Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 Page 1 of about 31,552 results (0.061 seconds)

Assistant Commissioner Of Income Tax (exemptions) Vs. Ahmedabad Urban ...

Court : Supreme Court of India

..... amended by the finance (no.2) act, 1991 w.e.f ..... further amended by the finance (no.2) act, 1991, w.r.e.f. ..... regarding the statutory provisions it was submitted that the words trade, commerce or business in the proviso to section 2(15) of the it act cannot be read in isolation and have to be seen in context of charitable purpose and, even after a series of amendments - from the finance act, 2008 to finance act, 2015 there is essentially, no change in the basis of determination of what amounts to a trade, commerce or business and therefore the tests as laid down in surat art silk (supra) still holds the ..... . learned senior counsel further relied on the explanatory notes to the provisions of the finance act, 2008, specifically towards amendment made to section 2(15) of the it act, aimed at streamlining the definition of charitable purpose as discussed in para 595 and the ratio ..... . finance act 2008, finance act 2009, finance act 2012 and finance act 2015) do not throw light by way of statement of objects and reasons ..... about to the it act, 1961 (finance act, 1983 and 1991) 20. ..... about to the it act, 1961 (finance act, 1983 and 1991) ............................... 17 e. ..... it was registered as a charitable gpu category society in 58 inserted by finance (2) act, 2014 and amended by finance act, 2020 59 (1996) 2 scc549 the court had cited article 25(1) of the universal declaration of human rights and article 11(1) of the international covenant on economic, social and cultural rights, 1966 and relied .....

international Research Park Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD37(Delhi)

..... change with which we are concerned is the addition of clause (baa) in the explanation added to sub-section (4a) by the finance (no.2) act, 1991, with effect from april 1, 1992, providing for the meaning of the expression "profits of the business". ..... to which this section applies: (a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder ; (b) 'export turnover' means the sale proceeds of any goods or merchandise exported out of india, but does not include freight or insurance attributable to the transport of ..... the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : deduction under section 80hhc, if entire export proceeds, ..... the original section was inserted by the finance act of 1983, with effect from april 1, 1983, which provided for a deduction in respect of export turnover equal to one ..... the original section as inserted by the finance act of 1983 with effect from april 1, 1983, read : ..... by the finance act, 1990, sub-section (3) has been amended to provide that profits derived from export of goods out of india shall be the amount which bears to the profits of the business the same proportion as the ..... act, 1991 ..... 2) act, 1991, explaining the expression "profits of the business" for the purpose of .....

Reckitt and Colman of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD198(Kol.)

..... its place, another clause (ba) was inserted by the finance (no.2) act, 1991 with retrospective effect from 1-4-1987, which reads as below :-- "(ba) 'total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962): provided that in relation to any assessment year commencing on or after the first day of april, 1991, the expression "total turnover" shall have effect as ..... [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the date on which the ..... it may be mentioned in this connection that finance act, 1990 introduced clause (bb) to the explanation to section 80hhc, with effect from 1-4-1991 in accordance with which, for the purpose of this section, "total turnover" shall not include any sum referred to in clauses (iiia), ( ..... " the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed ..... act, 1991 with effect from 1 -4-1991 ..... 2) act, 1991 also inserted another clause (baa) to the aforesaid explanation to section 80hhc with effect from 1-4-1992 defining "profits of business", which has been prescribed to mean the profits of .....

Joint Commissioner of Income Tax Vs. Global Calcium (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)106TTJ(Chennai)179

..... ) was brought on statute book by the finance (no.2) act, 1991. ..... tribunal was right in disallowing the claim of the assessee in this regard.in the above decision, the hon'ble high court has given a plain meaning of clause (baa) to explanation to section 80hhc of the act, which means, clause (baa) is very clear that 90 per cent of the interest that was deductible for the claim under section 80hhc was from the gross interest received by the assessee and the ..... act, 1991, he argued that notes on clauses to finance (no ..... in view of the above, we are of the view that 90 per cent of the interest that is deductible for the claim under section 80hhc of the act is from the gross interest received by the assessee and that the amount of interest paid by the assessee should not be deducted therefrom and, hence, we answer the above question in favour of the revenue ..... again affirmed the view of the ao holding that 90 per cent of the interest that was deductible for the claim under section 80hhc of the act was from the gross interest received by the assessee and that the amount of interest paid by the assessee could not be deducted therefrom. ..... however, that will not be the case if the assessee is carrying on the business of financing because in the case of financing, the interest income which accrues to the assessee, will have the element of turnover and in such a case, receipts like interest, will not ..... 2) act, 1991, w.e.f, 1st april, ..... act, 1991 ..... baa) was introduced into the act by the finance (no. .....

