Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Court: income tax appellate tribunal itat madras Page 8 of about 674 results (0.224 seconds)

Cumi Employees' Welfare Trust Vs. Wealth-Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

..... universal ltd. for the welfare of its employees by a deed dated february 20, 1980. the provisions of section 40a(11) of the income-tax act, were inserted by the finance act with retrospective effect from april 1, 1980. the said provisions along with heading of section 40a read as follows : "40a. expenses or payments not deductible in certain circumstances. - ..... (11) where the assessee has ..... 97. he also took into consideration, the budget speech delivered by the then finance minister, while introducing the finance act, 1984 which was recorded in [1984] 146 itr (st.) 65.the then finance minister, inter alia, explained the following to parliament before introducing the provisions, inter alia, as sub-section (11) of section 40a. at page 68, the following is found : "another undesirable practice noticed is .....

India Pistons Repco Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)26ITD413(Mad.)

..... up a death relief fund and hence this agreement was a liability under the law which was required to be allowed in spite of the provisions of section 40a(9) introduced by the finance act, 1984.on the other hand, the contention of the revenue is that this provision has been brought into force for disallowing such expenditure and should, ..... borrowed money can be capitalised and added to the cost of the fixed assets created as a result of such expenditure.10. in this situation, the finance act, 1986 introduced an explanation to section 43(1) with effect from 1-4-1974 which reads as follows : explanation 8.-for the removal of doubts, it is hereby declared that where ..... that the total amounts of the instalments inclusive of the interest component was the actual cost of the assets purchased within the meaning of section 43(1). an explanation has been added by the finance act, 1986 with effect from 1-4-1974 to the effect that interest paid in connection with acquisition of an asset shall not be .....

M. Ct. Muthiah Chettiyar Family Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)1ITD199(Mad.)

..... to be taken, it must be taken by the transfer itself to have applied such money for charitable purposes within the meaning of section 360(1) (c) of the income & corporate taxes act 1970 and section 35(1) of the finance act, 1965, considered in the judgment, unless the transferor knew or ought to have known that the moneys would be misapplied by the transferee ..... in this connection and the clauses explaining the provisions. he invited our attention to the amendment made by the finance act, 1970 to section 11 [1970] 76 itr (st.) 123 and to the budget speech of the finance minister in this connection [1970] 75 itr (st.) 25 where it is stated that in the case of charitable and religious trusts exemption from tax would .....

Newdeal Finance and Investment Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2000)74ITD469(Chennai)

..... qualifying as deduction under s.36(1)(vii), the sum must have become irrecoverable. sec. 36(1)(vii) was amended by the direct taxes laws (amendment) act, 1987, w.e.f. 1st april, 1989. before amendment, i.e., upto 31st march, 1989, the sub-section read as follows : "subject to the provisions of sub-s. (2), the amount ..... and received the compensation in the form of lease rentals. the agreement between the rajasthan state electricity board and the appellant was entered into only to give the financing transaction a colour of purchase and sale, by which the appellant would get additional benefit in the form of full depreciation. this is a colourable device for ..... hiring of such machinery is business income, the assessee must be considered as having used the machinery for the purpose of its business ................ therefore, a leasing or finance company, which owns machinery and leases it to third parties who use the machinery for manufacture of articles or things as specified in s. 32a(2)(b)(iii .....

income-tax Officer Vs. S. Viswanathan (Printers and

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)5ITD20(Mad.)

..... the mischief sought to be remedied by the legislation and the object and purpose for which the legislation was enacted. when section 80e was originally introduced by the finance act, 1966, in chapter via, the finance minister said : ...as a measure of simplification, however, i propose to modify the form of the concession. at present ..... not in respect of the net income computed after making the deductions provided in the income-tax act. the finance act has accordingly inserted another section 80ab to provide that, for the purpose of calculating the deductions specified in sections 80hh to 80tt the net income as computed in accordance with the provisions of the income- ..... intended originally to grant the benefit for the period of four assessment years. the section was amended by the finance act, 1975 with effect from 1-4-1975 to extend the benefit for a period of 9 assessment years. the wording of the section remains the same as it was introduced in the taxation laws (amendment) bill, .....

