Judgment Search Results Home > Cases Phrase: finance act 2010 section 14 amendment of section 44ab Court: income tax appellate tribunal itat Page 1 of about 14 results (0.082 seconds)

Ukt Software Technologies Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... section 292bb as inserted by finance act 2008 reads as under: 292bb where an assessee has appeared in any proceeding or cooperated in any inquiry relating to an assessment or reassessment it shall be deemed that any notice under any provision of this act which was required to be served upon him has been duly served upon him in time in accordance with the provisions of this act and such assessee shall be precluded from taking any objection in any proceeding or inquiry under this act ..... section was inserted by finance act ..... he further argued that finance act 2006 with retrospective effect from the 1st october, 1991 has provided that where return has been furnished u/s 148 during the period commencing on 1st october, 1991 and ..... on the above mentioned judgment of the hon'ble delhi high court, it is held that though notice u/s 143(2) of the it act was not served by the ao during the course of the assessment proceedings, the action of the ao making assessment u/s 143(3) read with section 147 of the it act is found to be fully justified and the appeals are decided against the assessee. ..... the appellant craves leave to add, amend or alter any of the grounds ..... (2010) 47 dtr 33 has held that provisions of section 292bb are applicable only from assessment year 2008-09 and also do not apply where there is failure to issue notice as jurisdiction to assess arises only after ..... baruha (2010) 329 itr ..... 7932/2010 dated 24/1/2012 has held that notice u/s 143(2) is mandatory in reassessment proceedings and it .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... there is no distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated as an independent and distinct levy ..... is that the law to be applied is that which is in force in the assessment year, unless otherwise provided expressly or by necessary intendment.12.34 a reading of the note to clauses or the amendment to section 113 in the finance act, 2002, extracted above, does not give any indication that the legislation was introduced to explain an earlier finance act or clarify the real intention of the legislature or that the proviso was inserted to supply an obvious omission or to clear up doubts as to the levy of surcharge in question. ..... those which are cited before us, but also others being fortifying our view taken, the first contention of the revenue based on the retrospective nature of the amendment to the provisions of section 113, by the insertion of proviso thereunder, is liable to be rejected.12.37 this brings us to the issue, as to whether the finance act has levied surcharge on tax on undisclosed income computed under chapter xivb, by introducing a distinct and independent charge and, if so, whether the levy of surcharge .....

Arun Excello Foundations (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2007)(3)269

..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 ..... april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... seen from the orders of the lower authorities that they have relied mainly on the amended clause (d) of section 80-ib(10) which has been brought on the statute book w.e.f. ..... april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... use of the words 'it is declared' is not conclusive that the act is declaratory for these words may, at times be used to introduce new rules of law and the act in the latter case will only be amending the law and will not necessarily be retrospective. .....

Assistant Commissioner of Income Vs. Apsara Processors (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)92TTJ(Ahd.)645

..... on behalf of the assessee, it has been vehemently contended that now the issue is set at rest by the above decision of hon'ble apex court that the penalty under section 271(1)(c) cannot be levied where the assessed income is loss prior to amendment by finance act, 2002.however, it was contended on behalf of the revenue that the above decision in the case of prithipal singh was with regard to law applicable in asst. yr. ..... in support of his argument, he has referred to the following provisions wherein the legislature has specifically referred to "loss" : (vi) section 139(1) for return of income having taxable income and section 139(3) for loss return.he, therefore, submitted that since in section 271(1)(c), before the amendment vide finance act, 2002, the word "loss" was not included it has to be presumed that the penalty was only for concealment of income and not for concealment of loss. ..... after the above decision, the legislature amended section 143(1a) with retrospective effect while no such modification was made in section 271(1)(c) till the finance act, 2002.the legislature vide finance act, 2002 amended section 271(1)(c) w.e.f.1st april, 2003 and modified clause (iii) after section 271(1)(c) as under : "(iii) in the cases referred to in clause (c), in addition to tax, if, any, payable by him, a sum which shall not be less than but which shall not exceed three times the amount of tax sought .....

Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated ..... of section 32(2) as amended by finance (no. ..... section 32(2) as amended by the finance ..... -section (2) of section 32 as substituted by the finance act ..... set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. ..... 1.4.1997) and to ascertain the object and purpose in amending section 32(2), the speech made by the finance minister can certainly be referred to, inasmuch as, this is in accord with the recent trend in juristic thought not only in western countries but also in india that interpretation of a statute being an exercise in the ..... depreciation allowance allowed to the assessee upto and inclusive assessment year which remained unabsorbed and brought forward to the assessment year 1997-98 continue to set off as per the pre-amended provisions of section 32(2) as stood prior 1.4.1997 and it is only the current depreciation allowance for the assessment year 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2) as substituted by the finance (no. .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989 ..... facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the amendment to section 40(3)(vi), finance act, 1983, by finance act, 1988 was declaratory of the law as it always was and that it had retrospective operation for the assessment pertaining to 1984-85 and 1985-86 from the aforesaid question, it is seen that retrospectiviry of the amendment was very much in question which did pre-suppose that, it was operative prospectively and therefore, there is no force ..... [1993] 112 taxation 500, it has been held that the amendment to section 40(3)(vi) of the finance act, 1983 made by the finance act, 1986 was certainly curative and therefore normally could be declared as declaratory of .....

K. Sunil Kini Vs. Income Tax Officer, Ward 2(2),

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2006)6SOT139(Bang.)

..... if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process any article or thing'. ..... on clause (va) of section 28 inserted into the statute book by finance act, 2002, with effect from 1-4-2003.the commissioner (appeals), in the first appeal, had accepted the assessee's claim that the receipt in question is a capital receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. ..... ', were inserted by the finance act, 2002 which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. ..... taxed in view of amendment of clause (a) of sub-section (2) of section 55 effected by the finance act, 1997. ..... amendment effected by the finance act, 1997 has no bearing on the assessment under consideration and that section 55 is not a charging section ..... any right to manufacture, produce or process any article or thing.if there is any doubt in this regard, the matter becomes clear if one takes into account the amendments effected by the finance act, 2002 which are effective from 1-4-2003. .....

Jodhana Real Estate Development Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1996)54TTJ(JP.)552

..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta nos ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under consideration ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective ..... 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... first issue to be decided, therefore, is whether the assessee company was liable for wealth-tax or not in the light of the amendment carried out by finance act, 1988.10. ..... these fresh appeals also the assessee has taken up the ground relating to the applicability of the amendment carried out by the finance act, 1988.9. ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision .....

Jodhan Real Estate Development Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1996)56ITD90(JP.)

..... however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... pandey contended that since the amendment was to remove the unintended hardship caused by section 40 of the finance act, 1983, it is of a clarificatory ..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as ..... the learned cwt(a), after hearing the assessee as well as the assessing officer, held that the amendment brought about by the finance act, 1988 was effective from 1-4-1989 and hence the assessee could not claim any exemption for the assessment years ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had .....

Jindal Strips Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)47ITD349(Delhi)

..... deduction was the amount of income-tax payable by the company in respect of the total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the income-tax act or the finance act, after excluding from such amount, the amount of income-tax, if any, payable by the company under the provisions of the annual ..... be reduced by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act and after excluding from such amount- (a) the amount of income-tax, if any, payable by the company in respect of any income referred to in clause ..... (i) or clause (ii) or clause (tit) or clause (vii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act, with reference to the relevant amount of distributions of dividends .....