Judgment Search Results Home > Cases Phrase: finance act 2007 section 1 short title and commencement Court: income tax appellate tribunal itat hyderabad Page 2 of about 48 results (0.161 seconds)

Vbc Ferro Alloys Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... 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 conditions specified in sub-section (4a) of section 80-ia" shall be omitted ; (ii) in the explanation, for clause ..... mention that the investment in question for the purposes of claiming exemption under explanation to section 10(23g), as introduced by the finance act, 1999, should have been made between 1-4-1998 and 1-6-1998. on the contrary, by finance act, 1997, 'infrastructure facility', to the extent relevant to this case, is defined as ..... have no hesitation whatsoever in holding that the capital gain in question is exempt from tax under section 10(23g) as per the provisions of the statute existing in '. 1997 read with explanation 2 introduced by finance act, 1999. explanation 2 mandates that income by way of long-term capital, gain of an infrastructure .....

Wealth-Tax Officer Vs. Trustees Of Heh the Nizam'S

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1990)35ITD402(Hyd.)

..... on the relevant valuation dates, although such beneficiaries or their shares had not been specified in the relevant instrument of trust etc. the finance (no. 2) act, 1980 has inserted a new explanation in sub-section (4) to section 21 to provide that unless the beneficiaries or their shares are expressly stated in the order of the court or the instrument of ..... of the trust property would escape liability towards wealth-tax.83. in order to put a tag on this loophole the finance (no. 2) act of 1980 has inserted a new sub-section (1a) in section 21 of the wealth-tax act to bring to tax the balance of the amount of the net wealth after deduction of the value of life interest ..... assessee where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown.85. the finance (no. 2) act, 1980 had made the following amendments to section 21(4)- (i) the administrator trust will be liable to tax at the flat rate of 3 per cent (as against 1.5 per .....

Educational Trust Fund Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)12ITD563(Hyd.)

..... finance act, 1970, with effect from 1-4-1971. under explanation 2 to section 164, which is applicable to the assessment years 1980-81 and ..... change was brought about in the wording of the section by the finance (no. 2) act, 1980, with effect from 1-4-1980, whereas the section applicable to 1978-79 and 1979-80 is as substituted by the ..... at the maximum marginal rate : explanation 2 : in this section 'maximum marginal rate' means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.for 1980-81 and 1981-82, the .....

Surana Steels Pvt. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)1ITD45(Hyd.)

..... at least 15 per cent. of its book profit. this measure will yield a revenue gain of approximately rs. 75 crores." 12. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 (see [1987] 166 itr (st.) 26). in the bill as introduced, the provisions of item (iv) of the explanation to ..... profits and also declaring substantial dividends, have been managing their affairs in such a way as to avoid payment of income-tax. 36.2. accordingly, as a measure of equity, section 115j has been introduced by the finance act. by virtue of the new provisions, in the case of a company whose total income as computed under the provisions of the income-tax .....

Surana Steels Pvt. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)46TTJ(Hyd.)458

..... as a measure of equity, s. 115j has been introduced by the finance act. by virtue of the new provisions, in the case of a company whose total income as computed under the provisions of the it act is less than 30 per cent of the book profit computed under the section, the total income chargeable to tax will be 30 per cent of the ..... % of its book profit. this measure will yield a revenue gain of approximately rs. 75 crores." consequently, s. 80vva was omitted by s. 40 of finance act, 1987 and s.115j was introduced by s. 43 of finance act, 1987 [ (1987) 166 itr (st) 26]. in the bill as introduced the provisions of item (iv) of the explanation to s. 115j did not ..... expenditure.23. in the case of surana steels pvt. ltd. (ita no. 1845/hyd/90), the assessee has challenged the order made under s. 263. the commissioner before acting under that section is expected to know the object by that exercise. as explained by the madras high court in the case of venkatakrishna rice co. vs. cit (1987) 163 itr 129 .....

Transport Corporation of India Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)84ITD183(Hyd.)

