Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 Court: income tax appellate tribunal itat madras Page 1 of about 76 results (0.187 seconds)

Late S. Ayyakannu by Lr Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... 90(2) of the it act, 1961 inserted by finance (no.2) act, 1991 with retrospective effect from 1st april, 1972, reads as under : (2) where the central government has entered into an agreement with the government of any country outside india under sub-s. ..... 2) act, 1991 with retrospective effect from 1st april, 1972 ..... act of 1991. ..... in such a situation, in relation to the assessee to whom such agreement applies, the provisions of the it act, 1961, shall apply to the extent they are more beneficial to that assessee. ..... (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 to that assessee. ..... (1991) 190 itr 626 (cal) held that the double taxation avoidance agreement must prevail over the provisions of the it act. ..... it means that there is no provision in the it act, 1961 to bring to tax such remittances. ..... of the amount credited in the bank account in the form of demand drafts to explain the investments, since it cannot be treated as disclosed income either in india or outside india for the purpose of assessment under chapter xiv-b of the it act (see para 11.1 of assessment order). ..... 69, 69a and 69b of the it act, 1961, are deeming provisions. ..... 69, 69a and 69b of the it act, 1961.therefore, he held that all the remittances cannot be treated as coming out of sources of income outside india to explain the acquisition of assets in india .....

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. .....

Amber Electrical Conductors (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)43ITD313(Mad.)

..... gopal, the learned counsel for the assessee, took us through the facts and circumstances of the case and contended that under the new assessment procedure incorporated in section 143(1)(a) of the act, which came into force with effect from 1-4-1989, the assessing officer could not have lawfully rejected the assessee's claim for deduction under section 32ab, by the simple expedient of bringing ..... we also have incentives in the form of accelerated rates of depreciation - see section 32(1)(iv), (v) and (vi) (initial depreciation), and section 32(1) (to) (additional depreciation).in these matters, the scheme of the act is first to identify the areas in which it is necessary to give incentives; secondly, to lay down the pre-conditions which must be satisfied before the benefit of the incentives could be claimed; and thirdly, to lay down ..... sub-section (1) of the totally recast section 143 provides that where a return is filed under section 139 or under section 142(1) of the act, the tax or interest, or as the case may be, the refund found due on the basis of such return, an intimation shall be sent to the assessee specifying the sum payable or as the case may be refundable.there is a ..... act, 1991, and contended that even according to the department, a hyper-technical view should not be taken in matters relating to any requirement contained in any of the provisions of chapter iv of chapter vi-a of the act ..... gopal drew our attention to section 119(2)(c), recently inserted by the finance (no. .....

People Education and Economic Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD87(Chennai)

..... section 12aa was introduced by finance act, 1996 with effect from 1-4- ..... the briefly enumerated facts borne out of the records are that the assessee-society made an application for grant of registration under section 12a of income-tax act, with cit, madurai.it is apparent from the letter of cit, madurai dated 1-7-1998 that the office of cit, madurai, has written letter to the assessee on 20-7-1994 for which the assessee has not ..... 1759, 1760 & 1761 of madras of 2004, wherein the assessee has raised primarily issue with regard to assessment under section 144 of the income-tax act, without hearing the assessee and not granting exemption under section 11, though the issue regarding registration of the society under section 12a was pending before the cit, ..... we make it very clear that the grant of registration would not automatically exempt the income under sections 11, 12 and 80g of the income-tax act.the assessing officer shall examine the application of the provisions of sections 11, 12 and 80g in the light of judgment of the madras high court in the case of new life in christ evangelistic association ( ..... when the commissioner of income-tax fails to pass an order either granting or refusing to grant the registration, in view of the specific clause contained in section 12aa(2) of the income-tax act, the registration shall be deemed to be granted immediately after expiry of six months from the end of the month in which the application was filed. ..... act, 1991 with effect from 1-10-1991. .....

Tamilnadu Chlorates Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)98ITD1(Chennai)

..... 2) act, 1991 with effect from 1-4-1991. ..... as per section 2(7) of the indian sale of goods act, 1930 goods is every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part o( the land which are agreed to be ..... thereafter section 80-1a was introduced by the finance (no. ..... under section 3(36) of the general clauses act, 1897 movable property of every description except immovable property. ..... whether in the facts and circumstances of the case assessee is entitled to claim deduction under sections 80hh and 80-i of the income-tax act, 1961 in respect of power generation? 2. ..... thereafter section 80-i was made operative from 1-4-1990 to 1-4-1991. ..... 21 it was held that electricity cannot be classed as goods for the purposes of the sale of goods act. ..... in this case it was held that electricity is goods within the meaning of section 2(3) of central province and virar sales tax act. ..... this word is not defined in the act. ..... case the provision of section 80ab was properly appreciated in regard to the consideration of income generated during the previous year from the wind mill for quantifying the deduction under sections 80hh and 80-i of the act? 3. .....

Shriram Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1996)59ITD570(Mad.)

