Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat madras Page 4 of about 674 results (0.386 seconds)

income-tax Officer Vs. Mrs. Vanishree Karunakaran

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)86ITD373(Chennai)

..... that the current loss from the business is necessarily to be set off against current profit from profession. in our considered opinion the income-tax act itself in section 70 authorizes such set off and hence there is no question of arguing that the current loss from business cannot be set off against the current ..... profit and loss account. further in our considered opinion there was interlacing, interconnection and interdependence between the profession and the business of the assessee sofaras the finance is concerned. hence even though it is to be construed that the business was not there the assessee is entitled to claim the interest on borrowed funds ..... in the assessment year 1994-95 trading activity was there. the bank account and the bank loan continued and was not wiped off. the management and the finance for both profession and the business of m/s.avk chemical industries were common and thus there was interlacing, interconnection and inter dependence of profession and business. .....

Assistant Commissioner of Income Vs. Vijay Granites (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... v. ito reported in (1991) 39 ttj (hyd) 88 and also the amendment made by the finance (no.2)act, 1991 extending the benefit to processed minerals and rocks including cut and processed granites i have directed allowance of deduction under the said section. my reasoning is contained in the appellate order in ita no. 233-c/92-93, dt. ..... is relatable to the assessment years before the corning into force of the finance (no.2) act of 1991. statecraft enterprises' case (1999) 237 itr 131 (sc), was concerned with the asst. yrs. 1985-86, 1987-88 and 1988-89.sec. 80hhc(2) (b) excluded the application of section to "minerals and ores". this was the position until 31st march, 1991 ..... . it was only w.e.f.1st april, 1991, the words "other than processed minerals and ores specified in the twelfth schedule" were added by the finance (no. 2) act of 1991. hence, until .....

V. Bhaskaran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2002)83ITD614(Chennai)

..... . these circumstances are, (1) appeal arising out of appellate order based on an assessment order; (2) appeal against the order of the cit revising the order of assessment under section 263 of the act; (3) appeal consequent to the giving effect to the order of the cit; (4) appeal against the assessment framed consequent to the assessment being set aside; (5) reassessment ..... tribunal in its order dt. 7th aug., 1998, had mentioned that it had extended an opportunity for payment of tax which the assessee could not utilise by stating that its finances did not permit such a payment, the assessee having failed to seize the opportunity offered by the tribunal, subsequently finding that the decision of the tribunal had gone against it .....

Overseas Sanmar Financial Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)86ITD602(Chennai)

..... the assessment year 1997-98 wherein considering that the expense were on shares issues had allowed deduction to the extent of rs. 95,242 under section 35d of the act.section 35d permits certain expense as incurred by the assessee to be allowed as a deduction in computing the income for the year and the following ..... bank is satisfied about your company having met the prescribed conditions. meanwhile, if your company is presently classified as an equipment leasing or a hire purchase finance company, it should keep an overall deposits/borrowings within the ceiling of ten times its net owned funds. these deposits/borrowings will include deposits from public and ..... an institution that examines such cases and declares them as unfit for carrying on the business or issues orders for restructuring them with additional finance or re-scheduling of finance given together with waiver of interest payable.he pleaded that the circulars issued govern the functioning or operations of nbfc and has been issued .....

Seshasayee Paper and Boards Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD707(Mad.)

..... limited period in certain cases. the new allowance called investment allowance broadly based on the lines of the discontinued development rebate was introduced from 1st april, 1976, by finance act, 1976. sub-section (3) of section 32a, dealing with the deduction allowable for investment allowance reads as under: "(3) where the total income of the assessee assessable for the assessment year relevant to the ..... decision was equally applicable to setting off the brought forward investment allowance in preference to unabsorbed depreciation. sri suryanarayanan submitted that section 32a was inserted by finance act, 1976, w.e.f.1st april, 1976, and that the scope and effect of section 32a had been elaborated in the circular no. 202, dt. 5th july, 1976, issued by the cbdt. the learned departmental representative .....

