Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat delhi Page 8 of about 147 results (0.182 seconds)

income Tax Officer Vs. Selchem Engineers (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)90ITD732(Delhi)

..... " provisions of section 32(2) as amended by finance (no. ..... after considering the rival submissions and perusing the relevant material on record, it is observed that the impugned claim of the assessee was disallowed by the ao relying mainly on the provisions of section 32(2) as amended by the finance (no. ..... before us, the learned dr has mainly relied on the order of the ao and submitted that he was fully justified in disallowing the impugned claim of the assessee as per the provisions of section 32(2) as amended by finance (no. ..... for earlier years against the income from house property for the year under consideration (hereinafter referred to as 'the impugned claim of the assessee') was disallowed by the assessing officer keeping in view the provisions of section 32(2) as amended by finance (no. ..... 2) act 1996 were specifically explained and clarified by the finance minister in his budget speech and it was assured by him in very clear terms that the depreciation allowed to the assessee upto the assessment year 1996-97 and remained unabsorbed will continue to set off as per the pre-amended provisions of section 32(2) and it is only the depreciation allowable to the assessee for ay 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2).5. ..... 2) act 1996 as well as subsequent to such amendment:- provisions of section 32(2) prior to amendment made by finance (no. .....

Vasundhara Lpg (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)860

..... a new chapter xii-b containing section 115j has been inserted by the finance act, 1987 which levies minimum tax on book profits of certain ..... learned counsel referred to clause (i) of explanation which provides that book profit would be reduced by : "the amount withdrawn from any reserves or provisions if any such amount is credited to the p&l a/c : provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of april ..... may further refer to the budget speech of the then finance minister of india made in parliament while introducing the section 115j which reads as under : "it is only fair and proper that the prosperous should pay at least some tax, the phenomenon of so-called 'zero-tax' highly profitable companies deserves attention, in 1983, a new section 80wa was inserted in the act so that all profitable companies pay some tax. ..... it is with a view to bring such companies within the tax net that section 115j was introduced in the it act with a deeming provision which makes a company liable to pay tax on atleast 30 per cent of its book profits as shown in its own ..... appears to us that the entire approach and interpretation adopted by the learned cit(a) is contrary to the very object and purpose of introducing the provisions of section 115j, 115ja and 115jb in the it act, 1961. .....

Slocum Investment P. Ltd. (Now Vs. the Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 61.2.1 the finance act, 2002 has amended the definition of undisclosed income in section 158b to specifically include therein income based on entries in books of account or other documents which represent a false claim of any expense, deduction, or allowance under the income-tax act.136. ..... prior to finance act, 2002, amending section 158 bb(1) with retrospective effect from 1.7.95 only provisions of chapter iv were applicable while computing undisclosed income ..... it is also pertinent to note that the original section 92 was substituted by a new section by the finance act, 2001 with effect from 1st april, 2002 and before this new section becomes operative from that date, the same again came to be substituted by the finance act, 2002 with effect from the same date i.e ..... 61.7.1 the finance act, 2002 has carried out amendments to clarify that the aggregate total income is to be computed in accordance with the provisions of the act including the provisions of chapter vi-a, and that for the purpose of computing deductions under chapter vi-a, effect shall be given to set off of brought forward losses or unabsorbed depreciation ..... other services, reserves, provisions, funds, benefits of all agreements and all other interests or benefits whatsoever shall be and stand vested in and/or be deemed to be and stand vested in the transferee company under the provisions of section 394 of the said act so as to amend from the appointed date, the estate, assets, rights, interests of the transferee company. .....

