Judgment Search Results Home > Cases Phrase: finance act 2005 section 18 amendment of section 54ed Court: income tax appellate tribunal itat hyderabad Page 1 of about 12 results (0.073 seconds)

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to ..... section 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... that which is in force in the assessment year, unless otherwise provided expressly or by necessary intendment.12.34 a reading of the note to clauses or the amendment to section 113 in the finance act, 2002, extracted above, does not give any indication that the legislation was introduced to explain an earlier finance act or clarify the real intention of the legislature or that the proviso was inserted to supply an obvious omission or to clear up doubts as to the ..... acit (2005) 3 sot 192 (chennai) and calcutta .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... he concluded saying that the subsequent amendments made to the section further liberalised the grant of deductions to approved financial corporations and he drew our attention in particular to the latest amendment to section 36(1)(viii) by the finance act, 1985, wherein it has been clarified that the deduction is to be made without making any deduction under the said clause. ..... not be quoted as an authority and applied to the case on hand where we are concerned with the law as on 1-4-1982 and 1-4-1983 which governs the assessments for 1982-83 and 1983-84, respectively, for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. ..... the third line of attack by shri radhakrishna murthy is that whenever the legislature wanted it had employed specific language such as to be found in sections 23(2), 32a(3), 33(2) and 33a(2) of the act, and, therefore, this amendment introduced by the finance act, 1985, viz. ..... the latest amendment introduced by the finance act, 1985, has made it clear that the deduction should be computed before making any such deduction under the section. ..... 's case (supra) we are of the view that this particular amendment introduced by the finance act, 1985 is only clarificatory in nature.10. ..... in our view, the amendment made by the finance act, 1985, is only clarificatory in nature.12. .....

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(Hyd.)

..... would have to be examined in the appellate proceedings, if instituted by the assessee.7.6 in the light of the foregoing discussion, we find that the commissioner has no power to cancel the registration, prior to insertion of sub-section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as such the impugned order dated 26.7.2004 has no legal sanctity. ..... arguments were sought to be filed on behalf of the department very shortly thereafter and leave was granted, but it proved to be only an endless wait even until this day, since 5.5.2005 when the case was finally concluded in hearing both the parties.7.1.c to inform that, as advised by the tribunal, the assessee could not on account of summer vacation file an application before ..... by seeking adjournments during the course of hearing, but also thereafter, on the one hand, putting the tribunal on wait for its written submissions promised to be filed at the time of conclusion of arguments on 5.5.2005 which are alluding even todate and on the other hand seeking early disposal of the appeal on the ground that high stakes are involved! ..... petition for adjournment was offered to be filed by the assessee too which was filed bearing the same date of 20.4.2005 which will be relevant to extract hereinbelow------------------------------------------------------------------------- before the hon'ble income tax appellate tribunal 'b' bench, hyderabadsri chaltanya .....

income-tax Officer Vs. Quality Wines

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)31ITD163(Hyd.)

..... in the first spell they were inserted by section 8 of the finance act, 1978 with effect from 1-4-1979 and they were omitted by section 10 of the finance act, 1980 with effect form 1-4-1981. ..... in the second spell sub-sections (3a) to (3d) were introduced into section 37 by finance act, 1983, with effect from 1-4-1984 and they stood omitted by the finance act 1.985 with effect from 1-4-1986. ..... the third reason was sub-section (3a) of section 37 as introduced by the finance act, 1983 w.e.f. ..... we are concerned with section 37(3a) introduced by the finance act, 1983.these two provisions are entirely different and has nothing to do with each other. ..... besides, he submitted the provision considered by the madras bench was entirely different from the provisions now applicable, the madras bench was considering section 37(3a) as it stood before its omission by the finance act, 1980. ..... of section 37 was introduced by the finance act, 1983, with effect from 1-4-1984. ..... (a) the expenditure specified in clause (i) to clause (iii) of sub-section (3b) shall be the aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this act.it will be seen from this that the expression makes clear that the provisions of sub-sections (3a) and (3b) would be applied only after ascertaining what is the expenditure which are to be disallowed under any other provisions of the act including section 37(3). .....

Godavari Drugs Ltd. Vs. Jcit (Assts) Sr-1

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)89ITD326(Hyd.)

..... the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following example: 10. ..... the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia) (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), duty drawback (ddk) and profit on sale of import entitlement licences (i/l) shall be taxable under ..... the finance act, 1990, has therefore, clarified the position by inserting a definition for the term "total turnover" in the explanation below section 80hhc. ..... challenging jthe exclusion of hthe following receipts from the profits of the industrial undertaking, while computing the deduction under section 80hh and 80i of the act, on the ground jthat they are not profits derived from the industrial undertaking, we hold as follows: 1. ..... the assessee-company had maintained its account on accrual basis which has been made mandatory by the amendment of section 209(3) of the companies act, 1956 w.e.f. ..... the finance act, 1990, has restricted the definition of the term "export turnover" to mean fob sale proceeds actually received by the assessee in convertible foreign exchange within six months of the end of the previous year or within such ..... " in view of this amendment, it is clarified that the three export incentives shall have to be included in the profits of the business for computing the deduction under section 80hhc. 6. .....

