Judgment Search Results Home > Cases Phrase: finance act 2007 section 122 substitution of new section for section 32f Court: income tax appellate tribunal itat jodhpur Page 1 of about 1 results (0.159 seconds)

income Tax Officer Vs. Bothra International and ors.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... well as cbdt have taken into account the insertion of clause (iiib) in section 28 by the finance act, 1990. further, it is also relevant to note that by the same finance act clause (iiib) was inserted into section 28 and changes were also made in section 80hhc(3). therefore, section 80hhc as it stood at the relevant time was required to be read ..... profits derived from business of undertaking of the assessee within the meaning of sub-section (4) and for allowing deduction to the respondent in terms of sub-section (1) of section 10ba of the act in these two appeals in ita nos. 607 and 608/jd/2007 and for parity of reasons also in the appeals by revenue in ita nos. ..... applicable on the facts of the present cases. (iv) in his written note the learned departmental representative placed reliance on the following judgments:cit v. k. ravindranathan nair (2007) 213 ctr (sc) 227 : (2007) 295 itr 228 (sc);cit v. b. desraj (g) cit v. viswanathan and co. (2003) 181 ctr (mad) 335 : (2003) 261 itr 737 (mad .....

Assistant Commissioner of Income Vs. Pradeep Gupta

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)106ITD444(Jodh.)

..... , which too required a good level of knowledge. the learned departmental representative strongly objected to the view of the cit(a) in holding that explanation to section 2(24)(ix) inserted by the finance act, 2001, w.e.f. 1st april, 2002 including the winnings from tv programme, was effective from asst.yr. 2002-03. the sum and substance ..... by the participants for acquiring the chance and receiving a prize that is ultimately distributed, would not amount to a lottery." amendment by the finance act, 2002, in the shape of insertion of expln. (i) to section 2(24)(ix) expanding the scope of 'lottery' laying emphasis on the winnings awarded by draw of lot or chance is posterior to ..... to be retroactive then the amount in question would be taxable under the special provision of section 115bb and if it is decided as prospective then it would be taxed as per the normal rates. though this explanation has been inserted by the finance act, 2001 w.e.f. 1st april, 2002 thereby giving a broader idea of its .....

Assisstant Commissioner of Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2001)77ITD488(Jodh.)

..... alone is relevant in this case and the same has already been discussed above. it is worthwhile to note here that requirement of "furnishing" the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995 w.e.f. 1-7-1995 and prior thereto such a general requirement of furnishing the report of audit under ..... ....." in the above provision the words "the report of any audit" were inserted in this provision by amendment vide finance act, 1988 w.e.f.1-4-1989, and the words "referred to in section 44ab" were inserted by amendment vide finance act, 1995 w.e.f. 1-7-1995. it may be re-called that the audit reports may be under various ..... any time prior to 1-7-1995. the assessment year under appeal being 1993-94 that is prior to amendment of section 44ab vide the finance act, 1995 which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior to 1-7-1995. accordingly, evident as it is, the .....

Assistant Commissioner of Income Vs. Shankerlal Agarwal and Co.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... this section and in cl. (i) of sub-s. (1) of s. 142 shall in the case of an assessee engaged in any business or profession also require him to furnish the report of any audit referred to in s. 44ab .........." 7. in the above provision the words "the report of any audit" were inserted in this provision by amendment vide finance act ..... same has already been discussed above. it is worthwhile to note here that requirement of "furnishing" the audit report under s. 44ab was incorporated in s. 271b by amendment vide finance act, 1995, w.e.f. 1st july, 1995, and prior thereto such a general requirement of furnishing the report of audit under s. 44ab was no more there under s. ..... court in the case of abhey kumar (supra). in view of the discussions made above, we are of the view that prior to amendment of ss. 271b and 44ab vide finance act, 1995, w.e.f. 1st july, 1995, penalty for non-furnishing of audit report required under s. 44ab within specified date was not leviable. as such the assessment year .....

Uma Polymers (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)284ITR1(Jodh.)

..... . the learned jm found that interest on loan from public financial institutions (like rfc) not actually paid was to be disallowed under section 43b(d) of it act. however aforesaid clause (d) was inserted in section 43b through the finance act, 1990 w.e.f. 1st april, 1991. the aforesaid provision was not applicable in the asst. yr. 1989-90 involved before ..... dispute was raised before me nor there is any difference between the learned members hearing the appeal that clause (d) to section 43b was introduced through finance act, 1990 applicable w.e.f. 1st april, 1991. the aforesaid provision was not applicable in the asst. yr. 1989-90 which is now under appeal. it ..... fact can be considered.9. now, we have to see as to whether the provisions of section 43b which came into effect from 1st april, 1991 vide the finance act, 1990 could be invoked at the relevant time or not. the provisions of section 43b(d) are the relevant provision for our consideration now. we reproduce this for ready reference .....

