Judgment Search Results Home > Cases Phrase: finance act 2007 section 109 omission of section 127ma Court: income tax appellate tribunal itat delhi Page 4 of about 38 results (0.123 seconds)

Atlas Shoe Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD188(Delhi)

..... & mfg. co. ltd. and s.a.l. narayan row (supra). as in those cases, in the present case the finance act of 1980 was passed with retrospective effect from 1-4-1972 and in view of the incorporation of section 80j (1a) the present case became a case of mistake apparent from the record in the background of the amending ..... in the present case are concerned, they were initiated and made after section 80j (1a) was incorporated by virtue of the finance (no. 2) act, 1980. the present case is not one where the order of rectification has been made prior to the aforesaid passing of the finance act, 1980. the present case is squarely covered by the decision of the ..... records. we do not propose to include the expression 'deemed to be apparent' in section 35 of the act.this is not the position here. in the present case, as we have brought out above, the assessment orders were passed long before the finance act of 1980. insofar as the rectification proceedings and the rectification orders passed by the ito .....

Jai UshIn Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)330

..... for the year under consideration i.e. assessment year 2003-04 is required to be considered and decided in accordance with the provisions of section 32(2) as amended with effect from 1-4-2002 by the finance act, 2001 which are applicable to that year. in that view of the matter, we uphold the impugned order of the learned commissioner ( ..... was limited to eight years as against no such time prescribed in the pre-amended provisions. the provisions of section 32(2) as amended by the finance (no. 2) act, 1996 with effect from 1-4-1997 were again amended by the finance act, 2001 with effect from 1-4-2002 whereby the position as it existed prior to 1-4-1997 was ..... to the unabsorbed depreciation of the earlier years as current year's depreciation by creating a deeming fiction were taken away by the amendment made in the said section by finance (no. 2) act, 1996 w.c.f. 1-4-1997, but even the period available to set off such unabsorbed depreciation against the profits of the subsequent years was limited .....

Mannalal Soorana Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)4ITD131(Delhi)

..... the orders of assessments were passed by him after disallowing the claims made by the assessee. the hon'ble supreme court held that the amount declared under section 68 of the finance act, 1965 had the liability to pay income-tax imbedded in it on the valuation dates but only the ascertainment of that liability was postponed to a ..... the voluntary disclosure scheme was deductible as a debt owed on the valuation date within the meaning of section 2(m) of the wealth tax act. in this case the voluntary disclosure was made by the assessee under section 68 of the finance act, 1965. the income concealed in this disclosure was for the assessment years 1959-60 to 1964-65. ..... the income disclosed was sought to be taxed by the revenue under the wealth-tax act for different assessment years from 1959-60 to 1964-65. .....

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... provisions contained in the first schedule; the following sub-clause (viia) shall be inserted after sub-clause (vii) of clause (24) of section 2 by the finance act, 2006, w.ef. 1st april, 2007. (viia) the profits and gains of any business of banking (including providing credit facilities) carried on by a co-operative society with its ..... we have given our reasons for reaching above conclusion which need not be repeated.25. it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. 1st april, 1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any ..... for revising the earlier computation of capital gains would have expired. 23.2 with a view to removing this difficulty, the finance act has inserted a new sub-section (7a) in section 155 of the it act to enable recomputation of capital gains in cases where the transfer of the capital asset is by way of compulsory acquisition .....

income-tax Officer Vs. Hydle Constructions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD575(Delhi)

..... the assessee's claim for being treated as an industrial company as defined in section 2(9)(c) of the finance act, 1976 (similar in other years finance acts) and the claim of the assessee for relief under section 80j of the income tax act, 1961 ('the act'). while in the assessment year 1976-77 both the points were decided by the ..... and slabs. the question arose whether such a company was an industrial company within the meaning of section 2(1)(d) of the finance act, 1966. it was held by the high court that the definition in the finance act covered only that construction company which was engaged in the construction of ships and by implication excludes from ..... the case of national projects construction corpn. ltd. (supra) should be followed. he contended that the definition in section 45(d) of the wealth-tax-act was very close to the definition given in the finance act. he submitted that by adding the activity of 'construction of ships', the legislature has not excluded such other construction .....

