Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat jodhpur Page 1 of about 16 results (0.178 seconds)

Sumerpur Co-operative Marketing Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... this ground was not pressed as there was an amendment in section 143(1a) by the finance act, 1993, retrospectively w.e.f. ..... he explained the extent and ambit of the prima facie adjustments to be made under the first proviso to section 143(1)(a) and empowers for the following adjustments : (i) only apparent arithmetical errors in the return, accounts or documents, accompanying the return, (ii) loss carried forward, deduction, allowance or ..... the learned authorised representative submitted that the learned cit(a) erred in holding that the provision of section 143(1)(a) permits the ao to make adjustment in respect of assessee's claim regarding sales-tax, gratuity and ..... 1st april, 1988, which has omitted section 34(1) of it act, 1961, and accordingly, the assessee is no longer obliged to furnish the prescribed particulars of the assets which were required under rule ..... pathania (supra)].similarly while making prima facie adjustments under section 143(1)(a) depreciation cannot be disallowed for lack of particulars of ..... , the rule 5aa of the it rules has also been omitted by the it (third amendment) rule, 1987 w.e.f. ..... cit(a) upheld the order of the ao and held that the ao was entitled to make adjustment/disallowance under section 143(1)(a) for inadmissible claim in the absence of evidence.2. ..... 2nd april, 1987, meaning thereby that the ao is bound to allow depreciation allowance in respect of assets entitled to, even if particulars relating to such assets were not furnished by the assessee .....

Gyan Chand JaIn Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)337

..... 4 to section 271(1)(c) by the finance act. (no. 2) ..... to whether the same can be considered as concealed income for the purposes of levying the penalty under section 271(1)(c).4.7 from our above discussions, it would be clear that there were no such provisions in the act before the amendment that the reduction in the loss would also be liable to be penalised. ..... 4 to section 271(1)(c) had been amended w.e.f.1st april, 2003 and before that, there was no such provision that penalty should be imposed even if the loss ..... the ao, therefore, levied penalty of rs, 1,47,574 under section 271(1)(c) of the it act being 100 per cent of the tax sought to be evaded.4.2 aggrieved, the assessee carried the matter in appeal before the cit(a) and submitted that the return of income was filed at a loss ..... cit (supra) has held : "that penalty under section 271(1)(c) is imposable only in cases where the tax has been levied and no penalty can be levied when the result of the computation made by the ao is at ..... the ao noted that search under section 132 of the act was conducted in october, 1987 at the residence of the assessee and in his statement the assessee stated that the explosives purchased at ..... on 27th july, 1987 and rs. ..... , 1987 to which date the books of accounts had ..... , 1987 since the payment had been made after the date of ..... , 1987; the purchases have been made from m/s jagat explosives which have been recorded as credit sales by the ..... , 1987, were not recorded in the books of accounts found written upto 1st .....

income Tax Officer Vs. Choudhury Farrque Ali and Marble

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)82TTJ(Jodh.)1

..... cit (1982) 135 itr 652 (p&h)(fb) that in view of the amendment of section 271(1)(c) by the finance act, 1964, and the insertion of the explanation, the import of the explanation is to shift the onus to prove from the department where the returned income was less than 80 per cent of the ..... gurbachan lal (2001) 250 itr 157 (del) in which the effect of explanation added to section 271(1)(c) by the finance act, 1964, has been explained by their lordships elaborately.the headnote of this decision gives an impression that in any penalty proceedings where concealment of income has been committed by the assessee, the explanation added to the section by the finance act, 1964, requires from the assessee, by casting a burden on him, to prove that there has ..... "a conspectus of the explanation added by the finance act, 1964, and the subsequent substituted explanations makes it clear that the statute visualized assessment proceedings and penalty proceedings to be wholly distinct and ..... mussadilal ram bharose ((1987) 165 itr 14 (sc) where it was held by the hon'ble judges that in case the returned income is less than 80 per cent of the assessed income, in that eventuality, the onus is on the assessee to prove absence ..... mussadilal ram bharose (1987) 165 itr 14 (sc), the apex court had approved the interpretation placed upon the explanation by a full bench of the punjab and haryana high court in ..... mussadilal ram bharose (1987) 165 itr 14 (sc), the burden placed upon the assessee is not discharged by ..... 1987 .....

