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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. .....

Assistant Commissioner of Vs. Smt. Chandri N. Shah

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (1999)71ITD231(Nag.)

..... after giving careful consideration, 1 am of the view that the order of the commissioner (appeals) is to be confirmed.section 2(9)(d) of- the finance act, 1992 provides that net agricultural income in relation to a person means the total amount of agricultural income from whatever, sources derived of that person computed in accordance with the rules ..... was not to be aggregated for rate purpose, in view of section 10(2a), with effect from 1-4-1993, and omission of section 67 and rule 5 of part iv of first schedule of finance act, 1992, with effect from the same date. ..... the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in the manner laid done in sub-sections (1), sub-section (2) and sub-section (3) of section 67 of the income tax act and the shares so computed shall be regarded as the agricultural income or loss of the assessee".provided that nothing contained to this rule shall apply for computing the agricultural income ..... the finance act, 1994, amended the rule 5 of part iv of schedule 1 which reads as under:- "rule 5 - where the assessee is a member of an association of persons or a body of individuals (other than a hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the income tax act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals ( .....

Assistant Commissioner of Vs. Smt. Chandri N. Shah. (Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

..... the finance act, 1994, amended the r. ..... i which reads as under : "rule 5 - where the assessee is a member of an aop or a boi (other than an huf, a company or a firm) which in the previous year has either no income chargeable to tax under the it act or has total income not exceeding the maximum amount not chargeable to tax in the case of an aop or a boi (other than an huf, a company, or a firm) but has any agricultural income, then, the agricultural income or loss of ..... rates of income are provided in the finance act and newly inserted s. 2(9)(d). ..... 5 of part iv of first schedule of finance act, 1992, with effect from same date i.e. ..... for every year, finance act provides the system of calculating agricultural income ..... 5 of part iv of first schedule of finance act, 1992, with effect from the same date. ..... under the finance act, 1992, the net agricultural income is defined as under : "2(9)(d) 'net agricultural income', in relation to a person, means the total amount of agricultural income, from whatever source derived of that person computed in accordance with the rules contained in ..... (3) of the it act and the shares so computed shall be regarded as the agricultural income or loss of the assessee.proviso to this section further states that nothing contained in this rule shall apply for computing the agricultural income of the assessee in relation to the assessment year commencing on or after the 1st day of april, 1993. ..... (b) of this section states that it includes any income derived from such land. .....

Commissioner of Income-tax, Vs. C.P. Syndicate, Nagpur.

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : 195222ITR493(Nag.)

..... this can only refer to the indian finance act, 1939, and necessarily includes the alterations made by the amending act, which had already come into force on the april ..... by sub-section (i) of section 6 of the indian finance act, 1939, income-tax for the year beginning on the april 1, 1939, is directed to be charged at the rate specified in part i of schedule ii and rates of super-tax are also provided for, and by sub-section (3) it is provided that for the purposes of this section and of schedule ii, the expression total income means total income as determined for the purposes of income-tax or super-tax, as the case may be, in accordance with the ..... year : provided that, where the loss sustained is a loss of profits or gains which would but for the loss have accrued or arisen within an indian state and would under the provisions of clause (c) of sub-section (2) of section 14, have been exempted from tax, such loss shall not be set off except against profits or gains accruing or arising within an indian state and exempt from tax under the said provisions : a proviso is not ..... income, profits and gains, from whatever source, in british india or out of british india, and that an income in an indian state has to be included in his total income liable to tax though income, profits or gains under section 14(2)(c) are exempt from taxation unless they are received or deemed to be received in or brought into british india in the previous year by or on demonstrate clearly the effect of these .....

Asstt. Cit Vs. Rajendra Mulak

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2002)77TTJ(Nag.)524

..... the loss declared in the return has been reduced as a result of the adjustment made under section 143(1)(a) also, the said section 143(1a) was amended by the finance act, 1992 with retrospective effect from 1-4-1989, by substituting clause (a) in the said section to provide specifically that the additional tax shall be levied even in the cases where as a result of the adjustments made under section 143(1)(a), the loss declared by the assessee in the return is reduced or is converted into ..... this regard, he has referred to explanation to section 143(1a) inserted by the direct tax laws (amendment) act, 1989, with effect from 1-4-1989, and subsequently omitted by the finance act, 1992, with effect from 1-4-1989, which reads as under : "explanation : for the purposes of this sub-section, "tax payable on such excess amount" means : (i) in any case where the amount of adjustments made under the (first) proviso to clause (a) of sub-section (1) exceed the total income, the tax ..... . it is pertinent to note here that section 143(1a) was amended by the finance act, 1991, with retrospective effect from 1-4-1989 and clause (a) therein was substituted to provide as under : "(1a)(a) where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1), (ii) the loss declared by such person in the return is reduced or is converted into income, (a) in a case where the increase in income under sub-clause (1) of this clause has increased the total income of such .....

Assistant Commissioner of Income Vs. Rajendra Mulak

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2002)83ITD670(Nag.)

