Judgment Search Results Home > Cases Phrase: finance act 1991 section 2 income tax Court: chennai Page 1 of about 30,869 results (1.698 seconds)

Director of Income Tax (Exemptions) Vs. Estate of C. Audikesavalu Naid ...

Court : Chennai

Reported in : (2003)183CTR(Mad)338

..... 242itr159(mad) , wherein this court has held as hereunder : 'the provisions of the it act, 1961, were amended by introducing section 13(1)(d), proviso (iia) with retrospective effect from 1st april, 1983, by the finance (no. 2) act, 1991, read with the finance act, 1992, and the time for disinvestment by charitable trusts was extended upto 31st march, 1993 ..... the assessee would be entitled to the exemption, which was confirmed by the tribunal holding that by virtue of amendment made to section 13 of the act by the finance act, 1992, and finance act, 1983 (sic), the time was extended to trust to withdraw the non-specified investments of the respective trusts till march, 1993 ..... . during the assessment year, the law was that the charitable trust could hold investments contrary to the provisions of section 11(5) of the act, but was under .....

The Commissioner of Income-tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : [2003]262ITR417(Mad)

..... show the exported granites were value added granites. apart from that the assessment years under consideration in that case was 1991-92 to 1993-94 subsequent to the amendment brought by finance act 2/91 to subs-section 2(b)(ii) of section 80hhc. but in the case on hand the relevant assessment year is 1988-89, i.e., prior to the ..... case of the assessee as to the contention that the amendment brought out to sub-section 2(b)(ii) by finance act 2 of 1991 with effect from 1.4.1991 would related back to the previous year also . in that case section 43b of the income tax act was inserted with effect from 1.4.1984 to discourage tax payers who had not ..... relevant assessment years. insertion made to sub-clause (ii) of clause (b) of sub-section (2) of section 80hhc has been done by the finance act 2 of 1991 with effect from 1 4.1991, whereby the processed minerals and ores specified in twelfth schedule to the act has been excluded from the exclusion clause contained in 80 hhc (2)(b)(ii). the expression .....

Commissioner of Income Tax Vs. Shiva Distilleries Ltd.

Court : Chennai

Reported in : [2007]293ITR108(Mad)

..... of the business', for the purposes of section 80hhc does not include receipts which do not have an element of turnover like rent ..... the guarantee commission for the purpose of calculation of deduction under section 80hhc of the act, the bombay high court in commissioner of income-tax (appeals) v. bangalore clothing co. : [2003]260itr371(bom) held that the explanation (baa) to section 80hhc of the income-tax act, 1961, was inserted by the finance ( no. 2) act, 1991, with effect from april 1, 1992 and under that explanation, 'profits .....

Commissioner of Income-tax Vs. Metal Power Co. Ltd.

Court : Chennai

Reported in : [2008]300ITR48(Mad)

..... that explanation, 'profits of the business', for the purposes of section 80hhc does not include receipts which do not have an element of ..... the turnover for the purpose of calculation of deduction under section 80hhc of the act, the bombay high court in cit v. bangalore clothing co. : [2003]260itr371(bom) held that explanation (baa) to section 80hhc of the income-tax act, 1961, was inserted by the finance (no. 2) act, 1991, with effect from april 1, 1992 and under ..... were part of the total turnover. the assessing officer also included the conversion charges in the total turnover for the purpose of deduction under section 80hhc of the act. though the assessee claimed the expenditure on replacement of machinery as revenue expenditure, the assessing officer disallowed the same treating it as capital .....

Director of Income-tax (Exemptions) Vs. Vasireddi Rajah Ramagopala Kri ...

Court : Chennai

Reported in : (2004)186CTR(Mad)205; [2003]263ITR144(Mad)

..... in the light of its decision in the case of thuluva vellala association ?' 2. we will consider the second question first. section 13(1)(d) of the income-tax act was amended by the finance (no. 2) act, 1991, with retrospective effect from april 1, 1983, and proviso (iia) was added therein by which the time for disinvestment by charitable ..... trusts was extended up to march 31, 1993. thus, the investment held by the charitable trust contrary to the requirement of section 11(5) of the act in ..... the years prior to march, 1993, would not disable them from claiming the benefit of section 11 of the act. 3. the benefit of that retrospective amendment is available to the assessee as the two assessment .....

