Judgment Search Results Home > Cases Phrase: finance act 2005 section 18 amendment of section 54ed Court: income tax appellate tribunal itat Page 1 of about 390 results (0.105 seconds)

Assistant Commissioner of Income Vs. Suretech Hospital and Research

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2006)104TTJ(Nag.)869

..... there is no word or language from which it can be inferred that the amendment of section 271(1)(c) of the it act, 1961 by the finance act, 2002 has retrospective operation. ..... there is no word or language from which it can be inferred that the amendment of section 271 by the finance act, 1968, has retrospective operation. ..... april, 2003.in support of his contentions, he relied upon the following decisions and propositions laid down therein: penalty-concealment of income-law applicable-principles-original return filed on 1st march, 1967-law as it stood prior to amendment by finance act, 1968, applies-it act, 1961, section 271(1)(c). ..... 4 to section 271(1)(c) was amended by finance act, 2002 and the said amendment is applicable from 1st april, 2003. ..... section 18(1)(a) of the wt act, 1957, as amended by the finance act, 1969, is not retrospective in its operation. ..... 4 to section 271(1)(c) which were amended by the finance act, 2002 and submitted that the ao has erred in levying penalty under section 271(1)(c) by applying the provisions applicable w.e.f. ..... 4 to section 271(1)(c) which was amended by finance act, 2002, i am of the opinion that the said amendment is applicable from 1st april, 2003. ..... 25th july, 2005 in the case of cit v. ..... 154/nag/2005 for the asst.yr. ..... cit (2005) 96 ttj (mumbai) 773 and submitted that this decision supports the case of the department and the penalty was exigible in the case of the assessee.11. ..... , 2005 and also 11/nag/2004 asstt. .....

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD73(Mum.)

..... (2005) 93 ttj (del) 144 : (2005) 92 itd 1 (del), wherein, it has been held that the amendment in section 43b by finance act, 2003, was ..... contended by him that in view of the omission of the second proviso to section 43b by finance act, 2003, no disallowance can be sustained if the payments are made before ..... although applied subsequently in general is applicable only where earning of income itself cannot be said to have occurred and not otherwise and more so particularly in view of statutory change brought in section 145 of the act and notification of accounting standards thereunder which have resulted in the convergence of accounting thought on accrual, taxman's thought on 'accrual' and judicial thought on accrual.accordingly, assessee's contention that ..... appreciation of the issue, it is pertinent to reproduce the relevant portions of the definition of the term 'accrual' as per as 1 issued by the institute of chartered accountants of india, section 5(1) of the it act, 1961 and as 1 notified by the central government under section 145 (2) as under: revenue and costs are accrued, that is recognized as they are earned or incurred (and not as money is received or paid) and recorded in the financial statements ..... permissible under the amended section 145 of the act. ..... of curtailing materially the scale of the business, profession or vocation and intends to continue his business, profession or vocation for the foreseeable future.6.7 section 145(1) of the it act, 1961 was amended w.e.f. .....

Chohung Bank Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... finance act and the dtaa if it was possible to levy tax at a higher rate on the foreign companies then there was no need to amend section 90.3 ..... 4948/m/05 (supra) held that explanation to section 90(2) introduced by the finance act, 2001 with retrospective effect from 1-4-1962 is an integral part of the section, which clearly laid down that the charging of a foreign company at a higher rate will not be regarded as less favourable as compared to domestic company ..... that in terms of the provisions of article 25(2) of the dtaa between india and korea, india cannot levy tax on the indian permanent establishment of a korean enterprise at a rate higher than the rate applicable to: further, explanation to section 90 provides that if the foreign company (permanent establishment) is charged tax at a rate higher than a domestic company then the same is not to be considered as less favourable charge for the foreign company. ..... cit (2005) 4 sot 643 (tm) the kolkata tribunal has specifically observed that the explanation to section 90 has been inserted with the intention of overriding the provisions of the non-discrimination of the dtaas ..... at the time of hearing, the learned counsel for the assessee fairly conceded that the only issue in both the appeals is covered against the assessee by the decision dated 25-11-2005 of the itat 'd' bench in ita no. ..... the facts of the assessee's case are identical with that in the assessment year 2002-03, wherein, the tribunal vide order dated 25-11-2005 in ita no. .....

Dewan Chand Amrit Lal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD200(Chd.)

..... the following clause (d) shall be inserted after clause (c) of sub-section (1) of section 271 by the finance act, 2005, w.e.f. ..... on appeal, the hon'ble supreme court held that when the ito reached the satisfaction that the appellant had concealed his income and made the assessment order on 27th march, 1972, the amended provisions of section 274(2) were in operation and they entitled the ito to impose penalty in cases where the amount of income in respect of which particulars had been concealed were less than rs. ..... there were several amendments between 1975 and 1988 with which we are not concerned: however, there was an amendment by the direct tax laws (second amendment) act, 1989 by virtue of which clause (c) was incorporated in section 275 w.e.f. ..... (2) the provisions of this section as they stood immediately before their amendment by the direct tax laws (amendment) act, 1987 (4 of 1988), shall apply to and in relation to any action initiated for the imposition of penalty on or before the 31st day of march, 1989 ..... in the year 1970, section 275 was amended so as to obviating difficulties in such cases where the assessments were subject-matter of appeals and the additions were either deleted or ..... the it (second amendment) act, 1981 (hereinafter referred to as the amending act) represents another step in the same ..... if the ao of the cit(a) or the cit in the course of any proceedings under this act is satisfied that any person-- (a) omitted by the direct tax laws (amendment) act, 1989 w.e.f. .....

