Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Court: income tax appellate tribunal itat jodhpur Page 3 of about 252 results (0.203 seconds)

New Rajasthan Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... is held to be leviable, the same must be restricted to the amount deductible/collectible. in this connection, resort is taken to the proviso introduced by finance act, 1991 retrospectively with effect from 1-10-1991 under section 272a(2). the ld. a/r also relies upon the decision of the jaipur bench of itat in the case of superintending engineer v. ito ..... , read with rule 37. we, therefore, feel that invoking of the provisions of section 293b of the act is mis-placed and not justified.5.1 we, however, feel that the benefits under proviso to section 272a(2) though inserted by finance act, 1991 with effect from 1-10-1991 should be made available to the assessee on the ground that the benefit of a .....

income Tax Officer Vs. Pearl Organic Coatings

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)802

..... has inserted a new section 197a in the it act to provide that a person who is resident in india may receive such income without deduction of income-tax on his furnishing a declaration ..... --section 197a has been done which is placed at p. 1 of paper book. the learned authorised representative has relied on the following part of the circular : "with a view to enabling persons with income below the taxable limit to receive these categories of income without deduction of income-tax at source, the finance act ..... has also relied on circular no. 351, dt. 26th nov., 1982, which is reported in (1983) 140 itr (st) 20, wherein clarification regarding section 197a of the act r/w rule 29c of the it rules has been given by the department. the learned authorised representative has further submitted that the expression "person responsible for paying .....

Arihant Tiles and Marbles (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)104TTJ(Jodh.)149

..... ctr (bom) 245 : (1983) 142 itr 696 (bom), relied upon by sri murthy, are no doubt not decisions rendered under section 80hh or under section 84 they arose under the relevant finance acts, the question being whether the assessees were industrial companies but they do contain observations which tend to support the stand of the revenue.50 ..... 137 ctr (gau) 486 : (1996) 222 itr 658 (gau) assembling of bus/trucks from imported parts amounts to manufacture [ref. indian it act, 1922 section 15c(2) and section 15c(6)].the production or manufacture of goods involves bringing into existence new goods or article known as such goods or article in the market.south bihar ..... latex by centrifuging process, amounts to manufacture, as it is commercially different from natural latex and capable of being put to different use (ref. it act, 1961 section 80j).manufacture is end result of one or more processes, through which original commodity passes. manufacture implies change but every change is not manufacture. a .....

Aravali Minerals and Chemicals Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)292ITR361(Jodh.)

..... foods ltd. v. asstt. cit (2006) 102 ttj (chennai)(sb) 1 : (2006) 100 itd 199 (chennai)(sb) in which it has been held that the amendment brought out by the finance act, 2003, enabling the assessee to deduction even if the payment is made before the due date of furnishing return under section 139(1) is retrospective and hence ..... under: minerals--clarification regarding export of cut and polished dimensional blocks granite or other rocks. section 80hhg of the it act allows a deduction from the gross total income of the entire profits derived from export of goods other than minerals. finance (no. 2) act, 1991, extended the benefit to export of processed minerals and ores mentioned in the ..... bracketed portion of clause (ii) has been inserted by the finance (no.2) act, 1991, w.e.f. 1st april, 1991. thus it is clear that upto asst.yr. 1990-31, all minerals and ores, without exception, whether processed or not, were excluded from the ambit of section 80hhc. it is in this pre-amendment era that the .....

Shokat Ali Contractor Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)112TTJ(Jodh.)547

..... issued fresh assessment orders. this fact was challenged before the hon'ble rajasthan high court, who held that in view of insertion of the provision in the finance act, 1997, a proviso to section (2) of section 44ad and giving it retrospect operation from 1st april, 1994, circular no. 737, dt. 23rd feb., 1996 which is , would not apply. reference here seems to ..... issue is a debatable one and which was also confirmed by the learned cit(a) vide impugned order dt. 23rd march, 2006.3. briefly stated, the facts leading to this appeal are that the ao passed an order under section 143(3) on 27th nov., 1996, whereby he computed the total income of the assessee, who derives income from execution of ..... 1. this appeal has been filed by the assessee for asst. yr. 1994-95 against the order of the learned cit(a) dt. 23rd march, 2006. 1. that the order passed by the learned cit(a), bikaner, is illegal and against the law because there is a retrospective amendment as well as the circular under question .....

