Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat delhi Page 5 of about 147 results (0.189 seconds)

Shri Ram Scientific and Vs. Additional Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)93ITD223(Delhi)

..... however, the memorandum explaining the provisions of the finance bill, 2002, mentioned the reason for this amendment to be that under the existing provisions, there was no explicit power with the central government or the prescribed authority to withdraw approval or rescind the notification issued in cases of a scientific research association referred to in section 10(21). ..... thus, considering all the legal and factual aspects of the matter, we hold that the assessee, though categorised as an "institution" under section 35(1)(ii) of the act, is entitled to exemption under section 10(21) of the act for all the three years and the ao is directed to allow the same.12. ..... next, it was pointed out by the learned counsel that the assessee had always been recognised under section 35(1)(ii) of the act as a result of which it had also been granted exemption under section 10(21) for all the past years except for the three years under consideration. ..... it is not in dispute that the assessee was granted approval under section 10(2)(xiii) [akin to section 35(1)(ii) of the 1961 act] of the it act, 1922, under the category of an "association" upto 31st march, 1987. .....

income-Tax Officer Vs. Lall'S Gem Exports

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)52ITD385(Delhi)

..... to our notice that section 80hhc has been amended by the finance (no. ..... the assessee has conceded before us that section 80hhc has been amended retrospectively but has prayed that the matter may be remitted back to the assessing officer in order to examine as to whether the sale of goods made by the assessee involve clearance at the custom station as defined in the customs act, 1962. ..... satisfied that any goods entered for export are not prohibited goods and the exporter has paid the duty, if any, assessed thereon and any charges payable under this act in respect of the same, the proper officer may make an order permitting clearance and loading of the goods for exportation.as is evident from sections 50 and 51 quoted above, clearance is to be obtained by the exporter of the goods. ..... has been resolved by the retrospective insertion of explanation (aa) to section 80hhc which reads as under: export out of india shall not include any transaction by way of sale or otherwise in shop, emporium or any other establishment situate in india not involving clearance at any custom station as defined in the customs act, 1962 (52 of 1962).the expression 'not involving clearance at any custom station' as denned in the customs act of 1962 has been considered by 'b' bench of the ..... order for assessment years 1987-88 and 1988-89 directing the assessing officer to treat the local counter sales made against foreign exchange as export sales for the purposes of computation of deduction under section 80hhc.2. .....

Garrick D'Silva Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)5SOT132(Delhi)

..... intended to be taxed as a perquisite with effect from 1-4-2001.it is also the claim of the assessee in written submissions filed before the tribunal that section 17(2)(iiia) having been incorporated by the finance act, 1999 with effect from 1-4-2000 and the same having been deleted by the finance act, 2000 with effect from 1-4-2001, the difference between the price at the time of exercise of the option and the grant price of shares are ..... relating to the taxability of the benefit derived by an employee in respect of the stock options on the basis of provisions of section 17(2)(iii) and, therefore, in my considered view, the decision of the authority for advance rulings is required to be followed in preference to the decision of the house of lords.it is also pertinent to mention that the finance act, 1999 had inserted section 17(2)(iiia) to bring clarity about the taxability about the benefits arising to an employee as a result of allotment of shares under ..... " the above explanatory notes make it abundantly clear that the insertion of section 17(2)(iiia) by the finance act, 1999 was to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares and, therefore, the insertion was ..... in other words, the amendment made in section 17 does not go in favour of the assessee but the intention of the legislature as explained by the cbdt is ..... under the amended provisions, such shares will only be subjected to capital gains tax at the time of sale .....

Vishal International Production Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)46ITD312(Delhi)

..... we may mention that the wording of the aforesaid section is part materia with the expression used in the relevant provisions of the finance act vis-a-vis the term "manufacture or processing of goods ..... 103, the provisions of section 2(7)(d) of finance act, 1966 read with explanation were being considered and these are not in any way different to the corresponding provisions of the finance acts relevant to the assessment years under ..... aforesaid definition is at par with the definition appearing in section 2(7)(d) of the finance act, 1966 with the exception of the words "as computed before making any deduction under chapter vi-a of the income-tax act" which appear in brackets in the explanation to the relevant section in the finance (no. ..... (iv) as regards the applicability of the explanation to section 2(7)(c) of the finance act, if the receipts from "realisation on pictures" was excluded then the receipts from extra prints processed would represent about 20 per cent of the gross receipts and the explanation, therefore, would not be ..... under sub-section 7(d) of section 2 of the finance act, 1966, an "industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in ..... the ultimate analysis, we hold that the assessee satisfies all the ingredients of the relevant section of the finance act to be treated as an "industrial company". .....

