Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat nagpur Page 1 of about 13 results (0.110 seconds)

Nagpur Alloys Castings Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1992)43ITD659(Nag.)

..... it is further notable that such deduction is to be allowed before the losses if any brought forward from earlier year is set off under section 72 (vide amendment made by the finance act, 1987). ..... by the new scheme relating to investment deposit account along with the proposed high depreciation rates which were provided by the finance act, 1986 and brought in by the income-tax amendment rules of 1987, the retained earnings and international resources generation of the company would improve. ..... along with the full compliances of the terms and conditions prescribed under section 32ab of the act, and under item no.13 of part iii of such report, a figure of benefit available to the assessee under section 32ab was given which was higher than the figure which in the long term was more beneficial to the assessee, than the deduction allowed under section 32a, then the assessing officer was bound to invite the attention of the ..... the departmental representative very succinctly submitted that the case laws relied upon by the assessee are under the old act or under the amended provisions of the act and as such, could not be relied upon by either side to strengthen their cases. ..... after hearing the speech of the finance minister on 19-3-1990, the assessee filed a revised return for the assessment year 1989-90 proposing to withdraw the claim of investment allowance under section 32a and pressing for the claim of investment deposit scheme allowance under section 32ab of the act. .....

Ramlal Agrawal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2003)78TTJ(Nag.)123

..... the provisions of section 147 as amended by the finance act, 1987, w.e.f 1st april, 1989 reads as follows: "147 income escaping assessment ..... as per the proviso to section 147 substituted by the direct tax laws (amendment) act, 1987, w.e.f. ..... it is pertinent to note that section 147 was substituted by the direct tax laws (amendment) act, 1987, w.e.f. ..... and goes to show that the information ,was the basis for forming belief about the escapement as per the pre-amended provisions and the ao was required to have such information in his possession to enable him to validly acquire the jurisdiction under section 147 and in the absence of the very existence of such information, the various judicial authorities proceeded to conclude that the ao did not have jurisdiction to assess or reassess the ..... 1st april, 1989 and as per the amended provisions of the said section the only condition precedent for acquiring jurisdiction under section 147 is that the ao should have reason to believe that income chargeable to tax has escaped assessment ..... the learned counsel for the assessee brought to our notice the original order of assessment under section 143(3) in this case wherein the ao has acknowledged the intimation by the assessee under section 176(3) of the it act, 1961, the fact of dissolution of the firm. ..... 14th june, 2001, filed before the cit(a) under section 154 of the it act, 1961, seeking to rectify errors apparent on the face of the record of his order ..... after the amendments made to section 147 w.e.f .....

South Eastern Coalfields Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2003)260ITR1(Nag.)

..... . in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalize the provisions, the amending act, 1987, has amended clause (vii) of section (1) and clause (i) of sub-section (2) of the section to provide that the claim for the bad debt will be allowed in the year in which such a bad debt has been written off as irrecoverable in the accounts of the assessee. 6.7 ..... the effect of the amendment brought about by the finance act, 1987, is that no deduction will be allowed in the assessment of the employer(s) unless such contribution is paid to the fund on or before the 'due date'. ..... the intention of enacting the provisions of clause (va) of section 36(1) as given in clause 12.1 of the explanatory note on the provisions of the finance act, 1987, are extracted below : "12.1. ..... . (1995) 211 itr 357 (bom) has taken a different view on this issue considering that sub-section (4) of s.37 inserted by the finance act, 1970, prohibits totally any allowance in respect of any expenditure on the maintenance of a guest-house incurred after 28th feb ..... . from the perusal of the aforesaid observations, it can be reasonably gathered that after the insertion of sub-section (4) and sub-section (5) of section 37 by the finance act, 1970, any expenditure on the maintenance of a guest-house incurred after 28th feb .....