..... -up share capital (excluding the amounts capitalized from reserves) of the assessee, no allowance under this sub-section shall be made in respect of such excess." sec. 33ac was amended by the finance act, 1995 w.e.f. 1st april, 1996.the amended section applicable w.e.f. 1st april, 1996 is as below : "33ac. in case of an assessee ..... change. prior to the amendment, the section envisaged deduction of the full amount of the profit of the entire business. it did not specify that the deduction available would be out of profits derived from the business of the operation of ships only. by the amendment brought about by the finance act, 1995, it is now specified that ..... would be entitled to deduction of the entire amount of the total income of its business. the deficiency has been made good by the amendment brought about by finance act, 1995. he drew our attention by stating that the assessee-company has three ships which operate from madras to port blair, calcutta and other neighbouring countries. the .....

income-tax Officer Vs. B.V. Reddy

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)44ITD682(Hyd.)

..... that the whole of the liability should be discharged in the very same accounting year. the word 'any sum payable' occurring in section 43b(a) were interpreted in explanation 2 inserted by the finance act, 1989 with retrospective effect from 1-4-1984. the effect of the explanation is that payments which were made outside the accounting ..... irrespective of the method of accounting they adopt in their business. then the proviso no. 1 under section 43b was inserted by finance act 1987 with effect from 1-4-1988 and it is as follows: provided that nothing contained in the section shall apply in relation to any sum referred to in clause (a) or clause (c) or ..... for filing the income-tax return under section 139(1). thus neither section 43b the scope of which is explained by the finance minister while introducing the provision under finance act 1983 with effect from 1-4-1984, the later provision of explanation 1 to section 43b, the proviso i inserted by the finance act, 1987 with effect from 1-4-1988 .....

income Tax Officer Vs. B. V. Reddy.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)46TTJ(Hyd.)370

..... of the method of accounting they adopt in their business. then the proviso no. 1 under s. 43b was inserted by finance act, 1987 w.e.f. 1st april, 1988 and it is as follows : "provided that nothing contained in the section shall apply in relation to any sum referred to in cl. (a) or cl. (c) or cl. (d) ..... the liability should be discharged in the very same accounting year. the word any sum payable occurring in s. 43b(a) were interpreted in explanation 2 inserted by the finance act, 1989 with retrospective effect from 1st april, 1984. the effect of the explanation is that payments which were made outside the accounting year also, if permissible under the provisions ..... supra) that explanation 2 to s.43b was inserted to nullify the effect of the decision in s. subba raos case. explanation 2 to s. 43b was inserted by finance act, 1989 with retrospective effect from 1st april, 1984. by virtue of the said explanation it is enough if the liability to pay sales-tax was incurred in the accounting year .....

R.M. Kandaswamy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1982)1ITD961(Hyd.)

..... has, therefore, been allowed.8. the assessee is a separate registered firm different from the larger firm. it is an assessee and separately assessable. the provisions of the relevant finance acts that in the case of a registered firm tax shall be levied and thereafter the specified rates at which the tax is to be levied are set out. this is ..... should be deducted before any apportionment is made. what is taken in the hands of the assessee-firm is only the apportioned share income. therefore, the statutory relief under section 67(1)(a) is already given. it is not as if the entire share of the assessed total income of the larger firm has been bodily lifted into the ..... the learned counsel had submitted that this should not detract from our decision on the issue with reference to all the arguments addressed before us.7. section 67(1)(a) of the income-tax act, 1961, prescribes the method of computing a partner's share in the income of the firm. it is stated that the apportionment shall be made as .....

income-tax Officer Vs. Kolluru Ravi

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)31ITD478(Hyd.)

..... municipal corporation. therefore, they fall within the exception to exception, introduced by the finance act, 1970. in other words, these lands constitute "capital assets", even though they are agricultural lands, for the reason that they are situated within the urban area specified in section 2(14)(iii)." thus, it would be seen that the issue was decided ..... on the ground that the land was capital asset in view of the amendment made by the finance act.7. now the question before the andhra pradesh high court in the ..... agricultural lands lying within the municipal corporation limits be considered as capital assets. the challenge sprang from a constitutional point of view. the contention was that the finance act amendment in 1970 was wholly outside the jurisdiction of the parliament. it was that issue which was decided by the high court. we also note that in .....