Deputy Commissioner of Income Tax Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)1113ITD624(Delhi)

..... at this juncture, it may be relevant to briefly refer to the relevant explanatory notes on provisions relating to direct taxes in the finance act 1988 1(1989) 76 ctr (st) 93 : (1989) 176 itr (st) 193] while referring to the exclusion of cinematograph films from the eleventh schedule; para 46.1 of the same may be reproduced: 46.1 the eleventh schedule to the it act contains a list of non-priority articles and things to which the benefits of provisions of section 32ab and other sections of the act are not applicable. ..... it is necessary to appreciate that the entry 9 was subjected to an amendment by the finance act, 1988 w.e.f. ..... from the non-priority list since they catered to the priority needs of the country in various vital areas such as medicines, communications and education and considering this background, as stated in the memorandum explaining the amendment [(1989) 76 ctr (st) 93 : (1989) 176 itr (st) 193, para 46.1], it would not be logical to say that photo colour films, which were of the same nature, were taken in by the expression "photographic goods" in entry 10 of the eleventh schedule ..... this argument was rejected by the learned jm, who observed that it is not for the tribunal to sit in judgment over the reasons given by the legislature for the amendment and infer that even photo colour films were taken out of the scope of entry 10 of the schedule. .....

Hotel Scopevista Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... supra) on the ground that it was not clear whether in that case entire construction project was undertaken by the payer or the payee.2.4 commissioner (appeals) further observed that the new clause (viz) of section 9(1) had been inserted by the finance act, 1976 in order to incorporate the fees for technical services received by non-residents for the purpose of taxation. ..... allowingdeduction in respect of costs and expenditure incurred for earning thesame and charge to tax at the rates applicable to the ordinary income ofnon-resident as specified in the relevant finance act.2.5 commissioner (appeals) noted that the central board of direct taxes circular mentioned above had clarified the legislative intent behind the insertion of clause (vii) in section 9(1) by the finance act, 1976.the circular made it clear that payment for construction etc. ..... under the provisions of section 195(1), any person responsible for paying interest or any other sum chargeable under the provisions of this act to a nonresident or a foreign company, is required to deduct income-tax at the rates in force at the time of payment or credit of such income to the account of the ..... was argued by him that principle of res judicata does not apply to income-tax proceedings and therefore, direction to not deduct tax in the earlier year cannot act as binding precedent for the subsequent years, each sum remitted by the tax payer to the non-resident has to be examined independently while issuing order under section 195(2). .....

income-tax Officer Vs. Rukmani Metal and Gaseous Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)1ITD816(Delhi)

..... installed", we find ourselves unable to agree with the learned counsel for the assessee that 1,785 cylinders in question, which were lying at bombay docks, should be considered as having been installed within the meaning of section 16(c) of the finance act, 1974.till these cylinders reached the factory premises of the assessee at nagpur they could not be regarded as having been inducted or introduced or to have been placed in a position for service or use in ..... the assessee's claim for allowance of development rebate is based on section 16(c) of the finance act, 1974, which is quoted below : 16. ..... cylinders which had come into its ownership and possession should be considered to have been "installed" within the meaning of section 16(c) of the finance act, 1974, within the prescribed period of 1-6-1974 to 31-5-1975 specified in that section. ..... gas cylinders imported by the assessee 1,785 gas cylinders had reached the assessee's factory premises only on 10-6-1975 and 12-6-1975 which was beyond the time limit of 31-5-1975 specified in section 16(c) of the finance act, 1971. ..... can hardly be any dispute about the interpretation of the word "installed" in section 16(c) of the finance act. ..... so 2167, dated the 28th day of may, 1971, issued under sub-section (5) of section 33 of the income-tax act shall not apply in respect of- (c) any machinery or plant [not being machinery or plant referred to in clause (b)] installed by any assessee after the 31st day of may, 1974, but before the 1st day of .....

