Judgment Search Results Home > Cases Phrase: finance act 2005 section 18 amendment of section 54ed Court: income tax appellate tribunal itat pune Page 1 of about 9 results (0.080 seconds)

Lavrids Knudsen Maskinfabrik Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)102TTJ(Pune.)882

..... hence it could not be considered as profits of industrial undertaking eligible for deduction under section 80-ia.7.1 the sub-section (1) of section 80-ia, before its amendment by the finance act, 2001 w.e.f. ..... profits and gains 'derived from' the industrial undertaking; that the impugned incentive was 'derived from' the eligible industrial undertaking and was therefore, eligible for deduction under section 80-ia of the act; that the incentive received under the depb scheme was similar in nature to the 'duty drawback', that it was not an 'import entitlement', that it was customs ..... cent of profits and gains derived from such business for the first five assessment years commencing at any time during the periods as specified in sub-section (2) and thereafter, twenty-five per cent of the profits and gains for further five assessment years; provided that where the assessee is a company, the provisions of this subsection ..... total income of an assessee includes any profits and gains derived from any business of an industrial undertaking or an enterprise referred to in sub-section (4) (such business being hereinafter referred to as the eligible business), 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 hundred per ..... (2005) 194 ctr (guj) 492 : (2005) 275 284 (guj); that this issue was also covered in favour of the .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989 ..... facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the amendment to section 40(3)(vi), finance act, 1983, by finance act, 1988 was declaratory of the law as it always was and that it had retrospective operation for the assessment pertaining to 1984-85 and 1985-86 from the aforesaid question, it is seen that retrospectiviry of the amendment was very much in question which did pre-suppose that, it was operative prospectively and therefore, there is no force ..... [1993] 112 taxation 500, it has been held that the amendment to section 40(3)(vi) of the finance act, 1983 made by the finance act, 1986 was certainly curative and therefore normally could be declared as declaratory of .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... 8 of 2002 dated 27-8-2002 clarifying the scope and effect of the amendment made in section 158bb by the finance act, 2002 with retrospective effect from 1-7-1995 which has already been set out ..... therefore, after the amendment made by the finance act, 2002 with retrospective effect from 1-7-1995 in clause (c) of section 158bb(1), the claim of the assessee that the losses as determined on the basis of entries as recorded in the seized books of accounts of the assessee maintained in the normal course on or before the date of the search ..... the finance act, 2002, has amended the said clause (b) to include a specific reference to such returns filed in response to notices issued under section ..... 61.3.2 the finance act, 2002 has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post search inquiries made on the basis of evidence found ..... find that these decisions were rendered in the light of provisions contained in (i) main sub-section (1) of section 158bb providing for aggregation of total income of all the previous years falling within the block period to be computed in accordance with the provisions of chapter iv of the act as it then stood; (ii) the original clause (a) of explanation to main sub-section (1) of section 158bb, and (iii) clause (c) to section 158bb(1) as it stood prior to its substitution by the finance act, 2002 with retrospective effect from 1-7-1995. .....

Rajathdri Hotel (P.) Ltd. Vs. Wealth-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1995)54ITD579(Pune.)

..... . it will be necessary at this stage to reproduce sub-section (2) and the opening part of sub-section (3) of section 40 of the finance act, 1983 : "(2) for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in sub-section (3), wherever located, belonging to the company on the valuation date is in excess of the aggregate value of all the debts owed by the company on the valuation date which are secured on, or which have been ..... points raised before him and dismissed the assessees appeals.5. before us, the following points were raised by the learned counsel for the assessee : (1) on the subject of levy of wealth-tax on company, the law contained in section 40 of the finance act, 1983 is a complete code in itself.under that provision, the assets as enumerated in sub-section (3) thereof and belonging to the company are liable to be included in the net wealth of a company ..... ., (c) shalimar drycleaners, and (d) rajathadri restaurant and wine shop were being used as hotel by the partnership firm and, therefore, under the terms of clause (vi) of sub-section (3) of section 40 of the finance act, 1983, they were not liable to be included in the net wealth of the company .....

Mrs. Aruna M. Katara Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)82TTJ(Pune.)363

..... it was also emphasised that the proviso does not suggest it to be clarificatory in nature and moreover, other amendments in section 158bc and 158bc though made by the same finance act, 2002, yet these were made effective from 1st july, 1995, whereas the proviso to section 113 was inserted by finance act, 2002, w.e.f. ..... further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed unintended tax liability depending the date when the order was passed. ..... after having heard both the sides and considering the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. ..... 20) act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part i of the first schedule did not provide for surcharge in finance act, 1995. ..... further it is noted that second proviso to section 2(7) both under finance act, 1995, and finance (no. .....

