Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1987)23ITD505(Ahd.)
..... amendment has come into force with effect from 1st april, 1980 and is accordingly applicable in relation to the assessment year 1980-81 and subsequent years." [section 28 of the finance act] from the above, it would be very clear that prior to 31-12-1978, partial partition was recognised by the legislature. in this view of ..... both. 31.3 with a view to curbing the practice of creating multiple hindu undivided families by making partial partitions, the finance act has inserted a new sub-section (9) in section 171 of the income-tax act, whereunder partial partitions of hindu undivided families effected after 31st december, 1978, will not be recognised for tax purposes. the ..... the tribunal to 123 itr 157 (statute) and 131 itr pages 36 and 37 (statute) which contain background material for the introduction of sub-section (9) in section 171 of the act, with effect from 1-4-1980.the learned counsel for the assessee strongly relied on the aforesaid decision in the case of shantikumar jagabhai (supra .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90TTJ(Ahd.)174
..... has passed a resolution in the meeting of the shareholders held on 28-11-1984, in terms of section 149(2a) of the companies act, 1956, by which approval had been granted to the company for commencing the business of financing as per para 69 of clause (c)(iii) of memorandum of association of the company and for commencing ..... resolution passed under section 149(2a) of the companies act or articles of association is devoid of any merit. another factor ..... cannot be said to be in compliance to the provisions of section 149(2a) of the companies act as no other resolution was passed after the incorporation of the company within the meaning of section 149(2a). therefore, the claim of the assessee that the business of financing and acting as an agent has been carried on in terms of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)83TTJ(Ahd.)716
..... (vii) of section 28; [should be 28(v)(a)] any sum whether received or receivable in cash or kind, under ..... the hands of the legal heir of the erstwhile shri gandhi.4. section 2(24) of the it act, 1961 gives an inclusive definition of "income". it interprets various items which in ordinary parlance cannot be understood as income. the finance act, 2002, inserted a new sub-clause (12) in section 2(24) so as to provide any sum referred to in clause ..... 10 lacs receivable by the assessee during the period october, 1991 to october, 1995 as profit in lieu of salary under section 17(3) of the it act on accrual basis. the very same amount which was taxed under section 17(3) in asst. yr. 1992-93 on accrual basis substantively, again came to be added in the income-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)18ITD177(Ahd.)
..... the strength of the gujarat high court's decision in smt. dhirajben r. amin's case (supra) that the amendment made by the finance act, 1976, in the form of insertion of explanation 5 in section 80g does not alter the position in law. in other words, the submission is that explanation 5 does not make any material change in ..... is required to be given to the assessee. the reasons are as follows : 1.1 the amendment made in the act by insertion of explanation 5 to section 80g by the finance act, 1976 with effect from 1-4-1976 is only a clarificatory. looking to the history of the judicial pronouncements of various high courts and the facts involved ..... to examine in detail the contention of the learned counsel for the revenue that explanation 5 inserted by the finance act, 1976, has retrospective application. further, in that very paragraph the hon'ble high court has clearly observed that section 80g is attracted only if the donation is in cash and not in kind. since the provisions of explanation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1987)20ITD668(Ahd.)
..... slab of income of an association of persons, as specified in the finance act of the relevant assessment year. sub-clause (a)(ii) seeks to amend the proviso to sub-section (1) of section 164. the first amendment seeks to provide that the provisions of sub-section (1) will not apply to a discretionary trust in which none of ..... as a result, the entire income of a discretionary trust will be liable to tax at the maximum marginal rate of income-tax (including surcharge) applicable, under the finance act of the relevant year, to the highest slab of income in the case of an association of persons. (ii) as already stated, the existing provision relating to ..... invited our attention to the relevant notes on clauses to the said finance bill which read as under : clause 27 seeks to amend section 164 of the income-tax act relating to the taxation of discretionary trusts. sub-clause (a)(i) seeks to amend sub-section (1) of section 164. under the existing provisions, the income received by the trustees .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)51ITD217(Ahd.)