Magam Inc. Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : [2007]288ITR566(Mad)

..... to the specific provision which excluded, rather denied the benefit conferred under section 80hhc to export of minerals (granite); that the amendment brought by the finance (no. 2) act of 1991 to section 80hhc is only prospective and effective from april 1, 1991; and that the statutory provision is very clear in the sense that section 80hhc is not applicable to the export of granite.5. that ..... marketable commodity, would not be entitled to deduction under section 80hhc of the income tax act.7. drawing support from the decisions referred supra, we are of the considered view, that the amendment brought by the finance (no. 2) act of 1991 to section 80hhc of the income tax act is only prospective and effective from april 1, 1991, and for the assessment years 1987-88 and 1989 .....

Director of Income-tax (Exemptions) Vs. A.V. Narayanan Trust

Court : Chennai

Reported in : [2004]265ITR635(Mad)

..... the time for disinvesting from such investments and making investments in accordance with the requirements of section 13 of the income-tax act had been extended by the finance (no. 2) act, 1991, read with the finance act, 1992, up to march 31, 1993, and that amendment had also been given retrospective effect from april 1, 1983. this court has, in a case ..... under the income-tax act referred to those provisions and upheld a claim for exemption of a ..... wealth-tax by the assessing officer for the assessment years 1987-88 and 1988-89 on the ground that it had made investment contrary to section 13(1)(d) of the income-tax act, 1961.2. the commissioner reversed the order of the assessing officer and that reversal was sustained by the tribunal. at the instance of the .....

Director of Income-tax (Exemptions) Vs. Sir M. Ct. Muthiah Chettiar Fa ...

Court : Chennai

Reported in : [2002]257ITR287(Mad)

..... up to march 31,1993, allowed by the finance (no. 2) act, 1991, read with the finance act, 1992, has retrospective effect from april 1, 1983. during the assessment year to which that provision applies, investments could be held by the trust contrary to the provisions of section 11(5) of the income-tax act, 1961, but the trust was under an obligation ..... disinvestment on or before march 31,1993. thereafter, the investments could be held in the modes permitted by law.there was, therefore, no contravention of section 13(l)(d) of the act by reason of the assessee having held the investments during the assessment year.we answer the question referred to us in favour of the assessee and ..... -tax appellate tribunal was right in law in holding that there was no contravention of section 13(l)(d) of the income-tax act, 1961, for the assessment years 1985-86, 1986-87 and 1987-88 in view of the proviso (iia) to section 13(l)(d) extending the time for complying with the specified pattern of investment up .....

Srinivasa Computers Ltd. Vs. Asst. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)303ITR205(Chennai)

..... other hand id dr relied on the order of cit(a). we have heard both the parties. clause (ba) of explanation to section 80hhc which defines the expression 'total turnover' was inserted vide finance (2) act, 1991 with effect from 01.04.1987. proviso to clause (ba) carves out an exception according to which in relation any assessment year ..... commencing on or after 1^st day of april 1991, the expression 'total turnover' shall have effect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of section ..... assessee, arrive at a finding that he had committed an error in computing the taxable income of the assessee and reopen the assessment by resort to section 147 of the act. discovery of new and important matters or knowledge of fresh facts which were not present at the time of original assessment would constitute a reasonable .....

T. Rajkumar and Others Vs. Union of India, Rep. by its Secretary, New ...

Court : Chennai

..... for the prevention of evasion or avoidance of taxes. 60. in 1991, section 90 was revamped and a new sub-section (2) was inserted by finance act, 1991 with retrospective effect from 1972. the purpose of insertion of sub-section (2) was explained by cbdt circular no. 621 dated 19.12.1991 as follows : "taxation of foreign companies and other non-resident ..... law in force in that country had been paid. after independence, the 1922 act was replaced by the income tax act, 1961 and section 90 was incorporated in the new act, as a reproduction of section 49a of the 1922 act. the finance act, 1972 modified section 90 and brought it into force with effect from 1972. the object and scope ..... to the assessee even if such provisions are not beneficial to him." 64. it may be noted that sub-section (2a) was inserted under the finance act, 2012 with effect from 1.4.2013, but was omitted by finance act, 2013, due to the controversies it created. however, there was a proposal to implement it with effect from .....