Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat mumbai Page 6 of about 145 results (0.201 seconds)

Bharat S. Shah Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD200(Mum.)

..... examined the rival submissions in the light of amended provisions, we find that under section 55, the amendment was brought by finance act, 1995 w.e.f. ..... was not proper and cost of acquisition should be worked out as per amendments by finance act, 1995, according to which the cost of additional benefits would be at ..... the effect of the judgment of the apex court, clause (aa) was inserted in section 55(2) by finance act, 1995 w.e.f. ..... 1st april, 1996 in which shares or the securities within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956 have been referred to as "financial asset" and it has been laid down that in a case where by virtue of holding a capital asset, being a financial asset, the assessee becomes entitled to subscribe to any additional financial ..... keeping in view the aforesaid legal position after the amendment, we have examined the facts of the instant case and we find that the assessee has acquired the tocd of reliance ..... assessee was examined by the ao and he opined that where the assessee becomes entitled to any additional financial asset without payment and if he renounces such entitlements, the cost has to be taken at nil as per sub-section (2)(aa) of section 55 of the it act (hereinafter called as an act). ..... (a) re-examined the issue in the light of amended provisions and confirmed the order of the ao.5. ..... as such, in view of the amended provisions, the original cost of shares cannot be spread over for working the capital gain .....

Second Wealth-tax Officer Vs. Smt. Radha R. Joshi

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD110(Mum.)

..... the words in the definition of industrial company in explanation to clause (xxxi) of section 5(1) are identical with the words in the definition of 'industrial company' in the finance act with only one difference and that difference is that whereas in the definition of 'industrial company' the words are 'mainly engaged in the business of ... ..... the question was whether the assessee-company was an industrial company within the meaning of section 2(7)(d) of the finance act, 1966. ..... , first schedule, part ii, paragraph d, proviso (iii)(a) of the finance act, 1964, contained words 'wholly or mainly engaged in the manufacture or processing of goods'. ..... we find that the orissa high court in that case was concerned with provisions in section 80hh of the income-tax act, 1961 wherein there was no definition of the term 'industrial undertaking'. ..... be an independent activity and not an activity in the process of construction which is the main activity.consequently, the decisions of the bombay high court referred to above are not rendered inapplicable for the purpose of clause (xxxii) of section 5(1) because of absence of word 'mainly' in the definition of industrial undertaking in explanation to clause (xxxi ..... each assessee pleaded that the said business came in the category of 'industrial undertaking' within the meaning of explanation below clause (xxxi) of section 5(1) of the wealth-tax act, 1957 and as such exemption contemplated in section 5(1)(xxxii) should be granted. .....

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... books of geb, depreciation was provided and was being provided till date for the purpose of arriving at the actual profit or loss for the year in terms of the provisions of section 59 read with section 63 of the electricity (supply) act, 1648 and that however while working out the taxable income of the board, a decision was taken to add back the realised value of the assets sold to their net ..... a notification on 1st february, 1993 and published the same in the gazette, granting exemption to the sale of plant and machinery to geb by a registered dealer or by a lease finance company or financial institution, provided the geb furnished to eh dealer to the lease finance company or financial institution a certificate in the form appended to the notification declaring inter alia that the plant and machinery so purchased shall be used by geb in the generation and ..... . where an asset has been sold and required by an assessee by way of lease, hire or otherwise, it was proposed to make an amendment to the effect that in such cases the actual cost for purpose of deduction of depreciation shall be the written down value at the time of ..... after the judgment of the supreme court, the relevant distillery rules were amended to provide that the excise duty paid by the purchaser of the liquor is includible in the turnover.consequent to the amendment, notices are issued by the sales tax officer to the company proposing to include such excise duty in the turnover the matter again reached the supreme .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... that if rseb defaults in making payment of any instalment of lease rental or any other monies payable under the lease deed, it shall be liable to pay to the assessee on the amounts in default, finance charges at the rate of 20 per cent from the date on which the amounts became payable till the date of actual payment, it is clear from these clauses in the preamble as well as the ..... in which case no depreciation would be available to the lessor; it was also open to the legislature to ignore the legal ownership of the assets and go by the economic substance of financing leases and accordingly provide that depreciation would be available in respect of leased assets only to the lessee who actually uses the assets and thus deny any depreciation allowance to the lessor. ..... would be a negative cash flow and the only reason why the assessee would put up with such a situation is the benefit of depreciation and deduction under section 36(1)(viii); (e) the assessee's calculations do not take into account the deduction under section 36(1)(viii) against the lease income as it should be and if it is so taken into account, the lease income and interest income would be the ..... (finance), geb recorded under section 131 of the it act on ..... an asset has been sold and reacquired by an assessee by way of lease, hire or otherwise, it was proposed to make an amendment to the effect that in such cases the actual cost for purpose of deduction of depreciation shall be the written down value at the ..... cit (1987) 166 .....

