Judgment Search Results Home > Cases Phrase: finance act 1993 section 12 amendment of section 80dd Sorted by: recent Court: income tax appellate tribunal itat madras Page 1 of about 26 results (0.076 seconds)

Sdb Cisco (India) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD373(Chennai)

..... . he contended that section 145 of the act has not been amended in accordance with section 209 of the companies act and therefore the assessee had the right to ..... tribunal held was that as two views are possible on the question of the overriding effect of section 209(3) of the companies act, 1956, with reference to section 145 of the income-tax act, the jurisdiction invoked by the commissioner under section 263 of the income-tax act was not proper ..... . narayanan, the learned departmental representative appearing for the revenue contended that section 145 of the income-tax act does not give the assessee two options of different methods of accounting for different purposes, or for ..... company has changed its method of accounting as mandated by the provisions of the companies act, 1956 to accrual system from the assessment year 1990-91 onwards and once the assessee has adopted either by compulsion of companies act or by its own volition, it is bound to compute the income under the income-tax act on the basis of the same set of financial and accounts statements prepared on ..... the assessing officer therefore, found that as the assessee had complied with the provisions of the companies act by preparing its accounts on accrual basis, the income should have been considered and computed on the basis of the accrual system and therefore to that extent income ..... the decision of the income-tax appellate tribunal chennai bench in the case of ashok leyland finance ltd ..... . cit [1993] 45 itd 386, where the .....

R.M. Valliappan Vs. the Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD63(Chennai)

..... this amendment brought about by finance act, 1997 with effect from 1.4.1998 clearly indicates that the parliament also intended to treat the membership card as a capital ..... 19.4.06, the hon'ble president, itat, was pleased to constitute a special bench in this case to consider the following issue: whether membership card of madras stock exchange could be construed to be a capital asset within the meaning of section 2(14) of the income-tax act, 1961; exconsequenti, consideration of the alleged transfer of membership card is exigible to capital gains tax? 2. ..... is a transfer of capital asset within the meaning of section 2(14) of the act and consequently the consideration the said transfer is exigible to capital gains ..... a provisional attachment order under section 281b of the act was issued by the income tax authorities in respect of the membership card in the name of rajesh ..... act, 1961 (for short 'the act') the high court held that the words 'any property' under section 281b of the act were the words of widest amplitude and would include such property ..... was pointed out that as pr section 2(14) of the act, 'capital asset means. ..... same expression, that is, 'any property' is used in section 28ib which could be attached by the department. ..... section 2(14) and 281 b and also to the definition of the term 'assets' given in section 2(e) of the wealth-tax act, 1957 ..... " as per section 2(e) of the wealth-tax act,' assets' includes "property of every description,movable or immovable, but does not .....

ito Vs. P.C. Ramakrishna (Huf)

Court : Income Tax Appellate Tribunal ITAT Madras

..... 19.3 the finance act has made the following modifications in section 54 of the income tax act, namely: (i) the conditions of residence by the assessee or his parent in the property which was transferred, as also residence by the assessee in the new property ..... female hindu dies after the date of the commencement of the hindu succession (tamil nadu amendment) act, 1989, having at the time of her death, an interest in a mitakshara coparcenary property by virtue of the provisions of section 29a, her interest in the property shall devolve by survivorship upon the surviving members of the coparcenary and not in accordance with this act: if the deceased had left any child or child of a predeceased child, the interest ..... but the state of andhra pradesh removed the injustice to the daughters so far as that state was covered by newly introduced section 29a in the act and the honble apex court has held in para 6 that by way of amendment, the daughter is conferred the coparcenary rights in the property by birth in the same manner and to the same extent as the son, para 6 ..... the present case, it is clear that these two flats are acquired simultaneously under the terms of agreement entered into on 29-10-1993 and on the same date the possession of these flats was given in the same year, simultaneously.the meaning of term residential house as used in section 54 of the act can be understood by referring the decision of the allahabad high court in the case of shiv narain chaudhari (supra) wherein .....

Southern Travels Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD198(Chennai)

..... section (2) of section 32 as amended by the finance ..... income from profits and gains from the same business from which the depreciation claim arose and the assessee would be entitled to carry this act for the next six assessment years.further, the clear condition that is laid down in this section is that in the assessment year in which the assessee is claiming the set off of the unabsorbed depreciation, the assessee must be ..... as explained in the earlier paragraph in the table giving comparative position before the amendment and after the amendment it is absolutely clear that it is only section 32(2)(iii) of the act, that is operational in the case of the assessee.on that basis all that the assessee could claim is for carry forward of the unabsorbed depreciation for six more successive ..... 18.2.1998 that explained the manner in which the amended provisions of section 32(2) of the act would have to be acted upon, the bench came to conclude that the unabsorbed depreciation for the assessment year 1996-97 would have to be treated as depreciation allowance the for the ..... of a company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year relevant to the previous year in which net worth of such company becomes equal to or exceeds the accumulated losses .....

