Judgment Search Results Home > Cases Phrase: finance act 2007 section 1 short title and commencement Court: income tax appellate tribunal itat pune Page 4 of about 44 results (0.118 seconds)

Smt. Kandabai S. Baldawa and ors. Vs. Deputy Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)81TTJ(Pune.)953

..... (sc) has held that : "the expression 'shall' used in sections 234a, 234b and 234c cannot be construed as 'may'. prior to finance act, 1987, the corresponding sections pertaining to imposition of interest used the expression 'may'; but the change brought about by the finance act, 1987, is a clear indication that the intention of the legislature was ..... to make the collection of statutory interest mandatory. that expression is used deliberately." similar expression 'shall' is used in section 158bfa(1) and, therefore, the ratio of hon'ble ..... detail. elaborate reasonings have been given for not entertaining the appeals of the assessees because no such provision is there in the it act providing appeal against charging of interest under section 158bfa(1). charge of interest is of compensatory nature and the hon'ble supreme court in the case of ganesh dass .....

income Tax Officer Vs. Shri Hanuman Mandir Trust

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)84ITD83(Pune.)

..... but since the assessee's income is one derived from property held under the trust wholly for charitable or religious purposes, provisions of section 164(2) will come into operation, but since under schedule to finance act, rates of income-tax for aop were the same as those of individual and, therefore, the assessee even though assessable under the ..... , but if the assessee's income was one derived from property held under the trust wholly for charitable or religious purposes section 164(2) applied and income was assessable as that of aop. under schedule to finance act, rates of income-tax for the aop were the same as those of individual and, therefore, the assessee even though ..... status of aop is still to be taxed as per the rates applicable to an individual. i further hold that proviso to section 164(2) was wrongly applied .....

Jaya Hind Sciaky Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... whether the land taken on lease by the assessee from midc for a period of 95 years can be included in the net wealth of the assessee under section 40 of finance act, 1983.sub-section (1) provides that wealth-tax shall be charged in respect of net wealth of the company other than a company in which the public is substantially interested ..... 2,175 sq.mt. is the subject matter of dispute. the assessing officer was of the view that value of the land is chargeable to wealth-tax under section 40 of finance act, 1983. the explanation of the assessee was that it possessed only the leasehold rights over the above land and was not absolute the owner of such land. accordingly ..... is whether the land taken on lease by the assessee from midc for a period of 95 years can be included in the net wealth of the assessee under section 40 of finance act, 1983.2. the assessee-company acquired certain land known as plot no. 18/1, pimpri industrial area within the village limit of akurdi leased for a period .....

Bhagani Nivedita Sah. Bank Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)87ITD569(Pune.)

..... not been withdrawn by the cbdt and hence is still in force. in this regard it is to be submitted that once there were certain amendments or insertions in section 194a after finance act, 1971, the said circular will automatically become redundant and no more operative.19. the learned counsel has placed reliance on various decisions of the supreme court but none of ..... credit society and a cooperative society engaged in carrying on business of the banking, it was held as under : the position as it stood before the amendment of section 194a by the finance act, 1996 was to the effect that all co-operative societies engaged in carrying on the business of banking were given the exemption. it is now confined to certain co .....

Smruthi Organics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)101ITD205(Pune.)

..... "special provisions relating to certain companies." those provisions remained in force for assessment years 1988-89 to 1990-91. the provisions of section 115ja did not initially contain clause (viii) of the explanation below this section. this provision was inserted by finance act (1997) with effect from 1-4-1998. the intent and purpose of introducing this provision was to grant benefit to even ..... zero tax companies of deduction under section 80hhc. for the sake of convenience the provision contained in this clause of the explanation may be .....

Shantilal M. Lalwani Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)82ITD59(Pune.)

