Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)99ITD325(Chennai)
..... capital asset in question is goodwill of a business or a right to manufacture, produce or process any article or thing. this is because the amendment made by the finance act, 1997, in section 55(2) enlarging the scope of a capital asset is structured in such a manner that it is either "goodwill" or "a right to manufacture produce or process ..... assessment year 2003-04. he also placed reliance on the decision of the delhi bench of the tribunal in the case of p.l. lamba (hup) v. asstt cit [2005] 90 ttj 389 for the same proposition. he also submitted that non-competition fee received by the assessee due to restrictive covenant imposed on it for not carrying on competitive ..... not chargeable to tax. he further submitted placing reliance on the decision of the bombay bench of the tribunal in the case of asstt. cit v. ashit m. patel [2005] 96 ttj (mum.) 439 that all sums received or receivable in cash and kind under an agreement for not carrying out any activity in relation to any business is not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... in the reference before the delhi high court in that case was whether the assessee was an 'industrial company' within the meaning of section 2(6)(c) of the finance (no.2) act, 1971 and the finance act, 1972. however, in the case before us firstly we need not consider whether the assessee is an industrial company or not within ..... rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. held that the assessee was not an 'industrial company' and was not entitled to be taxed at the concessional rate. ..... building it should be considered as an 'industrial company' within the meaning of finance act, 1983. even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)73ITD180(Chennai)
..... october, 1989. the grievance of the appellant-company is with reference to the provisions of s. 40 of the finance act, 1983 (hereinafter referred to as the act). the plea as raised in this appeal is that the said section that was amended by the finance act, 1988 had extended the exemption to the buildings that are owned by the company and used by it for ..... consequences and to make the provisions workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation'. the lawmaker in their amendment made by finance act, 1988 has stated that 'the unintended hardship was noted with reference to the assets that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD576(Mad.)
..... decision of the appellate tribunal in the case of varadarqja theatres (p.) ltd. 29 itd 29 was distinguishable on facts. (iii) the 1988 amendment to section 40(3) of the finance act, 1983 is not retroactive, but prospective in operation with effect from 1-4-1989. therefore, the said amendment cannot help the assessee.14. shri v. ..... thereafter, the commissioner passed an order in revision holding that the theatre building could not be categorised in any of the exempted categories mentioned in section 40(3)(vi) of the finance act, 1983. the tribunal allowed the assessee's claim. in this regard, the tribunal followed the line of reasoning that it had earlier adopted ..... of the cinema theatre. this exemption was claimed on the ground that the cinema theatre building was a plant not chargeable to tax under section 40(3)(ut) of the finance act, 1983.alternatively, it was contended that the 1988 amendment which exempts theatre building from wealth-tax should be given retrospective effect.31. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD191(Mad.)
..... a period of three years after the transfer of the asset a residential house, the amount invested would be allowed as a deduction. however, the finance act, 1987 introduced sub-section (4) to say that the amount of net consideration which is not utilised for the construction of a new asset before the date of filing ..... understand the purpose of this condition that the unutilised funds should be deposited in a bank account, we looked into the legislative history.6. section 54f was introduced by the finance act, 1982 permitting the reinvestment of the proceeds received by transfer of a capital asset in the purchase within a year or construction within three ..... land transferred by them would be assessable to long-term capital gains and would be eligible for the deduction under section 54f if the conditions therein are fulfilled.5. that section had been inserted by the finance act, 1982 with a view to encouraging house construction. it provides that if the assessee has purchased or constructed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)60ITD267(Mad.)
..... proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a ..... of development and printing of films.therefore, it is a manufactured item by the assessee-company, which cannot be treated as an assets within the meaning of section 40(3) of the finance act, 1983. again the said order, the revenue is in appeal before us.2. on behalf of the revenue it was contended that although silver is ..... against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)29ITD29(Mad.)
..... we look into the subsequent amendment brought about by the finance act of 1988 in section 40(3)(fn) of the finance act of 1983. section 87 of the finance act of 1988 has introduced several amendments in section 40 of the finance act of 1983.sub-section (ii)(c) of section 87 of the finance act of 1988 has substituted the following three clauses for the ..... tax had interpreted the said provision of law.5. shri bhatt further relied on the latest amendment brought about in section 40 of the finance act of 1983 by the provisions of section 87 of the finance act of 1988, whereby a cinema house is expressly excluded from the category of assets includible in the net wealth of ..... k.v. ananthachari, the learned departmental representative opposed these contentions urged on behalf of the appellant and argued that the provisions contained in section 40 of the finance act of 1983 as quoted by the commissioner were clear and unambiguous and therefore there was no need for us to look into either the budget .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD199(Chennai)
..... the issue which is posed before the special bench. the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. various benches of the tribunal allowed both the types of claims giving rise ..... law. question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. the question whether a statutory provision has retrospective effect or not depends primarily on the language in ..... of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. we have heard the rival submissions in the light of material placed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)242ITR55(Mad.)
..... section 271(1)(c) which was applicable in the aforesaid case decided by the mumbai high court has been substituted by another explanation by taxation laws (amendment) act, 1975, w.e.f. 1-4-1976.this new explanation i applicable to the assessee's case now before the tribunal, is totally different from the nature and content of the explanation inserted by finance act ..... material to the computation of his total income have been disclosed by him." there is amendment brought in explanation b by the finance act, 1986.the following words in brackets were inserted by finance act, 1986 :- "(and fails to prove that such explanation is bona fide and that all the facts relating to the same and ..... material to the computation of his total income have been disclosed by him)".the above words which were introduced by the finance act, 1986 were taken to be part of explanation 1(b) even by finance act, 1983 by the learned accountant member, as can be seen from the extracted portion of the explanation given in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)84ITD459(Chennai)
..... intended to cover receipts from sources other than the actual conduct of the business also for the purpose of the definition of 'industrial company' in section 2(8)(c) of the finance act, 1976.8. the assessee had been allowed depreciation on plant and machinery, while computing the income of business for the earlier years. by ..... to the assessee even on the income earned by leasing out the factory premises, the assessee would be entitled to tax at the lower rate. section 2(8)(c) of the finance act, 1976, states as under : "industrial company" means a company which is mainly engaged in the business of generation or distribution of electricity or ..... that was the main contention of the learned departmental representative.shri babu also drew our attention to the definition of industrial company appearing in section 2(8)(c) of the finance act, 1976, and submitted that for qualifying as an industrial company the assessee should be mainly engaged in the business of manufacture or processing of .....
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