Gift-tax Officer Vs. Smt. Jayalakshmi Doraiswamy

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1987)21ITD591(Mad.)

..... each donee rs. 20,000 within tyro years. the calcutta high court considered the gifts to be either onerous gifts or having reference to the provisions of section 40 of the transfer of property act, the calcutta high court held that there was an obligation arising out of the contract annexed to the ownership of the properties and, viewed in either way ..... is of the same date, is as under : with reference to your letter of date proposing to give a gift of 1000 equity shares of rs. 10 each in sundaram finance ltd. saddled with gift-tax and stamp duty liability thereon. i am willing to accept the above gift with the liability attached thereto. i am accordingly signing the transfer deed ..... -85. the assessee in the present case filed a gift-tax return showing a taxable gift of rs. 3,50,200. the assessee had gifted shares in m/s sundaram finance ltd. of the face value of rs. 10 to 6 different donees. the particulars of names of the donees, the number of shares gifted and the amount of gift-tax .....

Tamil Nadu Cements Corpn. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)49ITD39(Mad.)

..... -4-1989 (165 itr (st.) 354) : 4. in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book-profits' on certain companies. representations have been received that in computing book profits for the purpose of determining ..... years of losses, and sick companies that have just turned the corner, will become subject to minimum tax. there is merit in this suggestion. under section 205 of the companies act, 1956, past losses or unabsorbed depreciation, whichever is less, are allowed to be set off against the book profits of the current year for determining ..... that where a particular section of an act is introduced into another statute, it has to be read in the sense which it bore in the original act from which it is taken. since the revenue is not able to demonstrate that this expression meant something different in the companies act and since the hon'ble finance minister himself has .....

Indian Express (Madurai) (P) Ltd. Vs. Deputy Commissiner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)68ITD374(Mad.)

..... 10th february, 1986, are as follows : "in exercise of the powers conferred by sub-s. (1) of s. 25 of the customs act, 1962 (52 of 1962), r/w sub-s. (4) of s. 43 of the finance act, 1985 (32 of 1985) the central government being satisfied that it is necessary in the public interest so to do, hereby makes the ..... following amendment in the notification of the government of india in the ministry of finance (department of revenue) no. 153/85-customs, dated the 24th may, ..... policy. it was further held by their lordships that the expenditure was motivated purely by commercial consideration and was allowable as a deduction under s. 37(1) of the act.22. the facts of the assessee's case before us are totally different.the assessee has failed to prove any commercial expediency for making voluntarily contribution of rs. 10 lakhs .....

Yenpeyees Rubber (P.) Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)5ITD605(Mad.)

..... supreme court in that case was repealed and substituted by a different provision coupled with a limitation in section 80a(2) of the act with respect to the gross total income. when chapter via was originally introduced, the finance minister said that he was replacing the system of rebates with a straight deduction from the profits of ..... case of cloth traders (supra). yet the controversy is sought to be revised by referring to the introduction of section 80ab of the act by the finance (no. 2) act, 1980, with effect from 1-4-1981. the budget speech of the finance minister for 1980-81 merely mentions : i also propose to make certain amendments in the income-tax ..... act to counteract certain court decisions which have resulted in unintended benefit to taxpayers....[1980] 123 itr (st.) 17, 22 however, since section 80ab was not part of the bill as introduced .....

indo Tech Electric Co. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)99ITD325(Chennai)

..... capital asset in question is goodwill of a business or a right to manufacture, produce or process any article or thing. this is because the amendment made by the finance act, 1997, in section 55(2) enlarging the scope of a capital asset is structured in such a manner that it is either "goodwill" or "a right to manufacture produce or ..... activity in relation to any business, shall be chargeable to tax under the head 'profits and gains of business and profession'. further, section 55(2)(6)(z) and section 55(2)(a) were also amended by the finance act with effect from 1-4-2003 to deem the cost of improvement and acquisition in relation to capital asset if right to carry ..... cit v. b.c.srinivasa setty as this was self-generated and date of acquisition cannot be determined. however, income-tax act was amended and goodwill was brought into tax with effect from 1-4-1988 by the finance act, 1987.13. in the present case, the assessee has transferred the firm as a going concern for a consideration of rs. .....