Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD511(Hyd.)
..... the expenditure: (3) no deduction shall be allowed in respect of the expenditure referred to in sub-section (1) unless the assessee furnishes, along with the return of income for the assessment year for which the deduction is claimed, a statement of such expenditure in the prescribed form duly signed and verified by an ..... under: (1) where the assessee, being a company or a co-operative society, incurs any expenditure on any programme of rural development, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of the amount of such expenditure incurred during the previous year: provided that the approval of the prescribed authority has been obtained by the assessee in respect of such programme before incurring ..... decision in that case was rendered in the context of relief under section 80-o of the act where the relief was with reference to the income during the year while the relief under section 35cc is with reference to the expenditure incurred after a particular date. ..... rate, he claimed that if the ito wanted an amended audit certificate, the assessee should have been given an ..... the assessee is approved by the ministry of finance as prescribed authority vide its letter dated ..... act, 1977, which introduced the relief, explains the scope of this relief in para 14(1) of such instructions: 14.1 the finance ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD9(Hyd.)
..... assessment years 1971-72, again rule 2 of paragraph b of part i of the rates of wealth-tax, provided under the relevant finance act, clearly lays down what categories of debts and liabilities are deductible from the value of the urban asset. ..... the assessment order, the date of original assessment order, wealth determined thereunder, date and particulars of the orders of the tribunal, wealth determined as per the tribunal's order, the date when the order under section 35 was passed, the net wealth determined as per the rectificatory order and the date of the commissioner (appeals) now assailed before us, are all given in a tabular form as under:assessment 17-8-1978 17-8-1978 17-8-1978 ..... due to the change in the incumbent of the office of the wto, again a notice was issued under section 35 on 20-7-1982.the assessee sent his/her letter dated 28-7-1982, wherein she repeated all the grounds which were raised in her letter ..... contended before the learned commissioner (appeals) that the wto should have held that no additional wealth-tax can be levied and an order under section 35 cannot be passed as there was no mistake apparent from record. ..... the wto, it is a mistake apparent from record and as such, he issued a notice under section 35 to the assessee calling for his/her objections on 19-12-1981. ..... grounds filed before this tribunal, the assessee had taken the stand that no additional wealth-tax is levied by passing an order under section 35 as there was no mistake apparent from the record. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56ITD411(Hyd.)
..... allahabad) the legislature brought an amendment in the provisions of section 143(1a) by the finance act, 1993, with retrospective effect from 1 -4-1989 the date from which the provisions of section 143(1 a) was inserted originally and the memorandum explaining provisions in the finance bill, 1993 in this regard as under: the provisions of section 143(1 a) of the income-tax act provide for levy of twenty ..... per cent additional income-tax where the total income, as a result of the adjustments made under the first proviso to section ..... the bill, therefore, seeks to amend section 143(1 a) of the income-tax act, to that whereas a result of the adjustments made under the first proviso to section 143(1 a) the income declared by any person in the return is increased, the assessing officer shall charge additional income-tax ..... loss in the hands of an individual in whole assessment the share income of his wife and minor children were includible in his total income, under section 16(3) of the indian income-tax act, 1922 and in that context the supreme court held that income includes loss with the remarks that "where the plain literal interpretation of a statutory .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD573(Hyd.)
..... counsel submitted that there is no quarrel with those principles which are well settled, but the issue in the instant case is quite different.the issue here is whether there has been any accrual of interest/finance charges in the real sense in the facts and circumstances of the instant case and the decision of the special bench in nagarjuna investment trust case does not deal with this issue.23. ..... the bona fides of the board of directors in coming to the conclusion at the board meeting held on 28-1-1999, to the effect that the interest and finance charges cannot be said to have accrued on account of continued failure on the part of the concerned debtors in making payments of dues in terms of the agreement and the principal amount being itself doubtful of recovery, has not been ..... the case of the assessee company has all along been that in the facts and circumstances of the instant case the interest and finance charges cannot be said to have accrued in the real sense having regard to the undisputed fact that the realization of principal itself is doubtful of recovery ..... the learned counsel further submitted that the decision of the delhi bench of the tribunal in the case of tedco investment and finance services, 87 itr 298, is a direct decision, which deals with the effect of the rbi's directives vis-a-vis income-tax assessment of an nbfc, as that of the assesses company ..... section 45ja was introduced in chapter iiib of the reserve bank of india act, 1934, by the amendment act of 1997. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD639(Delhi)
..... . it provides that the assessment is to be made in the manner laid down in section 158bb and the provisions of sections 142, 143(2) and (3), and sections 144 and 145 shall, so far as may be, apply section 158bb as existing prior to amendment by the finance act, 2002, provides that the undisclosed income of the block period shall be computed in accordance with the provisions of chapter iv on the basis ..... section 158b(b) which include money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable articles, things, entry for the books of account or other document or transaction represents wholly or partly income or property which has not been or would not have been disclosed for the purpose of this act and after the amendment by finance ..... act, 2002 with effect from 1-7-1995 it includes also any expenses, deduction or allowance claimed under this act which is to be found to be false. 9 ..... said to be an evidence 'found as a result of search' though the same may be an evidence 'obtained' during search - accordingly, in view of the provision of section 158bb(1) as it stands amended with effect from 1st july, 1995 no addition on the basis of statement recorded during the search, could be made in the block assessment. 10 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)86ITD115(Hyd.)
