Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD226(Mad.)
..... it must be remembered that the law prior to the retrospective amendment by the finance act, 1975, with effect from 1-4-1973 was that a provision made on an actuarial or scientific basis towards gratuity by an assessee who keeps accounts on mercantile basis was allowable as a deduction following the rationale of ..... though, section 40a(7)(a) bars the deduction of provision because of the insertion of section 40a(7) by the finance act, 1975, with retrospective effect from ..... this is the principle embodied in sub-clause (i) of clause (b) of sub-section (7) of section 40a.since, however, this provision was brought into effect retrospectively by the finance act, 1975, with effect from 1-4-1973, it was decided that an opportunity should be given to those employers who had already made provisions to create a gratuity fund before 1-4-1976 and make payments to ..... on the ground that the assessee did not satisfy the conditions under section 40a(7)(b)(ii)(3) of the income-tax act, 1961 ('the act') requiring 50 per cent of the payment before 1-4-1976 and the ..... sub-clause (ii) of clause (b) of sub-section (7) of section 40a applied to all cases of all the assessees for the assessment years 1973-74 to 1976-77.a plain reading of the act, he contended, would point out only to ..... the first exception is available in sub-clause (i) of clause (b) of sub-section (7) of section 40a which stipulates that any provision made by the assessee for the purpose of payment of a sum by way of any contribution towards an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)74ITD504(Mad.)
..... 271(1)(c) is concerned and further amendments brought by the taxation laws (amendment) act, 1975 as well as explanation introduced by finance act, 1964, the hon'ble orissa high court ..... " "a conspectus of the explanation added by the finance act, 1964, and the subsequent substituted explanation makes it clear that the statute visualised the assessment proceedings and penalty proceedings to be whole distinct and independent of ..... inserted by the finance act, 1964, w.e.f ..... 271(1)(c) is reproduced below : "explanation 1 : where in respect of any facts material to the computation of the total income of any person under this act, (a) such person fails to offer an explanation or offers an explanation which is found by the ito or the aac [or the cit(a)] to be false, or (b) such person offers an explanation which he is not able to substantiate, then, the amount added or disallowed ..... inserted by taxation laws (amendment) act, 1975, w.e.f. ..... such an exercise will not absolve him of the consequences flowing from an act which on his part had already been completed, namely, the concealment of income or the ..... (c) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed ..... 106 of the indian evidence act, 1872, gives statutory recognition to this universally accepted rule of ..... ram bharose (1987) 165 itr 14 (sc) the burden placed upon the assessee is not discharged by any ..... as the accounting year of the assessee is from 1st june, 1986 to 31st may, 1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD53(Chennai)
..... ) which reads as under:- having regard to the amendment of the definition of the word 'plant' in section 43(3), with effect from 1-4-1962, which amendment has been effected by the finance act, 1995, it must be held that the birds being 'livestock' could not be regarded as capital assets and, therefore, are required to be valued as part of the stock-in-trade of the assessee. ..... admittedly, provision of depreciation on live stock has been withdrawn by amendment of section 43(3) with retrospective effect from 1-4-1962 by finance act, 1995. ..... the expression "business" as defined in section 2(13) of the income-tax act, reads as under:- 'business' includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.state of andhra pradesh v. h. ..... he submitted that in income-tax act, such provision had already been withdrawn with effect from 1-4-1962. ..... the decrease in value of horses computed by the assessee, therefore, is only in the nature of depreciation, and it is not allowable since the provision granting depreciation had been removed from the income-tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)105ITD623(Chennai)
..... the relevant circular reads as under: 23, amendment of section 14a23.1 through the finance act, 2001, a new section namely 14a was inserted in the it act retrospectively w.e.f. ..... 23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the ao shall not reassess the cases under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the ..... as under: restriction on reopening of completed assessments on account of provisions of section 14aclarification regardingthe finance act, 2001, has inserted section 14a in the it act, 1961, wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under the act. ..... (st) 9] was issued elaborating the scope and effect of insertion of proviso to section 14a of the act by the finance act, 2002 w.e.f. ..... the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the ao either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD315(Mad.)
