Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)80ITD465(Delhi)
..... collection of excise duty and refund, etc. to the levy of special excise duty; which is not the position under section 40 of finance act, 1983. on the contrary, sub-section (7) of section 40 of finance act, 1983, makes the provision of section 40 as part of wt act, 1957, itself." in view of the vital difference in the language of two enactments we hold that the decision ..... contending that wealth-tax chargeable under section 40 of finance act, 1983, is nothing but wealth-tax chargeable under section 3 of 1957 act. he drew our attention to the provisions of section 40(1) of finance act, 1983, which itself says "wealth-tax shall be chargeable under wt act". he also referred to sub-section (7) of this section and submitted that section 40 of finance act, 1983, has been made part of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)35ITD211(Delhi)
..... under the explanation that it is to be treated as an industrial company. since the assessee is an industrial company within the meaning of clause(c) of section 2(7) of the finance act, 1982 concessional rate of tax at 55% would be applicable for the assessment year under consideration. in this view of the matter, we uphold the order ..... even though mainly not so engaged, derives income in any year 51% or more of its total income from such activities.the explanation to clause(c) of section 2(7) of the finance act, 1982 contains a deeming provision as a result of which a company which, in fact, is not mainly engaged in the business of generation or distribution of ..... the assessee.7. we have considered the submissions made on behalf of the parties and have gone through the record of the case. clause (c) of section 2(7) of the finance act, 1982 defines "industrial company as a company which is mainly engaged in the business of generation of distribution of electricity or any other form or power or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)105TTJ(Delhi)501
..... the liability of penalty upon the assessee unless the legislature expressly provided for the same. as the finance act, 2002, made the amendment in section 271(1)(c) w.e.f. 1st april, 2003, it cannot be said that the amendment was clarificatory and, therefore, retrospective in operation. ..... otherwise expressly or by necessary implication. the return in the instant case was filed much prior to the amendment by the finance act, 2002. as per the law prevailing at that time, penalty under section 271(1)(c) was not to be levied if the assessed income is loss. therefore, the subsequent amendment cannot fasten ..... levied.13. on the other hand it was contended by senior authorised representative, mr. anil bhalla that the legislature, vide finance act, 2002, amended section 271(1)(c) w.e.f. 1st april, 2003, and modified clause (iii) after section 271(1)(c) after the sentence "in addition to tax", the words "if any" are inserted. similarly, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2001)78ITD151(Delhi)
..... the person making payment in indian currency out of foreign exchange paid by the foreigner.8. let us now analyze the nature of the amendments made in section 80hhd by the finance act, 1991 in the light of the legal propositions set out in para 6 above. it is a fact that the amended provisions have not been expressly given ..... and circumstances of the case in its entirety and in view of the foregoing discussion we hold that the above referred amendments made by the finance act, 1992 by introducing explanation to section 80hhd(2) and sub-section (2a) are retrospective in nature. we would, therefore, set aside the orders of the authorities below and restore the matter to the ..... a specific situation, and is of clarificatory nature.therefore, it has to be treated as retrospective w.e.f. 1-4-1984, the date on which section 43b was inserted by the finance act, 1983. it would be useful to refer to the following observations of the hon'ble supreme court at page 686 :-- "therefore, in the well known .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)29ITD641(Delhi)
..... , by holding that cost of construction in relation to uncompleted building could not be termed as building, we hold that the provision of clause (vi) of section 40(3) of the finance act, 1983 clearly saved the assessee from taxation in relation to rs. 1,48,058 on more than one count, independent of each other. since we are ..... other and, therefore, unlike the normal notion that building and land would form one unit cannot be said to be good as far as the applicability of section 40 of the finance act, 1983 for taxation of the closely held companies is concerned. there were two types of assets, the value of which came to be added in the ..... purchased by the company in public auction from delhi development authority in november 1983 and the building after construction was used for industrial purposes clause (vi) of section 40(3) of the finance act, 1983 came to the assessee's rescue and the value of the plot and the factory building under construction was, therefore, not taxable.4. before us .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)28ITD478(Delhi)
