Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat madras Page 2 of about 51 results (0.198 seconds)

Gupta Garments Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD362(Mad.)

..... reached the cit(a), he held that by virtue of the retrospective amendments made to section 28 of the income-tax act, 1961, by the finance act, 1990, tax was exigible on the said two items of receipt ..... in this regard he was impelled by the consideration that sections 28(iiib) and 28(iiic) inserted by the finance act, 1990 with retrospective effect talked respectively of "cash assistance (by whatever name called) received or receivable" and "any duties of customs or excise repaid or repayable as drawback".as for the assessee's submission that it ..... was one of the subject-matters of the appeal by the assessee before the cit(a) who declined to interfere in the following words : in the report under section 44ab, it was stated that the appellant followed, 'generally mercantile method of accounting, excepting accounting of bonus, sales, commission, cash incentive, etc. ..... the further consideration that they completely ignored the method of accounting regularly followed by the assessee, obviously going on the wrong basis that sections 28(iiib) and 28(iiic) made a departure from the general legal principles governing the accrual of the right to receive a particular ..... this was accepted by the department.for the assessment year 1987-88 the assessee initially filed a return of income in which cash compensatory support and duty drawback received by the assessee were ..... year 1988-89) was delinked for being heard separately together with the departmental appeal relating to the assessment year 1987-88. .....

T.M. Yusuf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)64ITD84(Mad.)

..... the cit(a) also considered that in the case of donation to approved institutions u/s 35cca of the it act as amended by the finance act, 1983 conditions for claiming deduction are : (a) a certificate should be filed before the ito that the programme of rural development has been approved by the prescribed authority before the first day of march 1983; (b) where ..... programme involves work by way of construction of any building or other structure (whether for use as a dispensary, school, training or welfare centre, workshop or for any other purpose).the cit(a) found that the approval granted under section 35cca of the it act had been withdrawn by the state level committee on 28-1-1987 and so the donation made by the assessee cannot be considered as made to an institution approved for the purpose ..... " since there is no restriction on the power of prescribed authority to withdraw the granted approval under section 35cca of the act, the assessee is not entitled to deduction in respect of donation to srs because the approval granted earlier under section 35cca of the it act has been withdrawn on 28-1-1987 by the prescribed authority. ..... but as mentioned by the cit(a) at page 12 of the appellate order dated 21-1-1991 the approval granted under section 35cca had been withdrawn by the prescribed authority on 28-1-1987 because srs had not been found to have been carrying out the programme contemplated under section 35cca of the it act. .....

inspecting Assistant Vs. Ramanathapuram Dist. Co-op.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD415(Mad.)

..... since the section had outlived its life span, the direct tax laws (amendment) act, 1987 omitted the section from the income-tax act.12. ..... the notes on clauses appended to the taxation laws (amendment) bill, 1969 explained the scope and effect of sections 80qq in the following words: clause 24 seeks to insert a new sections 80qq in chapter vta of the income-tax act with effect from 1-4-1970.under the proposed new sections 80qq any person carrying on a business, in india, of the printing and publication of books or publication of books without the activity of printing, will be entitled to a deduction, in the computation of his total income ..... the validity of the aforesaid conclusion of the cit (appeals), who partly allowed the assessee's claim on this issue, will have to be examined in the context of the provisions of sections 80qq of the act.as already pointed out, sections 80qq was introduced in the act by the taxation laws (amendment) act, 1970. ..... the significance of the excluded items, and more particularly there nature lies in that the legislative intent was to extend the benefit of deduction under sections 80qq only to the profits and gains from the business of "publication of books", the term "publication of books" being understood in its ordinary signification. ..... the finance act, 1981 substituted the word "fourteen" for the word "nine". ..... the word "nine" was substituted for the word "four" by the finance act, 1975 with effect from 1 4-1975. .....

Deputy Commissioner of Vs. Sulzer Bros.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD546(Mad.)

..... line that the appendix-a dated november 12,1981 was nothing but the continuation of the original agreement dated 29-1-1976, he held: - that the lump sum consideration was chargeable to tax at 50% (as stipulated in the finance act); and - that the payment for special engineering services must be brought to tax at the rate of 70% for the assessment years 1985-86and 1986-87 and at the rate of 65% for the assessment year 1987-88 (as provided in the finance act).17. ..... question whether the payment made under a collaboration agreement is royalty or fees for technical services must be decided strictly in accordance with the definitions contained respectively in section 9(1)(vi) and 9(1)(vii); - that the provisions of section 9(1)(i) are more general in nature than those of section 9(1)(vi) and 9(1)(vii) and that as between section 9(1)(vi) and 9(1)(vii), the former contained special provisions; - that the contractual obligations contained in a collaboration agreement must be examined against the backdrop of the ..... payments made for securing special engineering services of sulzer personnel were in the nature of fees for technical services and were, therefore, taxable at the rates indicated above under section 115a(1)(b)(iii) as amended from time to time.none of the aforesaid contentions found favour with the assessing officer. ..... examined the scheme of the act in matters relating to taxation of royalty and technical fees, particularly after the 1976 amendment to section 9(1) of the act. .....

M.A. Alagappan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)29ITD69(Mad.)

