Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD719(Hyd.)
..... (delhi). in the said decision, the following is what is held as per the head note of the decision at page-704. the amendment made in section 43b by section 10 of the finance act, 1987, with effect from april, 1, 1988, is not clarificatory in nature and cannot be given retrospective effect from april 1, 1984.the said decision ..... ) and it: can no longer be applied or made use of by the assessee. (5) it is no doubt true that the first proviso was introduced under section 43b by finance act, 1987. but it came into effect with effect from 1-4-1988. however, the proviso cannot be applied to assessment year 1984-85 with which we are concerned ..... earlier order of this tribunal is filed in the paper compilation before us.14. as against the contention of the assessee's counsel that the first proviso to section 43b introduced by finance act, 1987 w.e.f. 1-4-1988 is clarificatory in nature and therefore retrospective in operation, shri ashok, learned standing counsel for the department contended that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD344(Hyd.)
..... legislature. it is also mentioned that the legislature has been seized of the anomaly, and it has brought in the necessary amendment under section 43(6) (c) (i) (c) with effect from 1.4.2000 by the finance act, 1999. section 43(6) (c) (i) (c) provides for the decrease, in a slump sale, of the w.d.v. of ..... ascertainable. as this decision fairly covers the issue on hand, we deem it fit to reproduce the entire head note of this decision hereunder- "held: section 50b alongwith the ancilliary sections has been introduced by the legislature by the finance act, 1999, by way of a special provision for levy and computation of capital gains in case of slump sale ..... over the years, has found statutory recognition in section 2(42c), which was inserted by the finance act, 1999 with effect from 1.4.2000. he also invited our attention to section 50b providing for computation of capital gains in the case of a slump sale. section 50b was also inserted by the finance act, 1999 with effect from 1.4.2000. he .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)99ITD53(Hyd.)
..... counsel, prior to insertion of the aforementioned provisos, the tribunal enjoyed unbridled power to grant absolute stay. clarifying the statement, the learned counsel submitted that section 253(6) was amended by the finance act, 1998 with effect from 1.10.1998, to enhance the appeal fee payable to the tribunal at the time of filing of appeal, by an ..... it may be noticed that the statute confers power upon the appellate tribunal to grant stay of collection of outstanding demand under section 254 of the income tax act. provisos to section 254(2a) were inserted by the finance act 2001 with effect from 1.6.2001, whereby the power to grant stay, on each occasion, was restricted to a ..... 252 - ttr (st.) - 65, 120. in contrast, when the legislature made an amendment to section 253 through the finance (no. 2) act of 1998 "w.e.f. 1.10.1998" by substituting a pre-existing sub-section 6 with a new sub-section (6), enhancing the appeal fee payable to the tribunal at the time of filing of appeals by an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR210(Hyd.)
..... raised by the assessee before the tribunal challenging the validity of the taxation laws (part b states) (removal of difficulties) order, 1950, issued under section 12 of the indian finance act, 1950, he cannot be permitted to raise it in this reference, nor can the income-tax department be allowed to raise any new question or ask ..... the year of assessment would have been ordinarily allowed on the cost of the asset.the central government, in exercise of the power vested in it under section 12 of the finance act, issued the taxation laws (part b states) (removal of difficulties) order, 1950, purported to remove the above difficulties by clause 2 of the said ..... aggregate depreciation allowance referred to in sub-clause (c) of the proviso to clause (vi) of sub-section (2) and the written down value under clause (b) of sub-section 10 of the said act." section 12 of the indian finance act, 1950, under which this order was issued, authorises the central government by order to make such provision or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)54ITD612(Hyd.)
..... deduction in respect of the incremental sum only on payment basis.32. we are unable to agree. true, the term "fee" was introduced in clause (a) of section 43b by the finance act, 1988 w.e.f. 1-4-1989. but in occurs in the said clause in the company of "tax", "duty" and "cess". therefore, the true meaning ..... the 1989 hike.31. yet shri vasanth kumar, it may be recalled, argued that the ht power tariff itself is a "fee" within the meaning of section 43b(a).according to him, the finance act, 1988 substituted w.e.f. 1-4-1989 a new clause (a) for the old one and the new clause reads as under : "(a) ..... formed and functions under the electricity (supply) act, 1948. section 5 of the act authorises the setting up of electricity boards. section 49 contains provisions for the sale of electricity by the board to persons other than licensees. section 59 of the act deals with the general principles for boards finance. section 78 of the act enables the respective state governments to issue necessary .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR206(Hyd.)
