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The Commissioner of Income Tax-16 Vs. M/s Happy Home Enterprises and A ...

Court : Mumbai

..... section 80-ia was inserted in the income tax act, 1961 by finance (no.2) act, 1991 ..... income tax appeal no.201 of 2012 is filed by the revenue under section 260a of the income tax act 1961 (hereinafter referred to as the act) wherein the following questions of law are projected as substantial and read as under:- (a) whether on the facts and in the circumstances of the case and in law the hon'ble tribunal was right in allowing to the assessee company a deduction u/s 80ib(10) of the income tax act ..... view of the matter, the definition of built up area, as inserted in sub-section (14)(a) of section 80-ib by the finance (no.2) act of 2004, which came into effect from april 1, 2005, cannot be held to ..... under section 143(3) r/w section 153a were completed on 31st december, 2009 when the assessing officer inter alia held that the profits derived from the sale of commercial area was not entitled to a deduction under section 80-ib(10) of the income tax act, 1961 ..... the provisions of section 24(2)(iii) of the income tax act, 1922 came up for interpretation before the supreme court which inter alia dealt with unabsorbed loss being carried forward for ..... the facts and in the circumstances of the case and in law the hon'ble tribunal was right in holding that the limits on commercial area provided in clause (d) to section 80ib(10) of the act would not be applicable even after 01.04.2005 as the projects were approved before that date even though no such exception is provided under the income tax act? 2. .....

Brown and Root Inc. Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Reported in : (1999)237ITR156AAR

..... reliance has also been placed on section 90(2) of the income-tax act, 1961, inserted by the finance (no, 2) act, 1991, which reads as under : "where the central government has entered into an agreement with the government of any country outside india under sub-section (1) for granting relief of tax, or, as the case may be, avoidance of double taxation, then, in relation to the assessee to whom such agreement applies, the provisions of this act shall apply to the extent they are more beneficial ..... in the hands of a resident of singapore, only of the profits attributable to a permanent establishment in india, no part of the profits earned by the applicant from its activities under the contract can be charged to indian income-tax even though such activities took place within indian territory and the profits there from would have been chargeable ..... shri braj lal, additional commissioner of income-tax, special range, dehradun, arguing on behalf of the department asserted that the vessels were not used only for transportation of personnel as contended by the applicant's counsel but were used for ..... for the purposes of the convention, the term 'business profits' means income derived from any trade or business including income from the furnishing of services other than included services as defined in article 12 (royalties and fees for included services) and including income from the rental of tangible personal property other than property described in paragraph 3(b) of article 12 (royalties .....

Cit Vs. C.V. Jayachandran

Court : Kerala

Reported in : [2009]184TAXMAN68(Ker)

..... though the transfer took place in the previous year relevant for the said assessment year, by finance act, 1991, amendment was introduced to section 45(5)(a) providing for levy of income-tax on capital gains arising out of compulsory acquisition of land on receipt of initial compensation. ..... since amendment introduced by finance act, 1991, with retrospective effect from 1-4-1988 was in force as on the date of initiating proceedings under section 147 the assessing officer is bound to follow the law in force as on the date of initiation of ..... question raised in the appeal filed by the revenue is whether the tribunal was justified in holding that the income 'escaping assessment completed under section 147 of the income tax act in the case of respondent assessee for the year 1989-90 is invalid. ..... order is confirmed by the tribunal in the second appeal filed by the revenue against which this appeal is filed under section 260a of the income tax act.2. ..... assessee has no case that even under the unamended provision the proceedings initiated and completed under section 147 is time-barred in other words even it there was no amendment income by way of capital gain could have been assessed under section 147 for the assessment year 1988-89. ..... even though transfer took place on 24-10-1987 by virtue of the retrospective amendment to section 45(5) (a) of the act the capital gains on account of compulsory acquisition of land should be assessed in the year in which the original compensation is .....