..... . he submitted that the assessing officer held : (a) that the method of accounting cannot affect the charging section itself; (b) that the rates of depreciation under income tax act are higher compared to the rates of depreciation allowed under companies act; and (c) that if the rate of depreciation under the income tax act is adopted for the purpose of accounting gross rentals would increase substantially.he argued that the assessing officer with a view to demonstrate that ..... the case of lease rentals the assessee has not apportioned the total amount realised from the lessees between the finance charge and the principal component, but has credited the entire amount as income of revenue nature ..... supra) in paras 42, 42.1, 43 and 44 had considered the issue of finance leases after verbatim incorporating the guidance note of the institute ..... . he submitted that the method of accounting prescribed for finance lease and the method of accounting prescribed for operating lease are separate ..... . he argued that the company is a non-banking finance company registered with the reserve bank of india and that the department of non-banking supervision of the reserve bank of india in its regulatory framework for non-banking financial companies, 1998 clearly ..... arguing on the departmental appeal submitted that the learned commissioner (appeals) erred in holding that methods like irr method on the net loan amount should be adopted in determining the income from those leasing finance items covered under vdis .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD242(Hyd.)
..... the prospect of section 80wabecoming otfosebecame a near certainty with the conscious decision taken to enhance the depreciation rates from assessment year 1988-89 onwards, when block asset concept was to be introduced first.therefore, there was an imperative need to tackle the problem of prosperous zero-tax companies by suitably modifying section 80wa.accordingly, finance act, 1987, deleted section 80wa and introduced new section 115j in its ..... time of moving the finance bill, clause (iv) of explanation to section 115j was not there and during the course of general debate amendments were made on 29-4-1987 by the prime minister. ..... portion of the amendment speech is as under:-- the finance bill inserts a new section 115j in the income-tax act. ..... reads as under :-- if a company has incurred any loss in any financial year or years, which falls or fall after the commencement of the companies (amendment) act, 1960, then the amount of loss or an amount which is equal to the amount provided for depreciation for that year or those years whichever is less, shall be set off against the profits of the company ..... under clause (a) of the first proviso to section 205(1), depreciation for all financial years after the commencement of the companies (amendment) act, 1960, had to be provided for out of the profits of the financial year or of the previous financial years before declaration of dividend.accordingly, it would follow that depreciation including arrears of depreciation would have to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1998)66ITD464(Hyd.)
..... it was also argued that the provision of the section is very clear and unambiguous and, therefore, recourse to the speech of the finance minister or to the statement of objects of the act cannot be looked into.22. ..... the said proviso reads as under : "provided that any interest in relation to categories of bad or doubtful debts referred to in s.43d of the it act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its p&l a/c for that year or, as the case may be, in which it is actually received by the credit institution, whichever is earlier." 32. ..... 1st october, 1991, s.2(7) has been substituted and, therefore, the provision as contained in the original section cannot come to the rescue of the assessee, nor can the statement of objects and reasons, as given at the time of introduction of the bill, be of any assistance in the matter. ..... it was also argued that if the interest on securities is brought to tax under the interest-tax act, then the assessee, being a bank, has to pass on the burden to the borrower and in such situation, the intention of the legislature cannot be achieved. ..... 25,000, reasonable inspection charges are levied and care is taken to see that the inspection charges on advances to weaker sections in the priority sector are lower than those on other advances. ..... 75/iac(a)-i/cit-i/1987-88, dt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)89TTJ(Hyd.)561
..... (appeals) examined this ground in detail and held that the assessments are valid in view of the provisions contained in section 29213, read with section 170(2) of the income tax act, 1961.on the other grounds, invariably raised before the assessing officer also, the learned commissioner (appeals) made the following ..... of investments did not show that it was carrying on business; (k) the mere holding of shares as investment could not amount to business within the meaning of the term business used in the income tax act; (l) the appellant was not the promoter of dri, and they had never rendered any services in connection with the formation or promotion of the company and that it had never aided in promoting drl; ..... down in the above judgment, it is very difficult to hold that the savings in the acquisition cost of shares on a comparative price advantage is in the nature of benefit contemplated in section 28(iv) of the income tax act, 1961.on the basis of our discussion of the issue in paras 33 to 45 above, we have come to the following findings- (i) that the alleged benefit is a 'comparative benefit' ..... , it is found not necessary further to decide on the other circumstances necessary to attract the provisions of section 28(iv) of the income tax act, 1961, therefore, the remaining grounds are not considered as it would be academic in nature.in the result, appeals of the assessees are allowed, and the assessing ..... finance ..... (1987) 28 ttj (del) 404: (1987) ..... (1987) 59 ctr (guj) 116 : (1987) 166 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)7ITD133(Hyd.)
..... abroad and were not at all taxable during the assessment year 1976-77 because the specific clause making it taxable was introduced only with effect from 1-6-1976 by the finance act, 1976 and that even if it is taxable, it is exempt under proviso to clause (vii) of sub-section (1) of section 9 of the income-tax act, 1961 ('the act') as there is an agreement before 1-4-1976 and approval thereafter. ..... fees were specifically listed out and a basis for taxation spelt out in the statute by the introduction of clauses (v) to (vii) by the finance act, 1976, with effect from 1-6-1976. ..... subsequent enactment, relating to technical fees and exemption introduced by the finance act, 1976 and the finance (no. ..... the other relates to the reference to the proviso to clause (vii) of sub-section (1) of section 9 which while making such income taxable, provided as under : provided that nothing contained in this clause shall apply in relation to any income by way of fees for technical services payable in ..... he claimed that assessment on an agent could be only in respect of income deemed to accrue under section 9 and that the specific provision relating to payment for consultancy services was only with effect from the assessment year 1977-78 and that it is clearly inferable that ..... the time limit set out for making an assessment on an agent under section 148 of the act has already lapsed. ..... assessee as an agent of the non-resident for the assessment year 1978-79 by issue of a notice under section 163 of the act. .....
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