Judgment Search Results Home > Cases Phrase: finance act 2005 section 121 amendment of section 10 of act 54 of 2000 Court: income tax appellate tribunal itat ahmedabad Page 7 of about 68 results (0.140 seconds)

United Phosphorus Limited Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)73TTJ(Ahd.)404

..... and not the view which the assessee takes with regard to the admissibility or otherwise of the deduction.shri soparkar submitted that even subsequent to the insertion of section 28(iiia) by the finance act, 1990, with retrospective effect from 1-4-1962, what is taxable is only the amount of profit on sale of import licences granted by way of ..... kumari v. cit & ors. (2000) 164 ctr (pat) 201 (fb) will now have to be applied after examining the impact of the retrospective amendment of sections 140a, 234a/13 amended by the finance act, 2001, with retrospective effect from 1-4-1989. the tribunal in the case of s.k. family trust (supra) has also dealt with the similar issue and ..... to give finality to the view that such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the finance act, 1990 has inserted in section 28 of the income tax act, 1961.clause (iiia) read with 2(24)(va) (with effect from 1-4-1962) so as to make the profit on the sale .....

Harish Krishnakant Bhatt Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)91ITD311(Ahd.)

..... were acquired at the time when the dividend income was chargeable to tax. dividend income not includible in taxable income, by virtue of insertion of sub-section (33) to section 10 of the finance act, 1997 w.e.f. 1-6-97 and the tax is levied on distribution event directly on the company by virtue of another inserted ..... the ultimate conclusion of the tribunal in respect of the interest paid." 15. such an intention has been clarified in the the provisions of newly inserted section 14a by the finance act, 2001, with retrospective effect from 1-4-1962 and as well as in the memorandum explaining the provisions, notes on clauses relating to the ..... moody (supra) and the provisions of explanation 8 to section 43(1) of the act.30. the third submission of the assessee that it is saved by proviso to section 14a prohibiting the re-assessment or enhancement of assessment already completed. the proviso to section 14a is inserted by the finance act, 2002 with retrospective effect from 11-05-2001 to save .....

Assistant Commissioner of Income Vs. Modern Cement Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90ITD170(Ahd.)

..... quota generally no under writer is involved. therefore, in case of private placement, heavy burden lies on the assessee to prove three parameters stated earlier of section 68 of the act. on share application form itself it has been stated "for private circulation only'. this clearly indicates that in this issue neither any promoter nor any underwriter ..... could the amount of share capital be regarded as undisclosed income of the company" have not been approved by the full bench decision in the case of sophia finance ltd. (supra) even though the full bench agreed that if the shareholders are identified and it is established that they invested money in purchase of shares, then ..... investment for this purchase was rs. 25,902.the explanation of the assessee regarding the source of the purchase money for these investments was that the same was financed from out of the savings from the income of the properties which were left by her mother's first husband. the tribunal though agreed with the ao .....

Unimed Technologies Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)73ITD150(Ahd.)

..... on an enquiry by the ao from itc bhadrachalam relating to the above transactions, itc bhadrachalam explained that they are in the business of leasing and hire purchase finance and they finance their clients each equipment required by and to be installed at the clients premises.the terms of an agreement between itc bhadrachalam & rseb were as under :assets : ..... the disallowance of rs. 25,39,770 under s. 43b on account of deferred sales-tax, whereas the said amount was not covered under the provisions of the said section. (b) he has also erred by not directing the ao to follow circular no. 496 dated 25th september, 1987 and circular no. 764 dated 29th december, ..... /avoidance of tax the answer is "no". in any case, if the ao refuses the registration solely on this ground, although the other formalities required under the act are complied with like execution of a proper partnership deed, filing of proper application of registration, the tribunal will have to decide in favour of the assessee. in .....

Acit Vs. Goldmine Shares and Finance Pvt.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD209(Ahd.)

..... before the itat. the ld. dr submitted that the provisions of section 80ia(5) are identical to the provision of section 80i(6) of the it. act., which was brought in the statute by the finance act, 1980 w.e.f. 1-4-1981. on introduction of 80i(6) by the finance (no. 2) act, 1980 the board issued a circular no. 281 dated 22/09 ..... including the assessment year for which the determination is to be made.21. the provisions of section 80ia were then divided in two parts by finance act, 1999 w.e.f. 1-4-2000- one, by the replaced 80ia and other, by the newly inserted section 80ib. for material purposes and in order to resolve the controversy in these cases, we find ..... the new provisions as almost identically worded to those of the aforesaid earlier provisions of section 80i and 80ia. section 80 ia(1) .....

