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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. 2) act, 2004, the housing projects must be approved on or before 31st march, 2007 by the local authority. these provisions envisage ..... further that for the eligibility of deduction under section 80-ib(10) of profits from such housing ..... project or two thousand square feet, whichever is less.14. prior to its substitution by the finance (no. 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. 1st april, 2001 and finance act, 2003 w.e.f. 1st april, 2002 reads as under: (10) the amount of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)92TTJ(Ahd.)645
..... union of india (supra) and j.k. synthetics ltd. v.asstt. cit (1993) 200 itr 584 (del). after the above decisions, the legislature by finance act, 1993 amended section 143(1a) with retrospective effect from 1st april, 1989 and specifically provided for levy of additional tax where the loss declared by such persons in the return of ..... have been chargeable on the amount of the adjustments as if it had been the total income of such person." 27. thus, the legislature vide finance act, 1993, has amended section 143(1a) with retrospective effect from 1st april, 1989 for providing the levy of additional tax where the loss is reduced. however, no such ..... is loss. therefore, the subsequent amendment cannot fasten the liability of penalty upon the assessees unless the legislature expressly provided for the same. as the finance act, 2002 made the amendment in section 271(1)(c) w.e.f. 1st april, 2003, it cannot be said that the amendment was clarificatory and, therefore, retrospective in operation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... 's income under the head "income from house property". the assessee's this claim was rejected by the a.o. in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head ..... . the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. 1.4.2002 has restored the sub-section (2) of section 32 as it stood in the assessment year 1996-97, in other words, the restrictions imposed by the ..... (2(iii) as substituted w.e.f. 1.4.97. in this context, it may be observed that amended section 32(2) as substituted by the finance (no. 2) act, 1996 (w.e.f. 1.4.1997) has been substituted by the finance act, 2001, w.e.f. 1.4.2002 and status quo ante has been restored with effect from a.y. 2002-2003 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)6SOT139(Bang.)
..... receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. he, accordingly, directed the assessing officer to compute capital gains as long-term capital gains. still aggrieved, the assessee is in appeal ..... an absurd situation. if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process ..... which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. secondly, under the agreement with praxiar, the appellant has not transferred any right to manufacture, etc. such rights .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... cases unless specifically provided for. there can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for. sec.87 of the finance act, 1988 specifically provides that the amendment will be w.e.f. 1st april, 1989 thus, we reject the contention made on behalf of the assessee that ..... s. 7(3) of the wt act in s. 40(4) of the finance act has become redundant. the only effect of keeping this redundancy in s. 40 of the finance act is that schedule iii would be applicable in the case of the companies also. sec. 7 has been held to be a machinery section and schedule iii referred to therein a ..... for the remaining years under consideration were completed as mentioned below : 5. however, by the time these assessments were completed, s. 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... 0001986-87 1,91,36,8501987-88 2,26,58,7001988-89 2,66,75,000 5. however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it ..... had made substantial enhancement in the value of all the assets, the assessee has raised those grounds also in the present appeals.17. as per sub-section (4) of section 40 of the finance act, 1983, the basis for valuation is the open market price. the said open market price could be decided either by the assessing officer or the valuation ..... is changed, provided, of course, that no injustice is done.19. in the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)47ITD349(Delhi)
..... will have to be excluded from the amount of income-tax payable by the company in respect of its total income). the annual finance act concerned here is the finance act, 1984. this finance act did not levy any tax on the distribution of dividends. therefore, the question of any income-tax payable on the distribution of dividends ..... by it. the explanation says that the expression "the relevant amount of distributions of dividends" means the meaning assigned to it in the finance act of the relevant year. now in the finance act of 1984, the expression 'relevant amount of distributions of dividends' has not come up for any particular consideration. that apart what is ..... vii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act, with reference to the relevant amount of distributions of dividends by it. explanation: in this sub-clause, the expression 'the relevant amount of distributions of dividends' has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... in the reference before the delhi high court in that case was whether the assessee was an 'industrial company' within the meaning of section 2(6)(c) of the finance (no.2) act, 1971 and the finance act, 1972. however, in the case before us firstly we need not consider whether the assessee is an industrial company or not within ..... rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. held that the assessee was not an 'industrial company' and was not entitled to be taxed at the concessional rate. ..... building it should be considered as an 'industrial company' within the meaning of finance act, 1983. even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial .....
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