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Assistant Commissioner of Income Vs. Affection Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)80TTJ(Ahd.)278

..... in the departmental circular no. 636, dt. 31st aug., 1992.the relevant extracts from the said circular contained in paras. 35 to 35.2 ..... are reproduced below : "taxation of capital gains--35. the finance act, 1992, has recast the system of taxation of long-term capital gains. at present an asset is considered to be long-term if it is held for a ..... an option permissible under section 55(2)(b)(i) of the act.35.2. it may also be relevant here to mention that the entire system of taxation of long-term capital gains has been changed by the finance act, 1992. the scope and effect of the amended provisions inserted by the finance act, 1992, applicable from asst. yr. 1993-94, have been elaborated .....

Gujarat Alkalies and Chemicals Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)77TTJ(Ahd.)304

..... -section (3) to section 80hhc which provides that profits derived from export of goods shall be an amount: this formula was operative with effect from 1-4-991. subsequently, the finance act, 1992, made significant amendments in section with a view to eliminate certain problems and difficulties. under the amended provisions profits derived from exports were to be computed as per section 80hhc ..... referred to at page 771 of the report whereas the assessment year before us in the present appeal is assessment year 1996-97, i.e., post 1992 amendments of section 80hhc introduced by the finance (no. 2) act, 1991, made far-reaching changes in the provision by way of rationalisation and simplification thereof as explained by central board of direct taxes in circular .....

Gujarat Alkalies and Chemicals Ltd. Vs. Joint Commissioner of Income T ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... export of goods shall be an amount : export turnoverprofits and gains of business or profession x -------------- total turnover this formula was operative w.e.f. 1st april, 1991. subsequently, the finance act, 1992, made significant amendments in section with a view to eliminate certain problems and difficulties. under the amended provisions profits derived from exports were to be computed as per section 80hhc ..... referred to at p. 771 of the report whereas the assessment year before us in the present appeal is asst. yr. 1996-97, i.e., post 1992 amendments of section 80hhc introduced by the finance (no. 2) act, 1991, made far-reaching changes in the provision by way of rationalisation and simplification thereof as explained by cbdt in circular no. 621, dt. 19th .....

inductotherm (India) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)75TTJ(Ahd.)728

..... companies under section 40 of the finance act, 1983 is therefore, clearly allowable. the wealth tax paid under section ..... -85 to 1992-93 deduction in respect of wealth-tax paid by closely held ..... wealth-tax chargeable under the wealth tax act. the wealth-tax paid by the appellant-company is not a payment of wealth-tax under the wealth tax act but it is a payment of wealth-tax on a specified asset under section 40 of finance act, 1983, which was omitted by finance act, 1992. he submitted that from assessment years 1984 .....

National Dairy Development Board Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)75ITD447(Ahd.)

..... by the nddb are liable to wealth-tax in view of the specific provisions of s. 2(ea)(i) introduced by the amendment to the definition of assets by the finance act, 1992 w.e.f. 1st april, 1993.5. similarly for asst. yrs. 1994-95, 1995-96 and 1996-97, the ao passed an order under s. 16(1)(a) by ..... . the wealth-tax was made applicable in the case of closely held companies for asst. yrs. 1984-85 to 1992-93 by virtue of s. 40 of the finance act, 1983. consequent to insertion of s. 3(2) of the finance act, 1992, wealth-tax levy has been revived for and from asst. yr. 1993-94 on all the companies. thus, the assessee will be ..... tax is payable thereon ?" it was pleaded that the said provision was brought into the wealth-tax by the finance act, 1992 to impose wealth-tax on non-productive assets. the learned authorised representative of the assessee referred to speech of the finance minister reported in (1992) 194 itr (st) 21 para 67 in this regard which clearly indicated that the wealth-tax should be .....

