Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals ..... finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for ..... substituted by a new ..... the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under consideration. ..... assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was ..... finance act, 1983 having been rendered redundant, we remand back the matter to the learned cit(a) with a direction that the impugned properties be valued as per schedule iii to the wt act for ..... clearly in the sixth edition of blacks law dictionary at page 1203 as follows : "as a general rule, laws which fix duties, establish rights and responsibilities among and for persons, natural or otherwise, are substantive laws in character, while those which merely prescribed the manner in which such rights and responsibilities may be exercised and enforced in a court are procedural ..... be a machinery section and schedule iii .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule-ill to the wealth-tax act for all the years under consideration.20. ..... by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of wealth-tax.6. ..... account of the revival of levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on 30-3-1985 declaring total wealth of rs. ..... as per sub-section (4) of section 40 of the finance act, 1983, the basis for valuation is the open market ..... the only effect of keeping this redundancy in section 40 of the finance act is that schedule-ill would be applicable in the case of the ..... effect from 1-4-1989, the entire section 7 was substituted by a new section 7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)83TTJ(JP.)246
..... (e) it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous year. ..... the charging section for the block assessment is 158ba(2), which does not speak anything about the rates prescribed in central act, therefore, the rates prescribed in finance act are not applicable for the special assessment of the search cases. ..... section 2 of the finance act provides that the rates specified in part i of the first schedule are applicable for the assessment year commencing from 1st april, 2000. ..... but this first schedule is subject to section 2 of finance act, 2000. ..... the part i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. ..... an amendment in this charging section 113 was made through finance act, 2002. ..... 2000-2001 also but for the search. ..... 2000-2001 but for the search. ..... rajendra prasad gupta (2001) 248 itr 350 (raj).55. ..... 2000-2001 but held that addition will be made only to the extent of lesser cash availability in the cash flow chart after taking into account addition confirmed. ..... 2000-2001 from the undisclosed income of the block period.15. ..... 2000-2001, which the same ao has accepted it. ..... 2000-2001 has not become due as on the date of search. ..... 2000-2001 was not completed as on the date of search. ..... 2001-02.the addition of rs. ..... 2000-2001. ..... 2000-2001. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)87TTJ(JP.)340
..... according to law (including cbdt circular) there is very heavy burden on the revenue to show that all the documents as well as book entries do not reflect the correct transaction.in the case reported at (2001) 248 itr 213 (kar) (supra), a finding was recorded that it was not lease transaction but sale of goods on instalment basis, whereas in the present case, it has been explained before the tribunal ..... hire-purchase it has been claimed that the parties enter into agreement of sale of vehicle on the day one while in the activity of its leasing the vehicles, the agreement is made for use of the asset only for the contracted period.before the assessing officer the appellant in its letter dated 6-1-2000 submitted that : "at the first instance user of vehicle is identified, who further selects vehicle as per ..... - company is similar to the banks who are financing the vehicles and eallning interest thereon.thus, in brief the allegation of the assessing officer is that the assessee is neither owner of leased vehicles, nor it is using them for its business and thus the conditions for allowance of depreciation under section 32 of the act are not fulfilled. ..... application for assignment of new transport mark ..... that the appellant had in fact a tittle in the property during the entire period of lease which necessitates transfer of vehicle for a consideration and by way of execution of an independent agreement between the appellant and the transferee who thereafter becomes new owner of such vehicle. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)43ITD292(JP.)
..... expenditure was fully allowable under section 37 as an expenditure laid out or expended wholly and exclusively for the purposes of the business of the assessee and which did not amount to either entertainment expenditure or expenditure relating to advertisement, publicity or sales promotion in terms of section 37(3aj as operative before its omission by the finance act, 1985 with effect from ..... 438 reference is made to finance act, 1965 passed by the british parliament wherein sub-section (8) had been added to section 15 of the finance act, 1965 to apply it to the provision of all gifts (other than inexpensive gifts incorporating an advertisement) not being gifts of food, drink, tobacco or a token or voucher exchangeable for goods. ..... officer purported to undertake a stagewise scrutiny of the production records from which he inferred that the figures of production of the crushing machine (lime stone is crushed to an optimum size for 'raw meal') did not tally with the stock records of lime stone - the quantity of stone crushed in the machine was not the same as the crushed lime stone received in ..... set, "til patti", sweets to customers of business which were not covered under rule 6b because they were not in the nature of advertisement but had been incurred on the gifts for attracting new customers. ..... and entertaining strangers with kindness and without reward; kind to strangers and guests; pertaining to the liberal entertainment of guests (page 433).hospitality - webster's new (i) " ... .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46ITD24(JP.)
