Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)46ITD24(JP.)
..... we may point out that in the first instance it is not correct, as was argued before the learned cit (appeals) so also before us on behalf of the assessee, that the deductions under section 80j had been reduced on account of retrospective amendment to section 80j introduced by finance act, 1980 the validity of which was upheld by the hon'ble supreme court in the case of lohia machines ltd. ..... he argued that it was only subsequently that the section 80j was amended with retrospective effect vide finance act, 1980 and that retrospective amendment was upheld by the hon'ble supreme court on a further later date in the case of lohia machines ltd. ..... it was argued by the learned counsel for the assessee that the addition to assessee's income was due to amendment in section 80j vide finance act, 1980, as a result of which the borrowed capital had been excluded from computation of capital for allowing relief under section 80j. ..... he submitted that this amendment, permitting the assessing officer to increase the interest both under section 215(3) as well as in explanation 2(b) of section 139(8) had been introduced vide taxation law amendment act, 1984 with effect from 1-4-1985 and hence even if the income of the assessee increased by giving effect to the amended provisions of section 80j which were upheld by the hon'ble supreme court, the interest charged under section 215 could not be increased or could not be charged if it was not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)24ITD121(JP.)
..... must, therefore, construe the language of section 80m on its own terms uninhibited by any interpretation which may have been placed on clause (iv) of sub-section (1) of section 99 by any high court.ultimately their lordships dismissed the petition holding that even before the amendment by finance act no. ..... legislatures in their wisdom realizing this lack of rational have introduced the explanation by means of taxation laws amendment act, 1984 which explanation reads as under: explanation 2 : where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this sub-section.since the explanation has been brought into statute book and in substitution of the existing explanation mentioning ..... per cent per annum, reckoned from the day immediately following the specified date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment as reduced by the advance tax, if any, paid, and any tax deducted at source : provided that the income-tax ..... of 1980 the deduction was allowable in the same manner as provided by the amendment. ..... jagjit kaur [1980] 126 itr 540, orissa high court in cit v.ganeshram nayak [1981] 129 itr 43, punjab and haryana high court in ..... relate to the assessment years 1978-79 to 1980-81. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1998)61TTJ(JP.)633
..... 123 (statute) of (1990) 182 itr for the proposition that the assessee is not hit by the provisions of section 43b as the explanation inserted by the finance act, 1989, is relevant only for clause (a) of section 43b of the act.shri m. ..... according to him, the provisions of section 40a(7) have been on the statute with effect from 1-4-1973 as inserted by the finance act, 1975.it carves out a special concession for an approved gratuity fund without which any provision "whether called as such not by any other name" made by the assessee for the payment to him employees on ..... year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which sum is actually paid by him".the second proviso to section 43b further provides that no deduction in respect of sums referred to in clause (b) be allowed unless such sum has actually been paid on before the due date as defined in explanation ..... the later case, it was held by the hon'ble high court that the particular amendment would override the general amendment and such view cannot be assailed as unreasonable or impossible and, therefore, wrong.shri ..... 1980 tax lr noc 55 and 56] (guj)(supra) the above conclusion arrived at by me is also fully supported by the fact that the legislature has not omitted the provisions of section 40a(7)(b)(i) even while inserting the provisions of section ..... cit (1980) 123 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)83TTJ(JP.)246
..... an amendment in this charging section 113 was made through finance act, ..... (e) it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous ..... several amendments in provisions relating to the block assessment were enacted through the finance act, 2002 and most of them were made applicable ..... the charging section for the block assessment is 158ba(2), which does not speak anything about the rates prescribed in central act, therefore, the rates prescribed in finance act are not applicable for the special assessment of the search ..... first schedule is subject to section 2 of finance act, 2000. ..... i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. ..... no reference in these sections to compute the tax on undisclosed income in accordance with the rates given in finance act. ..... section 2 of the finance act provides that the rates specified in part i of the first schedule are applicable for the assessment year commencing from 1st april ..... clearly mentioned in section 2 of the finance act. ..... relevant to mention here that the part iv of finance act prescribes rules for computation of net agriculture income. ..... the rates given in particular finance act is applicable only to a particular assessment year not for the ..... (d) further, rates prescribed in the finance acts are not applicable for the cases of searches held before 1st june .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)87TTJ(JP.)340
