Judgment Search Results Home > Cases Phrase: finance act 2007 section 8 amendment of section 12a Court: income tax appellate tribunal itat delhi Page 9 of about 84 results (0.344 seconds)

Modi Xerox Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)67ITD252(Delhi)

..... the appellate order. with effect from 1st june, 1988, as a result of cl. (c) of the newly substituted expln. to s. 263(1) by the finance act, 1988, and subsequently, amended by the finance act, 1989, where any order passed by the ao, which may be amenable to the revisional jurisdiction under s. 263(1) had been the subject-matter of any ..... cit, ao did not consider this point inadvertently.he did not examine the merits of the case. he allowed deduction to the assessee under s. 80-i of the act. sec. 80-i benefit is available to the assessee if its profits and gains are derived from industrial undertaking which manufactures or produces any article or thing, not being any ..... reagitated in view of the dictum of res judicata.56. as a general rule the principle of res judicata is not applicable to the decisions of it authorities.57. sec. 11 of the cpc provides that no court shall try any suit or issue in which the matter directly and substantially in issue has been directly and substantially in .....

Dcit Vs. Ansal Properties and Industries

Court : Income Tax Appellate Tribunal ITAT Delhi

..... would accordingly apply in relation to the assessment year 2001-02 and subsequent years. relying thereon, the ld. dr has contended before us that the amendments made in section 80ib(10) by the finance act, 2000 extending the date of completion of project up to 31-3-2003 were applicable to ay 2001-02 and subsequent years and the assessee in the present ..... tribunal for ay 1998-99, a similar issue has been decided by the tribunal in assessee's own case for ay 2001-02 also vide its order dated 19-1-2007 in ita no.3922/del/2004. since the issue involved in the year under consideration as well as all the facts relevant thereto are admittedly similar to that of ay ..... sides have agreed that this issue is squarely covered by the orders of the tribunal in assessee's own case for earlier years including the latest order dated 19-1-2007 passed in ita no. 3922/del/2004 for ay 2001-02 wherein it has been held following the earlier years orders that the buildings under completion stage were stock-in .....

inspecting Assistant Vs. R.S. Avtar Singh and Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)32ITD694(Delhi)

..... [1983] 6 itd 575 (delhi), in which the definition of an industrial company within the meaning of section 2(9)(c) of the finance act, 1976 came up for consideration. an industrial company was under the aforesaid act defined to include one engaged in the business of manufacture or processing of goods or in mining. it ..... in section 32a which uses the words "manufacture or production of any article or thing" in sub-clause ..... the context of the definition of 'industrial company' given in the finance acts of 1969 and 1970.6. the learned counsel for the assessee stressed that the requirements of an "industrial company" under the finance act and of an "industrial undertaking" under section 32a are different it is true that slightly different words have been used .....

FabIndia Overseas Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... was not the turnover of the assessment year under consideration.3.2 before us, the learned counsel for the assessee pointed out that provisions of sub-section (2) of section 80hhc were amended by the finance act, 1990, with effect from 1-4-1991, by which the word "receivable" was replaced by the words "received in, or brought into, ..... this year. for this purpose, he relied on paragraph 25 of the explanatory notes to the finance act, 1990. in this paragraph, it has been clarified that one of the conditions for allowing of deduction under section 80hhc and under section 80hhd is that the receipts should be in convertible foreign exchange. however, the deduction is allowable ..... as may be allowed by the competent authority in this behalf. this sub-section does not deal with the quantification of the deduction to be allowed under section 80hhc, which is also clear from paragraph 25 of the explanatory notes of the finance act, relied upon by the learned counsel, in which it was stated that the .....

Rishi Roop Chemical Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)36ITD35(Delhi)

