Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 2 of about 53 results (0.295 seconds)

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... book profit is considered for the computation of section 80hhc.48. the concept of "minimum alternate tax" was introduced by the finance act, 1987 w.e.f. 1st april, 1988, through section 115j under chapter xii-b of the it act, 1961. this provision remained in the statute book for the period from the asst. yrs. 1988-89 to 1990-91. ..... raised even at the time of the old provisions contained in section 115j. that necessitated the issue of circular no. 680, by the cbdt on 21st feb., 1994 [(1994) 117 ctr (st) 215 : (1994) 2061tr (st) 297\. it is stated in the circular that certain doubts have been expressed as to whether the amount quantified under section 80hhc sub-section ..... /115jb. the intention explained in circular no.559, dt. 4th may, 1990 [(1990) 85 ctr (st) 1] as explained in circular no. 680, dt. 21st feb., 1994 cannot be treated as having been given up in the substituted tax on book profit, when they were reintroduced practically on the same basis with very nominal modifications as regards .....

Datamatics Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)110ITD24(Mum.)

..... used under section 209(1)(a) made the assessee estimate his current income and since a bona fide dispute was pending which, was clarified by the legislature by the finance act, 1999, imposition of interest under section 234b was not justified without a hearing and without reasons.52. the same principle, we are of the view, is applicable in ..... under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income. explanation 2 : where, in relation ..... and profession'. the same rationale has been upheld by the tribunal special bench 'd' in their decision in the case of international research park laboratories ltd. v. asstt. cit (1994) 50 ttj (del)(sb) 661 as well as cit v. parry agro industries ltd. (2002) 177 ctr (ker) 257 which have been relied upon by the ao while .....

Sushmita Holdings Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... same.16. we shall now consider the alternative claim of the assessee that it should be allowed deduction for interest under section 57(iii) of the act. section 57 occurs in chapter iv-f.-income from other sources.clause (iii) of section 67 provides for deduction of any "expenditure (not being in the nature of capital expenditure) ..... considered the submissions of the assessee and find it not tenable. m/s. mafatlal industries ltd. (mil), m/s. vibhadeep investment and training ltd. (vibhadeep) and president (finance) of mafatlal industries ltd., shri praful r. amin is president corporate affairs of m/s. mafatfal industries ltd., shri praful r. amin is also director of m/s. ..... investment co. ltd. (it appeal nos. 1656 (mum.) of 1998, 1560 to 1564/mum./ 1994).8. in the alternative, he submitted that the claim of the assessee should be allowed under section 57(iii) of the income tax act as the interest-bearing advances were utilized for making investment in shares in order to earn dividend. it .....

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD101(Mum.)

..... in that case, it was held by the learned members constituting the bench that leasehold rights held by the assessee-company is assessable under section 40(2) of finance act, 1983 because the expression "belonging to" does not denote absolute title. the bench further held, the possession of an interest less than full ownership is sufficient to ..... the charging provisions of section 40 of the finance act, section 4(7) cannot be applied in the case of the assessee. again for the above proposition assessee relied upon the decision of the tribunal in assessee's own case for the asst. yr. 1991-92 in wta no. 1165/bom/1994; mohan exports india (p) ltd. v. ..... transfer or charge of share or interest, learned counsel submitted, the real right lies with the society and not with the assessee. again he brought our attention to chapter iv, which deals with incorporation, duties and privileges of societies, particularly section 36. it reads as under: 36. societies to be bodies corporatethe registration of a .....

Dy. Cit Vs. Sarabhai Piramal

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the case of cit v.anglo french drug co. (eastern) ltd. , their lordships have held that to fall within the definition of "industrial company" in the relevant finance act and be entitled to the rebate of income-tax, it is not necessary that company must manufacture the goods by itself own plant and machinery at its own factory. if ..... if he gets the products manufactured or processed by some other agency. the object of the introduction of these provisions can be gathered from the budgetary speech of the finance minister reported at 152 itr (st.) 76 and the notes on clauses reported at 152 itr (st.) 138 at page 142 in which it has been made ..... jvc and trading activities considered one and single business only. in support of this plea, he placed reliance upon the case of bbc industries ltd. v, dy. cit (1994) 48 itd 292 (hyd.).14. the observation of the assessing officer that jvc was neither manufacturing nor processing the pharmaceutical products and only dealing in trading activities is based .....

