Judgment Search Results Home > Cases Phrase: finance act 2007 section 47 amendment of section 143 Sorted by: old Court: income tax appellate tribunal itat chennai Page 1 of about 49 results (0.342 seconds)

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 .....

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 .....

Beacon Rotork Controls Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2003)86ITD275(Chennai)

..... machineries and plant during the previous year. the board's circular no. 550, dated 1-1-1990 on the scope and effect of the amendments made in section 32ab by the finance act, 1989 was relevant.moreover, for the purpose of depositing in the investment deposit account, the legislature has prescribed a fixed period and that too upto six months ..... whereas in the case of the assessee there is no utilisation of any amount for the purchase of the aforesaid machinery and that the very stipulation in section 32ab of the act that the 'amount should be utilised means that the flow of money should have been from the assessee in the purchase of the machinery. he contended ..... the mercantile system of accounting. the arguments put forward by the assessee's representative did not stand to the reason because the very stipulation in the section 32ab of the income tax act that the amount should be utilised meant that flow of money should have been out from the assessee in purchase of the machinery, as per .....

Parkside Holdings Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2003)86ITD252(Chennai)

..... year ended on 31-3-1992 relevant to the assessment year 1992-93 or not. in this connection reliance of the learned counsel for the assessee on section 43(2), section 43b, the finance bill, 1976, the central board of direct taxes circular no. 261 dated 8-8-1979 and the decision of the gujarat high court in kangold (india ..... made in cash (or by cheque, bank draft, etc.) and not in kind." from the above passage in the finance bill it can be seen that donations paid by cheque are eligible for deduction under section 80g of the act. normally there would be sometime lag for collecting an outstation cheque by the bank and in this case it has been ..... against the appellate order dated 19-12-1995 of the commissioner (appeals), coimbatore.briefly stated, the facts of the case are that while framing the assessment under section 143(3) of the act the assessing officer found that the assessee had paid the following amounts as donation : sri devi podar. foundation, coonoor vide receipt no. 001 dated 31-3 .....

P.K. Ganeshwar Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2004)91TTJ(Chennai)970

..... for cash and the cash was then used for taking fixed deposits with the bank and that sale proceeds could never be considered for addition under section 68 of the act. the appellant drew our attention to the various documents placed in the paper book to substantiate his case that the amount treated as undisclosed income was ..... it was also submitted that, had the plan of assessee succeeded in three months, the parties would have been satisfied of their loan and the assessee also managing finance for the security for opening of letter of credit. it was further contended that the certificate from the erode chamber has been filed along with the paper cutting ..... . both parties had confirmed that they did not insist for any security and had not made any record of the same in their books because they had finance arrangement with their respective bankers and that they had removed the goods from godowns without informing their bankers because the arrangement was one of hypothecation and bank placed .....

Om Sindhoori Capital Investment Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2004)88TTJ(Chennai)697

..... defines the cost as acquired and what would be taken as cost in certain circumstances. these circumstances are provided in explanation 3, 4 and 4a to the section 43(1) of the act. these have direct bearing to the instance case and therefore, being relevant to the issue, are reproduced hereunder..where, before the date of acquisition by ..... the hands of the first owner.the above appreciation of the provisions about the cost of an asset goes to show that the explanation 4a of section 43(1) of the act is attracted because, in the instant case the lessee was the first owner and the appellant -company is the second owner followed by the first ..... limited company carrying on the business of leasing and finance has instituted this appeal against the order of the commissioner (appeals)-ii, chennai dated 25-11-1999 passed with reference to the income of the assessee under the provisions of the income tax act, 1961 (hereinafter referred to as the act). the appellant- company has raised only one issue .....

The Income Tax Officer, T.D.S. - Vs. Raj Television Network Ltd.,

Court : Income Tax Appellate Tribunal ITAT Chennai

..... assessee.39. we may examine the above question involved in this case from another angle and refer here that finance bill 2001 was introduced recently in explanation (2) of section 9(iva), according to which in section 9 of the i.t. act, sub-section (1), clause (iv) under explanation (2), the following clause has been inserted in the definition of ..... have rightly disallowed the payments against the assessee, upon which no tds was deducted.20. the learned dr., also placed reliance on section 5 and section 9 of the i.t. act and argued that the same are applicable to this case also.the learned dr., filed a paper book containing records to show that ..... section 9 of the i.t. act with regard to the definition of royalty was not applicable to the payment in question.40. we may further add here that if the payment towards use of equipment such as transponder falls within the existing definition of royalty, then there was no need to amend the definition of royalty in the proposed amendment by finance .....

Kadri Mills (Cbe) Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2002)76TTJ(Chennai)38

..... of the revenue authorities in excluding 90 per cent of this job receipts "yarn conversion charges" from the profits of the business while computing deduction under section 80hhc of the act. thus, the above ground is partly decided in favour of the assessee."the commissioner (appeals) erred in holding that sales-tax, excise duty collections, ..... adjusted business profit as per explanation (baa) of sub-section (4b) of section 80hhc of the income tax act, 1961. aggrieved by these 'disallowance for both the years, the assessee moved the matter in appeal before the first appellate authority, who ..... , details of which are listed below : income from business while arriving at the adjusted business profit for the purpose of computation of relief under section 80hhc of the act : the assessing officer made the above disallowance as according to him the assessee has other incomes which are to be excluded while arriving at the .....

Kadri Mills (Cbe) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

..... business profit as per explanation (baa) of sub-section (4b) of section 80hhc of the it act, 1961. aggrieved by these disallowance for both the years, the assessee moved the matter in appeal before the first appellate authority, who also ..... the job receipts towards work done for other parties are to be excluded while arriving at the profits of the business in computing the deduction under section 80hhc of the act. in our considered opinion yarn conversion charges are nothing but job work receipts received by the assessee and hence following our earlier decision cited supra ..... incomes, details of which are listed below : income from business while arriving at the adjusted business profit for the purpose of computation of relief under section 80hhc of the act : the ao made the above disallowance as according to him the assessee has other incomes which are to be excluded while arriving at the adjusted .....

Assistant Commissioner of Income Vs. R.K. Narayan

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)101TTJ(Chennai)1056

..... amount of rs. 28,830 in the accounting year 1970-71 as remuneration for services rendered as arbitrator. the ito held that this amount was not exempt under section 10(3). the order of the ito was upheld by the tribunal because it found that the assessee had specialised knowledge of industrial law; that ever since ..... radio, but claimed that these amounts were casual and non-recurring receipts not arising from any business or vocation, and were exempt undersection4(3)(vii) of the it act, 1922.upon the aforesaid facts, the hon'ble jurisdictional high court held as follows: though the amounts in question were not received in pursuance of any contract ..... m/s brown university of usa approached the assessee for handing over possession of these letters through m/s glenn horrowiz whose company specialises in such transactions to act as on agent for the university and the assessee has handed over possession of the letters to the agents for which the consideration is received. a straight commercial .....