Kripa Chemicals (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)80TTJ(Pune.)458

..... judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001, and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. ..... the first aspect has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either by the amendment introduced by the finance act, 2001, or by promulgating any central ordinance ..... of the hon'ble supreme court has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgamation of central ordinance. ..... unless the source of profit is the undertaking.therefore, it was held that the assessee is not eligible to claim deduction and there were no compelling reasons to give wider meaning to the expression 'derived from' under section 80hh to cover every aspect.further, it will be pertinent to mention that slp filed by assessee has since been rejected as reported in (2000) 246 itr (st) 243, as the intention of the legislature was ..... majority view, we hold that interest income on fdrs is not eligible for deduction under section 80-ia of the act.the assessee fails on this ground of appeal and other part of this order shall remain ..... income on fdrs is not eligible for deduction under section 80-ia of the it act, 1961. ..... concurred with the view of the jm that the interest income on fdrs is not eligible for deduction under section 80-ia of the it act. .....

Kripa Chemicals (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)88ITD200(Pune.)

..... that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001 and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. ..... has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either by the amendment introduced by the finance act, 2001 or by promulgating ..... has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgation of central ordinance. ..... opinion between the accountant member and the judicial member, following question was referred to a third member : action in holding that interest income on fdrs is not eligible for deduction under section 80-ia and for that purpose, gross interest is excludible, is justified action in setting aside the issue and restoring it back to the assessing officer for determining whether fdrs were for business ..... hold that interest income on fdrs is not eligible for deduction under section 80-ia of the act.the assessee fails on this ground of appeal and other part of this ..... ttj (pune)(tm) 436 i hold that the interest income on fdrs is not eligible for deduction under section 80-ia of the income-tax act, 1961.1 am, therefore, inclined to agree with the view taken by the learned judicial member on this ..... concurred with the view of the judicial member that the interest income on fdrs is not eligible for deduction under section 80-ia of the income-tax act. .....

Daulat Chitra Mandir (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)46ITD343(Pune.)

..... . it also clarified that the amendment would not have retrospective effect.section 87 of the finance act, 1988 speaks for amendment of act 11 of 1983, by which section 40 of the finance act, 1983 has been amended inserting the clause (vi) in place of original clause (vi) to section 40(3), which reads as follows : building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the purposes of its business or as a hospital, creche ..... . at page 198 of 176 itr (statute) the circular states that the proposed amendment to sub-section (3) of section 40 of the finance act, 1988 will take effect from 1st april, 1989 and will apply in relation to the assessment year 1989-90 ..... outset, it would be better to mention here the provisions of section 40(3)(vi) of the finance act, 1983 which are as under : 40(3)(bt). ..... . section 40 of the finance act, 1988 was one such section which is relevant ..... appeals, we have arrived to a considered opinion to conclude that the theatre buildings though exclusively used for the purpose of business of the assessee for exhibiting cinema films are not eligible for exemption under section 40(3)(vi) of the finance act, 1983 ..... building (cinema house) inasmuch as the appellant company's contention was that this theatre building is exclusively used for the purpose of business of the company in the exhibition of cinema and hence exempt under section 40(3) of the finance act, 1983. .....

Shri Satvinder Singh Kalra and Vs. Commissioner of Wealth-tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)109ITD241(Pune.)

..... he wealth tax act was amended by the finance act, 1992 " with the view to stimulating investments in productive assets by abolishing wealth lax on ..... proposition with regard to the building used for commercial purposes as under: (1) that any building or land appurtenant thereto used for commercial purposes shall not be excluded from the "asset" as defined under sub-section (ea) of section 2 of the wealth-tax act, unless i) any house is occupied by the assessee for the purpose of any business or profession carried on by him (sub-clause 3), or ii) the property by its very nature is in the nature ..... one of the reasons given by the ao in rejecting the assessee's claim of treating the properties in question as exempted, was that the provisions of sub-clause (5) of clause (i) of sub-section (ea) of section 2 are applicable only in the case of property as a single unit because the word used there is "any property in the nature of commercial establishments or complexes", but in the case of the assessee ..... 2) bill 1998 with a view to point out that the object and the purpose for which these amendments were made in the wealth-tax act.he further contended that it would be clear from the notes and memorandum explained by the board, this amendment was proposed to exclude certain residential properties (sub-clause 4) and properties in the nature of commercial establishment or complexes (sub-clause 5) from the definition ..... the assessee filed a letter dt 8.3.2005 before the ao explaining the matter .....

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)302ITR136(Pune.)

..... is not a usual practice but is very much an unusual practice" ignores the prevalent malpractice that was noticed by the direct faxes enquiry committee and the recommendations made by the said committee which led to the amendment of the act by the finance act of 1972 whereby the exemption from tax that was available in respect of winnings from lotteries, crossword puzzles races was withdrawn. ..... first two provisions have been introduced by the same finance act 1972 section 115bb was introduced by finance act 1986 seeking to replace section 80 tt which was introduced by finance act 1972. ..... the activity of owning and maintaining race horses), card games and other games of any sort or gambling or betting of any form or nature whatsoever, which were provided to be charged at a specified flat rate under the provisions of section 115bb(i), which section was also inserted by the finance act, 1986, w.e.f. 01/04/87. ..... be considered in isolation from that of the receipts and payments made by the assessee as a bookmaker on bets accepted by him so as to permit the revenue authority to tax the same independently at the maximum marginal rate of tax specified under section 115bb of the act.it is not in dispute that normal receipts of a bookmaker from accepting the bets from others is not assessable as winning from horse-races and is not so assessed by the a.o. .....