The Director of Income-tax (Exemptions) Vs. Paramartha Bhushanam, Sri ...

Court : Chennai

Reported in : (2003)182CTR(Mad)380

..... the appellate tribunal also held that section 11(4a) of the act as inserted by finance act, 1983 with effect from 1.4.1984 would not apply as by finance (no.2)act, 1991 the provision has been substituted and the provisions of section 11(4a) as substituted by finance (no.2) act, 1991 with effect from 1.4.1992 would apply for the earlier assessment years in question ..... the appellate tribunal, in our opinion, was not correct in holding that the effect of substitution of section 11(4a) of the act by the finance (no.2) act, 1991 as amended in 1992 was to have effect from the date of insertion of section 11(4a), that is, with effect from ..... of an intention on the part of the legislature to have treated what is now included as having been included at all times'.we are of the view that by applying the ratio of the decision the substituted provision of section 11(4a) of the act by finance (no.2) act of 1991 would operate with effect from 1.4.1992 and not from 1.4.1984 as held by the appellate tribunal.6. ..... on the other hand, the reading of the finance (no.2) act, 1991 shows the intention of the legislature is that the existing section 11(4a) of the act is to be substituted with effect from 1.4.1992 and ..... the finance (no.2) act, 1991 came into force with effect from 1.4.1992 and the intention of the parliament was to substitute the existing section 11(4a) of the act with effect from 1.4.1992 and the intention is manifest that the section 11(4a) of the act as substituted was inserted only from .....

Commssioner of Income Tax Vs. Haryana Minerals Ltd.

Court : Punjab and Haryana

Reported in : [2009]313ITR318(P& H)

..... whether on the facts and in the circumstances of the case, the hon'ble tribunal was right in law in giving retrospective effect to the insertion made in sub clause (ii) of clause (b) of sub section (2) of section 80hhc, by finance (no.2) act, 1991 w.e.f. ..... it is sufficient to mention that the cit(appeals) as well as the tribunal have treated the provisions of the amended section 80hhc of the act applicable to the case of the assessee as if the amendment made by finance act no. ..... applying the ratio of the judgement of hon'ble the supreme court in respect of the assessment year 1984-85 it was held that the benefit of amendment made in section 80hhc by finance act no. ..... in that regard again reliance was placed on the judgement in the case of m/s gem granites (supra) wherein section 80 hhc(unamended) alongwith the amendment made by finance act no. ..... this petition filed under section 256(2) of the income tax act, 1961 (for brevity 'the act') challenges order dated 28.7.1998 passed by the income tax appellate tribunal, delhi bench (d), new delhi (for brevity 'the tribunal') in ra no ..... 40 of 1997 directed the tribunal exercising power under section 256(2) of the act to draw the statement of the case and refer the afore-mentioned two questions for its ..... 2 of 1991 could not have been extended to the assessee in relation to the assessment year 1984 ..... 2 of 1991 was considered ..... 2 of 1991 was retrospective ..... 1.4.1991 ?. 2. ..... del/98 dismissing the application filed by the revenue under section 256(1) of the act. .....

Present : Mr. Sanjay Bansal Senior Advocate with Vs. the Assistant Com ...

Court : Punjab and Haryana

..... the supreme court further noticed that substituted sub-section (4a) as substituted vide finance act no.2 of 1991 is couched in wide language and a trust is entitled to the benefit of section 11 if it utilized the income of its business for the purposes of ..... the revenue before the supreme court in respect of the provisions of sub-section (4a) as inserted vide finance act, 1983 and also the substituted sub-section (4a) inserted by finance act no.2 of 1991 was as under: 20. ..... shall examine the question as to whether the show cause notices are beyond the period of limitation as per the amended provisions of the act vide finance act no.2 of 1991. ..... has been again substituted by finance (no.2) act, 1991 w.e.f. ..... has been reduced to fifteen per cent by finance act, 2002 with effect from 01.04.2003. ..... the notices issued to the petitioner is insertion of sub-section (4a) in section 11 of the act by finance act, 1983 w.e.f. ..... held for charitable or religious purposes xx xx xx inserted by finance act, 1983 w.e.f. ..... finance (no.2) act ..... assessment years 1984-85, 1985-86, 1986-87 & 1990-91, the returns filed by the petitioner have been finalized in terms of section 143(3) of the act; in respect of assessment years 1987-88 & 1988- 89, the returns were accepted finalized under the then existing provisions of section 143(1) of the act; whereas in respect of assessment years 1989-90, 1991-92 & 1992-93, the assessee was intimated about the acceptance of returns in terms of section 143(1)(a) of the act.3. .....

