Judgment Search Results Home > Cases Phrase: finance act 2007 section 109 omission of section 127ma Court: income tax appellate tribunal itat Page 3 of about 142 results (0.081 seconds)

Smt. P. Kamalam Amma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1983)3ITD759(Coch.)

..... and, therefore, there is no restriction as to the assessment year to which this provision would apply. a comparison is made with the provisions of section 80cc introduced in the same finance act. it is also submitted that the clear language of a provision in a taxation statute should be given its meaning without any other restrictions and if ..... the assessment year 1977-78 is to be made in accordance with the provisions of section 55(2)0') as amended by the finance act, 1977 and section 54e, read with section 155(10a).these changes on which the assessee relies have been introduced by the finance act, 1977. if these provisions were intended to be effective even for the assessment year ..... 1977-78, there would have been no need for the legislature to provide in the finance act itself that these changes, viz., the amended section 55(2)(i) and the newly introduced section 54e, would come into effect from 1-4-1978. it has been held in a number of cases that it .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... lease of tangible or intangible property etc. it was submitted that the expression in the nature of has been clarified by way of insertion of explanation to section 92b by the finance act, 2012 with retrospective effect from 1-4-2002, but the case under consideration does not fall in any of the sub-clauses of clause (i) of ..... be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according to the above provisions, income arising from an international transaction between associated enterprises shall be ..... vs. acit [(2007) 107 itd 141 (bang.) (sb)], has clearly held that the burden to establish that international transaction was carried at arm's length price is on the tax payer. in view of the above discussion it is amply clear that sec. 92 of chapter x as brought out on the statute by the finance act, 2001, has shifted .....

Khivraj Motors (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)50ITD576(Mad.)

..... decision of the appellate tribunal in the case of varadarqja theatres (p.) ltd. 29 itd 29 was distinguishable on facts. (iii) the 1988 amendment to section 40(3) of the finance act, 1983 is not retroactive, but prospective in operation with effect from 1-4-1989. therefore, the said amendment cannot help the assessee.14. shri v. ..... thereafter, the commissioner passed an order in revision holding that the theatre building could not be categorised in any of the exempted categories mentioned in section 40(3)(vi) of the finance act, 1983. the tribunal allowed the assessee's claim. in this regard, the tribunal followed the line of reasoning that it had earlier adopted ..... of the cinema theatre. this exemption was claimed on the ground that the cinema theatre building was a plant not chargeable to tax under section 40(3)(ut) of the finance act, 1983.alternatively, it was contended that the 1988 amendment which exempts theatre building from wealth-tax should be given retrospective effect.31. the .....

infosys Technologies Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2003)86ITD342(Bang.)

..... is an inclusive one and thereby "all pervasive", the supreme court would have charged to tax such interest subsidy despite the deletion of sub-clause (vi) to section 17(2) by the finance act, 1995. we would also, therefore, concur with the conclusion drawn by the supreme court that the artificial enlargement of any word by the use of the term ..... relevant only when the "mischief rule" is sought to be invoked which, in our opinion, is not the case here. when section 17(2)(iiia) was introduced by finance'act, 1999, w.e.f, 1st april, 2000, the hon'ble finance minister noted as under : "in some of the 'sunrise' sectors of the economy, the management is adopting a policy of ..... rope in all types of benefits and perquisites, why was there a need for e.g., to introduce clause (vi) to section 17(2) by the finance act, 1994 to bring to tax "any other fringe benefit or perquisite". if section 17(2) was all pervasive, there should have been no occasion for the supreme court in the case of salgaocar & bros .....

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... .62. the validity of the impugned block assessment has been so far examined in this order in the light of the expanded definition of "undisclosed income" inserted under section 158b(b) by the finance act, 2002, with retrospective effect from 1st july, 1995, the second situation in which undisclosed income could be conceived on the falsity of claims made by the assessee towards ..... from 1st july, 1995. but for the retrospective effect, the enlarged definition of undisclosed income brought in by the finance act, 2002, will not apply to the present case. in the present case, the search was conducted on 7th dec, 1998.notice under section 158bc requiring the assessee to file its block return was issued on 16th june, 1999. the block return was .....

