Judgment Search Results Home > Cases Phrase: finance act 1994 section 37 amendment of section 143 Court: income tax appellate tribunal itat indore Page 1 of about 31 results (0.197 seconds)

Deputy Commissioner of Vs. Nimar Kshitriya GramIn Bank

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)64ITD190Indore

..... under sub-section (1a) of section 143 and made further amendment by finance act, 1993 ..... amendment under section 143(1a) of the act was brought to the statute by the finance act ..... after the amendment brought under section 143(1a) by the finance act, 1993 w.e.f ..... proper application of this amended provision, we should examine the intentions of the legislature, since beginning when this provision was brought to the statute and an amendment was made therein by the finance act, 1993, with retrospective ..... tax that would have been chargeable had such total income been reduced by the amount of adjustments and specify the additional income-tax in the intimation to be sent under sub-clause (1) of clause (a) of sub-section (1); (b) in a case where the loss so declared under sub-clause (ii) of this clause or the aforesaid adjustments have the effect of converting that loss into income calculate a sum (hereinafter referred to as additional ..... about the exigibility of the additional tax in the assessee's case when he has declared the loss in its return, we feel it proper to reproduce provisions of section 143(1a) for our ready reference, which are as under :- "143(1a)(a) whereas as a result of the adjustments made under the first proviso to clause (a) of sub-section (1) - (ii) the loss declared by such person in the return is reduced or is converted into income, (a) in a case where the increase in income under ..... india [1994] 210 itr 121 and made an observation as under :- "the object of section 143(1a) is .....

Arihant Builders Developers and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD10Indore

..... effect from april 1, 1998, the second proviso to section 143(l)(a) was substituted by the finance act, 1997, which was operative till june 1, 1999. ..... act of 1991 with effect from october 1,1991, and subsequently with effect from june 1, 1994, by the finance act, 1994, and ultimately omitted with effect from june 1, 1999, by the explanation as introduced by the finance (no ..... 2) act of 1991 an intimation sent to the assessee under section 143(l)(a) was deemed to be an order for the purposes of section 246 between june 1, 1994, to may, 31, 1999, and under section 264 between october 1* 19991, and may, 31, ..... is also not disputed by shri choudhary that intimation sent by the assessing officer under section 143(1) after amendment of the sub-section as noted by the hon'ble delhi high court is not an "assessment". ..... it is a case of assessment year 1992-93, but we find that the provisions of section 44ad of the income-tax act, 1961, have been inserted into the income-tax act, 1961, with effect from 1.4.1994 provided in sub-section (1) special provision for computing profits and gains of business of civil construction. ..... though strictly these provisions are inserted in the act with effect from 1.4.1994, but these provisions could be a guideline for the purpose of applying a particular net profit rate in the case of the civil contractor even in earlier ..... 952/ind/1994 reference under section 256(1) was made before the ..... , indore bench dated 19^th july, 1994, for assessment year 1991-92 in the case of .....

Shree Synthetics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)61ITD253Indore

..... shri goyal argued that if 'units' were shares, there would have been no need to amended the proviso to section 2(42a) by finance act, 1994, w.e.f.1-4-1995 to specifically include them for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains on sale thereof. ..... advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. ..... referring to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. ..... to chief general manager, uti (copy at page 41 of the paper book), whereby c.b.d.t.clarified that for the purpose of section 2(42a) of the act as it then existed, units are not treated as shares for providing benefit of the proviso to that section inserted by the finance act, 1987. ..... according to him, the loss suffered by the company on sale of units was correctly considered in the assessment passed under section 143(3) of the act and the cit was not justified in invoking section 263 for applying provisions of section 73 of the act to the loss suffered by the assessee on sale of units which was allowed by the assessing officer as loss in his order dated 18-3-1993. ..... this loss was claimed by the assessee and was allowed in the assessment framed by the assessing officer on 18-3-1993 under section 143(3) of the act. ..... for the assessment year 1990-91, the assessment was framed on 18-3-1993 under section 143(3) of the act. .....

