Judgment Search Results Home > Cases Phrase: finance act 2007 section 129 omitted of section 32pa Court: income tax appellate tribunal itat pune

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... ). copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade ..... karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under ..... the supreme court in the case of lakhmani mewal das (supra).26. the stand of the assessee was that the amendment made by the finance act, 1988 in section 40 of the finance act, 1983 would be retrospective and would be applicable for the assessment years under appeal by relying on the judgments of the patna high court in .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... section 158bb(1) of the act inserted by the finance act ..... section 143 or section 144 or section ..... section (1) of section ..... section (1) of section ..... section (1) of section ..... section (1) of section ..... finance act ..... section (1) of section ..... finance act ..... section (1) of section ..... section (1) of section 158bb and sub-section ..... act (section ..... section (2) of section ..... finance act ..... section (1) of section ..... section (1) of section ..... section (1) of section ..... finance act ..... section (1) of section ..... finance act ..... section (2) of section ..... section (1) of section ..... section (1) of section 158bb and sub-section (4) thereof convey the same idea. section ..... section ..... section ..... section ..... section ..... section ..... section ..... section ..... act ..... section ..... section ..... section ..... section ..... sections ..... section 32(2). reading sub-section ..... section ..... act ..... section ..... section i.e. sub-section ..... section ..... section (1) of section 158bb of the act ..... section ..... section ..... section ..... section (1) of section 158bb of the act ..... section 158bb by the finance act ..... section ..... section ..... finance act, 2002 has amended section ..... section ..... section ..... section ..... section ..... section ..... act ..... section ..... section ..... section ..... section .....

Rajathdri Hotel (P.) Ltd. Vs. Wealth-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1995)54ITD579(Pune.)

..... aggregating the value of all the assets which is in excess of the aggregate value of all the liabilities of an assessee. as against this, sub-section (3) of section 40 of the finance act, 1983 exhaustively enumerates the various items of property, in other words assets, the aggregate value of which shall be the amount of net wealth for the ..... the definition of motor cars and, therefore, are not liable to be included in the net wealth of the company under clause (vii) of sub-section (3) of section 40 of the finance act, 1983.6. so far as the first point is concerned, it was contended by the learned departmental representative that a partnership firm is not a tax ..... (d) rajathadri restaurant and wine shop were being used as hotel by the partnership firm and, therefore, under the terms of clause (vi) of sub-section (3) of section 40 of the finance act, 1983, they were not liable to be included in the net wealth of the company.(3) the revenue authorities have made a mistake in adopting 102924 sq .....

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 .....

Kripa Chemicals (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)80TTJ(Pune.)458

..... judgment of the hon'ble supreme court in the case of ranchi club ltd. (supra) is a brief judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001, and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. we have considered the ..... of any specific mention by the assessing authority in the assessment order charging interest under sections 234a and 234b, no interest could be recovered from the assessee merely by way of demand notice. while the first aspect has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either by the amendment .....

Kripa Chemicals (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)88ITD200(Pune.)

..... hon'ble supreme court in the case of ranchi club ltd. (supra) is a brief judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001 and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. we have ..... specific mention by the assessing authority in the assessment order charging interest under sections 234a and 234b, no interest could be recovered from the assessee merely by way of demand notice. while the first aspect has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either ..... filing of the said appeal. this part of the judgment of the hon'ble supreme court has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgation of central ordinance. (2) on the facts and in the circumstances of the case and in law the additional ground raised involves .....

Daulat Chitra Mandir (P.) Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)46ITD343(Pune.)

..... cbdt circular no. 528 dated 16-12-1988 by which the circular explained the substance of the provisions relating to direct taxes in the finance act, 1988. section 40 of the finance act, 1988 was one such section which is relevant for our consideration. at page 198 of 176 itr (statute) the circular states that the proposed amendment to sub ..... s contention was that this theatre building is exclusively used for the purpose of business of the company in the exhibition of cinema and hence exempt under section 40(3) of the finance act, 1983. as these appeals were heard together they are, therefore, disposed of by this consolidated order for the sake of convenience.2. at the ..... outset, it would be better to mention here the provisions of section 40(3)(vi) of the finance act, 1983 which are as under : 40(3)(bt). building or land appurtenant thereto, other than building or part thereof used by the assessee as factory .....

Shri Satvinder Singh Kalra and Vs. Commissioner of Wealth-tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)109ITD241(Pune.)

..... assets is to be kept in mind.17. on reading of the main enacting provision of clause (i) of sub-section (ea) of section 2, as substituted by the finance (no. 2) act, 1996 with effect from 1.4.97 and by the finance act, 1998 with effect from 1.4.99, it is clear that any building or land appurtenant thereto whether used for residential ..... properties in the nature of commercial establishments or complexes. he further submitted that sub-clauses (4) and (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act has been inserted by the finance (no. 2) act, 1998 with effect from 1.4.1999. in this connection, the id counsel for the assessee invited our attention to the notes on clauses .....

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)302ITR136(Pune.)

..... from horse race". for this purpose, one must see the provisions' of section 2(24)(ix), section 56(2)(ib) and section 115bb together. first two provisions have been introduced by the same finance act 1972 section 115bb was introduced by finance act 1986 seeking to replace section 80 tt which was introduced by finance act 1972. in all these sections reference is to same type of income which is referred to ..... sort or gambling or betting of any form or nature whatsoever, which were provided to be charged at a specified flat rate under the provisions of section 115bb(i), which section was also inserted by the finance act, 1986, w.e.f. 01/04/87. the said circular reads as under: (xiii) provisions of a flat rate of tax on winnings from lotteries, crossword ..... of the cit(a) is thus, upheld.in the result, all these three appeals filed by the department are dismissed. the judgment was announced in the court on 31.05.2007. .....

Dy. Commissioner of Wealth-tax Vs. Industrial Oxygen Co. (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1990)34ITD15(Pune.)

..... has not been used for confining to the motor vehicle other than jeeps. we accordingly hold that the expression "motor cars" in clause (vii) of sub-section (3) of section 40 of the finance act, 1963 would include jeeps and as such the ito was justified in including the value of jeeps owned by the assessee company in the net wealth of the ..... in appeals before us. me only question to be decided is whether "jeeps" would fall within the ambit of expression "motorcars" in clause (vii) of sub-section (3) of section 40 of the finance act, 1983.9. we have heard the parties. no decision directly on this point has been cited by either party. the learned cwt(a) has relied on the ..... a company in which public are substantially interested, at the rate of 2% of such net wealth.3. in sub-section (2) of section 40 of the said finance act, 1983, it has been provided that for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred .....