Court : Delhi
Reported in : [2000]246ITR299(Delhi)
..... note that subsequently, the provision itself underwent substantial amendment by the finance act, 1987 operative from 1.4.1988. ..... the amendments made by the finance act, 1982 ..... arises from transfer by the assessee, and b) of one or more buildings or lands appurtenant thereto, the income of which is chargeable under the head 'income from house property', and c) to such capital gains provisions of section 53 are not applicable, and d) such house property was being used by the assessed or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of ..... residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say: (i) if the amount of the capital gain is greater than the cost of the new asset, the difference between the amount of the capital gain and cost of the new asset shall ..... be charge under section 45 as the income of the previous year and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction ..... letter no.207/20/76-ita-ii dated 3rd august, 1977 indicated the position in the manner we .....
Tag this Judgment!Court : Delhi
Reported in : (2001)163CTR(Del)602
..... to note that subsequently, the provision itself underwent substantial amendment by the finance act, 1987, operative from 1-4-1988. ..... the amendments made by the finance act, 1982, ..... arises from transfer by the assessee, and(b) of one or more buildings or lands appurtenant thereto, the income of which is chargeable under the head 'income from house property', and(c) to such capital gains provisions of section 53 are not applicable, and(d) such house property was being used by the assessed or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of transfer ..... residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say :(i) if the amount of the capital gains is greater than the cost of the new asset, the difference between the amount of the capital gain and cost of the new asset shall be ..... charged under section 45 as the income of the previous year and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, ..... 207/24/76-ita-ii, dated 3-8-1977, indicated the position in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)81ITD127(Delhi)
..... rendered to the foreign tourists.with regard to the provisions of sub-section (2a) inserted by the said finance act, i am of the view that this is only a machinery provision for allowing the correct amount of deduction under the above section.in this particular case, there is no doubt about the genuineness of ..... subsequently by the finance act, 1994, by amending the law to provide ..... in section 64 by the finance act, 1979, though not in terms retrospective, serves as a parliamentary exposition of the meaning of the word 'income' as used in the unamended section, for, that word, in the context of section 64, ..... finance act, 1979 which reads as follows : "for the purpose of this section ..... the p&l a/c of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be utilised for the purposes of the business of the assessee in the manner laid down in sub-section (4) : provided that a hotel or, as the case may be, a tour operator approved-by the prescribed authority on or after the 30th day of november, 1989, and before the 1st day of october, 1991, shall be deemed to ..... the unreported decision of the tribunal relied upon on behalf of the assessee does not advance its case since the subsequent amendment effective 1st april, 1995, was not brought to its notice as also the crucial fact that the amendment effective 1st april, 1992, did not take away the existing benefit to the first recipient vis-a-vis that proportion which was ..... 1977) 39 stc 12 : air 1977 .....
Tag this Judgment!Court : Delhi
Reported in : (2004)88TTJ(Del)111
..... to him, initially the liability to deduct the tax at source was on the basis of payment of the sum chargeable to tax but by finance act, 1987, the provisions of section 195 were amended and the liability to deduct the tax at source accrued at the time of credit of such income or at the time of payment, whichever ..... took us through the provisions of section 195(1) and the explanationn to this section as well as notes on clauses regarding amendment by finance act, 1987. ..... , such crediting shall be deemed to be credit of such income of the account of the payee and the provisions of this section shall apply accordingly'.a bare reading of the above provisions clearly shows that if any sum to be paid by the assessed, not falling within the preceding sections, to any non-resident, is chargeable to tax under the act then assessed is under obligation to deduct the tax at source either at the time of payment or at the time of credit ..... cit : [1981]129itr475(all) held at page 480 as under :'it has, thereforee, to be taken that the power conferred on the tribunal under section 254 does not debar or disentitle a party not filing an appeal to raise a point or a ground on the basis of which he could support ..... the learned commissioner (departmental representative) submitted that the decision of the tribunal in the case of sahara airlines lays down that order under section 201(1) or 201(1a) should be passed within 4 years from the end of assessment year and not the financial year. ..... : [1977]108itr345(sc) .....
