Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 53 results (0.438 seconds)

Hercules Hoists Limited Acit Vs. Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... -i. it also cannot be overlooked that the initial assessment year stood clearly defined by way of an explanation to section 80-ia as it stood prior to substitution by finance act, 1999 w.e.f. 01.04.2000 and, further, could have been easily defined, either per section 80-ia(5) itself or by way of an explanation to the section ..... deduction under any provision has to be computed with reference to the total income covered under that provision as included in the gti, on all the deduction provisions contained in chapter vi-a. in the facts of synco industries ltd. (supra), the hon'ble court upheld the computation of gti by set off of loss from one priority industry against ..... taken to its logical end/conclusion (refer, inter alia, a.s. glittere and ors. v. cit (1997) 225 itr 739 (at 744); builders association of india v. union of india (1994) 209 itr 877 (sc); and chidambaram mulraj and co. pvt. ltd. vs. cit, 58 itr 206 (bom)). this also agrees with the avowed objective of the provision, i.e., to .....

Dhirubhai Ambani Knowledge City Mumbai. Navi Mumbai - 400 710 Vs. Pan ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... lever ltd. (supra) in which albeit the assessee supplied the details of income of the units eligible for deductions under chapter vi-a, but the ao failed to note that the assessee had not allocated proper amount of expenses to such eligible ..... this judgment has been followed by the hon'ble kerala high court in the case of cit v. chandrika educational trust [(1994) 207 itr 108 (ker.)]. in view of the foregoing precedents it is abundantly clear that the tribunal can vet only the ..... expenditure. the a.o. accepted the explanation and allowed the deduction. the cit issued notice u/s 263 of the act on the ground that the order of the assessing officer was erroneous and prejudicial to the interests of revenue on the question ..... 2011) 338 itr 522 (del.)]. in this case the assessee was a non-banking finance company engaged in the business of investment in shares, securities, other debt instruments and financing loans and providing guarantees. the income of the assessee comprised of interest on loans and .....

Mukand Global Finance Ltd. Vs. Dcit - Range 3(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... consideration to the rival submissions and from a perusal of record and the provisions of section 14a we find that section 14a was brought on the statue by the finance act, 2002 with retrospective effect from 01/04/2001. after the introduction of provision 14a a strong apprehension was raised on behalf of the corporate sector and different ..... both the situations where profit or loss on the sale of depreciable assets accrued to the assessee. he has also invited our attention to the other provisions of chapter iv in support of his contention that the legislature has used the words 'capital gain' in most of the section but it does not restrict the meaning to ..... the case and in law, the ld commissioner of income tax (appeals) erred in confirming the action of assessing officer adopting cost inflation index pertaining to asst. year 1994-95 instead of pertaining to asst. year 1989-90 determining indexed cost of il & fs shares sold during the year. without prejudice to grounds of appeal in relation .....

First Global Stockbroking (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)173

..... findings. otherwise also each and every credit in the bank account appearing in regular books of the appellant is not the subject-matter of chapter xiv-b of the act, as discussed elaborately while adjudicating ground nos. 231 to 233. in view of the discussions held above, the impugned addition is deleted.on ..... components & appli- |3/3/2000| 1,42,675 | 1,050 | 149,808,750 || | ances (p) ltd. | | | | ||____|______________________________|________|__________|_________|_______________||7 | top gear leasing & finance |3/3/2000| 70,125 | 1,050 | 73,631,250 || | (p) ltd. | | | | ||____|______________________________|________|__________|_________|_______________||8 | first global stock broking |3/3/2000| 1 ..... are ex-employees of citi bank.after their resignation from the bank they turn to be share brokers.they incorporated the assessee on 27th sept., 1994. they are directors and the main persons operating the business affairs of the assessee.the assessee is a flagship company in the group and the .....

Supreme Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the same, so that the successor in business cannot claim to carry forward the loss incurred by his predecessor.14. the finance act, 1977 has inserted a new section 72a in the income tax act relaxing the aforesaid provisions relating to carry forward and set off of a accumulated business loss and unabsorbed depreciation allowance in certain ..... that the assessee had not allocated the expenses incurred at head office and non-manufacturing branches to manufacturing units, primarily because the assessee was not claiming benefits under chapter vi-a. the assessee had started allocating the expenses from the financial year 1997-98, during which its pondicherry ii unit commenced production and the assessee also ..... 1,02,690 as on 31-3-1991. further as per the declaration issued by the bifr under section 72 a(1) of the income tax act dated 15-4-1994, the losses and allowances of aksf shall be deemed to be the losses and allowances of the assessee for the previous year in which amalgamation was effected .....