Manaktala Chemicals (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD35(Delhi)

..... in hindustan marbles (p.) ltd. v. ito [1987] 20 itd 16. sub-section (8) of section 40a was inserted by the finance act, 1975 w.e.f. 1-4-1975 and was omitted by the finance act, 1985 w.e.f.1-4-1986. sub-section (8) as inserted by the finance act, 1975 stood as under :- (8) - where the assessee, being a company (other ..... no. 169 dated 23rd june 1975 in the following manner:- 32. in order to discourage unrestricted growth of deposits in the non-banking sector, the finance act has inserted a new sub-section (8) in section 40a to provide for partial disallowance of interest paid by non-banking, non-financial companies on deposits received by them. under the new ..... and 58b of the companies act is to regulate the flow of deposits into non-banking and non-financial companies without having any serious impact on the regular banking companies, the object of enacting sub-section (8) of section 40a is, as stated by the finance minister while moving the bill in the parliament, to provide a dis-incentive .....

Garrick D'Silva Vs. Joint Commissioner Of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)105TTJ(Delhi)445

..... the aar is required to be followed in preference to the decision of the house of lords.21. it is also pertinent to mention that the finance act, 1999 had inserted section 17(2)(iiia) to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares under the employees' ..... directly or indirectly under the employees stock option plan or scheme. this is sought to be done by deleting section 17(2)(iiia) and providing an explanation below section 17(2)(iii). sub-section (2b) in section 49 inserted by the finance act, 1999, has also been deleted. under the amended provisions, such shares will only be subjected to capital gains ..... to 31st march, 2000, shall continue to be governed by the old provisions.the above explanatory notes make it abundantly clear that the insertion of section 17(2)(iiia) by the finance act, 1999 was to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares and, therefore, the .....

Deputy Commissioner of Income Tax Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)1113ITD624(Delhi)

..... non-priority list of articles or things from the eleventh schedule. 'projectors' will, however, continue to be included as an item in the eleventh schedule. (section 53 of the finance act, 1988).24. thus, the position of law as it stands is whereas entry 9 was subjected to amendment for a specific purpose. entry 10 continued to remain ..... authorities below or before us that the assessee falls in the exception carved out by the legislature in section 80-i(2)(iii). a perusal of the list of articles or things given in the eleventh schedule shows that before the finance act, 1988, entries 9 and 10 were as under:entry 9. cinematograph films and projectors.entry 10 ..... in photo colour films also as photographic goods. she rejected the assessee's argument based on the amendment made to item no. 9 of the eleventh schedule by the finance act, 1988. prior to the amendment, entry no. 9 read as "cinematographic films and projector". after the amendment it read as "projector". the argument of the assessee .....

Dcit, Spl. Range-i Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the non-priority list of articles or things from the eleventh schedule. "projectors" will, however, continue to be included as an item in the eleventh schedule. [section 53 of the finance act, 1988].23. thus, the position of law as it stands is whereas entry 9 was subjected to amendment for a specific purpose, entry 10 continued to remain ..... the authorities below or before us that the assessee falls in the exception carved out by the legislature in section 80-i(2)(iii). a perusal of the list of articles of things given in the eleventh schedule shows that before the finance act, 1988, entries 9 & 10 were as under: 21. it is necessary to appreciate that the ..... in photo colour films also as photographic goods. she rejected the assessee's argument based on the amendment made to item no. 9 of the eleventh schedule by the finance act, 1988. prior to the amendment, entry no. 9 read as "cinematographic films and projector". after the amendment it read as "projector". the argument of the assessee .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... any scope for interpreting the said expression as 'may'. this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving discretion to the authorities concerned to either reduce or waive the interest. the ..... (1) maruti udyog ltd.-the departmental appeal in this case for asst. yr. 1992-93 is pending for disposal in ita no. 4701/del/2007 in which the issue is regarding levy of interest under section 234d. the application to become intervener is dt. 15th april, 2008. (2) areva t&d india ltd. v. asstt. cit- one ..... 2004-05.70. it may be pointed out here that we have carefully gone through the decision of sigma aldrich foreign holding co. v. asstt. cit (2007) 106 ttj (bang) 581 : (2007) 104 itd 95 (bang), a decision relied upon by learned departmental representative. all the aspects of the issue discussed in the said decision have been considered .....