Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)26ITD434(Mad.)
..... in india. therefore, the argument that these areas have always been a part of the territory of india would render the notification redundant. (3) the finance act, 1981 introduced section 293a in the income-tax act. the said section, inter alia, empowers central government to make exemption, reduction in rate or modification in respect of income-tax in favour of persons who are in the ..... point out that this view is supported by legislative practice. for instance, the indian income-tax act, 1922 was extended and made applicable to the whole of india by virtue of amendments made by the finance act, 1950. the said finance act inserted section 2(14a) in the indian income-tax act, 1922 and defined taxable territories as, inter alia, including the whole of the territory of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD129(Mad.)
..... which has been given by the commissioner (appeals) in his order. apart from the fact that decision related to a different section, namely, section 32a and not to the definition under the finance act, we find that in the present definition of 'an industrial company' the manufacture or processing of goods is a distinct sub-clause ..... rival submissions we are of the opinion that the revenue is entitled to succeed. we are concerned with the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, which is in the following terms: industrial company' means a company which is mainly engaged in the business of generation or distribution ..... by the commissioner (appeals) have nothing to do with the definition of 'industrial company' in the finance act since they were decisions given in respect of certain other sections, such as sections 80j, 80hh and 32a of the 1961 act, which contained different definitions and were, therefore, out of the present context. it was submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD795(Mad.)
..... consideration into the total income of the individual and agricultural lands constituted assets though not capital assets in terms of section 2(14)(iii) of the act and as per provisions of the finance act, 1979, agricultural income should be aggregated with the non-agricultural income for the purpose of levying tax on non-agricultural ..... income. he further observed that section 14 itself contains saving clause, namely, 'save as otherwise provided by this act' and section 4(1) of the act also provides that income-tax should be calculated in accordance with any central act, namely, the finance act passed every year.accordingly, he confirmed the assessment orders ..... total income, it is also for the purpose of charging income-tax. reading section 4 and section 14 together, it will be evident that the charging of income-tax at the rate prescribed by the finance act shall be governed by section 14 both for the purpose of charge of income-tax and computation of total .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)41ITD518(Mad.)
..... were taking the sums required on both the counts to 'general reserves', thereby inflating the capital base for purposes of surtax. in order to curb this mischief, the finance act, 1976 inserted rule 1a under the second schedule, with retrospective effect from 1-4-1975. the rule brings the axe down in all cases where no provision is made ..... depreciation allowed for purposes of income-tax assessments. the cit(a) declined to interfere in this matter.5. invoking the powers vested in him by and under section 16 of the surtax act, 1964, the commissioner of income-tax, coimbatore, called for and examined the assessment records of the assessee relating to the surtax assessment for the assessment years ..... vi or near thereto as circumstances admit or in such other form as may be approved by the central govt. either generally or in any particular case. and section 211(2) provides that every profit and loss account of a company shall give a true and fair view of the profit or loss of the company for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)24ITR261(Mad.)
..... more liberal in the case of individuals and less liberal in the case of hufs, but that the relief applies to both. he also referred to section 54(1) as amended by the finance act of 1982 only with effect from 1-4-1983, i.e. assessment year 1983-84 and subsequent assessments and pointed out that after this amendment, ..... only individuals can claim the benefit of section 54(1), but that this amendment was not applicable to assessment year 1982-83. he therefore directed the income-tax ..... v. cit [1973] 91 itr 588 (ker.) (fb) and shrigopal rameshwardas v. addl. cit [1979] 119 itr 980 (mp).he further argued that the amendment brought about by the finance act of 1982 should be considered as of a clarificatory nature and that therefore it would be applicable for the assessment year 1982-83 also.shri seshagiri rao further relied on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD229(Mad.)
..... it constitutionally valid and avoid that construction which attributes irrationality to the legislature.14. we are, therefore, compelled to take a close look at the mechanism of this section. in section 8 of the finance act, itself two expressions are used. in respect of clause (a) the word used is 'substituted' whereas in respect of clause (b) the word used is ' ..... it could take effect from the date of the bill. under clause (5) of the general clauses act, the amendment can take effect only from the date specified in the act or on receiving the assent of the president. since the finance act, 1979, section 1 states that it shall be deemed to have come into force from 1-4-1979, this ..... section comes into the statute from 1-4-1979. of course, it states that in a case where .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1995)53ITD362(Mad.)
..... on the said two items of receipt. when the matter reached the cit(a), he held that by virtue of the retrospective amendments made to section 28 of the income-tax act, 1961, by the finance act, 1990, tax was exigible on the said two items of receipt. with the result, an aggregate of rs. 13,63,895 received by the ..... drawback. according to him, the said sums should be brought to tax on "receivable basis". in this regard he was impelled by the consideration that sections 28(iiib) and 28(iiic) inserted by the finance act, 1990 with retrospective effect talked respectively of "cash assistance (by whatever name called) received or receivable" and "any duties of customs or excise repaid ..... to equate the claim made by the assessee with "cash assistance receivable" or as the case may "duty repayable as drawback" within the meaning of sections 28(iiib) and 28(iiic) of the act. the bench pointed out that, in law. an amount could be said to be "receivable" by a person only when a legal right to receive .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD543(Mad.)
..... been laid out wholly for the purpose of the business.7. however, finance act, 1983 had introduced sub-sections (3a) to (3d) with effect from 1-4-1984 which were subsequently omitted by finance act,1985 with effect from 1-4-1986. (3a) notwithstanding anything contained in sub-section (1), where the expenditure or, as the case may be, the ..... aggregate expenditure incurred by an assessee on any one or more of the items specified in sub-section (3b) exceeds one hundred thousand rupees, ..... 4,000 was for transporting the delegates and that amount would not fall for disallowance under sub-section (2a).6. we have considered the submissions of both sides and have perused the bills and considered the relevant sections of the act. prima facie, the bills were given for supply of lunch and dinner and a magic show .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD226(Mad.)
..... gratuity fund was considered allowable. this is the principle embodied in sub-clause (i) of clause (b) of sub-section (7) of section 40a.since, however, this provision was brought into effect retrospectively by the finance act, 1975, with effect from 1-4-1973, it was decided that an opportunity should be given to those employers who ..... dispute on this point. the assessee had also filed a certificate from a qualified actuary in this regard. though, section 40a(7)(a) bars the deduction of provision because of the insertion of section 40a(7) by the finance act, 1975, with retrospective effect from 1-4-1973, there are two exceptions. the first exception is available in ..... sub-clause (i) of clause (b) of sub-section (7) of section 40a which stipulates that any provision made by the assessee for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD349(Mad.)
..... , on the contrary, the fees in question are fees strictu sensu, it will have to be ascertained whether the provisions of section 43b as amended by the finance act, 1988 are applicable to assessment year 1987-88 now before us. again, if, in essence, the fees in question are neither tax nor cess, nor fees, but are ..... assessment years 1989-90 and onwards. there is nothing in the said finance act to indicate that the said amendment was to have retrospective force. ..... not applicable to vend fee and addl. vend fee levied under the prohibition act.13. shri ramamani's third thesis was that the words "cess or fee, by whatever name called" were inserted into section 43b(a) of the act by the finance act, 1988 with effect from 1-4-1989. in other words, the amended provisions would be applicable to the .....
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