Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Court: income tax appellate tribunal itat hyderabad Page 1 of about 68 results (0.111 seconds)

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act ..... 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 ..... finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... , for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. 2) act 1967, finance act, 1970, finance (no. 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this ..... under chapter vi-a, it will be in harmony with the creation of the reserve as envisaged by the said section. in our view, the amendment made by the finance act, 1985, is only clarificatory in nature.12. in yet another submission, the learned departmental representative argues that the ..... amount of deduction available to approved financial corporations. the latest amendment introduced by the finance act, 1985, has made it clear that the deduction should be computed before making any such deduction under the section. according to shri radhakrishna murthy, it is only with effect from 1-4-1985 .....

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 .....

income-tax Officer Vs. Quality Wines

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)31ITD163(Hyd.)

..... trade discount offered, rather than as an advertisement coming within the meaning of the expression as used in rule 6b. the third reason was sub-section (3a) of section 37 as introduced by the finance act, 1983 w.e.f. 1-4-1984 entitled the i.t.o.to disallow only 20% of the aggregate of the expenditure incurred on ..... dated 29-4-1983]. the learned cit(a) held that there was a more direct way of allowing appellant's claim. sub-s. (3a). of section 37 was introduced by the finance act, 1983, with effect from 1-4-1984. under the said provision only 20% of the aggregate expenditure on advertisement, publicity and sales promotion can be ..... considered by the madras bench was entirely different from the provisions now applicable, the madras bench was considering section 37(3a) as it stood before its omission by the finance act, 1980. we are concerned with section 37(3a) introduced by the finance act, 1983.these two provisions are entirely different and has nothing to do with each other. further, he .....

A.P.S.E.B. Vs. Joint Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... 185 itr 6; wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular. .5. he further submitted that the ratio of ..... categorically to be if it is to bind the officials of the revenue. furthermore, the paragraph states that the companies act, 1966, which it explains, has not made any change in section 85a. implicitly, therefore, it refers to the earlier circular explaining the finance act, 1965, paragraph 19 whereof we have already analysed." the interpretation in that case was that no part of that .....

A.P.S.E.B. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)85TTJ(Hyd.)30

..... (bom)(fb), wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in the finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular.6.5. he further submitted that the ratio ..... categorically to be if it is to bind the officials of the revenue. furthermore, the paragraph states that the companies act, 1956, which it explains, has not made any change in section 85a. implicitly, therefore, it refers to the earlier circular explaining the finance act, 1965, para 19 whereof we have already analysed." the interpretation in that case was that no part of that .....

infotech Enterprises Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)85ITD325(Hyd.)

..... thing. this provision was introduced by the finance act, 1988. 3. finance act, 1993 extended the tax holiday under section 10a to industrial units in approved electronic hardware technology parks (ehtps) or software technology parks (stps). this provision is applicable to ..... or produce any article or thing and are set up in notified free trade zones (ftzs). this provision was introduced by the finance act, 1981. 2. similarly, section 10b of the it act allows a five-year tax holiday to approved 100 per cent export oriented undertakings (eous), which manufacture or produce any article or ..... the assessee that an stp unit being 100 per cent eou is eligible for exemption under section 10b of the act is accepted, the amendment brought about by the finance act, 1993 extending the benefit under section 10a of the act to the stps from 1st april, 1994, becomes redundant or superfluous. if a stp unit .....

A.P. State Civil Supplies Corpn. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)83ITD398(Hyd.)

..... letter dt. 25th jan., 2002, required the assessee to pay the entire tax demand for the above years in view of the amended provisions of sub-section (2a) of section 254 of the it act introduced by the finance act, 2001, w.e.f. 1st june, 2001. the last stay order passed by this tribunal say, for the asst. yr. 1997-98 is on ..... vacated after the expiry of the said period." 5.3. it may be seen from the act that sub-section (2a) and (2b) have been inserted by the finance act, 1999 w.e.f. 1st june, 1999, and the provisos to the aforesaid section are inserted by the finance act, 2001 w.e.f. 1st june, 2001. nowhere in the language employed in the aforesaid ..... 2001".while so, we are unable to appreciate the stand of the department that the said provisos are inserted by the finance act of 2001, w.e.f. 1st june, 2001, retrospectively. therefore, we cannot read the language of the section to mean that the word 'retrospectively' has been introduced into it as interpreted by the department when it has not .....

Godavari Drugs Ltd. Vs. Jcit (Assts) Sr-1

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)89ITD326(Hyd.)

..... the head "profits and gains of business or profession" (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following example: 10. the chief commissioners and directors-general of income-tax ..... be described as "profit derived from the export of goods or merchandise out of india." the deduction is computed in the following manner:- 5. the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia) (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), ..... many assessing authorities are treating export incentives to be a part of the total turnover. the finance act, 1990, has therefore, clarified the position by inserting a definition for the term "total turnover" in the explanation below section 80hhc. according to this definition, "total turnover" shall exclude cash compensatory support, duty drawback .....

Smt. Pushpalata Kanodia Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD500(Hyd.)

..... such as residential houses and urban land, jewellery, bullion, motor cars, planes, boats, yachts which are not used for commercial purposes. " 11. section 2(ea) of the wealth-tax act was inserted by the finance act, 1992, with effect from 1-4-1993 which defines 'assets'. we are concerned with the definition contained in clauses (i) and (v) ..... of section 2(ea) and explanation (b) thereto, which are extracted for immediate reference:- 2(ea) "assets", in relation to the assessment year commencing ..... change in the definition of 'urban land'. however, the definition of 'asset' in section 2(ea)(1) has undergone several changes to bring it in tune with the intention of the legislature, i.e. to tax any unproductive asset. by the finance (no. 2) act, 1996, with effect from 1-4-1997, the said clause was substituted as .....