Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)80ITD89(Delhi)
..... scheme 1990 was a redeemable non-debt security of the face value of rs. 10 each and interest income arising therefrom would normally be assessable under sections 18 to 21, which were deleted by the finance act, 1988 w.e.f. 1st april, 1989 and thereafter i.e., from asst. yr, 1989-90 onwards interest on securities was assessable as ..... asst. yr.1989-90, interest on securities is assessable as business income under section 28 where such interest forms part of business profits. in other cases, it is ..... above view is in line with the overall scheme of the it act.the canstar issued under the canstar scheme, 1990 is a redeemable non-debt security of the face value of rs. 10 each. the interest income therefrom would normally be assessable under sections 18 to 21, deleted by the finance act, 1988 w.e.f. 1st april, 1989. from the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)83ITD11(Delhi)
..... of the words "other than a payments for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the ..... been raised with reference to the financial year 1996-97 to 1998-99 only.proceeding further, it was stated by him that section 10(15a) of the act was substituted w.e.f. 1st april, 1996, by the finance act, 1995 according to which the payments made for providing spares, facilities or services in connection with the operation of leased aircraft ..... as to what was intended to be excluded by the legislature by amendment made by finance act, 1995, w.e.f. 1st april, 1996. from the perusal of the memorandum explaining the provisions of finance bill, 1995, it appears that after the insertion of section 10(15a) in the statute, it was experienced by the government that the non- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)257ITR60(Delhi)
..... a further stay after the expiry of six months of earlier stay granted by the tribunal. on this issue, we have examined the provisions of section 254 and the explanatory notes on clauses of the finance bill, 1999, reported at [1999] 236 itr (st.) 147. we have also examined the board circular no. 779 dated september 14, ..... hearing of the appeal is in process. he further invited our attention that since the stay has been vacated in view of the provisions of sub-section (2a) of section 254 of the act which was brought to the statute with effect from june 1, 1999, the assessee, therefore, moved a fresh application for stay with fresh court ..... clauses on the finance bill, 1999. through this explanatory note, it has been clarified that under the existing provisions, there was no limit for disposal of appeals filed before the commissioner of income-tax (appeals) or the appellate tribunal under the income-tax act or the other direct tax enactments. by inserting this sub-section, the legislature has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)93ITD138(Delhi)
..... order to resolve the controversy, the legislature defined "profits of business" in a different manner by introducing clause (baa) in the explanation to section 80hhc(4a) and simultaneously amended provisions of sub-section (3) of section 80hhc by finance (no.2) act of 1991. so, the legislature in its own wisdom excluded certain receipts from the ambit of profits of business as computed under the ..... be excluded from the profits of business in view of explanation (baa) to section 80hhc(4b) for the purpose of computing deduction under section 80hhc(3).6. the aforesaid clause (baa) which was inserted in the explanation to section 80hhc(4b) w.e.f. 1.4.92 by finance (no. 2) act of 1991 reads as under: "(baa) 'profits of the business' means (he profits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD521(Delhi)
..... fixed assets of ferro chrome plant to the total gross fixed assets of the company.the commissioner (appeals) held that in view of the amendment to section 80j by the finance (no. 2) act, 1980, which has been given retrospective effect from 1-4-1972, the assessee's computation of capital employed cannot be accepted. he, accordingly, ..... operation of and/or restrain the respondent from taking any steps and/or giving effect to the provisions of section 17 of the finance (no. 2) act, 1980, insofar as the same purports to amend section 80j of the income-tax act with retrospective effect from 1st april, 1972; (b) to restrain respondent no. 7 while deciding appeals for ..... respondent no. 6 while deciding appeals for the assessment year 1975-76 from acting in pursuant to or from giving effect to the provisions of section 17 of the finance (no. 2) act, 1980, insofar as the same purports to amend section 80j of the income-tax act with effect from 1st april, 1972, and from completing the said appeal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)88ITD53(Delhi)
..... in violation of rbi directions is not allowable as deduction u/s 37. at this stage, it would be useful to refer to the explanation inserted by finance (no.2) act, 1998 retrospectively w.e.f. 1.4.62 which reads as under: explanation: for the removal of doubts, it is hereby declared that any expenditure incurred ..... is only for the purpose of clarification or dispelling the doubts. for example, let us take the meaning of word 'transfer' in definition clause (47) of section 2 of income-tax act. on one hand, it includes 'sale' and on the other hand, it includes compulsory acquisition. there is not doubt that the natural and plain meaning of ..... such business shall be deemed to be speculative business of such company. however, such deeming provisions excludes certain assessees including banking companies. in our considered opinion, this section cannot be applied to a case where part of business of a company consists of articles other than shares. in the present case, the assessee was dealing in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)92TTJ(Delhi)706
..... not possible to disregard the corporate personality. it has been laid down by the hon'ble delhi high court in the case of sophia finance ltd. (supra) that the provisions of section 68 of the act are attracted even in the case where an incorporated company claims it has issued shares and received share application money and had credited such receipts ..... was duly discharged. applying the ratio laid down by the hon'ble delhi high court in the case of sofia finance ltd. (supra), the cit(a) held that the addition made by the ao under section 68 of the act was not proper.he also held that the ao failed to establish that the shareholders of sbppl were not in existence ..... company the amount found credited in the books of account towards the receipt of share capital can not be treated as income of the limited company under section 68 of the act if the assessee establishes the identity of the shareholder and the fact that such shareholder has invested the money in purchase of the shares. it is not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)99TTJ(Delhi)718
..... also the precedents cited at bar and proceed to dispose of the issue on the following lines. the controversy revolves around the 'amendment carried out in section 32(2) by the finance (no. 2) act, 1996 w.e.f. 1st april, 1997. prior to the amendment, the allowance of depreciation which could not be fully set off was added to ..... the year under consideration. the reason weighing with the ao in rejecting the aforesaid claim of the assessee was on account of the provisions of section 32(2) as substituted by the finance (no. 2) act of 1996, which was effective from 1st april, 1997. according to the ao, the scope of the amendment was to treat the unabsorbed depreciation ..... for the following assessment year and was deemed to be part of that allowance for the said following year. by way of the amendment carried out by the finance (no. 2) act, 1996 w.e.f.1st april, 1997, the aforesaid deeming fiction of treating the earlier years unabsorbed depreciation as current year's depreciation is sought to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)96TTJ(Delhi)969
..... ambit of the words "other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by the finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the ..... 1st april, 1996. from the perusal of the memorandum explaining the provisions of the finance bill, 1995, it appears that after the insertion of section 10(15a) in the statute, it was experienced by the government that the non- ..... was covered by the provisions of section 10(15a) of the act as originally inserted and, therefore, it can be said that such rent was connected with the acquisition of aircraft on lease. so, the question that arises is as to what was intended to be excluded by the legislature by amendment made by the finance act, 1995, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)98TTJ(Delhi)896
..... be allowed as a capital expenditure or as a revenue expenditure. the finance (no. 2) act, 1996, therefore, lays down the tax treatment of the keyman insurance policy. 14.3 clause (10d) of section 10 of the it act exempts certain income from tax. the finance (no. 2) act, 1996, amends clause (10d) of section 10 to exclude any sum received under a keyman insurance policy including the ..... life of anurag gupta.4. i have carefully considered the matter. various amendments were made to the it act, 1961, simultaneously by the finance (no. 2) act, 1996, w.e.f. 1st oct., 1996 relating to the subject of keyman insurance policy. clause (xi) was inserted to section 2(24), which defined "income", to include any sum received under a keyman insurance policy including the .....
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