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H.P. State Indl. Dev. Corporation Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)80ITD639(Chd.)

..... i have myself looked into the background papers as well as explanatory notes on the provisions relating to income-tax act introduced by finance act (2) of 1991, and i find it difficult to agree with the interpretation taken by the ld. ..... in order to decide the contentions raised by the learned representatives of the parties, we deem it necessary to reproduce certain provisions of interest-tax act, 1971 as amended by finance (no.2) act, 1991, w.e.f. ..... for the above reasons, there is no need to rely on any external aid like speech of the finance minister or explanatory notes on the relevant bill to interpret and understand the meaning of "chargeable interest" under the interest-tax act, although these external aids also do not support the claim of the assessee.17. ..... shri jain further submitted that the assessee was being financed by idbi, icici and other institutions and was acting as a conduit pipe for giving loans to various parties ..... assessing officer held that as per the statutory provisions of section 5 of the interest-tax act, the interest was to be charged on accrual basis on account of amendment introduced in the interest-tax act w.e.f 1-10-1991. ..... 159 dated 31-12-1974 and 621 dated 10-12-1991 under which the explanatory notes on the two acts were explained given as also the charging section, held as under:-- (i) that the credit institution was liable to return interest chargeable to tax subject to certain exceptions as "accruing or arising" to the credit of the institution in the .....

Abdulgafar A. Nadiadwala Vs. Assistant Commissioner of Income Tax and ...

Court : Mumbai

Reported in : (2004)188CTR(Bom)232; [2004]267ITR488(Bom)

..... , section 80hhc again came to be amended for and from the asst yr 1991-92 which further came to be substantially amended by the finance (no 2) act, 1991, which further came to be amended by the finance act, 1992, w e f 1st april, 1992 the departmental circulars to explain the amendments made from time to time and laying down broad features thereof were ..... to understand the purport of section 80-o of the act the circular dt 3rd aug , 1990, which was issued by the cbdt to explain the substance of the provisions relating to direct taxes in the finance act, 1990 and one of such provisions explained therein is section 80hhc of the act thus, to explain the scheme and various shades of section 80hhc r/w section 28, as amended by the finance act, came to be illustrated by the following examples(rs. ..... with a view to encouraging larger exports of certain goods, the finance act, 1982, had inserted section 89a in the it act w e f 1st june, 1982, for providing tax relief to indian companies and non-corporate taxpayers resident in india whose export turnover for a ..... 1962);(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 1st day of april, 1991, the expression 'total turnover' shall have effect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of .....

Asstt. Cit Vs. Vijay Granites (P) Ltd.

Court : Chennai

Reported in : (2002)75TTJ(Mad)744

..... ito 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. ..... 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. ..... the learned departmental representative, 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. ..... intended to extend the benefit from the assessment year 1991-92 to prohibited items like processed minerals and ores and not to deny the benefit in respect of items like granites which were entitled to the benefit even without reference to the amendment, in the light of the aforesaid discussion, therefore, the appellant is entitled to the benefit of relief under section 80hhc of the income tax act in respect of granites quarried from own quarries as well as purchased ..... 2) act of 1991. ..... 2) act of 1991.stonecraft enterprises' case : [1999]237itr131(sc) , was concerned with the assessment years 1985-86, 1987-88 and 1988-89. ..... it was only with effect from 1-4-1991, the words 'other than processed minerals and ores specified in the twelfth schedule' were added by the finance (no. .....

Aravali Minerals and Chemicals Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)292ITR361(Jodh.)

