Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD1(Coch.)
..... was a mistake in the record, in that the assessee had claimed excess loss in the return, that would not result in the levy of additional tax on the amount of the excess claim of loss in terms of the provisions of section 143(1 a) as it stood then; nor at the time when the assessing officer rectified the "intimation" dated 24-10-1991 by an order under section 154 on 10-3-1993, the retrospective amendment envisaged by the finance act, 1993, had received the assent of the h.e. ..... [1958] 34 itr 143 and contended that in view of the retrospective amendment to section 143(1a) of the income-tax act, 1961, as inserted by the finance act, 1993, there was a mistake apparent from record in that the additional tax was not levied on the amount of loss disallowed by the assessing officer and, therefore, the same was rightly rectified under section 154 of the act. ..... it was only by a retrospective amendment with effect from 1-4-1989 introduced in section 143(1 a) by the finance act, 1993, that the additional tax is chargeable even in cases where the loss returned by the assessee though reduced did not result in an income. ..... therefore, at the time when the assessing officer sent the intimation dated 24-10-1991 or at the time when he rectified such intimation dated 10-3-1993, the retrospective amendment introduced by the finance act, 1993 was not then passed or received the assent of the h.e. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2007)106TTJ(Coch.)1140
..... by the finance act, 1992, section 2(ea) was brought on the statute book giving the definition of "asset" for the purpose of wt act which reads as under: (ea) 'assets' in relation to the assessment year commencing on the 1st day of april, 1993, or any subsequent assessment year, means- (i) any guest-house and any residential house (including a farm house situated within twenty-five kilometres from the local limits of any municipality (whether known as a ..... the provisions of the finance act, 1992, by virtue of which the wt act was also amended. ..... a view to stimulating investment in productive assets, the finance act has abolished wealth-tax on all assets except certain specified ..... in respect of the wt act have been substantially amended by the finance act, 1992, w.e.f. ..... the relevance of the finance minister's speech for the purpose of finding out the object of the amendment for interpreting the statutory provisions has got the approval of the hon'ble supreme court in the case of sole trustee, loka ..... he then was, made the following observations: in the case before us, a reference was made merely to the fact that a certain reason was given by the finance minister, who proposed an amendment, for making the amendment. ..... statutory provision is always a question of law on which the reasons stated by the mover of the amendment can only be used as an aid in interpretation if we think, as i do in the instant case, that it helps us considerably in understanding the meaning of the amended law. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)99TTJ(Coch.)786
..... he further submitted that mere is a substantial difference in the concept of firm assessing as a registered firm or unregistered firm or assessing the firm as an aop.he further submitted that according to the newly amended section 184, which is applicable from the ay 1993-94 onwards, the firm shall be assessed as such, (1) if the partnership is evidenced by the instrument of partnership, (2) wherein the individual shares of the partners are specified, and (3) certified copy of the said deed of ..... facts of the case as per record before us.sections 184 and 185, which regulates the assessment of the assessee, have undergone major changes by the finance act, 1992, which are applicable from the a.y. ..... a.y, 1981-82 the said firms carried on abkari business exploiting the licence granted in the name of one of the partners of the said firm.the said firms applied for registration under section 184 of the act the ito was of the view that there was transfer of the licence obtained in the name of one of the partners when the firm was allowed to exploit the licence. ..... 1993-94, there has to be a firm which can be assessed as a firm for the purpose of the act when it has complied with certain requirements as specified in section 184 of the amended act ..... provisions for assessment of the partnership firm has changed radically by the finance act 92 with effect from 93-94 and the act clearly state the provision under which the firm is to be assessed ..... act have undergone major changes vide finance act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2001)75ITD301(Coch.)
