Judgment Search Results Home > Cases Phrase: finance act 2007 section 47 amendment of section 143 Court: income tax appellate tribunal itat ahmedabad Year: 1996 Page 1 of about 7 results (0.441 seconds)

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 .....

Lodge Hamilton 26 Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)56TTJ(Ahd.)407

..... 1988-89. the scope and effect of the newly substituted s. 167a substituted by the finance act, 1985, has been elaborated in the following portion of the board circular no. 421, dt.12th june, 1985 [ "38.1. sec. 167a(2) of the it act provides that where the individual shares of the members of an aop in any part of the ..... any reason for holding that the circular issued by the board, dt. 11th jan., 1982, will not apply after substitution of new s. 167a by the finance act, 1985. the finance act, 1985, merely makes the law more stringent for providing and checking the tax avoidance by creation of multiple aops. the tax planning made through such loopholes was ..... order to counteract the tax avoidance through the creation of multiple aops without specifying the shares of the members either in whole or any part of the income. the finance act, 1985, substituted a new s.167a with the obvious purpose of plugging loopholes which existed in the earlier amended provisions introduced w.e.f. asst. yr. 1981- .....

Lodge Hamilton 26 Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)66ITD609(Ahd.)

..... 1988-89. the scope and effect of the newly substituted s. 167a substituted by the finance act, 1985, has been elaborated in the following portion of the board circular no. 421, dt.12th june, 1985: "38.1. sec. 167a(2) of the it act provides that where the individual shares of the members of an aop in any part of the ..... any reason for holding that the circular issued by the board, dt. 11th jan., 1982, will not apply after substitution of new s. 167a by the finance act, 1985. the finance act, 1985, merely makes the law more stringent for providing and checking the tax avoidance by creation of multiple aops. the tax planning made through such loopholes was ..... order to counteract the tax avoidance through the creation of multiple aops without specifying the shares of the members either in whole or any part of the income. the finance act, 1985, substituted a new s.167a with the obvious purpose of plugging loopholes which existed in the earlier amended provisions introduced w.e.f. asst. yr. 1981- .....

Shreenathji Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)58TTJ(Ahd.)611

..... the books of accounts maintained in the normal course of business.6.4. the assessee has placed strong reliance on the board circular no.572 explaining various sections of finance act, 1990. para 43 of the circular explains, that s. 271d among others which was inserted w.e.f.1st april, 1989; by the direct tax laws ( ..... for the purpose of s. 271d, it would be appropriate to see the legislative intention or the object for which the provisions of s. 269ss were inserted by the finance act, 1984. the board in its circular no. 387, dt. 6th july, 1984 elaborately explained the scope and intention of inserting the provisions of s. 269ss in the ..... of their explanation.32.2. with a view to counter this device which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new s. 269ss in the it act debarring persons from taking or accepting, after 30th june, 1984 from any other person any loan or deposit otherwise than by an account-payee .....

Dr. Sanjiv P. Desai Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)60TTJ(Ahd.)305

..... of the sort has been done by the ao. it will also be worthwhile to observe that expln. 2 to s. 16 inserted by the finance act, 1985, w.e.f. 1st april, 1986, which was omitted by finance act, 1989, w.e.f. 1st april, 1990 also clarifies that the use of any vehicle for journey by assessee from his residence to his ..... and circumstances, we are of the considered opinion that the amount given by the employer by way of reimbursement towards vehicle conveyance expenses is exempt under s.10(14) of it act, 1961, in view of the clear notification dt. 9th june, 1989 (supra). the said circular clearly lays down that any allowance granted to meet the expenditure incurred on conveyance in .....