South Eastern Coalfields Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2002)77TTJ(Nag.)401

..... officer has not made any addition on this issue and the claim of the assessee was accepted by the assessing officer as it is without making any discussion in his order passed under section 147.the direct tax law (amendment) act, 1987, substituted the present section 147 in place of the earlier one with effect from 1-4-1989, which reads as under : "if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment ..... the effect of the amendment brought about by the finance act, 1987, is that no deduction will be allowed in the assessment of the employer(s) unless such contribution is paid to the fund on or before the due date.due date means the date by which an employer is required to credit the contribution to the ..... the intention of enacting the provisions of clause (va) of section 36(1) as given in clause 12,1 of the explanatory note on the provisions of the finance act, 1987, are extracted below : "12.1. ..... we are not inclined to follow the above decisions in the present case.from the perusal of the aforesaid observations, it can be reasonably gathered that after the insertion of sub-section (4) and sub-section (5) of section 37 by the finance act, 1970, any expenditure on the maintenance of a guest-house incurred after 28-2-1970, as also depreciation in respect of any building use as a guest-house or any assets used in such guest-house has been made expressly inadmissible.however, .....

income-tax Officer Vs. Shayam Timber Traders

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1994)51ITD401(Nag.)

..... section 44ac of the act was inserted in the act by the finance act, 1988 with effect from 1-4-1989 and later amended by direct tax laws amendment act, ..... section 206c was also introduced by the finance act, 1988 and it provides for collection for tax at source at the time of purchase of any of the goods specified in section 44ac of the act ..... the finance act, 1988 had introduced a new section 44ac in the income-tax act which is a special provision for computing the profit and gains in case of persons engaged in the trading of (1) country liquor; (2) timber obtained under forest lease; (3) timber obtained by any mode other ..... it is notable that the amendments later on made relating to section 44ac of the act came into force with effect from 1-4-1989 and has to apply in relation to assessment ..... basis was to get over the problems faced in assessing the income and recovering the taxes in the cases of persons dealing mainly in liquor, timber and forest produce.thus this section was introduced in the act with a view to help the assessing officer in framing assessments in special cases only. ..... the assessee was following diwali year as his accounting year.as with effect from assessment year 1989-90 the income-tax act provided that the financial year ending on 31 st march of every year had to be treated as accounting period for all the assessees, the assessee chose to close the account ..... assessee for this year consisted of more than 12 months that is to say from 23-10-1987 (diwali) to 31-3-1989. .....

inspecting Assistant Vs. Ballarpur Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1987)21ITD164(Nag.)

..... 1,30,682 constituting mess expenses incurred for food and beverages provided to its constituents as expenditure not in the nature of entertainment expenditure, whereas by a retrospective amendment made to section 37(2a) of the income-tax act, 1961 ('the act') with effect from 1-4-1976 by introduction of explanation 2, the 'entertainment expenditure' would include expenditure on provision of hospitality of every kind by the assessee to any person, whether by way of provision of food or beverages or in any other manner whatsoever and ..... where the provisions of a statute relate to the performance of a public duty and the case is such that to hold null and void acts done in neglect of that duty would work serious general inconvenience or injustice to persons who had no control over those entrusted with the duty, and at the same time would not promote the main object of ..... as the judgment of the bombay high court has been pronounced on the basis of the law as it existed before the amendment, that judgment would not have any application to the issue under consideration. ..... on merits also explanation 2 to section 37(2a) as inserted by the finance act, 1985 with effect from 1-4-1976 does not overrule the decision of the bombay high court in cit v. ..... shah nanji nagsi [1979] 116 itr 292 and the views taken by the tribunal earlier do not call for any rectification.the matter was once again reposted on 10-10-1986 and again on 9-1-1987 and 16-1-1987. .....

Ashok Commercial Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1989)29ITD320(Nag.)

..... finance act, 1988, in section 263 of the income-tax act, 1961, in sub-section (1) for the explanation, the following explanation was substituted with effect from 1-6-1988 : explanation : for the removal of doubts, it is hereby declared that, for the purposes of this sub-section, (c) where any order referred to in this sub-section and passed by the assessing officer had been the subject-matter of any appeal, the powers of the commissioner under this sub-section ..... shri dewani then submitted that present explanation to section 263(1) was substituted by the finance act, 1988, with effect from 1-6-1988 and, therefore, the same could not be applied retrospectively and would not affect the legal position as enunciated ..... pradesh high court had taken the view that an order passed by the ito in accordance with the directions of the iac under section 144a or 144b could be revised by the commissioner in exercise of his powers under section 263(1).secondly, according to shri dewani, the explanation introduced with effect from 1-10-1984 related to procedural matters whereas in the instant case ..... the new explanation was introduced simply to clarify the legislative intent which was there from the very beginning when section 263 was enacted and to declare the law to make the intention of the legislature clear.according to shri agrawal, the amendment being declaratory, will operate retrospectively despite the fact that it was introduced with effect from 1-6-1988. ..... [1987] 167 itr 671, which has been .....