Deputy Commissioner of Income Tax Vs. Indian Syntans Investments (P)

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD457(Chennai)

..... during the period commencing on the 1st day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, reassessment ..... , 2005 in response to a notice served under this section and subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143 as it stood immediately before the amendment of said sub-section by the finance act, 2002, but before the expiry of the time-limit for making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153, such notice shall be deemed to be a valid notice. .....

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... the explanation does not layout a new law but only clarifies the position as it stood earlier also, and which we have discussed in earlier paragraphs that section 90(2) only authorizes central government to make agreement with foreign countries in respect of assessability and computation of income and not about rates of taxes on the income so computed as it falls in the domain of annual finance act.further, the power of parliament to make amendment in law is not assigned or compromised by virtue of dtaa being in force. ..... amendment in section 90 relating to agreement with foreign countries 54.1 through finance act, 2001, an explanation has been inserted in section 90 of the income-tax act to clarify that the charge of the tax in respect of a foreign company at a rate higher than the rate at which a domestic company is chargeable, shall not be regarded as a less favourable charge or levy of tax in respect of such foreign company, ..... it is, therefore, unacceptable to infer by the comparison of section 90 of the it act with dtaa, that dtaa will also prevail over the finance act, which is to be passed in future by the parliament. ..... ) of 1995 assessment year 1991-92]; [2005] 94 itd 401, mumbai and in the case of abn amro bank nv v. jt. ..... cit [2005] 94 ttj (mum. ..... cit [2005] 4 sot 643 itat kolkata 'e' third member bench in ita 4961/m/1999, 58 & 106/ cal. .....

Mahanagar Telephone Nigam Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)100TTJ(Delhi)1

..... 2005) 93 ttj (del) 144 : (2005) 92itd 1 (del) where it has been held that the amendment carried out by the finance act ..... stand again observing that : section 80-ia(4c) was inserted in the act by the finance act, 1997 with retrospective effect ..... (ii) assessee's renewed claim that the technical upgradation of existing industrial undertaking would amount to starting of new industrial undertaking is also not allowable as the assessee-company is required to fulfil the conditions laid down in sub-section (2) of section 80-ia according to which in order to be entitled for making this claim, the assessee-company : (a) it is not formed by splitting up, or the reconstruction, of a business already in existence : provided that this condition shall not ..... the provision of section 80-ia(4c) introduced by the finance act, 1997 with retrospective effect from 1st april, 1996 is so clear that for non-fulfilment of the basic condition of starting the business of providing telecommunication services on or after ..... section 80-ia(4c) was inserted in the act by the finance act, ..... 723.30financial year 2000-01 23 exchanges 8 cellulars 2,471.86financial year 2001-02 68 cellulars & wll 2,662.15 on the basis of above figures it was argued that even if it is assumed that the deduction under section 80-ia is to be given on the basis of the undertaking which starts providing telecommunication services on or after 1st april, 1995, the ao should have allowed the deduction on the basis of the undertakings/exchanges which .....

The Income-tax Officer Vs. Smt. Sukhini P. Modi, Smt. Radhika

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)112ITD1(Ahd.)

..... furnished during the period commencing on the 1^st day of october, 1991 and ending on the 30^th day of september, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time limit for making the assessment, reassessment or re-computation ..... that where a return has been furnished during the period from 1^st october, 1991 to 30^th september, 2005 in response to a notice served under section 148 and, subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143 as it stood immediately before the amendment of the said sub-section by the finance act, 2002, but before the expiry of the time-limit for making the assessment, reassessment or re-computation as specified .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... the above section was inserted by the finance act, 2003 with effect from first day of june, 2003 and the only amendment brought to this section is an amendment by taxation laws (amendment) act, 2003 whereby in sub-section (1) the words "two-third per cent", were substituted by the words "one-half per cent" w.e.f. ..... date of issue of notice 18.2.2005 21.2.2005 21.2.2005 under section 1487. ..... manjani, advocate, has argued the case for the assessee.he has submitted before us the following chart showing the date-wise events:--------------------------------------------------------------------------- return filed refund under reassessment reassessment section 143(1) notice date---------------------------------------------------------------------------1998-1999 31.3.1999 28.5.1999 18.2.2005 18.10.2005---------------------------------------------------------------------------1999-2000 31.3.2000 26.2.2000 18.2.2005 18.10.2005---------------------------------------------------------------------------2000 2001 22.8.2000 20.11.2000 18.2.2005 18.10.2005--------------------------------------------------------------------------- 21. ..... cit (2005) 97 ttj (del) 108 in which it was held that no interest could be charged under section 234d in respect of period prior to insertion of section 234d. ..... , 2005 --assessment order under section 143(3) (read with section 153) would be passed by 31st dec, 2006. .....

Addl. C.i.T., Special Range-5 Vs. Vestas Rrb India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)275ITR81(Delhi)

..... however, the proviso clause to section 43b stands amended by the finance act, 2003. ..... the finance act, 2003 has deleted the second proviso and amended the first proviso by the finance act, 2003 w.e.f ..... in case the amendment is not accepted to be operative retrospectively, then the amendment so brought in to statute by the finance act, 2003 would produce inequitable and illogical ..... shiv dayal radhey shyam 259 itr 147 by observing that first proviso to section 43b of the act inserted by the finance act, 1987 is retrospective and if the sales tax had been paid after the due date but during the grace period allowed under the sales tax act that does not attract provisions of section 43b of the act. ..... have also come across a similar situation and therefore the principal approved by the apex court would also apply with equal force to the amended proviso, so as to have retrospective application of the amendment brought by finance act, 2003. ..... initially the first proviso was inserted in section 43b by the finance act, 1987 w.e.f. ..... assessment year 2004-2005 to be read as under; "provided that nothing contained in this section shall apply in relation to any sum which is actually paid by the assessee on or before due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return." 12 .....