Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: recent Court: income tax appellate tribunal itat amritsar Page 1 of about 16 results (0.222 seconds)

Asstt. Cit Vs. Marketeers

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2004)91TTJ(Asr.)708

..... amply clear from the fact that section 80hhc was amended by, finance act (no. ..... & sons (2002) 253 itr 284 (p&h), wherein it has been held that : "the addition of clause (baa) to the explanation to section 80hhc of the income tax act, 1961, is indicative of the legislative intent to exclude income on account of interest and rent, etc. ..... appeals) has rightly directed the assistant commissioner to recompute the deduction under section 80hhc including interest income received by the assessee for a sum of ..... the benefit under section 80hhc of the income tax act with effect from ..... the interpretation given by the learned commissioner (appeals) to section 80hhc is in accordance with the interpretation given by the cbdt, who ..... the assessee craves leave to add, amend, alter or delete any of the grounds of cross- objections before or at ..... and in the circumstances of the case, the learned commissioner (appeals) has erred in directing the assessing officer to recompute the deduction under section 80hhc after including the interest of rs. ..... assessment year under consideration is concerned, which is assessment year 1987-88, since the interest as well as the miscellaneous income forms part of 'profits and gains of business or profession' of the assessee, the learned commissioner (appeals) was justified in directing that these should have been included in the profit and gains derived from the business for working out deduction under section 80hhc. ..... order dated 24-5-1993, relating to assessment year 1987-88. .....

Jammu and Kashmir Bank Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)114TTJ(Asr.)728

..... 36,10,19,907 under sections 10(15), 10(23g) and 10(33) of the act, in the light of section 14a of the act, which has been brought to statute by finance act, 2001 w.e.f. ..... neither a company nor a fund operating under the provisions of the registration act were not covered by the definitions of 'infrastructure capital fund' or 'infrastructure capital company'.thus, clause (23g) of section 10 has been amended so as to provide that income of a cooperative bank by way of interest, dividends (other than dividends referred to in section 115-o) and long-term capital gains from investments made by way of equity or long-term finance in an approved enterprise will also be exempt from payment of income-tax ..... , 2008).from the above news item, it is clear that the banking sector was enjoying exemption under section 10(23g) which has been deleted by the finance act, 2006. ..... this section was deleted by the finance act, 2006. ..... to an 'infrastructure capital fund' or "infrastructure capital company' or a 'cooperative bank'; (b) the income should be in the nature of dividend (not being covered under section 115-o of the act); or long-term capital gains or interest; (c) the aforesaid income is derived from investments made on or after june, 1998 by way of shares or the long-term finance in any infrastructure enterprise; and (d) the infrastructure enterprise is approved by the central government on an application made by it in accordance with the prescribed rules; (e) for this .....

The Dy. C.i.T., Range I Vs. J and K Small Scale Ind. Dev. Corp.

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)117TTJ(Asr.)706

..... section 17, for that matter, any other provisions of the companies act does not provide that the requirement of section 11 can be over-ruled to claim exemption under the said later section, by amending the articles of the association and making such amendment ..... of the institution had deleted, vide extra ordinary meeting held on 17-4-2006, the enabling clauses regarding the declaration of dividend from the articles of association retrospectively; that this deletion/amendment had been made since there had been an inherent inadvertent technical shortcoming in the articles of association; that in "kamla town trust" (supra), it had been held that ..... not detract from the predominant objective of the state government in forming the corporation, financed fully subscribed by the slate, for the rapid and orderly industrial development of the state; that the assessee was a charitable institution within the meaning of section 2(15) and, therefore, was entitled to exemption of its income under section 11; that the case law pointed out by the a.o. i.e. ..... commission-secretary to government finance department), in an extraordinary general meeting, had already deleted all the clauses relating to declaration of dividend retrospectively from its articles of association by recording the reason that it was an inherent inadvertent technical shortcoming and accordingly, amendments were being made in the articles of association; that a copy of the minutes alongwith the amended copy of memorandum and .....