Assistant Commissioner of Vs. Smt. Chandri N. Shah

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1999)71ITD231(Nag.)

..... after giving careful consideration, 1 am of the view that the order of the commissioner (appeals) is to be confirmed.section 2(9)(d) of- the finance act, 1992 provides that net agricultural income in relation to a person means the total amount of agricultural income from whatever, sources derived of that person computed in accordance with the rules ..... was not to be aggregated for rate purpose, in view of section 10(2a), with effect from 1-4-1993, and omission of section 67 and rule 5 of part iv of first schedule of finance act, 1992, with effect from the same date. ..... the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in the manner laid done in sub-sections (1), sub-section (2) and sub-section (3) of section 67 of the income tax act and the shares so computed shall be regarded as the agricultural income or loss of the assessee".provided that nothing contained to this rule shall apply for computing the agricultural income ..... the finance act, 1994, amended the rule 5 of part iv of schedule 1 which reads as under:- "rule 5 - where the assessee is a member of an association of persons or a body of individuals (other than a hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the income tax act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals ( .....

Assistant Commissioner of Vs. Smt. Chandri N. Shah. (Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

..... the finance act, 1994, amended the r. ..... i which reads as under : "rule 5 - where the assessee is a member of an aop or a boi (other than an huf, a company or a firm) which in the previous year has either no income chargeable to tax under the it act or has total income not exceeding the maximum amount not chargeable to tax in the case of an aop or a boi (other than an huf, a company, or a firm) but has any agricultural income, then, the agricultural income or loss of ..... rates of income are provided in the finance act and newly inserted s. 2(9)(d). ..... 5 of part iv of first schedule of finance act, 1992, with effect from same date i.e. ..... for every year, finance act provides the system of calculating agricultural income ..... 5 of part iv of first schedule of finance act, 1992, with effect from the same date. ..... under the finance act, 1992, the net agricultural income is defined as under : "2(9)(d) 'net agricultural income', in relation to a person, means the total amount of agricultural income, from whatever source derived of that person computed in accordance with the rules contained in ..... (3) of the it act and the shares so computed shall be regarded as the agricultural income or loss of the assessee.proviso to this section further states that nothing contained in this rule shall apply for computing the agricultural income of the assessee in relation to the assessment year commencing on or after the 1st day of april, 1993. ..... (b) of this section states that it includes any income derived from such land. .....

Commissioner of Income-tax, Vs. C.P. Syndicate, Nagpur.

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : 195222ITR493(Nag.)

..... this can only refer to the indian finance act, 1939, and necessarily includes the alterations made by the amending act, which had already come into force on the april ..... by sub-section (i) of section 6 of the indian finance act, 1939, income-tax for the year beginning on the april 1, 1939, is directed to be charged at the rate specified in part i of schedule ii and rates of super-tax are also provided for, and by sub-section (3) it is provided that for the purposes of this section and of schedule ii, the expression total income means total income as determined for the purposes of income-tax or super-tax, as the case may be, in accordance with the ..... year : provided that, where the loss sustained is a loss of profits or gains which would but for the loss have accrued or arisen within an indian state and would under the provisions of clause (c) of sub-section (2) of section 14, have been exempted from tax, such loss shall not be set off except against profits or gains accruing or arising within an indian state and exempt from tax under the said provisions : a proviso is not ..... income, profits and gains, from whatever source, in british india or out of british india, and that an income in an indian state has to be included in his total income liable to tax though income, profits or gains under section 14(2)(c) are exempt from taxation unless they are received or deemed to be received in or brought into british india in the previous year by or on demonstrate clearly the effect of these .....