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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. ..... 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... (ii) the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... in order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... 1st april, 2005 by the finance (no.2) act, 2004. ..... 2005-06 as amended by the finance (no. ..... 1st april, 2005, an amendment has been brought out by the finance (no. ..... 2) act, 2004 which reads as under: extension of the time-limit for obtaining approval of housing projects for the purpose of tax holiday under section 80-ib, and allowing deduction for redevelopment or reconstruction of existing buildings under the existing provisions contained in sub-section (10) of section 80-ib, a deduction equal to one hundred per cent of the profits of an undertaking developing and building housing projects is allowed if the housing project is approved by a local authority before 31st march, 2005. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)284ITR53(Chennai)
..... to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or receivable (i.e. ..... the characteristic cannot be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. ..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation therein continues to remain unchanged. ..... baskar who argued that, as per section 10(10c) any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 w.e.f 1.4.2004. ..... this amendment will take effect from april 1, 2004, and will, accordingly, apply in relation to the assessment year 2004-2005 and subsequent years.further the memo explaining provisions of finance bill 2003 as reported in 260 itr at page 197 (statutes) explained in clause 6(b) - it is proposed to provide that any amount, not exceeding five lakh rupees, received or receivable (i.e. ..... these appeals of the assessee are directed against the different orders of cit (appeals), tiruchy, both dated 30.3.2005. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)288ITR150(Chennai)
..... the learned counsel further submitted that section 113 was amended by finance act, 2002 with effect from 1.6.2002. ..... it is for the parliament either to make an amendment by incorporating a proviso in section 113 of the income tax act for the purpose of levying surcharge or to enact a separate act like finance act. ..... act.however, by finance act, 2002, the parliament amended section 113 and thereby a proviso was introduced to levy surcharge over and above the rate of tax prescribed under section 113. ..... in view of the above discussion, we find that the parliament in exercise of the power conferred upon it under article 271 of the constitution of india has enacted finance act, 2001 prescribing levy of surcharge at 17% over and above the rate of income tax levied under section 113 of income tax act in respect of the undisclosed income.therefore, in our view, the assessing authority has rightly levied the surcharge. ..... same shall be charged for that year in accordance with the provisions of the central act.section 113 provides for levy of tax at the rate of 60% in respect of undisclosed income determined under section 158bc for the block period.the first objection of the assessee is that since there was no reference about the central enactment in section 113, as referred in section 4(1), the rate of tax prescribed under finance act, 2001 for levy of surcharge under sections 112 and 113 is not applicable. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act ..... issued by reserve bank of india could suo moto overrule, the specific provision of section 145 of it act, 1961, there was no need of introducing section 43d by the finance act, 1991 and later on modify it by extending the benefit to some more class of assessees by the finance act, 1999. ..... india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. ..... held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia), which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade ..... has held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia) which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade related .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)637
..... the cit(a) in his order stated that finance act, 2001, levied tax at the rate prescribed in section 113 as well as surcharge for the asst. ..... our opinion, this claim of the revenue is not justified because the proviso was added by finance act, 2002 and made effective from 1st june, 2002. ..... " this proviso was inserted by the finance act, 2002, indicating that it would be effective from 1st june, ..... he further noted that finance act, 2001, applied to income that had arisen during the previous year ending march, ..... 2000, which falls within the previous year ending 31st march, 2001, the surcharge that is made by finance act, 2001 is applicable. ..... in the case of assessment that is made with reference to provisions under section 158bc of the act, the loss cannot be allowed.he further submitted that for the loss that is stated to have been claimed, sufficient evidence is not ..... section 113 was inserted with a proviso that reads as under : "provided that the tax chargeable under this section shall be increased by a surcharge, if any, levied by any central act and applicable in the assessment year relevant to the previous year in which the search is initiated under section 132 or the requisition is made under section ..... on that basis the loss suffered by the assessee consequent to the fraud played on the assessee is outside the ambit of chapter xiv-b of the act. ..... is an appeal of the assessee that is moved with reference to assessment that was framed under the provisions of chapter xiv-b of the it act.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD479(Chennai)
