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income-tax Officer Vs. Surjan Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)3ITD438(Delhi)

..... ) 90) from a careful reading of the idea behind the amendment introduced by the finance act, 1970, one thing appears to be clear, namely, that the definition of 'capital asset' was enlarged so as to bring within its fold some lands, which ..... having regard to the extent of and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the official gazette ; when the amendment was introduced, the then finance minister, who also happened to be the prime minister, spoke as follows: honourable members are aware that we are at present examining practical means of imposing a ceiling on urban property. ..... clauses of the finance bill read as follows: sub-clause (a) seeks to amend clause (14) of section 2 of the income-tax act which defines the ..... section 2(14), sub-clause (iii), which actually excludes agricultural land in india has undergone a vital change by the finance act ..... before the establishment of the corporation are situated within the local limits of the district board of delhi established under the punjab district boards act, 1883 (punjab act xx of 1883), but shall not include such portion thereof as may, by virtue of a notification under section 507, ceases to be included in the rural areas as herein defined; there is also definition of 'urban areas' as per clause ..... however, in view of the proposed amendment to section 47 of the income-tax act, under clause 11 of the bill, capital gains arising from transfers of such land effected .....

income-tax Officer/Wealth-tax Vs. R. Brahadeeswaran/N. Srinivasan

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)6ITD798(Mad.)

..... ap artition; (b) 'partial partition' means a partition which is partial as regards the persons constituting the hindu undivided family, or the properties belonging to the hindu undivided family, or both.simultaneously, section 20a was introduced in the 1957 act in the following terms: where a partial partition has taken place after the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,-- (a) such family ..... taken out of the huf as continuing to be that of the huf and, therefore, the assessments were valid and should be restored.on the other hand, the contention of the assessee was that on the wording of the sections there could only be an assessment in the status of huf and in the absence of a further provision deeming the asset and income which has gone out of the huf to continue to be that of the huf, ..... amendment is similar to the amendment proposed to be madel in section 171 of the income-tax act ..... we do see that while introducing sub-section (9) to section 171, the finance minister observed as follows: as hon'ble members are aware, the separate treatment accorded to hindu undivided family in tax laws has been ..... my learned brother has copiously extracted the finance minister's observation, notes on clauses and the memo explaining the provisions of the amended law which clearly show that the amended law seeks to prevent attempts on tax avoidance in the guise of creation of multiple huf's by ..... section 28 of the finance ..... finance .....

income-tax Officer Vs. First Leasing Co. of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)13ITD234(Mad.)

..... the learned counsel for the assessee submitted that when a plain reading of the statutory provisions led to an interpretation which was certain, the question of calling in aid the speeches of the finance minister, which set out the objects for introduction of the provision did not arise.he also submitted that it was settled law that while circulars of the cbdt could give an extra judicial ..... this regard it may be said that cases have arisen with reference to the provisions of section 36(2) of the act where a bad debt has been claimed by a particular assessee by writing off in its accounts but the original advance was made by a different assessee and the courts have held that the requirements of section 36(2)(i)(a) of the act are satisfied though the section required that the amount in question should have been taken into account in computing the income ..... in relation to the finance act, 1981 in circular ..... counsel took us through the reasons which weighed with government in introducing the provisions relating to grant of investment allowance.she stated that such reasons stood enumerated in the budget speech of the finance minister for the year 1976-77--[1976] 102 itr (st. ..... the learned standing counsel then referred to the finance minister's second budget speech for 1977-78--[1977] ..... by way of grant of investment allowance was extended further to other industries and that found reference, it was submitted in the budget speech of the finance minister for 1981-82--[1981] 128 itr (st.) 2. .....

P.S.B. Finance Investment Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD9(Delhi)

..... based upon section 32(1a) of the income-tax act which was introduced by the taxation amendment act, 1970 w.e.f ..... dealing with this argument, the learned accountant member pointed out that before the introduction of the section the law was that assessee who takes on lease business premises was not entitled to any depreciation on the amount spent for renovation or extension or improvement and that it was to provide ..... counsel for the assessee admitted that an application under section 154 of the act has already been moved before the iac(a) to make ..... when the expenditure incurred was of capital expenditure and if the expenditure incurred was not of capital expenditure, the question of allowing any depreciation would not arise and, therefore, section 32(1a) could not come in the way of the assessee's claim to allow the exependiture as revenue expenditure. ..... the estimate of advance tax filed on 23-12-1981 purporting to be under section 209a(4) of the act was not a valid estimate as it was filed after the 15th december on which date the last intalment of advance tax was payable by the assessee.therefore, nothing hinges on the default ..... dated 15th december, 1981 from skipper construction company to hemkunt stating "as finally resolved with you we agree to purchase the following commercial space in jhandewalan towers from m/s p.s.b.finance and investment ltd. ..... company, engaged in the business of financing and investments. ..... for sale of tata mercedes trucks as well as hire-purchase finance. ..... finance .....

National Engg. Co-ordination Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1992)43ITD612(Pune.)

..... in this finding by the finance minister's budget speech and the notes on clauses explaining the provisions of the finance act, 1983 which clearly brings out that the expression "invest" or "deposit" used in section 13(1)(d) only directs the modes ..... on by the assessee amounts to a business activity (c) whether the chick levy voluntarily contributed by the poultry farmers and hatcheries or collected by the assessee is income from business activity (e) whether the provisions of section 13(1)(d) of the act are applicable to arrive to the correct findings on these points, it is necessary to scrutinise the facts from the relevant evidence brought on record and particularly in the light of the case law cited and relied ..... (supra) for the proposition that activities of the members who promoted the trust are not relevant for the purpose of considering exemption under section 11.the high court observed that concentration and attention must be on the assessee as such and not on those who either promoted it or ..... the case law relating to interpretation, of section 2(15) before its amendment is no longer good law and it ..... the assessments for assessment years 1987-88 and 1988-89 were completed almost after a year on 20-3-1991 by repeating the reasons given in the assessment year 1986-87 with a difference that in the assessment year 1988-89 a reference was made ..... in the assessment years 1986-87, 1987-88 and 1988-89 another issue has been ..... -86 were completed on 13-3-1987 and 10-3-1989 respectively. ..... [1987] .....

income-tax Officer Vs. W.D. Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD473(Mum.)

