Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat delhi Page 15 of about 147 results (0.186 seconds)

Twenty First Century Steels Ltd. Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)94ITD258(Delhi)

..... the provisions of section 32ab relating to investment deposit account were inserted by finance act, 1986 w.e.f. ..... being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of __ (i) a sum equal to the amount, or the aggregate of the amounts, so deposited and any amount so utilized or (ii) a sum equal to twenty per cent of the profits of business or profession as computed in the accounts of the assessee audited in accordance with ..... for the purchase of any new ship, new aircraft, new machinery or plant without depositing any amount in the deposit account under clause (a), in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme) to be framed by the central government, or if the assessee is carrying on the business of growing and manufacturing tea in india, to be approved in this behalf by the tea board, the assessee shall be allowed a deduction (such deduction ..... the lease agreement dated 27-1-88 was amended to this extent and the lease rent was reduced from rs 55,975/- p.m. to rs. ..... surcharge on companies which was largely being deposited with industrial development bank of india, is being abolished from assessment year 1987-88, along with the introduction of the new funding scheme." 27. ..... 495 dated 22-9-1987; no. ..... 1987-88. ..... 1-4-1987 relevant for a.y. .....

The Asst. Commissioner of Vs. Madan Mohan Lal Shriram Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... now the next issue to be dealt with is whether the amendment to section 2(47) by insertion of clause (v) by the finance act of 1987 with effect from 1.4.1988 can be made applicable to the case of the appellant in ..... to see whether the transaction can be termed as transfer within the meaning of section 2 (47) of the income tax act.section 2(47) as it stands after the amendment by the finance act, 1987 is as follows. ..... noticed from the above that clause (v) and (vi) were inserted by the finance act of 1987 with effect from 1.4.1988. ..... the conclusion what the supreme court did, it took a view under a specific section of the income tax act by holding that the amendment was intended to supply an obvious omission and that the amendment introduced by the finance bill 1987 was declaratory or clarificatory in nature in so far as it relates to section 27(iii), (iiia) and (iiib) of the act. ..... therefore, no hesitation to hold that the amendment introduced by the finance bill, 1987 no hesitation to hold that the amendment introduced by the finance bill, 1987 was declaratory/clarificatory in nature so far as it relates to section 27 (iii) (iiia) and (iiib) ..... impugned order has himself found from the memorandum explaining the finance bill 1987 that the amendment explaining the meaning of the word "owner" in section 22 is clarificatory and has retrospective application and by the same corollary vide para iv of the clarification similar amendment has also been made in section 2(47) of the act. .....

Kanha Vanaspati Ltd. Vs. Additional Cit, Range-50

Court : Income Tax Appellate Tribunal ITAT Delhi

..... was further submitted that when during the course of survey it was pointed out that the discounting charges incurred by the assessee-company were covered under provisions of section 194a and the tax should have been deducted at source, the assessee-company admitted his default and paid the entire amount of tax during the course of survey ..... the contention of the assessee that professionally qualified persons were not employed and assessee relied on the opinion of statutory amendment was rejected on the ground that such an argument was neither taken before any of the authorities nor was such opinion ..... did not agree with the contention of the assessee on the ground that the funds so lent by the financiers to the assessee were nothing but short-term finances in the nature of loans and in consideration thereof the financial charges paid by the assessee to the financiers for the said short-term loan arrangements logically fell under the definition of interest under section 2(28a) of the act. ..... tax at source from impugned payments because it honestly believed that the payments were in nature of "discounting charges" being different from "interest" in nature and were not covered under the provisions of section 194a and that the assessee company had no intention to avoid the provisions of law for evading of tax. ..... cases where tax was not deducted at source, in view of provision of section 191 of the act, the tax was payable by the payees and not by payer. ..... cit (1987) 168 itr 7052 ..... (1987) 167 itr .....

