Judgment Search Results Home > Cases Phrase: finance act 2002 section 10 amendment of section 14a Sorted by: old Page 1 of about 141 results (0.080 seconds)

Dcit Vs. S.G. Investments and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD44(Kol.)

..... explanatory notes on provisions of section 14a as amended by the finance act, 2002 has been given in circular ..... section 14a of the act, the following proviso was inserted by the finance act, 2002 with effect from the 11th day of may, 2001, namely:- "provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass on order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154 for any assessment year beginning on or before the 1st day of april, 2001" this proviso to section 14a ..... is inserted to clarify that no re-assessment under section ..... 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of .....

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. ..... 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. ..... short issue in the matter before us is whether the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment ..... 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. ..... in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted.15. .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. ..... short issue in the matter before us is whether the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment ..... we are concerned with sub-section (1) (as originally inserted(without numbering of the sub-section by the finance act, 2001 withretrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted bythe finance act, 2006 with consequential numbering of the clauses ofsection 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. ..... in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted. 13. .....

Central Warehousing Corporation Vs. Cit-i

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it was also pointed out that section 14a had been amended by finance act 2002 and as per the amendment, the provisions were effective only from 11.5.2001 whereas, the present assessment ..... it was held by him that in view of the amendment made by the finance act 2002, the provisions of section 14a were effective only from 11.5.2001 and therefore, not applicable to the present case which ..... we find that this issue had already been considered by cit(a) who had specifically examined the allowability of expenses with respect to the provision of section 14a in respect of exempted income but held that provisions of section 14a were not applicable and the expenses in relation to exempted income could not be disallowed following judgement of hon'ble supreme court in case of rajasthan ..... this issue had also been raised before cit(a) who had held that that provisions of section 14a were not applicable and the business of the assessee being one and indivisible, expenses relating to exempted part of ..... given by him.it was observed by him that the assessee failed to give information required to bifurcate the income into exempted and non-exempted category and thus the provisions of section 14a as per which expenditure in relation to the exempted income was not allowable as deduction, could not be applied. ..... that the a.o.in the questionnaire issued to the assessee, which is available at page 21 of the paper book had made clear reference to section 14a of the act. ..... reference to section 14a of the i t act. .....

isg Traders Ltd Vs. Commissioner of Income-tax, West

Court : Kolkata

..... 7 the explanatory note on provision of section 14a as amended by finance act, 2002 has been given in circular 8 of 2002 dated 27th august, 2002 stating as follows [(2002) 258 itr (st.) 13 at 30, 31]: ..... "23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, ..... amendment of section 14a "23.1 through the finance act, 2001, a new section namely 14a was inserted in the income-tax act retrospectively with effect from 1st april, 1962 to clarify the intention of the legislature that no deduction shall be allowed in respect of any expenditure incurred by an assessee in relation to income which does not form part of the total income under the income-tax act ..... the approach of the assessing officer to work out the pro-rata interest expenditure as relatable to earning of dividend was quite in conformity with the provisions of section 14a of the act and we do not find any reason to disturb the said order in the light of the amended provisions of section 14a of the act. ..... order to appreciate the aforesaid question it will be profitable to refer to the provision contained in section 14a of the act which was inserted in the act with retrospective effect from 1st april, 2002. .....

Commissioner of Income Tax Vs. Wimco Seedlings Ltd

Court : Delhi

..... the amended section 14a as it stood pursuant to amendment brought about by finance act, 2002 and, thereafter by finance act, 2006 reads as follows:- finance act, 2002 "expenditure incurred in relation to income not includible in total income. ..... the change brought about by subsequent amendments, have essentially, resulted in the provision as it stood originally being numbered as sub section (1); the proviso which was inserted by virtue of finance act, 2002 has been appended at the end of the section, while the amendment brought about by finance act, 2006 which, resulted in insertion of two sub sections i.e. ..... the subsequent amendments were brought about by finance act, 2002 and finance act, 2006. ..... the third member was of the view that the introduction of section 14 a in the it act by virtue of finance act, 2001; (which was incidentally given effect to retrospectively, i.e. ..... section 14 a as introduced by finance act, 2001 read as follows :- "expenditure incurred in relation to income not includible in total income . ..... " finance act, 2006 "expenditure incurred in relation to income not includible in total income 14a. ..... while we agree that the expression expenditure incurred refers to actual expenditure and not to some imagined expenditure, we would like to make it clear that the actual expenditure that is in contemplation under section 14a(1) of the said act is the actual expenditure in relation to or in connection with or pertaining to exempt income. .....