..... nature of business of assessee- company is similar to the banks who are financing the vehicles and eallning interest thereon.thus, in brief the allegation of the assessing officer is that the assessee is neither owner of leased vehicles, nor it is using them for its business and thus the conditions for allowance of depreciation under section 32 of the act are not fulfilled. ..... 17 and 18 of his order.in view of the above, the assessee has simply acted as a facilitator between purchaser and the dealer for running its financing business.the real owner and the dominion over the rights of ownership are with the ..... which is favourable to the appellant, the assessee can be said to have met out the twin conditions of ownership as well as user of vehicles as laid down under section 32 of the act for his entitlement for claim of depreciation thereon. ..... the intention of the legislature in enacting section 32 of the act would be best fulfilled by allowing deduction in respect of depreciation to the person in whom for the time being vests the dominion over the building and who is entitled to use it in his own right and is ..... the learned authorised representative stated that section 41 of the motor vehicles act is the relevant provision explaining the situation in this case, an owner has been defined in section 2(30) of that act. ..... as per sub-clause (9) of section 41 of the motor vehicles act, 1988, the fee is also paid along with the application which is paid by the purchaser (registered owner) for all .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)330
..... that amendment made by finance act, (no ..... , being an indian company or a person (other than a company) resident in india, is engaged in the business of export out of india of any goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of the profits derived by the assessee from the export of such goods or merchandise. ..... (b) in a case where the business carried on by the assessee does not consist exclusively of the export out of india of the goods or merchandise to which this section applies, the amount which bears to the profits of the business (as computed under the head 'profits and gains of business or profession') the same proportion as the ..... para 32.15 of the explanatory notes issued on amended provisions make it abundantly clear that amendments made in section 80hhc were to take effect from 1st april, ..... their lordships have laid down the following principles : "the following principles are applicable in assessing interest income under the provisions of the it act, 1961 : (i) interest on fixed deposits and other deposits before the commencement of business is an income from other sources; (ii) income from interest on deposits of surplus money during the construction ..... czt (1980) 121 itr 951 (bom), the bombay high court while interpreting the expression 'derived from' observed that only the proximate source is to be considered and not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2001)73TTJ(JP.)851
..... itr 443 (sc) still holds the field.thus the principle emerging from the aforenoted pronouncement of the supreme court is, that the first appellate authority is invested with very wide powers under section 251(1)(a) of the act and once an assessment order is brought before the authority, his competence is not restricted to examining only those aspects of the assessment about which the assessee makes a grievance and ..... the commissioner (appeals) gave a further finding that the interest income of the appellant was not even its income from business and the same is under challenge before us.section 14 of the income tax act, 1961, specifies distinct heads of income indicating the sources which are mutually exclusive and income derived from different sources falling under the specified heads have to be computed ..... reduced even if it is in the nature of profits and gains of business and that is why the specific meaning appears to have been assigned to the 'profits and gains of business' for the purpose of section 80hhc by reducing 90 per cent of certain items as specified therein.in the decision of the hon'ble rajasthan high court in the case of murli investment co. ..... amount and the resultant amount after reducing the receipts on account of interest showed a higher amount of expenditure on interest and finance charges, though the issue related to the same assessment year i.e. ..... an year which came for consideration, after the insertion of the explanation (baa) in section 80hhc by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2006)101TTJ(JP.)192
..... unamended law, applicable before 1st april, 1989, the notice could have been issued within 8 years from the end of the relevant assessment year, but as a result of amendment under section 149, such notice can be issued within 10 years from the end of relevant assessment year, as enlarged period of limitation became effective before the expiry of the then existing ..... , we may observe that, by the finance bill, 1992, the definition of the term 'small scale industrial undertaking' in section 80-ia has been amended to the effect that, the said expression cover only those small-scale industrial undertakings which are regarded as such undertakings under section 11b of the industries (development and regulation) act, 1951. ..... amended provisions of section 148(1) (operative from 1st april, 1989, it mandated that a section 148 notice not giving a minimum period of 30 days for furnishing the return could not be sustained in view of the expression, 'not being less than 30 days' in the said section 148(1).but by finance ..... under section 149(1)(b) of the act, as per amended provisions as applicable on date of issue of the notice, the notice under section 148 shall not be issued for the relevant assessment year if seven years, but not more than 10 years, have elapsed from the end of the relevant assessment year, ..... 1986-87 where the investment allowance has been allowed as a deduction to the assessee under section 32a of the act.since the facts in this case are similar to the facts in the assessee's own .....
Tag this Judgment!