Judgment Search Results Home > Cases Phrase: finance act 2006 section 70 repeal of act 11 of 1926 Court: income tax appellate tribunal itat hyderabad

Merit Enterprises Vs. Dy. Commissioner of Income Tax

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 .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... he concluded saying that the subsequent amendments made to the section further liberalised the grant of deductions to approved financial corporations and he drew our attention in particular to the latest amendment to section 36(1)(viii) by the finance act, 1985, wherein it has been clarified that the deduction is to be made without making ..... and applied to the case on hand where we are concerned with the law as on 1-4-1982 and 1-4-1983 which governs the assessments for 1982-83 and 1983-84, respectively, for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. ..... board's instruction dated 12-11-1973 was withdrawn in its instruction dated 13-8-1979 which is as follows : xxv/i/50 - special reserve account under section 36(1)(viii) of the income-tax act, 1961 in the case of financial corporations - clarification regarding under section 36(1)(viii') of the income-tax act, 1961, financial corporations engaged in providing long-term finance for industrial or agricultural development in india are entitled to a deduction, in the computation of their taxable profits, of the amounts transferred ..... shri radhakrishna murthy is that whenever the legislature wanted it had employed specific language such as to be found in sections 23(2), 32a(3), 33(2) and 33a(2) of the act, and, therefore, this amendment introduced by the finance act, 1985, viz. .....

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(Hyd.)

..... be examined in the appellate proceedings, if instituted by the assessee.7.6 in the light of the foregoing discussion, we find that the commissioner has no power to cancel the registration, prior to insertion of sub-section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as such the impugned order dated 26.7.2004 has no legal sanctity. ..... cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, apex court held that every statute is prima facie prospective unless it is expressly or ..... the exclusion of stock in trade from the ambit of levy of wealth-tax on assets of closely held companies in section 40(3) of the finance act, 1983 could not per se be regarded as an "obvious omission" nor is giving it immunity from the levy of ..... examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be given retrospective effect, despite a legislative declaration specifying ..... the conclusion that a later enactment repeals an earlier enactment is to be resorted to only if the two enactments are so inconsistent with or repugnant .....

income-tax Officer Vs. Quality Wines

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)31ITD163(Hyd.)

..... in the first spell they were inserted by section 8 of the finance act, 1978 with effect from 1-4-1979 and they were omitted by section 10 of the finance act, 1980 with effect form 1-4-1981. ..... in the second spell sub-sections (3a) to (3d) were introduced into section 37 by finance act, 1983, with effect from 1-4-1984 and they stood omitted by the finance act 1.985 with effect from 1-4-1986. ..... the third reason was sub-section (3a) of section 37 as introduced by the finance act, 1983 w.e.f. ..... we are concerned with section 37(3a) introduced by the finance act, 1983.these two provisions are entirely different and has nothing to do with each other. ..... besides, he submitted the provision considered by the madras bench was entirely different from the provisions now applicable, the madras bench was considering section 37(3a) as it stood before its omission by the finance act, 1980. ..... of section 37 was introduced by the finance act, 1983, with effect from 1-4-1984. ..... (a) the expenditure specified in clause (i) to clause (iii) of sub-section (3b) shall be the aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this act.it will be seen from this that the expression makes clear that the provisions of sub-sections (3a) and (3b) would be applied only after ascertaining what is the expenditure which are to be disallowed under any other provisions of the act including section 37(3). .....

Godavari Drugs Ltd. Vs. Jcit (Assts) Sr-1

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)89ITD326(Hyd.)

..... the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following example: 10. ..... the finance act, 1990, has therefore, clarified the position by inserting a definition for the term "total turnover" in the explanation below section 80hhc. ..... the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia) (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), duty drawback (ddk) and profit on sale of import entitlement licences (i/l) shall be taxable under ..... challenging jthe exclusion of hthe following receipts from the profits of the industrial undertaking, while computing the deduction under section 80hh and 80i of the act, on the ground jthat they are not profits derived from the industrial undertaking, we hold as follows: 1. ..... the finance act, 1990, has restricted the definition of the term "export turnover" to mean fob sale proceeds actually received by the assessee in convertible foreign exchange within six months of the end of the previous year or within such ..... deduction under section 80hhc of the income-tax act, 1961 - clarifications regarding - under the provisions of section 80hhc of the income-tax act, 1961, 100 per cent deduction is allowed to exporters in respect of profits derived from export of goods or merchandise. .....