Gujarat Petrosynthese Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)76ITD257(Ahd.)

..... of the provisions of sub-section (1) and sub-section (2) of section 115j. section 115j has been introduced by way of an independent chapter xii-b in the income-tax act by the finance act, 1987 and it came into force from assessment year 1988-89. while introducing section 115j, the legislature deleted section 80vva which provided for levy ..... of minimum tax on companies. the object of insertion of section 115j was to ensure levy of minimum tax on ..... it appears, that under the new scheme introduced by the finance act, 1997, the concept of lax credit has been brought in on grounds of equity by the legislature. since section 115ja(3) in the new scheme is virtually the reproduction of sub-section (2) of section 115j of the earlier scheme, the content and meaning of .....

Assistant Commissioner of Vs. Smt. Nina Arora

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)80ITD348(Ahd.)

..... be taken note of is the retrospective amendments introduced by the finance act, 2001 in the provisions relating to levy of interest under sections 234a, 2.34b as well as section 140a. explanation 4 below sub-section (1) of section 234a(1) has been omitted by the finance act, 2001 w.e.f. 1-4-1989.similarly, in section 140a, the legislature has inserted explanation (1a) w.e.f ..... . 1-4-1989 which provides that interest payable under section 234(a) shall be computed on .....

Wealth-tax Officer Vs. Shrimant F. P. Gaekwad

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)28ITD23(Ahd.)

..... or ornaments was an article intended for the personal use of the assessee and in that case, the particular jewellery would fall to be governed by section 5(1)(xv) of the act. the finance act, 1971, by deleting w.e.f. 1-4-1963 the exemption clause (xv) (jewellery belonging to the assessee subject to a maximum of rs ..... -precious stones for which exemption was claimed under section 5(1)(viii) of the wealth-tax act. secondly, the jewellery simpliciter required to be added on the basis of retrospective amendment. the commissioner (appeals) rejected the contention in respect of the retrospectivity of the amendment made by the finance act, 1971 having been effected from 1-4-1963 ..... against the assessee but then it was hastened to clarify that in the said decision the circular issued by the cbdt subsequent to retrospective amendment made by the finance (no. 2) act of 1971 as appearing in taxmann's direct taxes circulars, volume-ii, pages 434 and 435 was not considered. besides, the case of g.s. poddar .....

Shreenathji Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)58TTJ(Ahd.)611

..... the books of accounts maintained in the normal course of business.6.4. the assessee has placed strong reliance on the board circular no.572 explaining various sections of finance act, 1990. para 43 of the circular explains, that s. 271d among others which was inserted w.e.f.1st april, 1989; by the direct tax laws ( ..... for the purpose of s. 271d, it would be appropriate to see the legislative intention or the object for which the provisions of s. 269ss were inserted by the finance act, 1984. the board in its circular no. 387, dt. 6th july, 1984 elaborately explained the scope and intention of inserting the provisions of s. 269ss in the ..... of their explanation.32.2. with a view to counter this device which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. 269ss in the it act debarring persons from taking or accepting, after 30th june, 1984 from any other person any loan or deposit otherwise than by an account-payee .....

Shreenath Builders Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... ss. 269ss and 269t, it will be necessary to examine the legislative intention of the objects for which the provisions of ss. 269ss and 269t were inserted by the finance act, 1984. the cbdt vide circular no. 387, dt. 6th july, 1984, have elaborately explained the scope and intention of inserting the provisions of ss. 269ss and ..... . "32.2 with a view to counter in this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. 269ss in the it act debaring persons from taking or accepting after 30th june, 1984, from any other person any loan or deposit otherwise than by an account ..... was deposited by tax evaders with banks, companies, co-operative societies and partnership firms either in their own names or in benami names, the it (second amendment) act, 1981, seeks to counter attempts to circulate black money in this manner." it is clear from the aforesaid circulars issued by the board that these provisions were .....