Raptakos, Brett and Co. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT17(Mum.)

..... our attention was particularly drawn to the following extracts from the memorandum explaining the provisions of finance bill, 1995 as contained in ((1995) 212 itr 354 (st)) "the first proviso to section 32(1)(ii) of the income tax act, which was inserted by the finance act, 1966, provides that where the actual cost of any individual item of machinery or plant does not exceed rs. ..... the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income tax act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications : (1) where the full value of the consideration received or accruing as a result of the transfer of the asset together with the full value of such consideration received or accruing as a result of the ..... our attention was drawn to the notes on clauses of finance bill, 1995 ((1995) 212 itr 297 (st)) as well as to the memorandum explaining the provisions of finance bill, 1995 ((1995) 212 itr 354 (st)), which refer to the first proviso to section 32(1)(ii) of the income tax act, 1961 as providing for depreciation. ..... it was argued that by claiming a long term capital loss, the assessee was trying to get 200% deduction of the cost of cylinders, first by way of deduction under section 32 and second by way of deduction from the sale proceeds.we have considered the rival submissions. ..... on 28-11-1987, the assessee purchased gas cylinders costing rs. .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... carries on business for various ventures, some of which yield taxable income and others do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation ..... cit (supra) is concerned, the learned departmental representative has invited our attention to the object of introduction of section 14a with the submission that section 14a has been inserted by the finance act, 2001 with retrospective effect from the 1st day of april, 1962 to nullify the decision of the supreme court in the case of rajasthan state warehousing corporation (supra). ..... (supra) in which the hon'ble high court have not examined the object and scope of section 14a introduced by finance act, 2001 and have laid down the ratio following the judgment of the apex court in the case of cit v. ..... the judgments relied on by the assessee relate to the pre-amendment period and were rendered following the judgment of supreme court in the case of ctt v. ..... as such, placing the reliance upon the judgment of the apex court in the case of rajasthan state warehousing corporation (supra) is not proper, as it cannot be followed in the light of the statutory amendment. .....

Deputy Commissioner of Income Tax Vs. Boston Consulting Group Pte. Ltd ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD31(Mum.)

..... 26.2 the finance act has inserted a new section 44d in the it act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical ..... finance act, section ..... wordings of these grounds of appeal, in our considered view, the actual issue we are required to adjudicate in this appeal is whether or not the limitation on deduction for expenses, as set out in section 44d of the it act, will apply in a case where the related income is not in the nature of 'fees for technical services' so far as meaning of the said expression under the applicable bilateral tax treaty is concerned ..... therefore, the issue requiring our adjudication is whether or not the limitation on deduction for expenses, as set out in section 44d of the it act, will apply in a case where the related income is not in the nature of 'fees for technical services' so far as meaning of the said expression under the applicable bilateral ..... finance act ..... reproduce article 7 and article 12 of the applicable tax treaty and section 44d and section 115a of the indian it act, as they stood at the material point of time, which provide ..... one of the limitations on deduction of expenses in the indian it act is set out in section 44d, which, inter alia, lays down that, notwithstanding anything contained in sections 28 to 44c, a foreign company is not to be allowed any deduction of expenditure "in computing the income by way of royalty or fees for technical services" earned from indian government or an indian .....

