Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Court: income tax appellate tribunal itat panji Page 1 of about 11 results (0.164 seconds)

Mormugao Port Trust Vs. the C.i.T.

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2007)109ITD303Panji

..... local authority', was exempt from tax up to the a.y 2002-03 under section 10(20) of the act. from the a.y. 2003-04 onwards, section 10(20) was amended by the finance act, 2002 by insertion of an explanation.thereafter, the exemption under the said section was limited to certain specified local authorities listed in the newly inserted explanation to ..... the benefit of the central government or any other person specified in the explanation in sub-section (1) of section 13 of the act. (vii) the prescribed audit report in form no. 108 has been filed with the acit circle 2 margao on 31 -1 -2006.11. continuing with his submissions, ld. counsel stated that the port trusts are formed ..... and person by sea.34. the hon;ble gujarat high court in the case of gujarat maritime board in tax appeal no. 1433 of 2005 dated 31-7-2006 observed as under: maintenance and development of ports is necessary for transport of goods and persons by sea. in the present scenario of globalization of the trade and industry .....

Salgaocar Mining Ind. (P) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2006)102ITD289Panji

..... tax" remains always statutorily fixed by the rates specified in part i of the first schedule to the finance act. it is, therefore, not possible to include the amount of interest in the "income-tax" so fixed by section 2 of the finance act, 1999, for the assessment year under consideration.8. the terms "income-tax", "interest", "penalty" ..... fine".9. as already mentioned above, "income-tax" is charged under section 4 of the it act at the rates specified in the first schedule to the finance act. interest is charged, on the other hand, under the provisions of sections 201, 234a, 234b and 234c of the it act. thus, there are distinct provisions for charging income-tax and for charging ..... while the rates of income-tax can fluctuate depending upon the provisions in the finance act enacted for each assessment year, the rate of interest continues to be fixed in terms of the provisions of sections 201, 234a, 234b and 234c of the it act, 1961. thirdly, the income-tax is charged on the income, whereas the .....

S.A. Waisingh Laxmansnvgh Rajfut Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2004)86TT(JP.)anji901

..... determined under section 143(1) or on regular assessments as reduced by the amount of tax deducted or collected at ..... on the point of additions and charging of interest under sections 234a and 234b, submitted that as a result of substitution of fresh expln. 1 to s. 234b with retrospective effect from 1-4-1989, by the finance act, 1995 by which "assessed tax" for the purpose of section 234b of the act has been defined to mean tax on the total income ..... this proposition of law no more holds good and, therefore, i am inclined to agree with the counsel for the assessee that these retrospective amendments in section 234a and section 234b of the act have the effect of overcoming the decision of hon'ble supreme court in case of ranchi club ltd. (supra) with respect to the question as to .....

Hindustan Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

..... earning income but the circumstances beyond assessee's control. the question was whether the asset was long term or short term. under the provisions of section 2 (42a) of the act, an asset would be long-term capital asset if the same was held by the assessee for more than 36 months immediately preceding the date of ..... for less than 36 months. in support of his contention. the learned counsel referred to the definition of the definition of "undertaking" as given in section 2(v) of monopolies trade practices act, 1969. he argued that as long as there was an enterprise, there was an undertaking. reference was also made to the dictionary meaning of " ..... the assessee could not muster sufficient funds to complete the hotel and finally the assessee sold the entire project comprising the land and the incomplete building to peerless general finance & investment ltd. for a lump sum of rs. 11 crores. the assessee considered the gains on sale of hotel project charageble to tax as long term capital .....