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... jewellery declared under vdis was raised even on behalf of the interveners and the same has not been found to be acceptable by us for the reasons given us hereinafter.as held by us in this regard, the immunity given by section 68 of the finance act, 1997 incorporating vdis is limited to the extent that the existence of jewellery stands accepted and the amount credited in the books of the declarant to the extent of value of the jewellery so declared cannot be assessed as ..... having regard to the language of section 158bb(1), as amended retrospectively from 1.7.1995 by the finance (no.2) act, 1998.78. ..... one of the interveners that where an entry has been made in the books of account of the assessee as required by the vdis of 1997, section 68 cannot be invoked when the declared asset is sold later and the sale proceeds are credited in the books of account.section 68 of chapter iv of the finance act, 1997, which provided for the voluntary disclosure of income scheme, 1997, says that the amount of the voluntary disclosed income will not ..... was to harness the black money for productive purpose and special treatment in this regard was given to the jewellery by allowing the declarants to adopt the valuation as on 1.4.1987 in respect of jewellery purchased prior to that ..... that no doubt special treatment was given to the jewellery by allowing the declarants to adopt the valuation as on 1.4. ..... claimed that the said jewellery was declared under vdi scheme at its cost of acquisition adopted on 1.4.1987 at .....

Slocum Investment (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)558

..... 61.2.1 the finance act, 2002 has amended the definition of undisclosed income in section 158b to specifically include therein income based on entries in books of account or other documents which represent a false claim of any expense, deduction, or allowance under the it act.136. ..... prior to finance act, 2002, amending section 158bb(1), w.r.e.f. ..... 1st april, 2002 and before this new section becomes operative from that date, the same again came to be substituted by the finance act, 2002 with effect from the same date, i.e. ..... 61.7.1 the finance act, 2002 has carried out amendments to clarify that the aggregate total income is to be computed in accordance with the provisions of the act including the provisions of chapter vi-a, and that for the purpose of computing deductions under chapter vi-a, effect shall be given to set off of brought forward losses or unabsorbed depreciation.66. ..... it is also pertinent to note that the original section 92 was substituted by a new section by the finance act, 2001 w.e.f. ..... and other services, reserves, provisions, funds, benefits of all agreements and all other interests or benefits whatsoever shall be and stand vested in and/or be deemed to be and stand vested in the transferee company under the provisions of section 394 of the said act so as to amend from the appointed date, the estate, assets, rights, interests of the transferee company. .....

improvement Trust Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... that case dealt with registration of an agricultural market committee established under a statute, enjoying tax exemption under section 10(20), which was withdrawn by finance act, 2002, with effect from 1-4-2003. ..... consecutive weeks in the official gazette or in a newspaper or papers to the effect that the scheme had been submitted to the government for sanction; section 41 enables the government either to sanction the scheme with or without modifications or reject it; sub-section (1) of section 42 provides for the notification of its sanction of a given scheme; sub-section (2) of section 42 provides that a notification under sub-section (1) of section 42 in respect of any scheme shall be conclusive evidence that the scheme had been duly framed and sanctioned ..... it was further pointed out that withdrawal of exemption under section 10(20) by an amendment does not preclude the assessee from seeking exemption under other sections, such as sections 11, 12 etc. ..... to continue the incentive to the donors, section 80g has been amended so as to provide that 50 per cent of the sum paid by an assessee to an authority constituted in india by or under any law enacted either for the purpose of dealing with and satisfying the needs for housing accommodation or for the ..... the hon'ble tribunal pointed out that the amendment in law necessitated the assessee to file application for its registration and in such circumstances there was no justification for the cit to refuse the condonation of delay. .....

Rbf Rig Corpn. Lic (Rbfrc) as Agent Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)297ITR228(Delhi)

..... this is more than clear from provision of sections 192(1a) and section 195, and section 195a and from other consequent changes made through finance act, 2002 w.e.f.1.4.2003 noted above. ..... sub-section (1a) to section 192 introduced through the same finance act, quoted above provides that the employer, "may pay at his option, tax on the whole or part of such income without making any deduction therefrom." 39. ..... in the background of above decisions, shri tulsiyan drew our attention to provision of clause (10cc) of section 10 introduced in the statute by finance act, 2002 w.e.f. ..... the clause is applicable, if the following circumstances conjectively exist: (l)the assessee is an employee (individual) deriving income in the nature of a perquisite; and (2) the said perquisite is not provided by way of monetary payment within the meaning of clause (2) of section 17; and (3) taxes actually paid by employer at his option on behalf of employee on above perquisite is exempt and would not form part of the total income of the employee.this would be notwithstanding anything contained ..... this interpretation is reinforced by the fact that originally the said sub-section contained the expression 'remuneration' which was specifically excluded by the amendment introduced in 1964 which also introduced the clause 'whether convertible into money or not. ..... (1987) 59 ctr 284 and cit v. .....

