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Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD369(Mum.)

..... 780 and 781 the hon'ble supreme court observed as under: the first question is whether section 3 of the indian income-tax act, 1922; or section 2 of the finance (no. 2) act, 1957, is the charging section. the revenue contends that the finance act is the charging section and that, therefore, the liability accrued only on the first day of april, 1957. ..... the assessee, was actually in force. this shows that the charging section is only section 3 of the income-tax act, and that section 2 of the finance act only gives the rate for quantifying the tax for this section gives an alternative for quantification in the contingency of the finance act not having been made on the 1st day of april of that ..... horilram ltd. v. cit [1955] 27 itr 709, the hon'ble supreme court had an occasion to deal with the charging section of the indian income-tax act, 1922 vis-a-vis the relevant finance act. the hon'ble supreme court dealt with this aspect at pages 716 and 717 of the report. the relevant portion of which .....

Deputy Commissioner of Income Tax Vs. Verifone Software Systems (P)

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2003)84ITD521(Bang.)

..... intimation was passed by the ao; (iv) fourthly, the court was dealing with retrospective amendment of section 28 by finance act, 1990, vis-a-vis section 143(1a) and not the retrospectively made amendment by the finance act, 1993 to section 143(1a).49. we are also of the opinion that the decision of the calcutta high court in ..... (1981) 128 itr 294 (sc). the hon'ble karnataka high court has categorically held as follows : "parliament has power to legislate prospectively or retrospectively. section 143(1a) inserted by the finance act, 1993, retrospectively from 1st april, 1989, therefore, cannot be considered to be violative of arts. 14 and 265 of the constitution of india. the ..... in existence w.e.f. 1st april, 1989.because of certain judicial pronouncements it was made clear in the finance act, 1993, that loss cases converted into another loss also, come under the purview of section 143(1a). that is the reason why the provisions were amended retrospectively, which is evident.from the board's .....

Satyabhushan Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2004)84TTJ(Bang.)165

..... 2000 read as under : "in cases to which the provisions of chapter xii or chapter xii-a or sub-section (1a) of section 161 or section 164a or section 167b of the it act apply, the tax ..... finance act, 2000, the surcharge in leviable. section 2(b) of finance act, 2000, prescribes the rate of tax for various persons. the provision in said section is applicable for asst. yr. 2000-01 only. at the same time section 2(1) is subject to sub- sections (2) and (3) of section 2 of finance act, 2000. sub-section (3) of section 2 of finance act, ..... same is leviable or not. cit(a) held that surcharge is correctly levied as per provisions in first schedule to the finance act. the finance act provides that if income-tax is computed in accordance with section 113, same is required to be increased by surcharge at the rate specified therein. 8.2 mr. khincha, learned .....

M.A.C. Khaleeli Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)48ITD191(Mad.)

..... a period of three years after the transfer of the asset a residential house, the amount invested would be allowed as a deduction. however, the finance act, 1987 introduced sub-section (4) to say that the amount of net consideration which is not utilised for the construction of a new asset before the date of filing ..... understand the purpose of this condition that the unutilised funds should be deposited in a bank account, we looked into the legislative history.6. section 54f was introduced by the finance act, 1982 permitting the reinvestment of the proceeds received by transfer of a capital asset in the purchase within a year or construction within three ..... land transferred by them would be assessable to long-term capital gains and would be eligible for the deduction under section 54f if the conditions therein are fulfilled.5. that section had been inserted by the finance act, 1982 with a view to encouraging house construction. it provides that if the assessee has purchased or constructed .....

Assistant Commissioner Vs. Prasad Productions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1997)60ITD267(Mad.)

..... proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a ..... of development and printing of films.therefore, it is a manufactured item by the assessee-company, which cannot be treated as an assets within the meaning of section 40(3) of the finance act, 1983. again the said order, the revenue is in appeal before us.2. on behalf of the revenue it was contended that although silver is ..... against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is .....

Assistant Commissioner of Wealth Vs. Prasad Productions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and s. 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a production cannot be ..... more of such precious metals (not being any such precious metal or alloy held for use as raw material in industrial production)." the last portion of the said sub-section, i.e., 'not being any such precious metal or alloy held for use as raw material in industrial production' has been included in the said ..... section w.e.f. 1st april, 1989. further from 1st april, 1989, a proviso was introduced to the said section, which reads as follows : "provided that this section shall not apply to any asset referred to in cls. (i), (ii), (iii), (iv), (v) or .....

Rajathdri Hotel (P.) Ltd. Vs. Wealth-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1995)54ITD579(Pune.)

..... aggregating the value of all the assets which is in excess of the aggregate value of all the liabilities of an assessee. as against this, sub-section (3) of section 40 of the finance act, 1983 exhaustively enumerates the various items of property, in other words assets, the aggregate value of which shall be the amount of net wealth for the ..... the definition of motor cars and, therefore, are not liable to be included in the net wealth of the company under clause (vii) of sub-section (3) of section 40 of the finance act, 1983.6. so far as the first point is concerned, it was contended by the learned departmental representative that a partnership firm is not a tax ..... (d) rajathadri restaurant and wine shop were being used as hotel by the partnership firm and, therefore, under the terms of clause (vi) of sub-section (3) of section 40 of the finance act, 1983, they were not liable to be included in the net wealth of the company.(3) the revenue authorities have made a mistake in adopting 102924 sq .....

Murlidhar Kanoi Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD615(Kol.)

..... house is to be regarded as his agricultural income, and, accordingly, it is to be treated as exempted under section 10(1) of the act. however, in accordance with the provisions contained in the finance act, 1999, the said agricultural income of the assessee shall be taken into account for the rate purposes as provided in ..... purpose of determining the rate of tax applicable to non-agricultural income. the relevant finance act, 1999 applicable for the assessment year commencing on the 1^st day of april, 1999 provides under clause (c) of sub-section (1) of section 2 of the finance act, 1999 that "net agricultural income", in relation to person, means the total ..... for computation of net agricultural income. rule 10 of said part-iv of first schedule to the finance act, 1999 says that the provisions of the income tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with necessary modification, apply in relation to the .....

Bombay Coal Ash Co. and ors. Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... , 1979, the applicant applied to the commission to permit him to contest the objections of the commissioner under the provisions of sub-section (1a) inserted by the finance act, 1979, with effect from april 1, 1979. the settlement commission, by its order dated august 7, 1987, negatived this contention of the applicant ..... been made without furnishing an opportunity of hearing as required by the provisions of the first proviso to section 245d(1). when the said application was pending, on april 1, 1979, the finance act, 1979, inserted sub-section (1a) after section 245d(1), which empowered the settlement commission to overrule the objections of the commissioner. on may 29 ..... of natural justice was of no value. if that is so, then the application made for the settlement under section 245c was still pending before the commission when the amendment made to the finance act of 1979, came into effect and the said amendment being procedural, it would govern the pending proceedings and the .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... of dividends mentioned earlier and that would be income by way of dividends from a domestic company which is included in the gross total income." this part of the section added by finance act of 1974, w.e.f. 1st april, 1972, has given rise to the present dispute.70. then we come to the third part of the ..... by an indian company from a foreign company in consideration for its supply of technical know-how or technical services under approved agreements.sec. 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, etc. the department's circular no. 72, dt. 6th january, 1972 ..... the provisions of s. 80-o w.e.f. 1st april, 1972, before amendment by the finance act of 1974 and s. 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature : "sec. 80-o as inserted by finance act, 1967, w.e.f. 1st april, 1968. - where the gross total income of an .....