Judgment Search Results Home > Cases Phrase: finance act 2007 section 47 amendment of section 143 Court: income tax appellate tribunal itat chennai Page 3 of about 49 results (0.543 seconds)

Joint Commissioner of Income Tax Vs. Global Calcium (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)106TTJ(Chennai)179

..... . whether the net receipt or gross receipt is to be excluded.24. we have gone through clause (baa) to explanation to section 80hhc, which was inserted by the finance (no. 2) act, 1991 w.e.f. 1st april, 1992. in this clause, 'profits of business' has been defined as profits of the business as computed under the head 'profits and gains ..... .c. shoes (supra) and s.s.c. shoes ltd. (supra), these two cases are prior to the amendment of section 80hhc w.e.f. 1st april, 1992 where expln. (baa) was brought on statute book by the finance (no.2) act, 1991. even in the case of madras motors ltd. (supra), the jurisdictional high court has gone into the nature of ..... the learned departmental representative, shri shaji p. jacob, first of all argued that clause (baa) to explanation to section 80hhc was brought on statute book w.e.f. 1st april, 1992 by the finance (no. 2) act, 1991, he argued that notes on clauses to finance (no. 2) bill, 1991 will clarify the position which are given in (1991) 190 itr (st) 244 .....

First Leasing Co. of India Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2001)75ITD197(Chennai)

..... to the actual user alone.he also rejected the logic in granting of investment allowance on the lessee satisfying the condition laid down in section 32a of the act to section 32 of the act basing his conclusions on the decision of the tribunal (supra). he distinguished the circular of the board by observing that it did ..... initial value. in the case, however, of hire of machinery, it was provided that the owner is entitled to depreciation.the hon'ble supreme court in shaan finance (p) ltd.'s case (supra) considered the question of allowability of investment allowance in the case of assessee doing business of leasing machinery to manufacturers and ..... on merits.the proposal for the formation of a special bench to resolve the controversy was mooted on the reasoning that the decision in shri leasing& industrial finance co. ltd.'s case (supra) required reconsideration. honble president had constituted the special bench satisfied with the proposal to consider the question of allowability of extra .....

Tamil Nadu Power Finance Vs. Department of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

..... by the tribunal to verify whether the business activities of the assessee claimed as long term financing activities would come under explanation (e) of section 36(1)(viii) of the act. the set aside assessment was completed on 29-12-2008. again the case of the ..... the assessee in ita nos.225 to 233 and 2034/mds/2011 for ays.1996- 97 to 2003-04, 2006-07 and 2007-08. 6. we have heard the submissions made by the representatives of both the sides. we have also perused the orders ..... company and is providing long term finance for industrial projects. 7. we find that an identical issue had come up before the tribunal in the case of assessee for ays.1996-97 to 2003-04, 2006-07 and 2007-08. the tribunal vide order dated ..... been following mercantile system of accounting. however, the prudential norms prescribed by rbi, for non banking financial company under section 45 q of the rbi act, made it obligatory for the assessee to classify the loans on which interest was not received for a period exceeding .....

Assistant Commissioner of Income Vs. Smr Cotton Mills (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)100TTJ(Chennai)594

..... that the object of the provisions of sections 115ja and 115jaa was to levy tax on the "deemed" income relating to certain companies and giving ..... and 234c in the context of computation of book profit deemed as income under section 115ja of the act, along with section 115j, 115jaa and 115jb is couched under chapter xii-b under the heading 'special provisions relating to certain companies'. this was inserted by finance act (no. 2) 1996 w.e.f. 1st april, 1997. further he argued ..... that no interest shall be payable on the tax credit allowed under sub-section (1).it is further seen from the memo explaining provisions in finance bill by virtue of finance act, 1997 w.e.f. 1st april, 1997, the provisions of sections 115j and 115jaa was brought on statute book. the memorandum explaining the provisions has explained .....

Marg Constructions Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2003)81TTJ(Chennai)440

..... assessee would agree to the principal amount and thereby waiving any interest that was due to it. the assessee could not pay the interest because it had no finance. consequent to this the assessee had to write back interest in the financial year 2000-01. he submitted that the assessee........ (sic) however, considering the fact ..... vii, chennai in connection with the decision of tax for the asst. yrs. 1997-98 to 2000-01. in this letter it was stated as under: "our finance manager, sri muralidharan, who appeared before you has suddenly left our office without any information. we have been sending our staff to his house to obtain the details ..... supported the orders of the authorities.4. rival contentions in regard to the above have been very carefully considered. section 275 of the act falls under chapter xxi containing the caption "penalties imposable". according to this section no order imposing a penalty under this chapter shall be passed in any other case, after the expiry of the .....