..... .r. strongly relied upon the orders of the authorities below.6. we have considered the rival submissions and perused the facts on record. section 10a was brought on the statute book by the finance act, 1981 with effect from 1-4-1981 with a specific object, i.e., to encourage the establishment of export oriented industries in the ..... on the facts of the case in holding that the total income of the assessee-company from manufacture and sale of pharmaceutical products is exempt under section 10a of the it act, 1961.it is common contention of both the sides that the issue stands covered squarely in favour of the assessee and against the revenue by the ..... income derived from industrial undertaking of the assessee-company so as to be entitled to exemption under section 10a of the act; as section 10a prescribed that "any profits and gains derived by an assessee from an industrial undertaking to which this section applies shall not be included in the total income of the assessee". in support of his .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)7ITD439(Ahd.)
..... mentioning here that the hardship suffered by the assessees like the one before us, has been recognised by the legislature and, therefore, certain remedial amendment was made in section 10(4a), by the finance act 1982, with effect from 1-4-1982. in order to complete this aspect of the matter, we reproduce below the relevant portion of the notes on clauses sent ..... the meaning of this expression as defined in section 2(q) of that act can open a non-resident (external) account; but if he does not satisfy the test of being a 'non-resident' under the income-tax act, he does not qualify for this exemption. 8.2. with a view to removing this anomaly, the finance act has substituted the present clause (4a) by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)15ITD151(Ahd.)
..... the power' have not to be connected with the words 'exercise of but with the words 'power of appointment'. the said sub-clause (c) was amended by the finance (no. 2) act, 1980 by introduction of the words 'whether general, special or subject to any restrictions as to the persons in whose favour the appointment may be made' after the words ..... the donee of the power ; and 7. in this connection the learned counsel for the assessee shri s.p.meh taargued that the sub-clause (c) of section 2 (xxiv) of the act means that it is the scope of the power which has to be taken into account and that since in this case the power could be exercised in ..... of the power of appointment which had been exercised. this question would have relevance only if it was necessary to consider whether there has been a disposition of property under section 2(xxiv). however, in view of the inclusive definition of transfer it is not necessary to consider that question. the exercise of power of appointment is itself a transfer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD973(Ahd.)
..... considered by the supreme court in the provision quoted in the judgment and the scheme of the same section prior to amendment by the finance (no. 2) act, 1980, was the same but a material change has been affected by the finance (no. 2) act, 1980. the concept of the persons on whose behalf or for whose benefit the assets are held ..... of one and one-half per cent, whichever course would be more beneficial to the revenue.the sub-section after amendment by the finance (no. 2) act, 1980, applicable in this assessment, year reads as under : (4) notwithstanding anything contained in this section, where the shares of the persons on whose behalf or for whose benefit any such assets are ..... assessment year 1980-81. the assessee is a discretionary trust which is taxed under section 21(4) of the wealth-tax act, 1957. we may point out at the outset that in this assessment, the wto has acted under section 21(4), as amended by the finance (no. 2) act, 1980, with effect from 1-4-1980, and he brought to tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1991)39ITD557(Ahd.)
..... only to three categories of members mentioned in the proviso in the rules and bye-laws of the co-operative society. the object of amending the provisions of section 80p by the finance (no. 2) act, 1971 [as explained in the notes on clauses published in 1971] 80 itr at page 151 is to secure that labour co-operative societies will be eligible ..... is clear that the co-operative society is entitled to grant of general exemption of rs. 20,000. sub-clause (vi) of section 80p(2)(a) was introduced by the finance (no. 2) act of 1971 w.e.f. april 1,1972. by introducing the said sub-clause (vi) along with the proviso, it is clear that the legislature intended to give additional ..... benefit of exemption for the sums specified in sub-section (2), i.e., whole of the amounts of profits and gains of business .....
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