Goodwill India Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... his further submission was that as per the prudential norms issued by the reserve bank of india in exercise of its power conferred under the rbi act 1934, in the matter of accounting the nbfcs were required to follow the accounting norms to be followed by non-banking finance companies (nbfc) such as the assessee, the assessee was required to follow the accounting standards and guidance notes issued by the icai. ..... it has further been held that in view of the overriding clause in section 45-q of the rbi act, the said provisions are binding even on the income tax authorities while computing income for the purpose of taxation. ..... 1143/del/02 while considering a similar claim in the context of section 115-ja has held that such an adjustment cannot be made. ..... the section also makes it clear that such policies have to be in public interest, or to regulate the financial system of the country to its advantage, or to prevent the affairs of any non-banking financial company being conducted in a manner detrimental to the interest of the deposits or in manner prejudicial to the interest of the non-banking financial company, further, section 45q of the rbi act is an overriding clause. ..... firstly, as per section 45 ja of the rbi act, the rbi has the power to determine the policy and give directions to all or any of the non-banking financial companies relating to the income recognitions and accounting standards, making of proper provision for bad .....

income-tax Officer Vs. Surjan Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)3ITD438(Delhi)

..... ) 90) from a careful reading of the idea behind the amendment introduced by the finance act, 1970, one thing appears to be clear, namely, that the definition of 'capital asset' was enlarged so as to bring within its fold some lands, which ..... having regard to the extent of and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the official gazette ; when the amendment was introduced, the then finance minister, who also happened to be the prime minister, spoke as follows: honourable members are aware that we are at present examining practical means of imposing a ceiling on urban property. ..... clauses of the finance bill read as follows: sub-clause (a) seeks to amend clause (14) of section 2 of the income-tax act which defines the ..... section 2(14), sub-clause (iii), which actually excludes agricultural land in india has undergone a vital change by the finance act ..... before the establishment of the corporation are situated within the local limits of the district board of delhi established under the punjab district boards act, 1883 (punjab act xx of 1883), but shall not include such portion thereof as may, by virtue of a notification under section 507, ceases to be included in the rural areas as herein defined; there is also definition of 'urban areas' as per clause ..... however, in view of the proposed amendment to section 47 of the income-tax act, under clause 11 of the bill, capital gains arising from transfers of such land effected .....

Assistant Commissioner of Income Vs. Visharad Automobiles Financiers

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108ITD294(Delhi)

..... undisputedly, the assessee is a financing company within the meaning of section 2(5b)(i), being a hire purchase financing company, carrying on hire purchase transaction as its principal business.10.1 in short, if the interest being earned by the assessee company comes within the scope of "interest" as defined in section 2(7) of the interest-tax act, 1974 and falls within "chargeable interest" under section 2(5) of the act, it shall be chargeable to interest-tax.10.2 section 5 of the act, loosely states that the chargeable interest shall be the amount of interest accruing or ..... arising to the credit institution in the previous year.10.3 so, the broad apparent picture which emerges is that the assessee is a credit institution being a financing company, being a hire purchase financing company; that interest earned by it is ..... the other hand, has maintained that such hire purchase transactions are nothing other than financing transactions entered into by the company carrying on the business of financing and that the charges accrued or arisen from such transactions are in the nature of interest as defined in section 2(7) of the interest-tax act, which interest is chargeable to interest-tax. .....

Dy. Commissioner of Income Tax Vs. Lurgi India Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114ITD1(Delhi)

..... bombay high court pointed out that subvention payment related to the deficit, expressly made in an agreement between the paying company and the payee company, governed by section 20 of the finance act, 1953 (u.k). ..... was also pointed out that if the debts in respect of which payments have not been made cannot be considered as deductible under the income-tax act, then, payment which has been made to reimburse the company in respect of non-allowable bad debt, can also not be treated as a ..... of approval on adopting the accounting standards while interpreting section 10(2)(vi), (via), (vib) and section 10(5) of the 1922 act, while interpreting the expression "actual cost". ..... referred to page 2 of the paper book, being a notice under section 142(1) of the act, in which it was pointed out that the assessee had received capital grant ..... which it was pointed out that sections 3 and 4 of the 1922 act imposed a tax on all in omes ..... the case of the learned counsel that the balance amount has been offered for taxation as provision of section 41(1) will become applicable in respect of the balance amount. ..... however, under the instructions of the iac under section 144-a, the ito prepared one more draft order, in which the income was computed by applying the ..... of losses, which was considered as a capital receipt not chargeable to tax under the act, by placing reliance on the decision in the case of handicrafts & handloom exports corporation. ..... pointed out that after the amendment to section 145(1) w.e.f. .....

