Judgment Search Results Home > Cases Phrase: finance act 1994 section 37 amendment of section 143 Court: income tax appellate tribunal itat cochin Page 2 of about 56 results (0.244 seconds)

Sreedharan and Co. (P) Ltd. Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1997)58TTJ(Coch.)671

..... 40(3) (vi) of the finance act, 1983 the assessee is entitled to exemption in respect of the property having extent of 3.60 acres of land. ..... 40(3) (vi) of the finance act, 1983. ..... according to the assessees counsel, the factory building is exempt from wealth-tax in view of s.40(3) (vi) of the finance act, 1983. ..... 40(3) (vi) of the finance act, 1983. ..... 3 of the kerala land acquisition act issued by special tahsildar dt. .....

Dharmodayam Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD259(Coch.)

..... , section 11 (4a) was introduced by the finance act, 1983.this section states that sub-section (1) or (2) or (3) or (3a) should not be applied in relation to any income, being profits and gains of business, unless- (a) the business is carried on by a trust wholly for public religious purposes and the business consists ..... section 11 (4a) inserted by the finance act, 1983 was effective from 1-4-1984 and further it was substituted by the finance ..... what is applicable is the sub-section as inserted by the finance act, 1983. ..... or institution, in order that it may retain its character, never carry on any business obviously, that cannot be the case, for then sub-section (4) of section 11 providing that "property held under trust" for the purposes of the said section 11, includes a business undertaking so held, would be meaningless.provisions of section 11 (5) prescribing the forms and modes of investing or depositing the money, may, preclude a charitable trust or institution from acquiring a business ..... income, profits or gains falling within the following classes shall not be included in the total income of the person receiving them : (i) subject to the provisions of clause (c) of sub-section (1) of section 16, any income derived from property held under-trust or other legal obligation wholly for religious or charitable purposes, insofar as such income is applied or accumulated for application to such religious or ..... of the law as it stood before the amendment brought in by the finance (no. ..... 1994 .....

Mr. M. Damodaran Nair Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)90ITD758(Coch.)

..... " the assessee's representative submitted that the extended meaning of 'ownership' as brought in the statute book by finance act, 1987 is applicable and as such, the assessee becomes the deemed owner as per the provisions of section 27(iiib) read with the explanation to section 269ua(f) only in the cases and circumstances mentioned in the circular and not in any other case like that of the assessee whose business is to take buildings on lease and ..... way of sale or exchange or lease for a term of not less than twelve years, and includes allowing the possession of such property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882; explanation -- for the purposes of this sub-clause, a lease which provides for extension of the term thereof by a further term or terms shall be deemed to be a lease for a term of not less ..... . the finance act, 1987, by substitution of clauses (iii), (iiia) and (iiib) in section 27, covers all the transactions referred to above for the purpose of determining the ownership of the property for assessing income under the ..... 495 dated 22-9-87 which reads as under : the finance act, 1987 has extended the meaning of the expression "ownership" for the purpose of computing income under the ..... chapter xxa consisting of sections 269a to 269s was inserted by the taxation laws (amendment) act 1972 with effect ..... filed by the assessee was accepted under section 143(1)(a) on 19-2-96. .....

Kerala State Coir Corpn. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)50ITD1(Coch.)

..... [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. ..... 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. ..... 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. ..... the substituted section 143(1 a) providing for levy of additional tax even in case of disallowance of loss, treating the amount disallowed as the income of the assessee, was given retrospective effect from 1 -4-1989 by the finance act, j 993, which received the assent of h.e. .....

Indian Resins and Polymers Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1989)31ITD75(Coch.)

..... but, in the context of the finance act, 1968, this does not appear to be the position ..... the revenue has brought an appeal objecting to the relief allowed under section 80j.since the related facts are mostly common, the two appeals were consolidated for a common hearing.3 ..... if the assessee was qualified to the relief under section 80j there was no reason to say that the conditions for 80hh relief are not satisfied.11 ..... 1985] 152 itr 152 wherein it is held that "worker", for the purpose of section 80hh, may be either casual, permanent or even temporary. ..... lastly, it was stated that the assessee did not fulfil the conditions under section 80hh(2)(iv) inasmuch as it had only nine permanent workers. ..... this indicates that the reference is to manufacturing concerns as against trading concerns.in the income-tax act also the expression' 'manufacture or produce articles" found in section 80hh(2) is not defined. ..... such being the case, the conditions in section 80hh(2)(iv) are clearly fulfilled because the assessee had employed many casual workers in addition to the nine persons on the permanent roll ..... condition in section 80j(4)(iv) is similar to that found in section 80hh(2)(iv). ..... the assessee is carrying on the drying work it should be employing casual workers for that purpose and there appears to be no reason to say that the condition in section 80hh(2)(iv) is not fulfilled.9. ..... was for deduction under section 80hh and the other was under section 80j. ..... same principle applies to section 80hh(2)(iv) also. .....

Mrs. Catherine Thomas Vs. the Dy. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)111ITD132(Coch.)