..... as a result of the amendment of section 208 by the finance act (no. ..... further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. ..... at the rate of two per cent for every month or part of a month comprised in the period from the 1st day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment is made, to the date of such regular assessment, on an amount equal to the assessed tax or, as the case may be, on the amount by which the advance tax paid as aforesaid falls short of the ..... in the present case, the ao required various materials to examine, which were not made available either at the time of assessment or further at the time of entertaining petition filed by the assessee under section 154.the record of income-tax assessment of the assessee for the assessment year under consideration does not contain the details whether assessee was liable to pay advance tax in earlier assessment year or not. ..... 30th march, 2005 and relates to the asst. yr. ..... ito (2005) 93 ttj (bang) 912 wherein it is held that tax payable on the returned income being less than rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)280ITR179(Chennai)
..... section 2(m) of the wealth-tax act, 1957, which was inserted by finance act, 1992, ..... assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date; explanation 1 : a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the income-tax act shall be includible in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof; explanation 2 : where a debt falling under sub-clause (ii) is secured on, or has been ..... state government or the central government or any local authority intending to carry out any development on any land or building on or after the date of the publication of the resolution under sub-section (2) of section 19 or of the notice in the tamil nadu government gazette under section 26, shall make an application in writing to the appropriate planning authority for permission in such form and containing such particulars and accompanied by such document as may he prescribed " the above provisions ..... that properties owned by the assessee have been brought to charge of wealth-tax after assessment year 1993-94 and section 2(m) of the wealth-tax act also stood amended w.e.f. ..... was inserted by the direct tax laws (amendment) act, 1989, w.e.f. ..... that even in view of the amendment.board has issued circular no. ..... by us while deciding the principal issue of deducibility of debts, the definition has been amended w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)278ITR41(Chennai)
..... (1) does not require any assessee to pay tax when the return was filed under section 158bc.however, section 140a(1) of the income tax act was amended by the finance act, 1999 with effect from 1-6-1999 incorporating section 158bc making the assessee liable to pay tax before furnishing return under section 158bc also and file the proof of payment along with return.therefore, it is very clear that as on 13-11-1996, when the return was filed by the assessee ..... for the block period under section 158bc, there was no requirement to pay tax under section 140a(1) of the income tax ..... according to the learned departmental representative, the amendment carried out by finance act, 1999 with effect from 1-6-1999 incorporating section 158bc in section 140a(1) will have retrospective operation and, therefore, the amended provisions of section 140a(1) would be applicable for the assessment year under consideration also.the learned departmental representative further submitted that there is no specific provision under chapter xiv-b of the income tax act excluding the operation of section 140a(3). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)1033
..... as on 13-11-1996, section 140a(1) does not require any assessee to pay tax when the return was filed under section 158bc.however, section 140am of the income tax act was amended by the finance act, 1999, with effect from 1-6-1999 incorporating section 158bc making the assessee liable to pay tax before furnishing return under section 158bc and also file the proof of payment along with return. ..... according to the learned departmental representative, the amendment carried out by finance act, 1999, with effect from 1-6-1999 incorporating section 158bc in section 140a(1) will have retrospective operation and, therefore, the amended provisions of section 140a(1) would be applicable for the assessment year under consideration also.the learned departmental representative further submitted that there is no specific provision under chapter xiv-b of the income tax act excluding the operation of section 140am. ..... according to the learned counsel, section 221(1) of the income tax act which enables the assessing officer to levy penalty when the assessee was deemed to be in default for payment of taxes, has to be construed as a substantive provision.therefore, according to the learned counsel for the assessee, the amendment carried out by the legislature by finance act, 1999, with effect from 1-6-1999 incorporating section 158bc in section 140a(1) has to be taken as prospective in operation. .....
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