Jagan Nath Singh Lodha Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)85TTJ(Jodh.)173

..... appeals.7. we have heard the rival submissions and have perused the evidence on record.8. the learned authorised representative has submitted that section 54f was introduced by the finance act, 1982, which permitted reinvestment of the proceeds received on transfer of a capital asset in the purchase within a year or construction within ..... tax. this provision was introduced with the sole intention to purchase or construct a house. proviso 4 to this section was introduced by the finance act, 1987, which reads as under : "under the existing provisions of sections 54, 54b, 54d and 54f, long-term capital gains arising from the transfer of any immovable property used for ..... was a technical default that the assessee did not deposit the amount meant for reinvestment in the capital gain account scheme before filing return under section 139 of the act. keeping in view the totality of the facts and circumstances of the case and the decisions relied by the learned authorised representative, we are .....

Banswara Syntex Ltd. Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)108ITD48(Jodh.)

..... we come to the facts of the give case we would like to trace the history and the scope of the relevant provisions of section 115jb of act, inter alia. section 115jb was brought on the statute by finance act 200, w.e.f. 1.4.2001.this provides for a special provision for payment of tax by certain companies. prior to ..... previous year relevant to the a.y.commencing on or after 1st day of april 1997 but before 1st day of april 2001. one chapter xiib, containing section 115jb, was inserted by the finance act, 1987 (11 of 1987), w.e.f. 1988, which provided "special provisions relating to certain companies". as a result of various tax concessions and ..... book profit. this logical interpretation is supported by the legislative intent.the above clause is same to the clause (viii) similarly embedded in the provisions of section 115ja. this same clause (viii) in explanation to section 115ja by the finance act, 1997, w.e.f. 1st april 1998, i.e. a year later than the enactment of the provisions of .....

income Tax Officer Vs. Choudhury Farrque Ali and Marble

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)82TTJ(Jodh.)1

..... been committed by the assessee, the explanation added to the section by the finance act, 1964, requires from the assessee, by casting a burden on him, to prove that there has been no concealment. the onus to disprove concealment or prove ..... haryana high court in the case of vishwakarma industries v. cit (1982) 135 itr 652 (p&h)(fb) that in view of the amendment of section 271(1)(c) by the finance act, 1964, and the insertion of the explanation, the import of the explanation is to shift the onus to prove from the department where the returned income ..... ble delhi high court in the case of cit v. gurbachan lal (2001) 250 itr 157 (del) in which the effect of explanation added to section 271(1)(c) by the finance act, 1964, has been explained by their lordships elaborately.the headnote of this decision gives an impression that in any penalty proceedings where concealment of income has .....

Chitra Devi, Prem Prakash Soni and Vs. Assistant Commissioner of Incom ...

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... , now we may pause here for a moment to clarify the legal position on this point as it emanates from the statutory provisions after the amendment effected vide finance act, 2002 in section 158b w.r.e.f. 1st july, 1995. on analyzing the statutory provisions, the relevant legal position, in respect of sustenance/deletion of addition, as undisclosed ..... evidence" did not exist in the aforesaid statutory provision, and so any information could also form the basis for addition as undisclosed income. but now, as section 158bb(1) stands as amended vide finance act, 2002, w.r.e.f. 1st july, 1995, an information, available with the ao, to form basis for addition in a block assessment, ..... the said addition, in the hands of present assessee, cd, is not tenable on the legal score as well. we may note that the provision of section 158bb(1) stands amended vide finance act, 2002 w.r.e.f 1st july, 1995, and the relevant amended provision stands as under : "158bb-(1) the undisclosed income of the block period .....

Mangilal Rameshwarlal Soni (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)83TTJ(Jodh.)770

..... filed? (iii) whether block assessment made by assessing authority as modified by tribunal can be sustained in view of the amended clause (c) of section 158bb of the it act, 1961 as inserted by the finance act, 2002, w.e.f. 1st july, 1995? (iv) whether, in the facts and circumstances of the case, there was any foundation for ..... filed? (iii) whether block assessment made by assessing authority as modified by tribunal can be sustained in view of the amended clause (c) of section 158bb of the it act, 1961 as inserted by the finance act, 2002 w.e.f. 1st july, 1995? (iv) whether in the facts and circumstances of the case, there was any foundation for ..... in law.24. on the other hand, the learned departmental representative shri t.r. chawla has submitted that the expln. 2 to section 158be brought to the statute book by the finance (no. 2) act 1998 with retrospective effect from 1st july, 1995 that the execution of authorisation means conclusion of search by recording last panchnama drawn on .....