Judgment Search Results Home > Cases Phrase: finance act 1995 section 63 amendment of section 80 Court: income tax appellate tribunal itat jodhpur Page 1 of about 18 results (0.233 seconds)

Assisstant Commissioner of Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2001)77ITD488(Jodh.)

..... " in the above provision the words "the report of any audit" were inserted in this provision by amendment vide finance act, 1988 w.e.f.1-4-1989, and the words "referred to in section 44ab" were inserted by amendment vide finance act, 1995 w.e.f. ..... the assessment year under appeal being 1993-94 that is prior to amendment of section 44ab vide the finance act, 1995 which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior to 1-7-1995. ..... it is worthwhile to note here that requirement of "furnishing" the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995 w.e.f. ..... in this context we may also note that in section 139(6a) the words "referred to in section 44ab" qualifying the audit report have been inserted by amendment vide finance act, 1995, w.e.f. ..... in view of the discussions made above, we are of the view that prior to amendment of sections 271b & 44ab vide finance act, 1995 w.e.f. ..... at this juncture it may also be observed that the words "referred to in section 44ab" qualifying the audit report have been inserted in section 139(6a) by finance act, 1995 w.e.f. ..... so the provision of section 139(6a) as amended by the finance act, 1988 w.e.f. ..... the reference of section 44ab in respect of audit report did not exist in section 139(6a) of the act prior to 1-7-1995.9. .....

Deputy Commissioner of Income Tax Vs. Raj Kumar Agarwal [Alongwith Ita

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)102TTJ(Jodh.)991

..... the later decision was rendered after considering the amendment in section 158bb by finance act, 2002 with retrospective effect from 1st july, 1995.there is no dearth of the orders passed by the tribunal deleting the additions made only on the basis of report furnished by the dvo. ..... , 2000.proviso to section 1 13 mandating the levy of surcharge on tax in the case of block assessment cases was inserted by finance act, 2002 w.e.f.1st june, 2002, its operation has not been made retrospective in any manner. ..... cit that the cash creditors disclosed in the books of account cannot be added in the assessment made under section 158bc, but can only be considered in the regular assessment. ..... the definition of undisclosed income as given in section 158b(b) is categoric and does not include such type of additions within its sweep. .....

Mangilal Rameshwarlal Soni (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)83TTJ(Jodh.)770

..... (iii) whether block assessment made by assessing authority as modified by tribunal can be sustained in view of the amended clause (c) of section 158bb of the it act, 1961 as inserted by the finance act, 2002, w.e.f. ..... to 22.12.1987 pages 1 to 148a-3 ledger 1.1.1989 to 31.1.1990 pages 1 to 189a-4 ledger 3.1.1990 to 13.2.1991 pages 1 to 213a-10 ledger 1991 pages 1 to 217a-11 ledger 1992 pages 1 to 226a-7 ledger 1993 pages 1 to 224a-9 ledger 1994 pages 1 to 189a-12 ledger 1995 pages 1 to 199a-13 ledger 1996 pages 1 to 171a-14 ledger 20.10.1996 to 1.1.1997 pages 1 to 52 corresponding ledgera-5 diary (cash book) 1.1.1993 to 31.12.1993 a-7a-6 diary (cash book) 1.1.1994 to 31.12.1994 a-9a-l diary (cash book ..... undisputedly this is a case of search as per the amended law, which is applicable with retrospective effect from 1st july, 1995 made in section 158bb of the act. ..... "(2) the period of limitation for completion of block assessment in the case of the other person referred to in section 158bd shall be-- (a) one year from the end of the month in which the notice under this chapter was served on such other person in respect of search initiated or books of accounts or other documents or any assets requisitioned after the 30th day of june, 1995, but before the 1st day of january, 1997; and (b) two years from the end .....