..... b states) (removal of difficulties) order, 1950, is not valid under section 60a of the indian income-tax act, we should consider it as an order made under section 12 of the income-tax act, we should consider it as an order made under section 12 of the finance act. we have considered this aspect of the matter in the aforementioned case and ..... added reason for declaring the explanation to be bad is that it is not permissible for the central government in exercise of the powers under section 60a to amend an order made under section 12 of the finance act. the contents of these two section are different. the only power that may at first sight appear to be common to both these ..... whole or any part of the income of any person or class of persons while that under section 12 of the finance act is vested merely to surmount obstacles or difficulties which may arise in the application of the indian income-tax act to part b states or merged states, though even this power which is merely an enabling one .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)81ITD7(Hyd.)
..... the view that the said provision cannot be fettered by any provision under the general enactment, like, in the present case, the companies act, 1956. even after the amendment of section 145 by the finance act, 1995, with effect from 1-4-1997, the assessee was left with the choice of following either mercantile system of accounting or ..... him in a previous year if such interest had not been charged to income-tax for any earlier previous year....after its substitution by finance act, 1995, with effect from 1-4-1997, the provisions of section 145 read as under- 145. (1) income chargeable under the head "profits and gains of business or profession" or "income from ..... . we are of the view that the assessee deserves to succeed. we have already reproduced the provisions of section 209(3) of the companies act. we may now reproduce below the relevant provisions of section 145, which before its amendment by finance act, 1995, with effect from 1-4-1997, reads as under- 145(1) method of accounting-(1) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2008)304ITR251(Hyd.)
..... way of cash compensatory support became taxable retrospectively w.e.f. 1st april, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act came into force. levy of additional tax bears all the characteristics of penalty. additional tax was levied as the assessee did ..... on account of difference between the learned jm and learned am of the hyderabad bench of the tribunal, this matter has been referred to me under section 255(4) of the it act, 1961 (the act): whether on the facts and in the circumstances of the case, the claim of the assessee for deduction of rs. 31,29,350 representing sales ..... since there was no liability for payment of sales-tax during the year relevant to the asst. yr. 1994-95 the same could not be disallowed under section 43b of the it act. the claim for deferment was approved by the government of andhra pradesh, while final eligibility certificate is dt. 1st march, 1994 i.e., before the date .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)98ITD357(Hyd.)
..... but the levy of tax on companies continued by making suitable amendments in the wealth-tax act, whereby a company was made an assessable entity.section 3, section 2(m) and section 2(ea) make it ..... outside the purview of definition of "assets", under section 2(ea) of the act. it may be relevant to mention here that wealth-tax was not leviable "orr assets held by the company but for the introduction of section 40 of the finance act, 1983. the said section was omitted by the finance act, 1992, with effect from april 1, 1993, ..... right over the said property and all the rights are possessed by asbestos centre.admittedly, no notification was published as required under section 10(3) of the ulc act. consequently, section 11(1) of the act does not come into operation at that stage. therefore, it cannot be said that the assessee is entitled to claim maximum .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)9ITD534(Hyd.)
..... not with reference to the aggregate amount of qualifying donations referred to in that sub-section. with a view to bringing out clearly the intention underlying this provision, the finance act has substituted a new sub-section for the existing sub-section (4) in order to clarify that the limits specified therein will apply with reference to the aggregate amount of the donations and not ..... conceding the assessee's claim with reference to the andhra pradesh high court decision. we may also point out that section 80g(4) has since undergone an amendment vide the finance (no. 2) act, 1980, making it clear that the ceiling in that sub-section also applies to donations (qualifying amount) and not to the deductions (eligible relief). the relevant part of the notes .....
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