Judgment Search Results Home > Cases Phrase: finance act 2005 section 92 amendment of section 13 Court: income tax appellate tribunal itat delhi Page 3 of about 530 results (0.254 seconds)

Deputy Commissioner of Income Tax Vs. Asian Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... purpose of relief under the said section and obviously it is indicative that the act itself made a distinction between an industrial undertaking and the business of a hotel.12. in ..... the assessee's claim that the entire income from the restaurant section could be attributable to activities falling within the meaning of "manufacture" or "processing" of goods cannot, therefore, be entertained. it is also noticed that in s. 80j, prior to its omission vide finance act, 1996, hotel is included along with industrial undertakings for the ..... running the hotel is not entitled to investment allowance under the section." 19. similarly, in the case of cit vs. berry's hotels (p) ltd. (supra), it was held that "manufacturing or processing of goods - "meaning of - object of s. 2(7)(c) of finance act, 1973, is to give concession in rate of income-tax .....

National Agricultural Co-op. Vs. Joint Cit, Spl. Range 14

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)4SOT862(Delhi)

..... way of cash compensatory support became taxable retrospectively with effect from 1-4-1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. levy of additional tax bears all the characteristics of penalty.additional tax was levied as the assessee ..... mentioned therein is chargeable to income-tax under the head 'profit and gains of business or profession'. clause (iii)(b) in section 28 was inserted by the finance act of 1990. finance bill which ultimately became the finance act received assent of the president of india on 31-5-1990. clause (iii)(b) was given retrospective operation with effect from 1 ..... year 1988-89, a sum of rs. 1,31,41,030 by way of cash assistance. since clause (iii)(b) was inserted in section 28, though having retrospective operation by the finance act, 1990, the assessee did not include this income in its return, which, as noted above, was filed on 29-12-1989.the assessing .....

Ashwini Kumar Consultants (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)47ITD1(Delhi)

..... computed under the head "profits and gains of business or profession" (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : (a) fob exports 100 100 100 100 (b) domestic sale ..... be described as "profits derived from the export of goods or merchandise out of india". the deduction is computed in the following manner:- 5. 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), ..... many assessing authorities are treating export incentives to be a part of the total turnover. the finance act, 1990, has, therefore, clarified the position by inserting the definition for the term "total turnover" in the explanation below section 80hhc. according to this definition, "total turnover" shall exclude cash compensatory support, duty .....

Deputy Commissioner of Vs. British Motor Car Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)57ITD565(Delhi)

..... is allowable. admittedly, there is a close nexus between the debt and the asset, the value of which is chargeable under the wealth-tax act for the purpose of section 40 of finance act, 1983.as regards the proportionate deduction of liabilities which are charged or secured on chargeable asset, there is no dispute between the parties as ..... could not be considered for the purposes of being a direct charge against the asset, viz., 'pratap building'. drawing our attention to the provisions of section 40 of the finance act, 1983, it was argued that since a part of the asset was taxable it is only the proportionate debt, if at all, which has to be ..... , after deducting therefrom the debts owed, which are secured on or which have been incurred in relation to such assets. clause (vi) of sub-section (3) of section 40 of the finance act, 1983 specifies following asset :- "(vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, .....

Asstt. Cit Range-1 Vs. Mohd. Umar Asarafi

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the assessee notwithstanding that no tax or refund was due from him after making such adjustments. with effect from 1-4-1998, second proviso to section 143(1)(a) was substituted by the finance act, 1997, which was operative till 1-6-1999. the requirement was that intimation was to be sent to the assessee whether or not any ..... accepting the return and making the permissible adjustments only.23. as a result of insertion of explanation to section 143 by the finance act (no. 2) of 1991 with effect from 1-10-1991 and subsequently with effect from 1-6-1994 by finance act, 1994 and ultimately omitted with effect from 1-6-1999 by explanation as introduced by the ..... appeals filed by the revenue against the order of learned commissioner (appeals), bareilly dated 13-10-2005 for the assessment years 1999-2000, 2000-01 and 2002-03, in the matter of order passed under section 143(3)/147 of the income tax act. (1) that the learned commissioner (appeals), bareilly has erred in law and on the facts .....

