Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... granites v. cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, apex court held that every statute is prima facie prospective unless it is ..... v. pooshya exports p. ltd. 262 itr 417-mad. wherein examining the issue with regard to retrospective or otherwise nature of the . amendment in section 80hhc by finance (no. 2)act, 1991, hon'ble madras high court held, as per relevant portion of the head-note on p.417, as follows- if a provision is introduced with ..... l-raj., on the retrospectivity of proviso inserted in section 272a(2) by finance (no. 2)act, 1991 with effect from 1.10:1991, the hon'ble rajasthan high court held that the proviso inserted by the finance (no. 2)act, 1991 with effect from october 1, 1991, to section 272a(2) of the income-tax act, 1961, has not been given retrospective effect. in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... granites v. cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, held that every statute is prima facie prospective unless it is expressly or ..... cit v. pooshya exports p. ltd. 262 itr 41-mad., wherein examining the issue with regard to retrospective or otherwise nature of the amendment in section 80hhc by finance (no. 2) act, 1991, hon'ble madras high court held, as per relevant portion of the head-note on p. 417, as follows- if a provision is introduced ..... -raj., on the retrospectivity of proviso inserted in section 272a(2) by finance (no. 2) act, 1991 with effect from 1.10.1991, the hon'ble rajasthan high court held that the proviso inserted by the finance (no. 2) act, 1991 with effect from october 1, 1991, to section 272a(2) of the income-tax act, 1961, has not been given retrospective effect. in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD275(Hyd.)
..... , while a number of high courts have held that there is only a partial merger confined to points adjudicated upon. to eliminate any further litigation the finance act, 1988 has amended section 263 by inserting an explanation to the effect that the commissioner will be competent to revise an order passed by an assessing officer on all matters except ..... and m.s.p. spices (p.) ltd. v. cit [1991] 188 itr 491, 494 (kar.)]. however, after 1-6-1988, there is no scope for any such conflict to continue because on 1-6-1988, explanation (c) to sub-section (2) to section 25 of the wealth-taxactwas substituted by finance act, 1988 with effect from 1-6-1988 and it reads as ..... follows : (c) where any order referred to in this sub-section and passed by the assessing officer had been the subject-matter of any appeal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1998)66ITD464(Hyd.)
..... the section should not be interpreted to mean that interest on securities has become liable to tax. according to him, this ..... while defining the expression 'interest' under s. 2(7) of the act, any amount chargeable to income-tax, under the it act, under the head "interest on securities" was excluded. he has, however, admitted that the said section was substituted by finance (no. 2) act, 1991, w.e.f. 1st october, 1991, and in the substituted section, that exclusion has been omitted. it was argued that such exclusion from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56ITD164(Hyd.)
..... on the returned income ...in the original section, the words "the assessee who is liable to pay advance tax under section 208 has failed to pay such tax or" were not there. these were inserted by finance (no. 2) act, 1991, with retrospective effect from 1-4-1989. it signifies that the section which could have been understood to be absolute ..... was made applicable where an assessee was required to pay advance tax as per the provisions of section 208 and he failed to do so.5. section 208 provides liability if the ..... that the assessee committed a default of deferment of advance tax and was liable to pay interest under section 234c of the it act? (1) where in any financial year, the assessee who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by the assessee on his current .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)81ITD451(Hyd.)
..... means any amount invested by the assessee in the units referred to in sub-section (2) of section 80ccb.the above provisions of section 45(6) alongwith explanation thereunder was inserted by finance act, 1990 with effect from 1-4-1991, simultaneous with the provisions of section 80ccb, which allowed a deduction relating to investments made under certain equity linked ..... 000 ------------ on appeal, the cit(a), after considering the provisions of section 45(6) and explanation thereunder, deleted the addition made by the assessing officer, in the following manner- section 45(6) was inserted by the finance act, 1990 with effect from 1-4-1991. it is to be noted that there is no express ban on indexing ..... the cost of acquisition of the units in section 45(6). further, the mode of computation of capital gains .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)81ITD7(Hyd.)
..... grievance of the assessee in these appeals is that the cit(a) erred in assuming jurisdiction under section 263 of the income-tax act, and in setting aside the assessments made under section 143(3) for the assessment years 1991-92 and 1992-93.3. assessee is a finance company. the facts of the case are in a small compass, but these appeals throw up ..... reads as under- sub : action under section 263 of the income-tax act - your own assessment year 1991-92 - issue of show-cause notice regarding. ** ** ** for the assessment year 1991-92 you have admitted an income of rs. 1,23,977, which was accepted under section 143(3) on 22-9-1993 from the business in purchasing, leasing, financing and investment. from the audit report dated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)81TTJ(Hyd.)831
..... the jurisdictional high court in the case of cwt v. george club (1991) 191 itr 368 (ap) which has reiterated its earlier decision in the case of deccan wine & general stores (supra). he further relied on the amendment made to section 2(31) by the finance act, 2000 in the definition of "person" by insertion of explanation in support ..... high court had decided, inter alia, that the appropriate authority had no power, authority or jurisdiction, in ascertaining the discounted value of the apparent consideration under section 269ud of the it act, 1961, to deduct from the total amount of the consideration, any sum on the supposition that if the sale had taken place the seller would have ..... on the same. he submitted that the explanatory note appended to the finance bill is clarificatory in nature and that it relates back to the date of insertion of section 2(31). he also disputed the issue of raising additional ground disputing the reopening under section 147 for the asst. yrs. 1993-94 to 1996-97 and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)95TTJ(Hyd.)275
..... partnership deed executed on 27th nov., 1990. this firm filed its return of income for the asst. yr. 1991-92 on 30th march, 1992, declaring taxable income of rs. 9,07,920. the ao applied the provisions of section 44ac of the it act, 1961, and determined the taxable income at rs. 89,78,800 in the assessment made on 30th march, ..... m. srinivas, (7) a. rajender reddy, (8) t. ashok kumar and (9) m. ravinder goud, under the name and style of m/s raj kumar & others. later on, three financing partners were included, viz., (1) t. subhash goud, (2) s.manohar and (3) k. venkatesh. these persons formed a partnership under the name and style of m/s sri ranganatha ..... of assessment under section 147 and not otherwise. he reiterated that the judgment of the hon'ble rajasthan high court in the case of rambilas chandram (supra) states that if the remand is subject to directions, then the ao is bound by such directions. he relied on the following case law :union of india v. kamalakshi finance corporation ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... , for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. 2) act 1967, finance act, 1970, finance (no. 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this ..... under chapter vi-a, it will be in harmony with the creation of the reserve as envisaged by the said section. in our view, the amendment made by the finance act, 1985, is only clarificatory in nature.12. in yet another submission, the learned departmental representative argues that the ..... amount of deduction available to approved financial corporations. the latest amendment introduced by the finance act, 1985, has made it clear that the deduction should be computed before making any such deduction under the section. according to shri radhakrishna murthy, it is only with effect from 1-4-1985 .....
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