Judgment Search Results Home > Cases Phrase: finance act 2005 section 18 amendment of section 54ed Court: income tax appellate tribunal itat mumbai Page 1 of about 98 results (0.076 seconds)

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. .....

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. .....

Van Oord Dredging and Marine Vs. Adit, (international

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)297ITR115(Mum.)

..... departmental representative submitted that there is no reason for admitting these additional grounds of appeal as action of the assessing officer is as per the provision of the act and there is no ambiguity in the language of the provision of section 90 of the act.further the explanation to section 90 inserted by the finance act 2001 with retrospective effect from 1.4.1962 making it clear that charge of tax in respect of foreign company at a higher rate than the rate at which domestic company is chargeable shall not be regarded as ..... counsel for the assessee submitted that the provision of section 234 d was inserted by finance act 2003 with prospective effect from 1.6.2003 and was not given ..... provision of section 234d was not in the statute book during the relevant period and was inserted by the finance act, 2003 ..... made the request for deduction of tax at a lower rate and ultimately entire amount is found chargeable to tax, in absence of payment of advance tax as per provision of the act interest under section234b is chargeable.he submitted that the assessee will get deduction as per provision of section 209(1)(a) to the extent of amount @ 7% of the tds payment and not the full amount of tax on assessed income and submit that the decision of special bench of the ..... no.6600/m/02, cited by the assessee, has not considered the amendment made by finance (no.2) act, 2004 which has modified the amendment made by finance act, 2001 retrospectively. ..... 1992 dated 1.4.2005. ..... 355) of 2005.21. .....

Laukik Developers Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD657(Mum.)

..... before proceeding to decide the issues before us, it shall be relevant to reproduce the relevant provision of section 80ib(10) of the act, as prevalent in the relevant period, as under: section 80ib(10: " the amount of profits in case of an undertaking developing and building housing projects approved before the 31^st day of march, 2005 by a local authority, shall be hundred per cent of the profits derived in any previous year relevant to any assessment year from such housing project if,- (a) such undertaking has commenced or commences development ..... counsel for the assessee that since the case pertains to pre-amendment period, the deduction under section 80ib(10) will be available to the assessee even if the shops and other commercial establishments are included in the housing project of the assessee. ..... counsel for the assessee submitted that this amendment on the statute book is not retrospective in nature and therefore, shall not apply to the earlier years and the deduction under section 80 ib(10) will be available, even if the shops and other commercial establishments are included in the housing project. ..... both the assessee and the revenue stated before us that the amendment brought by finance no. .....

Saroj Sales Organisation Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)485

..... the exemption acquired under section 80-ib(10) under the pre-substituted provision cannot be taken away by way of retrospective amendment by the finance (no. ..... section 80-ib(10) of the act prior to substitution by the finance ..... blocks 'nisarg' and 'breezy corner' are in fact one housing project and admittedly the assessee is not entitled for any relief under section 80-ib(10) of the act as some of the flats have more than 1,000 sq. ft. ..... ---------------------------------------------------------------------------before 1.4.2005 after 1.4.2005 remarks-------------------------------------------------------------------------------housing projects housing projects cut off date ofapproved before the approved before the approval till march,31st day of march, 31st day of march, 2007 after2005 2007 amendment-------------------------------------------------------------------------------has commenced or has commenced or date ofcommences commences commencement isdevelopment and development and sameconstruction of the construction of thehousing project on or housing project on orafter the ..... 2) act, 2004 and the provisions after 1st april, 2005 arc reproduced below: the amount of deduction in case of an undertaking developing and building housing projects approved before the 31st march, 2005 by a local authority, shall be hundred per cent of the profits derived in any previous year relevant to any assessment year from such housing project if: (a) such undertaking has ..... act, 2004 w.e.f.1st april, 2005 .....

