Judgment Search Results Home > Cases Phrase: finance act 2007 section 132 amendment of section 37 Sorted by: recent Court: income tax appellate tribunal itat madras Page 1 of about 56 results (1.819 seconds)

R.M. Valliappan Vs. the Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD63(Chennai)

..... also as specified in sub-clauses (a) to (f) of clause 48 of the articles of association. the delhi special bench also took note of section 47(xi). this amendment brought about by finance act, 1997 with effect from 1.4.1998 clearly indicates that the parliament also intended to treat the membership card as a capital asset. in this connection, ..... right vested in the stock exchange be disposed of by inviting offers with a minimum floor price of rs. 25,00,000/-. a provisional attachment order under section 281b of the act was issued by the income tax authorities in respect of the membership card in the name of rajesh shah. the supreme court held that under the rules ..... was reversed. the supreme court held that the membership right in question was not the property of the assessee and, therefore, it could not be attached under section 281b of the act. in arriving at this conclusion the supreme court referred to its judgement in the case of vinay bubna v. stock exchange 97 comp. cas 874, in which .....

ito Vs. P.C. Ramakrishna (Huf)

Court : Income Tax Appellate Tribunal ITAT Madras

..... fact of employment or business of the assessee at a place different from the place where such property was situated. 19.3 the finance act has made the following modifications in section 54 of the income tax act, namely: (i) the conditions of residence by the assessee or his parent in the property which was transferred, as also ..... of using the words a residential house the words one residential house would have been used therein. it may also be noted that under general clauses act, as per section 13, singular shall include plural and vice versa. reliance placed on the decision of honble supreme court in vegetable products ltd. case to the extent that ..... partition of shri p.c. ramakrishna is perfectly in accordance with the provisions of law and the same should be recognized as a family partition under section 171 of the act.accordingly, he urged the bench to recognize the partition and reverse the orders of the lower authorities.6. the learned departmental representative relied on the orders .....

Southern Travels Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD198(Chennai)

..... for that previous year, be deemed to be the allowance for that previous year, and so on for the succeeding previous years. the provision of sub-section (2) of section 32 as amended by the finance (no. 2) act, 1996 w.e.f. 1.4.1997 is as under: (2) where in the assessment of the assessee full effect cannot be given to any ..... 1.4.1997. it is our considered view that it would be relevant to reproduce the said section as it stood prior to the amendment and after the amendment: the provision of section 32(2) as it stood prior to the amendment by the finance (no. 2) act, 1996 as under: (2) where, in the assessment of the assessee, full effect cannot be ..... 98. the decision in uttam air products (p) ltd. considered the speech of the finance minister and the circular of the cbdt no. 762 dt. 18.2.1998 that explained the manner in which the amended provisions of section 32(2) of the act would have to be acted upon, the bench came to conclude that the unabsorbed depreciation for the assessment year 1996 .....

Alankar Business Corporation Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD629(Chennai)

..... a) ought to have considered the carry forward unabsorbed depreciation of rs. 7,84,18,940/- as current depreciation in view of the amendments to section 32(2) as amended by finance (no. 2) act, 1996 and also in view of the board's circular no. 762 dated 18.2.1998 and that such depreciation was available for set off against ..... deducted from wdv. he argued that after introduction of the concept of block of assets, the calculation of short term capital gain has been separately provided in the act under section 50. this section clearly provides that in the case of depreciable assets, the short term capital gain shall be calculated by deducting from the sale value of the consideration (a) ..... gain of rs. 1,88,47,376 by the assessing officer by adding notional breakage and deducted from wdv on an estimated basis without considering the provisions of section 50 of the act. (2) the cit(a) ought to have appreciated and held that the lease compensation charges of rs. 1,84,63,0297- is in the nature of .....

