Court : Rajasthan
Reported in : III(2005)BC440; 2006(1)CTLJ377(Raj); RLW2005(2)Raj808; 2005(2)WLC337
..... transferred to him, and where any claim is so made, such asset shall be transferred, as soon as may be, to him). (12) [omitted by the finance act, 1992, w.e.f. 1-4-1993.1'section 23. what consideration and objects are lawful, and what not. the consideration or object of an agreement is lawful, unless-it is forbidden by law; oris ..... , a plea based on the ground that the payment was not made or tendered in cash or in any other manner.](5) [omitted by the direct tax laws (amendment) act, 1987, w.e.f. 1.4.1989. original sub-section (5) was inserted by the finance (no. 2) act, 1971, w.e.f. 1.4.1972](6) [omitted by the direct tax laws (amendment ..... ) act, 1987, w.e.f. 1.4.1989. original sub-section (6) was inserted by the finance (no. 2) act, 1971, w.e.f. 1.4.1972.7(a) subject to the provisions of .....
Tag this Judgment!Court : Rajasthan
Reported in : [2009]316ITR49(Raj)
..... reference has arisen under these circumstances.4. the first question is, whether the tribunal was justified in holding that the assessee is an industrial company in terms of section 2(7)(c) of the finance act, 1973 (sic). this issue came for consideration before the bombay high court in case title cit v. berrys hotels (p) ltd. : (1994) 207 itr ..... the circumstances of the case, the tribunal was right in law in holding that assessee is not an industrial company within the meaning of definition used in section 2(7)(c) of the finance act, 1978 for the purpose of lower rate of tax ?2. in the ref. petn. nos. 39 of 1988, 40 of 1988 and 41 of ..... these decisions are based upon the interpretation of the phrase machinery or plant under section 41 of the finance act, 1971, which was applicable and there appears no such distinction for grant of allowance on different heads as provided under section 32 of the income tax act.(7) to differentiate a building for grant of additional depreciation by holding it .....
Tag this Judgment!Court : Rajasthan
Reported in : (2006)204CTR(Raj)529; [2008]298ITR250(Raj); RLW2007(2)Raj1609
..... these contracts to subcontractors for which commission @ 3 per cent was charged, which was declared as his taxable income.3. section 194c was inserted in it act, 1961 by finance act, 1972 w.e.f. 1st april, 1972. under sub-section (1) of section 194c any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for ..... source did not arise was rs. 5,000. this limit was enhanced to rs. 10,000 w.e.f. 1st june, 1982 by finance act, 1982 and was further enhanced to rs. 20,000 by act no. 22 of finance act, 1995 w.e.f. 1st july, 1995. in this reference we are concerned with the assessment periods 1974-75 to 1981-82. ..... sufficient reasons?ra nos. 202 to 209/jp/19911. whether, on the facts and in the circumstances of the case, the tribunal was justified in invoking provisions of section 231 of it act, 1961 and thus holding the levy of interest as barred by time?2. whether, on the facts and in the circumstances of the case, the tribunal was justified .....
Tag this Judgment!Court : Rajasthan
Reported in : II(1992)ACC600; 1992ACJ843; AIR1992Raj61; 1992(1)WLC356; 1991WLN(UC)351
..... of the supreme court in union of india v. madan gopal kabra, air 1954 sc 158 at 163 while examining the issue of applicability of finance act to the income earned before the commencement of the finance act. their lordships of the supreme court again observed in sree bank ltd. v. sarkar dutt roy and co., air 1966 sc 1953 as under ..... at page 1957 :-- 'it could be said that even then the first sub-section would not have a retrospective operation but would only apply prospectively to a ..... into force. the claimants had made a claim for immediate award of rs. 25,000/-as compensation on the ground of 'no fault liability' as fixed by section 140 of the new act. this claim of the claimants was contested by the corporation on the ground that since accident has taken place on 19/5/89 before the commencement of the .....
Tag this Judgment!Court : Rajasthan
Reported in : (2005)195CTR(Raj)335; [2006]284ITR250(Raj)
..... position prior to amendment in the provision w.e.f. 1st april, 1989, the period for which we are also concerned, held that :'prior to clause (a) of section 43b was substituted by finance act, 1988, w.e.f. 1st april, 1989, it read 'any sum payable by assessee by way of tax or duty under any law for the time being in ..... question of law arises (out) of its order because the answer to the question raised is so obvious that it does not call for consideration by this court.9. section 43b has been inserted by the finance act, 1983 (11 of 1983), section 18 (w.e.f. 1st april, 1984).the provision was amended for the first time by the direct tax laws (amendment ..... ) act, 1987, w.e.f. 1st april, 1989.since the matter concerns about the asst. yr. 1987-88, section 43b as it was in force in 1987, would only govern this case .....