Vinod Khatri Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)82TTJ(Delhi)911

..... thus the basis for imposing penalty for concealment of income is to be taken out separately and independently for the assessment order.29. it may be pointed out that by finance act, 1999 section 253(6) was amended by adding clause (d). the board vide circular no. 779 dt. 14th sept., 1999 reported in [(1999) 240 itr 3 (st)] ..... construed in a similar manner as laid down by the rajasthan high court in the aforesaid judgment. now, coming to clause (d) which has been added to section 253(6) by finance act, 1999 w.e.f. 1st june, 1999, this has been inserted by the legislature since, appeals are also filed on issues, such as tds defaults, ..... relation with the assessed income. according to the learned counsel, the legislative intention in introducing clause (d) by the finance act, 1999 is to specifically provide that, in case of appeals which involve penalties under various sections of the it act like sections 269d, 271b, 271d and 271 etc., fee of rs. 500 would be paid by an aggrieved assessee while .....

Sri Bidyut Kumar Sett Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD148(Kol.)

..... of this judgment the same interpretation should be placed on clauses (a) to(c).14. turning to the addition on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. 1.6.1999, the dissenting opinion has noted that this became necessary because there are certain penalties which are not linked to the assessed income ..... the judgment of the rajasthan high court in moti engg. (p) ltd. v. uoi 218 itr 50, in which the constitutional validity of the amendment made to section 253(6) by the finance act, 1992 was upheld, shows that the filing fee to be paid in respect of a penalty appeal is linked with the quantum of income assessed. in the light ..... 1981. the basis for payment of the fee for filing appeals to the tribunal was the date of initiation of assessment proceedings. section 253(6), as it stood upto 31^st may, 1992, prior to its amendment by finance act, 1992, provided that the memorandum of appeal in form no. 36 was to be accompanied by the specified amount of fee as .....

M.A.C. Khaleeli Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD191(Mad.)

..... a period of three years after the transfer of the asset a residential house, the amount invested would be allowed as a deduction. however, the finance act, 1987 introduced sub-section (4) to say that the amount of net consideration which is not utilised for the construction of a new asset before the date of filing ..... understand the purpose of this condition that the unutilised funds should be deposited in a bank account, we looked into the legislative history.6. section 54f was introduced by the finance act, 1982 permitting the reinvestment of the proceeds received by transfer of a capital asset in the purchase within a year or construction within three ..... land transferred by them would be assessable to long-term capital gains and would be eligible for the deduction under section 54f if the conditions therein are fulfilled.5. that section had been inserted by the finance act, 1982 with a view to encouraging house construction. it provides that if the assessee has purchased or constructed .....

Shroff Leasing (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)58ITD273(Kol.)

..... is fully justified.3. further aggrieved, the assessee is in appeal before us. the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used ..... business were never intended to be brought to tax and therefore exceptions were provided thereunder. by the same spirit and intendment, the legislature has inserted proviso to section 40 (3) of the finance act, 1983 with effect from 1-4-1989 whereby motor cars used in a business of running motor cars on hire were excluded from wealth-tax. we ..... is carrying on business of leasing and in the course of its regular business activities the motor cars are leased on hire and hence the proviso to section 40 (3) of the finance act, 1983 is applicable.he therefore submitted that the motor cars which were owned by the assessee and used as stock-in-trade in the business of .....

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(Hyd.)

..... "obvious omission" nor is giving it immunity from the levy of wealth-tax necessary for reasonably interpreting the unamended provision. the amendment effected to section 40 of the finance act, 1983, by the finance act, 1988, exempting stock-in-trade is only prospective and not retrospective.gujarat ambuja cements ltd. and anr. v. union of india and anr. ..... b.r. theatres and industrial concerns p. ltd. 272 itr 177-mad. examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be ..... the competence of the commissioner to cancel the registration by the impugned order, are two pronged i.e. a) the provisions of sub-section (3) of section 12aa inserted by the finance act, 2004 with effect from 1.10.2004 are merely procedural and come to the rescue of the department in validating the impugned order .....