Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)473
..... hon'ble madhya pradesh high court has held that : "a perusal of the unamended and amended provisions and the circular of the cbdt would make it clear that there had been no specific effect that the amendment effected to section 158bb in the finance act, 2002, w.e.f. ..... authority passing such order may, notwithstanding anything contained in any law for the time being in force, can amend the order under section 154(1) of the act in relation to any other matter, other than the matter which has been so considered and decided. ..... while passing the order under section 154 of the act, stated that no doubt, the assets did not exist and the transaction was treated as finance transaction and the claim of ..... disputed that the appellate powers under various provisions and rectification power under section 154 of the act are two different categories and the ao cannot get any sustenance from ..... the newly inserted section 154(1a) of the act by the direct taxes amendment act, 1964, w.e.f ..... transaction claimed depreciation, which ultimately proved to be bogus and (when) the assessee itself offered the income during search, then it is not open for it to reagitate through rectification under section 154 of the act for exclusion lease rentals which have been declared by itself in the block return.13. ..... palaniappa nadar & sons (1980) 125 itr 357 (mad), the hon'ble madras high court has held that : "what was necessary to be examined was whether the assessee would be entitled to depreciation at 7 per cent under .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)288ITR150(Chennai)
..... the learned counsel further submitted that section 113 was amended by finance act, 2002 with effect from 1.6.2002. ..... it is for the parliament either to make an amendment by incorporating a proviso in section 113 of the income tax act for the purpose of levying surcharge or to enact a separate act like finance act. ..... act.however, by finance act, 2002, the parliament amended section 113 and thereby a proviso was introduced to levy surcharge over and above the rate of tax prescribed under section 113. ..... in view of the above discussion, we find that the parliament in exercise of the power conferred upon it under article 271 of the constitution of india has enacted finance act, 2001 prescribing levy of surcharge at 17% over and above the rate of income tax levied under section 113 of income tax act in respect of the undisclosed income.therefore, in our view, the assessing authority has rightly levied the surcharge. ..... same shall be charged for that year in accordance with the provisions of the central act.section 113 provides for levy of tax at the rate of 60% in respect of undisclosed income determined under section 158bc for the block period.the first objection of the assessee is that since there was no reference about the central enactment in section 113, as referred in section 4(1), the rate of tax prescribed under finance act, 2001 for levy of surcharge under sections 112 and 113 is not applicable. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act ..... issued by reserve bank of india could suo moto overrule, the specific provision of section 145 of it act, 1961, there was no need of introducing section 43d by the finance act, 1991 and later on modify it by extending the benefit to some more class of assessees by the finance act, 1999. ..... india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. ..... held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia), which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade ..... has held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia) which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade related .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD457(Chennai)
..... day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, reassessment or re-computation as ..... , 1995 in response to a notice served under section 148 and subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months as provided in proviso to sub-section (2) of section 143 before the amendment of said sub-section by the finance act, 2002, but the said notice is served before the expiry of the time limit for making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153 of the act, such notices shall be deemed to be a ..... response to a notice served under this section and subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143 as it stood immediately before the amendment of said sub-section by the finance act, 2002, but before the expiry of the time-limit for making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153, such notice shall be deemed to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)637
..... the cit(a) in his order stated that finance act, 2001, levied tax at the rate prescribed in section 113 as well as surcharge for the asst. ..... our opinion, this claim of the revenue is not justified because the proviso was added by finance act, 2002 and made effective from 1st june, 2002. ..... " this proviso was inserted by the finance act, 2002, indicating that it would be effective from 1st june, ..... he further noted that finance act, 2001, applied to income that had arisen during the previous year ending march, ..... 2000, which falls within the previous year ending 31st march, 2001, the surcharge that is made by finance act, 2001 is applicable. ..... in the case of assessment that is made with reference to provisions under section 158bc of the act, the loss cannot be allowed.he further submitted that for the loss that is stated to have been claimed, sufficient evidence is not ..... section 113 was inserted with a proviso that reads as under : "provided that the tax chargeable under this section shall be increased by a surcharge, if any, levied by any central act and applicable in the assessment year relevant to the previous year in which the search is initiated under section 132 or the requisition is made under section ..... on that basis the loss suffered by the assessee consequent to the fraud played on the assessee is outside the ambit of chapter xiv-b of the act. ..... is an appeal of the assessee that is moved with reference to assessment that was framed under the provisions of chapter xiv-b of the it act.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2001)75ITD197(Chennai)
