Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195426ITR608(Hyd.)
..... it was received. after the fiscal integration of hyderabad state with the union of india, the indian income-tax acts and the rules for governing the procedure of the appellate tribunal were made applicable by the indian finance act of 1950 as and from 1st april, 1950. under the rules governing the procedure of the income-tax appellate tribunal ..... of the income-tax commissioner at hyderabad to the registrar of the income-tax appellate tribunal at bombay.on a plain reading of sub-section (3) of section 66 of the income-tax act, it is clear that there is no authority vested in the high court to condone any delay or to give any benefit to the ..... applications were time-barred inasmuch as they were not presented within 60 days from the serving of the order. the assessee has now applied under sub-section (3) of section 66 of the act challenging the order of the tribunal. pleader for the assessee contends that the registrar, income-tax commissioner at hyderabad, was appointed by notification of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195425ITR309(Hyd.)
..... section 24(1) enlarges the scope of the said sub-section (1) or that section 24 was intended to include the whole law of set-off. the learned chief justice ..... profits under some other head of income although malik, c.j., considered that the provision to section 24(1) of the indian income-tax act does no t apply to the assessments made in the year 1944-45, in view of the provisos of the section 6 of the finance act, 1944, if was unnecessary to answer the arguments advanced that the first proviso to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR210(Hyd.)
..... raised by the assessee before the tribunal challenging the validity of the taxation laws (part b states) (removal of difficulties) order, 1950, issued under section 12 of the indian finance act, 1950, he cannot be permitted to raise it in this reference, nor can the income-tax department be allowed to raise any new question or ask ..... the year of assessment would have been ordinarily allowed on the cost of the asset.the central government, in exercise of the power vested in it under section 12 of the finance act, issued the taxation laws (part b states) (removal of difficulties) order, 1950, purported to remove the above difficulties by clause 2 of the said ..... aggregate depreciation allowance referred to in sub-clause (c) of the proviso to clause (vi) of sub-section (2) and the written down value under clause (b) of sub-section 10 of the said act." section 12 of the indian finance act, 1950, under which this order was issued, authorises the central government by order to make such provision or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR206(Hyd.)
..... b states) (removal of difficulties) order, 1950, is not valid under section 60a of the indian income-tax act, we should consider it as an order made under section 12 of the income-tax act, we should consider it as an order made under section 12 of the finance act. we have considered this aspect of the matter in the aforementioned case and ..... added reason for declaring the explanation to be bad is that it is not permissible for the central government in exercise of the powers under section 60a to amend an order made under section 12 of the finance act. the contents of these two section are different. the only power that may at first sight appear to be common to both these ..... whole or any part of the income of any person or class of persons while that under section 12 of the finance act is vested merely to surmount obstacles or difficulties which may arise in the application of the indian income-tax act to part b states or merged states, though even this power which is merely an enabling one .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)1ITD728(Hyd.)
..... order was passed by the ito on 23-3-1979. therefore, the amended provisions of section 246 alone would be applicable to this case. sub-section (2) of section 246 was introduced by the above finance act with effect from 10-7-1978. the same, so far as it is relevant for the purpose of this appeal, ..... reads as follows : (2) notwithstanding anything contained in sub-section (1), any assessee aggrieved by any of the following orders (whether ..... appeal filed by the assessee before him against the order of the ito passed under section 271(1)(c) and disposing it of. to appreciate the above contention we have to refer to the provisions of section 246. section 246 was amended by the finance (no. 2) act, 1977, with effect from 10-7-1978. in the instant case the penalty .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD60(Hyd.)
..... the assessee. i may also refer to the following passage occurring at page 1181 of chaturvedi and pithisaria's income-tax law, second edition : ii. the finance act, 1969-changes made in section 80c by the finance act, 1969, have been elaborated in the following portion of the departmental circular no. 22 dated 17-7-1969 : 43. the ..... finance act, 1969, had amended the provisions of section 80c of the income-tax act with a view to enlarging the area of tax relief on savings through life insurance policies and to provide tax relief in the case of authors, ..... keep in force an insurance policy on the lives of her children even after they attained majority should be allowed under the provisions of section 80c(2)(a) of the income-tax act, 1961 ("the act"), for the assessment year 1977-78.2. the ito disallowed the claim, following the order passed by the aac for the earlier assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD191(Hyd.)
..... 2. the original assessments made on the assessee, an association of persons, for the above assessment years were re-opened by the ito under section 147(b) of the income-tax act, 1961 ('the act') on the ground that the interest payments to the members of an association of persons were wrongly claimed and allowed. the ito observed that the ..... interest payments claimed were not allowable under section 36(1)(iii) of the act, because the interest was paid only on the investments made by the proprietors of the business. he further observed that this was the position of ..... (m) of l.t. act interest paid in respect of capital borrowed for the purposes of business or profession is an admissible deduction. but interest paid in respect of amounts financed by a member of aop is not an admissible deduction as the member of aop cannot be treated as a 'borrower' and the amount advanced for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)3ITD172(Hyd.)
..... view, it could not, therefore, be treated as an industrial company. here also, the high court was concerned with the definition of 'industrial company' under section 2(8)(c) of the finance acts, 1974 and 1975, which did not have the word 'construction' or the word 'thing'. even so, it was held that part of the income could ..... was engaged in building construction and repair was found to be not an industrial undertaking only in the limited context of the definition of 'industrial company' in section 2(7)(d) of the finance act, which was concerned only with 'construction of ships' and 'manufacture or processing of goods'. hence, the decision of the bombay high court in n.u ..... clearer. the bombay high court in the case of n.u.c. (p.) ltd. (supra) was dealing with the definition of 'industrial company' in section 2(7)(d) of the finance act, 1966 where the words were 'construction of ships' as distinct from 'manufacture or processing of goods'. in fact, the bombay high court had occasion to refer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)6ITD700(Hyd.)
..... ponnur, for the assessment year 1978-79 and in salaba beig finance corporation, ponnuru and nidubrole, for the assessment year 1979-80. as for share income, there is no dispute that the income of the wife has to be aggregated under section 64 of the income-tax act, 1961 (the act). it is, however, the assessees case that interest element should ..... supported the revenues case. there was a reference to the contribution of capital without limit by the partners. there was only one capital account. for the business of finance, capital was quite necessary. he sought to distinguish the decisions of the madras high court and the tribunal, relied on by the assessee, on facts. he also ..... it was held that the mere omission to refer the contribution of capital in the partnership deed did not justify the exclusion of interest from the scope of section 64.3. we have carefully considered the records as well as the arguments.there is one view though a narrower one which holds that the interest payable to .....
Tag this Judgment!