Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat delhi Page 7 of about 147 results (0.174 seconds)

ito Vs. Roop Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 with effect from 1-4-1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court, tribunal or other authority. ..... clause (c) to sub-section (5) was inserted by finance act, 2003 but it has to be held to be retrospective in operation and taken to be introduced with effect from 1-4-1988. ..... this an appeal filed by the revenue against the order of commissioner (appeals) dated 19-9-2005 for the assessment year 2000-01, in the matter of order passed under section 271b/44ab of the income tax act, 1961, wherein following grounds have been raised: (1) on the facts and in the circumstances of the case, whether the commissioner (appeals) has erred in law in not treating the enhanced compensation and interest thereon received by ..... the said clause no doubt was inserted by finance act, 2003 with effect from 1-4-2004, but it has to be taken to be declaratory in character. ..... by referring to the amended provisions of section 45(5), the assessing officer brought to tax the enhanced compensation along with the interest.4. ..... in order to overcome above difficulties and to improve the situation, the legislature amended section 45 by introducing sub-section (5) to section 45 with effect from 1-4-1988. ..... (2) that the appellant craves for the permission to add, delete or amend the grounds of appeal before or at the time of hearing of appeal.2. .....

Asstt. Commissioner of Vs. Allied Motors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)45ITD566(Delhi)

..... wealth-tax (appeals):- the cwt (appeals) erred on facts and in law to hold that a building under construction with inadequate plant and machinery was a factory which was used by the assessee on 30-6-1983 in terms of section 40(3)(vi) of finance act, 1983, even though the factory building was completed subsequently and factory went into production on 30-12-1983.2. ..... the wto at this stage referred to the relevant section in the finance act, 1983, which was section 40(3)(vi) and which stated : building or land appurtenant thereto other than building or part thereof used by the assessee as factory...according to him, the building was not being used as a factory as on the ..... the finance act, 1983 by means of section 40 revived the levy of wealth-tax in the case of ..... no doubt, the aforesaid decision of the hon'ble supreme court pertains to the provisions of section 5(1)(xxi) of the wealth-tax act, 1957, but necessary support can be drawn from the said decision to convince us that the order passed by the cwt (appeals) ..... although that was with reference to the provisions of section 5(1)(xxi) of the wealth-tax act, 1957, which read as follows :- 5(1)(xxi) that portion of the net wealth of a company established with the object of carrying on an industrial undertaking in india within the meaning of the explanation to clause(d) of section 45, as is employed by it in a new and separate unit set up after the commencement of this act by way of substantial expansion of its undertaking ...8. .....

Wealth-tax Officer Vs. Smt. Sudha Chopra

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)23ITD552(Delhi)

..... the said provisions of explanation i (1) effective in 1968 and explanation 4 and the related provision substituted by the taxation laws (amendment) act, 1975 w.e.f.1-4-1976 are also noticed below : the value of any asset returned by any person is less than seventy-five per cent of the value of such asset as determined in an assessment under section 16 or section 17 (the value so assessed being referred to hereafter in this explanation as the correct value of the asset), or then, such person shall, unless he ..... wto should have, in my opinion, discussed at length why he considers that the appellant had come within the ambit of section 18(l)(c) (read with explanation 4 thereto) of the wt act in his assessment order itself while mentioning that penalty proceedings have been separately initiated. ..... 4 : where the value of any asset returned by any person is less than seventy per cent of the value of such asset as determined in an assessment under section 16 or section 17, such person shall be deemed to have furnished inaccurate particulars of such asset within the meaning of clause (c) of this sub-section, unless he proves that the value of the asset as returned by him is the correct value.14. ..... 1-4-1968; clauses (i) and (ii) were substituted by new clause and explanation by the finance act, 1969 w.e.f. ..... earlier clause (hi) and explanation were substituted by new clause (iii) and explanations 1 and 2 by the finance act, 1968 w.e.f. ..... 1-4-1969 and clause (i) was substituted by the finance (no. .....