The Commissioner of Income-tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : [2003]262ITR417(Mad)

..... commissioner of income tax : [1997]224itr677(sc) is not in our view any way advancing the case of the assessee as to the contention that the amendment brought out to sub-section 2(b)(ii) by finance act 2 of 1991 with effect from 1.4.1991 would ..... sub-clause (ii) of clause (b) of sub-section (2) of section 80hhc has been done by the finance act 2 of 1991 with effect from 1 4.1991, whereby the processed minerals and ores specified in twelfth schedule to the act has been excluded from the exclusion clause ..... . though by sub-section 2(b)(ii) of section 80hhc the benefit was originally denied to the export of granites, by means of the amendment introduced under finance act 2 of 1991 from 1.4.1991 onwards such benefit ..... the petitioner in quarrying and mining granite blocks as a manufacturing activity as such entitled to the investment allowance under section 32a of the income tax act and also confirmed the finding of the commissioner of appeals with regard to deduction under section 80hhc though not on the ground on which it has been granted by the commissioner of income tax but on the ground that the assessee exported the granite stones by adding value to the blocks by cutting ..... which is relevant to the case on hand as referred by the tribunal was as follows:-'(ii) whether, the tribunal was correct in holding that the assessee is entitled to relief under section 80hhc of the income-tax act on the entire exports of granite including finished products like slabs, monuments, tiles, etc .....

Y.P. Chawla and Others Vs. M.P. Tiwari and Another

Court : Supreme Court of India

Reported in : AIR1992SC1360; (1992)2CompLJ36(SC); (1992)103CTR(SC)400; [1992]195ITR607(SC); JT1992(2)SC429; 1992(1)SCALE760; (1992)2SCC672; [1992]2SCR440

..... it is not necessary for us to go into this question because the legal position has altered to the advantage of the revenue by the introduction of an explanation to section 279 of the act by the finance act (2) of 1991 which has been made operative with effect from april 1, 1962. ..... he along with other directors of the said company was prosecuted under section 276-b of the act on the charge that he committed defaults in depositing the income tax deducted from the salaries of the employees of the company during the assessment years 1979-80 to 1982-83, m.l. ..... both tiwari and passi, applied to the commissioner, income-tax, invoking his power under section 279(2) of the act and seeking composition of the offences against them. ..... income-tax officer : [1981]131itr597(sc) has held that circulars issued by the central board of direct taxes under section 119(1) of the act are binding on all officers and persons employed in the execution of the act even if they deviate from the provisions of the act. ..... whether the central board of direct taxes, (the board) under section 119 of the income-tax act, 1962 (the act) can issue instructions to control the discretion of the commissioner of income-tax under section 279(2) of the act, to compound the offences is the short question for our consideration.3. m.p. .....

The Commissioner of Wealth Tax Vs. Huf of H.H. Late Shri. J.M. ScIndia

Court : Mumbai

Reported in : (2008)110BOMLR1106; (2008)217CTR(Bom)531; [2008]300ITR193(Bom)

..... noting the lacunae, parliament amended section 148 of the income tax act by finance act, 2006 with effect from 1.10.1991. ..... parliament subsequently by finance act 2006, with effect from 1.10.1991 introduced the second proviso to section 148 saving proceedings where return had been filed pursuant to proceedings under section 147 and no notice had been served under section 143(2) within the period prescribed by the proviso to section 143(2).the language used in section 143(2) is similar to the language used in section 16(2). ..... act, at the material time under section 144(b) of the income tax act if assessment had to be made under section 143 (3) of the act (which corresponds to section 16(3) of the wealth tax act), if the ito proposed to make variation to the returned income, the procedure laid down therein had to be followed. ..... let us now examine sections 143 and 148 of the provisions of the income tax act, where similar language had been employed. ..... it is further submitted that there was similar omission in procedure for reassessment under section 148 of the income tax act. ..... the appeal before the tribunal was against the order of the commissioner (appeals) which has taken a view that the provision of section 17(1) of the wealth tax act are similar to section 14 of the said act and as the notices were issued beyond the time prescribed, the assessments are not correct in law and therefore, cancelled. .....