..... bench of the tribunal in the case of padam prakash (huf) 288 itr (at) 1 (delhi-sb) is not in accordance with law and he made the following submissions: it was argued that the legislature while inserting sub-section (5) in section 45 through the finance act 1987 with effect from 1-4-1988 did not provide for cases where enhanced compensation was reduced by any courts tribunal or other authority.clause (c) to sub ..... after exhaustively dealing with the relevant provisions of the act on the issue, the hon'ble special bench of the itat in the case of padam prakash (huf) (supra) held as under: clause (c) to sub-section (5) was inserted by finance act, 2003, but it has to be held to be retrospective in operation and taken to be introduced with effect from ..... that the 5 member constitution bench of the hon'ble supreme court has held that for an amendment of 1 a statute to be construed as being retrospective, the amended 1 provision itself should indicate either in terms or by necessary implication that it is to operate ..... the bank guarantee furnished by the assessee expired on 19-9-1994 and at the best the said amount can be assessed in the assessment year 1995-i96 as the assessee was deprived from taking the benefit of section 54 or 55 as no liquid cash was available with him ..... amount was kept in the bank by investing in fixed deposit and in december, 1993 and january, 1994, the assessee was paid the amount originally deposited in the court by the land acquisition tehsildar together with ..... 1994 .....

Deputy Commissioner of Income Tax Vs. C.P. Lonappan and Sons

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)75ITD301(Coch.)

..... 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 ..... ) 157 itr 711 (fb) the kerala high court has held that the interest on compensation awarded with respect to the land acquired under the land acquisition act would run from day-to-day accruing from the date on which the government took possession of the land, that being the date on which the land ..... 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. ..... 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 ..... of the finance (no. .....

Mrs. Catherine Thomas Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)116TTJ(Coch.)797

..... ; 7.5 after exhaustively dealing with the relevant provisions of the act on the issue, the hon'ble special bench of the tribunal in the case of padam prakash (huf) (supra) held as under: clause (c) to sub-section (5) was inserted by finance act, 2003, but it has to be held to be retrospective in operation and taken to ..... a new clause (c) was inserted in section 45(5) by the finance act, 2003 which was effective from 1st april ..... sub-section (5) in section 45 was inserted by the finance act, 1987 to provide for taxation of the additional compensation in the year of receipt instead of the year of transfer of the said capital asset.it was further provided that the additional compensation will be deemed to be ..... is not in accordance with law and he made the following submissions : it was argued that the legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. ..... ctr (sc) 119 :(2006) 283 itr 484 (sc), the learned counsel submitted that the five-member constitution bench of the hon'ble supreme court has held that for an amendment of a statute to be construed as being retrospective, the amended provision itself should indicate either in terms or by necessary implication that it is to operate retrospectively. ..... said amount was kept in the bank by investing in fd and in december, 1993 and january, 1994, the assessee was paid the amount originally deposited in the court by the land acquisition tehsildar together ..... , 1994 and at the best the said amount can be ..... 1994 .....

Deputy Commissioner of Vs. C. P. Lonappan and Sons.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... cit (1986) 157 itr 711 (ker) (fb) the kerala high court has held that the interest on compensation awarded with respect to the land acquired under the land acquisition act would run from day-to-day accruing from the date on which the government took possession of the land, that being the date on which the land owners' right to receive the entire compensation accrue ..... 45 of the it act by finance act, 1987 w.e.f. ..... (a) was later amended by the finance (no. ..... 45 of the it act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is first received. ..... 2) act, 1991 deals with the amendment in cl. (a) of ..... the effect of the amendment is that the initial compensation is assessable as capital gains of the previous year in which the compensation or consideration is first ..... 45 has been amended to provide that capital gains arising from the compulsory acquisition of the capital assets is chargeable to tax in the previous year in which the compensation or part thereof is ..... the amendment helps the affected person to avail of the exemption for roll-over of capital gains within the specified period, with reference to the receipt of the compensation or part ..... this amendment takes effect retrospectively from 1st april, ..... the amended cl ..... of section 45(5). ..... december, 1991 providing the explanatory notes on the provisions of the finance (no. .....

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

..... sub-section (9) of section 40a was inserted by the finance act, 1984 with effect from 1st april, ..... iii) in computing "profits and gains of business or profession" when an assessee is carrying on business in various ventures and some among them yield taxable income and the others do not, the question of allowability of the expenditure under section 37 of the act will depend on: (a) fulfillment of requirements of that provision noted above; and (b) on the fact whether all the ventures carried on by him constituted one indivisible business or not; if they do, the entire expenditure will be a permissible ..... the setting up or formation of, or as contribution to, any fund, trust, company, association of persons, body of individuals, society registered under the societies registration act, 1860 (21 of 1860), or other institution for any purpose, except where such sum is so paid, for the purposes and to the extent provided by or under clause (iv) or clause (v) of sub-section (1) of section 36, or as required by or under any other law for the time being in force.on a bare reading of the said provision, it is very clear that ..... , the amendment has been made retrospectively from 1st april, ..... year 1994-95 and 1995-96 and it is held as under: the same point was considered by this tribunal in assessee's own case in ita ..... years 1994-95 and 1995-96 as well as by the decision of the jurisdictional high court in the case of south indian bank ..... years 1994-95 and 1995-96 by the decision of this tribunal in ita .....