Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... as the 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 before us which are numbered as wta nos ..... the learned cwt(a), after hearing the assessee as well as 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 ..... but the 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 of a clarificatory nature and hence had retrospective ..... it is also accepted that with the passing of finance act, 1983, the assessee became liable to wealth-tax and accordingly started filing its wt ..... 40(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 ..... the effect of the amendment was that the newly inserted schedule iii was made mandatory and applicable to determine the value of the assets ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision ..... 7 was substituted by a new s. 7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... however, 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 ..... 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. ..... on 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 ..... 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. ..... 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 ..... the effect of the amendment was that the newly inserted schedule-ill was made mandatory and applicable to determine the value of ..... 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. ..... 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. ..... 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. ..... we find that proviso to section 113 had been inserted w.e.f. ..... 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 also but for the search. ..... 2000-2001 has not become due as on the date of search. ..... 2000-2001 was not completed as on the date of search. ..... 2000-2001 but for the 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
..... depreciation 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 through ..... of shn ashif khan and fakaruddin and test chedk in case of vijay kumar taken at the back of the assessee do not have any significance.further, when lease agreement is duly signed by him, acted upon by him, payments made by him in terms of lease agreement no credence should be given to such statements particularly when he was not confronted in respect of the lease agreement duly signed by him ..... business of assessee- 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. ..... 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. ..... application for assignment of new transport mark to motor .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)43ITD292(JP.)
..... 's case (supra) at page 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. ..... he submitted that the 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 1-4-1986. ..... (supra) that the legislature thought of inserting the said explanationby the finance act, 1983 with retrospective effect from 1-4-1976. ..... , tea set, lemon 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. ..... (supra): -- hospitable - receiving 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.)
..... we may point out that in the first instance it is not correct, 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. ..... 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 supreme court on a further later date in the case of lohia machines ltd. ..... it was argued by the learned counsel 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 80j. ..... (supra) the question involved was with reference to provisions of section 263 of the it act and their lordships had held that since an assessment completed under directions from the cit under section 263 was, as per the language of the it act, a "fresh assessment order", it could not be considered to be a "regular assessment" within the meaning of section 215 of the it act and hence they held that the amount of interest could not be increased if assessee's income was increased on the basis .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)330
..... kantilal chhotalal (supra), wherein their lordships held that definition of total turnover and clause (baa) of the explanation to section 80hhc inserted by finance (no. ..... the 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 to a trader. ..... their lordships have laid down the following principles : "the following principles are applicable in assessing interest income under the provisions of the it act, 1961 : (i) interest on fixed deposits and other deposits before the commencement of business is an income from other sources; (ii) income from interest on deposits of surplus money during the construction period is also to be considered as income from other ..... in rebuttal, the learned counsel for the assessee argued that amendment made by finance act, (no. ..... the learned counsel further argued that having regard to the heads of income mentioned in section 14 of the it act, it is first to'be seen whether the income falls under the head "business". ..... sharda gums and 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
..... these were inserted by the finance act, 1988 w.e.f ..... was incorporated by the finance act of 1984 w.e.f. ..... was to 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. ..... one more amendment worthy of noticing is insertion of the words "or furnish the said report along with the return of his income filed under sub-s. (1) of ..... 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 of ..... 1st april, 1985 by virtue of this section every person carrying on business and having turnover or gross receipts exceeding ..... 68 of the rajasthan co-operative societies act, 1965 is reproduced hereunder : "(1) the registrar shall audit or cause to be audited by a person authorised by him by general or special order in writing in this behalf, the accounts of every co-operative society at least once in each ..... 68 of the said act, it is the responsibility as well as the authority of the registrar of the co-operative societies to audit or to cause the audit done at least once in each ..... stated assessee is a co-operative society and governed by the rajasthan co-operative societies act, 1965.under s. ..... 271b of the it act, 1961 for assessees failure to get the accounts audited and to file report along with the return in terms of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)3SOT476(JP.)
..... same finance act inserted the ..... 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 ..... 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 ..... is relevant to add that as per clause (1) of the twelfth schedule to the income tax act, soapstone powder which is also named as pulverized talc is one and the same thing and thus deduction under section 80hhc was rightly claimed and also rightly allowed by the assessing officer. ..... submitted that this case will not fall under the proviso of section 147 of the act as the assessment had been reopened with the limit of ..... 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 ..... the assessing officer reopened the assessment proceedings under section 147 on the ground that excessive relief under section 80hhc was allowed to the assessee and that thereby income chargeable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1998)65ITD117(JP.)
..... 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. ..... 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 ..... 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. ..... 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. ..... in cases where the jurisdictional fact attracting the levy cannot be disputed, for example, that the return has been furnished under section 139 with delay, it will be a question merely of satisfying the relevant authority that there are circumstances calling for a reduction or waiver of ..... 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 ..... 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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