Judgment Search Results Home > Cases Phrase: finance act 2002 section 10 amendment of section 14a Sorted by: old Court: mumbai Page 1 of about 24 results (0.096 seconds)

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. .....

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. .....

Godrej and Boyce Mfg.Co.Ltd. Mumbai. Vs. Commissioner of Income Tax,

Court : Mumbai

..... 8d is that different dates have been provided in these provisions for their enforcement : (i) sub section (1) of section 14a was inserted by the finance act of 2001 with retrospective effect from 1 april 1962; (ii) sub sections (2) and (3) were inserted in section 14a by the finance act of 2006 with effect from 1 april 2007; (iii) the proviso was inserted by the finance act of 2002 with retrospective effect from 11 may 2001; (iv) rule 8d was inserted by the income tax (fifth amendment) rules, 2008 by publication in the gazette dated 24 march 2008. ..... this question had to be considered in the background of the amendment made by the finance act of 2002 with effect from 1 april 2003 in explanation 4 to section 271(1)(c) (iii). ..... subsections (2) and (3) of section 14a were inserted by an amendment brought about by the finance act of 2006 with effect from 1 april 2007. ..... by the finance act of 2001, parliament enacted section 14a with retrospective effect from 1 april 1962 to amend the law by taking away the basis of the judgments of the supreme court in indian bank, maharashtra sugar and rajasthan state warehousing corporation. ..... section 14a was introduced by an amendment to the finance act of 2001 with retrospective effect from 1 april 1962. ..... to overcome this decision, section 9(1)(ii) was amended by the finance act of 1983 with effect from 1 april 1979 to include an explanation. .....

Mohan T. Advani Finance (P) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... assessee carries on business for various ventures, some of which yield taxable income and others do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee ..... 2002, dated 27-8-2002, reported in ((2002) 258 itr (st) 13) by saying that through finance act, 2001 new section namely, section 14a was inserted in the income tax act retrospectively with effect from 1-4-1962 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. ..... (supra) is concerned, the learned departmental representative has invited our attention to the object of introduction of section 14a with the submission that section 14a have been inserted by the finance act, 2001 with retrospective effect from the 1st day of april, 1962 to nullify the decision of the supreme court in the case of rajasthan ..... the judgments relied upon by the assessee relate to the pre-amendment period and were rendered following the judgment of supreme court in the case of ..... is not proper, as it cannot be followed in the light of the statutory amendment. .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... carries on business for various ventures, some of which yield taxable income and others do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the ..... 2002 (2002) 178 ctr (st) 9 : (2002) 258 itr (st) 13 by saying that through finance act, 2001 new section namely 14a was inserted in the it act ..... cit (supra) is concerned, the learned departmental representative has invited our attention to the object of introduction of section 14a with the submission that section 14a has been inserted by the finance act, 2001 with retrospective effect from the 1st day of april, 1962 to nullify the decision of the supreme court in the case of rajasthan state ..... (supra) in which the hon'ble high court have not examined the object and scope of section 14a introduced by finance act, 2001 and have laid down the ratio following the judgment of the apex court in the ..... the judgments relied on by the assessee relate to the pre-amendment period and were rendered following the judgment of supreme court in the ..... reliance upon the judgment of the apex court in the case of rajasthan state warehousing corporation (supra) is not proper, as it cannot be followed in the light of the statutory amendment. .....

Lalubhai Surchand Vs. Bai Amrit and ors.

Court : Mumbai

Reported in : (1878)ILR2Bom299

..... completed his title, while his antagonist's remained imperfect, both instruments were executed on the same day; and under different circumstances we might have to discuss whether the analogy of the registration acts, which admit fractions of days in determining the priorities of instruments according to the time of registration, applies in india to the execution of the instruments; but as it is we need not enter on that question ..... from his treatment of these topics, it is clear that nilkantha did not adopt in its integrity the mitakshara doctrine that under all circumstances the prior act must prevail in cases of gift, sale, and mortgage; and it may reasonably be concluded that, in quoting narada's text on the efficacy of possession plus a title, nilkantha intended to adopt the general doctrine on ..... to the effect that' the word 'sell' also denotes gift annulling property, 'just as chandeshwara, quoted in section 8, says that' 'give,' having a secondary sense, without losing its literal meaning, comprehends sale and the like ..... therefore, we think that the preference accorded in act xx of 1866, section 48, to registered contracts over oral ones, was meant to refer--could refer practically--only to prior oral contracts, and that the provision in act viii of 1871, section 48, is to be referred to the same ..... we have seen that, under section 50 of the registration act viii of 1871, a registered document 'takes effect' against an unregistered one ..... sections 48 and 50 of the registration act, .....

Manohar Ganesh Vs. Bawa Ramcharandas and ors.

Court : Mumbai

Reported in : (1878)ILR2Bom219

..... procedure code to pronounce the relief sought to be 'improperly valued'; and, lastly, although a field for the application of that section would still remain to the judge in his power to reject the plaint, if not stamped in accordance with the valuation therein stated, it may be that, nevertheless, the concluding passage in clause iv, section 7 of the court fees' act is too express to admit of a limitation of the power of the judge to that duty, and leaves him the right to revise ..... to consider whether the provision that the amount of fee payable in suits falling within that clause shall be computed 'according to the amount at which the relief sought is valued in the plaint' is so inconsistent with that portion of section 31 of the civil procedure code (act viii of 1859), which permits the court receiving the plaint to revise the valuation of the claim, as to render that portion ..... iv, of the court fees' act, notwithstanding the concluding passage in that clause which enacts that, 'in all such suits, the plaintiff shall state the amount at which he values the relief sought, and the provisions of the code of civil procedure, section 31, shall apply as if for the word 'claim,' the words 'relief sought' were substituted. ..... of the revenue, the decision of that court is final, and, consequently, where that court has wrongly decided to the detriment of the subject only, but to the advantage of the revenue, there is no appeal--see court fees' act (vii of 1870), section 12, clause 1 and 2. .....

Jagabhai Lallubhai Vs. Rustamji Nasarwanji

Court : Mumbai

Reported in : (1885)ILR9Bom311

..... first point, we think that as the contract was entered into with the plaintiff in his individual capacity, and not on behalf of the family, there was nothing on the face of the contract to show that he was acting on behalf of the family firm, and the plaintiff was entitled to sue alone-(see lindley on partnership, p. .....

Manilal Dhunji Vs. Gulam HuseIn Vazeer

Court : Mumbai

Reported in : (1889)ILR13Bom12

..... the mercantile credit and finance corporation, limited 2 bom. h.c. ..... one of the plaintiffs applies, under section 103 of the civil procedure code, for an order to set aside a dismissal under section 102. ..... what happened was due to his own rashness (story's equity jurisprudence, section 250, note). ..... i am of opinion that the cause of his failure to appear was not such as can be called a bond fide mistake, and that the cases of the oriental finance corporation, limited v. ..... victoria finance and bullion association 3 bom. h.c. r o.c.j.. ..... , the applicant accepted the risk of the case being called on is his absence, that he was not 'prevented' from appearing when the suit was called on for hearing, and that he was absent by his own act. .....