..... is substantive and not merely procedural. it is only a procedural provision to which retrospectivity can be normally attracted. no doubt, the explanation to section 263(1) as substituted by the finance act, 1988 with effect from 1-6-1988 incorporates the provision regarding partial merger (vide clause (c)) but in the light of what has been ..... is substantive and not merely procedural. it is only a procedural provision to which retrospectivity can be normally attracted. no doubt, the explanation to section 263(1) as substituted by the finance act, 1988 with effect from 1-6-1988 incorporates the provision regarding partial merger (vide clause (c)) but in the light of what has been ..... there was a complete merger. there is no decision of the hon'ble delhi high court on this subject. no doubt, the explanation to section 263(1) as substituted by the finance act, 1988 with effect from 1-6-1988 incorporates the provision regarding partial merger [vide clause (c)] but in the light of what we have .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)45ITD310(Delhi)
..... provisions of section 40(3) of the finance act, 1983. provisions of section 2(e)(v) of the wealth-tax act, 1957 could not be invoked in contravention of the specific provisions of sub-section (4) of section 40 of the finance act, 1983. clause (vi) of sub-section (3) of section 40 of the finance act, 1983 has been substituted by finance act, 1988 with ..... out that with a view to remove this unintended hardship and provide incentive for growth and modernisation the amendment was brought in section 40 of finance act, 1983 w.e.f. 1-4-1988 by finance act, 1988. in the memorandum explaining this provision itself the connotation of'substituted' was incorporated in this order and it was ..... , the question of exemption of cinema building came where the interpretation of provision of section 2(e), section 7(2) (a) and section 45(d) of the wealth-tax act vis-a-vis sub-sections (3), (4) & (5) of section 4 of the finance act, 1983 was considered. the facts in that case are also similar to the present .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2003)87ITD137(Delhi)
..... of cbdt circular no. 779 dated 14-9-1999 reported as 240 itr page 3 (statute) wherein it has been clarified that the amendment by finance act, 1999 in section 9(1)(ii) would apply to assessment year 2000-01 and subsequent assessment years. the legislature has not said that salary for services rendered in india ..... . salil gupta has vehemently assailed the order of cit(a) by contending that off-period salary is taxable in view of the provisions of explanationto section 9(1)(ii) as substituted by finance act, 1999 which, according to him, is retrospective in operation, being clarificatory/declaratory in nature. it was emphasized by him that the words "for ..... four concerns of the taxing provisions.6. before coming to the contention of ld. dr regarding retrospective operation of explanation substituted by finance act, 1999, let us first consider the scope of section 9(1)(ii) as originally enacted and amended from time to time in the light of judicial interpretation. such provisions as originally .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)107ITD1(Delhi)
..... that is to be charged in accordance with and subject to the provisions of this act. but for this provision, tax on income could not have been charged under the it act which is levied by the finance act every year. section 2 of the finance act every year provides that income-tax for the assessment year commencing from the 1st day ..... the rates prescribed in part 1 of the first schedule. the first schedule of the finance act prescribes rates for various classes of persons. as such, the charge of tax on income arises under section 2 of the finance act and the provisions of it act including section 4 provide that tax at that rate or those rates is to be charged in ..... probably left over would be to cancel the assessment being bad in law, or the amendment in section 158bc is made in the same manner as was done in regard to section 148 of the act, as it existed prior to its amendment by finance act, 1996. he also placed reliance on the following judgment of the tribunal: (unreported judgment of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD506(Delhi)
..... form in which it is capable of being sold or supplied in the course of business. now since the definition of 'industrial company' in the finance act, is so different from the language in section 32a the meaning given to the expression 'manufacture or processing of goods' cannot be applied to the manufacture or production of any article or thing ..... only a process in trading. this is the decision given by the kerala high court on the language used in section 2(6)(w) of the finance act. let us now compare and contract this language with the language used in section 32a(2)(&)(m). here the striking difference is absence of the word 'processing' and the use of the word ..... a private limited company also running a hotel business. for the assessment year 1968-69 it claimed to be an industrial company as the term is defined in the finance act, 1968. the claim of the assessee was that the activity of converting the raw materials into finished products, namely, food-stuffs did amount to carrying on of .....
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