..... section 2(14), which defines capital asset, was amended toy the finance act, 1970 to include agricultural land situated within ..... why the finance act, 1970, while bringing to tax agricultural lands within the limits of a municipality, simultaneously granted relief under section 54b for reinvestment ..... however, after the finance act introduced this section, the cbdt has explained ..... however, the finance act, 1970 also introduced section 54b granting exemption in case the proceeds of sale of agricultural lands are reinvested in the ..... will, however, be fortified if the assessee transfers the fresh land acquired by him within a period of three years from the date of its purchase.it was argued on behalf of the revenue that this section imposed a further condition that the land should toe used by the assessee for agricultural purposes within a period of two years prior to the sale and it would not be sufficient that if the lands are ..... it states: the effect of the amendments to section 2(14) and section 47, as stated above, will be that capital gains arising from transfer of agricultural lands situated in the municipal and other urban areas on or after 1-3-1970, will become liable to taxation even ..... was contended that even if the lands were agricultural in nature, the assessee would not be entitled to the relief under section 54b unless it was shown that it was actually put to use within a period of two years prior to the sale ..... my camp at madurai, the said land was inspected by me on 14-7-1987. .....

Assistant Commissioner of Income Vs. Vijay Granites (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... ttj (hyd) 88 and also the amendment made by the finance (no.2)act, 1991 extending the benefit to processed minerals and rocks including cut and processed granites i have directed allowance of deduction under the said section. ..... in the amendment made by the finance (no.2) act, 1991 wherein a new xii schedule has been added to the statute item (x) reads as under: "cut and polished minerals and rocks including cut and polished granites," ..... fortified by the decision of the division bench of the karnataka high court reported in (1999) 240 itr 343 (kar).explanations/clarifications were issued to section 43b of the act.amendment by way of inserting the first proviso to section 43b w.e.f.1st april, 1988, stood for consideration before the apex court in the case of allied motors (p) ltd. v. ..... sri prabhakar, vehemently contended that the assessment years under consideration fall from 1986-87 to 1989-90 which is much earlier to the period of introduction of xiith schedule to the act and hence the provisions that were prevailing during the time of assessment years alone are applicable.the products of the assessee are nothing but mineral as they are excavated from the ..... in the light of the aforesaid discussion, therefore, the appellant is entitled to the benefit of relief under section 80hhc of the it act in respect of granites quarried from own quarries as well as purchased from outsiders and processed by cutting them into requisite sizes, dressing them and chiselling them into desired ..... 1987 ..... 1987 .....

income-tax Officer Vs. M.M. Subramania Mudaliar

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)67ITD136(Mad.)

..... another amendment was made by the finance act, 1995 with effect from 1-4-1989.while explaining the necessity of this amendment, the explanatory memorandum to the finance bill 1995 stated as under :- "the legislative intention is that the interest for default in payment of advance tax is to be charged till the date of the determination of total income under section 143(1) and where a regular assessment is made, till the date of such assessment. ..... at the rate of two per cent for every month or part of a month comprised in the period from the 1st day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the ..... in order to set the aforesaid doubts at rest, the bill seeks to amend section 234b to clarify that an assessee shall be liable to pay interest for default in payment of advance tax till the determination of the total income under section 143(1) and where a regular assessment is made, till the date of such assessment. ..... " section 234b was inserted by the taxation laws (amendment) act, 1987 with effect from 1-4-1989. .....

C.M. Kothari Charitable Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)31ITD46(Mad.)

..... view of the foregoing, we are of the opinion that the ito and the commissioner (a) were not correct in holding that the assessee was not entitled to exemption under section 11 of the act because the provisions of section 13(1)(d) as amended by the finance act, 1983 came into effect from 1-4-1983 and the assessee had not changed its investment as on 28-2-1983 to the prescribed pattern by 30-11-1983. ..... 1976, to which reference had been made earlier in paragraph 7 of this order.now considering the provisions of section 13(1)(d) as had ultimately emerged after the amendment made by the finance act, 1983, it could be seen from the words "if for any period during the previous year" occurring at the beginning of section 13(1)(d) that before disentitling any trust from exemption under section 11, it should be verified whether, at any time during the previous year relevant to the assessment year under ..... or deposited or continued to be invested or deposited in any mode or form other than the one specified in section 13(5) at any time during any previous year commencing on or after 1-4-1982, the trust or institution would not be entitled to exemption under section 11 for the assessment year 1983-84 and subsequent years.but then, by finance act, 1983, yet another amendment was made to section 13(1)(d) by introducing a cut-off date for changing the investment in line with the pattern laid down ..... an assessee's appeal and it has been directed against the appellate order dated 22-6-1987 in ita no. .....

V.G. Ramachandran Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD545(Chennai)

..... therefore, it would not be a payment of salary outside the scope of section 10(10c), the characteristic cannot be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 with effect from 1-4-2004, the legislature intended to clarify the position that any amount received or receivable by an employee of a company who opts for voluntary retirement scheme, here the receivable means the voluntary ..... to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or receivable (i.e. ..... if we go by the intention of the legislature which has amended the proviso to section 10(10c) as, "or receivable" has been inserted with effect from 1-4-2004 by the finance act, 2003. ..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable: not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation therein continues to remain unchanged. ..... baskar who argued that, as per section 10(10c) any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 with effect from 1-4-2004. .....

Sree Vadivambigai Textiles (P.) Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)11ITD125(Mad.)

..... court as unconstitutional.since it has not been held as such by either the high courts within the country and the supreme court, therefore, we hold that it is the law of the land, in such situation being itself (amended section 80j) on the statute book (income-tax act, 1961) and, therefore, the tribunal has no jurisdiction to hold that it is not there till the writs pending in the supreme court are disposed of and the relief under ..... , the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and section 80j of the income-tax act, 1961, and restoring the matter to the income-tax "officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. ..... , the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter to the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. .....