Smt. Premlata Jalani Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... of section 234c was inserted by direct tax law (amendment) act, 1987, w.e.f ..... was due sudden spurt in sales after due date of second instalment resulted in profit liable to tax on which basis ito held that there was default of deferment of advance tax of and levied interest under section 234c whether it can be said that liability to advance tax is not absolute but dependent on estimate based on material available on record held, yes whether when assessee had not yet started earning income, he ..... (xiii) it was submitted that the interest under section 234b would be consequently amended if the demand for interest under section 234c is cancelled, as the variation is on account of adjustment of tax ..... , by finance act (no. ..... to section 234c(l)(b) was inserted by direct tax laws (amendment) act, ..... with the ao and also the learned cit(a) that the case of the assessee is not covered by the proviso to section 234c(1)(b) as the appellant has not paid the instalment of advance tax by the dates stipulated therein. ..... the learned authorised representative referred to the memorandum to finance bill which is as under: (iv) the perusal of above proviso and amendment makes it clear that the intent of introducing such provisions was to avoid such hardships being caused to the assessee, where capital gain arises after due date of any instalment of advance tax, and ..... such intention of the legislature as is evident from the memorandum of finance bill reproduced hereinabove. ..... upon the memorandum to finance bill. .....

income Tax Officer Vs. Bothra International and ors.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... . therefore, section 80hhc as it stood at the relevant time was required to be read with section 28(iiib) because both the sections have been amended by the same finance act of ..... assessee has made sufficient compliance that profits and gains are derived by the assessee's undertaking from the export of eligible articles or things and he has satisfied the essential conditions as are contained under sub-section (2) of section 10ba of the act such as it manufactures or produces the eligible articles or things without the use of imported raw materials and ninety per cent or more of its sales during the previous year relevant to the assessment year ..... representative and keeping in view the entire conspectus of the case as analysed hereinbefore, we hold that the amount of credit on account of depb/ddb has to be included as profits of the business of the undertaking for the purpose of section 10ba(4) of the act and the said amount of credit of depb or ddb will not enter into the total turnover or export turnover of the undertaking for the purpose of calculating profits derived from business of undertaking of the ..... further, it is also relevant to note that by the same finance act clause (iiib) was inserted into section 28 and changes were also made in section 80hhc(3) ..... it indicates that the parliament as well as cbdt have taken into account the insertion of clause (iiib) in section 28 by the finance act, 1990 ..... it was also held that the amendment made in the section 80hhc by the finance (no. .....

Assisstant Commissioner of Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2001)77ITD488(Jodh.)

..... year under appeal being 1993-94 that is prior to amendment of section 44ab vide the finance act, 1995 which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior ..... words "the report of any audit" were inserted in this provision by amendment vide finance act, 1988 w.e.f.1-4-1989, and the words "referred to in section 44ab" were inserted by amendment vide finance act, 1995 w.e.f. ..... here that requirement of "furnishing" the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995 w.e.f. ..... also note that in section 139(6a) the words "referred to in section 44ab" qualifying the audit report have been inserted by amendment vide finance act, 1995, w.e.f. ..... made above, we are of the view that prior to amendment of sections 271b & 44ab vide finance act, 1995 w.e.f. ..... of section 139(6a) as amended by the finance act, ..... also be observed that the words "referred to in section 44ab" qualifying the audit report have been inserted in section 139(6a) by finance act, 1995 w.e.f. ..... 1-4-1989, as it existed prior to 1-7-1995 required only the furnishing of audit report along with return and the said audit report was not the only one under section 44ab but there were so many other audit reports also under various sections, a few of which have just been mentioned above, as such the said provision (as it stood prior to 1 -7-1995 required the various audit reports to be furnished to ..... [1987] 164 .....

Assistant Commissioner of Income Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... the above provision the words "the report of any audit" were inserted in this provision by amendment vide finance act, 1988, w.e.f.1st april, 1989, and the words "referred to in s. ..... " qualifying the audit report have been inserted by amendment vide finance act, 1995, w.e.f.1st july, 1995. ..... 271b by amendment vide finance act, 1995, ..... 139(6a) as amended by the finance act, 1988, ..... " were inserted by amendment vide finance act, 1995, w.e.f. ..... 44ab vide the finance act, 1995, which became operative ..... and 44ab vide finance act, 1995, w.e.f. ..... 139(6a) by finance act, 1995 w.e.f ..... but there were so many other audit reports also under various sections, a few of which have just been mentioned above. ..... of the report to the effect that : "the next limb of the argument of learned counsel for the petitioner is that the present section is unworkable because it is inconsistent with the various other provisions of the act." 19. ..... view of the discussions made above, we are of the view that prior to amendment of ss. ..... assessment year under appeal being 1993-94, that is, prior to amendment of s. ..... has contended that for assessment years prior to the amendment in s. ..... the prescribed form of the returns referred to in this section and in cl. ..... shaan finance (p) ..... may be recalled that the audit reports may be under various provisions of it act, 1961, as for example ss. ..... 139(6a) of the act prior to 1st july, ..... (1987) 164 itr 148 (raj ..... words used by the judges are not to be read as if they are words used in an act of parliament. .....