Sumerpur Co-operative Marketing Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... that the additional tax was chargeable since there was loss even after adjustments made. this ground was not pressed as there was an amendment in section 143(1a) by the finance act, 1993, retrospectively w.e.f. 1st april, 1989, and making additional tax leviable even in the cases of loss also.4. we have ..... was not supported by depreciation chart. the learned authorised representative submitted that by the taxation laws (amendment & misc. provisions) act, 1986 w.e.f. 1st april, 1988, which has omitted section 34(1) of it act, 1961, and accordingly, the assessee is no longer obliged to furnish the prescribed particulars of the assets which were required ..... assessee's claim regarding sales-tax, gratuity and depreciation. he explained the extent and ambit of the prima facie adjustments to be made under the first proviso to section 143(1)(a) and empowers for the following adjustments : (i) only apparent arithmetical errors in the return, accounts or documents, accompanying the return, (ii) .....

Bhilwara Spinners Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)101ITD237(Jodh.)

..... for the year under consideration under kar vivad samadhan scheme, 1998 (hereinafter called kvss) and tax had also been deposited and further certificates under section 90(2) r/w section 91 of the finance (no. 2) act, 1998 were also issued to the assessee. it was contended before him that he had no jurisdiction in reopening the assessment, which had ..... assessee. hence it is quite illegal to reopen the case under section 263. the issue of notice under section 263 by the learned cit, udaipur, is quite arbitrary, unjustified, erroneous ..... of the order passed by the cit under section 263 on 14th march, 2000 in relation to asst. yr.1995-96. (i) the assessee's case has been settled under kvss, 1998 and due tax have been deposited and certificate under section 90(2) r/w section 91 of the finance (no. 2) act, 1998 has also been issued to the .....

Navneet Kumar Thakkar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2008)110ITD525(Jodh.)

..... consideration received or accruing as a result of such transfer.it is observed that section 50c was inserted by the finance act, 2002 w.e.f. 1st april, 2003. clause 24 of the finance bill as per notes on clauses states that the insertion of this provision is ..... received or accruing as a result of such transfer.memorandum explaining provisions of finance bill, 2002, states in this regard as under: the bill proposes to insert a new section 50c in the it act to make a special provision for determining the full value of consideration in cases ..... or assessed shall be deemed to be the full value of the consideration, and capital gains shall be computed accordingly under section 48 of the it act. it is further proposed to provide that where the assessee claims that the value adopted or assessed for stamp duty purposes ..... this appeal by the assessee is directed against the order passed by the cit(a) on 21st jan., 2006 in relation to asst. yr. 2003-04.2. the only issue raised in this appeal is against .....

Shri Rajasthan Syntex Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... 1991-92 it is observed that the textile cess is levied and collected under a separate statute called textile committee act, 1963, which is a parliamentary act and as such come under the purview of section 43b after the amendment made by the finance act, 1988.26. as such considering all the facts of the case, the legal position emanating from the various ..... high court that such market fees cannot be regarded as tax or duty attracting provisions of section 43b. it is pertinent to note here that clause (a) of section 43b at the relevant time referred only to tax or duty. however, the same was substituted by the finance act, 1988, w.e.f. 1st april, 1989, to read as under : "(a) ..... any tax, duty, cess or fees payable under a statute by whatever. name called".with the result of the above amendment the scope of section 43b stands widened to also cover the cess and fees payable .....

Nand Lal Soni Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)104TTJ(Jodh.)893

..... car received under the free gift coupon scheme of the government is not a taxable receipt, as a lottery, under section 2(24)(ix) of the act. but the learned ao resorted to the clarification inserted in the above section by the finance act, 1972 w.e.f. 1st april, 2002, wherein the meaning of the word 'lottery' has been widened. to ..... in tv programmes and the like. be that as it may, the amended provisions do not relate to the year under consideration. therefore, the rectification under section 154 of the act as requested by the assessee has to be allowed by the learned ao.i, therefore, direct that the price of the motor car in question has to ..... that the assessee filed his return of income for the year under consideration, which was accepted by the department. later on, the assessee filed an application under section 154 of the it act for getting the order rectified, insofar as the taxability of the price of maruti car, which was received as a gift from small saving gift scheme of government .....