..... with a view to removing hardship to retiring employees, the finance act, 1982 inserted, with retrospective effect from 1-4-1978, a new clause (10aa) in section 10 of the act, which exempts such receipts from income-tax, to the extent ..... prior to the introduction of section 10(10aa) by the finance act, 1982, with retrospective effect from 1-4-1978, any amount received by an assessee, on his retirement from service, by way of cash equivalent of unutilised earned leave was chargeable to tax under the ..... , every time the central government scheme was amended, consequential amendments were made to section 10(10aa) also. ..... subsequently, invoking the powers vested in him by and under section 263 of the income-tax act, 1961, the commissioner of income-tax called for and examined the assessment records ..... there is nothing in the said explanation to suggest even remotely that the benefit of section 10(10aa) is to be limited to only those non-government employees in whose cases the leave encashment scheme itself stipulates that the entitlement to earned leave shall not ..... the new clause was amended by the taxation laws (amendment) act, 1984, again with retrospective effect from 1-4-1978, making it clear that the exemption will be available only in respect of payments received at the time of retirement, whether it be on superannuation ..... the assessee is directed against the order dated march 17, 1987 passed by the commissioner of income-tax, tarnilnadu-i under section 263 of the income-tax act, 1961.2. .....
Tag this Judgment!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. .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD570(Mad.)
..... in section 115j, which was enacted by the finance act, 1987 w.e.f. ..... section 115j was inserted by finance act, 1987 w.e.f. ..... section 115j was enacted by the finance act, 1987 w.e.f. ..... the learned cit is of the view that he claim put in by the assessee should not have been allowed in the assessment because, as according to him, even for purposes of section 115j there was normal computation of the total income under other provisions of the income-tax act in terms of which the depreciation calculated as per income-tax rules had been taken into account though tax was levied on the basis of 30% of the book profits.he also ..... of an assessee being a company (other than a company engaged in the business of generation or distribution of electricity) the total income, as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1988 but before the 1st day of april, 1991 (hereafter in this section referred to as the relevant previous year), is less than thirty per cent of its book profit, the total income of such assessee ..... to our mind it seems that the prohibition (assuming it to be a prohibition) contained in sub-section (2) of section 115j would apply in equal force both to the first limb of section 115j(1) namely computation of total income in accordance with the other provisions of the act and the second limb of section 115j(1) namely computation of 30% of the book profits read with the explanation thereto. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)25ITD1(Mad.)
..... aiyer explaining the changes in the law relating to capital gains in section 45 of the income-tax act brought about by the finance act of 1964 : (i) bonus shares - an assessee who holds any equity shares and receives any bonus shares will be liable to be charged to income-tax under the head 'capital gains' in respect of such bonus shares, as if he had transferred ..... this would be clear when we take into account the amendments brought about in section 55(2)(i) of the act with reference to the date of substitution which was originally 1-1-1954, which was later on amended as 1-1-1964 by the finance (no. ..... 2) act of 1977 with effect from 1-4-1978 and subsequently as 1-4-1974 by the finance act of 1986 with effect from 1-4-1987.we derive support for this view of ours from the twelfth schedule of the income-tax act, 1961, which was introduced with effect from 1-4-1983, by the finance act, 1982. ..... ) of 1985, dated 14-8-1987] wherein the appellate tribunal had upheld the decision of the cit (appeals) in the following words : the next question to be decided is as to the percentage rate at which the capitalisation should be made. ..... 1-4-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD1a(Mad.)
..... further amendments were made by the finance act of 1983andfinance act ..... advertisement and publicity expenditure, could be considered only in the hands of the trust and not in the hands of the appellant and whether such expenditure incurred by the trust would fall within the mischief of section 37(2a) or section 37(3 a) of the act would also come up for consideration as and when the trust incurs the expenditure in the respective years in its hands and that these factors would not stand in the way of the allowance of the present ..... alleged to have been spent for dealers' conference during the years ended 31-10-1985, 31-10-1986 and 31-10-1987, respectively by the trust. ..... out the expenditure incurred by the dealers' welfare trust in the three years ended 31-10-1985,31-10-1986 and31-10-1987 with corresponding figures incurred by the appellant-company during the calendar years 1983,1984, 1985, 1986 and 1987. ..... 1,26,36,000 in 1987 relevant for the assessment ..... cit [1987] 166 itr 418/33 taxman ..... ito [1987] 23 itd 274 ..... were said to have been spent on dealers as well as promotion (sic) for the years ended 31-10-1985, 31-10-1986 and 31-10-1987, respectively. ..... was with the sister concerns of the appellant, that as on 31-10-1986 and subsequently as on 31-10-1987 it was rs. ..... by the trust under the various heads, such as dealers' conference expenses, dealers' welfare expenses, dealers' tie-up advertisement and incentives to the dealers during the previous years ended 31-10-1985,31-10-1986 and 31-10-1987. .....
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