Judgment Search Results Home > Cases Phrase: finance act 2007 section 76 amendment of section 271 Court: income tax appellate tribunal itat delhi Page 5 of about 234 results (0.193 seconds)

Indian Communication Network Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD411(Delhi)

..... be only proper, which, he contended, has been so exhibited from the memorandum explaining the provisions of the finance bill, 1986.shri ganesan submitted that, the claim for deduction under section 80-1 of the act, stands on the same lines as that of investment allowance.he pleaded that, all the arguments addressed on investment ..... various departments or wings, are clear from the reading of the memorandum explaining the finance bill of 1986.he pleaded that, in the memorandum explaining the provisions of the bill, on the amendment to sections 32a, 80hha, 80-1 of the act, it was stated that, since, the ministry of industries had enhanced the aggregate ..... made in the memorandum explaining the provision of the finance bill, 1986 are reproduced below: under the existing provisions of the income-tax act, the following tax concessions are given to small-scale industrial undertakings, namely : (i) under section 32a(2)(b)(u) of the income-tax act, investment allowance is admissible in respect of any .....

Garrick D'Silva Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)5SOT132(Delhi)

..... for advance rulings is required to be followed in preference to the decision of the house of lords.it is also pertinent to mention that the finance act, 1999 had inserted section 17(2)(iiia) to bring clarity about the taxability about the benefits arising to an employee as a result of allotment of shares under the employees ..... directly or indirectly under the employees stock option plan or scheme.this is sought to be done by deleting section 17(2)(iiia) and providing an explanation below section 17(2)(iii). sub-section (2b) in section 49 inserted by the finance act, 1999, has also been deleted. under the amended provisions, such shares will only be subjected to capital ..... to 31-3-2000, shall continue to be governed by the old provisions." the above explanatory notes make it abundantly clear that the insertion of section 17(2)(iiia) by the finance act, 1999 was to bring clarity about the taxability of the benefits arising to an employee as a result of allotment of shares and, therefore, the .....

income-tax Officer Vs. Rukmani Metal and Gaseous Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)1ITD816(Delhi)

..... use in the business of the assessee before 31-5-1975 in order to be eligible for the benefit of development rebate under section 16(c) of the finance act, 1974, read with section 33 of the act. by no stretch of imagination it is possible to hold that these cylinders which were nearly 600 miles away from the assessee's ..... of the supreme court in mir mohd. ali's case (supra), there can hardly be any dispute about the interpretation of the word "installed" in section 16(c) of the finance act. obviously when the ito allowed the assessee's claim for development rebate in the original assessment he had committed an inadvertent error. this the ito is entitled ..... for the assessee that 1,785 cylinders in question, which were lying at bombay docks, should be considered as having been installed within the meaning of section 16(c) of the finance act, 1974.till these cylinders reached the factory premises of the assessee at nagpur they could not be regarded as having been inducted or introduced or to .....

Jindal Exports (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)31ITD217(Delhi)

..... the assessee's export turnover from kandla free trade zone is to be taken into consideration for the purposes of section 80hhc or not. section 10a was inserted by the finance act, 1981 w.e.f. 1-4-1981. this section granted tax holiday in respect of profits and gains derived from industrial undertaking set up in any free trade zone ..... 1-4-83. according to him, since section 80ab had also been inserted w.e.f. 1-4-1981, on which ..... was entitled to deduction under section 80hhc even in respect of the export turnover from its unit in the kandla free trade zone.26. the learned departmental representative, on the other hand, submitted that section 80hhc could not be mentioned in section 10a(4) because the section itself came on the statute book by the finance act, 1983 w.e.f. .....

Vishal International Production Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)46ITD312(Delhi)

..... under rule 29 and admitted after hearing the parties.17. in the ultimate analysis, we hold that the assessee satisfies all the ingredients of the relevant section of the finance act to be treated as an "industrial company". the two board circulars (supra) are squarely applicable and the decision of the hon'ble andhra pradesh high ..... that the production of cinematographic films would amount to the manufacture or processing of goods within the meaning of section 104(4) (a) of the income-tax act, 1961. 1. under sub-section 7(d) of section 2 of the finance act, 1966, an "industrial company' means a company which is mainly engaged in the business of generation or ..... but the realisation from distributors for giving them the prints for the purpose of exhibition. (iv) as regards the applicability of the explanation to section 2(7)(c) of the finance act, if the receipts from "realisation on pictures" was excluded then the receipts from extra prints processed would represent about 20 per cent of the .....