Magam Inc. Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : [2007]288ITR566(Mad)

..... 2) act of 1991 to section 80hhc of the income tax act is only prospective and effective from april 1, 1991, and for the assessment years 1987-88 and 1989-90 under consideration, the statutory provision is very clear in the sense that section 80hhc of the income tax act is not applicable to the export of granite.in the result, these appeals are dismissed, the questions of law are answered in affirmative and in favour of the revenue. ..... of the expression the export of any goods or merchandise to which this section applies employed in section 80hhc and by virtue of sub-section 2(b)(ii), which specifically denied the benefit of the section to export of granite (mineral), the benefit under section 80hhc is not available to the assessee; that by the amendment act 2 of 19 91, an exception has been carved out to the specific provision which excluded, rather denied the benefit conferred under section 80hhc to export of minerals (granite); that the amendment brought by the finance (no. ..... drawing support from the decisions referred supra, we are of the considered view, that the amendment brought by the finance (no. .....

Director of Income-tax (Exemptions) Vs. Sir M. Ct. Muthiah Chettiar Fa ...

Court : Chennai

Reported in : [2002]257ITR287(Mad)

r. jayasimha babu, j.1. the question referred to us for the assessment years 1985-86, 1986-87 and 1987-88 at the instance of the revenue is :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that there was no contravention of section 13(l)(d) of the income-tax act, 1961, for the assessment years 1985-86, 1986-87 and 1987-88 in view of the proviso (iia) to section 13(l)(d) extending the time for complying with the specified pattern of investment up to march 31, 1993 ?'a question similar to the one referred to us was considered by this court in the case of cit v. kumudam endowments : [2000]242itr159(mad) . it was held therein that extension of time for disinvestment up to march 31,1993, allowed by the finance (no. 2) act, 1991, read with the finance act, 1992, has retrospective effect from april 1, 1983. during the assessment year to which that provision applies, investments could be held by the trust contrary to the provisions of section 11(5) of the income-tax act, 1961, but the trust was under an obligation to disinvestment on or before march 31,1993. thereafter, the investments could be held in the modes permitted by law.there was, therefore, no contravention of section 13(l)(d) of the act by reason of the assessee having held the investments during the assessment year.we answer the question referred to us in favour of the assessee and against the revenue.

Hilltop Holdings India Ltd. Vs. Commissioner of Income Tax and ors.

Court : Kolkata

Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)

..... this is clear from the scheme introduced by the finance act, 1987, which was a deliberate and clear departure from the summary assessment contemplated under section 143(1) brought about with a particular purpose and object as reflected in the explanation to section 143.12.1 in order to attract section 263, the order must be an order passed by the ao in the ..... : [1972]83itr170(sc) .4.5 by reason of the explanation, an intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. ..... inasmuch as, while issuing intimation, the ao does not merely discharge a ministerial act since it involves a process to determine the liability to pay tax or refund of the excess tax paid or to accept the self-assessment as submitted, which involves application of mind and taking a ..... act, 1991, to provide that an intimation sent under sub-section (1) or sub-section (1b) shall be deemed to be an order for the purpose of section 264 ..... proceeding can be said to be initiated and conducted only when the ao proceeds to assess the income, but when the return is accepted, there is no assessment nor any process for assessment undertaken by the ao or in other words, the ao does not proceed to assess the income. ..... still then, it is an order made in the proceedings without attempting to assess the income. .....

Subramanyan Vs. State of Kerala

Court : Kerala

Reported in : 2007(1)KLT125

..... these revision cases filed under section 78 of the kerala agricultural income tax act, 1991 (hereinafter referred to as 'the act') arise from the common order of the tribunal, confirming denial of exemption from liability to pay agricultural income tax to the petitioner/assessee for the four assessment years 1996-96, 1997-98, 1998-99 and ..... a total extent of 8 acres of land out of which only 7 acres are cultivated and so much so, petitioner is completely exempted from payment of agricultural income tax, under proviso to section 3(1) of the act, is the case of petitioner. ..... charge of agricultural income tax -- (1) tax at the rate or rates specified in the schedule to this act shall be charged for each assessment year in accordance with and subject to the provisions of this act, on the total agricultural income of the previous year of every person.provided that no tax is payable by any person other than a company or a firm where the total extent of landed properties, the agricultural income from which is assessable at his hands under the provisions of this act do not exceed ..... of the matter and in view of annexure i certificate issued by the officer, we allow these other tax cases by declaring that the petitioner is entitled for exemption from payment of agricultural income tax for the extent of land held by him during the assessment years in question. ..... seen that the limit of holding for exemption is increased from 3 hectares to 5 hectares by finance act, 2000 with effect from 1.4.2001. .....