Judgment Search Results Home > Cases Phrase: finance act 2001 section 134 amendment of act 5 of 1986 Court: income tax appellate tribunal itat mumbai Page 1 of about 59 results (0.246 seconds)

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... explained above, the definition of "undisclosed income" prior to the amendment brought in by the finance act, 2002, is the correct law to be applied in the ..... assessment has been so far examined in this order in the light of the expanded definition of "undisclosed income" inserted under section 158b(b) by the finance act, 2002, with retrospective effect from 1st july, 1995, the second situation in which undisclosed income could be conceived on the falsity of claims made by the assessee towards expense, deduction or allowance has been brought into the definition of "undisclosed income" by the finance act, 2002. ..... the assessee firm is that the cit(a) has erred in holding that the assessee-firm was not entitled for the deduction under section 80-ia of the it act, 1961, for the alleged reason that the various conditions attached thereto have not been fulfilled by the assessee-firm. ..... the searched premises on the date of search did not belong to the assessee-firm but belonged to an entirely different concern, sll and, therefore, no block assessment under section 158bc could have been lawfully completed on the assessee-firm on the basis of the materials collected, if any, in the course of the impugned search. ..... added as undisclosed income for the block period for the various assessment years specified above which represents withdrawal of the deduction under section 80-ia allowed to the assessee in the regular assessments in view of the evidences found during the course of the search as .....

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD369(Mum.)

..... this shows that the charging section is only section 3 of the income-tax act, and that section 2 of the finance act only gives the rate for quantifying the tax for this section gives an alternative for quantification in the contingency of the finance act not having been made on the 1st day of april of that year. ..... income becomes chargeable to income-tax at rates prescribed under the relevant finance act by virtue of the charging section, and the act envisages situations where income-tax is collectable without the process of regular assessment. ..... while the assessee says that section 3 of the income-tax act is the charging section and that the finance act only prescribed the rate of tax payable. ..... when you look at section 2 of the finance act, it shows that income-tax shall be charged at the rates specified in part i of the first schedule, and super-tax, for purposes of section 55 of the income-tax act, 1922, shall be charged at the rates specified in part ii of the first schedule. ..... the revenue contends that the finance act is the charging section and that, therefore, the liability accrued only on the first day of april, 1957. ..... that is the effect of section 3 of the income-tax act which says that the tax at the rates mentioned in the finance act shall be charged for the year specified in that act. ..... (1) it may be mentioned that on 14-1-1986 the assessee had requested the i.a.c. ..... on the receipt of the said order the assessee had addressed a letter on 14-1-1986 to the i.a.c. .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... 80-o by the finance act, 1987, in the following words : "since the provisions of the section are intended to provide incentive to earning foreign exchange, the proposed amendment seeks to provide that the deduction will be allowed only if the amount has been brought into india within a period of six months from the end of the relevant previous year or within such extended period as ..... 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. ..... 1382), while explaining the amendment made by the finance act, 1984, stated that the deduction was introduced primarily to stimulate flow to technology from india and that the said objective could be attained with reduced deduction on that account.prior to its amendment by the finance act, 1988, the operative portion of s. ..... we may also refer to the amendment made by the finance act of 1984 (see para 48 of this order) (which reduced the quantum of declaration to fifty per cent of the income from 1st april, 1985). ..... while explaining the amendment by the finance act, 1984, it was stated that deduction under s. ..... 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature : "sec. ..... cbdt (1986) 159 itr 162 (bom). ..... (1986) 161 itr 320 (sc).the court is entitled, and indeed bound, when construing the terms of any provision found in a statute, to consider the context - cgt vs. n.s. .....

Delhi Bottling Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD231(Mum.)

..... there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. ..... the controversy has been raised by the department on the plea that the amendment was darificatory in nature and even if it were not so, the word "shall include and shall be deemed always to have included" in the explanation inserted by the finance act, 1987 would clothe it with the retrospective operation. ..... 5 at the relevant time reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. ..... in the light of these decisions and also in the light of the opinion expressed by the board in explaining the provisions of the finance act 1987, the cit (appeals) was not justified in denying the claim of investment allowance claimed by the assessee.4. ..... the board has clearly stated therein that the explanation inserted by the finance act, 1987 was with a view to clarifying the provisions of item no. ..... the same is to come into operation from 1-4-1988 and the legislative inent to this effect has also been brought out in the note on clauses to the finance bill 1987- [see 168 itr (statute) 144].it is stated therein that clause 75 of the finance bill sought to amend item nos. .....

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... been brought in and the circular continued to state that since long term capital gains are subjected to lower incidence of tax, the finance act, 2002 has rectified the anomaly by amending the said sections to provide that while losses from transfer of short term capital assets can be set off against any capital gains, whether short term or long term, ..... since long term capital gains are subject to lower incidence of tax, the finance act, 2002 has rectified the anomaly by amending the said section to provide that while losses from transfer of short term capital assets can be set off against any capital gains, whether short term or long term, ..... it is very clear from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform ..... (7) the cit(a) has observed that as a result of the amendment brought in by the finance act, 1987 in the provisions of law contained in section 70, there is no distinction between long term capital gains and short term capital gains in ..... the learned senior counsel contended that the text of the circulars referred to in above paragraphs clearly showed the intention of law wherein the amendment brought in by the finance act, 1987 dispensed with any sort of distinction between long term loss and short term loss in matters of set off and carry forward and allowed ..... 1986 .....

Tulsidas V. Patel (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD287(Mum.)

