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Aditya Chemicals Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [2009]177TAXMAN66(Delhi)

..... and disposed of by the tribunal on 30-8-2007. in view of the retrospective amendment to the provisions of section 148 with effect from 1-10-1991 by virtue of the finance act, 2006, the question with regard to the issuance of notice under section 143(2) was no longer relevant. in this background, the learned counsel for the assessee had no objection to ..... dated 6-2-2003 passed by the commissioner of income-tax (appeals) in which an additional ground was raised that the assessment was bad in law as the notice under section 143(2) had not been served within the statutory period.3. the tribunal had admitted the said ground and restored the issue to the file of the commissioner of income .....

Punjab State Cooperative Supply and Marketing Federation Limited Vs. U ...

Court : Punjab and Haryana

Reported in : (2006)206CTR(P& H)194; [2007]290ITR15(P& H)

..... not within the period of limitation. against the order passed by the cit(a), the revenue went in appeal before the tribunal, which is pending.3. vide finance act, 2006, section 148 has been amended w.e.f. lst oct., 1991. the said provision before and after the amendment is as under:before amendment148. issue of notice where income has escaped ..... . the legislature with a view to remedy the situation, carried out amendment vide finance act, 2006 w.e.f. 1st oct., 1991 upto 30th sept., 2005, validating notice and assessment/reassessment/recomputation if the same were beyond the time specified under section 143(2) but within the time specified under section 153(2).6.2 in national agricultural co-operative marketing federation of india ltd .....

Conwood Agencies (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... expenditure incurred by the assessee in relation to income, which does not form part of the total income under the income tax act.sub-sections (2) and (3) have been inserted in section 14a of the income-tax act by the finance act, 2006. sub-section (2) provides that the assessing officer shall determine the amount of expenditure incurred in relation to such income which does not form ..... and 1996-97. the reasoning given by the learned commissioner (appeals) in his order for the assessment year under appeal therefore needs apprecia-tion. besides, sub-sections (2) and (3) have been inserted in section 14a by the finance act, 2006.hence the effect of those provisions insofar as they apply to the pending matters has also to be considered.7. deductions otherwise admissible under .....

Dy. Cit Vs. Seksaria Biswan Sugar Factory

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the assessee in relation to income which does not form part of the total income under the income tax act. sub-sections (2) and (3) have been inserted in section 14a of the income tax act by the finance act, 2006.sub-section (2) provides that the assessing officer shall determine the amount of expenditure incurred in relation to such ..... of disallowance has now been provided in sub-sections (2) and (3) of section 14a of the income tax act, it is no longer open to the assessing officer to ..... with the exempt income have to be disallowed under section 14a regardless of whether they are direct or indirect, fixed or variable and managerial or financial in accordance with law. in this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted.9. the procedure for computation .....

Doodhganga Co-operative Credit Society Ltd. Vs. The Commissioner of In ...

Court : Karnataka Dharwad

..... (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of income ?. section 2(24(viia)) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of income by the finance act, 2006, with effect from 1.4.2007, is as under: the co-operative banks are functioning at par ..... profits and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under: 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....

Commissioner of Income-tax, Belgaum Vs. Shri Laxmi Credit Souhard Saha ...

Court : Karnataka

..... banking (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of "income".' section 2(24)(viia) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of "income" as under: "profits and gains of any business ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of "income" by the finance act, 2006, with effect from 1.4.2007, is as under: 'the co-operative banks are functioning at par ..... and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under: 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....

Doodhganga Co-Operative Vs. The Commissioner of Income Tax

Court : Karnataka Dharwad

..... (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of income . section 2(24(viia) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of banking ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of income by the finance act, 2006, with effect from 1.4.2007, is as under:20. the co-operative banks are functioning at par ..... and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under:22. 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....

CADD Centre Vs. Assistant Commissioner of Income-tax, City Circle -II ...

Court : Chennai

..... contemplated in the facts of this case. hence, this decision is not applicable. (iii) (2006) 287 itr 0404 (suvardhan v. commissioner of income tax) ". . . the finance act, 1987, with effect from 1-4-1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a ..... call for tax at the hands of the authorities." this decision is not applicable to the facts of this case. the finance act, 2001, has amended clause (xiii) of section 47 of the income tax act to provide that any transfer of a capital asset, from an association or persons or body of individuals to a company, ..... necessary to look into the definition of transfer under section 2(47), and also section 45(4) and section 47(13) of the income tax act, dealing with capital gains. 13.1 section 2(47) of the income tax act, 1961 (as amended by finance act 2013), dealing with "transfer" reads as under: 2. in this act, unless the context otherwise requires: 1 to 46 .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... to matters arising with effect from assessment year 2006-07.9. section 14a has been inserted in the income tax act, section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e., for and from assessment year 1962-63. section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. section 14a as so amended reads now as ..... assessment year beginning on or before the ist day of april, 2001. (*inserted as section 14a (without numbering) in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962.** inserted by the finance act, 2006 and consequently all the clauses of section 14a were numbered. -inserted by the finance act, 2002.) 10. in the matter before us, we are not concerned with the proviso .....

Maxopp Investment Ltd and ors. Vs. Commissioner of Income Tax and ors.

Court : Delhi

..... case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this act."10. consequent upon the finance act, 2006, section 14a as it now stands is as under:-"expenditure incurred in relation to income not includible in total income .14a. (1) for the purposes of computing the total ..... , for any assessment year beginning on or before the 1st day of april, 2001."9. then, by the finance act, 2006, section 14a was numbered as sub-section (1) thereof and after sub-section (1) as so numbered, the following sub-sections were inserted, with effect from 01/04/2007:-"(2) the assessing officer shall determine the amount of expenditure incurred in relation to such income which .....