..... aforesaid interpretation given by the court was against the legislative intent. with a view to clarify the legislative intent and to remove doubt, explanation 2 was inserted in section 43b by the finance act 1989 w.e.f. 1-4-1984 in the following manner:- explanation 2. for the purposes of clause (a), as in force at all material times,'any ..... but which has not fallen due for payment under the sales-tax rules, can be allowed as an expenditure in spite of the retrospective introduction of explanation to section 43b by the finance act 1989? 2. at the outset, the learned standing counsel for the revenue, shri b.gupta, placed before us a copy of a recent decision of the hon ..... behind these provisions is to provide for a tax disincentive by denying deduction in respect of a statutory liability which is not paid in time. the finance act 1987 inserted a proviso to section 43b to provide that any such sum payable by way of tax or duty etc., liability for which was incurred in the previous year will be .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... work/service rendered in india. this view is contrary to the statute. sec. 9(1)(ii), explanation, provides that income chargeable under the head 'salaries', if it is earned in india, shall be deemed to accrue or arise in india. this explanation was inserted by the finance act, 1983, w.e.f. 1st april, 1979, for removal of doubts ..... employment of expatriate employees has not been placed on record despite repeated requests/requisitions by the asstt. cit and therefore, adverse inference arises under s. 114 of the finance act (sic). that apart it is not the case of the appellant that a part of the salaries paid to expatriate employees was anything other than salary for services ..... obviously misconceived and erroneous and is an afterthought.the law on the subject is very clear since after the insertion of explanation to s. 9(1)(ii) by the finance act, 1983, after the judgment of the hon'ble gujarat high court in (1980) 124 itr 391 (guj) (supra).there could therefore be no such bona fide impression .....

Assistant Commissioner of Vs. Anima Investment Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)73ITD125(Delhi)

..... credited in the books of account of the company. in such circumstances the ito was duty bound to enquire into the source of the sums so credited. sec. 68 of the it act will come into play in regard to the sums so credited in the books of account. in the circumstances it was the duty of the ito to enquire ..... the appellate order deserves to be vacated applying the ratio of the full bench decision of the hon'ble delhi high court in the case of cit vs. sophia finance ltd. (supra). the question that now arises for consideration is whether the assessee-company has discharged the onus cast upon it to establish the identity of the shareholders ..... incorporated on 23rd october, 1982 as per certificate issued by the registrar of companies.a certificate for commencement of business was obtained from 9th december, 1982. it is a financing company. the assessment year involved is 1984-85 for which the accounting period ended on 31st march, 1983.the assessee filed a return for the current assessment year on .....

Millennium Infocom Technologies Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)456

..... income. in this case the matter was restored to the file of ao to recompute the disallowance keeping in view the provisions of section 14a(2) and 14a(3) of the act which were inserted by finance act, 2006. he further submitted that cbdt has not prescribed any guidelines in this regard. on the other hand, learned departmental representative relied ..... servers owned by the non-resident persons for the purpose of hosting the websites. he further submitted that clause (iva) of expln. 2 to section 9(1)(vi) was inserted by the finance act, 2001 w.e.f. 1st april, 2002. therefore the amount paid as rentals cannot be treated as royalty chargeable to tax in india for asst ..... not be taxed as royalty. placing reliance on the decision of authority for advance rulings in the case of cargo community network pte ltd. in re (2007) 208 ctr (aar) 184 : (2007) 289 itr 355 (aar) it has been submitted that under agreement for avoidance of double taxation between india and usa, the payment of royalty is assessable .....

Sedco Forex International Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD415(Delhi)

..... determining the income of such taxpayers at 10 per cent of the aggregate of certain amounts, which have been specified in the said section. the provisions of s. 44bb were amended by the finance act, 1988 with retrospective effect w.e.f. 1st april, 1983 which clarifies that applicability of s. 44b will be restricted to ..... . the aforesaid s. 44bb making a special provision for computing profits and gains in connection with the business of exploration of mineral oils has been inserted by the finance act, 1987 with retrospective effect from 1st april, 1983. the scope and effect of new s. 44bb was explained in departmental circular no. 495, dt. 22nd september ..... any manner supports the assessee's contention. the aforesaid case relates to determination of technical fee under s. 9(1)(vii) of it act, 1961. it was held by the tribunal that the section authorises taxing for technical fees alone. it does not authorises taxing every business receipt from india, although such receipts might be incidental .....

Mohan MeakIn Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... (1) in view of the supreme court judgment in the case of allied motors, 224 itr 677 wherein it has been held that proviso to section 43b invoked by finance act, 1987 was retrospective and would apply to earlier years also. proceeding further, it was stated that by inadvertence, the tribunal failed to consider the said judgment and issued the directions ..... .initially, there was a dispute as to whether outstanding liabilities of sales-tax could be allowed as deduction in view of section 43b. in order to remove the hardship causing to the assessee. the legislature inserted the proviso to section 43b by finance act. 1987 which allowed deduction if such liability was discharged on or before the due date of filing income-tax return .....