Dr. Sanjiv P. Desai Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... of the sort has been done by the ao. it will also be worthwhile to observe that expln. 2 to s. 16 inserted by the finance act, 1985, w.e.f. 1st april, 1986, which was omitted by finance act, 1989, w.e.f. 1st april, 1990 also clarifies that the use of any vehicle for journey by assessee from his residence to his ..... and circumstances, we are of the considered opinion that the amount given by the employer by way of reimbursement towards vehicle conveyance expenses is exempt under s. 10(14) of it act, 1961, in view of the clear notification dt.9th june, 1989 (supra). the said circular clearly lays down that any allowance granted to meet the expenditure incurred on conveyance in .....

income-tax Officer Vs. Hirachand B. Vaya

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)61ITD264(Ahd.)

..... was to provide the exemption in respect of interest only on funds which are repatriable outside india.in order to bring out this intention, section 10(4a) of the it act was amended by the finance act, 1968. under the amended provision, the exemption will be available only in respect of interest on moneys standing to the credit of a ..... and have also examined the relevant provisions of law and the decisions cited by the learned representatives.7. the provisions of section 10(4a) was introduced by the finance act, 1965. the effect of the insertion of this sub-section (4a) was explained in the departmental circular dated 11-10-1965. according to the said circular such a provision was ..... non-resident in a 'non-resident (external) account' in any bank of india in accordance with the fera act.7.2 the finance act, 1982 inserted a new section 10(4a). it is true that the said newly substituted section 10(4a) was to take effect from 1-4-1982. the effect of the newly substituted .....

Shri Dinesh Mills Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 1972, the assessee paid excise duty on the yarn manufactured by it under tariff item 18 and 18a of the first schedule to the central excises and salt act, 1944 (the excise act). the finance act, 1972, introduced a new tariff item 18-e whereby for the first time, blended yarn was subjected to excise duty under the new tariff item w.e ..... they dispute the liability and do not discharge the same. for some reasons or the other, undisputed liabilities also are not paid. 35.3 to curb this practice, the finance act has inserted a new s. 43b to provide that deduction for any sum payable by the assessee by way of tax or duty under any law for the time being ..... lies in the discretion of the collecting officer or authority".10. similarly, in the case of digvijay cement (supra), the tribunal found that the provisions of gujarat sales-tax act about imposition of interest or arrears of sales-tax were pari materia with the provisions relating to imposition of interest on arrears of cess in the u.p. sugar cane .....

Shri Dinesh Mills Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)60TTJ(Ahd.)429

..... 1972, the assessee paid excise duty on the yarn manufactured by it under tariff item 18 and 18a of the first schedule to the central excises and salt act, 1944 (the excise act). the finance act, 1972, introduced a new tariff item 18-e whereby for the first time, blended yarn was subjected to excise duty under the new tariff item w.e ..... they dispute the liability and do not discharge the same. for some reasons or the other, undisputed liabilities also are not paid.35.3 to curb this practice, the finance act has inserted a new s. 43b to provide that deduction for any sum payable by the assessee by way of tax or duty under any law for the time being ..... lies in the discretion of the collecting officer or authority".10. similarly, in the case of digvijay cement (supra), the tribunal found that the provisions of gujarat sales-tax act about imposition of interest or arrears of sales-tax were pari materia with the provisions relating to imposition of interest on arrears of cess in the u.p. sugar cane .....

income-tax Officer Vs. Chirag Family Trust

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)58ITD382(Ahd.)

..... made by the learned representatives of the parties and have also gone through the orders of the learned departmental authorities. sub-section (1a) of sec. 161 was inserted by the finance act, 1984 with effect from 1-4-1985. this section provides that where a trustee representing a trust derives income, inter alia, by way of profits and gains of business, ..... (1)(c) by furnishing inaccurate particulars of income and has thus avoided tax liability, by not paying the tax in conformity with the amended provisions of sec. 161 (1a) of the act.3. the dy. cit (a) cancelled the said penalty in view of elaborate reasons given in the order passed by him.4. the learned departmental ..... at maximum marginal rate as per the amended provision introduced with effect from a. y. 1985-86 would not bring the assessee's case within the mischief of section 271 (1)(c), which can be invoked only in cases where the assessee has concealed its income or had furnished inaccurate particulars of income. he also supported .....