A.P.S.E.B. Vs. Joint Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... for this proposition, reliance is placed on the full bench decision of the bombay high court in 185 itr 6; wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular. .5. ..... penultimate sentence says that income-tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... , therefore, it refers to the earlier circular explaining the finance act, 1965, paragraph 19 whereof we have already analysed. ..... the interpretation in that case was that no part of that circular has a categorical order, instruction or direction and that that circular refers to finance act, 1965 and not finance act, 1966. ..... relevant portion of the said decision is as under- "this brings us to paragraph 32 of the circular explaining the provisions of the finance act, 1966. ..... the commissioner of income-tax has invoked his powers under section 263, and held vide his order dated 7.3.2002 that the assessment made is erroneous and prejudicial to the interests of revenue, inasmuch as section 115ja of the act has not been applied to the assessee by the, assessing .....

A.P.S.E.B. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)85TTJ(Hyd.)30

..... {1990) 185 itr 6 (bom)(fb), wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in the finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular.6.5. ..... penultimate sentence says that income-tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof, and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... implicitly, therefore, it refers to the earlier circular explaining the finance act, 1965, para 19 whereof we have already analysed. ..... " the interpretation in that case was that no part of that circular has a categorical order, instruction or direction and that circular refers to the finance act, 1965, and not the finance act, 1966. ..... the relevant portion of the said decision is as under : "this brings us to para 32 of the circular explaining the provisions of the finance act, 1966. ..... it is not the case of revenue that this circular is not for this particular finance act. .....

infotech Enterprises Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)85ITD325(Hyd.)

..... the learned counsel for the assessee that an stp unit being 100 per cent eou is eligible for exemption under section 10b of the act is accepted, the amendment brought about by the finance act, 1993 extending the benefit under section 10a of the act to the stps from 1st april, 1994, becomes redundant or superfluous. ..... not been set up in any free trade zone and its claim for exemption under section 10a depended only, upon the extension of the benefit to the units set up in any electronic hardware technology park or as the case may be, software technology park, mentioned in clause (i)(b) of sub-section (2) of section 10a of the act by virtue of the amendment brought about by finance act w.e.f. ..... that both the words 'manufacture' and 'produce' figure in sections 10a and 10b of the act and the latter word has been specifically defined in both these sections by virtue of insertion effected by finance act, 1993 w.e.f. ..... stp scheme has specifically mentioned at para 2.10(b) that the letters 'boa' shall be substituted by the letters "imsc" and that 'boa' stood for 'board of approval' constituted under rule 10 of rliu rules r/w section 14 of idr act, 1951 and that 'imsc' stood for inter-ministerial standing committee and so it must be regarded that the assessee was approved as 100 per cent export oriented unit by the board referred to in clause (i) of ..... finance act, 1993 extended the tax holiday under section 10a to industrial units in approved electronic hardware technology parks (ehtps) or .....

A.P. State Civil Supplies Corpn. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)83ITD398(Hyd.)

..... , 2002, required the assessee to pay the entire tax demand for the above years in view of the amended provisions of sub-section (2a) of section 254 of the it act introduced by the finance act, 2001, w.e.f. ..... it may be seen from the act that sub-section (2a) and (2b) have been inserted by the finance act, 1999 w.e.f. ..... 1st june, 1999, and the provisos to the aforesaid section are inserted by the finance act, 2001 w.e.f. ..... 1st june, 2001, by the finance act of 2001. ..... 1st june, 2001".while so, we are unable to appreciate the stand of the department that the said provisos are inserted by the finance act of 2001, w.e.f. ..... it simply states "provisos inserted by the finance act, 2001, w.e.f. ..... was held by the hon'ble orissa high court to be valid and that the tribunal was not justified in setting aside the order of penalty as barred by limitation for the reason that when the amending act came into force, the two years period provided under the unamended section 275 had not expired and at that stage, the new provision w.e.f. ..... nagappa (supra), the hon'ble karnataka high court held that the power of the iac to impose penalty under section 275 of the act as it stood before amendment had not come to an end on 1st jan. ..... ' we have already discussed earlier that there is nothing in the act to show that section 4(1) and 4(2) have to apply retrospectively to all pending proceedings wherein such a right is sought to be exercised by the plaintiff or such a defence has already got allowed to the concerned defendant .....

Vbc Ferro Alloys Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... conditions specified in sub-section (4a) of section 80-ia" shall be omitted ; (ii) in the explanation, for clause (c), the following clause shall be substituted, namely: (i) a road, highway, bridge, airport, port, rail system or any other public facility of a similar ..... fund operating under a trust deed, registered under the provisions of the registration act, 1908 (16 of 1908), established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to an enterprise carrying on the business of developing, maintaining and operating infrastructure facility ; (c) "infrastructure facility" shall have the meaning assigned to it in clause (ca) of sub-section (12) of section 80-ia ; ii section 10(23g) was again amended by finance act, 1997, as follows: (i) the words, brackets, figures and letters, "which fulfils the .....