76TTJ(Coch.)892

..... chlorine water and certain approved chemicals and then pressing it into a slab in the freezer and then packing in suitable containers does not amount to manufacture so as to enable to assessee to claim rebate under section 2(5)(a)(ii) of the finance act, 1966.the learned representative of the assessee submitted that the decision of the supreme court in the case of relish foods (supra) and the decision of the kerala high court in the case of pomade ..... of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. ..... ble high court held that the activity carried on in preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. ..... choice foundation which was running a school at ernakulam.assessee filed the return disclosing nil income for the year under consideration, the same was processed under section 143(1)(a).subsequently, the return was processed under section 143(3).assessee is a company in which public are not substantially interested.assessee had a construction wing and the same was transferred to a wholly-owned subsidiary company ..... coffee beans from raw berries amounts to manufacture, then in respect of the processing of fish/prawns in assessee's iqf plant, which is a far advanced processing, assessee is entitled to the benefit under section 80-i of the income tax act. .....

Assistant Commissioner of Income Vs. Baby Marine Exports

Court : Income Tax Appellate Tribunal ITAT Cochin

..... 80hhc(1a) has come into force w.e.f.1st april, 1989, by the finance act, 1988, and that is applicable from the asst. yr. ..... 80hhc by the finance act, 1985, w.e.f ..... 1989-90 and onwards and while introducing the finance bill, 1988, it was proposed to extend the benefit to supporting manufacturers, exporting through trading or export ..... he cited for example that after the coming into force of the it act, 1961, the law applicable from 1st april, 1962, only will be ..... (a) and (b) is procedural and hence the reopening of an assessment after 1st april, 1989, should be in accordance with the amended provision. ..... 1987-88 within the meaning of s.147 of the it act. ..... the facts relating to the appeals filed by the revenue against the orders of the cit(a) on the question of validity of the reopening of the assessments for the years 1987-88 and 1988-89 under s. ..... 3rd november, 1987, [reported at (1988) 30 ttj (coch) 456] relating to the ..... yrs.1987-88 and 1988-89 [sic-asst. ..... 1987-88 and 1988-89, under ..... 1987 ..... 1987-88 was due to incorrect computation of the total income of the assessee from export business taken at ..... 1987-88, and with same change in the figures for the asst. ..... 1987-88 and 1988-89 were invalidly reopened under ..... yr.1987-88.7 ..... 1987-88 came to ..... 1987-88 in the case of baby marine exports, quilon, by adopting the total turnover at ..... 1987 ..... 1987-88 and 1988-89 in the cases of these assessees is invalid, as his decision is against the law applicable as on the relevant ..... 1987-88 and 1988-89 on as much as nine .....

Assistant Commissioner of Income Vs. Choice Trading Corporation Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)90ITD1(Coch.)

..... the activity carried on in preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. ..... thereafter preserving it by using chlorine water and certain approved chemicals and then pressing it into a slab in the freezer and then packing in suitable containers does not amount to manufacture so as to enable to assessee to claim rebate under section 2(5)(a)(ii) of the finance act, 1966.24. ..... submitted that in this case the hon'ble high court held that the activity carried on in preparing articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. ..... the first ground on which the ao has denied deduction under section 80-i is that the appellant is not deriving any independent income from iqf units so as to consider such income for deduction claimed ..... , for the interim period also one has to hold that the de facto owner of the car was the assessee-company even though for the technical matter of motor vehicles act the registration was in the name of the managing director of the assessee-company. ..... submitted that if the process of manufacturing coffee beans from raw berries amounts to manufacture, then in respect of the processing of fish/prawns in assessee's iqf plant, which is a far advanced processing, assessee is entitled to the benefit under section 80-i of the it act. .....

income-tax Officer Vs. Oceanic Products Exporting Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1988)24ITD79(Coch.)

..... the original assessment did not apply his mind as to the requirement of an agreement concluded prior to 1-12-1973 for the purchase of the freezer plant so as to be eligible for development rebate for the assessment year 1975-76 in terms of section 16(c) of the finance act, 1974.jurisdiction of the income-tax officer to reassess income arises if he has in consequence of information in his possession reason to believe that income chargeable to tax has escaped assessment. ..... in the words of the ito "later on it was found that the freezing plant was installed on 27-3-1975 only and that according to section 16(c) of the finance act, 1974 development rebate on machinery and plant installed after 31-5-1974 but before 1-6-1975 is admissible only if the assessee had either purchased or entered into contract for the purchase of machinery before the first day of ..... the ito by his letter dated 28-6-1978 brought to the notice of the assessee the provisions of section 16 of the finance act, 1974 and requested the assessee to produce the agreement said to have been entered with the supplier in november 1973 referred to in its letter dated 8-11-1976. ..... the ito came to the conclusion that in those circumstances, the assessee was not entitled to the development rebate as per section 16(c) of the finance act, 1974. ..... the expression "information" which was introduced into the indian income-tax act, 1922, by an amendment of 1939, has not been defined either in the 1922 act or the 1961 act. .....