Burlingtons' Exports Vs. Assistant Commissioner Of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD424(Mum.)

..... , the finance act, 1987 has inserted new sub-section (4) in section 45 of the income-tax act, 1961. ..... by way of distribution of capital asset by a firm, an association of persons or a body of individuals, the fair market value of the asset as on the date of transfer shall be deemed to be the full value of the consideration as a result of such transfer consequential amendments to sections 47 and 49 have also been proposed.the central board of direct taxes has issued a circular regarding the scope of the newly added provision and in paragrpahs 24.3 and 24.4 of the said circular bearing no. ..... section 47(ii) hitherto exempting distribution of capital assets on the dissolution of the firm, association of persons, body of individuals, by not treating the distribution as transfer has been deleted consequent upon the amendments being made to section 45 of the act, as ..... supra) in this connection: it is worthy of note that 'capital gains' were charged for the first time by the income-tax and excess profits tax (amendment) act, 1947, which inserted section 12b in the act. ..... as a consequential measure, clause (ii) of section 47, has been omitted and sub-clause (b) of clause (iii) of section 49(1) has been amended. ..... similarly, section 49(1)(iii)(b) was amended with regard to the deemed cost of acquisition under the existing provisions where the capital asset becomes the property of the firm on any distribution of assets on the dissolution of a firm, body of individuals or association of .....

Abdulgafar A. Nadiadwala Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD394(Mum.)

..... appeal is 1996-97.therefore, we have to deal with the section as it existed before its amendment by the finance act of 1977 (supra).32. ..... section had been amended by the finance act ..... before its amendment by the finance act of 1997 ..... assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, a deduction of an amount equal to fifty per cent of the income so received in, or brought into india, in computing the total income of the assessee.31. ..... 80hhc is that the assessee should be in the business of export out of india of any goods or merchandise to which this section applies.therefore it will be necessary for us to ascertain as to whether the assessee is engaged in the business of export out of india of any goods or merchandise and whether the assessee ..... disclosed sources in the return of income should not form the subject-matter of adjudication in the block assessment.keeping in view the scheme of block assessment and other provisions of the act, we are of the considered view that the ao should start the computation of undisclosed income with the figure of returned income filed under s. ..... merchandise to which this section applies and which are exported out of india, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of .....

Jt. Commissioner of Income-tax, Vs. D.C. Polyster Pvt. Ltd., Sir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD394(Mum.)

..... sections (1) and (2), section 115j is in keeping with the avowed purpose for which chapter xii-b was introduced in the act by the finance act, 1987 ..... established that a loss has taken place which the assessee is entitled to have carried forward and set off under the provisions of sub-section (1) of section 72, sub-section (2) of section 73, sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74a, the assessing officer shall notify to the assessee by an order in writing the amount of the loss as computed by him for the purposes of sub-section (1) of section 72, sub-section (2) of section 73, sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74a.19. ..... net profit by the amounts referred to in clauses (i) and (ii)] aitributable to the business, the profits from which are eligible for deduction under section 80hhc or section 80hhd; so, however, that such amounts are computed in the manner specified in sub-section(3) or sub-section (3a) of section 80hhc or sub-section (3) of section 80hhd, as the case may be; or] (iv) the amount of the loss or the amount of depreciation which would be required to be ..... in reopening the assessment merely because of the change of opinion on the part of the assessing officer ignoring the fact that section 147 of the income tax act, 1961 had been amended by direct tax law (amendment) act, 1989 w.e.f 1.4.89 and the assessee's case falls under sub-clause (iv) of clause (c) below explanation 2 of section 2. .....