S.M. Sundaram Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD199(Mad.)

..... the bar in section 80a(3) against the deduction under section 80t and so in new scheme of assessment of capital ..... computing the total income of the partner, after allowing the deduction under section 80t in computing the total income of a firm, aop or boi.it is pointed out that section 80t was omitted by finance act, 1987, and that in the new scheme of computation of capital gains deduction was inserted by section 48(2). according to learned counsel, the legislature has intentionally removed .....

Assistant Commissioner of Income Vs. Nircon Engg. Consultants

Court : Income Tax Appellate Tribunal ITAT Madras

..... cbdt notified several sectors which fall within the ambit of 'it-enabled services' and would enjoy tax cover under provisions of s. 10a and 10b of the it act. in these sections the word 'manufacturing' is used. these sectors include back office operations, call centres, content development/animation, data processing, engineering and design, geographic information systems ..... of the supreme court in the cases of cit vs. n. c. budharaja & co. & anr. (1993) 204 itr 412 (sc) and cit vs. shaan finance (p) ltd. (1998) 231 itr 308 (sc). according to him, these judgments of the supreme court do not support the assessee's claim of allowing investment allowance. ..... vogue and also in store for future.technological advancements like facsimile, internet, e-mail, etc. were on swift progress, even before the bill for the amendment act introducing s. 138 was discussed by parliament. therefore, the notice transmitted by "fax", would be sufficient compliance with the legal requirement." 6. we have heard .....

Sri Shanmuga Textiles (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... the loss to rs. 1,49,543. with the reduction of the loss the ao also levied additional tax of rs. 17,027 under section 143(1a).7. section 143(1a) has been amended by the finance act, 1993, with retrospective effect from 1st april, 1989 making it clear that in a case of reduction of loss resulting from the prima facie ..... (1a)(a) of the act showed that where even a loss was reduced penalty was incurred and the same be calculated in the manner provided in the said section. in that case the court observed that the notes on clauses of the finance bill 1993 which amended section 143(1 a) make it clear that the intention was to impose a penalty ..... was committed by the assessee in showing a higher loss for the assessment year in question knowing fully well that certain amounts were not eligible for credit under section 43b of the act. it was for that particular default, the assessee incurred penalty or punishment.what becomes clear from the decision of the jurisdictional high court is that levy of .....

Sri Shanmuga Textiles (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

..... loss to rs. 1,49,543. with the reduction of the loss the assessing officer also levied additional tax of rs. 17,027 under section 143(1a).7. section i43(1a) has been amended by the finance act, 1993 with retrospective effect from 1-4-1989 making it clear that in a case of reduction of loss resulting from the prima facie ..... (1a)(a) of the act showed that where even a loss was reduced penalty was incurred and the same be calculated in the manner provided in the said section. in that case the court observed that the notes on clauses of the finance bill 1993 which amended section 143(1a) make it clear that the intention was to impose a penalty ..... was committed by the assessee in showing a higher loss for the assessment year in question knowing fully well that certain amounts were not eligible for credit under section 43b of the act. it was for that particular default, the assessee incurred penalty or punishment.what becomes clear from the decision of the jurisdictional high court is that levy of .....

Coimbatore Insulation Tapes (P) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD459(Chennai)

..... intended to cover receipts from sources other than the actual conduct of the business also for the purpose of the definition of 'industrial company' in section 2(8)(c) of the finance act, 1976.8. the assessee had been allowed depreciation on plant and machinery, while computing the income of business for the earlier years. by ..... to the assessee even on the income earned by leasing out the factory premises, the assessee would be entitled to tax at the lower rate. section 2(8)(c) of the finance act, 1976, states as under : "industrial company" means a company which is mainly engaged in the business of generation or distribution of electricity or ..... that was the main contention of the learned departmental representative.shri babu also drew our attention to the definition of industrial company appearing in section 2(8)(c) of the finance act, 1976, and submitted that for qualifying as an industrial company the assessee should be mainly engaged in the business of manufacture or processing of .....