P.S.B. Finance Investment Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD9(Delhi)

..... based upon section 32(1a) of the income-tax act which was introduced by the taxation amendment act, 1970 w.e.f ..... dealing with this argument, the learned accountant member pointed out that before the introduction of the section the law was that assessee who takes on lease business premises was not entitled to any depreciation on the amount spent for renovation or extension or improvement and that it was to provide ..... counsel for the assessee admitted that an application under section 154 of the act has already been moved before the iac(a) to make ..... when the expenditure incurred was of capital expenditure and if the expenditure incurred was not of capital expenditure, the question of allowing any depreciation would not arise and, therefore, section 32(1a) could not come in the way of the assessee's claim to allow the exependiture as revenue expenditure. ..... the estimate of advance tax filed on 23-12-1981 purporting to be under section 209a(4) of the act was not a valid estimate as it was filed after the 15th december on which date the last intalment of advance tax was payable by the assessee.therefore, nothing hinges on the default ..... dated 15th december, 1981 from skipper construction company to hemkunt stating "as finally resolved with you we agree to purchase the following commercial space in jhandewalan towers from m/s p.s.b.finance and investment ltd. ..... company, engaged in the business of financing and investments. ..... for sale of tata mercedes trucks as well as hire-purchase finance. ..... finance .....

Escorts Employees Ancillaries Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... to counter the submissions of learned departmental representative, shri pradeep dinodia, learned counsel for the assessee submitted that so far as retrospectivity of proviso to the said section is concerned, he is supported in his contention by the various decisions of the tribunal and other judgments of hon'ble supreme court as detailed below : (1) manufacturing impex (p) ..... the learned cit concerned initiated penalty proceedings for late submission of 288 forms 15h by invoking s.272a(2)(f) of the act for the financial year 1997-98 and after considering the reply of the assessee held it in default and imposed ..... amendment to this effect was carried out by finance ..... and reason to be given below should not be considered or acted upon and may be taken as redundant/infructuous.17. ..... 197a and 272a(2)(f) of the act, it is abundantly clear that assessee is required to file form 15h in each of the cases of the depositors in whose case interest amount exceeds prescribed limit and said depositor files in duplicate form 15h to ..... 272a(2)(f) of the it act, 1961 (hereinafter called as act) and this amount of penalty has been worked out with respect to each of 288 forms 15h for ..... against the order of cit(a), rohtak, under s.272a(2)(f) of the act, it is contended that a penalty of rs. ..... 201 of the it act but on facts as available in the case of assessee, it is not so.the assessee has come into existence for the welfare of its employees and the entirety of the circumstances have to be kept in view while .....

Gold Leaf Capital Corpn. India Vs. Jcit, Spl. Range-37

Court : Income Tax Appellate Tribunal ITAT Delhi

..... with this understanding of law regarding additions made under section 68 of the act, as laid down through various case law, we now proceed to determine the issue under consideration before us arising from the orders of the tax authorities below i.e ..... the learned ar for the assessee conceded before us that charging of interest under section 234b and 234c is consequential in nature and shall be reworked according to the appellate order passed by the ..... on going through the decision in the case of devine leasing & finance (supra) and other relevant case law it is clear that the degree of onus would depend upon the facts of each case and no standard degree of proof can be applied generally to all cases, irrespective of the nature of ..... m/s mehar capital & finance pvt. ..... m/s mehar capital & finance pvt. ..... m/s mehar capital & finance pvt. ..... the relevant portions of the decision in the case of devine leasing & finance ltd. ..... of the transaction because in this case (supra) their lordships have arrived at the conclusion by critically analyzing all the earlier decisions in this regard delivered by the high court, including the decision in the case of sofia finance (supra). ..... we may like to mention that after the decision of the hon'ble delhi high court in the case of devine leasing & finance ltd. ..... in this regard reference can be made to the full bench decision of hon'ble delhi high court in the case of sofia finance ltd. ..... and meehar capital & finance (p) ltd. 8. ..... 1,32,00,000/- by m/s mehar capital finance pvt. .....