Deputy Commissioner of Vs. Mittal Appliances (P.) Limited

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2001)76ITD15Indore

..... while lifting the rider, the hon'ble high court of delhi has modified the definition of 'tax arrears' given in clause (m) of section 87 of the said finance act.originally 'tax arrears' means in relation to the direct tax enactment, the amount of tax, penalty or interest determined on or before 31 st day of march, 1998, under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate ..... outset challenged the maintainability of this appeal on the ground that since the appeal for the same assessment year has been dismissed as withdrawn in view of the certificate issued by the commissioner of income-tax under section 90(2) read with section 91 of the finance act, 1998 in respect of kar vivad samadhan scheme, the revenue's appeal should also be deemed to have been withdrawn.3. ..... scheme, no appellate authority shall proceed to decide any appeal of the assessee if he has availed the benefit of kvss by filing a declaration and made the payment of the sum determined by the cit under section 90 of the act but the proviso to this section puts a rider with respect to those appeals which were filed by the revenue and allowed the appellate authorities to proceed with the hearing of such appeals.by the judgment of the delhi high court ..... 2) act, 1998 but also modified the definition of tax arrears' envisaged in clause (m) of section 87 of the said finance act. ..... cit [1999] 240 itr 463/107 taxman 143. .....

Deputy Commissioner of Income Tax Vs. Mittal Appliances (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

..... 87 of the said finance act. ..... of the said finance act. ..... 90 by the designated authority or the payment of the sum determined under that section : provided that in case an appeal is filed by a department of the central government in respect of such issue relating to the disputed chargeable expenditure, disputed chargeable interest, disputed income, disputed wealth, disputed value of gift or tax arrear (except ..... , the ao on or before 31st march, 1998.nowhere in this section or in the judgment of the delhi high court it has been said that if the assessee files a declaration in his own appeal pending before the appellate authority and paid the taxes determined by the cit, the ..... the consequential effect of the aforesaid judgment of delhi high court has been interpreted by both the parties in their own fashion for giving effect to the kvss, we feel it proper to reproduce the relevant section, which was affected by the aforesaid judgment : "92. ..... 90 of the act but the proviso to this section puts a rider with respect to those appeals which were filed by the revenue and allowed the appellate authorities to proceed with the hearing of such ..... consideration of the rival submissions and from a perusal of the kvss introduced by the finance (no. ..... of the finance (no. ..... of the finance (no. ..... attention was also invited to the scheme introduced by the finance (no. ..... of the finance (no. ..... 80hh and 80-i of the act on the interest income after treating the same as directly relating to the business of the assessee .....

Jitaji Chunnilal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1990)34ITD347Indore

..... ito 18 itc 154.the bench had considered the amendment by the finance act, 1989 and had held that the amendment will not have any effect. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty etc. ..... in order to mitigate this difficulty, the finance act, 1987 has introduced a proviso to the section. ..... in the absence of clear words indicating that the amending act is declaratory, it would not be so construed when the pre-amended provision was clear and unambiguous.the above extracts refer to the declaratory acts but the principle would be equally applicable to sections which are introduced by amendments to existing acts. ..... liability for which was incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year relates. ..... in this connection, we may also refer to the intention of the parliament as expressed in the memorandum explaining the provisions in finance bill, 1989 : - under the existing provisions of section 43b of the income-tax act, a deduction for any sum payable by way of tax, duty, cess or fee, etc. ..... either way it would continue to be a trading receipt and could be brought to tax.prior to the introduction of section 43b the crediting of the sales-tax receipt to another account made no difference at all in the ultimate computation of the total income .....

Ayush Ajay Construction Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

..... sub-section (4a) of section 80-ia was brought to the statute by the finance act, 1995 with effect from 1-4-1996, according to which any enterprise carrying on developing, maintaining and operating any infrastructure facility, shall be entitled to deduction under section 80-ia of the act if ..... section 80-ia(4a) of the act were brought to the statute by the finance act, ..... we, therefore, have no hesitation in holding that the assessee-company has fulfilled, the requirements provided in clause (ii) of sub-section (4a) of section 80-ia of the act for claiming deduction under this section because had it not been recognised as a valid assignment of the tenderer by the state government or had it not stepped into the shoes of the main tenderer, the ..... object of creation of the assessee-company and contended that ajay construction being a proprietorship concern was not entitled to claim deduction under section 80-ia(4a) of the act as the deduction could only be claimed if the agreement is entered into between the state government and the company incorporated in india. ..... held that in case of doubt or difficulty encountered in ascribing the proper meaning to a provision or word in a provision, the statement of objects and reasons or the explanatory notes on clauses relating to amendment or the report of the joint parliamentary committee which preceded the legislation concerned, will be useful to ascertain the intention of the legislature.17. ..... proprietorship concern, on 16-6-1994 and the same was .....

