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Shri Dinesh Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)72ITD110(Ahd.)

..... can not properly be deduced therefrom, the computation shall be made upon, such basis and in such manner as the assessing officer may determine :" the above provisions of section 145 have since been substituted by a new section by the finance act, 1995 with effect from 1-4-1997 as under : (1) income chargeable under the head "profits and gains of business or profession" or "income from other sources" shall, subject to ..... the relevant portion of the memorandum explaining the provisions of the finance bill, 1995, reads as under : "methods of accounting and accounting standards for computing income - "the existing section 145(1) of the income-tax act provides for computation of income from business or profession or income from other ..... was a recognised method of valuation of stock, "direct costing method" which categorically envisages that certain production overheads, even if connected with the production, are not to be considered for the purpose of valuation of stock if they are fixed in nature as distinguishable from those expenditure which are variable in nature and also the fact that some of the items being part ..... known as "directed costing costing" which categorically envisages that certain production overheads, even if connected with the production, are not to be considered for the purpose of valuation of stocks if they are fixed in nature as different from being variable in nature and further that some of the items being part of the general administration .....

Gujarat Alkalies and Chemicals Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)82ITD135(Ahd.)

..... learned counsel, the legislative intention in introducing section 35ab by the finance act, 1985, w,e.f. ..... 8 to section 43(1), inserted by the finance act, 1986, ..... backdrop of the array of judicial rulings referred to above and the basic principles enunciated therein, we have reached the conclusion that payments made for technical know-how for the purpose of setting up new units for the manufacture of hydrogen peroxide and caustic soda prills is clearly of the nature of capital expenditure which is outside the purview of section 37(1), the expenditure in question on account of technical know-how has a close and proximate connection with the setting ..... of an agreement forms a part of capital expenditure or revenue expenditure would depend upon several factors whether the assessee obtained completely a new plant with a complete new process and completely new technology for manufacture of the product or the payment was made for the technical know-how which was intended for the betterment of the product in question which was already being produced, whether the improvision made is part and parcel of the existing ..... below section 43(1) of the act inserted by the finance act, 1986 ..... and 1995-96 held that payments made on account of technical know-how for setting up new units by the assessee are directly covered by the provisions of section 35ab and not under section 37. ..... , and thereafter substituting the same by a new provisions allowing depreciation on the intangible assets under section 32 w.e.f. .....

Assistant Commissioner of Income Vs. Beehive Engineering and Allied

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)81ITD330(Hyd.)

..... question that remains to be considered is whether because of the provisions of section 55(2)(aa) substituted by the finance act, 1994, w.e.f. ..... the ao however, rejected this contention on the ground that section 55 of the it act has been amended by the finance act, 1987, so as to make capital gains even in the matter of goodwill exigible to tax, and, therefore, the benefit of the said decision cannot be given to the ..... the explanatory note to the finance act on the said provision contained in cbdt circular reads as under- subject: finance act, 1995--explanatory notes on provisions relating to direct ..... the company made an offer to her by which she was entitled to apply for 710 new ordinary shares at a premium with an option of either taking the shares or renouncing them, wholly or partly, in favour of ..... 1st april, 1995, have no application for the assessment year under ..... before 1st april, 1995, the procedure as laid down by the courts has to be ..... , 1st april, 1995, the decision of the apex court in the case of ..... 1st april, 1995, it can be regarded that prior to that date, ..... 1st april, 1995, by virtue of which capital gains on the sale of certain financial assets like the rights in question, have been made exigible to ..... complicated procedure laid down by the courts was merely simplified, and the simplified procedure admittedly became effective from 1st april, 1995. ..... amendments will take effect from 1st april, 1996, and will accordingly, apply to the securities transferred on or after 1st april, 1995. .....

Devang S. Desai Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD107(Mum.)

