Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)111ITD379(Pune.)
..... finance act ..... section 32a, section 32ab, section 80cc(3)(a)(i), section 80-1(2), section 80j(4) and section ..... finance act ..... act by the finance (no.2) act ..... by the finance act, 2003, ..... section ..... section ..... section ..... section ..... section ..... section ..... section ..... finance ..... section ..... act ..... act ..... section ..... section ..... acts ..... acts ..... act ..... act ..... act was passed, when the act ..... act ..... act ..... act ..... sections ..... act ..... section ..... act ..... act ..... act ..... section ..... section ..... section ..... act ..... act ..... act ..... acts ..... act ..... section ..... section ..... act ..... act ..... act ..... section ..... section ..... act ..... section 2(p) of the act ..... section (2)b section ..... section 80-i of the i-t act ..... section 80-i of the i-t act ..... section 263 of the i-t act ..... section 263 of the i-t act ..... section 80i of the i-t act ..... section 80ia of the income-tax act ..... act. since ..... act ..... section 138 of the negotiable instruments act ..... section 80-1. he contended that the benefit of section ..... section 801 and 80a of the i-t act ..... section 80i{2)(iii) and submitted that the deduction under section ..... section 80-1 of the i-7 act. he submitted that the predecessor of section 80-1 was section ..... section 801 and 80la of the i-t act ..... section 32ab and 80-1 of the i-t act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)298ITR333(Pune.)
..... was made in a specific manner. the explanation uses the words "for the removal of doubts, it is hereby declared". further, explanation 8 was inserted in the act by finance act, 1986, with effect from 01.04.1974. thus, this explanation was made operative retrospectively. this explanation also uses the expressions "for the removal of doubts, it ..... of the learned ci (a). 13.5 we have considered the facts of the case and submissions made before us. explanation 10 below section 43(1) was inserted by finance (no. 2) act, 1998, with effect from 01.04.99. explanation was inserted to nullify partly the effect of judicial pronouncements that nature of subsidy has ..... allocation of subsidy has to be reduced from the cost in terms of the statutory provisions contained in explanation 10 below section 43(1) of the act. according to him, this explanation, inserted by finance (no. 2) act, 1998, with effect from 01.04.99, supercedes the judgment relied upon by the assessee. this explanation provides that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1992)40ITD605(Pune.)
..... of manubhai a.sheth (supra) has been superseded by the amendments in statute law. the amendment in sub-clause (iii) of clause (14) of section 2 was made by the finance act 1970 with effect from 1-4-1970 which is applicable to the appeals under consideration. at this juncture, it is relevant to point out that the ..... above technical contention, the learned departmental representative has also relied on the amendments made in the statute law. referring to section 2(1a) which defines 'agricultural income' he pointed out that explanation thereunder inserted by the finance act, 1989 clarified that revenue derived from land shall not include and shall be deemed never to have included any income ..... item (a) or item (b) of sub-clause (iii) of clause (14) of section 2. this explanation inserted by the finance act, 1989, is made retrospective from 1-4-1970. then referring to sub-clause (iii) of clause(14)of section 2, he pointed out that any other agricultural land in india is not a capital asset with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)108ITD424(Pune.)
..... july, 1995. this issue was discussed at length with both the parties. it has been mentioned earlier, that section 40a(3) was amended by the finance act, 1995, w.e.f. 1st april, 1996. earlier, all cash payments covered under this section, were liable to be disallowed in toto, subject to the provisions contained in rule 6dd. however, by this ..... (3).2.1 ground nos. 1 and 2 are against the finding of the learned cit(a) that provisions of section 40a(3) of the it act, 1961, as amended by the finance act, 1995, w.e.f. 1st april, 1996, are applicable to cash payment of rs. 11,36,990 made to m/s sanjeev traders, panvel. for the ..... to the penal provisions. it is also not with reference to the procedural law. since the amendment affects the computation of income, the aforesaid amendment made by the finance act, 1995, constitutes substantive law. it is an accepted proposition that the introduction of substantive provision or amendment in a substantive provision relates to assessment year and not to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)47ITD72(Pune.)
