Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... the rates specified in part i of the first schedule and also stipulates increase of income-tax by levy of surcharge, by making appropriate provisions in section 2(8) read with part iii of schedule a of the finance act and that section 2 of the finance act, 2000 also correspondingly stipulates that income-tax shall be charged at the rates specified in part i of first schedule.thus, he submitted that in view of the specific provisions found in section 2 of finance act, 1999 and in finance act, 2000, it is clear that the charge has been ..... to be applied is that which is in force in the assessment year, unless otherwise provided expressly or by necessary intendment.12.34 a reading of the note to clauses or the amendment to section 113 in the finance act, 2002, extracted above, does not give any indication that the legislation was introduced to explain an earlier finance act or clarify the real intention of the legislature or that the proviso was inserted to supply an obvious omission or to clear up doubts as to the levy of surcharge in question ..... is no distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated as an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. ..... (ii) the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... in order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... it is seen from the orders of the lower authorities that they have relied mainly on the amended clause (d) of section 80-ib(10) which has been brought on the statute book w.e.f. ..... 1st april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... , 1992, by shri g.p. ..... (iii) without prejudice to the above ground, the learned cit(a) erred in not allowing the deduction under section 80-ib on pro rata basis ignoring the submissions of the appellant.5. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)92TTJ(Ahd.)645
..... after the above decision, the legislature amended section 143(1a) with retrospective effect while no such modification was made in section 271(1)(c) till the finance act, 2002.the legislature vide finance act, 2002 amended section 271(1)(c) w.e.f.1st april, 2003 and modified clause (iii) after section 271(1)(c) as under : "(iii) in the cases referred to in clause (c), in addition to tax, if, any, payable by him, a sum which shall not be less than but which shall not exceed three times the amount of tax sought to be ..... behalf of the assessee, it has been vehemently contended that now the issue is set at rest by the above decision of hon'ble apex court that the penalty under section 271(1)(c) cannot be levied where the assessed income is loss prior to amendment by finance act, 2002.however, it was contended on behalf of the revenue that the above decision in the case of prithipal singh was with regard to law applicable in asst. ..... in support of his argument, he has referred to the following provisions wherein the legislature has specifically referred to "loss" : (vi) section 139(1) for return of income having taxable income and section 139(3) for loss return.he, therefore, submitted that since in section 271(1)(c), before the amendment vide finance act, 2002, the word "loss" was not included it has to be presumed that the penalty was only for concealment of income and not for ..... union of india (1992) 195 itr 485 ..... patton (1992) 193 itr 49 (ker) affirmed by supreme court in cit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the assessment ..... new sub-section (2) of section 32 as substituted by the finance act, 2001 ..... the matter of set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. ..... 1.4.1997) and to ascertain the object and purpose in amending section 32(2), the speech made by the finance minister can certainly be referred to, inasmuch as, this is in accord with the recent trend in juristic thought not only in western countries but also in india that interpretation of a statute being an exercise in the ascertainment of meaning, ..... to whether the depreciation allowance allowed to the assessee upto and inclusive assessment year which remained unabsorbed and brought forward to the assessment year 1997-98 continue to set off as per the pre-amended provisions of section 32(2) as stood prior 1.4.1997 and it is only the current depreciation allowance for the assessment year 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2) as substituted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989 ..... facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... expenses related to agriculture for both the years were also separately shown in schedule '8' to the profit and loss account under the head "agricultural expenses" ..... counsel for the assessee referred to the show-cause notice issued by the commissioner of wealth-tax, karnataka iii, bangalore, dated 1-2-1990 contained at page 68 of the paper compilation book no. ..... , chartered accountants dated 27-11-1992 stating that they visited, obtained information and were satisfied that the staff quarters and supervisory staff quarters appearing on the assets side of the balance sheet are used by the permanent ..... [1992] 198 itr 110 was relied upon wherein the judgment of the patna high court in the case of jamshedpur motor accessories .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)6SOT139(Bang.)
..... if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process any article or thing'. ..... on clause (va) of section 28 inserted into the statute book by finance act, 2002, with effect from 1-4-2003.the commissioner (appeals), in the first appeal, had accepted the assessee's claim that the receipt in question is a capital receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. ..... ', were inserted by the finance act, 2002 which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. ..... taxed in view of amendment of clause (a) of sub-section (2) of section 55 effected by the finance act, 1997. ..... amendment effected by the finance act, 1997 has no bearing on the assessment under consideration and that section 55 is not a charging section ..... any right to manufacture, produce or process any article or thing.if there is any doubt in this regard, the matter becomes clear if one takes into account the amendments effected by the finance act, 2002 which are effective from 1-4-2003. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cit(a) with a direction that the impugned properties be valued as per schedule iii to the wt act for all the years under consideration.20 ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective ..... 40 of the finance act is that schedule iii would be applicable in the case of the companies ..... 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta nos ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of ..... in the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule-ill to the wealth-tax act for all the years under consideration.20. ..... the only effect of keeping this redundancy in section 40 of the finance act is that schedule-ill would be applicable in the case of the companies also ..... can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... pandey contended that since the amendment was to remove the unintended hardship caused by section 40 of the finance act, 1983, it is of a clarificatory ..... section 7 has been held to be a machinery section and schedule-iii referred to therein is a procedural provision ..... the effect of the amendment was that the newly inserted schedule-ill was made mandatory and applicable to determine the value of the assets .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)47ITD349(Delhi)
..... , the expression 'the relevant amount of distributions of dividends' has the meaning assigned to it in the finance act of the relevant year.in the first schedule to the surtax act of 1964, the rules for computing the chargeable profits were mentioned. ..... amount of income-tax payable by the company in respect of the total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the income-tax act or the finance act, after excluding from such amount, the amount of income-tax, if any, payable by the company under the provisions ..... reduced by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act and after excluding from such amount- (a) the amount of income-tax, if any, payable by the company in respect of any income ..... it says the amount of income-tax, if any, payable by the company in respect of any income referred to in clause (i) - capital gains ; clause (ii) compensation or other payment; clause (iii) profits and gains of any business of life insurance; and clause (viii) income by way of dividends from an indian company or a company which has made the arrangements for the declaration and payment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial company' and the finding of the income-tax officer that the assessee is ..... engaged in the business of construction of buildings, claimed that it should be charged at the concessional rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. ..... is as follows: "(b) any new machinery or plant installed after the 31st day of march, 1976, (iii) in any other industrial undertaking for the purpose of business of construction, manufacture or production of any article or thing, not being an article or thing specified in the list in the eleventh schedule.sub-section (2a) of section 32a is as follows: "the deduction under sub-section (1) shall not be denied in respect of any machinery or plant installed and used mainly for the purposes ..... as follows: "it is true that by the amendment made in 1983, the definition of industrial company has been changed to include 'execution of project' as one of the activities and project includes construction works as well as assembly or installation of any machinery or plant.thus, this activity as such has come to be included in the definition only after this amendment. .....
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