Uma Polymers (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)284ITR1(Jodh.)

..... we have to see as to whether the provisions of section 43b which came into effect from 1st april, 1991 vide the finance act, 1990 could be invoked at the relevant time or not ..... was raised before me nor there is any difference between the learned members hearing the appeal that clause (d) to section 43b was introduced through finance act, 1990 applicable w.e.f. ..... clause (d) was inserted in section 43b through the finance act, 1990 w.e.f. ..... the points of difference are referred to in the form of questions which are as under: whether, on the facts and in the circumstances of the present case, the disallowance made by ao under section 43b of the it act, 1961 can be treated as a purely legal ground which can be entertained by the tribunal as an additional ground for the first time even though the assessee has not raised this ground before the ..... of the facts of the case i am of the opinion that it is not the case of the appellant that a particular item of expenditure is allowable under the legal provisions of the it act, but, on the other hand, the appellant's case is that the disallowance made by the ao suo motu in the second revised return is not covered by the provisions of section 43b(d) of the act as this amendment was not relevant for the assessment year under appeal. ..... was deposited in the company in her name on 3rd july, 1987 and in her bank account also cash of rs. ..... with the assessee-company on 6th july, 1987 and just before issuance of cheque of rs ..... ito (1987) 27 ttj ..... ito (1987) 27 ttj .....

Banswara Syntex Ltd. Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)108ITD48(Jodh.)

..... xiib, containing section 115jb, was inserted by the finance act, 1987 (11 of 1987), w.e.f. ..... clause (viii) in explanation to section 115ja by the finance act, 1997, w.e.f. ..... now, section 115jb which provided special provisions for payment of tax by certain companies has been inserted by finance act 2000, ..... section 115jb was brought on the statute by finance act 200 ..... the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the s aid amount was withdrawn) under the explanation to section 115ja (2); or (ii) the amount of income to which any of the provisions of chapter iii, containing sections 10 to 13a, applies, if any such amount is credited to the profit and loss account; or (iii) the amount of loss brought forwards or unabsorbed depreciation, whichever is less as per books ..... to extend the exclusion to profits derived from export of software which are exempt under section 80hhe of the income tax act....also clause (iii) of section 115j was inserted by the direct tax laws (amendment) act, 1989. ..... is proposed to exempt the export profits which ore eligible for deduction under section 80hhc from the purview of this section.further, the following is the para 27 of the speech of finance minister in lok sabha on 7.5.1997: clause 37 proposes to amend section 115ja of the income tax act regarding mat so as to exclude the profits derived from the export of goods or merchandise to which section 80hhc applies from the purview of mat. .....

Jagan Nath Singh Lodha Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)85TTJ(Jodh.)173

..... proviso 4 to this section was introduced by the finance act, 1987, which reads as under : "under the existing provisions of sections 54, 54b, 54d and 54f, long-term capital gains arising from the transfer of any immovable property used for residence, land used for agriculture...... ..... the learned authorised representative has submitted that section 54f was introduced by the finance act, 1982, which permitted reinvestment of the proceeds received on transfer of a capital asset in the purchase within a year or construction within three years of a residential house to avoid payment of capital gain tax. ..... the facts, in brief, which are relevant for the disposal of these appeals are that the assessment order was passed under section 143(3) r/w section 147 of the it act, 1961 (hereinafter referred to as 'the act'). ..... the madras bench of the tribunal, while answering the question in positive, held that the act of the assessee amounted to utilisation of consideration for construction of residential house within the meaning of section 54f(1). ..... the default committed by the assessee was a technical default that the assessee did not deposit the amount meant for reinvestment in the capital gain account scheme before filing return under section 139 of the act. ..... the only fault committed by the assessee in this case seems to be that the assessee failed to deposit the unutilised amount meant for reinvestment in the capital gain account scheme before filing of the return under section 139 of the act. .....