Chhajed Steel Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)69TTJ(Ahd.)232

..... application. therefore, it is not right to contend that provision of section 40a must override provisions of section 40(b) of the income tax act. the provisions of section 40(b) were amended by finance act, 1992, with effect from 1-4-1993, and remuneration paid by a firm to its working partner has been allowed as a deduction provided it ..... case and held that remuneration paid was excessive and was liable to be disallowed under section 40a0(b) of the income tax act. the assessing officer further observed that as per partnership deed dated 1st april, 1992, remuneration payable to the partner, was to be decided by mutual consent at the end of the year. the assessing officer ..... clause (8). the english translation of that clause is as under "(8) from ist april, 1992, in the said firm, the following working partners will be paid remuneration.after the end of the accounting year and as per the income tax act, maximum permissible remuneration will be paid and debited to the book of the firm as per .....

Chhajed Steel Corporation Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)77ITD419(Ahd.)

..... b) had no application.therefore, it is not right to contend that provision of s. 40a must override provisions of s. 40(b) of the it act. the provisions of s.40(b) were amended by finance act, 1992, w.e.f. 1st april, 1993, and remuneration paid by a firm to its working partner has been allowed as a deduction provided it is ..... of the case and held that remuneration paid was excessive and was liable to be disallowed under s. 40a(2)(b) of the it act. the ao further observed that as per partnership deed dt. 1st april, 1992, remuneration payable to the partner, was to be decided by mutual consent at the end of the year.the ao further noted the ..... remuneration was cl. (8). the english translation of that clause is as under : "(8) from 1st april, 1992, in the said firm, the following working partners will be paid remuneration. after the end of the accounting year and as per the it act, maximum permissible remuneration will be paid and debited to the book of the firm as per the mutual understanding .....

Associated Rasayan Agencies Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90TTJ(Ahd.)151

..... , between the partners. before the commissioner (appeals) it was submitted that as per explanation 4 in the new clause (b) substituted in section 40(b) by the finance act, 1992, with effect from 1-4-1993, the expression "working partner" for the purpose of the said sub-cl. (b) has been defined to mean an individual who ..... to shri chopra in his individual capacity.therefore, same is allowable keeping in view the provisions of section 40(b) read with explanation 4 of the income tax act, 1961. regarding evidence of services rendered by shri chopra, counsel of the assessee submitted that the evidence was never asked by assessing officer during the course of ..... to such partner, who is also a working partner, as remuneration paid to the huf for the purpose of disallowance under section 40(b) of the income tax act, 1961. the learned departmental representative submitted that firstly there is no evidence of services rendered and secondly remuneration has been paid to huf and not to the individual .....

Assistant Commissioner of Income Vs. Apsara Processors (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)92TTJ(Ahd.)645

..... any, occurred on the filing of the return. he has also relied upon the following decisions to support his contention that the amendment by finance act, 2002, cannot be given retrospective effect : (iii) cit v. s.r. patton (1992) 193 itr 49 (ker) affirmed by supreme court in cit v. s.r. patton (1998) 233 itr 166 (sc) with ..... is loss. 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) ..... have become barred by lapse of time.." 32. the above observation will be applicable with all force to the amendment in section 271(1)(c) by the finance act, 2002 because as per finance act, 2002, the above amendment is effective from 1st april, 2003 and section 271(1)(c) is a provision for imposing penalty and, therefore, in view of .....

Soma Textiles and Industries Ltd. Vs. Deputy Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)87ITD326(Ahd.)

..... loss, stands automatically discharged.7.9 in subsequent year in asst. yr. 1992-93 the ao applied section 94 of the act and dividend income rs. 19,50,000 from units of uti has been taxed substantively in the hands of m/s peerless general finance & investment co. ltd. based at calcutta and protectively in the hands of ..... g" to the audit report, the entry is found in the name of peerless general finance & investment co. ltd, it is pertinent to mention that in subsequent year in asst. yr. 1992-93 the units are claimed to have been purchased from peerless general finance & investment ltd. on the basis of above entry the possibility of link with peerless ..... general finance & investment ltd. for the transaction of the year under consideration cannot be ruled out .....