..... of clause (ii) has been inserted by the finance (no.2) act, 1991, w.e.f. ..... cit (2006) 102 ttj (chennai)(sb) 1 : (2006) 100 itd 199 (chennai)(sb) in which it has been held that the amendment brought out by the finance act, 2003, enabling the assessee to deduction even if the payment is made before the due date of furnishing return under section 139(1) is retrospective and hence applicable to the earlier ..... it is clear from the language used that the cbdt gave its understanding of sub-section (2)(b) of section 80hhc as it stood prior to 1991 amendment with regard to diamonds and gem stones alone having regard to the peculiar facts and features relating to the export and import of diamonds ..... act, 1991, extended the benefit to export of processed minerals and ores mentioned in the twelfth schedule to the it act ..... 1991 by virtue of insertion of item (x) in the twelfth schedule to the it act, ..... finance ..... 1st april, 1991, by virtue of insertion ..... section 80hhg of the it act allows a deduction from the gross total income of the entire profits derived from export of goods ..... it was in 1991 that the processed minerals and ores specified in twelfth schedule were made eligible for deduction under this section after the diamonds were so qualified in 1984 which, in turn, contains clause (x) as ..... the act does not prescribe the degree or extent of cutting and polishing to be applied to granite ores or boulders, any process applied to the rough mineral, which adds value to the marketable commodity would create an .....

Jai Mica Supply Co. Pvt. Ltd. Vs. Commissioner of Income Tax, West Ben ...

Court : Kolkata

..... the learned judicial member, however, was of the view that by virtue of amendment made by finance act, 1991, the appellants products were not covered by section 80hhc during the assessment year 1990-91. ..... (52 of 1962); (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 afte4r the 1st day of april, 1991, the expression total turnover shall have efffect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28; the following clause (baa) shall be inserted by the finance (no.2) act, 1991, w.e.f. ..... following sub-section (3) shall be substituted for the existing subsection (3) by the finance (n0.2) act, 1991, w.e.f. ..... (words in bracket added with effect from april 1, 1992) the following explanations shall be inserted by the finance (no.2) act, 1991 w.e.f. ..... division bench of this court, at the time of admission of this appeal formulated the following substantial questions of law: 1) whether on a true and proper interpretation of clause (b) of sub section (2) of section 80hhc of the it act, 1961 prior to its amendment with effect from april 01, 1991, the export of fabricated mica products, namely, fabricated mica electronic components was not eligible for deduction under section 80hhc and the tribunal was justified in upholding the order passed .....

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

Court : Mumbai

..... 80-ia was inserted in the income tax act, 1961 by finance (no.2) act, 1991 w.e.f. ..... 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 be retrospective. ..... the cit (appeals) observed that the provisions of section 80-ib(10) were substantially amended by finance (no.2) act, 2004 with effect from 1st april, 2005 wherein it was provided that the built up area of the shops and other commercial establishments included in the housing project should not exceed 5% of the aggregate ..... section 80-ib(14) was also amended by the same finance (no.2) act, 2004 and for the first time under clause (a) thereof, the words built-up area ..... though these changes were brought about by finance act, 2003, the legislature thought it fit that these changes be deemed to have been brought into effect from 1st ..... prior to its amendment by the finance act, 1955, it permitted a business loss to be carried forward for not more than six years, except in the case of losses pertaining to certain assessment years ending with the assessment year 1943-44 where the ..... be important to note another amendment that was brought about by finance (no.2) act, 2004 to sub-section (14) of section 80-ib, w.e.f. ..... thereafter, by the finance act, 1999 entire section 80-ia was substituted by the newly introduced sections 80-ia and 80-ib which were on the lines of the existing section 80-ia but with .....

D.D. Kuthiala Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)57ITD192(Chd.)

..... the amendment brought about by the finance (no.2) act, 1991 in section 4(1)(a) of the act does not stipulate for the first time that in case of inadequate consideration, gift will ..... on the same analogy, if there are no rules for valuing the unquoted equity shares under the gift-tax act, then the principles laid down under the wealth-tax act could be taken into consideration by the assessing officer and that is precisely what the assessing officer did in the present case by taking the value of transferred ..... the madhya pradesh high court has held that where no rules have been framed for valuing unquoted equity shares under the estate duty act, 1953, then in the absence of any contrary provision, the principles laid down by the statutory rules framed under another taxing statute, namely, the wealth-tax act, can be taken into consideration in valuing the unquoted equity shares for purposes of estate duty. ..... 2) act, 1991 as reported in 190 itr (statutes) 230 at page 262, it was explained that the aforesaid amendment in section 4(1)(a) of the act was to take effect from first of april, 1992 and was to apply in relation to assessment year 1992-93 and ..... 2) act, 1991, section 4(1)(a) of the act was ..... of the learned counsel for the assessee, therefore was that the revenue authorities were in error in applying the provisions of schedule ii to the gift-tax act for arriving at the value of the shares and thereby calculating the alleged inadequacy of the consideration.6. ..... 2) act, 1991 in section .....

