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Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... by virtue of provisions contained in the first schedule; the following sub-clause (viia) shall be inserted after sub-clause (vii) of clause (24) of section 2 by the finance act, 2006, w.ef. 1st april, 2007. (viia) the profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative ..... we have given our reasons for reaching above conclusion which need not be repeated.25. it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. 1st april, 1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court ..... for revising the earlier computation of capital gains would have expired. 23.2 with a view to removing this difficulty, the finance act has inserted a new sub-section (7a) in section 155 of the it act to enable recomputation of capital gains in cases where the transfer of the capital asset is by way of compulsory acquisition under .....

Wimco Seedlings Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)293ITR216(Delhi)

..... appeal. the conclusion of the learned jm, with which i respectfully agree, seems fortified by the amendment made to section 14a by the finance act, 2006, with effect from 1.4.2007 by introducing the following sub-sections: (2) the assessing officer shall determine the amount of expenditure incurred in relation to such income which does ..... not form part of the total income under this act in accordance with such method as may be prescribed, if the ..... any apportionment merely on the ground that income from one of the activity is exempt from taxation however, a new section i.e. section 14a has been inserted by finance act, 2001 retrospectively which provides as under: section 14a : for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect .....

ito Vs. Shri R.K. Gupta

Court : Income Tax Appellate Tribunal ITAT Delhi

..... even a copy of the notice on file, such a finding could have been recorded by the cit(a).10. we have also examined the proviso to section 148(1) inserted by the finance act, 2006 with retrospective effect from 1-10-1991 to find out its applicability to the present case. the first proviso saves the validity of a reassessment order where a ..... notice under section 143(2) was not served within the prescribed period - 12 months from the end of the month in which the return was filed. but the ..... at rs. 2,64,815/-. on 22.3.2000, a notice was served on the assessee under section 148 of the act, reopening the assessment. on 23.3.2000, the assessee wrote a letter (page 3 of the paper book filed on 24.2.2006, containing 42 pages) to the assessing officer in which he stated in paragraph 3 that the return of .....

Millennium Infocom Technologies Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)456

..... and exempted income. in this case the matter was restored to the file of ao to recompute the disallowance keeping in view the provisions of section 14a(2) and 14a(3) of the act which were inserted by finance act, 2006. he further submitted that cbdt has not prescribed any guidelines in this regard. on the other hand, learned departmental representative relied on the orders ..... 26(3) of dtaa. as already observed by us, the provisions of section 40(a)(i) as it existed prior to its amendment by the finance (no. 2) act, 2004, w.e.f. 1st april, 2005 and subsequent amendment by the taxation laws (amendment) act, 2006 with retrospective effect from 1st april. 2006, provided, for disallowance of payments made to a non-resident only where tax .....

Ukt Software Technologies Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... assessee will be applicable as was held by hon'ble supreme court in the case of cit vs. vegetable products ltd. 88 itr 192. he further argued that finance act 2006 with retrospective effect from the 1st october, 1991 has provided that where return has been furnished u/s 148 during the period commencing on 1st october, 1991 and ending ..... not served by the ao during the course of assessment proceeding the action of ao making assessment u/s 143(3) read with section 147 of it act was fully justified. 14. section 292bb as inserted by finance act 2008 reads as under: 292bb where an assessee has appeared in any proceeding or cooperated in any inquiry relating to an assessment or ..... inserted by finance act 2008 w.e.f. 1.4.2008 and hon'ble delhi high court in the case of cit vs. mani kakar 2009 (supra) had held that provisions of section 292bb are applicable from assessment year 2008-09 and the cases under consideration relates to assessment years 2005-06 and 2006-07. similarly hon'ble delhi high .....

Suhag Traders (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114TTJ(Delhi)116

..... 2004-05. in the face of this material, which are normal aids to construction, it cannot be said that because the second proviso has been omitted by the finance act, 2003 section 43b is also now covered by the first proviso. in interpreting statutory provisions, the court also considers the mischief rule, namely what was the state of law before ..... v. godaveri (mannar) sahakari sakhar karkhana ltd. (2007) 212 ctr (bom) 384, the hon'ble bombay high court has held that the deletion of second proviso to section 43b by finance act, 2003 w.e.f. 1st april, 2004 as prospective in nature and not retrospective in nature. the observation of the hon'ble court are as under: held : when ..... vide order dt. 26th june, 2006 has examined the issue of allowability of deduction of pf for asst. yr.1992-93 in context of omission of the relevant words "referred" to in clauses (a), (c), (d), (e) or (f), which were appearing in first proviso to section 4313 before the amendment made by the finance act, 2003 w.e.f. 1st .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... any scope for interpreting the said expression as 'may'. this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving discretion to the authorities concerned to either reduce or waive the interest. ..... the decision of the hon'ble supreme court in the case of s.l. srinivasa jute twine mills (p) ltd. v. union of india and anr. 2006 (2) scc 162 to contend that it is a cardinal principle of construction that every statute is prima facie prospective unless it is expressly or by necessary implication ..... as under: interest is hereby charged as applicable as per the provisions of the it act, 1961.5. the interest under section 234d was charged while calculating the demand in the demand notice. the assessee filed application for rectification dt. 14th march, 2006 contending therein that there is a mistake in calculating the interest as no interest .....

Marubeni India (P.) Ltd. Vs. Joint Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD437(Delhi)

..... by the order of the special bench, chennai dated 16.3.2006 in the case of kwality milk foods ltd. v.asstt. cit it appeal no. 856 (mad.) of 2005. in this order, the special bench has held that the amendments made to section 43b by the finance act, 2003 were curative in nature and accordingly, they take retrospective effect ..... and if so any amount paid by the employer as contribution to the provident fund up to the due date for filing the return of income under section 139(1) can be allowed as a ..... tax on the salaries of the expatriates received by them outside india and these taxes which were actually paid in discharge of the assessee's liability under section 201 of the act were attempted to be disguised as payment of incentives to staff and in these circumstances, the amounts cannot constitute deduction in computing the assessee's taxable .....

Dy. Cit Vs. Srei International Finance Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... purpose of earning income. it was further pointed out by the learned counsel for the assessee that the provisions of section 14a as it stood after the introduction of sub-section (2) thereto by the finance act, 2000 with effect from 1-4-2007, the assessing officer has been specifically empowered to make an estimate. by ..... implication, such a power did not exist with the assessing officer prior to 1-4-2006. the learned dr on the other hand ..... relied on the order of the commissioner (appeals) and submitted that the newly introduced sub-section (2) of section .....

Ge Capital Transportation Vs. Asstt. Cit, Special Range 2

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD22(Delhi)

..... rendered in the case of ge capital services india v. dy. cit for assessment years 1995-96, 1996-97 and 1997-98 vide its common order dated 25-8-2006 in ita no. 2038/delhi/2002 and others.a copy of the said order is also filed by him in the paper book at page nos. 35 to 57 and ..... this count.11. the learned counsel for the assessee also relied on the decision of delhi "a" bench of itat in the case of dy. cit v. srei international finance ltd.(2006) 10 sot 722 (delhi) and submitted that a similar issue involved in the said case has been decided by the tribunal in assessee's favour holding that lease equalization ..... of section 211(2)(3a)(3c) of the companies act, 1956 and has rightly concluded that the assessee while preparing its profit & loss account under the companies act, 1956 was bound to follow the accounting standards of icai. the accounting standards of icai clearly contemplate a deduction on account of lease equalisation charges in the case of leasing companies in respect of "finance .....