Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat panji

Salgaocar Mining Ind. (P) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2006)102ITD289Panji

..... . it is, therefore, not possible to include the amount of interest in the "income-tax" so fixed by section 2 of the finance act, 1999, for the assessment year under consideration.8 ..... . secondly, while the rates of income-tax can fluctuate depending upon the provisions in the finance act enacted for each assessment year, the rate of interest continues to be fixed in terms of the provisions of sections 201, 234a, 234b and 234c of the it act, 1961 ..... year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for levy of additional income-tax) of this act in respect of the total income of the previous year of every person". in pursuance of the aforesaid provisions, the finance acts are enacted year after year to provide for the rates at which income-tax is required to be charged in a given assessment year ..... . as already mentioned above, "income-tax" is charged under section 4 of the it act at the rates specified in the first schedule to the finance act ..... . it means the income-tax which has been specified in schedule 1 to the finance act, 1999 and hence, its meaning cannot be artificially extended to include interest ..... . the amount of "income-tax" so fixed by the finance act can neither be increased nor decreased by any other sum including interest, penalty, fine, etc .....

Mormugao Port Trust Vs. the C.i.T.

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2007)109ITD303Panji

..... . from the assessment year 2003-04 section 10(20) was amended by the finance act 2002 by insertion of an explanation where the local authorities were defined ..... 2003-04 onwards, section 10(20) was amended by the finance act, 2002 by insertion of an explanation.thereafter, the exemption under the said section was limited to certain specified local authorities listed in the newly inserted explanation to ihe section. ..... carried on with the object of making profit is made abundantly clear by the provisions of section 30 under which, prior to the amendment of that section by the amendment act of 1959, the balance of income left, after utilization of the net profits for the purpose set out in section 30, was to be made over to the state government for the purpose of road development and after the amendment act of 1959 is to be utilized for financing the expansion programmes of the respondent-corporation and the remainder, if any, is to be made ..... chief minister of delhi (page 357 of the paper book), wherein the honble finance minister had explained that assessees working for advancement of general public utility, and without profit motive, can claim exemption from income-tax as a charitable institution alter milling certain prescribed conditions, even though exemption of income under section 10(20), which was earlier available to them, now stands withdrawn in view of the explanation inserted by the finance act 2002.according to the ld. .....

S.A. Waisingh Laxmansnvgh Rajfut Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2004)86TT(JP.)anji901

..... 234b with retrospective effect from 1-4-1989, by the finance act, 1995 by which "assessed tax" for the purpose of section 234b of the act has been defined to mean tax on the total income determined under section 143(1) or on regular assessments as reduced by the amount of tax deducted or collected at source on any income which is subject to such deduction or collection and which is taken into account in computing such total income the decision of hon'ble ..... with retrospective effect from 1-4-1989, interest under sections 234a and 234b of the act could be charged on the tax on the total income as declared on the return and not on the income assessed, however in view of the retrospective amendments this proposition of law no more holds good and, therefore, i am inclined to agree with the counsel for the assessee that these retrospective amendments in section 234a and section 234b of the act have the effect of overcoming the decision of hon ..... (supra).in other words it is now settled law that interest under sections 234a and 234b, even after retrospective amendments in sections 234a and 234b, cannot be charged and recovered from the assessee if there is no specific order of the assessing officer for charging of such specific interest in the assessment order.so far as submissions of the learned departmental representative that levy of interest under sections 234a and 234b being mandatory as has been by the hon'ble supreme court .....

Hindustan Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

..... that even if it was considered to be a sale of a tenancy right held by the assesser in the land, the same was taxable as capital gains in view of the amended provisions of section 55(2)(a) with effect from 1.4.95.6. ..... under the provisions of section 2 (42a) of the act, an asset would be long-term capital asset if the same was held by the assessee for more than 36 months immediately preceding the date of its transfer.according to the assessing officer ..... having regard to this basic feature to the provisions of section 143(1)(a), we are of the view that interest under chapter xvii-f is required to be levied in an intimation u/s 143(1)(a) in the same manner as computed by the assessee himself while working out tax or interest payable ..... definition of the definition of "undertaking" as given in section 2(v) of monopolies trade practices act, 1969. ..... assessee could not muster sufficient funds to complete the hotel and finally the assessee sold the entire project comprising the land and the incomplete building to peerless general finance & investment ltd. ..... remaining instalments which fell due on or before 15.9.95, 15.12.95 and 15.3.96.on assessee's appeal against levy of interest u/s 234c, the learned ict(a) held that there was no appeal provided under the provisions of section 246(1) of the act against levy of interest u/s 234c. ..... to recompute capital gains chargeable to tax in accordance with the above directions having regard to various deductions provided under the act in this behalf.19. .....