..... for deeming in given situations concealment of particulars of income or furnishing of inaccurate particulars of such income.amendment of the provisions of section 271(1)(c) and insertion of an explanation by the finance act, 1964, was described in cbdt circular no. 20 dated 7-7-1964 as "tightening up of the provisions relating to ..... this appeal hinges upon a correct reading and interpretation of explanation 5 appended to section 271(1)(c). provision for penalty for concealment of particulars of income or furnishing inaccurate particulars of such income as it stood prior to amendment by the finance act, 1964, did not have any explanation and it was held by courts that ..... the burden to prove either concealment of particulars of income or furnishing of inaccurate particulars of such income was entirely upon revenue. the finance act, 1964, inserted an explanation whereby where the total income returned by any person was less than 80 per cent of the total income as assessed and .....

Asstt. Commissioner of Vs. J.N. Marshall (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)44ITD83(Pune.)

..... held that the intendtnent of proviso to section 43b was to clarify the main provisions of section 43b and therefore it relates back to the date on which the main provisions of section 43b were inserted, namely, 1-4-1984. the courts also held that explanation 2 inserted by the finance act, 1989 with retrospective effect from 1-4 ..... income under section 139(1) would be sufficient compliance with the provisions of law. it also pointed out that any other interpretation was not possible, because in the next year deduction would be denied to the assessee because liability did not arise in that year by virtue of explanation 2 inserted by the finance act, 1989 with ..... . of basle, switzerland. while holding that such contribution was not permissible as a deduction under section 10(2)(xii) of the income tax act, 1922 but it was allowable as a business expenditure under section 10(2)(xu) of the income tax act, 1922. it was held that under the agreement, the assessee did not become entitled exclusively .....

Kirloskar Electrodyne Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... behind these provisions is to provide for a tax disincentive by denying deduction in respect of a statutory liability which is not paid in time. the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year will be allowed ..... way amounts to defeating that purpose. in this connection, the intention of the legislature in enacting the provisions of section 43b would be apparent from clause 18 of the finance act, 1984 w.e.f.1-4-1984. the hon'ble finance minister, while introducing the bill, explained the objects and background of the bill as under [p. 31 of ..... (supra) etc., and find that they are not in accordance with the provisions of section 43b and contrary to the intention of the legislature. we agree with the findings of the authorities. in this connection, we may mention that section 43b was inserted by finance act w.e.f. 1-4-1984. the first pune bench of itat's order dated .....

Sharad Holding Leasing (P.) Ltd. Vs. Asstt. Cit, Cir. 1(1)

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)95ITD336(Pune.)

..... having given money for share application. while relying upon the decision of the itat bench, jaipur in the case of jagvijay auto finance (p) ltd. (supra), it was submitted that the provisions contained in section 269ss were not violated, when the assessee company accepted share application money. it was submitted that the aforesaid contention of the assessee ..... matter was restored to the file of the dy. cit (now jt. cit) for passing fresh orders after making further enquiries and after following provisions of section 273b of the act.before us, shri ka. sathe, the learned counsel for the assessee reiterated the submissions made before the authorities below. he further submitted that the entire ..... basic character of such receipt would not be that of a loan or deposit. the enlargement of the meaning of deposit by the direct tax laws (amendment) act, 1987 so as to include deposit of any nature would also have no relevance in the instant case for the reason that such enlargement of the meaning of .....

Sharad Holding Leasing P. Ltd. Vs. Asstt. Commissioner of It

Court : Income Tax Appellate Tribunal ITAT Pune

..... was restored to the file of the dy. cit (now jt. cit) for passing fresh orders after making further enquiries and after following provisions of section 273b of the act. 5. before us, shri k a sathe, the ld counsel for the assessee reiterated the submissions made before the authorities below. he further submitted that ..... our considered view, a balance sheet of the company is a solemn document and the statements made therein are meant for information to outsiders like creditors, finance agencies and government. the balance sheets are required to be filed with registrar of companies and the information contained is accessible to public. the assessee company had ..... share application. while relying upon the decision of the itat bench, jaipur in the case of jagvijay auto finance (p) ltd. v. acit (1995) 52 itd 504, it was submitted that the provisions contained in section 269ss were not violated, when the assessee company accepted share application money.it was submitted that the aforesaid .....