Sony India (P) Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... . subsequently, the relaxation extended by the above circular was, in substance, brought on the statute by the finance act, 2002 by amending the proviso to section 92c(2) of the act with retrospective effect from 01.04.2002 so as to provide that besides the arithmetical mean of the prices, the arm's length price shall be a price which varies from ..... . the proviso to the said section 92c(2), as it stood originally before its amendment by the finance act, 2002, provided that where more than one price is determined by the most appropriate method, the arm's length price shall be taken to ..... interest under section 234d was levied by the ao on the amount of excess refund granted to the taxpayer company while processing its return of income originally under section 143(1).the learned cit(a), however, noted that the provisions of section 234d have been introduced in the statute by the finance act, 2003 w.e.f.1.6. ..... the taxpayer's appeal and ground no.4 raised in the revenue's appeal involve issues relating to transfer pricing and pertain to the addition made by way of "adjustments" under section 92ca of the act by determining higher arms' length price than disclosed by the taxpayer in the international transactions carried with its associated enterprises "aes".148 ..... . it is, thus, evident that the legislative intent of the amended proviso to section 92c(2) of the act is to remove hardship in cases of marginal variation up to 5% between the transfer price declared by the taxpayer and the .....

Mange Ram Mittal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... as a matter of fact the debate as to whether the computation of undisclosed income in an order under section 158bc should be restricted to the undisclosed income discovered as a result of search only stands already concluded by the amendment to section 158bb by the finance act, 2002 with retrospective effect from 1-7-1995. ..... counsel for the assessee pointed out that the parliament has enacted a separate chapter xiv-b laying down special procedure for assessment of search cases by the finance act, 1995 with effect from 1-7-1995, the fact that separate chapter was inserted instead of any amendment of existing provisions showed that this chapter had been inserted as a self-contained code.therefore, while interpreting any part or portion of the chapter, the view should ..... the learned counsel compared the language of provisions of section 158bb as enacted originally and as amended by the finance act, 2002 with retrospective effect from 1-7-1995. ..... we are, therefore, of the view that assessment of undisclosed income over and above undisclosed income as per return under section 158bc filed by the assessee himself for assessment years 1987-88, 1988-89, 1989-90 and 1990-91 is not called for. ..... (iv) the learned assessing officer has assessed undisclosed income from assessment year 1987-88. ..... the learned counsel referred to the addition of amounts in the assessment year 1987-88 (rs. ..... 3,23,500 for assessment year 1987-88; of rs. .....

Asian Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)81ITD127(Delhi)

..... reliance was also placed on provisions of section 5 of the expenditure tax act, 1987 r/w section 4 of the expenditure tax rules, 1987, to contend that foreign exchange included payment made in indian currency obtained by conversion of foreign exchange into indian currency and any expenditure out of that was "deemed to have been incurred in foreign exchange". ..... 4,03,09,863 for services rendered to the foreign tourists.with regard to the provisions of sub-section (2a) inserted by the said finance act, i am of the view that this is only a machinery provision for allowing the correct amount of deduction under the above section.in this particular case, there is no doubt about the genuineness of the services and the payments received by the assessee. ..... this anomaly/ambiguity was set right subsequently by the finance act, 1994, by amending the law to provide a proportionate deduction to the various categories. ..... the explanation added in section 64 by the finance act, 1979, though not in terms retrospective, serves as a parliamentary exposition of the meaning of the word 'income' as used in the unamended section, for, that word, in the context of section 64, was really ambiguous and had given rise to diverse meanings. ..... 1st april, 1980, by the finance act, 1979 which reads as follows : "for the purpose of this section, 'income' includes 'loss'. .....

Mange Ram Mittal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)103ITD389(Delhi)

..... matter of fact the debate as to whether the computation of undisclosed income in an order under section 158bc should be restricted to the undisclosed income discovered as a result of search only stands already concluded by the amendment to section 158bb by the finance act, 2002 with retrospective effect from 1st july, 1995. ..... learned counsel compared the language of provisions of section 158bb as enacted originally and as amended by the finance act, 2002 with retrospective effect from 1st july, ..... 147 ctr (st) 178 : (1998) 231 itr (st) 228, 256.after insertion of explanation to section 158ba(2) by the finance (no.2) act, 1998 with retrospective effect from 1st july, 1995, there is no dispute now that the block assessment under section 158bc is in addition to the regular assessment and not in substitution of the regular assessment. ..... disposal as well as for consideration and decision on the following question: what is the meaning and scope of phraseology, 'such other materials or information as are available with the ao and relatable to such evidence' appearing in section 158bb(1) of the act as substituted by the finance act, 2002 with retrospective effect from 1st july, 1995.2. ..... to the file of the learned ao for decision afresh.subject to such further income, if any, as the ao may henceforth determine in this behalf, the assessee's undisclosed income for block period is computed as under:assessment year 1987-88 (rs. ..... 1987-88, 1988-89, 1989-90 and 1990-91 is not ..... 1987 ..... 1987 ..... yr.1987-88; .....