Mascon Technical Services Ltd. Vs. Asstt. Cit, Central Circle Iii (2)

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)3SOT861(Chd.)

..... such approval was required after the amendment was made by the finance act, 1991, with effect from 1-4-1992.he then referred to section 80hhb. ..... duty concession, non-levy of income-tax on lump sum payable for using the software, concessional rate of tax under section 15a for royalty payment for use of software vide finance (no.2) act, 1991 and as explained in circular no. ..... before the amendment made by the finance act, 1997 with effect from 1-4-1998, section 80-o was also available for "any income by way of royalty, commission, fees or any similar payment received by the assessee from the government of a foreign state or foreign enterprise in ..... also contended that after the introduction of section 80hhe, section 80-o was not omitted and still remained in the statute.so the assessee had the choice of claiming the deduction under section 80-o or 80hhe of the act.we have considered the rival submissions carefully and have also gone through the relevant material on record. ..... 2) act, 1991, and that too, with effect from 1-4-1992, which is proposing to substitute the words 'technical or professional services' in place of the words 'technical services' now used in the ..... both these appeals the order passed under section 263 of the income tax act by the commissioner of income tax, central-ii, chennai has been impugned. ..... the assessing officer was of the view that there was specific provision under section 80hhe of the act allowing deduction in respect of profit from export of computer software, etc. .....

Mahabir Industries Vs. Principal Commissioner of Income Tax

Court : Supreme Court of India

..... section 80-ia of the act was originally introduced in the year 1991 by the finance (no.2) act, 1991 w.e.f. ..... commissioner of income tax, west bengal, calcutta1 has held that the true test for ascertaining whether industrial undertaking is formed by reconstruction of business already in existence (which was the expression used in section 15c of 1922 act), is not whether the new industrial undertaking connotes expansion of the existing business of the assessee but whether it is a new and identifiable undertaking separate and distinct from existing business. ..... interestingly, another provision in the form of section 80-ic was inserted by finance act, 2003 w.e.f. ..... along with this provision, section 80-ib was also introduced for the first time by the same finance act, 1999. ..... this section was amended by the finance act, 1999 w.e.f. ..... having faced with this situation, he raised an altogether different argument for consideration by referring to section 15c of the income tax act, 1922 (hereinafter referred to as the 1922 act ), which was also a provision which granted exemption from income in respect of newly established industrial undertaking. ..... in nutshell, those undertakings or enterprises, which fulfill the conditions mentioned in sub-section (4) of section 80-ia of the act, are entitled to total deductions of their profits, which means, no tax is payable and the period for which such undertakings or enterprises are exempted from payment of tax is ten consecutive assessment years. .....

Capt. K.C. Saigal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD488(Delhi)

..... that the words "agreed to" in section 80-o still stipulate some agreement between the parties though approval of the agreement by cbdt was no longer necessary after the amendment by the finance (no.2) act, 1991 with effect from 1 -4-1992. ..... the reserve bank of india had advised in that case that "the remittance of reinsurance premia after deducting the brokerage due to you would not violate the provisions of foreign exchange regulation act, 1973".4.1 the learned counsel further submitted that the provisions of section 80-o stipulate the following conditions for admissibility of deduction under that section, namely: (a) the assessee should be an indian company or a person (other than ..... that such remittance after deducting the brokerage would not violate the provisions of the foreign exchange regulation act, 1973 and urged that the assessee has fulfilled the said condition relating to receipt of payment in convertible foreign exchange having regard to the spirit ..... fell in the nature of managerial services and not in the nature of technical or professional services ; (e) relying on the observations made by the dcit in his order made under section 144-a of the income-tax act, 1961, that the case of the assessee was on a different set of facts than those involved in the cases of e.p.w. ..... 2) act, 1991 with effect from 1 -4-1992 by which the words "technical services" were substituted by the words "technical or professional services", have observed that "this amendment may be only of .....