..... as a partner could not be regarded as a share of income derived from the firm so as to be disallowed under section 40(b).28. the amendment made by the finance act, 1988 to section 40(3)(vi) of the finance act, 1983 was held by the karnataka high court in the case of cwt v. prakashi talkies (p.) ltd. [1993] ..... rule of reasonable construction was followed and literal construction was avoided if that defeats the manifest object and purport of the act.26. the supreme court has considered the scope of explanation 2 inserted by the finance act, 1979 in section 64(2) in the case of p.doraiswamy chetty (supra) and held at page 160 head notes that the assessee ..... the patna high court in the case of jamshedpur motor accessories stores [supra). that decision related to the scope of section 43b. the patna high court held that the first proviso to section 43b inserted by the finance act, 1987 was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)112ITD103(Pune.)
..... the hon'ble supreme court was related to the assessment year 75-76 and 76-77 before the insertion of clause (iii), (iiia) and (iiib) to section 27(1) of the act by the finance act, 1987. it is, thus, clear that the meaning of the word "ownership of property" was interpreted by the hon'ble supreme court in the case of cit ..... for a period of more than 36 months is treated as a "long term" capital asset. 20.2 with a view to encouraging house construction, the finance act, 1982, has inserted a new section 54f to provide that where any capital gain arises from the transfer of any long term capital asset, other than a residential house, and the assessee purchases ..... was held to be not warranted. the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1991)36ITD118(Pune.)
..... common good and since those boards were serving an important public purpose and since they did not exist for private profit, finance act, 1970 had made a specific provision in the new clause (20a) of section 10 exempting the income of such boards from tax altogether. according to this circular, the said provision exempts from tax any ..... , improvement in farming methods, etc. the question is whether the provisions of section 10(20a) would be attracted in respect of the income of the assesseer-corporation.4. section 10(20a) of the act which was inserted with retrospective effect from 1st april, 1962, by finance act, 1970, is as follows : 10. in computing the total income of ..... that particular area were met by the corporation. the gujarat state industrial corporation was not such a corporation and was not entitled to exemption under section 10(20a) of the act. similar would be the case with the assessee-corporation. the objects of the assessee-corporation have been set out by us above. it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)82TTJ(Pune.)481
..... taxed at 20 per cent. the mode and manner of calculation of tax has further been elaborately expressed in section 112. this provision was inserted by the finance act, 1992, w.e.f. 1st april, 1993. section 113 was inserted by the finance act, 1995, w.e.f.1st july, 1995. this clearly provides that the total undisclosed income of the block ..... a case where the assessee owned on the date of transfer of the original asset any residential house. section 54f has been amended by the finance act, 2000 with effect from 1st april, 2001 which now provides that exemption under section 54f will not be available in a case where the assessee owns more than one residential house on the ..... , in the new property purchased or constructed by him. this condition was removed by the finance act, 1982 applicable from asst.yr. 1983-84. the circular of the board relied upon by the learned counsel relates to the old provision of section 54 where emphasis was laid on the user of the property mainly for the purpose of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)44ITD520(Pune.)
..... necessary since companies are now included as entity for the purpose of wealth tax, vide notes on clauses contained in 194 itr (st.) 162. section 99 of the finance act 1992 amended section 45 of the wealth tax act, 1957 with effect from 1-4-1993 whereby clauses (a) to (e) were omitted and for clause (h) the words "any social club ..... the majority view is in favour of the assessee. however, all these case laws related to cases for the years prior to the insertion of section 21aa of the wealth-tax act by the finance act, 1981 with effect from 1-4-1981 whereby the assets held by certain association of persons other than company or co-operative society were also ..... correct. he also submitted that the tribunal while rendering its order for the assessment year 1981-82 on 4-10-1988 was aware of the provisions of section 21aa inserted by the finance act, 1981 with effect from 1-4-1981 and therefore, the tribunal is deemed to have considered such provision before rendering its decision.7. we have duly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1992)43ITD419(Pune.)
..... court considered the challenge of arbitrariness and ultra vires of article 14 of the constitution and also the contention that the amendment to section 43b by the finance act 1987 with effect from 1-4-1988 by inserting proviso to section 43b was clarificatory in nature, but all these contentions were rejected by the delhi high court. on the other hand, the delhi high ..... -4-1988 which is not applicable to the assessment year 1984-85. the tribunal being a creature of the income tax act cannot go to the literal or reasonable construction of the statute and when the finance act, 1987 inserted proviso to section 43b with effect from 1-4-1988, it is not open to the tribunal to hold otherwise. the tribunal, special bench .....
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