Court : Chennai
Reported in : [2008]303ITR99(Mad)
..... of income-tax (appeals), finding that the transactions of loans were genuine and the identity of lenders was not in doubt, cancelled the penalties under section 271d and 271e of the act.2.3. on appeal by the revenue, the appellate tribunal, considering the fact that the transaction did not result in treatment of loan as unexplained ..... credit because it was found to be fully explained, held that there was no intention on the part of the assessee to contravene the provisions of section 269ss of the act and accordingly, upheld the order of the commissioner of income-tax (appeals). aggrieved by the same, the revenue has preferred this appeal raising the questions ..... act are mandatory and no mens rea needs to be proved before penalty is imposed. he further submits that the assessee had no sufficient reasons to take the loans in cash.4. per contra, learned counsel appearing for the assessee, referring to two decisions of this court in (i) cit v. kundrathur finance and chit co. : [2006]283itr329 .....
Tag this Judgment!Court : Authority for Advance Rulings
Reported in : (2007)289ITR369AAR
..... levy.question no. 104 of circular no. 8 of 2005, which is said to be the precursor of the clause inserted by the finance act, 2006 in sub-section (3) of section 115wb of the act and the answer thereto read as follows: 104. whether expenditure incurred by the employer for the purposes of providing free or subsidized transport for ..... applicant claims that the answer to question no. 104 in the said circular shows that it is not liable to fbt and that subsequently section 115wb(3) of the act was amended by finance act, 2006 to exclude from the operation of fbt any free or subsidized transportation facility provided by the employer to his employees for journeys by the ..... for, the following purposes, namely- the following clause (q) shall be inserted after clause (p) in sub-section (2) of section 115wb by the finance act, 2006 w.e.f. 1st april, 2007: (3) for the purposes of sub-section (1), the privilege, service, facility or amenity does not include perquisites in respect of which tax is paid or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)108ITD457(Mum.)
..... to matters arising with effect from assessment year 2006-07.9. section 14a has been inserted in the income tax act, section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e., for and from assessment year 1962-63. section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006. section 14a as so amended reads now as ..... assessment year beginning on or before the ist day of april, 2001. (*inserted as section 14a (without numbering) in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962.** inserted by the finance act, 2006 and consequently all the clauses of section 14a were numbered. -inserted by the finance act, 2002.) 10. in the matter before us, we are not concerned with the proviso .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)206CTR(P& H)194; [2007]290ITR15(P& H)
..... not within the period of limitation. against the order passed by the cit(a), the revenue went in appeal before the tribunal, which is pending.3. vide finance act, 2006, section 148 has been amended w.e.f. lst oct., 1991. the said provision before and after the amendment is as under:before amendment148. issue of notice where income has escaped ..... . the legislature with a view to remedy the situation, carried out amendment vide finance act, 2006 w.e.f. 1st oct., 1991 upto 30th sept., 2005, validating notice and assessment/reassessment/recomputation if the same were beyond the time specified under section 143(2) but within the time specified under section 153(2).6.2 in national agricultural co-operative marketing federation of india ltd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)104TTJ(Delhi)989
..... by virtue of provisions contained in the first schedule; the following sub-clause (viia) shall be inserted after sub-clause (vii) of clause (24) of section 2 by the finance act, 2006, w.ef. 1st april, 2007. (viia) the profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative ..... we have given our reasons for reaching above conclusion which need not be repeated.25. it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. 1st april, 1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court ..... for revising the earlier computation of capital gains would have expired. 23.2 with a view to removing this difficulty, the finance act has inserted a new sub-section (7a) in section 155 of the it act to enable recomputation of capital gains in cases where the transfer of the capital asset is by way of compulsory acquisition under .....