..... as far as the main objection of the ao is concerned we hereby give a finding based on the reasoning, as per above paras, that the cumulative effect of the language of, section 158bb, explanation thereto and the definition of undisclosed income as per section 158b vis-a-vis with the inserted language as per finance act, 2002, the total undisclosed income has to be computed in accordance with the provisions of chapter-iv, i.e ..... . 1st july, 1995 and in place of the old language the new language substituted reads as follows : "in accordance with provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the ao and relatable to such ..... the instant case after perusing the order of the ao we have observed that nowhere ao has doubted that the claim of deduction under section 54f was not genuine or the same was false, his only objection was that the utilisation of undisclosed income to gain the benefit of tax under a particular section of it act should not be allowed while computing the undisclosed income for the purpose of the flat rate of 60 per cent ..... the ao has concluded that there was no intention on the part of the appellants to disclose this income in the normal course.the returns of income for the relevant years had already been filed before the search action and the income arising from the capital gains were not disclosed in the said income-tax .....

Bidar Sahakari Sakkare Kharkhane Niyamat, Vs. Union of India (Uoi) and ...

Court : Karnataka

Reported in : [1999]237ITR445(KAR); [1999]237ITR445(Karn)

..... section was retrospectively substituted by the finance act of 1995 with effect from april 1, 1989, and the following notes on clauses while moving the bill were given in the bill (see : [1993]200itr124(delhi) ) :'sub-clause (i) seeks to substitute clause (a) of sub-section (1a) of section ..... committee were to this effect :'10.59 with a view to encouraging voluntary compliance, reducing the discretionary power of the tax administration so as to minimise opportunities for bribery, and reducing the costs of checking the expected excuses that would be submitted for almost every case of arithmetical error and prima facie inadmissible claims, it is necessary to build in a system of automatic sanction in the nature ..... the original section 4 and the new section 4 of the central excises and salt act satisfy this ..... 549, dated october, 31, : [1990]182itr1(mad) , justifying levy of additional tax as under (page 23) :'the new section 143, as substituted by the amendment act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to ..... (amendment) act, 1987, a new scheme of assessment was introduced in section 143. ..... the new clause (a) seeks to provide that where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1) of section 143, the income declared by any person in the return is increased, the assessing officer shall charge additional income-tax at the .....

Commissioner of Income-tax - II, Kanpur Vs. N.K. Laminates (P.) Ltd.

Court : Allahabad

..... 1995 introduced a new scheme of assessment of undisclosed income, determined as a result of search, which has assessed separately as the income of designated period consisting of 10 previous years now reduced to 6 previous years by the finance act ..... a return in the prescribed form and verified in the same manner as a return under clause (i) of sub-section (1) of section 142, setting forth his total income including the undisclosed income for the block period : provided that no notice under section 148 is required to be issued for the purpose of proceeding under this chapter: provided further that a person who has furnished a return under this clause ..... (3) where the assessee proves to the satisfaction of the assessing officer that any part of income referred to in sub-section (1) relates to an assessment year for which the previous year has not ended or the date of filing the return of income under sub-section (1) of section 139 for any previous year has not expired, and such income or the transactions relating to such income are recorded on or before ..... section 132a and also includes the period up to the date of the commencement of such search or date of such requisition in the previous year in which the said search was conducted or requisition was made : provided that where the search is initiated or the requisition is made before 1.6.2001, the provisions of this clause shall have effect as if for the words, 'six assessment years,' the words 'ten assessment years' had been substituted .....

Premier Ltd. (formerly known as M/s. Premier Automobiles Ltd. Through ...

Court : Mumbai

..... no.73 of 2004) wherein it is held that the provision for interest liability under section 11aa was inserted in the 1944 act with effect from 26th may, 1995 and applies to person who has failed to pay the duty determined under section 11a(2) and 11aa and that it would not apply where the demand liability was determined other than by provisions 11a(2) of the act. ..... circular no.289/96/cx-9 which specifies that the interest on delayed payment have to be collected at the rate of 20% per annum from the date of new section 11a came into force and that such interest would be payable only on the actual amount in balance and not on the original amount payable. 41 ..... provided that where a person chargeable with duty determined under sub-section (2) of section 11a before the date on which the finance bill, 1995 receives the assent of the president, fails to pay such duty within three months from such date, then, such person shall be liable to pay interest under this section from the date immediately after three months from such date, till the date of ..... not been levied or paid or has been short-levied or short-paid or erroneously refunded by reason of fraud, collusion or any willful mis-statement or suppression of facts, or contravention of any of the provisions of this act or of the rules made thereunder with intent to evade payment of duty, by such person or his agent, the provisions of this subsection shall have effect, [as if, for the words [one year], the words five years were substituted. .....