Deputy Commissioner of Income Tax Vs. Oriental General Insurance Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)92TTJ(Delhi)300

..... corporation on the realisation of the investment shall not be allowed as a deduction in computing the profits chargeable to tax." 17. the learned counsel argued that the finance act, 1988, had not amended sub-rule (b), but omitted it. as a result, no exemption was provided in respect of the profits earned on the sale ..... more issue in the appeals for asst. yrs. 1982-83 and 1983-84, viz., whether entertainment expenditure incurred outside india is hit by the provisions of section 37(2a) of it act, 1961. during the course of hearing before us the learned authorised representative of the assessee fairly conceded that this issue is to be decided against the ..... addition on account of reserve for doubtful debts.5. on merits, the learned authorised representative of the assessee pointed out that by virtue of the provisions of section 44 of it act, 1961, the income chargeable to tax of an insurance business under the head 'profits and gains of any business or profession' has to be computed in .....

Assistant Commissioner of Income Vs. Eicher Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)369

..... be said to deal with one of the aspects of the legal contention urged before the tribunal and in this connection reliance was made on the amendment placed to section 80m by section 10 of the finance act, 1968. the high court examined the contention with reference to the statement of objects and reasons and the notes on clauses of the ..... unless the facts of a particular case warrant such allocation.referring to the above judgments, the madhya pradesh high court held in state bank of indore v. cit (2005) 193 ctr (mr) 62 : (2005) 144 taxman 72 (mr), as under: 13. the question may still arise as to whether any notional expenditure can be taken into consideration for the purpose of ..... made to the order of the delhi bench of the tribunal in the case of maruti udyog ltd. v. dy.cit (2005) 92 ttj (del) 987 : (2005) 92 ltd 119 (del) in which a question of disallowance under section 14a arose and was considered. a perusal of the order of the tribunal shows that the purely legal aspect of the matter .....

indo Asian Switchgears (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)12ITD65(Delhi)

..... -65 and 1965-66.it claimed the benefit of deduction admissible to assessees, whose total income included any profits or gains derived from exports under section 2(5)(a)(i) of the finance acts, of 1964 and 1965. the assessee had not maintained separate accounts pertaining to its exports business. it was unable to establish that its direct ..... profit derived by the sale of import entitlements were profits derived from the export of any goods or merchandise out of india within the meaning of section 2(5)(a)(i) of the finance act, 1966. profits which were so derived, were entitled to a rebate of income-tax. the assessee claimed that it was entitled to such a ..... what was being interpreted by the gujarat high court was the term 'derived from the exports of any goods' appearing in the finance acts.the question of taxability of the sale consideration for import entitlements under section 28(i) was not before the court at all.secondly, even within the narrow sphere of the questions posed to the court, .....

Northern India theatres (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)45ITD310(Delhi)

..... provisions of section 40(3) of the finance act, 1983. provisions of section 2(e)(v) of the wealth-tax act, 1957 could not be invoked in contravention of the specific provisions of sub-section (4) of section 40 of the finance act, 1983. clause (vi) of sub-section (3) of section 40 of the finance act, 1983 has been substituted by finance act, 1988 with ..... out that with a view to remove this unintended hardship and provide incentive for growth and modernisation the amendment was brought in section 40 of finance act, 1983 w.e.f. 1-4-1988 by finance act, 1988. in the memorandum explaining this provision itself the connotation of'substituted' was incorporated in this order and it was ..... , the question of exemption of cinema building came where the interpretation of provision of section 2(e), section 7(2) (a) and section 45(d) of the wealth-tax act vis-a-vis sub-sections (3), (4) & (5) of section 4 of the finance act, 1983 was considered. the facts in that case are also similar to the present .....

Assistant Commissioner of Vs. Singla Rice and Gen. Mills

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)82ITD778(Delhi)

..... of capital assets on dissolution of firm would henceforth be regarded as 'transfer'. therefore instead of incorporating the effect of section 45(4) in section 2(47) the suitable amendment was carried out by the same finance act in section 47 the result of which is that the distribution of capital assets on the dissolution of firm would be regarded as ..... . f. the same date to show that it was specifically included in the word 'transfer'. but as far as section 45(4) is concerned, it is noticed that prior to finance act, 1987 there was clause (ii) of section 47 which read as under: - in distribution of capital assets on the dissolution of firm, body of individuals or otherwise ..... association of persons.since this clause was earlier contained in section 47 it meant that the distribution of capital assets on dissolution of firm etc. were not regarded as 'transfer'. it is seen that the finance act, 1987 w. e. f.1-4-1988 omitted this clause, the effect of which .....