Tag this Judgment!Court : Rajasthan
Reported in : (1985)49CTR(Raj)50; [1986]159ITR983(Raj)
..... utensil or other article or worked or sewn into any wearing apparel.' it was rightly not disputed by the learned counsel for the revenue that the finance act of 1972 is not retrospective and, therefore, whatever substantive rights had accrued to the assessee prior to april 1, 1973, they could not be ..... tax officer was of the opinion that jewellery articles came within the definition of 'asset' with effect from april 1, 1973, in accordance with the finance act, 1972. by his order dated january 29, 1976, the income-tax officer worked out the capital gains at rs. 13,560. the assessment was ..... of the amendment, gold ornaments and jewellery became capital assets from april 1, 1973, and not before that. sub-section (14) of section 2 of the income-tax act, 1961 (no. xliii of 1961) ('the act' herein), as in force from april 1, 1973, is as under:'(14) 'capital asset' means property of ..... costs of this reference.8. a copy of this order shall be sent to the tribunal as required by section 260(1) of the act. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1996)130CTR(Raj)585
..... used in construction of building while from 1984-85 to 1987-88. the table was changed on the basis of general rates or special rates.sec. 32(1)(v) was added by the finance act no. 2 of 1967 and remained in operation for asst. yrs. 1968-69 to 1987-88 and initial depreciation was allowed for hotel buildings. ..... it operated. they were a permanent installation and provided support for services used by the company for carrying on its trade. the company claimed capital allowance under the finance act, 1971, s. 41 in respect of the expenditure incurred, contending that it constituted capital expenditure on the provision of plant. on appeal by the crown from the ..... incurred on the provision of plant for the purposes of their trade, and accordingly claimed a first-year allowance in respect of it under s. 41 of the finance act, 1971. the inspector of taxes disallowed the claim, but on appeal the special commissioners reversed the inspectors decision and upheld the taxpayers claim.34. the building in .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2008(4)Raj3568
..... assessing authority however in communication dated 17/10/2000 addressed to the petitioner has rejected objection of the petitioner.5. learned counsel for the respondent however cited amendment in section 148 of finance act, 2006 w.e.f. 1/10/1991 and argued that in such a case where a notice furnishing additional information was served after the expiry of 12 months in ..... response to notice issued under that provision and subsequent notice has been issued 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 before the expiry of the time limit for making the .....
Tag this Judgment!Court : Rajasthan
Reported in : [1997]226ITR561(Raj)
..... . these were a permanent installation and provided support for services used by the company for carrying on its trade. the company claimed capital allowance under the finance act, 1971, section 41 in respect of the expenditure incurred, contending that it constituted capital expenditure on the provision of plant. on appeal by the crown from the decision ..... been incurred on the provision of 'plant' for the purposes of their trade, and accordingly claimed a first-year allowance in respect of it under section 41 of the finance act, 1971. the inspector of taxes disallowed the claim, but on appeal the special commissioners reversed the inspector's decision and upheld the taxpayer's claim.41 ..... construction of building while from 1984-85 to 1987-88, the table was changed on the basis of general rates or special rates.11. section 32(1)(v) was added by the finance act (no. 2) of 1967, and remained in operation for the assessment years 1968-69 to 1987-88 and initial depreciation was allowed for .....
Tag this Judgment!Court : Rajasthan
Reported in : (1996)131CTR(Raj)217
..... ctr (st) 1] issued in this regard reads as under :' explanatory notes on the provisions of the finance act, 1990 - modification of provisions relating to exemption of income from exports27.1 at present exporters are given incentives by way of cash compensatory support (ccs), drawback of duty and ..... or profit & loss account ?'2. after the reference made by the tribunal, the law on the point has been amended and an explanatory note on the provisions of the finance act, 1990, was issued making/modifying the provisions relating to exemption of income from export. the circular no. 572, dt 3rd aug., 1990, [printed at (1990) 87 ..... provision regarding the taxability of these incentives received by the exporters, new cls. (iiia), (iiib) and (iiic) have been inserted in s. 28 of the it act to provide that profit on sale of import entitlement licences, ccs and drawback of duty respectively shall be chargeable to income-tax under the head 'profits and gains .....
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