..... the commissioner (appeals) has held that the compensation under the award was received by the assessee in the year ending 31-3-1993 after the award was passed by the land acquisition officer and in that sense under the provisions of section 45(5)(a) the capital gains could be considered for assessment for the assessment year 1993-94 only.sub-section (5) was inserted in section 45 of the income tax act by finance act, 1987 with effect from 1-4-1988. ..... gains taxation operate harshly inasmuch as the affected persons are unable to avail of the exemption for roll-over of capital gains, within the specified time period, through investment in specified assets.23.2 section 45 of the income tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is first ..... clause (a) of sub-section (5) originally read as under: "(a) the capital gains computed with reference to the compensation on the first instance or as the case may be, the consideration determined or approved in the first instance by the central government or the reserve bank of india shall be chargeable as income under the head 'capital gains of the previous year in which the transfer took place.clause (a) was later amended by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)90ITD220(Coch.)
..... section 184 before the changes brought into the statute by finance act, 1992 with effect from 1-4-1993 ..... is that there was appeal for this year and hence the assessment order completely merged with the order of the commissioner (appeals), and therefore, commissioner's jurisdiction under section 263 is invariably excluded.in reply to the above,the learned departmental representative supported the order of the commissioner and also relying upon the decision of the tribunal in the case of ..... he submitted that the commissioner of income-tax has failed to note that the assessing officer has not passed any order under section 184 of the income tax act assigning the status of 'firm' to the assessee for the assessment years under consideration.since there is no order passed under section 184, assessee's representative submitted that continuity of the status of 'firm' as taken by the assessing officer could not ..... no quarrel with this proposition put forward by the assessee's representative.however if there is a failure on the part of the assessee (a registered firm) as mentioned under section 144, the firm cannot and shall not be assessed as a registered firm for that assessment year, and for all purposes, assessee firm now should be treated as an ..... the officers of the department and it is valid even after the amendments made in the income tax act regarding assessments of firms with effect from the assessment year 1993-94 onwards. ..... amended section ..... dealing with the amended and now existing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)5SOT497(Coch.)
..... finance act, 2001 has introduced the changes in section 149, which regulates section 148 of the income tax act ..... the learned commissioner (appeals) erred in holding that the issue of notice under section 148 for assessment year 1987-88 is bad in law.the commissioner (appeals) ought to have found that as per the law as it stood before amendment with effect from 1-6-2001, reassessment proceedings could have been validly initiated up to a period of ten years from the end of the relevant assessment year subject to the monetary limits and ..... its return of income for the assessment years 1987-88, 1988-89, 1989-90, 1990-91, 1991-92, 1992-93 and 1993-94 under section 139 of the income tax act on different dates. ..... the bench, the assessee has filed two different compilations, one relating to his assessment under the karnataka agricultural income tax act and another compilation in respect of assessment orders under the kerala agricultural income tax act, which are relating to the previous years relevant for the assessment years 1987-88 to 1993-94.we have considered the objections of the revenue and perused the records. ..... -tax assessment under section 143(3) had been completed in this case on 15-3-1993 on a total ..... /2003 for the assessment years 1987-88 to 1993-94 challenging the common order of the cit ..... reassessment proceedings are not justified.in the result, we uphold the orders of the cit(appeals) and all the appeals of the revenue for all the assessment years 1987-88 to 1993-94 are dismissed. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)104TTJ(Coch.)434
..... moreover, the finance act, 2001 has introduced the changes in section 149, which regulates section 148 of the it act.in the circumstances mentioned in section 147, the only time-limit for the revenue is 4 years and considering the facts and circumstances of the present case, the cit(a) has rightly come to the conclusion that there was no failure on ..... 1987-88, 1988-89, 1989-90, 1990-91, 1991-92, 1992-93 and 1993-94 under section 139 of the it act on different dates. ..... original income-tax assessment under section 143(3) had been completed in this case on 15th march, 1993 on a total income of ..... as far as section 147 is concerned, there are certain mandatory conditions for reopening of assessment and no amendment has been brought in section 147 as far as period of limitation is ..... 1993-94 (ita no, 181/coch/2003), the cit(a) has held as under: the ao issued the notice under section 148 on ..... 1987-88 1988-89 1989-90 1990-93 1991-92 1992-93 1993-94----------------------------------------------------------------------------------------------------------------date of original return 8-9-87 4-9-88 27-12-89 31-12-90 31-12-91 11-1-93 31-12-93total income returned 677080 1657160 644930 2713930 1666370 nil 1336990date of assessment 10-1-90 27-3-89 19-3-92 15-3-93 28-2-94 29-11-94 12-2-96total income assessed 1562620 1657160 1558140 3063930 2182170 nil 1534560date of issue of notice 1-1-98 22-1-99 2-3-2000 13-11-2000 14-11-2000 13-11- ..... 1987-88 to 1993-94 challenging the common order of the cit(a)-ii, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1999)71ITD238(Coch.)
