Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat pune Page 3 of about 520 results (0.178 seconds)

Haresh V. Milani Vs. Jt. Commissioner of It

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)111TTJ(Pune.)310

..... of agriculture. the contention of the assessee is not acceptable to me. v) it is to be noted that by an amendment introduced to section 2(14) of the i. t. act, 1961, by finance act, 1970, agricultural land situated in all the rural areas are not brought within the tax net and do not automatically become capital assets within ..... the meaning of the provisions of section 2(14) of i. t. act, 1961. a reference to this effect may please be made to the memorandum explaining the provisions of finance act, 1970, issued by cbdt wherein it has been clarified by the cbdt vide para no. 30 as ..... facie evidence of the fact that the land was used and held for agricultural purposes and agricultural activity were carried thereupon. 7) as per provisions of section 2(14) of the act, agricultural land situated in all the rural areas were not brought within the tax net and did not automatically become capital asset.6. after considering the .....

Nutan Warehousing Co. (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)106TTJ(Pune.)137

..... and associate concerns in the form of excessive payments for goods and services etc. in order to stop such evasion, section 40a(2) was inserted by the finance act, 1968 with effect from 1st april, 1968.42. the provisions of section 40a have been declared to be of overriding nature because of the non obstante clause with which the ..... section 40a(1) starts. under sub-section (2) of the new section 40a, the expenditure incurred in a business or profession, for which the ..... arises.46. in the case of khan carpets v. cit it was held by the allahabad high court that 'reasonableness' within the meaning of sub-section (2) of section 40a of the act was to be determined after taking into account the legitimate needs of the business or profession of the assessee and the 'fair market value of the .....

Bagaria Vegetable Products Ltd. Vs. Jt. Commissioner of Income Tax Sp.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)303ITR278(Pune.)

..... facie conclusion that order of ito prejudicial to interests of revenue-commissioner not debarred from exercising his revisional jurisdiction i the absence of his final conclusion in matter- income-tax act, 1961 section 263.in addl. cit v. mukur corporation 111 itr 312, the hon'ble gujarat high court held: held, that the words 'prejudicial to the interests of the revenue ..... appears to be incorrect.12. the id dr relied on the decision of the delhi bench in the case of shyam telelink ltd. v. ito, wd 8(3) reported in (2006) 99 itd 576 (del), wherein the tribunal held that failure on the part of the ao to make necessary enquiries on certain important points connected with the assessment would make ..... in the normal course he would have conducted.4. the hon'ble vice-president (mz), shri k p t thangal, as a third member, vide his order dt 30.6.2006, agreed with the view of the id accountant member holding that there was no failure on the part of the ao and, therefore, the order passed by the cit was .....

Z.F. Steering Gear (i) Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... first proceed to examine the legal position in this regard in the following paras.15. the section 80-ia of the act was inserted by the finance act, 1991 with effect from 1-4-1991. it was subsequently amended by the finance act, 1992 with effect from 1-4-1993 and then by finance act, 1993 with effect from 1-4-1994/1-4-1995. the deduction under ..... section 80-ia was available to an assessee whose gross total income included any profits or gains derived from any business of an industrial undertaking which .....

Dy. Commissioner of Income-tax, Vs. Spirax Marshall Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD229(Pune.)

..... the learned cit(a) has erred in treating the amount of excise duty and sales tax collected as part of the total turnover while computing the deduction under section 80 hhc of the it act. 3. on the facts and in the circumstances of the case & as per law the learned cit(a) has erred in confirming the addition on account of ..... , therefore, the appeal of the assessee on this ground was dismissed.8.2 before us, the learned counsel filed an affidavit sworn by the finance controller of the company, shri shailesh j. shah, on 05.06 2006 this is a combined affidavit for ay 1995-96 to ay 1999-00. the relevant portions, contained in paragraphs 2 & 3 of the affidavit ..... 99(supra), the facts mentioned in the order of learned cit(a) on this issue are somewhat different from the facts mentioned in the combined affidavit sworn by the finance controller of the assessee company for assessment years 1996-97 to 1999-00 however, the facts are taken as per the affidavit and the statement made by the learned counsel .....

Agarwal Packaging Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD240(Pune.)

