Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD521(Delhi)
..... as the same purports to amend section 80j of the income-tax act with effect from 1st april, 1972, and from completing the said appeal and/or the assessment proceedings on any basis other than by taking into account borrowed capital in computing the 'capital employed' for the purpose of section 80j of the act and restraining the 1st respondent and 2nd respondent from re-opening, rectifying or revising any of the completed ..... standing counsel vehemently opposed the submissions made on behalf of the assessee and relied on the order of the commissioner (appeals) and particularly those line of cases under the sales-tax act which lay down that the ultimate exporter is the real exporter and not the person who transfers the goods to the mmtc for export.34 there was some argument with regard to the ..... a rectification then the assessee would be satisfied but if he refuses to make a rectification, then it amounts to an order and that is the reason why an appeal is provided under section 246(1)(f) against an order of the ito refusing to rectify a mistake said to have been committed by him, on the basis of an application filed by an assessee. ..... , cash in hand and in current account on the basis of gross fixed assets of ferro chrome plant to the total gross fixed assets of the company.the commissioner (appeals) held that in view of the amendment to section 80j by the finance (no. ..... appeals for the assessment years 1972-73, 1973-74, 1974-75, 1976-77 and 1977-78 as well as respondent no. ..... ito [1977] 107 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD188(Delhi)
..... as in those cases, in the present case the finance act of 1980 was passed with retrospective effect from 1-4-1972 and in view of the incorporation of section 80j (1a) the present case became a case of mistake apparent from the record in the background of the amending act.we hold likewise.7. ..... he, accordingly, issued show cause notices to the assessee as to why the assessments of the assessee for the years under consideration be not rectified under section 154 of the act so as to exclude from the capital computation of the assessee for each of the years under consideration the respective amounts of the borrowed capital of the assessee in each of those years. ..... {supra) is distinguishable as is clear from the observations of their lordships of the calcutta high court at page 256 because both the assessment order which was sought to be rectified under section 154 as also the order of rectification which was sought to be challenged had been made before the passing of the amending act involved over there, though the amending act was retrospective in operation. ..... the years of assessments involved are 1975-76 to 1977-78 for which the respective previous years ended on 31-3-1975, 31-3-1976 and 31-3-1977. ..... it may be added, however, here that the assessment orders for the years under consideration were passed on 25-1-1978 (assessment year 1975-76), 3-2-1979 (assessment year 1976-77) and 30-6-1979 (assessment year 1977-78).3. ..... 25,938 in the assessment year 1977-78. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD367(Delhi)
..... is fulfilled but the ito declined to allow the relief on the ground that the fees in question was not received from foreign companies if the definition of 'company' contained in section 2(17)(ii) [as it stood prior to amendment by the finance (no. ..... , the assessee brought the matter by way of appeal before the commissioner (appeals) who after going through the provisions of section 80-o has agreed with the assessee by observing as under : it is clear from a bare reading of the above section that for the appellant to succeed in its claim it has to fulfil two essential requirements, namely, it should have received ..... 's plea that in the face of the approval of the central government, the ito is debarred from satisfying himself about the other requirements of section 80-o for if that were the intention, the only requirement of section 80-o would have been about fees received under an agreement approved by the central government and the section need not have referred to, as it does, other condition of the fees being received from a foreign company. ..... not and whether indian or non-indian, which is or was assessable or was assessed under the indian income-tax act, 1922 (11 of 1922), as a company for the assessment year commencing on the 1st day of april, 1947, or which is declared by general or special order of the board to be a company for the purposes of this act.since either of bbc or roper public opinion research centre is not an indian company or an association, whether incorporated ..... 1977 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD575(Delhi)