Joint Commissioner of Income Tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)102ITD135(Chennai)

..... purpose of its business, in the case of cit v. pinnacle finance ltd. the hon'ble high court has held that the assessee, a company carrying on the business of financing, investment, leasing, etc., which leased out boiler, was entitled to depreciation under section 32 of the it act, 1961, in relation thereto. in deciding this issue the ratio laid ..... down by the hon'ble supreme court in the case of cit v. shaan finance (p) ltd. was mowed. the hon'ble ..... madras high court in the case of cit v. annamalai finance ltd. has held that where .....

Assistant Commissioner of Income Vs. Tamil Nadu Silk Producers

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD623(Chennai)

..... 11 of 2001, dt. 23rd july, 2001 which reads as under: restriction on reopening of completed assessments on account of provisions of section 14aclarification regardingthe finance act, 2001, has inserted section 14a in the it act, 1961, wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to ..... the scope and effect of insertion of proviso to section 14a of the act by the finance act, 2002 w.e.f. 11th may, 2001 and the relevant circular reads as under: 23, amendment of section 14a23.1 through the finance act, 2001, a new section namely 14a was inserted in the it act retrospectively w.e.f. 1st april, 1962 to ..... and not to unsettle the cases by raising the issue afresh. 23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the ao shall not reassess the cases under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise .....

The Income Tax Officer Vs. Mr. O.M. Shahul Hameed

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD342(Chennai)

..... tax (appeals) noted that the assessee has filed additional ground that assessment is barred by limitation under section 153(2). in this regard, the assessing officer, on commissioner of income tax (appeals)'s enquiry stated that section 153(2) was amended by the finance act 2001 and substituted for 2 years with effect from 01,06.2001. in this case, the notice ..... under section 148 was issued and served on 07.11.2000 (i.e. before 01.06.2001). hence, the ..... the notice under section 148 was served on or after the 1st day of april, 1999 but before the 1st day of april, 2000, such assessment, reassessment or re-computation may be made at any time up to the 31st day of march, 2002.13. the two years mentioned above was substituted for one year by finance act, 2001 w.e .....

Omega Estates Vs. the Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD427(Chennai)

..... nothing concrete has been brought on record by the assessee to prove that the selling rate indicated by the assessee in the letter given to sbi home finance was not at all acted upon and it was only an accommodation letter issued by the assessee to enable the prospective buyer to get an enhanced credit.the truthfulness of this documentary ..... has no evidence whatsoever to support the contention that flats were sold @ 1250/- per sq. ft. it is also noted that this is a case of assessment under section 143 (3) and not a block assessment. the basic edifice of revenue's addition in this regard consist of letters of the assessee to prospective buyers and letter given by ..... . this was a document executed by shri gopalan himself alone, and was only a unilateral document executed for the purpose of availing higher loan from the sbi home finance. it has further been stated by the assessee that shri gopalan had requested the assessee to give an agreement for higher value to enable him to get an enhanced .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... the issue which is posed before the special bench. the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. various benches of the tribunal allowed both the types of claims giving rise ..... law. question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. the question whether a statutory provision has retrospective effect or not depends primarily on the language in ..... of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. we have heard the rival submissions in the light of material placed .....

Deputy Commissioner of Vs. Shripet Cybertech Systems Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)101ITD201(Chennai)

..... increase in capital only or it included other expenses as well. in my opinion such direction is not possible in the context of assessment made under section 143(1)(a) of the act. it is pertinent to note that law prohibits enquiry in the context of summary assessments. therefore it is not possible on the part of the ..... it was held that without capital a company cannot carry on its business and hence the expenses incurred for increasing the capital was bound up with the functioning and financing of the business. the commissioner (appeals) held that when the return was filed the decision of the apex court was not available.the decision of the jurisdictional ..... the same to the income returned. the commissioner (appeals) was of the opinion that it will not come under prima facie adjustment as contemplated under the provisions of section 143(1)(a). he, therefore, deleted the addition. aggrieved on this the revenue is in appeal before the tribunal.3.while deciding the issue the learned senior vice .....