Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 Court: income tax appellate tribunal itat madras Page 5 of about 76 results (0.171 seconds)

Tamil Nadu Cements Corpn. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)49ITD39(Mad.)

..... been followed, the department would have been forced to bring this matter to the notice of the hon'ble finance minister, and the latter would have certainly clarified what he meant while incorporating a provision of the companies act into the income-tax act, and particularly whether he intended to have that expression in the companies act to have quite a different meaning for the purpose of income-tax, even though he had stated that he wanted to give ..... since the revenue is not able to demonstrate that this expression meant something different in the companies act and since the hon'ble finance minister himself has stated in his speech that he intended to allow the same adjustment as available in the companies act, it is not possible to hold that the word loss' in this expression referred only to gross loss before depreciation.6. ..... present case, we were only applying the mischief rule inasmuch as the assessees made representations that the determination of the book profit without adjustment of past years' results would be unfair and the hon'ble finance minister introduced the amendment to allay that grievance.since he has done so with reference to the provisions of the companies act, it was very material to know the basis on which such assurance was given. ..... in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book-profits' on certain companies. .....

Yenpeyees Rubber (P.) Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)5ITD605(Mad.)

..... decision in cambay electric (supra) was given on 11-4-1978 and still the revenue had not relied on that case in arguing the later appeal indicating that in conformity with the finance minister's thinking that the straight deduction will be from the income qualifying the rebate, the idea that the income referred to the net income determined under the ..... section 80ab was not part of the bill as introduced the notes on clauses only referred to section 80aa of the act which sought to limit the deductions in respect of section 80m of the act construed in cloth traders' case (supra) to the net intercorporate dividend and not the gross dividend before deduction of ..... the orders of the commissioner (appeals) rejecting the claims of the assessee for relief under section 80hh of the income-tax act, 1961 ('the act'), as a proportion of the profit of the business of the year before setting off of losses carried forward from the earlier ..... that when the word 'income' is not used and only the words 'profits and gains', it could not be intended to refer to the income computed under the provisions of the act in respect of the business but only to the commercial profits of the year before making any deductions allowable under the ..... the budget speech of the finance minister for 1980-81 merely mentions : i also propose to make certain amendments in the income-tax act to counteract certain court decisions which have ..... revised by referring to the introduction of section 80ab of the act by the finance (no. .....

Second Income-tax Officer Vs. N. Kannaiyiram

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)24ITR261(Mad.)

..... cit [1979] 119 itr 980 (mp).he further argued that the amendment brought about by the finance act of 1982 should be considered as of a clarificatory nature and that therefore it would be applicable for the assessment year 1982-83 also.shri seshagiri rao further relied on the decision of the karnataka high court in ..... referred to section 54(1) as amended by the finance act of 1982 only with effect from 1-4-1983, ..... 6 lakhs on 6-5-1981.in respect of the long-term capital gains arising on the sale of this property, the assessee claimed exemption under section 54(1) of the it act, which was disallowed by the ito for the reason that the assessee was not entitled to this relief, as he was being assessed in the status of a ..... he therefore submitted that the assessee would be entitled to the relief of exemption under section 54(1) of the act and that the cit (appeals) was therefore right in directing the income-tax officer to allow this exemption ..... of his wife, it was in his capacity as an individual with all the powers vested in him for the disposition of joint family property as if it were his separate property and that accordingly he should be deemed to have acted in his individual capacity while making the gift in favour of his wife. ..... is in order.it is because of this changed status in which the assessee is assessed that the department is seeking to deny the relief claimed by him under section 54(1) of the act in respect of the capital gains arising on the sale of his residential property. .....

Gupta Garments Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD362(Mad.)

..... in this regard he was impelled by the consideration that sections 28(iiib) and 28(iiic) inserted by the finance act, 1990 with retrospective effect talked respectively of "cash assistance (by whatever name called) received or receivable" and "any duties of customs or excise repaid or repayable as drawback".as for the assessee's submission that it had all along ..... the matter reached the cit(a), he held that by virtue of the retrospective amendments made to section 28 of the income-tax act, 1961, by the finance act, 1990, tax was exigible on the said two items of receipt. ..... /1992 is the assessee's appeal directed against the order dated 18-12-1991 of the cit(appeals)-vi, madras, relating to the assessment year 1989 ..... also drew support in this regard from the provisions of section 43b of the act, which contains provisions different from the general principles of accountancy. ..... in both the assessment years in question the incentives have been brought to charge both on receipt basis (as returned by the assessee) and on receivable basis (as has been held by the lower authorities).the scheme of the act does not envisage such an unfair result.13. ..... 56/mds/1991 filed by the assessee is related to the departmental appeal bearing ita no.1655/mds/1991 (assessment year 1988 ..... 1655/mds/1991 (assessment year 1988-89) was delinked for being heard separately together with the departmental appeal relating to the assessment year 1987 ..... 56/mds/1991 was, however, heard along with the assessee's appeal bearing ita .....

Dr. (Mrs.) G. Isaac Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)1ITD1120(Mad.)

..... the contention of the department is that since the exemption itself was introduced by the finance act, 1976, with effect from 1-4-1977, it can only apply to persons returning to india on or after 1-4-1977 and not to persons who had returned to india already in the past.11 ..... this exemption was introduced by the finance act, 1976, with effect from 1-4-1977 ..... the mere fact that the section was introduced with effect from 1-4-1977 by the finance act, 1976, i.e. ..... now, the wto has rejected the assessee's claim for exemption under section 6(ii) of the act with regard to deposits in her non-resident (external) account on the grounds that in the income-tax assessments her status has been taken as resident, but not ordinarily resident, in the wealth-tax assessment she ..... first objection is against the rejection of the assessee's claim for exemption under section 6(ii) of the wealth-tax act, 1957 ("the act"), on an amount of rs. ..... 810 which stood deposited in her account, originally styled "non-resident (external) account", under the foreign exchange regulation act, 1947 ("fera"). ..... to the income-tax and wealth-tax liability for the earlier two years, the other two grounds of objection are to the restriction of the exemption granted to the assessee under section 5(1)(xxxiii) of the act, to a sum of rs. ..... , however, it appears that she had filed a revision petition, before the commissioner, claiming exemption in regard to such interest as exempt by virtue of section 10(4a) of the income-tax act, 1961.5. .....