Assistant Commissioner of Vs. Amadeus India (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... of customs concessions and exemptions for imports (if any), sales tax concessions, grant of the exchange clearances for the export of the products after verification and certification by the doe, restriction on external commercial borrowings, the amendment of the copyright act as well as the grant of exemption for income-tax purposes under section 10a, 10b and 80hhe all form part of an integrated policy for development and export of software. ..... since ministry of finance has given detailed definition of computer software (for customs act) it would be appropriate that benefit under section 80hhe be extended to m/s ..... since, ministry of finance at various occasions have given elaborate definition of computer software after detailed consultations with the technical authority like department of electronics, it would be appropriate that benefit under section 80hhe are extended to m/s amadeus india pvt ..... the above explanation as amended by finance (no. ..... the explanation has been amended by finance (no. ..... 1-4-2001 by finance act, 2000 :-- (i) any computer programme recorded on any disc, tape, perforated media or other information storage device; or (ii) any customised electronic data or any product or service of similar nature as may be notified by the board, which is transmitted or exported ..... 10/96 dated 17-2-1997 issued by the ministry of finance, department of revenue. ..... regarding customs notification issued by the ministry of finance, deptt. ..... dated 17-2-1997 issued by ministry of finance, deptt. .....

Bharat Heavy Electricals Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)98TTJ(Delhi)565

..... it is contended further that section 40a(9) was introduced by the finance act, 1984, with retrospective effect from 1st april, 1980 and that it was introduced to curb the undesirable practice of corporate bodies of making large contributions to so-called welfare funds and at ..... the judgment of the kerala high court, the facts are identical and their lordships have referred to the speech of the hon'ble finance minister and held that section 40a(9) of the act does not apply to payments made to school in which the children of the employees are studying. ..... against the decision of the it authorities to apportion a part of the expenditure incurred by the assessee against the dividend income and thereby reducing the deduction available under section 80m of the act and their action in apportioning a part of the expenditure against tax-free interest income from bonds.the expenditure apportioned is rs. ..... fact, by the proviso in clause (ba) to the explanation, it is further provided that the expression "total turnover" shall have effect so as to exclude section 28(iiia), (iiib) and (iiic) which refer to, inter alia, profits on sale of a licence granted under the import (control) order, cash assistance, ..... that receipts which do not form part of sale proceeds cannot come within the ambit of total turnover, after examining the object for which the amendment to the section was introduced. ..... within the mischief which was sought to be remedied by the amendment.the case before us, is however different. .....

Ansal Properties and Industries Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)301ITR285(Delhi)

..... once it is found that a contract was entered into in the ordinary course of business, any compensation received for its termination would be a revenue receipt, irrespective of whether its performance was to consist of a single act or a series of acts spread over a period.there is difference between a payment made as compensation for the termination of an agency contract and an amount paid as solatium for the cancellation of a contract entered into by a businessman in the ..... a right to manufacture, produce or process any article or thing need not be complete, even part curtailment would meet the requirement of law.even in section 28(va), the words used are "not carrying out any activity in relation to any business" thus it is not the requirement of section 28(va) is that sum received or receivable should be for not carrying on business as such.applying the aforesaid principles, it is submitted that agreement with ..... position that emerges from the decisions of courts/tribunal, instruction of the board and amendment of provisions of income-tax act is that: (a) prima facie compensation/consideration for agreeing to refrain from carrying on ..... finance act ..... submitted that by finance act 1997, it has ..... in this connection, attention is invited to clause 19 of the memorandum explaining the provisions of the finance bill 1997, wherein it has been pointed out that consideration received on extinguishment of such a right is in the nature of capital receipt and is not liable tot ax under the head .....