..... , "excluding the extra-shift allowance for double or multiple working of the machinery or plant", seem to indicate that the extra-shift allowance is available to the machinery or plant that had worked for multiple shifts.sub-section (v) of section 32(1) of the act refers to the building that is constructed after the 31-3-1967, owned by a company and used by it is as a hotel that is approved by the central government, on such building the company was allowable 25 per cent of ..... this is contained in sub-section (iia) of section 32 of the act and it reads, "where machinery or plant has been installed after the 31-3-1980 but before 1-4-1985, the assessee shall be entitled to 50 per cent of the depreciation excluding the extra-shift allowance for double or multiple working of the machinery or plant and the extra allowance in respect of ..... of the assessing officer and the same cannot be said to an error prejudicial to the interest of the revenue, in the light of the circulars /instructions of the board and the decision of the supreme court in shaan finance (p) ltd. ..... however, of hire of machinery, it was provided that the owner is entitled to depreciation.the hon'ble supreme court in shaan finance (p) ltd. ..... finance ..... leasing & industrial finance co. ..... shri leasing & industrial finance co. ..... said order both on legal validity and on merits.the proposal for the formation of a special bench to resolve the controversy was mooted on the reasoning that the decision in shri leasing& industrial finance co. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD479(Chennai)
..... as a result of the amendment of section 208 by the finance act (no. ..... further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. ..... section 209 of the act, after amendment by the amending act, 1987 lays down the method of computing advance tax payable during a financial year as follows: (a) where the calculation is made by the assessee for paying the advance tax, either of his own accord or on the basis of the estimate of his current income after the assessee is served with a notice by the ao under section 210(3) or (4) for payment of advance tax, income-tax on the current income shall be calculated at the rates ..... (d) the income-tax calculated under any of the above clauses shall, in each case, be reduced by the amount of income-tax which would be deductible at source under any provisions of the act on any income which has been included in the current/total income determined under any of the above clauses.section 234b(1) inserted by the direct tax laws (amendment) act, 1987 w.e.f. ..... the word "shall" is significant and to ascertain the very intention of the legislature we have to look into the clauses by which the legislature has brought section 234b to the statute through direct tax laws (amendment) act, 1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)284ITR53(Chennai)
..... to solve this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or receivable ..... characteristic cannot be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. ..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation therein continues to remain ..... who argued that, as per section 10(10c) any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 w.e.f 1.4.2004. ..... 72, which reads as under: exemption of amount received under vrs compensation allowable even if it is receivable or received in instalments: under the existing provision contained in clause (10c) of section 10, any amount received by an employee of a public sector company or any other company or an authority established under a central, state or provincial act or a local authority or a co-operative society, or a university, or indian institute of technology, or state or central government, or an institution having central government, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)280ITR179(Chennai)
..... section 2(m) of the wealth-tax act, 1957, which was inserted by finance act, 1992, ..... assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date; explanation 1 : a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the income-tax act shall be includible in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof; explanation 2 : where a debt falling under sub-clause (ii) is secured on, or has been ..... state government or the central government or any local authority intending to carry out any development on any land or building on or after the date of the publication of the resolution under sub-section (2) of section 19 or of the notice in the tamil nadu government gazette under section 26, shall make an application in writing to the appropriate planning authority for permission in such form and containing such particulars and accompanied by such document as may he prescribed " the above provisions ..... that properties owned by the assessee have been brought to charge of wealth-tax after assessment year 1993-94 and section 2(m) of the wealth-tax act also stood amended w.e.f. ..... was inserted by the direct tax laws (amendment) act, 1989, w.e.f. ..... that even in view of the amendment.board has issued circular no. ..... by us while deciding the principal issue of deducibility of debts, the definition has been amended w.e.f. .....
Tag this Judgment!