Assistant Commissioner of Income Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... qualifying the audit report have been inserted by amendment vide finance act, 1995, w.e.f.1st july, 1995. ..... by amendment vide finance act, 1995, ..... were inserted by amendment vide finance act, 1995, w.e.f. ..... above provision the words "the report of any audit" were inserted in this provision by amendment vide finance act, 1988, w.e.f.1st april, 1989, and the words "referred to in s. ..... 44ab vide the finance act, 1995, which became operative ..... 44ab vide finance act, 1995, w.e.f. ..... by finance act, 1995 w.e.f ..... 139(6a) as amended by the finance act, 1988, ..... there were so many other audit reports also under various sections, a few of which have just been mentioned above. ..... the position of the said provision as it stood prior to 1st july, 1995, alone is relevant in this case and the same has already been discussed above ..... the report to the effect that : "the next limb of the argument of learned counsel for the petitioner is that the present section is unworkable because it is inconsistent with the various other provisions of the act." 19. ..... as such the said provision (as it stood prior to 1st july, 1995, required the various audit reports to be furnished to the ao along with the return of income and the provision did not prescribe any earlier specific date for furnishing the ..... 1st april, 1989, as it existed prior to 1st july, 1995, required only the furnishing of audit report along with return and the said audit report was not the only one ..... prescribed form of the returns referred to in this section and in cl. .....

Chitra Devi, Prem Prakash Soni and Vs. Assistant Commissioner of Incom ...

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... we may note that the provision of section 158bb(1) stands amended vide finance act, 2002 w.r.e.f 1st july, 1995, and the relevant amended provision stands as under : "158bb-(1) the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling with the block period computed in accordance with the 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 ..... accordingly, in view of the provision of section 158bb(1) as it stands amended vide finance act, 2002, w.r.e.f 1st july, 1995, an addition, on account of household expenses deemed to have been met out of job work income, estimated on the basis of statement recorded during search, cannot justifiably be made in the block assessment as the said ..... may pause here for a moment to clarify the legal position on this point as it emanates from the statutory provisions after the amendment effected vide finance act, 2002 in section 158b w.r.e.f. ..... , as section 158bb(1) stands as amended vide finance act, 2002 ..... disputed the validity of search operation on the ground that there was no material to lead to the formation of belief that the appellant's case fell in any of the three categories mentioned in section 132(1) of the act the tribunal, however, rejected the ground for the reason that it did not arise from the order of the cit(a).obvious as it is, the tribunal did not decide the issue on merits, .....

income Tax Officer Vs. National Automobiles

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2005)93TTJ(Jodh.)641

..... due to the changes introduced by the finance act, 1992, with regard to assessment of the firms and amendments made in the provisions of section 40(b) of the it act, 1961, a new deed of partnership was executed on 3rd april, 1992, and in this instrument of partnership, the following clause, with regard to payment of salary to the working partners was introduced by clause {5} which reads as under: "(5) that ..... but, thereafter, the ao issued notice under section 148 of the act for all the years, i.e. ..... but, subsequently, as a consequence of survey carried on 27th march, 1996, under section 133a of the act, the assessment for asst. yr. ..... )-----------------------------------------------------------------------------1993-94 10,46,888 6,312 0.60 24,924-----------------------------------------------------------------------------1994-95 10,69,310 6,890 0.64 35,304-----------------------------------------------------------------------------1995-96 10,18,650 6,100 0.60 29,991-----------------------------------------------------------------------------1997-98 20,47,532 12,368 0.60 70,841-----------------------------------------------------------------------------1998-99 18,36,928 9,172 0.50 53,601-----------------------------------------------------------------------------1999-2000 38,08,528 14,971 0.40 75,125----------------------------------------------------------------------------- 12. ..... the assessee-firm came into existence in the year 1995 by the execution of partnership deed till asst. yr. .....

Shri Rajasthan Syntex Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... under a separate statute called textile committee act, 1963, which is a parliamentary act and as such come under the purview of section 43b after the amendment made by the finance act, 1988.26. ..... to there being no profit or gains chargeable for that previous year, or owing to the profits or gains chargeable being less than the allowance, then, subject to the provisions of sub-section (2) of section 72 and sub-section (3) of section 73, the allowance or part of the allowance to which effect has not been given, as the case may be, shall be added to the amount of the allowance for depreciation for the ..... installed, or, as the case may be, the immediately succeeding previous year (the total income for this purpose being computed after deduction of the allowance under section 33 and section 33a, but without making any deduction under sub-section (1) of this section or any deduction under chapter vi-a is nil or is less than the full amount of the investment allowance,-- (i) the sum to be allowed by ..... loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of section 71, so much of the loss as has not been so set off or, where he has no income under any other head, the whole loss shall, subject to the other provisions of this chapter, be ..... (1995) 214 itr 473 (cal) wherein it has been held that the amendment made in clause (a) of section 43b w.e.f. ..... 1995 .....