Tag this Judgment!Court : Chennai
Reported in : (2007)209CTR(Mad)246; [2007]289ITR245(Mad)
..... state objecting to the enhancement of compensation was pending were liable to tax?2. whether on the facts and in the circumstances of the case, section 45(5)(c) of the income-tax act inserted by the finance act, 2003 w.e.f. 1.4.2004 is applicable for the assessment years 1997-98 and 1998-99?3. whether on the facts and ..... basis of conditional interim order passed by the calcutta high court.8. this court in identical situation in commissioner of wealth-tax/income-tax v. smt. t. girija ammal : [2006]282itr614(mad) , held that the additional compensation received could not be treated as part of the compensation received for the transfer of the land until it was finally determined by ..... tax appellate tribunal was right in not referring to and not following the decision of this hon'ble court in the case of cwt/it v. t. girija ammal : [2006]282itr614(mad) cited and relied on before the appellate tribunal?2.1. the assessment years with which we are concerned are 1997-98 and 1998-99. the assessees are .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2007)208CTR(P& H)411
..... would be suffice to say that the alleged technical defects on account of which, the assessment framed under section 147/148 of the act was set aside, has been cured by an amendment in section 148 of the act by finance act, 2006 with retrospective effect from 1st oct., 1991, wherein a new proviso has been added which is as ..... under:(a) where a return has been furnished during the period commencing on the 1st day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section ..... , and(b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but .....
Tag this Judgment!Court : Karnataka
Reported in : (2006)206CTR(Kar)226; [2006]287ITR404(KAR); [2006]287ITR404(Karn)
..... of subsisting partners of a partnership, transferring assets to a retiring partner.bombay high court has noticed section 2(47) and thereafter ruled reading as under:the finance act, 1987, with effect from april 1, 1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of ..... there is no reference to omission of clause (ii) of section 47 as it stood prior to 1.4.1988. in the said judgment what was considered was ..... 1.4.1988, it cannot be said that section 45 is inapplicable to the facts in the case on hand as argued by sri parthasarathi.8. sri parthasarathi, learned counsel, however, would rely on a judgment of madhya pradesh high court in commissioner of income tax v. moped and machines, : [2006]281itr52(mp) . in the said judgment, .....
Tag this Judgment!Court : Chennai
Reported in : (2006)205CTR(Mad)481; [2007]288ITR366(Mad); (2006)4MLJ1411
..... in cit v. upasana finance ltd. [2006] 202 ctc 383, and held that on printing cylinders, ms bins and shippers sintex ice boxes, depreciation of 100% is allowable under the first proviso to section 32(1)(ii) of the act, and each of these assets is a plant individually as defined under section 43(3) of the act.3.12. of course, ..... fund contribution is made before the due date for furnishing the return. according to the learned counsel for the assessee, the deletion of second proviso to section 43b by the finance act, 2003 with effect from 1.4.2004, should be given retrospective operation so as to make it applicable to the impugned assessment year 1994-95.4.7 ..... the statute is passed. 4.9. we are constrained to examine the instant case on the basis of above tests. the second proviso to section 43b of the act, which stands omitted by the finance act, 2003 with effect from 1.4.2004, related to a condition imposed on the assessee to claim deduction of statutory contribution. the condition under .....
Tag this Judgment!Court : Chennai
Reported in : [2007]288ITR566(Mad)
..... , an exception has been carved out to the specific provision which excluded, rather denied the benefit conferred under section 80hhc to export of minerals (granite); that the amendment brought by the finance (no. 2) act of 1991 to section 80hhc is only prospective and effective from april 1, 1991; and that the statutory provision is very clear ..... processed minerals then the 1991 amendment excepting processed minerals from the exclusionary effect of the sub-section would be rendered meaningless and an exercise in futility.6. following the decisions referred supra, this court, by judgment dated 21.2.2006 made in t.c. no. 55 of 2000, held that the profits derived from the ..... export of the dimensional granite blocks, being value added marketable commodity, would not be entitled to deduction under section 80hhc of the income tax act.7. drawing support from the decisions referred supra .....
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