..... the amendment brought about by the finance act, 1984 empowered the department to acquire apartments in multistoreyed buildings by payment of a solatium.the stiff rise in prices was on account of the fact that the builders and purchasers of the flats/apartments became ..... have to bear in mind that there were proceedings against the assessee under the provisions of section 132 of the act and no incriminating documents suggesting receipt of'on money' payments were seized in the course of the ..... was then pointed out that after chapter xxviii of income-tax act was amended, the booking rates of flats all over bombay started shooting ..... a further notification on 6-8-1970 under section 6 of the act that the land was so required ..... on 9-6-1987 a notification under section 4 of the land acquisition act was published in which it was stated that powai land was likely to be needed for public purpose of housing scheme ..... doing so, he merely relies on report published by national institute of public finance and policy which had only disclosed a trend in metropolitan towns and cities ..... lakhs was influenced by a report published by national institute of public finance and policy in march 1985 titled "aspects of the black economy in ..... mentioned in this connection that the reason that persuaded the cit (appeals) to confirm a minor part of the addition made by the assessing officer, was this report published by the ministry of finance and also the so-called comparable cases. ..... cit [1987] 166 itr ..... [1987] 163 itr .....

Tamil Nadu Cements Corpn. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)49ITD39(Mad.)

..... in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book-profits' on certain companies. ..... present case, we were only applying the mischief rule inasmuch as the assessees made representations that the determination of the book profit without adjustment of past years' results would be unfair and the hon'ble finance minister introduced the amendment to allay that grievance.since he has done so with reference to the provisions of the companies act, it was very material to know the basis on which such assurance was given. ..... been followed, the department would have been forced to bring this matter to the notice of the hon'ble finance minister, and the latter would have certainly clarified what he meant while incorporating a provision of the companies act into the income-tax act, and particularly whether he intended to have that expression in the companies act to have quite a different meaning for the purpose of income-tax, even though he had stated that he wanted to give ..... since the revenue is not able to demonstrate that this expression meant something different in the companies act and since the hon'ble finance minister himself has stated in his speech that he intended to allow the same adjustment as available in the companies act, it is not possible to hold that the word loss' in this expression referred only to gross loss before depreciation.6. .....

Commissioner of Income-tax Vs. Meera Engg. and Commercial Co. (P)

Court : Income Tax Appellate Tribunal ITAT Jabalpur

..... sophia finance ltd. ..... sophia finance ltd. ..... sophia finance ltd. ..... the fact that the assessee is incorporated under the companies act, is not disputed. ..... 256(1) of the it act is by the revenue, requiring this tribunal to refer the following questions as of law to the hon'ble madhya pradesh high court at jabalpur for their esteemed opinion : "1. ..... 68 of the it act without appreciating the fact that the restaurant was running in loss and the assessee was not able to explain the sources of cash credit 3. ..... 68 of the it act, made by the ao relying on the delhi high court decision in the case of cit vs. ..... 32 of the it act". ..... 133(6) of the it act. ..... 68 of the it act. .....

Commissioner of Income-tax. Vs. Meera Engg. and Commercial Co. (P)

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1998)60TTJJab161

..... sophia finance ltd. ..... sophia finance ltd. ..... sophia finance ltd. ..... the fact that the assessee is incorporated under the companies act, is not disputed. ..... 133(6) of the it act.these particulars also reveal the financial status of the shareholders.it is seen from the paper book that affidavits, confirmation letters and replies were placed before the authorities below, especially before the ao during ..... 256(1) of the it act is by the revenue, requiring this tribunal to refer the following questions as of law to the honble madhya pradesh high court at jabalpur for their esteemed opinion : "1. ..... 68 of the it act without appreciating the fact that the restaurant was running in loss and the assessee was not able to explain the sources of cash credit 3. ..... 68 of the it act, made by the ao relying on the delhi high court decision in the case of cit vs. ..... 32 of the it act". ..... 68 of the it act. .....

Kamkap (India) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)67ITD237(Pat.)

..... the specification and requirement received from the principal companies.thereafter it negotiated commercial terms under despatch arrangements.it was further submitted that the words 'technical services' had been substituted by 'technical or professional services' in section 80-o vide finance act (2) of 1991. ..... had to be adjusted from the gross commission received and the deduction could be allowable @ 50 per cent of such net income on account of commission received as per provision of section 80-o read with section 80ab of the it act.8.13 aggrieved, the assessee has come up in the first appeal before this tribunal as provided in section 253(1)(b).8.14 the learned counsel for the assessee reiterated the various submissions made in course of the assessment proceedings before the assessing officer as mentioned above. ..... rendered to the foreign enterprises would also fall in the category of technical or professional services.8.28 in the above view of the matter we hold that the assessee had rendered technical or professional services to the foreign enterprises as provided in section 80-o of the it act.8.29 however, the crucial issue in this case is whether these technical or professional services were rendered outside india. ..... it was, therefore, contended that the assessee fulfilled all the requisite conditions for allowance under section 80-o of the it act.8.9 the assessing officer examined the assessee's explanations; submissions, replies and letters of tisco and rashtriya ispat nigam .....