Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : May-07-1991
Reported in : (1991)38ITD138(Ahd.)
..... all of them follow mercantile system of accounting.2. the common point in these three appeals relates to interpretation of provisions of section 43b of the income-tax act, 1961 as amended by the finance act, 1987 and the finance act, 1989.3. in ita no. 229/ahd/1988 the assessee is firm of m/s. chandulal venichand carrying on business ..... court in srikakollu subba rao & co. v. union of india [1988] 173 itr 708 that in order to apply the provision of section 43b (as it stood prior to amendments by finance act, 1987 and finance act, 1989) not only should the liability to pay the tax be incurred in the accounting year but the amount also should be statutorily ..... to the last quarter and the amount in question was statutorily payable after the close of the relevant accounting year.8. as already stated section 43b was amended by finance act, 1987 and finance act, 1989. by finance act, 1987 proviso was inserted with effect from 1-4-1988 which reads as under :- provided that nothing contained in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jul-18-1991
Reported in : (1991)39ITD178(Ahd.)
..... previously used for any purpose. the words "a building (not being a building taken on rent or lease)" were omitted by the finance act, 1975. the effect of the aforesaid amendment made in section 80j(4)(ii) is that deduction under section 80j is to be allowed even in cases where the new industrial undertaking is set up in a transferred building. in the ..... . it will also be relevant to consider the legislative amendments made from time to time in the provisions of section 80j prior to amendment by the finance act, 1975 w.e.f. 1-4-1976 one of the conditions for grant of deduction under section 80j was that the industrial undertaking should not be formed by the transfer to a new business of a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Aug-23-1991
Reported in : (1991)39ITD557(Ahd.)
..... only to three categories of members mentioned in the proviso in the rules and bye-laws of the co-operative society. the object of amending the provisions of section 80p by the finance (no. 2) act, 1971 [as explained in the notes on clauses published in 1971] 80 itr at page 151 is to secure that labour co-operative societies will be eligible ..... is clear that the co-operative society is entitled to grant of general exemption of rs. 20,000. sub-clause (vi) of section 80p(2)(a) was introduced by the finance (no. 2) act of 1971 w.e.f. april 1,1972. by introducing the said sub-clause (vi) along with the proviso, it is clear that the legislature intended to give additional ..... benefit of exemption for the sums specified in sub-section (2), i.e., whole of the amounts of profits and gains of business .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-05-1991
Reported in : (1991)38ITD562(Ahd.)
..... the entire process was that of marketing of the agricultural produce of the members and as such the income derived from this process was exempt under section 80p(2)(a)(iii) of the act. the cit(a) held that since extraction of oil from the agricultural produce of the members and sale thereof could not be said to be ..... the marketing functions may involve all such functions such as buying and selling, physical functions such as storage, transportation, processing etc. and other commercial functions such as standardisation, financing, market intelligence etc. we are supported in this view of the matter by the decisions in karjan co-operative society ltd.'s case (supra) and addl.cit v. ..... marketing of the agricultural produce of the assessee society and as such the whole of profits and gains arising out of such activity was exempt under section 80p(2)(a)(iii) of the act.6. the decision of the m.p. high court in keshkal co-operative marketing society ltd.'s case (supra), on which the learned d. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jul-15-1991
Reported in : (1991)39ITD65(Ahd.)
..... cloth traders (p.) ltd. v. addl. cit [1979] 118 itr 243. to supersede this view, the finance (no. 2) act, 1980 introduced section 80aa with retrospective effect from 1-4-1968 as regards intercorporate dividend and section 80ab with effect from 1-4-1981 as regards other receipts. the hon'ble supreme court in the case of distributors ..... with reference to the net amount of income to be computed in accordance with the provisions of income-tax act, 1961 i.e., only after deducting the allowable expenditure. sub-section (1) of section 80p of the it act, 1961 provides that where the gross total income of a co-operative society includes any income referable to the ..... interest expenditure debited in the said interest account will have to be deducted from the gross interest income under section 57 of the it act, 1961. only the net income after allowing the aforesaid deductions under section 36 or section 57 will form part of gross total income and that net amount of interest income only will be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Apr-17-1991
Reported in : (1997)59TTJ(Ahd.)1
..... that the assessee had a positive income during the current year and the assessee was required to pay advance tax as per the relevant provisions of the act on the estimated income. sec. 115j purports to tax an amount by creating a legal fiction by which the total income is deemed to be 30 per cent of the book ..... of s. 115j(1a).6.1 we find that the assessee company has been claiming depreciation at the rate prescribed in the it rules from the very inception. sec. 249 of the companies act contains provisions relating to determination of net profit and cl. (k) of sub-s. (4) of s. 249 provides for deduction of depreciation to the ..... steep upward revision, companies were not left with sufficient profits, after providing for depreciation to enable declaration of reasonable dividend by them to their shareholders. this section has, therefore, been amended by the amendment act of 1988 vide note 26 of notes on clauses which reads as follows : this clause seeks to amend s. 205 to provide that, in future .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Nov-18-1991
Reported in : (1992)40ITD483(Ahd.)
..... adopted. in case the assessee recovers any amount on a future date, the same may be brought to tax in the year of realisation in view of section 41(1) of the act. this will adequately safeguard the interest of the revenue as and when the assessee recovers any amount out of such irrecoverable debt.8.11 we, therefore, direct ..... a decree in favour of the assessee. such judicial approach taken in the above referred two judgments have also received legislative acceptance by amendment of section 36(1)(vii) by the direct taxes laws (amendment) act, 1987 w.e.f. 1-4-1989 when the condition relating to establishing of a debt having become bad debt in the previous year ..... the income of that year. once a particular item of expenditure or deduction is of the nature specifically described in any of the statutory provisions contained in sections 30 to 43c of the act, the allowability of the said expenditure will have to be considered in the light of that specific provision. more so when the said specific .....
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