Judgment Search Results Home > Cases Phrase: finance act 2007 section 1 short title and commencement Sorted by: recent Court: income tax appellate tribunal itat pune Page 5 of about 44 results (0.323 seconds)

Assistant Commissioner of Income Vs. Hyt Engineering Co. Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)93TTJ(Pune.)16

..... is the same person who was allowed the deduction earlier.12. with a view to ensuring that there is no loss of revenue and undue enrichment, sub-section (1) of section 41 was substituted by the finance act, 1982, so as to bring to tax the amount or benefit, as the case may be.13. in this case i find that there is no ..... received in the subsequent year cannot be treated as income received by the assessee.11. it is important to note that the present case is governed by the old law section 41(1) was amended by the finance act, 1992, with effect from 1st april, 1993. this case relates to the assessment year 1990-91.under the provisions of ..... section 41(1) of the act, where an assessee who was allowed deduction in respect of any loss, expenditure or trading liability in any year obtains any amount tat respect of such loss or expenditure or .....

Assistant Commissioner of Vs. Hyt Engg. Co. (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)92ITD202(Pune.)

..... the same person who was allowed the deduction earlier: - 12. with a view to ensuring that there is no loss of revenue and undue enrichment, sub-section (1) of section 41 was substituted by the finance act, 1922, so as to bring to tax the amount or benefit, as the case may be.13. in this case i find that there is no undue ..... received in the subsequent year cannot be treated as income received by the assessee.11. it is important to note that the present case is governed by the old law. section 41(1) was amended by the finance act, 1992, with effect from 1st april, 1993. this case relates to the assessment year 1990-91. under the provisions of ..... section 41(1) of the act, where an assessee who was allowed deduction in respect of any loss, expenditure or trading liability in any year obtains any amount in respect of such loss or expenditure or .....

The Dy. C.i.T., Sr-3 Vs. Sheth and Sura Engg. P. Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

..... , furniture etc, therefore, the assesses was entitled to depreciation thereon. it was also stated by the id counsel for the assessee that the assessee made declaration under section 132(4) of the act and offered a sum of rs. 7,00,000/- for tax being the investment made in plant and machinery and a sum of rs. 3,00,000/- ..... any evidence to show that these amounts represented the cost of a plant and machinery and furniture and fixture respectively qualifying for depreciation under section 32 of the act. merely because the disclosure of undisclosed income of rs. 7.00 lakhs and rs. 3.00 lakhs were made under the head 'plant and machinery' and ..... asset, its date of acquisition and its actual cost. in this case, the assessee failed to furnish these details in respect of its claim for depreciation under section 32 of the act. the amount of rs. 7.00 lakhs and rs.3.00 lakhs offered by the assessee for tax represented its undisclosed income and the assessee did not produce .....

Nirmiti Construction Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)95TTJ(Pune.)1117

..... plot was taken at 28,284 sq. mt. there is no dispute that during the assessment year under consideration, the assessee claimed the deduction under section 80-ib(10) of the act. section 80-ib(10), as applicable to the relevant period, reads as under : "80-ib.(1) where the gross total income of an assessee ..... the permission of construction on 23rd july, 1999. in our view, the activities, viz., approval of the plan, marketing for booking the residential units, availing of finance, receipt of advance booking money, etc., could not be construed to mean commencement of development and construction of housing project. as per the certificate of architect, the ..... july, 1999. it was also submitted by the assessee that approval of the plan, printing of project brochure, marketing for booking the residential units, availing of finance, receipt of advance booking money, etc., could not be constituted to mean commencement of development and construction of the housing project. the assessee also furnished a .....

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 .....

Swasik Asbestos Products Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)89TTJ(Pune.)393

..... gujarat high court in the case of cit v. girish bhagwat prasad (2002) 256 itr 772 (guj) wherein it has been held that after the amendment, to section 36(1)(vii) by the finance act with effect from 1-4-1989, the assessee is not required to establish that a debt had become bad debt in the previous year and mere writing off ..... to be allowed. if at all something is recovered out of the same, the same is to be taxed in the year of recovery as provided in section 41(4) of the income tax act.in this regard the assessee relied on the decision of the calcutta bench of the tribunal in the case of jayanti commerce ltd. v. asstt.commissioner and ..... to justify the claim of bad debts.according to the assessee, since the amount was written off in the books of account as per the amended provision of section 36(1)(vii) of the act, the same has to be allowed automatically in view of the amended provisions of law with effect from, 1-4-1989. the assessing officer was of the .....

Mrs. Aruna M. Katara Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)82TTJ(Pune.)363

..... .7. after having heard both the sides and considering the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. before considering the same, it is imperative to look into ..... it clearly says that surcharge has to be levied (refer para 39(3)(f) of the said circular). further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed ..... applicable when the search was carried out. further it is noted that second proviso to section 2(7) both under finance act, 1995, and finance (no. 20) act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part .....

Rikhabchand M. Lalwani (Huf) Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)81TTJ(Pune.)964

..... compensation by different courts often results in mistakes of computation of tax. 24.6 with a view to removing these difficulties, the finance act, 1987 has inserted a new sub-s. (5) in section 45 to provide for taxation of additional compensation in the year of receipt instead of in the year of transfer of the capital ..... followed the decision of the hon'ble supreme court. according to the ao, the provisions of section 45(5) was inserted in the act by the finance act, 1987 w.e.f. 1st april, 1988. in his opinion, the provisions of section 45(5) provide that the money received by the assessee as enhanced compensation irrespective of the ..... compensation received by the assessee as same was challenged before the higher forum. the commissioner invoking section 263 set aside the order passed by the assessing officer. the commissioner also considered the clause (c), inserted by the finance act 2003 to section 45(5) with effect from 1-4-2003. the enhanced compensation received by the assessee .....

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 .....