Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1999)65TTJ(JP.)480
..... the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended cl. ..... , the amount of bad and doubtful debts, shall be debited to the provision for bad and doubtful debts account and that the deduction admissible under section 36(1)(vii) shall be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts ..... -92 and 1992-93 are similar which is against confirmation of disallowance of claim of the appellant regarding bad debt which assessee has claimed under section 36(1)(vii).this ground for both the years, we will take first for disposal.brief facts regarding this issue are that assessee claimed bad debt ..... were not inserted by the finance act. ..... board's circular dated 12-6-1987, para 17.1 to para 17.4 which says as under : '1985 : the present proviso to the clause was inserted by the finance act, 1985 with effect from ..... therefore, we are of the considered view that the assessee is entitled to deduction claimed under section 36(1)(vii).now we will see the dispute regarding writing off of the bad and doubtful advances ..... having regard to the increasing social commitments of banks, s.36(1)(viia) has been amended to provide that in respect of any provision for bad and doubtful debts made by a scheduled bank (not being a bank approved by the central government for the purposes of s.36(1)(viia) or a bank incorporated by or under ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)45ITD299(JP.)
..... apart from the above, the definition of the term "transfer" as given in section 2(47) was suitably modified w.e.f.1-4-1988 with the insertion of clause (v) by finance act, 1987. ..... position that the possession of the plot was given to the assessee on the date of allotment thereof to him on 18-7-1979.now reading the amended definition of the term 'transfer' along with the mandate contained in section 47 of the indian registration act, one would have no difficulty in making the opinion that the registration of the document of transfer on 25-6-1987 in this case would operate from the date of allotment and transfer of possession of the plot to the assessee on 18-7-1979. ..... in view of the clear mandate contained in section 47 of the said act, the conveyance deed, registered in the instant case on 25-6-1987 shall operate from 18-7-1979 on which date the allotment letter in respect to the plot in question was issued by the uit, kota, to the assessee. ..... we, therefore, direct the ito to treat it as such and give benefit of section 54f of the act to the assessee according to law at the time of giving effect to this order. ..... without dispute the assessment year involved in this case is 1988-89 to which the amended provisions of section 2(47)(u) do apply.9. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)41ITD327(JP.)
..... after the passing of the assessment order on 29-3-1988 the assessee made an application before the high court on 29-4-1988 for amendment of that writ petition and by means of the orders dated 30-11-1988 and 29-11-1991 the hon'ble high court passed interim order staying recovery by coercive process.17. ..... the cases reported in stc and relied upon on behalf of the assessee relate to retrospective cancellation of registration of dealers against the state finance acts. ..... the assessing officer, vide letter dated 13-7-1987, asked the assessee regarding details of the donation and vide letter dated 26-11 -1987 the assessing officer informed the assessee that exemption under section 35 cca could not be allowed to it in respect of the donations of rs. ..... (g) the approvals are subject to your fulfilling the other conditions laid down in the act in this behalf, as may be amended from time to time by the parliament. ..... another cardinal principle which is settled is that an amending notification cannot infuse life into the earlier notification which has already expired by efflux. ..... the principle is also well settled that a statute should not be construed so as to create new disabilities or obligations or impose new duties in respect of transactions which were complete at the time the amendment/cancellation/withdrawal came into force. ..... also any amendment to a statute affecting the legal rights of an individual must be presumed to be prospective unless it is made expressly or impliedly retrospective. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2000)68TTJ(JP.)663
..... however, by the finance act, 1987, sub-clauses (v) and (vi) and explanation thereto was inserted in section 2(47) with effect from ..... officer (1991) 37 itd 115 (bom-trib)(tm) and relied upon by the commissioner (appeals) was for assessment year 1984-85 when the amendment to section 2(47) was not there and hence facts of that case are not applicable in the instant case. ..... action of the commissioner (appeals), revenue has come in appeal before us.the learned departmental representative submitted that after introduction of amendment to section 2(47), all transactions took place before 1-4-1988, before introduction of amendment and, therefore, capital gains accrued on transfer of all such assets would not become taxable for assessment year 1988-89. ..... 1988, amendment to section 2(47) was introduced whereby sub-clause (v) was introduced, which reads : "any transaction involving the allowing of the possession of any immovable property to be taken or retained in part-performance of a contract of the nature referred to in section 53a of the transfer of property act, ..... the fact that the case of the assessee was covered by amended provisions of section 2(47)(v) came into force with effect from 1-4-1988. ..... it is not from retrospective effect and hence the definition of transfer as introduced by this amendment would be effective from the transactions which took place only from 1-4-1988.keeping in view the above facts and the case laws relied upon by the learned authorised representative, we are of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1991)39ITD483(JP.)
