Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... 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 ..... 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 consideration ..... 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(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 ..... first issue to be decided, therefore, is whether the assessee company was liable for wealth-tax or not in the light of the amendment carried out by finance act, 1988.10. ..... these fresh appeals also the assessee has taken up the ground relating to the applicability of the amendment carried out by the finance act, 1988.9. ..... 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 ..... 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 ..... 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 ..... the learned cwt(a), after hearing the assessee as well as the assessing officer, held that the amendment brought about by the finance act, 1988 was effective from 1-4-1989 and hence the assessee could not claim any exemption for the assessment years ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)83TTJ(JP.)246
..... amendment in this charging section 113 was made through finance act, ..... it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous ..... several amendments in provisions relating to the block assessment were enacted through the finance act, 2002 and most of them were made ..... the charging section for the block assessment is 158ba(2), which does not speak anything about the rates prescribed in central act, therefore, the rates prescribed in finance act are not applicable for the special assessment of the ..... first schedule is subject to section 2 of finance act, 2000. ..... i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. ..... no reference in these sections to compute the tax on undisclosed income in accordance with the rates given in finance act. ..... section 2 of the finance act provides that the rates specified in part i of the first schedule are applicable for the assessment year commencing from 1st ..... clearly mentioned in section 2 of the finance act. ..... ) 81 ttj (bang)(sb) 1044 : (2003) 87 itd 439 (bang)(sb) whereby it was held that the tribunal had no jurisdiction to adjudicate upon the validity of prohibitory order issued under section 132(3) and the limitation is to be counted from the date of last panchnama drawn irrespective of the fact whether any seizure was made or not. ..... , 1993 for five years ..... , 1993 for next 5 years .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)87TTJ(JP.)340
..... ashif khan and fakaruddin and test chedk in case of vijay kumar taken at the back of the assessee do not have any significance.further, when lease agreement is duly signed by him, acted upon by him, payments made by him in terms of lease agreement no credence should be given to such statements particularly when he was not confronted in respect of the lease agreement duly ..... it is clearly stated that the assessee is the owner and name of the lessee has been shown as the owner only in terms of form 20 under the motor vehicles act and the blank transfer forms stated to have been given by the lessee so as to enable the assesgee to transfer the registration in its name as owner to any other ..... similar to the banks who are financing the vehicles and eallning interest thereon.thus, in brief the allegation of the assessing officer is that the assessee is neither owner of leased vehicles, nor it is using them for its business and thus the conditions for allowance of depreciation under section 32 of the act are not fulfilled. ..... in view of the above and according to the aforementioned rajasthan high court judgment, the appellate would be entitled to depreciation under section 32.the commissioner (appeals) and the assessing officer have also raised certain other matters and the clarifications thereon have been furnished by the assessee's counsel ..... singh bagga (1993) 201 itr ..... in the case (1993) 201 itr 995 (bom) (supra), the hon'ble bombay high court has held,that the user will get the benefit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)43ITD292(JP.)
..... 's case (supra) at page 438 reference is made to finance act, 1965 passed by the british parliament wherein sub-section (8) had been added to section 15 of the finance act, 1965 to apply it to the provision of all gifts (other than inexpensive gifts incorporating an advertisement) not being gifts of food, drink, tobacco or a ..... was fully allowable under section 37 as an expenditure laid out or expended wholly and exclusively for the purposes of the business of the assessee and which did not amount to either entertainment expenditure or expenditure relating to advertisement, publicity or sales promotion in terms of section 37(3aj as operative before its omission by the finance act, 1985 with effect from ..... of inserting the said explanationby the finance act, 1983 with retrospective effect from 1-4- ..... he also submitted that the expenditure in question squarely fell within the expression "entertainment expenditure" which had been defined under explanation 2 to section 37(2a) as including expenditure on the provision of hospitality of every kind by the assessee to any person whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision was ..... , therefore, qualify under the expression "laid out or expended wholly or exclusively for the purpose of business" in terms of section 37(1) since they would be neither advertisement, publicity or sales promotion nor in the nature of "entertainment expenditure".8.2 so far ..... tax 10th amendment rules, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46ITD24(JP.)