..... 992 27,10,843 --------- --------- ---------respective assessments 32,62,469 47,33,331 32,83,412 --------- --------- --------- in this view of the matter we hold that the wdv of the assets as at the beginning of the previous year relevant to the assessment year 1991-92 will get reduced only to the extent of the amount of depreciation debited in the books of account (which had in fact been allowed in arriving at the total income chargeable to tax) in the relevant previous years, namely ..... should not have been allowed in the assessment because, as according to him, even for purposes of section 115j there was normal computation of the total income under other provisions of the income-tax act in terms of which the depreciation calculated as per income-tax rules had been taken into account though tax was levied on the basis of 30% of the book profits.he also noticed that for the ..... book by the finance act, 1990 w.e.f.1-4-1991. ..... being a company (other than a company engaged in the business of generation or distribution of electricity) the total income, as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1988 but before the 1st day of april, 1991 (hereafter in this section referred to as the relevant previous year), is less than thirty per cent of its book profit, the total income ..... enacted by the finance act, 1987 w.e.f. ..... by finance act, 1987 ..... by the finance act, 1987 ..... act in relation to the assessment year 1991 .....

Stanes Amalgamated Estates Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)85ITD203(Mad.)

..... that apart the learned counsel for the assessee drew our attention to section 32ab(2) clause (z), which had been omitted by the finance act, 1989 with effect from 1-4-1991 and prior to omission read as follows :- (i) 'eligible business or profession' shall mean business or profession, other than- (a) the business of construction, manufacture or production of any article or ..... if any, debited in the audited profit and loss account or income and expenditure statement.adverting to the above items the learned counsel for the assessee contended that the act and rules thereunder clearly cast a duty on the assessee (even if the assessee is a non corporate entity) to prepare the profit and loss account as per parts ii and iii to ..... the provisions of sub-section (1) of section 32 from the amounts of profits computed in accordance with the requirements of parts ii and iii of schedule vi to the companies act, 1956 (1 of 1956) as increased by the aggregate of- (ii) the amount of income-tax paid or payable and provision therefor; (iii) the amount of surtax paid or payable under the companies (profits) surtax ..... act, 1964 (7 of 1964); (v) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities; (vi) the amount by way of provision for losses of subsidiary .....

Thirumalai Motors (P.) Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1996)57ITD102(Mad.)

..... ) repayment of the principal amount of term loan contracted after the 31st march, 1986, and taken for a period of three years or more from a financial corporation which is engaged in providing long-term finance for industrial development in india or from a scheduled bank or from any such other institution as the central government may, by notification in the official gazette, specify in this behalf.from a perusal of the ..... of section 32ab has been prescribed by clause 9(1)(a) according to which the amount will be utilised by depositing in a deposit account under clause (a) of sub-section (1) of section 32ab of the income-tax act or under sub-clause (b) of clause 9(1) of the scheme according to which without depositing the same if any amount out of such income is utilised for the following purposes, viz,, purchase of new ship, ..... (a) any machinery or plant to be installed in any office premises or residential accommodation, including any accommodation in the nature of a guest house; from a bare perusal of the provisions of the said act it is clear that two conditions have been prescribed for the purpose of getting deduction under the said section, which are : (a) if the assessee has deposited any amount out of the income under the ..... was inserted by the finance act, 1986 with effect from ..... 1991] 188 itr 402, the supreme court held that a rule of reasonable construction should be followed and literal construction may be avoided if that defeats the manifest object and purport of the act .....

Assistant Commissioner of Income Vs. Ambadi Enterprises (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... we have gone through the amendment made by the finance act, 1990, and we are inclined to agree with the view of the departmental representative that the sum of ..... but due to the retrospective amendment by the finance act, 1990, the relief in respect of cash assistance has been withdrawn and, therefore, the total income will become positive taxable ..... the present case it is a fact that there was a retrospective amendment by the finance act, 1990, by which s. ..... departmental representative pointed out that there was retrospective amendment by the finance act, 1990, to s. ..... representative has not disputed the cause for the delay and agreed that there was retrospective amendment by the finance act, 1990.3. ..... mad/1990 and 10/mad/1991 in the above appeal. ..... 28(iiib) and (iiic) of the it act.we accordingly direct the ao to include the said sum ..... 10/mad/1991 is the duplicate of the cross objection ..... 254 of the it act, 1961, the tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it ..... 5 of the limitation act, 1963, in order to enable the courts to do substantial justice to parties by disposing of matters ..... 253 of the it act, 1961 provides for an appeal to the tribunal against the various decisions of the it authorities referred ..... mad/1991.2 ..... /1991. ..... 37(5) of the it act and stated that the section includes for the purpose of disallowance not only guest house maintained by the assessee, but also the guest house taken on hire or otherwise by the .....

Cresent Housing (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2002)80ITD317(Mad.)

..... (supra): "apart from the fact that the circulars issued by the central board of customs and excise in exercise of its power under section 37b of the central excise act, 1944, are binding on the department, the department is precluded from challenging the correctness of the said circulars even on the ground of the same being inconsistent with the ..... 275/201/95-it(b) the board has clarified that it would not alter the liability to charge interest under section 201(1a) of the act till the date of payment of tax by the deductee-assessee.we, therefore, do not find it necessary to set aside the orders passed by the ito, tds levying ..... is evidence to show that deductee-assessee has paid the tax on the interest income, there is no need for treating the payer as an assessee in default under section 201(1) of the it act, 1961.regarding the relevance of the circulars issued by the department, this is what the supreme court held in paper products ltd. ..... in section 201(1) that if any person does not deduct or after deducting fails to pay the tax as required by or under the act, he shall without prejudice to any other consequences which he may incur be deemed to be an assessee in default in respect of the ..... under section 201(1) there could have been no liability to pay interest, according to him, when there was no obligation on the part of the appellant to deduct tax on the interest payment to gic housing finance ltd. ..... , 1991 issued by the cbdt on the subject of deduction of tax at source-consequence .....