..... 28-1 -83 and 22-6-87 by the state government were issued in its finance (r&a1) department and such notifications had nothing to do with the provisions of section 10(17b) of the act. ..... exemption from tax in respect of certain income is within the power of central legislative body-the parliament and not the state government.the state government may at most declare an act or work as done in the public interest and hence the payment made as reward in respect thereto as also being in the public interest. ..... for that reason the instructions, directions, letters, circulars issued by the central government through central board of direct taxes (cbdt) may be taken benefit of by an assessee and the notification by a state government notifying an act work as being of or in the public interest would not amount to a notification by the central government under the provisions of section 10(17b) of the act.we find force in departmental representative's arguments. ..... the learned departmental representative opposed the arguments of mr.ranka on the ground that official act required to be done by an authority must be done by that authority unless there is expressed delegation of authority to do that act by another person or such delegation of authority can be impliedly inferred in a ..... the amended provisions of the scheme inter alia entitled the authorised agents securing investments in all small savings securities, to receive cash awards @ 1 per cent of their total ..... was modified on 1-4-1985 and 22-6-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)613
..... . however, he further submitted that since the assessee was able to get 100 per cent, deduction under section 80-ib of the act, while preparing the computation, it did not make a separate claim under s ..... in the facts and circumstances of the case, conversion of marble blocks into slabs and tiles amount to, manufacture of thing or article within the meaning of section 80-ia/80-ib of the it act and assessee is entitled to claim deduction thereunder.18. ..... it has been held that conversion of marble block into slates and tiles amounts to manufacturing of thing or article within the meaning of section 80-ia/80-ib of the it act and assessee is entitled to claim deduction thereunder. ..... . the ao was also aware of the fact that the assessee did comply with all the requirements in law to allow the deduction under section 80hhc of the act, except the fact of obtaining an audit report by the assessee under section 80hhc of the act ..... . 2002-03 also similar claim under section 80-ib only was made and no claim under section 80hhc was made.it is under this background that neither the assessee nor the learned authorised representative could make a specific claim of deduction under section 80hhc of the act ..... . being a 100 per cent export unit, the assessee was also entitled to the deduction @ 50 per cent under section 80hhc, on the profit from export and therefore, the assessee complies with all the necessary conditions viz.obtaining an audit report under section 80hhc of the act on 28th oct .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)351
..... years the ao specifically recorded a finding that the appellant was an educational institution solely existing for education and not for the purpose of profit and therefore, was entitled to exemption under section 10(22) of the act.adverting to the various allegations made by the ao in the assessment order, the learned authorised representative further submitted that the other allegations of the ao were that appellant did not file ..... 2,000,000|| |per aicte | | | | | | | || | norms | | | | | | | ||__|___________|__________|__________|__________|__________|__________|__________|__________||7 | total | | | | | | | || |application| | |33,488,636|47,971,290|45,792,927|78,269,134|64.804,614|| | under | | | | | | | || | section | | | | | | | || | 10(23) | | | | | | | ||__|___________|__________|__________|__________|__________|__________|__________|__________| a bare perusal of the above chart (paper book 1) reveals that the surplus remaining after meeting revenue expenditures, has again been utilised in the additions ..... included- (22) any income of a university or other educational institution, existing solely for educational purposes and not for purposes of profit; further clauses (22) and (22a) are now re-enacted in section 10(23c): (vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause. ..... finance act ..... (fourteenth amendment) rules, ..... the cbdt to make suitable amendment accordingly. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)111TTJ(JP.)531
