Judgment Search Results Home > Cases Phrase: finance act 1993 section 9 amendment of section 35 Court: income tax appellate tribunal itat Page 1 of about 764 results (0.190 seconds)

Sumerpur Co-operative Marketing Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... this ground was not pressed as there was an amendment in section 143(1a) by the finance act, 1993, retrospectively w.e.f. ..... he explained the extent and ambit of the prima facie adjustments to be made under the first proviso to section 143(1)(a) and empowers for the following adjustments : (i) only apparent arithmetical errors in the return, accounts or documents, accompanying the return, (ii) loss carried forward, deduction, allowance or relief ..... the learned authorised representative submitted that the learned cit(a) erred in holding that the provision of section 143(1)(a) permits the ao to make adjustment in respect of assessee's claim regarding sales-tax, gratuity and ..... 1st april, 1988, which has omitted section 34(1) of it act, 1961, and accordingly, the assessee is no longer obliged to furnish the prescribed particulars of the assets which were required under rule 5aa ..... pathania (supra)].similarly while making prima facie adjustments under section 143(1)(a) depreciation cannot be disallowed for lack of particulars of ..... cit(a) upheld the order of the ao and held that the ao was entitled to make adjustment/disallowance under section 143(1)(a) for inadmissible claim in the absence of evidence.2. ..... one could not read into section 143(1)(a) more than what was provided, which would result in the section becoming arbitrary or unreasonable [ref ..... , it could not be said that disallowance could be made under the first proviso to section 143(1)(a) for lack of proof or inadequacy of evidence. .....

infotech Enterprises Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)85ITD325(Hyd.)

..... if the plea of the learned counsel for the assessee that an stp unit being 100 per cent eou is eligible for exemption under section 10b of the act is accepted, the amendment brought about by the finance act, 1993 extending the benefit under section 10a of the act to the stps from 1st april, 1994, becomes redundant or superfluous. ..... it may be observed that both the words 'manufacture' and 'produce' figure in sections 10a and 10b of the act and the latter word has been specifically defined in both these sections by virtue of insertion effected by finance act, 1993 w.e.f. ..... finance act, 1993 extended the tax holiday under section 10a to industrial units in approved electronic hardware technology parks (ehtps) or software technology parks (stps). ..... the assessee admittedly has not been set up in any free trade zone and its claim for exemption under section 10a depended only, upon the extension of the benefit to the units set up in any electronic hardware technology park or as the case may be, software technology park, mentioned in clause (i)(b) of sub-section (2) of section 10a of the act by virtue of the amendment brought about by finance act w.e.f. ..... " clauses (iv) to (vi) of the explanation which includes the definition of the term "produce" had been inserted by finance act, 1993 w.e.f. ..... finance act, 1993, extended the scope of the tax holiday to units in stps but did not curtail the scope in respect of existing software exporting units in epzs/eous, already availing of the incentive. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act ..... to the amended provisions of section 143(1a) by the finance act, 1993 w.r.e.f. ..... tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f. ..... by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into ..... amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section ..... the assessee posts debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... section 143(1)(a) as amended by the finance act ..... insofar as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1981, the claim of bad debt can be allowed only if the debt is written off by passing entries .....

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... sub-section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act. ..... the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. ..... 1st april, 1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... the reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained in circular no. ..... the provisions of section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... in so far as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-81, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts of the debtor. .....

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

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

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

..... (supra) has noticed the provision of section 271(1)(c) and has stated that the provisions of section 143(1a) are similar to section 271(1)(c) and thereafter came to the conclusion that levy of additional tax was not permissible where the assessed income is loss.the legislature has amended section 143(1 a) by finance act, 1993, with retrospective effect from 1st april, ..... after the above decisions, the legislature by finance act, 1993 amended section 143(1a) with retrospective effect from 1st april, 1989 and specifically provided for levy of additional tax where the loss declared by such persons in the return of income is reduced or is converted ..... we have already noticed that under section 143(1a), as it stood prior to the amendment by finance act, 1993, there was provision for levy of additional tax for any variation in the ..... thus, the legislature vide finance act, 1993, has amended section 143(1a) with retrospective effect from 1st april, 1989 for providing the levy of additional tax where the loss ..... section 143(1a), before amendment by finance act, 1993 reads as under: "143(1a)(a) where, in the case of any person, the total income, as a result of the adjustments made under the first proviso to clause (a) of sub-section (1), exceeds the total income declared in the return by any amount, the ao shall,- (i) further increase the amount of tax payable under sub-section (1) by an additional income-tax calculated at the rate of twenty per cent of the tax payable on such excess amount and .....

Deputy Commissioner of Income Tax Vs. Verifone Software Systems (P)

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2003)84ITD521(Bang.)

..... hon'ble supreme court, the law as on the date of filing the return of income was different, inasmuch as the cash compensatory support was not taxable, but there was retrospective amendment to section 28 by which the cash compensatory support became taxable when the intimation was passed by the ao; (iv) fourthly, the court was dealing with retrospective amendment of section 28 by finance act, 1990, vis-a-vis section 143(1a) and not the retrospectively made amendment by the finance act, 1993 to section 143(1a).49. ..... court was dealing with retrospective amendment of section 28 by finance act, 1990 vis-a-vis section 143(1a) and not retrospectively made amendment by the finance act, 1993, to section 143(1a).4. ..... amendment by finance act, 1993, of section 143(1a) was held applicable from ..... itr 502 (gau) is concerned, the gauhati high court has held that retrospective operation of the amendment by the finance act, 1993, is unreasonable, arbitrary and ultra vires of art. ..... .because of certain judicial pronouncements it was made clear in the finance act, 1993, that loss cases converted into another loss also, come under the purview of section 143(1a). ..... section 143(1a) inserted by the finance act, 1993, retrospectively from 1st april, 1989, therefore, cannot be considered to be ..... by the tribunal in the case of india tin industries is that the gauhati high court has struck down the constitutional validity of the retrospective amendment made by the finance act, 1.993, to section 143(1a) of the act. .....