Tag this Judgment!Court : Delhi
Reported in : (2003)180CTR(Del)212; [2003]259ITR600(Delhi)
..... order of the settlement commission ; (ii) that, the earlier order passed by the settlement commission on august 24, 1977, was a nullity because it was made in violation of the principles of natural justice ; (iii) that, thereforee, the application for settlement was still pending when the amendment made by the finance act, 1979, came into effect ; and that amendment being procedural, the amended section 245d would govern the proceedings and the commission would have the power to overrule the ..... pending this application, the finance act, 1979, amended section 245d by inserting sub-section (1a), which enabled the settlement commission to reject the commissioner's application. ..... by it in writing) that, for the proper disposal of the case pending before it, it is necessary or expedient to reopen any proceeding connected with the case but which has been completed under this act by any income-tax authority before the application under section 245c was made, it may, with the concurrence of the applicant, reopen such proceeding and pass such order thereon as it thinks fit, as if the case in relation to which the application for ..... the order states as under :'the assessed filed an application under sub-section (1) of section 245c of the income-tax act, 1961, to have his proceedings for or in connection with the assessment pending before the income-tax officer, company, circle vi, new delhi, for the assessment years 1977-78 and 1978-79, settled. .....
Tag this Judgment!Court : Delhi
Reported in : [2003]259ITR344(Delhi)
..... (as his lordship then was) speaking for a division bench of the andhra pradesh high court upon referring to the interpretation of the term 'industrial company', as given in clause (c) of sub-section (7) of section 2 of the finance act of 1978, held:-'from the above extract, two things are clear, viz. ..... (iv) in case, the relief under section 80j is to be worked out the provisions of section 80j as in force in the relevant assessment years should be taken into consideration having regard to the retrospective amendment of that section as well as any decision, which may be pronounced by the supreme court on this question. ..... commissioner of income tax, gujarat, : [1977]110itr151(guj) , wherein it was held that 'article' should only mean the end product and not the intermediate product.sections 80hh, 80j and 32a, the learned counsel would contend, claiming benefit in relation to the intermediate product will have a role to play. ..... 'common question for the assessment years 1977-78 and 1978-79: (ii)'whether on the facts and in the circumstances of the case, the assessed company was eligible for deductions under sections 80j and 80hh of the income-tax act, 1961 and assessed's undertaking could be held to be manufacturing or producing articles within the meaning of section 80j and 80hh?'2. .....
Tag this Judgment!Court : Delhi
Reported in : (2002)178CTR(Del)119
..... then was) speaking for a division bench of the andhra pradesh high court upon referring to the interpretation of the term 'industrial company', as given in clause (c) of sub-section (7) of section 2 of the finance act of 1978, held :'from the above extract, two things are clear, viz. ..... murthy, are no doubt not decisions rendered under section 80hh or under section 84 they arose under the relevant finance acts, the question being whether the assesses were industrial companies but they do contain observations which tend to support the stand of the revenue.it may be that the respondent is himself manufacturing some of ..... 's case (supra) stating :'for the purposes of section 2(7)(c) of the finance act, 1978, a division bench of this court, of which one ..... , on the facts and in the circumstances of the case, the assessed-company was eligible for deduction under sections 80j and 80hh of the income tax act, 1961 and the assessed's undertaking could be held to be a manufacturing of producing articles within the meaning of sections 80j and 80hh ?common question for the assessment years 1977-78 and 1978-79:(ii) 'whether, on the facts and in the circumstances of the case, the assessed-company was ..... (iv) in case, the relief under section 80j is to be worked out the provisions of section 80j as in force in the relevant assessment years should be taken into consideration having regard to the retrospective amendment of that section as well as any decision, which may be pronounced by the supreme court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)96TTJ(Delhi)201
..... various aspects, has held in similar facts that loss suffered by assessee, a share broker-cum-dealer, on purchase and sale of shares on its own account was speculation loss within the meaning of section 73 read with explanation and assessee's main income not being interest on securities, income from house property, capital gains or income from other sources and assessee not being in the business of banking or ..... has been published in (2005) 92 ttj (del) 351 along with the following editorial comments : "this decision seems to be novel where the benefit of section 73 read with explanation has been given to the assessee on the basis of the object and the intention of the provision as derived from the circular issued by the board, disregarding the ..... assessee argued that explanation to section 73 was inserted by the taxation laws (amendment) act, 1975, w.e.f. ..... address ourselves to the second limb of the argument of the assessee that if the provisions of explanation to section 73 are to be applied they should be applied both to the income from share trading as well as income ..... dealings in shares by companies, other than investment, banking and finance companies, should be treated in a manner analogous to speculation business ..... 1977.the assessee argued that speculative transaction was already defined under the provisions of section ..... 1st april, 1977, in response to a specific recommendation of wanchoo committee to counter tax avoidance device often resorted to by business houses for dealing .....