Parshuram D. Patil Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103TTJ(Mum.)765

..... the gains earned by the assessees are taxable as per the amendment of section 55(2) by the finance act, 1994 w.e.f. 1st april, 1995. as the assessee acquired the plot prior to 1974 and transferred the same in june, 1994, the gains are taxable as long-term capital gains. as we have held that the amounts received ..... section 112 as far as income under the head "capital gains" was concerned. it was immaterial that aforesaid income was "undisclosed income" and assessed under chapter xiv-b of the it act.in the alternative, shri trivedi submitted that in case two reasonable views of the matter are possible, then a view in favour of assessee has to be ..... construed. as regards circular no. 636 referred to by counsel for the assessee, the learned departmental representative submitted that the same had no application in this case as chapter xiv-b had not been brought on statute book when the circular was issued.8. the learned departmental representative also relied upon commentaries of shri g.p. singh .....

Sterlite Industries (India) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102TTJ(Mum.)53

..... to tax, duty, cess, fee, interest on loan, etc. and other concerning the payment with regard to provident fund, superannuation fund or gratuity fund, etc. the finance act, 2003, omitted second proviso and the 1st proviso is made applicable with regard to all the payments including the payment for pf, superannuation fund, gratuity fund, etc. ..... 100 ttj (ahd) (sb) 532--ed.]. in this judgment, it is held by the special bench of the tribunal that for the purpose of computing deduction under chapter vta, depreciation, which though is allowable but not claimed in the return for normal computation of income, has to be allowed. respectfully following this judgment, this issue ..... followed in the subsequent years. learned assessee in the written submissions contended that this issue was considered by the tribunal in ita nos. 692 and 3850/bom/1994, wherein issue has been set aside to the file of ao for fresh adjudication. he placed on record copy of the tribunal order. learned departmental representative .....

Wall Street Construction Ltd. and Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD156(Mum.)

..... 2 declares that the cost of construction includes cost of land, development rights, construction, development, administration, marketing and finance. during the course of assessment proceedings, the authorised representatives of the assessees had categorically admitted that the assessees are following ..... 1)(iii) read with section 43(2), which defines the word 'paid'. both these sections form part of chapter iv--computation of business income. in this case, we are concerned with payment of rs. 55 being interest of ..... bombay high court. the learned cit-departmental representative submitted that the tribunal while deciding this issue for asst. yr. 1994-95 in the case of wall street construction ltd. (supra) followed the bombay high court decision in the case ..... in-progress. shri maheshwari submitted that the phrase 'method of accounting' referred to in section 145 of the it act indicates the method adopted by the assessee while maintaining regular books of account and not the method of computation .....

Parshuram D. Patil Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD241(Mum.)

..... hold that the gains earned by the assessees are taxable as per the amendment of section 55(2) by the finance act, 1994 with effect from 1-4-1995. as the assessee acquired the plot prior to 1974 and transferred the same in june 1994, the gains are taxable as long-term capital gains. as we have held that the amounts received by the ..... long-term capital gain is subject to tax at the rate of 60 per cent as provided under section 113 being part of the undisclosed income assets under chapter xiv-b of the it act or the same is subject to tax at the rate of 20 per cent under section 112 which lays down the rate of tax on long-term ..... undisclosed income relating to the block period shall not include the income assessed in any regular assessment as income of such block period; (c) the income assessed in this chapter shall not be included in the regular assessment of any previous year included in the block period.] thereafter section 158bb provides for computation of income. the said section is titled .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... tax by operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which ..... . it is unsafe to make bad laws out of hard facts and one should avoid subverting the rule of law." in the case of nayantara g. agrawal v. cit (1994) 207 itr 639 (bom.), the assessee entered into partnership with a company. the assessee brought her land valued at rs. 10 lakhs as her share of capital contribution in ..... and the tribunal was right in holding that there was a transfer of capital asset from the assessee to the limited company.in the case of cit v. s. kanan (1994) 210 itr 585 (kar.), honble karnataka high court quoted at length from the judgment of chinnappa reddy j. in the case of mcdowell & co. ltd. (supra) and applied .....