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Assistant Commissioner of Vs. Takshila Handloom Industries

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)51ITD557(Delhi)

..... to the firm only and that no deduction is permissible to the partners.4. we have given our careful consideration to the rival submissions.section 32ab has been incorporated by the finance act of 1986 with effect from 1-4-1986 providing for deduction out of income from profits and gains of business or profession subject to ..... fulfilment of certain conditions. since the assessee has fulfilled the conditions as provided under section 32ab deduction was allowed to the firm. a proviso has been inserted by the finance act of 1987 with effect from 1 -4-1987, which reads as under:- provided that where such assessee is a ..... 144 the share has to be allocated amongst the partners under section 182 and thereafter, if deduction is claimed by the partner under section 32ab, such deduction is prohibited as the similar deduction has been allowed in the case of the firm. the proviso inserted by the finance act of 1987, in our view, is to prevent double deduction .....

D.K. Gupta Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... under ss. 132(5) and 132(11) and cannot be invoked by the ao for making such additions in block assessment under chapter xiv-b as inserted by the finance act, 1995, w.e.f. 1st july, 1995, prescribing special procedure for assessment of such cases by ignoring the provisions of ss. 68, 69, 69a, 69b and 69c ..... of the block period, the provisions of ss. 68, 69, 69a, 69b and 69c shall, so far as may be, apply and references to "financial year" in those sections shall be construed as references to the relevant previous year falling in the block period including the previous year ending with the date of search or of the requisition".4 ..... with tax liability @ 60 per cent thereof at rs. 1,78,30,062. the appellant is engaged in the business of real estate, including builders and developers besides financing business. the sources of income include income from house property and other sources.2. the assessee has challenged the validity of the assessment and has also contested all the additions .....

Gaurav Khullar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)110TTJ(Delhi)914

..... (del) 606, tribunal delhi bench, in support of the proposition that taking of the car by the finance company does not amount to sale within the ambit of section 43(6)(c) of the act, therefore, the amount of the car taken over by the finance company cannot be reduced from the wdv for the computation of depreciation on block of assets. he further ..... contended that even after amendment in the provisions of section 32(1), the concept of balancing charge under section 41(2) and charging of .....

Friends Auto India (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD389(Delhi)

..... pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly. the said explanation was inserted by the finance act, 1987 with effect from 1 -6-1987 and the contention of the learned departmental representative was that this explanation is of a clarificatory nature and ..... regards the circular of the board, it is patently of the nature of the explanation referred to above which the legislature inserted by the finance act, 1987 with effect from 1-6-1987 and certainly enlarged the scope of section 194a and consequently places a higher burden on a taxpayer than could legitimately be assumed from the plain language of the statute. the .....

Ghalib Institute Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)53ITD358(Delhi)

..... this provision reads as under : (4a) sub-section (1) or sub-sections (2) or sub-section (3) or sub-section (3a) shall not apply in relation to any income, being profits and gains of ..... sr. dr, on the other hand, heavily relied upon the provision of section 11 (4a). he submitted that this provision was inserted in the statute book by the finance act, 1983, w.e.f. 1 -4-1984. this provision specifically prohibits allowing of the exemption under section 11 in respect of the profits and gains of the business. the rent ..... relied upon by the assessee, the applicability of section 11 (4a) was considered.therefore, those decisions will have no application in the present appeals.4. we have carefully considered the arguments of both the sides. the ld. dr has heavily relied upon the provision of section 11 (4a) introduced by the finance act, 1983 w.e.f. 1-4-1984. .....

Whirlpool India Holdings Ltd. Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)1SOT165(Delhi)

..... found that these observations of the honble supreme court was applicable prior to amendment of section 143(2). provisions of section 143(2) have been amended from time to time and lastly by the finance act, 1991 (with effect from 1-4-1989) and finance (no. 2) act, 1991, with effect from 1-10-1991. the relevant amended provisions of law applicable ..... shown by the affidavit-in-reply, paragraph 7, those notices were posted on 5-11-1969. giving of the notice contemplated by section 124 of the customs act and section 79 of the gold control act means that the notice must have been received because as pointed out by the supreme court in narasimhiahs case air 1966 sc 330 (supra ..... banarasi debis case is no warrant for the abstruse proposition that the word issued de hors its context must always mean issued and served in every statute or in section 149 of the act." while holding so, the honble punjab & haryana high court has further discussed the case laws in jai hanuman trading co. (p) ltd v. cit ( .....

Budhwar Cold Storage Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1984)10ITD357(Delhi)

..... cent on its written down value. it does not help the assessee as this is not the point in issue before us. section 2(7)(d) of the finance act, 1966 and the finance (no. 2) act, 1967, defined an 'industrial company' as a company which was mainly engaged in the business of generation or distribution of electricity ..... of the department that unlike section 80j(4)(iii), reference is not made in section 32a or 80hh regarding the 'operation of the cold storage plant ..... production of any article or thing'. the expression used in section 80hh is similar, namely, 'to manufacture or produce articles'. there is no reference to processing as used in the definition of 'industrial company' under section 2(7)(d) of the finance act, 1966 and the finance (no. 2) act, 1967. there is force in the submission made on behalf .....

Laxmi Rice Mills Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)2ITD39(Delhi)

..... 8-1977 when the appellant filed its return of income, it did not file the audit report along with its return of income as required under section 80j(6a) which was inserted by the finance act, 1975, with effect from 1-4-1976. but at the same time, it is clear from the assessment order dated 7-12-1979 that ..... an accountant, as defined in the explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant.this is a new provision of law which was introduced by the finance act, 1975, with effect from 1-4-1976. ..... all assessees, other than a company or a co-operative society, who derived income, profits and gains from a new industrial undertaking, should comply with the requirements of this subsection in order to be eligible for the deduction under section 80j(1). the first condition .....

Twenty First Century Steels Ltd. Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)94ITD258(Delhi)

..... cent of the profits of business or profession as computed in the accounts of the assessee audited in accordance with sub-section (5), 26. the provisions of section 32ab relating to investment deposit account were inserted by finance act, 1986 w.e.f. 1-4-1987 relevant for a.y. 1987-88. in the budget speech reported in ..... circumstances of the case, the material to which our attention was invited and the rival submissions. section 32ab relating to investment deposit account was inserted by the finance act, 1986 w.e.f. 1.4.87. the deduction under this section was available on making deposit in "deposit account" or on utilization of any account for purchase ..... of any new ship, new aircraft, new plant or machinery. this scheme of section 32ab significantly differed from the provisions of .....

The Asst. Commissioner of Vs. Madan Mohan Lal Shriram Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the assessing officer himself.38. we have therefore, to see whether the transaction can be termed as transfer within the meaning of section 2 (47) of the income tax act.section 2(47) as it stands after the amendment by the finance act, 1987 is as follows. (iv) in a case where the asset is converted by the owner thereof into, or is treated by ..... .r. have no application to the facts of the present case.42. now the next issue to be dealt with is whether the amendment to section 2(47) by insertion of clause (v) by the finance act of 1987 with effect from 1.4.1988 can be made applicable to the case of the appellant in assessment year 1986-87. the ld cit ..... the purposes of sub-clauses (v) and (vi), 'immovable property' shall have the same meaning as in clause (d) of section 269ua." 39. it would be immediately noticed from the above that clause (v) and (vi) were inserted by the finance act of 1987 with effect from 1.4.1988. as the agreement is dated 9.1.1985, which falls within the assessment .....