Tangerine Exports Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD386(Mum.)

..... 1991 para 34 of explanatory notes available at pages 7146-7182, 7164-65 in volume 6 of the learned author chaturvedi pithisaria, section 80hhe was inserted by finance (no.2) act, 1991 for the following purpose: finance ..... is claimed and allowed in respect of profits of business referred to in sub-section 1 for any assessment year, no deduction shall be allowed in relation to such profits under any other provisions of this act for the same or any other assessment year.all the above facts clearly go to point out that the provisions of sections 80 hhc and 80hhe are independent of each other and they were brought on ..... is evident from the fact that the section provided that no deduction contemplated by it shall be allowed in relation to the assessment year commencing on the 1st day of april 1994 (later on deferred to 1995 by finance act, 1993) or any subsequent assessment year. ..... the assessee's case could not be stymied by whipping up a non-existent provision (section 80hhe came into force with effect from 1-4-1991) which ought to have been decided on the strength of the bare provision of relevant law (section 80hhc), if not by ..... the assessing officer thereafter hops on to the speech of the hon'ble finance minister, the mover of the bill for the enactment of section 80hhe, delivered by him on the floor of the house on 24th july, 1991, a part of the annual budget, as per which section 80hhe was introduced with a view to encourage export of a software ..... 2) act, 1991 - explanatory notes ..... act, 1991 .....

Indian Furniture Works Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2001)71TTJ(Bang.)709

..... present case, has produced a copy of the order of the honble karnataka high court dated 6-1-2000 in which question regarding the applicability of the circulars even prior to the amendment by the finance act, 1991 was brought to the attention of the court and the honble court deemed it fit that this should be examined by a larger bench and, therefore, there lordships considered it necessary to place ..... was also amended by the finance (no.2) act, 1991, with effect from 1st april, 1991 and this schedule which is entitled "processed minerals and ores" contains a list of ten items, the last two of which reads as under : "(x) cut and polished minerals and rocks including cut and polished granite".hence, it is clear that with effect from assessment year 1991-92 onwards cut and polished ..... however, there was an amendment to section 80hhc(2)(b) by the finance (no, 2) act, 1991, with effect from 1-4-1991, as a result of which the section was revised as under : (ii) minerals and ..... the honble karnataka high court has held the view that the beneficial circular of the central board of direct taxes would be available to the assessee even prior to the assessment years 1991-92, though the matter has to be further clarified by the pronouncement of a larger bench of the karnataka high court with special reference to the observations of the honble supreme court in the ..... act, 1991, extended the benefit to export of processed minerals and ores mentioned in the twelfth schedule to the income tax act .....

Assistant Commissioner of Income Vs. Vijay Granites (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... in the amendment made by the finance (no.2) act, 1991 wherein a new xii schedule has been added to the statute item (x) reads as under: "cut and polished minerals and rocks including cut and polished granites," from the very ..... ito reported in (1991) 39 ttj (hyd) 88 and also the amendment made by the finance (no.2)act, 1991 extending the benefit to processed minerals and rocks including cut and processed granites i have directed allowance of deduction ..... judgment would not affect the merits of the present case as it is relatable to the assessment years before the corning into force of the finance (no.2) act of 1991. ..... , sri prabhakar, vehemently contended that the assessment years under consideration fall from 1986-87 to 1989-90 which is much earlier to the period of introduction of xiith schedule to the act and hence the provisions that were prevailing during the time of assessment years alone are applicable.the products of the assessee are nothing but mineral as they are excavated from the ..... is fully fortified by the decision of the division bench of the karnataka high court reported in (1999) 240 itr 343 (kar).explanations/clarifications were issued to section 43b of the act.amendment by way of inserting the first proviso to section 43b w.e.f.1st april, 1988, stood for consideration before the apex court in the case of allied motors (p) ltd. v ..... act of 1991 ..... april, 1991, the words "other than processed minerals and ores specified in the twelfth schedule" were added by the finance (no. .....