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... explained above, the definition of "undisclosed income" prior to the amendment brought in by the finance act, 2002, is the correct law to be applied in the ..... assessment has been so far examined in this order in the light of the expanded definition of "undisclosed income" inserted under section 158b(b) by the finance act, 2002, with retrospective effect from 1st july, 1995, the second situation in which undisclosed income could be conceived on the falsity of claims made by the assessee towards expense, deduction or allowance has been brought into the definition of "undisclosed income" by the finance act, 2002. ..... the assessee firm is that the cit(a) has erred in holding that the assessee-firm was not entitled for the deduction under section 80-ia of the it act, 1961, for the alleged reason that the various conditions attached thereto have not been fulfilled by the assessee-firm. ..... the searched premises on the date of search did not belong to the assessee-firm but belonged to an entirely different concern, sll and, therefore, no block assessment under section 158bc could have been lawfully completed on the assessee-firm on the basis of the materials collected, if any, in the course of the impugned search. ..... added as undisclosed income for the block period for the various assessment years specified above which represents withdrawal of the deduction under section 80-ia allowed to the assessee in the regular assessments in view of the evidences found during the course of the search as .....

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD369(Mum.)

..... this shows that the charging section is only section 3 of the income-tax act, and that section 2 of the finance act only gives the rate for quantifying the tax for this section gives an alternative for quantification in the contingency of the finance act not having been made on the 1st day of april of that year. ..... income becomes chargeable to income-tax at rates prescribed under the relevant finance act by virtue of the charging section, and the act envisages situations where income-tax is collectable without the process of regular assessment. ..... while the assessee says that section 3 of the income-tax act is the charging section and that the finance act only prescribed the rate of tax payable. ..... when you look at section 2 of the finance act, it shows that income-tax shall be charged at the rates specified in part i of the first schedule, and super-tax, for purposes of section 55 of the income-tax act, 1922, shall be charged at the rates specified in part ii of the first schedule. ..... the revenue contends that the finance act is the charging section and that, therefore, the liability accrued only on the first day of april, 1957. ..... that is the effect of section 3 of the income-tax act which says that the tax at the rates mentioned in the finance act shall be charged for the year specified in that act. ..... cit [1955] 27 itr 709, the hon'ble supreme court had an occasion to deal with the charging section of the indian income-tax act, 1922 vis-a-vis the relevant finance act. .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... 80-o by the finance act, 1987, in the following words : "since the provisions of the section are intended to provide incentive to earning foreign exchange, the proposed amendment seeks to provide that the deduction will be allowed only if the amount has been brought into india within a period of six months from the end of the relevant previous year or within such extended period as ..... 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. ..... 1382), while explaining the amendment made by the finance act, 1984, stated that the deduction was introduced primarily to stimulate flow to technology from india and that the said objective could be attained with reduced deduction on that account.prior to its amendment by the finance act, 1988, the operative portion of s. ..... we may also refer to the amendment made by the finance act of 1984 (see para 48 of this order) (which reduced the quantum of declaration to fifty per cent of the income from 1st april, 1985). ..... while explaining the amendment by the finance act, 1984, it was stated that deduction under s. ..... 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature : "sec. ..... 1st april, 1972, before amendment by the finance act of 1974 and s. ..... 80-o as it stood after amendment by the finance act, 1987, read as under : "............ ..... there was an amendment by the finance act of 1974 of s. .....

Delhi Bottling Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD231(Mum.)

..... there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. ..... the controversy has been raised by the department on the plea that the amendment was darificatory in nature and even if it were not so, the word "shall include and shall be deemed always to have included" in the explanation inserted by the finance act, 1987 would clothe it with the retrospective operation. ..... 5 at the relevant time reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. ..... in the light of these decisions and also in the light of the opinion expressed by the board in explaining the provisions of the finance act 1987, the cit (appeals) was not justified in denying the claim of investment allowance claimed by the assessee.4. ..... the board has clearly stated therein that the explanation inserted by the finance act, 1987 was with a view to clarifying the provisions of item no. ..... the same is to come into operation from 1-4-1988 and the legislative inent to this effect has also been brought out in the note on clauses to the finance bill 1987- [see 168 itr (statute) 144].it is stated therein that clause 75 of the finance bill sought to amend item nos. .....