Dy. Cit, Range 12(1) Vs. Samta Marine Kakinada

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... at nil the said insertion was made by the finance act, 1994 with effect from 1-4-1995, which provided that "in relation to capital asset being goodwill of a business." in other words, once any goodwill of business arises to any person, the same is includible in the hands of the said person under chapter-e i. e., capital gains and not ..... , irrespective of whether the sale consideration has been received or not received in the said previous year, the capital gains is to be computed as per the provisions contained under chapter-e. (1) in relation to a capital asset being goodwill of a business (or a right to manufacture, produce or process any article or thing) (or right to ..... under chapter-d i.e. profits and gains of business or profession. there is no merit in the argument of the assessee that the said income is not .....

Mashreque Bank Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... consulting group (p) ltd. 94 itd 31 has observed as follows: 19. section 44d was brought on the statute, with effect from 1 -4-1976, by the finance act, 1976. by the same finance act, section 115a was also introduced. section 44d, as we have already seen, provides for taxation of royalties and fees for technical services on gross basis and without allowing ..... as to how this proposition can enable us to ignore the specific provisions of the india-uae tax treaty. article 25( 1) of the applicable india-uae tax treaty [(1994) 205 itr (st.) 49] specifically provides that "the laws in force in either of the contracting state will continue to govern the taxation of income in respective contracting state ..... its other wing or so to say by one hand to another. the tax is to be deductible under chapter xvii-b of the act and in case of a payment to non-resident it is section 195 of the income tax act. this section provide that "any person responsible for paying to a non-resident, not being a company, or .....

Dy. Cit, Range 3(1) Vs. Dwarkaprasad Anil Kumar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)110ITD247(Mum.)

..... dy. cit wherein it was held that what the assessee had already disclosed or would have disclosed was not to be treated as undisclosed income. further finance (no. 2) act, 1998 inserted an explanation to section 158ba(2). clause (b) to explanation enacted that the total undisclosed income relating to the block period shall not ..... the assessing officer to probe into the affairs of the assessee. the learned commissioner (appeals), therefore, rejected the contention of the assessee that the provisions of chapter xiv-b did not apply.12. secondly, the assessee argued before the learned commissioner (appeals) that the relevant shares in relation to which disclosed income was ..... . v. sikka (1984) l49 ltr 73 (dem), snehlata chandrakant chalishqzar v. thanvi (2000) 108 taxman 171 (guj.) and income tax officerv. hemesh family trust (1994) 51 itd 88 (ahd.). the learned dr then argued that when untruthfulness is exposed court are bound to reject the pleas taken by an untruthful party. during the course .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... (mumbai) 293 : (2005) 94 itd 31 (mumbai) has observed as follows: 19. section 44d was brought on the statute, with effect from 1-4-1976, by the finance act, 1976. by the same finance act, section 115a was also introduced. section 44d, as we have already seen, provides for taxation of royalties and fees for technical services on gross basis and without allowing ..... to how this proposition can enable us to ignore the specific provisions of the india uae tax treaty. article 25(l) of the applicable india uae tax treaty ((1994) 117 ctir (st) 227 : (1994) 205 itr (st) 49)) specifically provides that "the laws in force in either of the contracting states will continue to govern the taxation of income in ..... its other wing or so to say by one hand to another. the tax is to be deductible under chapter xvu-b of the act and in case of a payment to non-resident it is section 195 of the income tax act. this section provides that "any person responsible for paying to a non-resident, not being a company, or .....

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... not be regarded as assignment of values to individual assets or liabilities. it may be reiterated that clause (42c) has been inserted in section 2 of the it act by the finance act, 1999 w.e.f. 1st april, 2000. assessment year involved in the appeal before us is asst. yr. 1997-98. thus, the definition of the ..... be reasonably valued for ascertaining their respective cost of acquisition, then by resorting to statutory parameters and mode of calculation devised under the head "capital gains" in chapter iv, the gains so computed can always be brought to tax. similar is the decision of the hon'ble jurisdictional high court in premier automobiles (supra). therefore ..... the next impugned finding, no separate accounts were maintained by pal for the kalyan business. this finding is also erroneous. before us, general ledgers for accounting year 1994-95 have been produced. they refer to sale of vehicles manufactured at kalyan. they reflect asset account bearing no. 110 and sale account bearing no. 010 in .....