..... in clauses (i) to (viii) under sub-section (3) of section 40 of the finance act also come under or covered by the definition "net wealth" under the wealth-tax act.sub-section (5) of section 40 of the finance act clearly states that it is only section 5 of the wealth-tax act and clause (d) of section 45 of the wealth-tax act and part ii of schedule i to that act are the provisions which should not apply while dealing a case under section 40 of the finance act and clause (b) of sub-section (5) clearly states that the remaining provisions of ..... clauses of the lease deed, we have no hesitation to come to the conclusion that the asset (bella vista property) can be said to be belonging to the assessee-company within the meaning of sub-section (2) of section 40 of the finance act, 1983.sub-sections (3), (5) & (6) of section 40 of the finance act cover all the assets with which we are concerned in this appeal, bella vista, which not only comprises of the land but also the residential property situated therein. ..... itd 473 (delhi) for the proposition that section 40 of finance act, 1983, is a special provision and, therefore, it will prevail over the general provisions of the wealth-tax act contained under section 2(m) explanation 1 after it is amended w.e.f. ..... the assessment order, it was stated with regard to this property that for assessment years 1984-85 to 1986-87 the learned cwt (appeals) vide para-17 of his appellate order had determined the market value of this ..... porwal [1986] 160 .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... we are concerned with sub-section (1) (as originally inserted (without numbering of the sub-section) by the finance act, 2001 with retrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted by the finance act, 2006 with consequential numbering of the clauses of section 14a) of section 14a. ..... the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... 25.2 through finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the income tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income tax act. ..... section 14a has been inserted in the income tax act, section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e. ..... (*inserted as section 14a (without numbering) in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962. ..... section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. ..... section 14a as so amended reads now as under: 14a. ..... 25.4 this amendment takes effect retrospectively from 1-4-1962 and accordingly, applies in relation to the assessment year 1962-63 and subsequent assessment years.11. .....

Narangs Hotels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD190(Mum.)

..... . in our opinion, the case of the assessee in the context of the definition of the term "industrial company" as given in the finance act, is on a much stronger footing than compared with the case of east india hotels (supra) before the calcutta high court which held the oberoi unit to be an industrial undertaking in the context of the definition ..... word "processing" has not been defined in the it act or the relevant finance act ..... excludes 'processing' of goods, whereas definition in the finance act excludes 'production' ..... the present case, of course, we are concerned with the definition as given in finance act, 1974 ..... supra).there also, the kerala high court was seized with the interpretation of the definition of the term "industrial company" as given in finance act, 1968 ..... 2(7)(d) of the finance act, 1966, held that hotel business carried on by the assessee cannot be considered to be a ..... 2(6)(d) of the finance act, 1968, which, according to him, did not apply to the assessee's case.the cit placed heavy reliance on the decision of the kerala high court in the case of cit ..... . "(4) this section applies to any industrial undertaking which fulfils all the following conditions, namely : (iii) it manufactures or produces articles, or operates one or more cold storage plant or plants, in any part of india, and has begun or begins to ..... . 808 of 1986, has been dismissed as follows by the supreme court by its order dated 8th october, 1987 : "writ petition is dismissed as not maintainable .....

West End Hotel (P) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... as per rates specified in part 1 of first schedule and specific rates are provided for incomes of various nature as well as assessment of income in specific circumstances, as the case may be section 2(4) of the finance act, 1997 specified the liability to pay additional tax at the rate specified in section 115-o and there was no provision for payment of surcharge. ..... aggrieved by the decision of the learned commissioner (appeals) in holding that the assessec liable to pay surcharge on dividend tax and interest thereon though there was no provision for levy of surcharge on dividend tax under section 115-o for the year under consideration particularly when the levy of surcharge was expressly provided by the finance act, 2000 with effect from 1-4-2000.12. ..... section 2(4) of finance act, 2000 provided for payment of tax at the rate specified in section 115-o as increased by surcharge ..... an undisputed position of law that income-tax is charged at the rates specified by the relevant finance act as per the provisions of section 2(37a) of the act. ..... the learned counsel also contended that rates for dividend distribution tax were specifically provided in both the finance acts, therefore, the assessee was liable to pay the tax only on that basis and no inference could be drawn for indirect application of surcharge or retrospective application thereof.the learned counsel also relied on the following ..... /03 for assessment year 2001-02 which is directed against the order dated 31-7-2003 of commissioner ( .....

Ethnor Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)35ITD268(Mum.)

..... it is then contended that the fact the amendment has been allowed to take effect from 2-4-1983 by the legislature was a deliberate act and that amendment will not change the definition of a company in which public are substantially interested as section 40 of the finance act, 1983, has been made effective from 1-4-1983.6. ..... in other words, for the purpose of section 40 of the finance act, 1983, a company in which public are substantially interested, would have the meaning given to it in section 2(18) as it stood prior to the amendment which took effect from 2-4-1983. ..... it is argued that since provisions of section 40 of the finance act, 1983, had come into force w.e.f.1-4-1983, the amended section 2(18) which has effect from 2-4-1983, would have to be ignored. ..... the result would be that the amendment by the finance act to section 2(18) which took effect from 2-4-1983 would notbeavailable to the department for determining whether a company is a company in which the public are substantially interested or not. ..... section 2(75) of it act was amended by the finance act, 1983 with a view to excluding certain companies from the purview of widely held companies. ..... even so, the amended definition would govern the chargeability of a company to wealth-tax, in terms of the provisions of section 40 of the finance act, 1983. ..... provisions of section 2(18)(b)(b) have been amended by the finance act, 1983. .....