..... authorised representative further submitted that the stamp value, of course, may be a factor in drawing an inference, however, can never be a sole basis to make addition under section 69 of the act and, in no case, stamp duty valuation can be treated to be the purchase price paid, for purpose of making addition of undisclosed income under the said provisions. ..... it was contended further that being a case of purchaser, section 55a of the act cannot be held applicable, as there is no concept of fair market value or full value for consideration in the case of a purchaser as it is in section 45 r/w section 55a of the act.in the case of a purchaser, only tiling is to be seen is that if any proof or any submission is on record by which it can be said that the purchaser has paid excess amount than what has been declared in the ..... further that in case ao had any doubt of genuineness of the credits, he could have issued notice under section 131 of the act to all the seven persons on the given addresses, but it was not done. ..... learned cit(a) has, thus, rightly deleted the additions under section 69c (sic-69) of the act for undisclosed investment in the cases of swami complex (p) ..... in all these appeals, a common issue regarding addition under section 69c (sic-69) of the act on account of unexplained investment has been raised, hence all the appeals are being disposed of vide a ..... 50c by the finance act, 2000 w.e.f.1st april, ..... authorised representatives submitted that recently amended law unders. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)117TTJ(JP.)542
..... as per the provisions of section 142a of the act is concerned, we do not agree with him, because under the wordings of proviso to section 142a inserted by the finance (no. ..... wto (supra), the hon'ble jurisdictional high court in the matter of reference of section 16a of the wt act, wherein also the similar expression "for the purpose of making an assessment for valuation" is there has held that the very reference and the valuation report also were non est as there was no purpose ..... the learned authorised representative submitted that prescribed time-limit for issuance of notice under section 143(2) for scrutiny was expired on 30th dec, 1993, whereas reference was issued in january, ..... the learned departmental representative also referred provisions of section 142a of the act with this submission that it h%s come into effect retrospectively from 10th ..... the present case before us, admittedly, assessment under section 143(3) was initially made on 23rd march, 1998 ..... prescribed time-limit of 12 months for issuance of notice under section 143(2) was also expired on 30th dec, 1993. ..... learned authorised representative, on the other hand, justified the first appellate order with assertion that there was no pendency of assessment proceedings when reference under section 131(1)(d) was made by the ao to the dvo. ..... initially, the assessment was completed under section 143(3) on 23rd march, 1998 on the total income ..... to dvo was not legal ignoring the proposed amendments in section 142a retrospectively w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)110TTJ(JP.)118
..... , we find that the revenue's arguments are that the ao's jurisdiction was not restricted only to the portion of escaped income in respect of which reassessment proceedings have been initiated by recording reasons and issuance of notice under section 148 of the act, but to all other items of income which may have escaped assessment, whereas the arguments on behalf of the assessee are that the ao is authorized to confine his inquiry in the proceedings under ..... confirmed by the hon'ble jurisdictional high court wherein the additions as in the impugned case on account of cash credit were deleted.gyarsi lal gupta & sons v. ito (supra), wherein the assessment was completed under section 143(1)(a) and the issue in dispute was with regard to the depreciation and the assessing authority travelled towards the trading additions which has been reversed by the tribunal by another co-ordinate bench.dy ..... 232 to 234 are reproduced as under: thus, it is evident that the board itself concedes that if the assessee after furnishing the return of income does not receive a notice under section 143(2) of the act within the stipulated period he can take it that the return filed by him has become final and no scrutiny proceedings are to be started in respect of that return. ..... there can be no dispute about the argument advanced on behalf of the revenue that in view of the amendment made in section 147 of the act w.e.f. ..... however, vide amendment made by the finance (no. .....
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