A.P.S.E.B. Vs. Joint Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... for this proposition, reliance is placed on the full bench decision of the bombay high court in 185 itr 6; wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular. .5. ..... penultimate sentence says that income-tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... , therefore, it refers to the earlier circular explaining the finance act, 1965, paragraph 19 whereof we have already analysed. ..... the interpretation in that case was that no part of that circular has a categorical order, instruction or direction and that that circular refers to finance act, 1965 and not finance act, 1966. ..... relevant portion of the said decision is as under- "this brings us to paragraph 32 of the circular explaining the provisions of the finance act, 1966. ..... the commissioner of income-tax has invoked his powers under section 263, and held vide his order dated 7.3.2002 that the assessment made is erroneous and prejudicial to the interests of revenue, inasmuch as section 115ja of the act has not been applied to the assessee by the, assessing .....

A.P.S.E.B. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)85TTJ(Hyd.)30

..... {1990) 185 itr 6 (bom)(fb), wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in the finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular.6.5. ..... penultimate sentence says that income-tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof, and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... implicitly, therefore, it refers to the earlier circular explaining the finance act, 1965, para 19 whereof we have already analysed. ..... " the interpretation in that case was that no part of that circular has a categorical order, instruction or direction and that circular refers to the finance act, 1965, and not the finance act, 1966. ..... the relevant portion of the said decision is as under : "this brings us to para 32 of the circular explaining the provisions of the finance act, 1966. ..... it is not the case of revenue that this circular is not for this particular finance act. .....

infotech Enterprises Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)85ITD325(Hyd.)

..... plea of the learned counsel for the assessee that an stp unit being 100 per cent eou is eligible for exemption under section 10b of the act is accepted, the amendment brought about by the finance act, 1993 extending the benefit under section 10a of the act to the stps from 1st april, 1994, becomes redundant or superfluous. ..... admittedly has not been set up in any free trade zone and its claim for exemption under section 10a depended only, upon the extension of the benefit to the units set up in any electronic hardware technology park or as the case may be, software technology park, mentioned in clause (i)(b) of sub-section (2) of section 10a of the act by virtue of the amendment brought about by finance act w.e.f. ..... be observed that both the words 'manufacture' and 'produce' figure in sections 10a and 10b of the act and the latter word has been specifically defined in both these sections by virtue of insertion effected by finance act, 1993 w.e.f. ..... finance act, 1993 extended the tax holiday under section 10a to industrial units in approved electronic hardware technology parks (ehtps) or software technology ..... if a stp unit is otherwise eligible for exemption under section 10b of the act on the ground of its being 100 per cent eou, there was possibly no reason for the legislature to bring about an amendment extending the benefits of section 10a to the units under stp scheme and, further, restrict the benefits to those commencing their operations in the year of account relevant to the .....

A.P. State Civil Supplies Corpn. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)83ITD398(Hyd.)

..... entire tax demand for the above years in view of the amended provisions of sub-section (2a) of section 254 of the it act introduced by the finance act, 2001, w.e.f. ..... act that sub-section (2a) and (2b) have been inserted by the finance act, ..... proceedings are as to : (a) whether or not the stay granted by the tribunal by its respective orders prior to 1st june, 2001, when the amendment was inserted with the proviso to section 254(2a), has expired on account, of the interpretation given by the department that the said amendment is retrospectively operative; (b) whether or not the assessee deserves to be granted stay afresh for all the assessment years in question, except for the ..... the aforesaid section are inserted by the finance act, 2001 w.e.f ..... after the amendment but before expiry of unamended period of limitation, the imposition of penalty was held by the hon'ble orissa high court to be valid and that the tribunal was not justified in setting aside the order of penalty as barred by limitation for the reason that when the amending act came into force, the two years period provided under the unamended section 275 had ..... court held that the power of the iac to impose penalty under section 275 of the act as it stood before amendment had not come to an end on 1st jan. ..... the tribunal got expired on the completion of six months since the date, of passing the order of the tribunal by virtue of amendment by insertion of the proviso to section 254(2a) of the act and that, therefore, the asst.yr. .....

Vbc Ferro Alloys Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... conditions specified in sub-section (4a) of section 80-ia" shall be omitted ; (ii) in the explanation, for clause (c), the following clause shall be substituted, namely: (i) a road, highway, bridge, airport, port, rail system or any other public facility of a similar nature ..... such fund operating under a trust deed, registered under the provisions of the registration act, 1908 (16 of 1908), established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to an enterprise carrying on the business of developing, maintaining and operating infrastructure facility ; (c) "infrastructure facility" shall have the meaning assigned to it in clause (ca) of sub-section (12) of section 80-ia ; ii section 10(23g) was again amended by finance act, 1997, as follows: (i) the words, brackets, figures and letters, "which fulfils the ..... 2005-tiol-58-hc-del-it, held in paragraph 10 as follows: 10. ..... , 2005-itol-51-sc-cx-lb, which has been relied upon by the learned counsel for the assessee.40. .....