D.R. Industries Ltd. and anr. Vs. Union of India (Uoi) and 3 ors.

Court : Gujarat

Reported in : 2008(127)ECC61; 2008(153)LC61(Gujarat); 2008(229)ELT24(Guj)

..... thereafter vide act 22 of 1995, the word 'collector (appeals)' was substituted by the word 'commissioner (appeals ..... this period was earlier one year, but is now reduced to three months by finance act, 2007 - that is - within three months from the date of communication of the decision or order of the adjudicating authority subordinate to him, the commissioner of central excise may direct the subordinate officer to apply to the commissioner (appeals) for determination of such points arising out of the decision or order as may be specified by the commissioner of central excise in his ..... therefore, do not find any merit in any of the contentions raised on behalf of the petitioners for challenging the constitutional validity of the proviso to sub-section (1) of section 35 of the central excise act, 1944 in so far as the parliament has provided for the limitation period of 60 days for filing an appeal before the commissioner (appeals) and in so far as the power to condone the delay conferred on the commissioner (appeals) is only for a period of 30 days after expiry of the limitation period of 60 days.19. ..... while this new chapter conferred on the appellate tribunal power to entertain appeals within three months with further power to condone the delay if sufficient cause was shown, simultaneously the power of the collector (appeals) in the matter of condonation of delay was restricted to a further period of three months after expiry of the limitation period of three months for filing the .....

Muslim Minority Front, Rep. by Its Secretary, Sri Mohd. Abdul Muqueet ...

Court : Andhra Pradesh

Reported in : 1996(2)ALT30

..... members of the wakf board and to bring the composition of the board in conformity with the freedom to manage religious affiars, one of the basic or the fundamental of the india's democratic quality that section s 13 and 14(9) of the wakf act, 1995 have provided for a balance between the elected members of the board and the nominated members of the board by providing inter alia that the number of elected members of the board shall at all time be more than ..... section 11 of the wakf act, 1954, however, was sought to be omitted and substituted by a new provision by act 69 of 1984 which act, however, although received the assent of the president of india, was not brought in force in all the aspects in the state of andhra pradesh and section 11 of the wakf act, 1954 continued to hold field notwithstanding the amendment by act 69 of 1984 in the state. ..... ;(b) persons having special knowledge of muslim law and representing associations such as state jamiat-ul-ulama-i-hind (whether such 'persons are hanafi, ahle-hadis or shefai) or state shia conference;(c) persons having special knowledge of administration, finance or law;(d) mutawallis of wakfs situate within the state;provided further mat in determining the number of sunni members or shia members in the board, the state government shall have regard to the number and value of sunni .....

All India Punjab National Bank Officers' Association and Ors. Vs. Chai ...

Court : Madhya Pradesh

Reported in : (2010)229CTR(MP)257

..... cit : (1995) 126 ctr (kar) 434 : (1997) 224 itr 183 (kar), the high court of karnataka has expressed the opinion that the subsidy was not taxable in the hands of the employees in view of the deletion of sub-clause (vi) of section 17(2) of the it act by the finance act, 1985. ..... the matter stood thus, section 17(2) was amended by the finance act, 2001 w.e.f. ..... by the bank or any person on bank's behalf shall be determined as the sum equal to the interest computed at the rate charged per annum by the sbi, as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it on the maximum outstanding monthly balance as reduced by the interest, if any, actually paid by him or any such member of his household.sbi lending rates are as follows:______________________________________________________________________as on 1 -4-2006 as on 1 ..... 3 came to be substituted w.e.f. ..... yr.2007-08 2008-09________________________________________________________________________housing loan upto 5 years 8.50% 10.25%________________________________________________________________________above 5 years but upto 10 years 8.75% 10.75%________________________________________________________________________above 10 years but upto 15 years 9.00% 10.75%________________________________________________________________________ above 15 years but upto 20 years 9.25% 10.75%________________________________________________________________________car loan, for new car upto 3 years (rs. .....