..... the points were decided by the commissioner (appeals) in favour of the assessee, in later assessment years, namely, 1977-78 and 1978-79, the commissioner (appeals) has held that the assessee was not an industrial company for the purposes of concession in the rate of tax under the finance act.however, the assessee's claim for being treated as an industrial undertaking under sections 80j and 80hh of the act was accepted by the commissioner (appeals) in both the years. ..... (appeals) has directed that the computation should be made in accordance with the provisions of section 80j as amended retrospectively by the finance (no. ..... assessee's appeal also there is a ground regarding relief under section 80j and it relates to the direction of the commissioner (appeals) that the deduction under section 80j should be worked out in accordance with the provisions of the amended law in this regard with retrospective effect.34. ..... 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 ..... the learned counsel further submitted that the amendment in 1983 including construction activities also specifically should be considered as merely clariflcatory and intended to remedy the result of certain decisions by which construction activities were sought to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD50(Delhi)
..... . those words in section 39(2) of the finance act, 1977 would cover cases where the rectification application had been filed after the appointed day or the aac had issued the show-cause notice on his own after that date ..... . 229 dated 9-8-1977], the board have clarified that any action required to be taken after the appointed day in relation to any appeal disposed of by an aac before that day will be taken as if the amendments directed to be made by the finance act had not been made ..... . he has to take the action as if the amendments directed to be made by the finance act had not been made ..... for the removal of doubts it is hereby declared that any action required to be taken, after the commencement of this section, in relation to any appeal disposed of by an appellate assistant commissioner or a commissioner before such commencement, under any act referred to in subjection (1), may be taken as if the amendments directed to be made in that act by sub-section (1) had not been made.sub-section (3) of this section provided that this section shall come into force on such date as the central government may by notification in the official gazette appoint .....
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!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1992)43ITD33(Delhi)
..... would be worthwhile to note that, by the finance act, 1990, both the receipts are retrospectively sought to be treated as profits and gains of business, and that is why appropriate amendments are made not only in section 2(24) of the act but also in section 28 of the act. ..... argument was raised to press this application probably because of the retrospective amendment of the income tax act, 1961, by the finance act, 1990, with the result that such amounts have specifically been included in the definition of income in section 2(24} of the income-tax act, 1961. ..... fact that the amount of profits and gains derived from the export have to be ascertained only in accordance with the provisions of the income-tax act, 1961, and not independent of it, in view of the provisions contained in section 2(5)(d) of the finance act, 1966, and rule 3(2) made by the central board of direct taxes pursuant to section 2(5)(d), these two receipts have to be treated as profits referable to or derived from the said export." 53. ..... 2) act, 1977, with effect from april 1, 1978, in paragraph 20 of the circular, after referring to the provisions of sub-sections (6) and (7) of section 80hh, ..... 1977 ..... [1977] 107 itr 168, as was placed before me by the learned chartered accountant appearing ..... [1977] 107 1tr 168, in support of the view that the cash compensatory support must be taken as arising out of the business ..... 1977 ..... [1977] 107 itr 168 (mad), relied upon by learned counsel for the assessee, the issue was about cash subsidy .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1998)64ITD104(Delhi)
..... connection, section 18(5) as amended by the tax laws amendment act, 1970 ..... in 148 itr at page 168 (sic) states that the wto and the iac shall not initiated any proceedings for imposition of penalty on a person or impose penalty on him for an offence under clause (a) or clause (c) of sub-section (1) of section 18 in respect of any assessment year up to and including assessment year 1985-86 in a case, if he is satisfied that such person : (a) has prior to detection by the wto or as the case may be, the iac of the wealth-tax, ..... in the first para of those submissions, it is submitted that assessment order for assessment years 1982-83 to 1984-85 were not communicated to the assessee and penalty proceedings were received by the assessee under section 18(1)(a) only for assessment year 1983-84.in those submissions, it is stated as one of the points that the penalty notice dated 15-3-1990 was issued only in respect of assessment order for assessment year 1984-85 to ..... be passed :- (a) in a case where the assessment to which the proceedings for imposition of penalty relate is the subject-matter of an appeal of the dcit(a) or commissioner (appeals) under section 23 or an appeal to the appellate tribunal under sub-section (2) of section 24 after the expiration of period of - (i) two years from the end of the financial year in which the proceedings, in the court of which action for imposition of penalty has been initiated are completed, or (ii) ..... laws amendment act, 1975 and finance act, ..... 1977 .....
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 : 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 .....
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