Tag this Judgment!Court : Delhi
Reported in : [2008]144CompCas780(Delhi); (2006)2CompLJ242(Del); [2007]79SCL541(Delhi)
..... these companies were accepting fixed deposits and other borrowings from banks, corporate institutions and the public, in the year 1997 the reserve bank of india act was amended, first by issuing reserve bank of india (amendment ordinance), 1997 which was replaced by reserve bank (amendment) act 1997 and section 45-ia was introduced as per which, it became obligatory on the part of such nbfcs to obtain necessary license from the rbi in order to carry ..... that the winding up petitions are filed by the rbi under section 45mc of the act, as according to the rbi, the application for license was rejected by the rbi and, thereforee, the companies could not, in law, do a non-banking finance business and accept deposits from the public etc. ..... for determination, namely, (a) non-banking finance company which is denied license by the rbi under section 45ia of the rbi act or a company whose license is cancelled under the aforesaid provisions, has to be necessarily wound up under section 45mc of the rbi act? ..... recently the emphasis was on regulating the receipt of deposits by non-banking finance companies (nbfcs) as an adjunct to credit and monetary policies and to ..... subsequently, non-banking non-finance companies directions 1967 and miscellaneous non-banking companies (reserve bank) directions 1977 were also issued to curb the practices of certain companies whereby these companies started collecting funds from public by way of subscription to various chit or benefit schemes, a device adopted to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)29ITD186(Delhi)
..... sub-section (5) was added to section 11 by insertion by the finance act, 1983 w.e.f 1-4-1983 and, inter alia, provides the forms and modes of investing or depositing the money referred to in clause (b) of sub-section (2) of section 11.15. ..... that sub-section (5) to section 11 was inserted by the finance act, 1983 w.e.f ..... the principal whereof and the interest whereon are fully and unconditionally guaranteed by the central government or by a state government; (vii) investment or deposit in any government company as defined in section 617 of the companies act, 1956 (1 of 1956) ; (i) the corpus of the trust or institution immediately before the 1st day of june, 1973 ; or (ii) the original corpus (being assets other than cash) of any trust or institution created or established ..... -section (5) has, in fact, been omitted by the finance act, ..... co-operative land development bank) explanation: in this sub-clause 'scheduled bank' shall have the same meaning as in the explanation at the end of clause (b) of sub-section (2) of section 11 ; (iv) investment in units in the unit trust of india established under the unit trust of india act, 1963 (52 of 1963); (v) investment in any security for money created and issued by the central government or a state government; (vi) investment in debentures issued by, or on behalf of, any company or corporation both ..... by the finance act, 1983 w.e.f.1-4-1983 for the clause as amended by finance (no. ..... act, 1977 ..... 1977 ..... 1977 .....
Tag this Judgment!