Jindal Exports (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)31ITD217(Delhi)

..... the learned departmental representative, on the other hand, submitted that section 80hhc could not be mentioned in section 10a(4) because the section itself came on the statute book by the finance act, 1983 w.e.f. 1-4-83. ..... section 10a was inserted by the finance act, 1981 w.e.f. ..... if the argument of the learned departmental representative to the effect that, after the insertion of section 80ab, it became unnecessary to amend section 10a were to be accepted, then the reference to sections 80hh, 80hha, 80-1 and 80j in section 10a(4)(m) would become superfluous and it is settled law that no surplusage can be attributed to legislature. ..... 1-4-1981, on which date section 10a was brought on the statute book, there was no need to amend section 10a(4) later when section 80hhc was inserted. ..... the revenue may feel that once the entire income of the industrial undertaking is exempt under section 10a a further deduction under section 80hhc in respect of the same turnover may give an unintended advantage to the assessee. ..... we also find substantial merit in the submission of the learned counsel for the assessee that section 80hhc was cast in a different mould from the other sections, like section 80hh, 80hha, 80hhb, 80-1,80j, 80k, sol, 80m, 80-o etc. ..... 1-4-1983, no corresponding amendment was made in section 10a(4)(7). .....

Mohan Exports (i)(P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)60ITD473(Delhi)

..... closely-held company were brought under the umbrella of wealth-tax through introduction of section 40 of the finance act, 1983.the said section has been omitted through finance act, 1992 w.e.f.1-4-1993. ..... assessee claimed to be a licencee and contended that section 40 of finance act, 1983 was not applicable in his case. ..... provisions of wealth-tax act have been applied otherwise than in conformity with provisions of section 40 of finance act, 1983. ..... cwt (appeals) drew support from clause (b) of sub-section (5) of section 40 of the finance act, 1983. ..... accept arguments advanced on behalf of the assessee and hold that building and land possessed by the assessee cannot be charged to tax under section 40 of finance act, 1983. ..... no such explanation was introduced in section 40 of finance act, 1983. ..... when in operation, the scheme of the section as reflected in various sub-sections of section 40 was that closely-held company were liable to pay tax on aggregate value of assets minus debts as specified in sub-section (3) of section 40.sub-section (1) was the charging section whereas sub-section (2) defined 'net wealth' of a ..... , for assessment year 1988-89, he found that the wealth-tax act was amended and explanation 1 to section 2 of w.t.act was inserted w.e.f. ..... position is accepted by both the parties as cit (appeals) did not apply section 40 to the assessee in similar circumstances in assessment years 1986-87 & 1987-88. ..... cwt (appeals) accepted above contention in assessment years 1986-87 & 1987-88. .....

Punj Sons (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... accordingly, the wealth-tax chargeable with reference to the value of any particular asset of the business or profession will not be covered by the prohibition clause of section 40(a)(iia) of the it act, 1961, and as such wealth-tax could be admissible for deduction.admittedly, the wealth-tax paid in pursuance to section 40 of the finance act, 1983, was with reference to the value of particular asset of the business of the assessee. ..... he observed that the wealth-tax in question paid in pursuance to section 40 of the finance act, 1983 was wealth-tax and was covered by the provisions of section 40(a)(iia) of the act, and, therefore, it was not admissible for deduction.4. ..... it was only the assets specified under sub-section (3) of section 40 of the finance act, 1983, which was chargeable to wealth-tax. ..... 1,55,820 paid by the assessee in pursuance to section 40 of the finance act, 1983, was admissible for deduction.9. ..... added that under section 40 of the finance act, 1983, wealth-tax was leviable on specific assets and not on total wealth of the assessee and, therefore, this wealth-tax was not covered under the provisions of section 40(a)(iia) of the act. ..... under section 40 of the finance act, 1983, total wealth of the company was not chargeable to wealth- ..... learned authorised representative of the assessee submitted that the ao and the learned cit(a) had not correctly appreciated the provisions of section 40 of the finance act, 1983. ..... 820 paid in pursuance to section 40 of the finance act, 1983. .....