Pradeep Batra Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD406(Delhi)

..... of refund due to him or to such other person; (b) every person who is deemed to be an assessee under any provision of this act; and (c) every person who is deemed to be an assessee in default under any provision of this act.under section 139 every person if his total income or the total income of any other person in respect of which he is assessable under the act during the previous year exceeds the maximum amount which is not chargeable to income-tax is required to file the ..... the provisions of the finance acts of 1973 and 1974 make such specific provisions and this rule would not render the provisions invalid. ..... the finance acts of 1973 and 1974 by legislative fiction deem agricultural income to be part of total income for the limited purpose of working out the rate of tax. ..... it was further held that it was only in respect of persons who have agricultural income in addition to non-agricultural income that the mode of computation of rate of tax as provided by the finance act is adopted. ..... in the case of k.j.joseph (supra) the hon'ble kerala high court has held as under: held, that section 4 of the it act read with section 10(1) shows that agricultural income is excluded from charge of income-tax. ..... from assessment year 1973-74 the finance act, 1973 provided for inclusion of agricultural income in total income of those assessees who were having income from sources other than agricultural as well as income from agriculture. .....

Assistant Commissioner of Vs. Trade Links Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD108(Delhi)

..... rule 6c was however omitted by the income-tax (amendment) rules, 1973 with effect from 1-4-1972.subsequently, in order to place a check on lavish expenditure on maintenance of guest house, section 37(4) was inserted by the finance act, 1970. ..... (supra) on the other hand while considering the provisions of section 37(4) of the act, have held as under :- in order to place an effective check on lavish expenditure on maintenance of guest houses, section 37(4) of the income-tax act; 1961, was inserted by the finance act, 1970, for disallowance altogether of expenditure incurred after february 28, 1970, on the maintenance of guest houses other than 'holiday homes', in computing the profits and gains of business or profession. ..... subsequently section 37(5) was inserted by the finance act, 1983 with retrospective effect from 1 st april, 1979. ..... this reads as under :- (xxv) expenditure on maintenance of guest houses -34.1 a new sub-section (5) has been inserted in section 37 by way of a clarificatory amendment to provide that for the purposes of the existing provisions contained in sub-section (4) of the said section relating to disallowance of expenditure on maintenance of guest houses, any accommodation maintained, hired or reserved or otherwise arranged by the assessee for providing lodging, or boarding and lodging, to any person (including any employee or, where the assessee is a company, .....

Modi Xerox Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)67ITD252(Delhi)

..... 263(1) by the finance act, 1988, and subsequently, amended by the finance act, 1989, where any order passed by the ao, which may be amenable to the revisional jurisdiction under s. ..... such an order, instruction or direction cannot override the provision of the act; that would be destruction of all the principles of law as that would really amount to giving power to a delegated authority to even amend the provision of law enacted by parliament.33. ..... reference was made to the budget speech of the finance minister (1987). ..... it is no doubt true that the doctrine of nosciter a soccis meaning thereby, that it is a legitimate rule of construction to construe words in an act of parliament with reference to words found in immediate connection with them i.e. ..... in the dcm case, it was held that in order to apply the principle of promissory estoppel all that is required to be shown is that the party relied and acted on the representation made to him and the assurance given to him. ..... the consideration whether an article or thing was of low priority was said to be again reflected in the hon'ble finance minister's speech while moving the finance bill, 1981. ..... the section is not meant to keep vigil on escapement of revenue. ..... cit (1987) 163 itr 129 (mad) has held that ao's order of assessment in accordance with law could not be said to be erroneous and cit cannot assume jurisdiction under s. ..... cit (1987) 168 itr 444 (all).37. ..... 1987-88 (according to the ao asst. yr. .....