Tamil Nadu State Marketing Corpn. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD349(Mad.)

..... by the assessee-corporation to the state government for acquiring from the state government the exclusive right and privilege in question, then the fact that these were levied and collected under the prohibition act along with excise duty, or the fact that the magnitude of the levy is disproportionate to the services rendered, or the compulsory nature of the levy, or even the fact that ..... matter, irrespective of the mode and mechanics of collection of the fees, irrespective of the quantum of the fees levied, and irrespective also of the fact that the provisions relating to the levy are contained in the prohibition act and the rules made thereunder, the fees in question cannot be regard either as fees, within the meaning of entry 66 of the state list, or as a duty within the meaning of entry 51a of the ..... may deem fit, the exclusive or other privilege of manufacturing, or selling by retail, country liquor or indian-made foreign spirits.sub-section (1a) of the section stipulates that notwithstanding anything contained in the prohibition act, the tamil nadu state marketing corporation limited, which is a corporation wholly owned and controlled by the state government, and which is the assessee before us, shall have the exclusive privilege of supplying, by ..... in question are fees strictu sensu, it will have to be ascertained whether the provisions of section 43b as amended by the finance act, 1988 are applicable to assessment year 1987-88 now before us. ..... dated 18-2-1991 relating .....

indra Cotton Mills (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD27(Mad.)

..... behind the said rule, which was inserted by the finance act, 1976 with retrospective effect from 1-4-1975, may thus ..... in order to curb this mischief, the finance act, 1976 inserted rule1a under the second schedule, with ..... [other than those specified in rule 1 (ii)] as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the income-tax act, 1922 or the income-tax act, 1961 will be taken into account.here, the legislative intent is clearly that the other reserves should not be taken into account in their entirety. ..... what the lower authorities were having in their mind when they were saying that the surtax act does not contain any provision, which contemplates the augmentation of reserve in excess of the type ..... (supra) the supreme court held that the meanings assigned in the companies act, 1956 to "pro vision" and "reserve" must be taken for purposes of interpreting the surtax act, and laid down the following principles: provision is a retention or appropriation of a sum designed to meet depreciation, renewals or diminution in value of ..... reduced by the amount allowed as a deduction in the assessments made under the income-tax acts - old and new.further, the focus of rule1 (iii) is on the reserves ..... the balance-sheet as on 30-6-1979 will, in accordance with the provisions of rule 1 of the second schedule to the act, enter into the computation of capital base of the company:(1) paid up capital rs. .....

R. Ramanathan Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)65ITD108(Mad.)

..... chapter xiv-b is a special procedure for assessment of search cases, which has been incorporated by the finance act, 1995 with effect from 1-7-1995.the object of the special provision is reflected in the budget speech of the finance minister as follows :- "hon'ble members are aware that the searches conducted by the income-tax department are an important means of unearthing black money. ..... out of the interest payments claimed by the assessee had already been made in the regular assessments for the assessment years 1991-92 and 1992-93, on the basis of which the present disallowance has been made for the other years of the block period. ..... it was submitted that pursuant to the commissioner's approval the disallowance was made during the block assessment years except 1991-92 and 1992-93, because those two years are subject-matter of appeals pending before the tribunal. ..... 281 has been made for the assessment year 1991-92 as a difference between the proposed block assessment and the revisional order on the basis of commissioner (appeals)'s order. ..... " from the annexures pertaining to the assessment years 1991-92 to 1992-93 it appears that the assessing officer was conversant with the fact that similar disallowance had already been made in the regular assessment and the issue is pending before the tribunal out of those ..... of the interest payment has already been admitted by the department during the assessment years 1991-92 and 1992-93, for the remaining 10 per cent. .....

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. .....

Sundaram Spinning Mills Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)8ITD226(Mad.)

..... this is the principle embodied in sub-clause (i) of clause (b) of sub-section (7) of section 40a.since, however, this provision was brought into effect retrospectively by the finance act, 1975, with effect from 1-4-1973, it was decided that an opportunity should be given to those employers who had already made provisions to create a gratuity fund before 1-4-1976 and ..... would apply only to such of those cases where a gratuity fund is set up after the enactment of the provision by the finance act, 1975, and the payment of 50 per cent is made before 31-3-1976 and the balance on or before 31-3-1977. ..... it must be remembered that the law prior to the retrospective amendment by the finance act, 1975, with effect from 1-4-1973 was that a provision made on an actuarial or scientific basis towards gratuity by an assessee who keeps accounts on mercantile basis was allowable as a deduction following ..... of provision because of the insertion of section 40a(7) by the finance act, 1975, with retrospective effect from 1-4-1973, there are two ..... assessee did not satisfy the conditions under section 40a(7)(b)(ii)(3) of the income-tax act, 1961 ('the act') requiring 50 per cent of the payment before 1-4-1976 and the balance ..... in the said decision it was pointed out that rule 2 of part c of schedule iv of the act enables the commissioner to withdraw the approval already granted to a fund when such withdrawal is warranted by circumstances and it stands to reason that the non-payment of the amount provided .....