..... policy. it was represented before the ao that the impugned amount was not liable to be taxed under the it act in this connection, a reference was made to the amendment made in section 10(10d) of the act by finance (no. 2) act. 1996. with effect from 01.10 1996. by which the words "or under a keyman insurance policy ..... the learned cit(a) has erred in disallowing the payment of rs. 12.70.838/- as premium towards key insurance policy by invoking the provision of section 14a of it act, 1961. the above ground of appeal may kindly be allowed to be amended, altered, modified etc., in the interest of natural justice.2.1 the ..... " were inserted after the end of the aforesaid clause. an explanation was also appended in which the expression "keyman insurance policy" was defined.it was further represented before him that the impugned amount was not taxable under the provisions of section .....

ichalkaranji Co-operative Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)102ITD177(Pune.)

..... respectively on rate difference is justified or not.1. as there arose a difference of opinion between the members, the hon'ble president referred the following question under section 255(4) of the it act, 1961, for my opinion as third member: whether, in view of the facts and circumstances of the case, the order of cit(a) of confirmation of ..... 3015 members consisting of 3012 weavers owning power-looms and 3 weaver societies. the maharashtra government also contributed substantially by way of share capital as well as arranging the finance by way of soft loans etc. the shareholding pattern is as under: the main object of the society for which it was formed is mentioned in bye-law no ..... rejected by the revenue authorities.3. the hon'ble vice president (mumbai zone), shri k.p.t. thangal as a third member vide his order dt. 30th march, 2006 agreed with the view of the learned am on the issue referred to him.4. thus, by majority view we hold that the rate difference distributed amongst the members .....

R.S. Nayyar Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)108ITD424(Pune.)

..... july, 1995. this issue was discussed at length with both the parties. it has been mentioned earlier, that section 40a(3) was amended by the finance act, 1995, w.e.f. 1st april, 1996. earlier, all cash payments covered under this section, were liable to be disallowed in toto, subject to the provisions contained in rule 6dd. however, by this ..... (3).2.1 ground nos. 1 and 2 are against the finding of the learned cit(a) that provisions of section 40a(3) of the it act, 1961, as amended by the finance act, 1995, w.e.f. 1st april, 1996, are applicable to cash payment of rs. 11,36,990 made to m/s sanjeev traders, panvel. for the ..... to the penal provisions. it is also not with reference to the procedural law. since the amendment affects the computation of income, the aforesaid amendment made by the finance act, 1995, constitutes substantive law. it is an accepted proposition that the introduction of substantive provision or amendment in a substantive provision relates to assessment year and not to .....

thermax Surface Coatings Ltd. Vs. Joint Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)104ITD199(Pune.)

..... . the cases of penwalt india ltd. and neopharama pvt. ltd. were also considered by him in the context of the definition of 'industrial company' given in section 2(7)(d) of the finance act, 1965. on the basis of the definition, he came to the conclusion that it was not sufficient if the assessee gets the whole work done from the vendors ..... for claiming deduction under section 80-ia. therefore, he did not agree with the assessee regarding deduction under this section on the same ground as mentioned by the ao ..... - i, pune, passed on 17.11.1999. the corresponding order of assessment was made by the dcit, sr-3, pune (hereinafter called the ao), under the provisions of section 143(3) of the it act, 1961, on 17.02.1998.2.1 ground no. 1 is against the finding of the learned cit(a) in which disallowance of rs. 1,33,400/-, made .....

Brook Crompton Greaves Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)105ITD146(Pune.)

..... of cit v. sodradevi . it was further pointed out that sections 44e and 44f were designed to prevent the avoidance of tax by "bond washing transactions". section 45 was more or less reproduction of section 33 of the english finance act, 1927. the intent of section 44f can also be found from marginal note which reads "avoidance ..... .5. it is inter-alia mentioned that the export profits under section 80hhc are kept out of the purview of this provision as these are being ..... be computed in the manner provided in section 80 hhc(3) or section 80hhc(3a). the learned counsel also relied on the circular no. 794, dated 09.08.2000, being explanatory notes on the provisions relating to direct tax acts in finance act, 2000. this circular explains the provisions of section 115ja in paragraph 43. in paragraph 43 .....