The Income-tax Officer Vs. Sheetal Khurana Food (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... from shri khurana; that it was not necessary for levy of tax under section 22 of the act, that the building and land thereon must belong to one and the same person; that thus, the lessor-owner of the building was to be taxed in respect of the annual value ..... of such building, as the owner thereof, under section 22 of the act; that the fact that the assessee had given only the unfurnished building to cfcfil, went against the assessee and rather made the case stronger for the department that the assessee's ..... assessee had also claimed depreciation and expenses on repairs of the building; that the assessee was entitled to receive income from the property in its own right and, therefore, section 22 of the income tax act was attracted; that in the case of the assessee, the agreement with shri bipindeep singh khrana, director of the company, provided for dismantling of the structure without any compensation ..... issued a questionnaire to the assessee, asking it to explain as to why it should not be brought under sections 22 to 25 of the income tax act, and as to why the income received from cfcfil be considered as income from house property, since the very nature of the receipt was rental income and the case appeared to ..... consumer finance ..... finance .....

Tarlochan Singh and Sons (Huf) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)114TTJ(Asr.)82

..... drew our attention to proviso to section 275(1)(a) inserted by the finance act, 2003, w.e.f. ..... the reasons that the so-called partition deed was not written on judicial stamp paper but on a plain paper; that the said deed was not registered with the competent authority as required under section 17(b) of the registration act; that no effect for partial partition was given in the revenue record in respect of immovable properties; and that all the seven deeds vide which the lands were sold on 18th june, 1996 ..... , proviso to section 275(1)(a) inserted by the finance act, 2003, w.e.f ..... it was submitted that since the cit(a) had decided the quantum appeal vide his order passed after 1st june, 2003, the case of the assessee was covered by proviso to section 275(1)(a) of the act, as per which the ao should have levied the penalty either before the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty had been initiated, ..... at the time of completing the assessments for these assessment years, the ao also initiated penalty proceedings under section 271(1)(c) by recording in the foot of the assessment orders as under: penalty notice under section 271(1)(c) of the it act, 1961 for concealment/furnishing inaccurate particulars of income has been issued separately.after receipt of the order of the tribunal, the ao allowed a fresh opportunity by issue of notice ..... 200 without appreciating that as per amended proviso to section 275 w.e.f. .....

Sujan Singh Vs. Assessing Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)110TTJ(Asr.)818

..... be that as it may, this sub-section was inserted in the act by the finance act, 2001 w.e.f. ..... required to be maintained.6.1 rule 6f(1) of the it rules, 1962 specifically provides the books of accounts and other documents to be maintained by persons carrying on professions specified under section 44aa(1) of the act: sub-rule (2) of rule 6f lists out the books of account to be maintained by persons covered under sub-rule (1) of rule 6f r/w section 44aa(1) of the act.sub-rule (3) of rule 6f provides that a person carrying on medical profession shall, in addition to the books of account specified under sub-rule (2), also maintain a daily ..... even if the specific set of books is not directed to be maintained for the businessman as per rule 6f, still as per it act section 44aa, it is still a specified requirement on the part of the assessee to keep and maintain such books of accounts and other documents as may enable the ao to compute his total income and still get away with it. ..... the board has not specified or notified the books of account to be maintained by persons covered under sub-section (2) of section 44aa of the act.therefore, rule 6f is not applicable to the case of the assessee. .....

Ashwani Kumar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)110TTJ(Asr.)890

..... this section was amended by the finance act, 2002 with retrospective effect from 1st july, 1995 when the expression 'relatable to such evidence was added to ..... account or other document or transaction represents wholly and partly income or property which has not been or would not have been disclosed for the purposes of this act, or any expense, deduction or allowance claimed under this act, which is found to be false.a bare reading of the above section shows that undisclosed income covers any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of ..... the same provides that computation of the undisclosed income of the period shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of the act, on the basis of evidence found as a result of search, or requisition of books of account, or other documents and such other materials or information as are available with the ao and relatable to such evidence, as reduced by the aggregate of the ..... as regards the source of acquisition of these assets, the assessee explained as under:(i) capital acquired over the years 1,00,000(ii) gold sold in 1987 1,15,000(iii) money/investment left by father in 1990 in the form of cash/gold/other assets 2,50,000(iv) sale proceeds of old house 1,95,000(v) undisclosed income shown in the block assessment return ..... acquired over the years, sale of gold in 1987 at rs. ..... in 1987 at .....