Mohan Exports (i)(P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)60ITD473(Delhi)

..... to be owner of the building even if title is not registered deed in its name. the cwt (appeals) drew support from clause (b) of sub-section (5) of section 40 of the finance act, 1983. thus, levy of wealth-tax on land and structure in possession of assessee was upheld. the matter was remanded to the wto for determining value ..... includible in the wealth as dda had not executed any lease deed in favour of the assessee. the assessee claimed to be a licencee and contended that section 40 of finance act, 1983 was not applicable in his case. the assessee also relied upon decision of hon'ble supreme court in the case of nawab sir mir usman ali ..... -held company were brought under the umbrella of wealth-tax through introduction of section 40 of the finance act, 1983.the said section has been omitted through finance act, 1992 w.e.f.1-4-1993. when in operation, the scheme of the section as reflected in various sub-sections of section 40 was that closely-held company were liable to pay tax on aggregate .....

Hotel Scopevista Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... .5 commissioner (appeals) noted that the central board of direct taxes circular mentioned above had clarified the legislative intent behind the insertion of clause (vii) in section 9(1) by the finance act, 1976.the circular made it clear that payment for construction etc. were excluded as such activity virtually amounted to carrying on business in india. thus, he concluded that only the ..... in that case entire construction project was undertaken by the payer or the payee.2.4 commissioner (appeals) further observed that the new clause (viz) of section 9(1) had been inserted by the finance act, 1976 in order to incorporate the fees for technical services received by non-residents for the purpose of taxation. the explanatory note on the said newly inserted .....

Punj Sons (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... authorised representative of the assessee submitted that the ao and the learned cit(a) had not correctly appreciated the provisions of section 40 of the finance act, 1983. he added that under section 40 of the finance act, 1983, wealth-tax was leviable on specific assets and not on total wealth of the assessee and, therefore, this wealth ..... wealth-tax could be admissible for deduction.admittedly, the wealth-tax paid in pursuance to section 40 of the finance act, 1983, was with reference to the value of particular asset of the business of the assessee. under section 40 of the finance act, 1983, total wealth of the company was not chargeable to wealth-tax. it was ..... only the assets specified under sub-section (3) of section 40 of the finance act, 1983, which was chargeable to wealth-tax. 'therefore, the exception part of explanation to section 40(a)(iia) of the act referred to above became applicable in the present case and the wealth-tax amounting .....

Kapcompany General Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)84TTJ(Delhi)66

..... . it may be pointed out that this provision has been introduced w.e.f. 1st april, 1991 by the finance act, 1990. prior to it the provision of section 80m as originally enacted and substituted by the finance act, 1970 provided deduction from income by way of dividend in the case of a domestic company only to the extent of ..... company to declare dividend out of the dividend received. the object behind insertion of the amended provision by the finance act, 1990 was to ensure that dividend income is taxed only where it finally rests. thus, newly substituted section 80m operative from asst. yr.1991-92 provided that in the case of domestic company, deduction shall be limited ..... the case of a scheduled bank or a public financial institution or a state financial corporation or a state industrial investment corporation or a company registered under section 25 of the companies act, 1956 (1 of 1956), sixty per cent of the income by way of dividends from another domestic company; (ii) in the case of any .....

Sial Sbec Bioenergy Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)866

..... to claim depreciation.3. the contention raised by the assessee before the ao did hot find favour as the ao felt that in view of expln. 5 added to section 32 by the finance act, it is obligatory on the assessee to claim depreciation and if not claimed the ao will first deduct the depreciation and then arrive at the figure. though the ..... relating to carry forward and set off of cumulative loss and unabsorbed depreciation allowance in amalgamation or demerger), section 10(6) as inserted in the year 1961 and omitted by finance act, 1993, section 10(5)(b) prior to its omission by finance act, 2002, section 32a investment allowance, section 80rra. references to these sections were made purposely to demonstrate that the word electricity has been used in those .....