Court : Income Tax Appellate Tribunal ITAT
Decided on : Apr-21-2003
Reported in : (2004)84TTJ(Bang.)165
..... 2000 read as under : "in cases to which the provisions of chapter xii or chapter xii-a or sub-section (1a) of section 161 or section 164a or section 167b of the it act apply, the tax ..... finance act, 2000, the surcharge in leviable. section 2(b) of finance act, 2000, prescribes the rate of tax for various persons. the provision in said section is applicable for asst. yr. 2000-01 only. at the same time section 2(1) is subject to sub- sections (2) and (3) of section 2 of finance act, 2000. sub-section (3) of section 2 of finance act, ..... same is leviable or not. cit(a) held that surcharge is correctly levied as per provisions in first schedule to the finance act. the finance act provides that if income-tax is computed in accordance with section 113, same is required to be increased by surcharge at the rate specified therein. 8.2 mr. khincha, learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Aug-04-2003
Reported in : (2004)82TTJ(Pune.)363
..... .7. after having heard both the sides and considering the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. before considering the same, it is imperative to look into ..... it clearly says that surcharge has to be levied (refer para 39(3)(f) of the said circular). further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed ..... applicable when the search was carried out. further it is noted that second proviso to section 2(7) both under finance act, 1995, and finance (no. 20) act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Jan-24-2003
Reported in : (2004)89ITD326(Hyd.)
..... the head "profits and gains of business or profession" (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following example: 10. the chief commissioners and directors-general of income-tax ..... be described as "profit derived from the export of goods or merchandise out of india." the deduction is computed in the following manner:- 5. the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia) (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), ..... many assessing authorities are treating export incentives to be a part of the total turnover. the finance act, 1990, has therefore, clarified the position by inserting a definition for the term "total turnover" in the explanation below section 80hhc. according to this definition, "total turnover" shall exclude cash compensatory support, duty drawback .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Feb-24-2003
Reported in : (2003)87ITD137(Delhi)
..... of cbdt circular no. 779 dated 14-9-1999 reported as 240 itr page 3 (statute) wherein it has been clarified that the amendment by finance act, 1999 in section 9(1)(ii) would apply to assessment year 2000-01 and subsequent assessment years. the legislature has not said that salary for services rendered in india ..... . salil gupta has vehemently assailed the order of cit(a) by contending that off-period salary is taxable in view of the provisions of explanationto section 9(1)(ii) as substituted by finance act, 1999 which, according to him, is retrospective in operation, being clarificatory/declaratory in nature. it was emphasized by him that the words "for ..... four concerns of the taxing provisions.6. before coming to the contention of ld. dr regarding retrospective operation of explanation substituted by finance act, 1999, let us first consider the scope of section 9(1)(ii) as originally enacted and amended from time to time in the light of judicial interpretation. such provisions as originally .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Nov-25-2003
Reported in : (2004)91ITD64(Mum.)
..... read with explanation (1) thereof, the legislature has expressly indicated that it never intended to exclude clauses (vi) and (vii) from the purview of section 9(1)(i),) by the finance act 1976 with effect from 17.1976.).7. ld. counsel submitted that business includes rendering technical services and, therefore, if no business connection is in india, ..... the learned counsel's first argument is that the legislature while inserting clause (vi) and (vii) of section 9 by the finance act, 1976 did not exclude incomes referred to in the said clauses from the purview of section 9(1)(i) which clearly shows that the legislative intent was not to exclude these clauses from the ..... of and does not admit of such construction. probably, the placement of section 80t is wrong. it ought to have been placed along side section 48, as has since been done by the finance act, 1987, with effect from april 1, 1988. by the said act, section 80t has been omitted and its provisions with certain changes, have been placed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Nov-25-2003
Reported in : (2004)85TTJ(Mum.)71
..... ) r/w expln. (1) thereof, the legislature has expressly indicated that it never intended to exclude clause (vi) and (vii) from the purview of section 9(1)(i), by the finance act, 1976 w.e.f. 1st july, 1976.7. learned counsel submitted that business includes rendering technical services and, therefore, if no business connection is in india ..... . the learned counsel's first argument is that the legislature while inserting clauses (vi) and (vii) of section 9 by the finance act, 1976 did not exclude-incomes referred to in the said clauses from the purview of section 9(1)(i) which clearly shows that the legislative intent was not to exclude these clauses from the purview ..... capable of and does not admit of such construction. probably, the placement of section 80t is wrong. it ought to have been placed along side section 48, as has since been done by the finance act, 1987, w.e.f. 1st april, 1988. by the said act, section 80t has been omitted and its provisions with certain changes, have been placed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-07-2003
Reported in : (2004)88ITD200(Pune.)
..... hon'ble supreme court in the case of ranchi club ltd. (supra) is a brief judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001 and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. we have ..... specific mention by the assessing authority in the assessment order charging interest under sections 234a and 234b, no interest could be recovered from the assessee merely by way of demand notice. while the first aspect has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either ..... filing of the said appeal. this part of the judgment of the hon'ble supreme court has not been nullified either by the retrospective amendment introduced by the finance act, 2001, nor by promulgation of central ordinance. (2) on the facts and in the circumstances of the case and in law the additional ground raised involves .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-07-2003
Reported in : (2003)80TTJ(Pune.)458
..... judgment of the hon'ble supreme court in the case of ranchi club ltd. (supra) is a brief judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001, and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. we have considered the ..... of any specific mention by the assessing authority in the assessment order charging interest under sections 234a and 234b, no interest could be recovered from the assessee merely by way of demand notice. while the first aspect has been nullified by the amendment introduced by the finance act, 2001, the second facet of the judgment has not been nullified either by the amendment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Decided on : Jan-31-2003
Reported in : (2004)90ITD333(Coch.)
..... the cit(appeals) has allowed only a period of 14 days on the ground that the provisions contained in clause (iii) of explanation 1 to section 153 have been amended by the finance act, 1996 with effect from 1.4.1997. the learned departmental representative submitted that this amendment is applicable only for the assessments pertaining to the assessment ..... provisions of law should apply in this case is not correct. he submitted that in the copy of the finance act, which was filed by the learned departmental representative at the time of hearing, para (sic) amendment to section 153 clearly mentions that "the last date on which the assessee is required to furnish the audit report" is ..... with the last date on which the assessee is required to furnish a report of such audit under that sub-section shall be excluded, in computing the period of limitation. this clause of explanation 1 was amended by finance act, 1996 with effect from 1.4.1957 and for the words "the date on which the assessee furnishes" .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-29-2003
Reported in : (2004)89ITD44(Kol.)
..... of expenditure incurred by the assessee in relationship to income which does not form part of the total income under this act." 9. a new section 14a in chapter iv of the income-tax act, 1961 was inserted by the finance act, 2001, with retrospective effect from 1-4-1962. the circular no. 14 of 2001, dated 22-11-2001 issued ..... has been given in circular no. 8 of 2002, dated 27th august, 2002, stating as follows:- "23.1 though the finance act, 2001, a new section 14a was inserted in the income-tax act retrospectively with effect from 1st april, 1962 to clarify the intention of the legislature that no deduction shall be allowed in respect of any expenditure ..... issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the assessing officer shall not reassess the cases under section 147 of pass an order enhancing the assessment or reducing a refund already made or otherwise increasing .....
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