NavIn Bharat Industries Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)270ITR1(Mum.)

..... as to whether the circular would be binding or not; the finance act, 2002, amended the provision with retrospective effect from 11.05.2001, by the insertion of the following proviso:- provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1^st ..... judicial member disagreed with the learned accountant member only in respect of the applicability of section 14a of the act.there is absolutely no difference among the learned members on other aspects.14. ..... judicial member did not discuss the applicability of section 14a of the act, vis-a-vis the facts of the present case ..... in view of this finding, the question whether section 14a of the act is prospective or retrospective in operation, has become academic.i concur with the finding of the learned ..... it was presumed that this section applies to the case of the assessee and as because it was made operative retrospectively; as such it was applied.therefore, it is necessary to examine firstly whether section 14a of the act can be applied in the facts and circumstances of the ..... the learned judicial member, in view of the provisions of section 14a of the act, the claim of the assessee is not admissible.proviso to the above section deals with the situation where assessment has got finality. .....

Assistant Commissioner of Income Vs. Tamil Nadu Silk Producers

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD623(Chennai)

..... 23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the ao shall not reassess the cases under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the ..... 2002 [(2002) 178 ctr (st) 9] was issued elaborating the scope and effect of insertion of proviso to section 14a of the act by the finance act, 2002 ..... under: restriction on reopening of completed assessments on account of provisions of section 14aclarification regardingthe finance act, 2001, has inserted section 14a in the it act, 1961, wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under the act. ..... before the ao, the assessee pleaded that in view of proviso to section 14a of the act, no reassessment under section 147 of the act or enhancement under section 154 of the act can be done for any assessment year beginning on or before 1st april, 2001.the assessee pleaded before the ..... circular reads as under: 23, amendment of section 14a23.1 through the finance act, 2001, a new section namely 14a was inserted in the it act retrospectively w.e.f. ..... 23.3 this amendment takes effect retrospectively from 11th may, 2001, that is, the date on which the finance bill, 2001, received the ..... the amendment takes effect .....

Asstt. Cit Vs. Lord Krishna Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... section 14a was brought on the statute book vide finance act, 2001 with retrospective effect.subsequently, clarification was made vide proviso to section 14a which was inserted by the finance act, 2002 ..... however, by the finance act, 2002, a proviso was added with retrospective effect frorn 11-5-2001 providing that nothing contained in the section 14a would empower the assessing officer either to reassess under section 147 or to rectify under section 154 any assessment so as to increase the tax liability of the assessee for any assessment ..... he failed to note that the proviso was introduced by finance act, 2002, with effect from and being procedural in nature was effective only for ..... section 14a was inserted in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962 providing that no deduction shall be allowed in respect of expenditure incurred by an assessee in relation to income which does not form part of the total income under the act ..... to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year) production before the assessing officer of account books or other evidence ..... order under consideration was made on 20-2-2001 much before the amendment into effect." 12. .....

Aquarius Travels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)111ITD53(Delhi)

..... . the learned authorised representative then came up with the plea that even if section 14a was applicable, the tribunal had no power to disallow interest in view of proviso to section 14a inserted by the finance act, 2002 as per which the ao was not empowered to reopen or rectify any assessment for the asst. yr ..... . therefore, when the application for rectification was made within the period of limitation prescribed under section 254(2) of the act as a result of the retrospective operation of the amendment act, the conclusion is now inescapable that the order in question is inconsistent with the provision of the amended act and 'must be deemed to suffer from a mistake apparent from the record' and that is why the applications for rectification ought to have been entertained and disposed of by the tribunal ..... . the only condition is that the affected parties must be given full opportunity of being heard.on the basis of the discussion made above, in relation to the scope of retrospectively amended provision, as contained under section 14a and on the scope of the proviso to that section and also on the basis of discussion made with respect to the powers of the tribunal, as referred to above, we proceed to decide and answer question no .....