Tech Books Electronics Services Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)100ITD125(Delhi)

..... in support of this argument, the learned counsel made reference to the mandate provision of section 10b as amended by the finance act, 1993 with effect from 1-4-1991 and also placed reliance on circular no. ..... section 10 was inserted by the finance act, 1988 with effect from 1-4-1989 and later on it was amended from time to time. ..... , it could claim tax holiday for a period of five years out of block period of eight years and, neither the period of five years and, nor the period of eight years had expired, when the amendment had been made extending the period of five years to a period of ten years and, as such it being settled position of law that the amendment made in sub-section (3) would be applicable, as has been held by the apex court in the case of j.p. ..... in support of this argument the learned counsel also submitted as under: it is further significant to be noted that in sub-section (3) the word 'ten' was substituted for 'five', by the income-tax (second amendment) act, 1998 with effect from 1-4-1999. ..... that it was fully qualified to claim eligibility for complete tax holiday for a period of ten years starting from the year in which it started production and as the production was commenced during the financial year 1993-94 relevant to assessment year 1994-95, it would be entitled to avail deduction/exemption in respect of profits derived from export activities until assessment year 2003-04 under section 10b of the income-tax act. .....

Deputy Commissioner of Vs. Nimar Kshitriya GramIn Bank

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)64ITD190Indore

..... the amendment under section 143(1a) of the act was brought to the statute by the finance act, 1993 w.e.f.1-4-1989. ..... the legislature again realised lacunae's under sub-section (1a) of section 143 and made further amendment by finance act, 1993 w.e.f. ..... the learned dr has submitted, that after the amendment brought under section 143(1a) by the finance act, 1993 w.e.f. ..... for making the proper application of this amended provision, we should examine the intentions of the legislature, since beginning when this provision was brought to the statute and an amendment was made therein by the finance act, 1993, with retrospective effect from 1-4-1989. ..... the relevant portion is reproduced hereunder :- "the new section 143, as substituted by the amendment act, 1987, while dispensing with the necessity of passing assessment orders in all cases did not contain any deterrent provision against filing of incorrect return to show lesser tax liabilities. ..... as per this amended sub-section, if the income declared by any person in the return is increased or loss declared by him in the return is reduced or is converted into income as a result of the adjustments made under the first proviso to clause (a) of sub-section (1) of section 143 of the income-tax act, the additional tax would be exigible in accordance with the clauses a, b, c, of the aforesaid sub-section (1a). .....

Shree Synthetics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)61ITD253Indore

..... referring to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. ..... shri goyal argued that if 'units' were shares, there would have been no need to amended the proviso to section 2(42a) by finance act, 1994, w.e.f.1-4-1995 to specifically include them for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains on sale thereof. ..... advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. ..... to chief general manager, uti (copy at page 41 of the paper book), whereby c.b.d.t.clarified that for the purpose of section 2(42a) of the act as it then existed, units are not treated as shares for providing benefit of the proviso to that section inserted by the finance act, 1987. ..... according to him, the loss suffered by the company on sale of units was correctly considered in the assessment passed under section 143(3) of the act and the cit was not justified in invoking section 263 for applying provisions of section 73 of the act to the loss suffered by the assessee on sale of units which was allowed by the assessing officer as loss in his order dated 18-3-1993. ..... this loss was claimed by the assessee and was allowed in the assessment framed by the assessing officer on 18-3-1993 under section 143(3) of the act. ..... for the assessment year 1990-91, the assessment was framed on 18-3-1993 under section 143(3) of the act. .....

Deputy Commissioner of Income Tax Vs. Manish Organics India Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)68TTJ(Ahd.)504

..... . the amended section 143(1a) has been made operative by the finance act, 1993 with effect from 1-4-1989 ..... . section 143(1a)(a)(ii) has been brought on the statute book in the present form by the finance act, 1993, which has been given retrospective effect from 1-4-1989 ..... additional tax has apparently been intended by the legislature to be a penalty as amply demonstrated by the fact that explanation 6 to sub-section (1) of section 271, introduced by the direct tax laws (amendment) act, 1989 provides that where any adjustment is made in the income or loss, declared in the return under the proviso to clause (a) of sub-section (1) of section 143 and additional tax charged under that section, the provisions of sub-section (1) of section 271 for imposition of penalty would not apply in relation to the adjustments so made ..... . in the instant case, returns for both the assessment years have been filed prior to enactment of amended section 143(1a) and, therefore, the assessee could not be inflicted penal liabilities on account of additional tax for the assessment year under consideration in view of brij mohan's case ..... . with reference to clause 23 of the bill which introduced the amendment, the notes on clauses in the finance bill, 1993, explains it clearly as follows : "in cases where the loss declared in the return has been reduced as a result of the aforesaid adjustments or the aforesaid adjustments have the effect of converting that loss into income, the assessing .....