Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)278ITR41(Chennai)
..... , has to be construed as a substantive provision.therefore, according to the learned counsel for the assessee, the amendment carried out by the legislature by finance act, 1999, with effect from 1-6-1999 incorporating section 158bc in section 140a(1) has to be taken as prospective in operation. according to the learned counsel, the legislature does not clarify anything which was already in ..... in nature.therefore, it will have retrospective operation. according to the learned departmental representative, the amendment carried out by finance act, 1999, with effect from 1-6-1999 incorporating section 158bc in section 140a(1) will have retrospective operation and, therefore, the amended provisions of section 140a(1) would be applicable for the assessment year under consideration also.the learned departmental representative further submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96ITD500(Chennai)
..... 1993, which has clarified that even liabilities like income-tax and wealth-tax liability are no more deductible.we have considered the rival submissions carefully. section 2(m) of the wealth tax act, 1957, which was inserted by finance act, 1992, with effect from 1-4-1993 reads as under: '(m) "net wealth' means the amount by which the aggregate value computed ..... trade, but the exclusion was applicable originality only for three years and it was enhanced to five years by the finance act, 1994, with effect from 1-4-1995 and it was further enhanced to ten years by the finance (no. 2) act, 1998 with effect from 1-4-1999. but this clause, as would be clear from the provision, is applicable ..... was originally fixed at 3 years from the date of acquisition by the finance act, 1993 and the limit of 3 years was extended to 5 years by the finance act, 1994, with effect from 1-4-1995 and it was further extended to 10 years by finance (no. 2) act, 1998, with effect from 1-4-1999; which means that for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)108TTJ(Chennai)429
..... case of ito v. state bank of india (2001) 252 itr 95 (at).5. on the other hand, the learned departmental representative submitted that section 35dda was introduced by the finance act, 2001 w.e.f. 1st april, 2001 and therefore, the assessee was clearly not entitled to the expenditure under vrs. he further argued that the ..... view of the decision, the assessee was allowed to deduct expenditure incurred on payment to workers towards vrs. he submitted that a new provision under section 35dda was introduced for the first time by finance act, 2001, but the same was made effective from 1st april, 2001 i.e. the asst. yr. 2001-02. since the provision came ..... where the assessee had treated the receipt of cash assistance as capital receipt, which was subsequently amended to be business receipt by the finance act, 1990, it was held that in such cases interest under sections 234b and 234c was not chargeable. in these circumstances, we think that the assessee was not liable to pay advance tax and therefore .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)92TTJ(Chennai)1196
..... hold that the cit(a) is not justified in directing the ao to take the interest under sections 234a and 234b as charged while processing the return under section 143(1)(a) of the act, for the reason that the subsequent clarificatory amendment to section 234b by the finance act, 1995, with retrospective effect from 1st april, 1989, supports the action of the ao in charging ..... interest upto the date of regular assessment and the insertion of sections 140a(1a) and 140a(1b) and the omission of expln.4 to section 234a(1) and substitution of expln. 1 in section 234b(1) by the finance act, 2001, w.e.f. 1st april, 1989, would justify the action of the ao in charging the interest .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)114TTJ(Chennai)881
..... a clear exclusion of the income referred to in the said section from the total income of an assessee. since these ..... provision provided for total exemption of the income described in section 10a. similarly, when section 10b was introduced for the first time by the finance act, 1988 w.e.f. 1st april, 1989, sub-section (1) thereof provided for ..... that the incomes of the type falling within the clauses in section 10 will not be included in the total income of a person. in other words, these incomes do not enter the computation part at all.subsequently also when section 10a was first introduced by the finance act, 1981 w.e.f. 1st april, 1981, the said .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2008)(2)362
..... sale is effected, the dealer becomes liable to pay.14. now, in the case of service tax, when and how the amount becomes payable has been provided in section 68 of finance act, 1994 as well as rule 6 of service tax rules which read as under: (1) every person providing taxable service to any person shall pay service tax at ..... make actual payment. if an assessee had not preferred any claim towards service tax, there was no question of disallowing the same. secondly, it was argued that section 67 of the finance act which deals with the service tax was amended with effect from 6.10.1998 and provided that the duty of paying service tax is on the person providing the ..... and provides for the month of levy, circumstances on which the levy would arise and the manner of payment etc. service tax was levied under section 67 of the finance act, 1994 on the gross or aggregate amount charged by the service provider on the receiver. prior to amendment on 16.10.98 it was envisaged that the person providing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)93TTJ(Chennai)161
..... , the assessee contended that no direct expenditure was incurred in relation to the dividend income. the ao observed that as per the provisions of section 14a (inserted by the finance act, 2001, with retrospective effect from 1st april, 1962), no deduction was allowable in respect of expenditure incurred by the assessee in relation to ..... any details regarding the claim before the ao. mr. dastur, the learned counsel for the assessee, submitted that since section 37(4) was omitted w.e.f. 1st april, 1998, by the finance act, 1997, no disallowance was called for. the learned departmental representative in her written submissions has stated that since the assessee ..... unless the facts of a particular case warrant such allocation. the learned counsel referred to section 80aa (omitted by the finance act, 1997, w.e.f. 1st april, 1998) and pointed out that as per this section deduction under section 80m in respect of dividend income earned from a domestic company was allowable only with reference .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2004)84TTJ(Chennai)916
..... appeal and cross-appeal, the only issue that emerges is whether the secret commission payments claimed towards mamools and commissions is against the provisions of section 37(1) and explanation as inserted by finance act (no. 2) 1998 w.e.f. 1962 and whether these payments made by the assessee were for any purpose which is an offence ..... had been allowed. however, it may be mentioned that, in the past, when the claim of the assessee was allowed, the explanation to section 37 which was incorporated by the finance (no. 2) act, 1998, with retrospective effect from 1st april, 1962, was not there. one cannot lose sight of the fact that the legislature clearly intended ..... that it is not wholly and necessarily for the purpose of business. he further argued that it is not appropriate to invoke the explanation to section 37(1) as inserted by finance (no. 2) act, 1998, with retrospective effect from 1st april, 1962. he further argued that the cit(a) has gone into the factual position of commission .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)98TTJ(Chennai)449
..... of assets and liabilities so as to provide a profit and loss account and to have a balance-sheet to determine income and the source thereof." "section 269ss was inserted in the income-tax act by the finance act of 1984 with effect from april 1, 1984, and was made operative from july 1, 1984. the income-tax department, in the coarse of searches ..... (10 of 1949); 11. further, we will go through the memorandum explaining the provisions in finance bill, 1984 while introducing this section by the finance act, 1984 with effect from 1.4.1984. the relevant memorandum explaining the provisions in the finance bill, 1984 is being reproduced as it is which is reported in 146 itr (st) 162: "22. unaccounted cash found in the course .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)99TTJ(Chennai)616
..... information of assets and liabilities so as to provide a p&l a/c and to have a balance sheet to determine income and the source thereof. section 269ss was inserted in the it act by the finance act of 1984 w.e.f. 1st april, 1984, and was made operative from 1st july, 1984. the it department, in the course of searches carried out ..... (10 of 1949); 10. further, we will go through the memorandum explaining the provisions in finance bill, 1984, while introducing this section by the finance act, 1984, w.e.f. 1st april, 1984. the relevant memorandum explaining the provisions in the finance bill, 1984, is being reproduced as it is which is reported in (1984) 146 ttr (st) 162 : 22. unaccounted cash found in the .....
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