Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD741(Coch.)
..... of the cit(a) is that the interest is to be levied only upto the date of intimation under section 143(1)(a) in terms of the provisions of s, 234b, as they stood prior to the above-mentioned amendment by finance act, 1995, with retrospective effect from 1st april, 1989. ..... 1999, the hon'ble kerala high court directed the tribunal to take a fresh view in the light of certain amendments made in section 234b of the it act by finance act, 1995, with retrospective effect from 1st april, 1989, and also to consider the issue relating to registration of the ..... view of the matter, we find no merit in the contention of the learned departmental representative before us that the interest under section 234b should be levied upto the date of the regular assessment in view of the above-mentioned amendment introduced by the finance act, 1995, and also that the interest should be levied on the tax as applicable to an unregistered firm.5. ..... , 1995, in ita no.755/coch/1994, but such refusal of registration is consequent to or in the course of the assessment framed under section 143(3) and it is not relatable to the intimation sent under section 143(1)(a). ..... assessment was completed on the assessee-firm under section 143(3) on 29th march, 1994, and in this assessment order interest under section 234b was levied at an amount of rs. ..... 29th march, 1994, assessed the total income ..... , 1994, it has been held that the firm is not entitled to registration and the status of the firm should be treated as ..... , 1994, for the .....
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 ..... those notices were issued more than four years after the end of the relevant assessment year without obtaining the satisfaction of the cit, as required under the provisions of section 151 (1) of the income tax act.after considering the objections of the assessee and the record, the cit (appeals) was of the opinion that there was no omission or failure on the part ..... 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 ..... section 147 is concerned, there are certain mandatory conditions for reopening of assessment and no amendment has been brought in section 147 ..... the part of the appellant to file any material particulars in the course of the original assessment.the original income tax assessment under section 143(3) had been completed in this case on 29-11-1994 on a total income of nil.under these circumstances the reopening of assessment under section 147 after the expiry of 4 years is bad in law. ..... the income-tax (second amendment) rules, 2001 introduced rule 7a with effect from 1-4-2002 providing the computation of income f rom the sale of .....
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 the ..... by the cit(a) which found favour for the assessee was that the period of limitation fixed by the statute was violated and hence the cit(a) declared all the assessment orders framed by the ao under section 143(3) r/w section 147 as invalid and cancelled the same.the cit(a) observed that as he has only considered the objection of the assessee on the procedural aspect of the reassessments for all the years under consideration, he had not ..... after the introduction of rule 7a representations were made to the cbdt, whether the it authorities on the basis of the said rule 7a or 7b, as the case may be, can initiate proceedings under section 147 or under section 263 of the it act for the assessment years prior to 2002-03 to determine the income liable to income-tax even if the assessee had already paid agricultural income-tax on such income. ..... 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 concerned. ..... , 1994 on a total income at nil. ..... , 1994 on a total income at nil. ..... , 1994 on a total income of rs. .....
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)6ITD788(Coch.)
..... he tried to support his argument from the language used in the companies deposits (surcharge on income-tax) scheme, 1976 ('the scheme') that the central government has framed in exercise of the powers conferred by clause (8) of section 2 of the finance act, where in paragraph 3 the expression 'in lieu of payment of surcharge' has been used. ..... although under the 1961 act, section 4 is the charging section yet income-tax can be charged only where the central act which in the present case is the finance act enacts that income-tax shall be charged for any assessment year at the rate specified ..... --(1) a deposit in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time before the last instalment of advance tax is due in its ..... [1972] 83 itr 346, that the term 'income-tax' as employed in section 2 of the finance act, 1964, includes surcharge and additional surcharge wherever provided. ..... (2) a deposit is lieu of payment of surcharge on income-tax under subsection (8) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time during the financial year commencing on the 1st day of april, ..... subsequently, the ito noticed that the deposit made with the industrial development bank of india, is not surcharge as one is not equivalent to the other but one is in substitution of the other.therefore, he proceeded to amend the order by rectifying it under section 13 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2001)77ITD442(Coch.)
..... with a view to encouraging large exports of certain goods by finance act, 1982, a section was inserted for the first time with effect from 1-6-1982 for providing tax relief to companies and corporate tax payers resident in india whose export turnover for a year ..... officer had failed to appreciate the fact that explanation (baa) to section 80hhc(4a) was inserted by the finance act, 1991 with effect from 1-4-1992. ..... 2) act, 1980; whereas section 80hhc was originally inserted by the finance act, 1983 with effect from 1-4-1983 for and ..... of the business' means the profits of the business as computed under the head 'profit and gains of business or profession' as reduced by - (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the assessee suitable ..... was processed under section 143(1)(a) of the act computing the total ..... with the 1989 amendment the section for the first time exempted the entire profits derived from exports and made express provision for dividing the exemption between a recognised export house or trading ..... was made under section 143(3) on 18-3-1997. ..... .the return was processed under section 143(1)(a) on 25-3-1996 computing the ..... similarly, for the assessment year 1994-95 the return of income was filed on 29-12-1995 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)90ITD333(Coch.)
..... he submitted that in the copy of the finance act, which was filed by the learned departmental representative at the time of hearing, para (sic) amendment to section 153 clearly mentions that "the last date on which the assessee is required to furnish the audit report" is effective from ..... we further make it clear that the return filed by the assessee in this case having been initially processed under section 143(1)(a), the order of the cit(appeals) does not invalidate the return filed by the assessee and the income returned by the ..... the income returned by the assessee as processed under section 143(1)(a) and the tax paid/payable by the assessee on that income shall not be disturbed by the order of the ..... arises out of the assessment completed under section 143(3) read with section 142(2a) of the income-tax act, 1961. ..... the decision of the itat, bangalore bench, we hold that on this ground the assessing officer would get only a period of 114 days in computing the two year period of limitation under section 153 and the assessing officer will not get a period of 158 days, as canvassed by the revenue.therefore, on this ground this impugned assessment completed under section 143(3) need to be held as barred by limitation.14. ..... the return was processed under section 143(1)(a) through the intimation dated ..... said assessment completed under section 143(3) was taken in first ..... because what is cancelled by the cit(appeals) is only the assessment completed under section 143(3) read with section 142(2a). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... company in the accounting years relevant to the assessment years in question, he contended that the definition of 'industrial company' is found for the relevant assessment years in the he contended that as per the definition found in the relevant finance acts, since the assessee is neither engaged in the business of generation or distribution of electricity or in the construction of ships nor in the manufacture or processing of goods or in mining, it is not an industrial company and is not entitled to the levy of tax at a lower rate ..... here again, the special bench in the case mentioned (supra) has drawn a distinction between an 'industrial company' as defined under the relevant finance act and the 'industrial undertaking' which is eligible for the benefit under sections 80j and 80hh. ..... the main thrust of the argument of the learned departmental representative is that the assessee is not an industrial company as defined in the relevant finance acts and since it is not an industrial undertaking it is not entitled to investment allowance as claimed by it. ..... after hearing the learned counsel for the assessee, the cit (appeals) held that an 'industrial company' has been defined in the relevant finance act as a company engaged in the manufacture or processing of goods etc. .....
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