..... intention of the legislature was to levy the additional tax in the cases where the loss declared in the return has been reduced as a result of the adjustment made under section 143(1)(a) also, the said section 143(1a) was amended by the finance act, 1992 with retrospective effect from 1st april, 1989, by substituting clause (a) in the said section to provide specifically that the additional tax shall be levied even in the cases where as a result of the adjustments made under ..... . the aforesaid amendment in section 143(1a) had been proposed by clause 23 of the finance act, 1992 wherein it was clearly mentioned that sub-section (ii) of the new clause (a) of section 143(1a) seeks to omit the then existing explanation to the said section ..... . it is pertinent to note here that section 143(1a) was amended by the finance act, 1991, with retrospective effect from 1st april, 1989 and clause (a) therein was substituted to provide as under : (1a)(a) where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1), (ii) the loss declared by such person in the return is reduced or is converted into income, (a) in a case where the increase in income under sub-clause (i) of this clause has increased the total income of such ..... he also drew our attention to the explanation to sub-section (1a) of section 143 dealing with the levy of additional tax and pointed out that the provisions of the said explanation prior to its omission by finance act w.e.f. .....

Steel Authority of India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2006)100ITD29(Nag.)

..... has made the following modifications in the existing provisions relating to exemption of gratuities with a view to liberalizing the provisions in certain directions and removing certain unintended anomalies: (i) under section 10(10) of the income-tax act, as it stood prior to its amendment by the finance act, 1974, gratuities received by civilian employees of the central government who were not covered by the revised pension rules of the central government, as for instance, members of the all-india services did ..... under section 10(10) of the income-tax act, as it stood prior to the amendment by the finance act, 1974, death-cum-retirement gratuity received under the revised pension rules of the central government or under any similar scheme of a state government or a local authority was completely exempt from income ..... was submitted by the counsel of the assessee that the provisions for exemption of payment of gratuity at the hands of various employees have been amended from time to time and the provisions of section 10(10)(ii) and (iii) have been introduced by the finance act, 1974. ..... various limits provided therein have been revised from time to time by notifications of central government and amendment in finance acts. ..... the finance act, 1974 had introduced three categories of exemption for employees in section 10(10) of income-tax act, ..... learned counsel of the assessee has brought to our attention the circular explaining provision of section 10(10) introduced by the finance act, 1974. .....

South Eastern Coalfields Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2003)260ITR1(Nag.)

..... . from the perusal of the aforesaid observations, it can be reasonably gathered that after the insertion of sub-section (4) and sub-section (5) of section 37 by the finance act, 1970, any expenditure on the maintenance of a guest-house incurred after 28th feb ..... the effect of the amendment brought about by the finance act, 1987, is that no deduction will be allowed in the assessment of the employer(s) unless such contribution is paid to the fund on or before the 'due date'. ..... . in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalize the provisions, the amending act, 1987, has amended clause (vii) of section (1) and clause (i) of sub-section (2) of the section to provide that the claim for the bad debt will be allowed in the year in which such a bad debt has been written off as irrecoverable in the accounts of the assessee. 6.7 ..... . cit (1996) 56 ttj (bom) 240 the bombay bench of tribunal has summarized the effects of the said new scheme after reviewing the relevant amendments brought out in the act as under : "the effect of all these amendments is that in case of a running concern, which has expanded or installed new plant and machinery, there is no need of separate computation of depreciation allowance as also separate computation in case of sale or demolition of such assets .....

South Eastern Coalfields Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2002)77TTJ(Nag.)401

..... are not inclined to follow the above decisions in the present case.from the perusal of the aforesaid observations, it can be reasonably gathered that after the insertion of sub-section (4) and sub-section (5) of section 37 by the finance act, 1970, any expenditure on the maintenance of a guest-house incurred after 28-2-1970, as also depreciation in respect of any building use as a guest-house or any assets ..... this issue and the claim of the assessee was accepted by the assessing officer as it is without making any discussion in his order passed under section 147.the direct tax law (amendment) act, 1987, substituted the present section 147 in place of the earlier one with effect from 1-4-1989, which reads as under : "if the assessing officer has reason to believe that ..... the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalize the provisions, the amending act, 1987, has amended clause (vii) of section (1) and clause (i) of sub-section (2) of the section to provide that the claim for the bad debt will be allowed in the year in which such a bad debt has been written ..... the assessing officer did not find any escapement, the reopening was considered valid by the judicial forum giving jurisdiction to the assessing officer to proceed under section after the amendments made to section 147 with effect from 1-4-1989, the condition precedent is only that the assessing officer should have reason to believe that income chargeable to tax has .....

Hargovind International Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Nagpur

..... under the heading "c-deductions in respect of certain incomes" in respect of any income of the nature specified in that section which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that ..... business of repairs to ocean-going vessels or other powered craft, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof : provided that in the case of an assessee, being a company, the provisions of this sub-section shall have effect (in relation to profits and gains derived from an industrial ..... by the same finance act, s.80ab is also introduced w.e.f. ..... 80ab of the it act, 1961, which is inserted by the finance (no. ..... 80-i is introduced in statute book by the finance (no. .....