P.A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)69TTJ(Coch.)566

..... in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under section 112 of the income tax act. ..... the basic exemption is available only at the time of levying tax at the rates as provided in the finance act for the respective assessment year. ..... the assessee's claim is that on the capital gains, tax is leviable at 20 per cent only as provided in section 112 and so the assessing officer was not correct in adopting the tax rate of 60 per cent. ..... 119/coch/1997, dated 8-12-1997, we hold that tax is leviable at 20 per cent as provided in section 112(1)(a)(ii) on the capital gains included in the undisclosed income. ..... 1, trichur, under section 158bc of the income tax act on the assessee, shri p.a. ..... there is no provision either in chapter xiv or in section 112 providing for basic exemption and restricting the levy of tax on the excess amount alone.the contention of the learned counsel to allow basic exemption was thus rightly rejected by the assessing officer. ..... on 12-12-1996, the it department conducted a search in the residence of the assessee under section 132 of the income tax act. ..... in response to a notice issued under section 158bc, the assessee filed the return of income in form no. .....

P. A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the basic exemption is available only at the time of levying tax at the rates as provided in the finance act for the respective assessment year. ..... in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under s. ..... 158bc of the it act on the assessee, shri p. a. ..... 112 of the it act. ..... on 12th december, 1996, the it department conducted a search in the residence of the assessee under s.132 of the it act. .....

Excel Film Distributors Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1983)3ITD652(Coch.)

..... there is no controversy on the determination of the adjusted expenditure.sub-section (3a), inserted in section 37 by the finance act, 1978 with effect from 1-4-1979 provided thus : (3a) notwithstanding anything contained in sub-section (1) but without prejudice to the provisions of sub-section (3), where the aggregate expenditure incurred by an assessee on advertisement, publicity and sales promotion in india exceeds forty thousand rupees, so much of such aggregate expenditure as is equal to an amount calculated as provided hereunder shall not ..... the finance act, 1978 the entire scheme of allowance and disallowance on advertisement, publicity and sales promotion in india was revised by inserting sub-sections (3a), (3b), (3c) and (3d) in section 37 ..... the finance act, 1964 introduced a new sub-section (3) in section 37 providing that any such expenditure incurred after 31-3-1964 should be allowed only to the extent of and subject to such ..... 'adjusted expenditure' means the aggregate expenditure incurred by the assessee on advertisement, publicity and sales promotion in india as reduced by so much of such expenditure as is not allowed under sub-section (1) and as further reduced by so much of such expenditure as is not allowed under sub-section (3) ; (b) 'turnover' and 'gross receipts' mean turnover or gross receipts, as the case may be, as reduced by any discount or rebate allowed by the assessee.this provision restricting ..... under section 37(3a) of the income-tax act, 1961 ('the act'). .....

Kesaria Tea Co. Ltd. Vs. Income Tax Officer (Also Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)46TTJ(Coch.)43

..... supra), the assessee, who carried on the business of purchasing tea of different qualities, blending the same by mixing one type with another and selling it, claimed that it was an industrial company, within the meaning of s.2(7)(c) of the finance act, 1978, entitled to concessional rate of tax.the tribunal disallowed the claim on the ground that there is no processing of tea as the end product was the same and the process was manual. ..... the word agency takes its colour from the words branch and office (these words, in the context, can only mean the branch office of the assessee manned by his servants) used in the section and, therefore, it should be given the same meaning and, if that be so, the relationship between the assessee and the so-called agent shall be that of master and servant. ..... a reference the honble calcutta high court that the tribunal was in error and the assessee was an industrial company in terms of s.2(7)(c) of the finance act, 1978. ..... same meaning shall be attributed to the word in the section and not the meaning suggested by counsel for the revenue. ..... the word agency used in the section has acquired a clear and definite meaning both under law and in ..... 40a(5)(a) and (c) of the it act, 1961, and not with reference to s. ..... 144b(4) of the it act, the iac directed the assessing officer to allow the ..... 147(b) of the it act.admittedly, the original assessments were reopened only on the basis of the audit ..... 147(b) of the it act, the ito reopened the assessments for the above two .....

Assistant Commissioner of Vs. Little Flower Kuries and

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD162(Coch.)

..... clause (va) of section 2(5b) was introduced by finance act, 1992 with effect from 1-4-93 bringing within the ambit of interest tax act a residuary non-banking company if it accepts deposits. ..... dfc.55/dg(0)-37 dated 15-5-37 that all residuary non-banking companies are covered by the above notification and state that "deposit" shall have the same meaning assigned to it in section 45-i(bb) of the reserve bank of india act 1934 - section 45-i(bb) reserve bank of india act, 1934 - as substituted by act of 1984 with effect from 15-2-1984, reads under: "deposit includes and shall be deemed always to have included any receipt of money by way of deposit of loan or in any other form, but does not include ..... assessee's representative has also produced a copy of the direction of rbi in the form of appendix 57 which deals with residuary non-banking companies (reserve bank) directions 1987 issued by reserve bank of india, department of financial companies, calcutta by notification no. ..... it is the submission of the assesses that the residuary non-banking companies (reserve bank) directions, 1987 contain provisions regulating the activities of such companies. ..... dfc.55/dg(o)-37 issued on 15th may 1987, treated such financial companies as residuary non-banking companies. ..... dfc.55/ dg(0)-87 dated 15-5-1987 issued by reserve bank of india. ..... d.f.c.55/dg(o)-87 dated 15-5-1987.on the other hand, the ld. .....