..... as was argued before the learned cit (appeals) so also before us on behalf of the assessee, that the deductions under section 80j had been reduced on account of retrospective amendment to section 80j introduced by finance act, 1980 the validity of which was upheld by the hon'ble supreme court in the case of lohia machines ltd. ..... for the assessee that the addition to assessee's income was due to amendment in section 80j vide finance act, 1980, as a result of which the borrowed capital had been excluded from computation of capital for allowing relief under section ..... he argued that it was only subsequently that the section 80j was amended with retrospective effect vide finance act, 1980 and that retrospective amendment was upheld by the hon'ble ..... (3) are perspective and not retrospective, there can be no dispute but it has to be kept in mind that the provisions of section 215(3) as they stood prior to the amendment did not include section 147 and section 263, which sections have got the provision of enhancing the income of an assessee and hence what was contemplated before amendment was only that situation where ..... to invoke the authority's power of reduction or waiver of the amount of interest when the liability has been incurred by operation of law and, therefore, the occasion for the authority to decide this question would arise only when the assessee invokes that power by a proper application setting out the grounds on which reduction or waiver of interest ..... substitution by section 80j .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)330
..... learned counsel for the assessee argued that amendment made by finance act, (no. ..... under : "80hhc(1) where an assessee, being an indian company or a person (other than a company) resident in india, is engaged in the business of export out of india of any goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of the profits derived by the assessee from the export of such goods or merchandise. ..... (b) in a case where the business carried on by the assessee does not consist exclusively of the export out of india of the goods or merchandise to which this section applies, the amount which bears to the profits of the business (as computed under the head 'profits and gains of business or profession') the same proportion as the export turnover bears to the total ..... learned departmental representative further drew our attention to definition of "loan" in sub-section (9) of section 2 of the rajasthan money lenders act, 1963, to contend that above clause is not applicable if loan is advanced ..... chemicals (2000) 66 ttj (jd) 256 : (2001).76 itd 282 (jd), jodhpur bench of tribunal took a similar view and observed as under : "the above referred sub-section (3) clearly indicates that first of all profits of the business should be computed under the head "profits and gains of the business or profession" in accordance with the provisions of it act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46TTJ(JP.)84
..... incorporated by the finance act of 1984 w.e.f. ..... inserted by the finance act, 1988 w.e.f. ..... discourage tax avoidance and tax evasion we are reproducing hereunder extracts from the budget speech of the union finance minister, para 71, which indicates the intention behind incorporating s. ..... there is an exception provided under this sections in such cases where a person is required by or under any other law to get his accounts audited in which case it would be sufficient compliance with the provisions ..... reduction in rates and expeditious disposal of assessments, i believe there can now be no excuse for any leniency to be shown to those who abuse our laws. ..... 1st april, 1989 penalty has been provided for the default in not attaching the report along with the return also.this amendment being ..... 271b of the it act, 1961 for assessees failure to get the accounts audited and to file report along with the return in terms ..... not deliberate and, therefore, penalty for non-compliance was not warranted. ..... hence, they are being disposed of for the sake of convenience, by this ..... in this case, the reason for the delay in obtaining a report is the delay beyond the control of the ..... learned departmental representative, cit(a) was not justified in taking into account the delay in appointing the statutory auditors by the registrar of co-operative department for deleting the penalty.3. ..... lakhs, i am providing for a compulsory audit of ..... each for asst. ..... well as for asst. yr ..... was thus justified in deleting the penalty for asst. yr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)3SOT476(JP.)
..... of the words used in the said process (f) any doubt in the matter was clarified during the hearing of this appeal by making a reference to the hindi version of beneficiation (commissioner(a) page 32 of the order for assessment year 1992-93).it becomes very clear from the hindi version of the said process (f) that the words 'mechanical' and 'dry process' governed and qualify both the process of 'crushing' and 'screening'. ..... the assessing officer was of the view that minerals exported was not processed and accordingly, no deduction under section 80hhc was allowable.the learned ar submitted that after the tax laws (amendment) act, 1987 in a large number of cases it had been held that the reassessment proceedings on the basis of change of opinion are ab inito void he relied upon the following cases laws: the learned departmental ..... as such, in the facts and circumstances of the case, the exports of the assessee were not held eligible for deduction under section 80hhc, to be dealt in as such, with all attendant consequences.the learned commissioner(a) discussed this issue in detail from pages 6 to 9 ..... 1,00,190 allowed under section 80hhc of the act.in this ground, the assessing officer had withdrawn the deduction allowed under section 80hhc of the act for the reasons discussed in para 5 of ..... the same finance act inserted the ..... expand the scope of provisions of section 80hhc and to allow exporters of processed minerals and ores, also the benefit of this section, the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1998)65ITD117(JP.)
..... it was submitted by shri kothari that it was only as a result of the retrospective amendment with effect from 1-4-1970 in section 2(14) by the finance act, 1989 that the said capital gains became taxable beyond any doubt and hence there existed the bona fide belief that the impugned capital gains were exempt.21. ..... this controversy was set at rest by the insertion of an explanation in section 2(1a) by the finance act, 1989 with retrospective effect from 1-4-1970. ..... the said income became taxable, he submitted, only on account of a retrospective amendment in section 2(14) by finance act, 1970 with effect from 1-4-1970. ..... here we would like to clarify that urban agricultural land was included in the definition of capital asset by finance act, 1970 only with effect from 1-4-1970. ..... referring to these amendments in section 214 at pages 804 and 805, the supreme court observed as follows :- "sub-section (1a) has been substituted altogether with effect from april 1, 1985. ..... where the income-tax officer considers that there is a case for levying interest under sub-section (8) of section 139 or under section 215, what he does in practice, is to make an order levying such interest after completing the assessment of the assessee's total income and the tax payable by him." 12. ..... it should also be noted that the new sub-section (1a) has taken note of not only increase, but also reduction of the amount on which interest was paid under section 214. .....
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