Assistant Commissioner of Income Vs. Akash Industries

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2000)69TT(JP.)anji228

..... revenue in this appeal is that the deputy commissioner (appeals) erred in cancelling the penalty of rs. 15,000 levied on the assessee under section 271(1)(c) of the income tax act.at the time of hearing, shri n.n. thakur, assistant commissioner appeared on behalf of the revenue and shri srikrishna kelkar, chartered accountant, ..... the amount in the valuation of the closing stock and determined the total income at rs. 97,070. penalty proceedings were initiated under section 271(1)(c) of the income tax act on the ground that by not including the goods in transit in the closing stock valuation, there was suppression of income.in response to ..... should be conscious concealment. the provision should be construed strictly. even after the addition of the explanation to section 271(1)(c) of the income tax act, 1961, conscious concealment is necessary and the presumption under explanation to section 271(1)(c) can be displaced by the assessee proving that the failure to return the correct income did .....

Dominic Dias Margaao Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2003)87ITD1Panji

..... value stated there is not a negotiated market value. he drew my attention to the definition of "fair market value" in relation to capital asset in section 2(22b) of the it act, according to which the fair market value means (i) the price that the capital asset would ordinarily fetch on sale in the open market on the relevant ..... the view that the property in question had undergone through two transactions viz., in 1979 and 1981. placing reliance on those transactions the ao observed that section 33 of the stamp act, 1899 provides that the registrar is vested with the power to impound document presented for registration if in his opinion it was not properly stamped and the ..... shall be given a reasonable opportunity of being heard in this regard.33. in the result, all the appeals are allowed for statistical purposes. order under section 255(4) of the it act, 1961 1. as there is a difference of opinion between the am and the jm, the matter is being referred to the president of the tribunal with .....

Smt. Laxmi Bai A. Wagale Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2002)77TT(JP.)anji213

..... i.e., earning income every year.the assessee claimed that the water in the pond is immovable property as per the definition given in section 3(26) of the general clauses act and section 2(6) of the indian registration act. it was argued that the water in the pond being immovable property has to be treated as an agricultural land. the ingredient of .....

Mavany Brothers Vs. the Deputy Commissoner of

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2008)112ITD68Panji

..... our considered opinion (1) the theatre property was transferred to the developer as per agreement dated 8^th august, 1995 in view of the provisions of section 2(47) of the act because the developer was given a right to demohsh the existing structure of the cinema hall and carry out the development and construction work for the new commercial ..... recpening the assessment.6. as per the first ground of appeal, the assessee has objected to the decision of the ld. cit (a) in upholding the proceedings under section 148 of the act. the ld. counsel for the assessee, on this issue, reiterated the submissions as discussed above and taken before the ld.cit(a). the ld. cit(a) ..... . 13,78,795/- was also rejected.3. on appeal, the d. cit(a) confirmed the action of the ao and upheld the reopening of the assessment under section 147 of the act.4. during the course of hearing before us, the ld. counsel for the assessee reiterated the submissions taken before the lower authorities which are summarized below: (i) .....

Bemco Hydraulics Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2003)78TT(JP.)anji416

..... heavy vehicle factory at avadi, madras. the learned counsel has also vehemently submitted before us that in any case, the disallowance cannot be done under the provisions of section 143(1)(a) of the it act.4. after hearing the arguments of both the sides and considering the evidence on record we decide as under : the whole gamut of the facts as well ..... (a), belgaum, dt. 19th may, 1995.2. the assessee filed return of income on 30th dec., 1991, declaring 'nil' income. while processing the return of income under section 143(1)(a) of the it act, some adjustments of rs. 4,12,720 were made to the total income returned as the expenditure was in the nature of capital expenditure. on receipt of intimation ..... such an issue which is a debatable one and it is a settled principle of law by now that any debatable issue cannot be disallowed by way of intimation under section 143(1)(a) of the act unless it is prima facie disallowable adjustment. hence, we set aside the orders of the lower authorities. .....

Smt. Laxmi Bai A. Wagale Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2003)84ITD634Panji

..... .e. earning income every year.6. the assessee claimed that the water in the pond is immovable property as per the definition given in section 3(26) of the general clauses act and section 2(6) of the indian registration act. it was argued that the water in the pond being immovable property has to be treated as an agricultural land. the ingredient of .....