..... officer has included the value of the hospital building in the wealth-tax assessments on the ground that the assessee being a closely held company, the assets specified under various clauses of sub-section (3) of section 40 of the finance act 1983, were liable to tax, and that hospital building was not an asset excluded by clause (vi). ..... . the commissioner (appeals) has taken the view that clause (vi) of section 40(3) of the finance act, 1983 does not exclude building or land appurtenant thereto used by the assessee for the purpose of running the hospital ..... is in further appeal before the tribunal with the plea that the revenue authorities were not justified in denying the exemption provided in clause (vi) of sub-section (3) of section 40 of the finance act, 1983.at the time of hearing, shri k. ..... the wealth-tax officer felt that in view of section 40 introduced in the finance act 1983, the value of specified assets held by closely-held companies was includible in the taxable wealth for the assessment years starting from 1-4-1984 and that the hospital building was such an asset to ..... v be mentioned that section 40 of the finance act revived in a limited way the levy of wealth-tax on companies which had been superseded b ' v the finance act, 1960 ..... context, we may refer to the object behind the introduction of section 40 in the finance act, 1983 ..... ." section 40 has been introduced in the finance act, 1983 with a view to circumventing the tax avoidance by keeping unproductive assets in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD759(Coch.)
..... the ito rejected both the requests on the ground that the amendment of section 55(2)(i) whereby the day 1-1-1954 was substituted by the date 1-1-1964 and the introduction of section 54e was made by the finance act of 1977 with effect from 1-4-1978 and, therefore, these provisions would not be applicable for the ..... to agree with the assessee that the assessment in question, namely, the assessment to capital gains for the assessment year 1977-78 is to be made in accordance with the provisions of section 55(2)0') as amended by the finance act, 1977 and section 54e, read with section 155(10a).these changes on which the assessee relies have been introduced by the finance act, 1977. ..... made with the provisions of section 80cc introduced in the same finance act. ..... decision of the jammu and kashmir high court in the case of fairdeal motors (supra) and the high court has held that though section 271(4a) of the act came into force in 1965 after the close of the assessment year 1964-65, the section would apply to the assessment year 1964-65 also because the amendment being a beneficial provision in a procedural law would apply to proceedings pending at the time the section came into force. ..... had invested the sale proceeds in specified assets within six months of the transfer of the capital asset, the capital gains should be totally excluded from the assessment in view of the provisions of section 54e of the act and the request was for the amendment of the assessment under section 155(10a). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195629ITR672(Coch.)
..... finance act (xxiii of 1951) may be taken therefore to have provided for the rate of income-tax which was to be charged as per section 2 of the finance act ..... the finance act (xxiii as 1951) as suitably modified with the reference to section 2 of the finance act ( ..... the first rectification under section 35 of the income-tax act was made by the succeeding income-tax officer, the first respondent herein, by exhibit b order dated january 25, 1954, on the basis that the additional income tax on "excess divided" which was contempted in the schedule to indian finance act, 1952, had been omitted ..... of the excess dividend as is deemed to be out of the undistributed profit of each of the said years shall be deemed to have borne tax, - (a) if an order has been made under sub-section (i) of section 23a of the income-tax act, in respect of the undistributed profits of that year, at the rate of five anna in the rupee, and (b) in respect of any other year, at the rate applicable to the total income of ..... rate) declared in respect of the whole or part of the previous year for the assessment for the year ending on the march 31, 1952, and no order has been made under sub-section (i) of section 23 a of the income-tax act, a rebate shall be allowed, at the rate of one annas per rupee on the amount of such excess; (ii) where the amount of dividends referred to in clause (i) above exceeds the ..... finance act relied on by the department for the exercise of their jurisdiction under section 35 of the income-tax act .....
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