Ashok Leyland Finance Ltd. Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)865

..... because the reserve bank of india had directed the assessee to provide the non-performing assets, that direction could not override the mandatory provisions of the i.t. act contained in section 36(1)(viia) which stipulate a deduction not exceeding 5 per cent, of the total income only in respect of the provision for bad and doubtful debts which ..... not find any force in the argument of the assessee in view of the provisions of section 142a by which the assessing officer was given power to refer the matter to the dvo in certain cases. this provision was inserted by the finance (no. 2) act, 2004 with retrospective effect from 15-11-1972. the learned judicial member did not make ..... are dismissed.13. the above cross-appeals by the revenue and the assessee for the asst. years 1995-96, 2000-01 & 2001-02 were originally heard on 6-3-2007. on a careful consideration of the matter, we came to the conclusion that the departmental appeals in ita nos. 1218 to 1220/mds/05 are to be dismissed. however, .....

Mohan Breweries and Distilleries Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)532

..... relevant to the initial assessment year and to every subsequent assessment year upto and including the assessment year for which the determination is to be made.section 80-ia as enacted by finance act, 1999 w.e.f. 1st april, 2000 as stated earlier gives an option to the assessee w.e.f. 1st april, 2000 to claim ..... 2005) 96 itd 160 (mambai) were not applicable to the facts of the case. these order were delivered before the amendment to section 80-ia. by amendment by the finance act, 1999 w.e.f. 1st april, 2000, section 80-ia(2) was introduced which has given the option to the assessee to opt the initial assessment year to claim deduction under ..... 1. this appeal by the assessee is directed against the order of the cit(a) dt. 21st march, 2007. the assessee raised the ground that cit(a) erred in confirming the withdrawal of deduction under section 80-ia and confirming the setting off the notionally carried forward loss against profits generated by the industrial undertaking during the relevant .....

Deputy Commissioner of Income Tax Vs. Ram Kumar Giri

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)103TTJ(Chennai)352

..... four assessees as per the said agreement as capital receipt not liable to capital gains tax, were in accordance with law. a subsequent introduction of sub-clause (va) to section 28 by the finance act, 2002, making the receipt of an amount of the nature involved in the present case liable to tax as 'business income' w.e.f. 1st april, 2003, ..... ; all the above clauses are outside the purview of the non-compete agreement entered by the assessee.11. the amendment in the finance act, 2002 proves that the above clauses are not applicable to the assessee's case and section 28(va) is applicable with effect from the asst. yr. 2003-04 only. since it has no retrospective application, the law ..... management is vesting in government.23. in this regard, it will also be relevant to refer to section 28(v)(a) inserted w.e.f. 1st april, 2003 by finance act, 2002. as a matter of fact, the case falls under the provisions of section 28(v)(a). this is also what the delhi tribunal in the case cited supra held. since .....

R.P. Sarathy for Minor M. Pranuthi Vs. Joint Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)97TTJ(Chennai)801

..... of appeal, by assessee," 6. the clubbing provision of minor's income was brought on statute book with effect from 1st april, 1993 by the finance act, 1992. the relevant provision of section 64(1 a) of the act reads as under : "64(1a)--income of individual to include income of spouse, minor child, etc.--in computing the total income of any individual, ..... declared by the minor for the assessment year prior to 1992-93 in his own hands (please see sections. 63 and 64).8. in view of the above provision for clubbing of minor's income, sub-section (1a) of section 64 of the act inserted by the finance act, 1992, w.e.f. 1st april, 1993 provides that all income of a minor is to ..... the minor is not liable to file the return of income as per the provisions of the it act, 1961, in case both the parents are not alive w.e.f. 1st april, 1993 by the finance act, 1992.the provisions of section 64(1a) of the act were introduced, where clubbing of minor's income was made mandatory and only way of assessment of .....

Sirius Shipping Co. Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2002)257ITR38(Chennai)

..... . the legislature later on extended the benefits of this section, namely, section 33ac, to government shipping companies by amending the act suitably. circular no. 636 dated august 31, 1992 (see [1992] 198 itr (st.) 1), deals with the scope and effect of the amendment made in the finance act, 1992. in the said circular against paragraph no. ..... 24.2 it is mentioned as under : "it was noticed that shipping companies have diversified into trading, real estate business, etc., and are claiming deduction under this section even in respect of their income from activities other ..... be owned by the assessee, whereas the legislature consciously has not mentioned about the ownership of the asset for claiming the deduction under section 33ac of the act. even under section 28 the ownership of the business is not the main criteria for levy of tax. in this connection reference is invited to page .....