Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... section 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act of the relevant year, whichever is applicable; (ii) for the purposes ..... section under finance act to levy surcharge on undisclosed income of a block period.12.71 the revenue also relied on the judgment of the hon'ble supreme court in , wherein it was held as follows: the argument of implied repeal has also no substance in it because our reason for according priority to the provisions of the delhi rent act is not that the slum clearance act stands impliedly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... (ii) the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f ..... april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... april, 2005 by the finance (no.2) act, 2004. ..... 2006 is contrary to law, facts and circumstances of the case and is opposed to the principles of natural justice, equity and fair play and in any case the order of the cit(a) is erroneous for confirming the denial of deduction under section 80-ib ..... 27th march, 2006 under section 143(3) of the it act, 1961 (hereinafter called "the act"). ..... 2006. ..... 173 and 174/2006-07 dt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)92TTJ(Ahd.)645
..... on behalf of the assessee, it has been vehemently contended that now the issue is set at rest by the above decision of hon'ble apex court that the penalty under section 271(1)(c) cannot be levied where the assessed income is loss prior to amendment by finance act, 2002.however, it was contended on behalf of the revenue that the above decision in the case of prithipal singh was with regard to law applicable in asst. yr. ..... in support of his argument, he has referred to the following provisions wherein the legislature has specifically referred to "loss" : (vi) section 139(1) for return of income having taxable income and section 139(3) for loss return.he, therefore, submitted that since in section 271(1)(c), before the amendment vide finance act, 2002, the word "loss" was not included it has to be presumed that the penalty was only for concealment of income and not for concealment of loss. ..... after the above decision, the legislature amended section 143(1a) with retrospective effect while no such modification was made in section 271(1)(c) till the finance act, 2002.the legislature vide finance act, 2002 amended section 271(1)(c) w.e.f.1st april, 2003 and modified clause (iii) after section 271(1)(c) as under : "(iii) in the cases referred to in clause (c), in addition to tax, if, any, payable by him, a sum which shall not be less than but which shall not exceed three times the amount .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the assessment year ..... new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f ..... in the matter of set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. ..... in the case of a company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year relevant to the previous year in which the entire net worth of such company becomes equal to or exceeds the accumulated losses. ..... 1.4.1997) and to ascertain the object and purpose in amending section 32(2), the speech made by the finance minister can certainly be referred to, inasmuch as, this is in accord with the recent trend in juristic thought not only in western countries but also in india that interpretation of a statute being an exercise in the ascertainment of meaning, everything .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the ..... ruling of the aforesaid karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under consideration in appeal. ..... the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... no fresh materials for the assessing officer to reopen the assessments is warranted in law and therefore, his decision that even after reopening the assets would have been exempt under section 40 of the finance act, 1983 in retrospect is quite justified and is accordingly upheld as it is unexceptionable in view of the ruling of the kamataka high court in the case of prakashi talkies (p.) ltd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)6SOT139(Bang.)
..... if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process any article or thing'.this ..... on clause (va) of section 28 inserted into the statute book by finance act, 2002, with effect from 1-4-2003.the commissioner (appeals), in the first appeal, had accepted the assessee's claim that the receipt in question is a capital receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. ..... business', were inserted by the finance act, 2002 which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. ..... taxed in view of amendment of clause (a) of sub-section (2) of section 55 effected by the finance act, 1997. ..... the finance act, 1997 has no bearing on the assessment under consideration and that section 55 is not a charging section. ..... of any right to manufacture, produce or process any article or thing.if there is any doubt in this regard, the matter becomes clear if one takes into account the amendments effected by the finance act, 2002 which are effective from 1-4-2003. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta nos. ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under consideration. ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective operation. ..... it is also accepted that with the passing of finance act, 1983, the assessee became liable to wealth-tax and accordingly started filing its wt returns. ..... 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... there can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of ..... on account of the revival of levy of wealth-tax in the case of closely held companies by section 40 of the finance act, 1983, the assessee filed its return of wealth for the assessment year 1984-85 on 30-3-1985 declaring total wealth of rs ..... in the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule-ill to the wealth-tax act for all the years under consideration.20. ..... the only effect of keeping this redundancy in section 40 of the finance act is that schedule-ill would be applicable in the case of the companies also ..... reference to section 7(3) of the wealth-tax act, as regards the value determined by the d vo, has been specifically made in section 40(4) of the finance act, 1983.18 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)47ITD349(Delhi)
..... deduction was the amount of income-tax payable by the company in respect of the total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the income-tax act or the finance act, after excluding from such amount, the amount of income-tax, if any, payable by the company under the provisions of the annual ..... be reduced by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act and after excluding from such amount- (a) the amount of income-tax, if any, payable by the company in respect of any income referred to in clause ..... (i) or clause (ii) or clause (tit) or clause (vii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act, with reference to the relevant amount of distributions of dividends .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial company' and the finding of the income-tax officer that the assessee is not an 'industrial undertaking' ..... the reference before the delhi high court in that case was whether the assessee was an 'industrial company' within the meaning of section 2(6)(c) of the finance (no.2) act, 1971 and the finance act, 1972. ..... , a private company, engaged in the business of construction of buildings, claimed that it should be charged at the concessional rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. ..... the special bench clearly held at page 594, as was already extracted in the above paragraph, that after finance act, 1983 a company engaged in the construction of a building, road or other structures would get the benefit of the lower rate of tax under the finance act, even if it does not involve the company in manufacture or processing of goods to any substantial extent. ..... such a consideration is necessary, the definition of the words 'industrial undertaking' underwent a change under the finance act, 1983 which came into force from 1-4-1983 and it is clearly applicable to the facts of this case .....
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