..... we may point out that in the first instance it is not correct, as was argued before the learned cit (appeals) so also before us on behalf of the assessee, that the deductions under section 80j had been reduced on account of retrospective amendment to section 80j introduced by finance act, 1980 the validity of which was upheld by the hon'ble supreme court in the case of lohia machines ltd. ..... he argued that it was only subsequently that the section 80j was amended with retrospective effect vide finance act, 1980 and that retrospective amendment was upheld by the hon'ble supreme court on a further later date in the case of lohia machines ltd. ..... it was argued by the learned counsel for the assessee that the addition to assessee's income was due to amendment in section 80j vide finance act, 1980, as a result of which the borrowed capital had been excluded from computation of capital for allowing relief under section 80j. ..... he submitted that this amendment, permitting the assessing officer to increase the interest both under section 215(3) as well as in explanation 2(b) of section 139(8) had been introduced vide taxation law amendment act, 1984 with effect from 1-4-1985 and hence even if the income of the assessee increased by giving effect to the amended provisions of section 80j which were upheld by the hon'ble supreme court, the interest charged under section 215 could not be increased or could not be charged if it was not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)330
..... for the assessee argued that amendment made by finance act, (no. ..... "80hhc(1) where an assessee, being an indian company or a person (other than a company) resident in india, is engaged in the business of export out of india of any goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of the profits derived by the assessee from the export of such goods or merchandise. ..... (b) in a case where the business carried on by the assessee does not consist exclusively of the export out of india of the goods or merchandise to which this section applies, the amount which bears to the profits of the business (as computed under the head 'profits and gains of business or profession') the same proportion as the export turnover bears to ..... para 32.15 of the explanatory notes issued on amended provisions make it abundantly clear that amendments made in section 80hhc were to take effect from 1st april, 1992, and were accordingly, ..... their lordships have laid down the following principles : "the following principles are applicable in assessing interest income under the provisions of the it act, 1961 : (i) interest on fixed deposits and other deposits before the commencement of business is an income from other sources; (ii) income from interest on deposits of surplus money during the construction period is also to ..... sons (1993) 203 itr ..... 1642/jp/1993, dt. ..... /jp/1993) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46TTJ(JP.)84
..... incorporated by the finance act of 1984 w.e.f. ..... inserted by the finance act, 1988 w.e.f. ..... to discourage tax avoidance and tax evasion we are reproducing hereunder extracts from the budget speech of the union finance minister, para 71, which indicates the intention behind incorporating s. ..... before the aforesaid amendments the penalty under ..... there is an exception provided under this sections in such cases where a person is required by or under any other law to get his accounts audited in which case it would be sufficient compliance with the provisions ..... , 1989 penalty has been provided for the default in not attaching the report along with the return also.this amendment being applicable w.e.f. ..... one more amendment worthy of noticing is insertion of the words "or furnish the said report along with the return of his income filed under sub-s. (1) ..... the taxation laws (amendment) and misc. ..... 1st april, 1985 by virtue of this section every person carrying on business and having turnover or gross receipts ..... also point out that there has been amendment in s. ..... 68 of the rajasthan co-operative societies act, 1965 is reproduced hereunder : "(1) the registrar shall audit or cause to be audited by a person authorised by him by general or special order in writing in this behalf, the accounts of every co-operative society at least once in ..... 68 of the said act, it is the responsibility as well as the authority of the registrar of the co-operative societies to audit or to cause the audit done at least once in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)3SOT476(JP.)
..... the assessing officer was of the view that minerals exported was not processed and accordingly, no deduction under section 80hhc was allowable.the learned ar submitted that after the tax laws (amendment) act, 1987 in a large number of cases it had been held that the reassessment proceedings on the basis of change of opinion are ab inito void he relied upon the following cases laws: the learned departmental representative relied upon ..... as such, in the facts and circumstances of the case, the exports of the assessee were not held eligible for deduction under section 80hhc, to be dealt in as such, with all attendant consequences.the learned commissioner(a) discussed this issue in detail from pages 6 to 9 of his order. ..... the order of the learned commissioner(a) and submitted that for the first order dated 7-3-1994, the assessing officer had allowed the claim with remarks "deduction under section 80hhc as per ..... the same finance act inserted the twelfth schedule. ..... however, to expand the scope of provisions of section 80hhc and to allow exporters of processed minerals and ores, also the benefit of this section, the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1998)65ITD117(JP.)
..... it was submitted by shri kothari that it was only as a result of the retrospective amendment with effect from 1-4-1970 in section 2(14) by the finance act, 1989 that the said capital gains became taxable beyond any doubt and hence there existed the bona fide belief that the impugned capital gains were exempt.21. ..... the said income became taxable, he submitted, only on account of a retrospective amendment in section 2(14) by finance act, 1970 with effect from 1-4-1970. ..... this controversy was set at rest by the insertion of an explanation in section 2(1a) by the finance act, 1989 with retrospective effect from 1-4-1970. ..... here we would like to clarify that urban agricultural land was included in the definition of capital asset by finance act, 1970 only with effect from 1-4-1970. ..... however, the apex court took note of the sweeping changes brought about by the taxation laws (amendment) act, 1984 brought about in the provisions pertaining to levy and grant of interest w.e.f.1-4-1985, which were common to sections 139(8) 214, 215 and 217. ..... simultaneously with this, section 215 was amended and sub-section (3) was recast on the lines of newly introduced sub-section (1a) of section 214 with effect from april 1, 1985. ..... in this case, since the supreme court was dealing mainly with sections 214 and 215, reference to section 139(8) is not there, nonetheless, the amendments being pari materia, the same analogy would apply to section 139(8) as well. .....
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