Judgment Search Results Home > Cases Phrase: finance act 1991 section 2 income tax Sorted by: old Page 1 of about 343,225 results (0.699 seconds)

Y.P. Chawla and Others Vs. M.P. Tiwari and Another

Court : Supreme Court of India

Reported in : AIR1992SC1360; (1992)2CompLJ36(SC); (1992)103CTR(SC)400; [1992]195ITR607(SC); JT1992(2)SC429; 1992(1)SCALE760; (1992)2SCC672; [1992]2SCR440

..... (2) of 1991 which has been made operative with effect from april 1, 1962. the explanation is as under:explanation : for the removal of doubts, it is hereby declared ..... act even if they deviate from the provisions of the act. the high court has discussed these judgments in detail and has distinguished them on plausible grounds. it is not necessary for us to go into this question because the legal position has altered to the advantage of the revenue by the introduction of an explanation to section 279 of the act by the finance act .....

Commissioner of Income-tax Vs. Ravi Ratna Exports (P.) Ltd.

Court : Mumbai

Reported in : [2000]246ITR443(Bom)

..... in business profits in the following formula, viz., business profits x export turnover total turnoverto arrive at export profits on which the assessee claimed deduction under section 80hhc of the act. the department treated the income from interest as income from other sources. however, the tribunal included the said interest income in the business profits. hence, ..... fixed deposits was income from other sources. the tribunal has not considered this aspect. in the case of godavari sugar mills ltd. (no. 2) v. cit : [1991]191itr359(bom) , the division bench of this court took the view, on the facts, that the assessee had no evidence to show that the monies on which the ..... the judgment of this court in godavari sugar mills ltd. (no. 2) v. cit : [1991]191itr359(bom) , such income cannot be business income. it is income from other sources. therefore, it will not form part of profits from business under section 80hhc. hence, appeal is allowed. no costs.'2. we now seek to give detailed reasons which .....

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 .....

Commissioner of Income Tax Vs. New Rajasthan Trading Co.

Court : Rajasthan

Reported in : (2004)186CTR(Raj)268; [2004]271ITR511(Raj)

..... ending on 31st march, 1989.'2. it is nobody's case that the newly inserted proviso vide the finance act, 1991 w.e.f. 1st oct., 1991 to section 272a(2) of the act has been given retrospective effect. in absence of any retrospective effect to such provisions, this newly inserted proviso cannot have any impact with regard to ..... . while admitting this appeal on 27th nov., 2000, the court had framed following questions :'whether the newly inserted proviso vide the finance act, 1991 w.e.f. 1st oct., 1991 to section 272a(2) of the act is applicable to the respondent-assessee whose default relates to asst. yr. 1989-90 requiring the assessee to file returns on or before 30th april, 1989 for the period .....

Commissioner of Income-tax Vs. P. Janardhanan Pillai

Court : Kerala

Reported in : [1991]189ITR165(Ker)

..... v. govindaraja reddiar : [1991]187itr417(ker) . in disposing of an identical point by a common judgment dated september 17, 1990, this court held that section 43b of the income-tax act, after amendment by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act of 1989 and explanation 2 to the section which took effect from april 1 ..... sales tax collection in the last month of the year payable to the government before the 20th of the next month, is a permissible addition under section 43b of the act. the tribunal answered the question in favour of the assessee and allowed the appeal filed by the assessee, following its earlier decision rendered in i ..... last month of the previous year under consideration which was not claimed as a deduction while computing the income under the income-tax act by invoking the provisions of section 43b of the act could not be brought to tax in the assessment years under consideration ?'2. the respondent is an assessee to income-tax. we .....

Commissioner of Income-tax Vs. Nandlal Cold Storage and Kotiwal Cold S ...

Court : Allahabad

Reported in : [1993]199ITR327(All)

..... scientific examination might indicate loss of moisture content, that is not sufficient for holding that the stored articles have undergone a process within the meaning of section 2(7)(c) of the finance act, 1973. the three-judge bench decision must be taken to have overruled the view of the allahabad high court in addl. cit v. farrukhabad cold ..... in the case of delhi cold storage p. ltd. v. cit : [1991]191itr656(sc) , which has a decisive bearing on the question referred to us. in this case, their lordships of the supreme court were considering the scope of section 2(7)(c) of the finance act, 1973, which runs thus (at page 658) :'industrial company means a company ..... and 24 thus :'it is, thus, clear that as the words 'manufacture' and 'production' used in clause (b)(ii) of sub-section (2) of section 32a of the act are not defined in the act, these words have to be understood in the context as meaning bringing into existence a new and distinct commercial commodity. accordingly, it must be .....

M/S. Continental Construction Ltd. Vs. Commissioner of Income-tax, Cen ...

Court : Supreme Court of India

Reported in : AIR1992SC803; (1992)2CompLJ50(SC); (1992)101CTR(SC)386; [1992]195ITR81(SC); JT1992(1)SC140; 1992(1)SCALE65; 1992Supp(2)SCC567; [1992]1SCR57

..... of the law. sri ahuja tried to negative this line of thinking by urging that 'professional services' have been brought within the scope of section 80-o only by an amendment by the finance (no. 2) act, 1991 and that, too, w.e.f. 14-1992 which is proposing to substitute the word 'technical or professional services' in place of the word ..... any other purposes.20. it may be mentioned that even while the assessee's applications for approval to the kharkh & diwaniya contracts were pending, the finance act, 1982 had amended the act to insert section 80-hhb with effect from 1.4.1983.21. this amendment compelled the assessee to send a letter to the c.b.d.t. on 9 ..... 'technical services' now used in the section. it seems to us that this amendment may be only of a clarificatory nature. the expression 'technical services' .....

Bombay Coal Ash Co. and ors. Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... pending applications.r.b.shreeram durga prasad v. settlement commission (it. & w.t.) [1989] 176 itr 169, we are of the opinion that the amendments made in section 245d by the finance (no. 2) act, 1991, have only changed the procedure to be followed by the settlement commission while dealing with settlement applications and that the changed procedure would apply not only to applications ..... commissioner fails to furnish the report within the said period, the settlement commission may make the order without such report." 1.3. in view of the amendments made by the finance (no. 2) act, 1991, in section 245d, the following question has been referred to the special bench for its consideration and opinion. "in a case where the settlement petition made under .....

Ashwani Kumar Aggarwal, in Re. Vs.

Court : Supreme Court of India

Reported in : [1992]195ITR861(SC)

..... 234b and 234c of the income-tax act, 1961, ..... -tax act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. 2) 1991. vide notification dated december 20, 1991, the chairman, settlement commission, directed that, in order to determine the scope of the statutory of the income-tax settlement commission regarding reduction and waiver of interest under sections 234a, ..... and interest payable by the applicant. his argument was that if the interest chargeable under section 234a, 234b and 234c was mandatory and could not be waived, the word 'interest' brought into section 245d(6)by the finance act, 1987, with effect from june, 1, 1987, would not has been retained after .....

In Re: Ashwani Kumar Aggarwal

Court : Income Tax Appellate Tribunal ITAT IT

..... 234a, 234b and 234c of the income-tax act, 1961 ..... act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. 2), 1991. vide notification dated december 20, 1991, the chairman, settlement commission, directed that, in order to determine the scope of the statutory powers of the income-tax settlement commission regarding reduction and waiver of interest under sections ..... and interest payable by the applicant. his argument was that if the interest chargeable under section 234a, 234b and 234c was mandatory and could not be waived, the word "interest" brought into section 245d(6) by the finance act, 1987, with effect from june 1, 1987, would not have been retained after .....