Alankar Business Corporation Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD629(Chennai)

..... amendments to section 32(2) as amended by finance ..... (1) notwithstanding anything contained in any other law for the time being in force, no registering officer appointed under the registration act, 1908 (16 of 1908), shall register any document which purports to transfer immovable property exceeding the value prescribed under section 269uc unless a certificate from the appropriate authority that it has no objection to the transfer of such property for an amount equal to the apparent consideration ..... is of the opinion that a wrong concession was made by its counsel, is to approach the tribunal under section 254(2) of the income tax act for rectification and if it does so, the same will be decided in accordance with law expeditiously, after hearing ..... the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income-tax act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications: (1) where the full value of the consideration received or accruing as a result of the transfer of the asset together with the full value of ..... in fact companies were claiming more depreciation under the income-tax act which was permitted and that is why the concept of mat was introduced through sections 115j, 115ja and 115jb.in the case before us, the assessee had adopted an altogether different system of claiming depreciation by way of writing off the breakages in the .....

Joint Commissioner of Income Tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)102ITD135(Chennai)

..... severed from the earth as it was never identified and it was embedded to earth and without severing there cannot be sale.the sale said to have taken place is only imaginary in nature and not intended to be acted upon by the parties and the property in the boiler has not passed from one person to another, as there was no actual physical or symbolic delivery of bailer. ..... through the material available on record, we find that the guest house expense is not an allowable expenditure under section 37(4) of it act.therefore, we set aside the order of the lower authority and restore that of the ao.29. ..... (2) when the sale of boiler was subjected to sales-tax and it was treated as sale of goods under the sales-tax act, can the sale of said boiler be doubted in the income-tax proceeding especially when the jurisdictional high court in the case of ..... 1993-94 only relates to the question whether the claim of depreciation could be denied by resorting to section 154 of the act ..... hon'ble high court has held that the assessee, a company carrying on the business of financing, investment, leasing, etc. ..... once a leasing or finance company, which owns machinery and leases it out to third party, is found to have satisfied the other requirements of the provision, it would be entitled to the deduction of depreciation in respect of such machinery or ..... annamalai finance ltd, (supra), as discussed in para 3 ..... finance ltd ..... shaan finance (p) ..... finance ltd ..... shaan finance (p) ..... finance ltd ..... shaan finance (p) ..... pinnacle finance ltd. .....

Assistant Commissioner of Income Vs. Tamil Nadu Silk Producers

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD623(Chennai)

..... the relevant circular reads as under: 23, amendment of section 14a23.1 through the finance act, 2001, a new section namely 14a was inserted in the it act retrospectively w.e.f. ..... 23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the ao shall not reassess the cases under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the ..... as under: restriction on reopening of completed assessments on account of provisions of section 14aclarification regardingthe finance act, 2001, has inserted section 14a in the it act, 1961, wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under the act. ..... (st) 9] was issued elaborating the scope and effect of insertion of proviso to section 14a of the act by the finance act, 2002 w.e.f. ..... the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the ao either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under .....

The Income Tax Officer Vs. Mr. O.M. Shahul Hameed

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD342(Chennai)

..... in this regard, the assessing officer, on commissioner of income tax (appeals)'s enquiry stated that section 153(2) was amended by the finance act 2001 and substituted for 2 years with effect from 01,06.2001. ..... we do not refer to, these cases because in our opinion it is somewhat inapt to describe section 34 with its many amendments and validating sections as a section of repose. ..... the two years mentioned above was substituted for one year by finance act, 2001 w.e.f. ..... this view is further fortified by the fact that this section is analogous to section 34 of the income tax act, 1922 in which the hon'ble apex court dealt in 49 itr 1 cited supra. ..... considering the aforesaid, we are of the opinion that in this case, the amended provision of section 153(2) would apply. ..... hence, when the revenue can claim benefit of extension of time under limitation provisions by way of amendment, it is but equitable that restriction of time in limitation provisions should also be binding on the revenue.17. ..... hence, the section under consideration before us cannot be termed as substantive law, much less a statute of repose.when it is not so termed, the exposition emanating from the above that in such cases of adjective law or procedural statute, amended provisions would apply. ..... this decision is distinguishable from the facts of the assessee's case as notice under section 148 has been issued within the time limit allowed under the act. .....

Omega Estates Vs. the Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD427(Chennai)

..... the learned cit(a) further noted that nothing concrete has been brought on record by the assessee to prove that the selling rate indicated by the assessee in the letter given to sbi home finance was not at all acted upon and it was only an accommodation letter issued by the assessee to enable the prospective buyer to get an enhanced credit.the truthfulness of this documentary evidence is attempted to be rebutted only by his words of mouth, which is neither admissible in ..... it is also noted that this is a case of assessment under section 143 (3) and not a block assessment. ..... in all the written submissions, the assessee has scrupulously avoided explaining the existence of letter dated 12/11/98 (addressed to sbi home finance ltd. ..... this was a document executed by shri gopalan himself alone, and was only a unilateral document executed for the purpose of availing higher loan from the sbi home finance. .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? ..... object that was accomplished by the amendment was to give effect to the true intention behind the introduction of the section.that amendment is, therefore, required to be regarded as retrospective qua the amendment incorporated by the finance act, 1987.32. ..... before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. ..... by section 21 of the finance act, 2003 following amendments were incorporated in section 43b of the act: (b) in the first proviso, the words, brackets and letters 'referred to in clause (c) or clause (d) or clause (e) or clause (f)' have been ..... section 43b of the act was further amended by the finance act, 1987.two provisos were ..... on parity of reasoning the proviso which is now amended by the finance act, 2003 can also be treated as retrospective qua the payment of tax .....