Ayush Ajay Construction Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2001)69TTJIndore579

..... section (4a) of section 80-ia was brought to the statute by the finance act, 1995, with effect from 1-4-1996, according to which any enterprise carrying on developing, maintaining and operating any infrastructure facility, shall be entitled to deduction under section 80-ia of the act if it fulfils the requisite conditions.for the sake of brevity, we reproduce sub-section (4a) of section 80-ia of the act ..... corporation on build operate and transfer principle (bot)" the assessee in its computation of income attached with the return of income claimed the exemption at the rate of 100 per cent under section 80-ia(4a) of the act on the entire income on the ground that it had taken contract for construction of bakur bridge on build, operate and transfer basis (hereinafer referred to as the bot) from the ..... that in case of doubt or difficulty encountered in ascribing the proper meaning to a provision or word in a provision, the statement of objects and reasons or the explanatory notes on clauses relating to amendment or the report of the joint parliamentary committee which preceded the legislation concerned, will be useful to ascertain the intention of the legislature.it is also a settled position of law that while construing the tax ..... the documents placed on record, we find that originally the tender for construction of bridge on river bakur was submitted by m/s ajay constructions, a proprietorship concern, on 16-6-1994, and the same was finally granted to m/s ajay constructions on 14-2-1995. .....

Assistant Commissioner of Vs. Tesla Transformers (P) Ltd

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2000)72ITD459Indore

..... with the intent to clarify any ambiguity in the construction of this sub-section, another amendment was made by the finance act, 1995 w.e.f. ..... 143(1)(a) of the act in which the interest under this section has already been charged. ..... 143(1)(a) of the act in which the interest under this section was charged. ..... in other situation, where a regular assessment is made under s.143(3) or 144, in addition to the determination of total income under s. ..... 234b of the act upto the date of determination of the total income under s.143(1) and in case where he subsequently completes the assessment under s. ..... 143(1)(a) of the act, in which the interest upto the date of determination of the total income therein has already been charged, the contention of the assessee that no interest can be charged or increased in a regular assessment framed after the intimation in ..... 143 of the act and in the latter case the interest is to be charged upto the date of regular assessment though it was framed after the intimation issued under s. ..... 143(3) of the act, the ao is precluded from enhancing the interest under s. ..... 143(1)(a) of the act, on an amount equal to the assessed tax determined under regular assessment, on the amount by which the advance tax paid falls short of the assessed tax. ..... 1989-90 directed the ao to restrict the charging of interest on the basis of assessment made under s.143(1)(a) of the act.5. ..... 143(3) of the act is a final order determining the total income of the assessee; as such the interest under s. .....

Smt. Chandrakanta Jhavar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1989)29ITD368Indore

..... is seen that section 80u of the act has been renumbered as sub-section (1) by the finance act, 1984 w.e. ..... (supra), which was reported in income-tax tribunal decisions and we find that the tribunal after examination of the relevant provisions of law made the following observation : a simple reading of the section shows that for purposes of claiming a deduction under this section, an individual who is resident at the end of the previous year in respect of an assessment year which the deduction is claimed should produce certificate from a registered medical practitioner as to the ..... that the observations of the tribunal made in the case of om prakash (supra) that the section shows that the legislature has not left anything to the executive or for any subsidiary legislation so as to whittle down the relief granted by the legislature were taken note of while making the amendment and the amendment has been made for authorising the cbdt to frame rules in this behalf. ..... therefore, the amended provisions of section 80u will apply to the assessment ..... the section before amendment indicated that it is only if any individual, who is a resident, at the end of the previous year is subject to or suffers from a permanent physical disability and such permanent physical disability effects substantially his- capacity to engage in gainful ..... it may, the position of law before the amendment governs the appeals before us.12. ..... on the subject, therefore, will have to be considered as it was before the amendment. .....