Dream Land Educational Trust Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)109TTJ(Asr.)850

..... the genuineness of the assessee's activities; that the objects of the assessee trust are covered under section 2(15) of the act; that the assessee trust is not existing for making profit; that the cit while passing the impugned order has transgressed his powers under section 12a r/w section 12aa of the act; that the factum of the trust deed being registered has not been disputed; that all the ..... cit (2004) 83 ttj (jd) 763: (2005) 94 ttd 1 (jd), it has been, inter alia, held that where the cit, while refusing registration under section 12aa, did not state that the object of the trust was not charity or the income of trust was used for the benefit of the trustees or their families ..... all of the above case law propound that for grant of registration under section 12aa of the act, the only relevant consideration is the satisfaction of the cit regarding the objects of the trust ..... chennai)(tm) 467: (2006) 100 ltd 87 (chennai)(tm), it was held that while considering the application for registration under section 12a, the cit cannot examine the application aspect of the income and that he may examine whether the application under section 12a is properly made and whether the objects of the trust are charitable.20. ..... observed that the building taken over by the trust has been financed by the j&k bank, shalamar, and is hypothecated with the ..... , j&k bank, who financed the building of the above firm, the assessee has stated that they had informed the bankers about this takeover and that the bank .....

Dr. Ramesh Kumar Anand Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... was raised : that the learned income tax officer, ward-2, faridkot was not legally competent to refer the matter to the departmental valuation officer under section 131 of the income tax act for determination of cost of construction since there is no provision in the income tax act which empowers him to make such reference.it was submitted before the bench that the additional ground being purely legal in nature for which the relevant ..... the learned departmental representative, on the other hand, referred to the amendment introduced in the act by inserting section 142a by the finance (no. ..... 331 to 333/asr/2004 for the assessment years 1997-98 to 1999-2000, where it was held that in view of the retrospective amendment made by insertion of section 142a of the act, all pending matters had to be decided in the light of amended provisions of the act. ..... , the only restriction imposed under the act is that this amendment shall not apply in respect of an assessment made on or before 30th day of september, 2004 and where such assessment has become final and conclusive on or before that date, except in cases where reassessment is required to be made in accordance with the provisions of section 153a of the act. ..... as a result of amendment to the act, the assessing authority has now been vested with powers to refer the property and other valuable assets referred to in sections 69, 69a or 69b for the purpose of ascertaining the cost of ..... , there was amendment introduced in the act by the finance (no. .....

Sadhu Ram and Sons Vs. Commissioner of Income Tax and

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)108TTJ(Asr.)373

..... (c) to sub-section (1) of section 263 of the act inserted by the finance act, 1988, w.e.f. ..... similarly, he had no jurisdiction to hold that the ao was not justified to make any enhancement of income in pursuance of order passed by the cit, bhatinda under section 263 of the act.10.4 the learned counsel did not advance any specific arguments except relying on the order of the cit(a).10.5 we have heard both the parties and carefully considered the rival submissions, examined the facts, evidence ..... of any appeal filed on or before or after the 1st day of june, 1988, the powers of the cit under this sub-section shall extend and shall be deemed always to have extended to such matters as had not been considered and decided in such appeal.in fact, this part of the explanation was inserted in the act w.e.f.1st june, 1988 but even prior to that the view held by the various courts was that the jurisdiction ..... of the cit to exercise powers under section 263 is confined only to those issues which have not been considered and decided by the cit(a) in appeal. .....