Shokat Ali Contractor Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)112TTJ(Jodh.)547

..... against the above findings of the learned cit(a), the assessee filed application under section 154 of the act for the rectification of the order on the ground that the provisions of section 44ad were amended vide finance act, 1997 w.e.f.1st april, 1994, whereby the interest and salary paid to the partners have become allowable from the asst. yr. ..... there is no doubt with regard to the fact the retrospective amendment applies to this case because the amendment in the provisions of section 44ad was made by the finance act w.e.f. ..... this fact was challenged before the hon'ble rajasthan high court, who held that in view of insertion of the provision in the finance act, 1997, a proviso to section (2) of section 44ad and giving it retrospect operation from 1st april, 1994, circular no. ..... (1a) where any matter has been considered and decided in any proceeding by way of appeal or revision relating to an order referred to in sub-section (1), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided. ..... (1995) 51 ttj (coch) 72 : (1994) 50 itd 348 (coch) has held that it is amended law, which must be held to have been in force at the time when the order sought to be rectified was passed.in that case, the assessment orders for those years were passed when amended provisions of section 44bb were not in the it act. ..... 1995-96 .....

income Tax Officer Vs. Bothra International and ors.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... section 80hhc as it stood at the relevant time was required to be read with section 28(iiib) because both the sections have been amended by the same finance ..... compliance that profits and gains are derived by the assessee's undertaking from the export of eligible articles or things and he has satisfied the essential conditions as are contained under sub-section (2) of section 10ba of the act such as it manufactures or produces the eligible articles or things without the use of imported raw materials and ninety per cent or more of its sales during the previous year ..... conspectus of the case as analysed hereinbefore, we hold that the amount of credit on account of depb/ddb has to be included as profits of the business of the undertaking for the purpose of section 10ba(4) of the act and the said amount of credit of depb or ddb will not enter into the total turnover or export turnover of the undertaking for the purpose of calculating profits derived from business of undertaking of ..... the provisions of section 75 of the customs act, 1962 read with the customs and central excise duties drawback rules, 1995 framed under section 75(2) of the customs act and section 37 of the central excise act, 1944. ..... that the duty drawback claimed as per the customs and central excise duties drawback rules, 1995 will also be eligible for deduction under the first proviso to section 80hhc(3) in spite of the fact that section 28(iiic) pertaining to duty drawbacks refers to be old rules of 1971.cit .....

Uma Polymers (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)284ITR1(Jodh.)

..... we have to see as to whether the provisions of section 43b which came into effect from 1st april, 1991 vide the finance act, 1990 could be invoked at the relevant time or not ..... raised before me nor there is any difference between the learned members hearing the appeal that clause (d) to section 43b was introduced through finance act, 1990 applicable w.e.f. ..... of the facts of the case i am of the opinion that it is not the case of the appellant that a particular item of expenditure is allowable under the legal provisions of the it act, but, on the other hand, the appellant's case is that the disallowance made by the ao suo motu in the second revised return is not covered by the provisions of section 43b(d) of the act as this amendment was not relevant for the assessment year under appeal. ..... clause (d) of section 43b has been amended with a view to improve the liquidity position of the state financial institutions (state financial corporations and state industrial ..... provide that directors may in their absolute discretion and without assigning any reason therefor decline to register a transfer of any share whether fully paid or partly paid.a pubic company, as per the companies (amendment) act means a company which : 19. ..... as a result of such amendment, any sum payable by the assessee as interest on any loan or borrowing from a state financial corporation or a state industrial investment corporation, in accordance with the terms and conditions of the agreement governing such loan or .....