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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 .....

Commissioner of Income Tax Vs. M/S. Abhinandan Investment Ltd.

Court : Delhi

..... company was inserted by the finance (no.2) act, 1991. ..... assessing officer observed that since the loss on the srncd had been determined by him pursuant to an order of the tribunal, it was not a loss determined in pursuance of a return filed under section 139(3) of the act and, hence, the said assessed loss on rs.6,27,81,805 shall not be allowed to be carried forward and set off against future income of the assessee. ..... it was highlighted that in the present case, money which had flowed from jisco came back to it with financing from the uti and the assessee also claimed loss in the year under consideration, to claim set off against an income of the present year as well as ..... (supra), options were given to the allottees/subscribers to surrender or sell the ncds at a discounted price to the finance company as per the arrangement made by the issuing company and the difference was only in the stage at which such option was to ..... proceedings by virtue of a letter dated march 24, 1998, filed before the assessing officer in the first round and was not loss determined in pursuance of a return filed in accordance with the provisions of section 139(2) of the act and, hence, could not be carried forward and set off under section 80 of ita nos.25/01, 840/08 & 26/01 page 31 the ..... we are of the view that the tribunal correctly appreciated the provisions of section 80 of the act read with section 139(3) of the act and allowed the carry forward of loss for the purposes of set off against the income of the .....

Commissioner of Income Tax Delhi Ii Vs. Medicare Investments Ltd.

Court : Delhi

..... company was inserted by the finance (no.2) act, 1991. ..... assessing officer observed that since the loss on the srncd had been determined by him pursuant to an order of the tribunal, it was not a loss determined in pursuance of a return filed under section 139(3) of the act and, hence, the said assessed loss on rs.6,27,81,805 shall not be allowed to be carried forward and set off against future income of the assessee. ..... it was highlighted that in the present case, money which had flowed from jisco came back to it with financing from the uti and the assessee also claimed loss in the year under consideration, to claim set off against an income of the present year as well as ..... (supra), options were given to the allottees/subscribers to surrender or sell the ncds at a discounted price to the finance company as per the arrangement made by the issuing company and the difference was only in the stage at which such option was to ..... proceedings by virtue of a letter dated march 24, 1998, filed before the assessing officer in the first round and was not loss determined in pursuance of a return filed in accordance with the provisions of section 139(2) of the act and, hence, could not be carried forward and set off under section 80 of ita nos.25/01, 840/08 & 26/01 page 31 the ..... we are of the view that the tribunal correctly appreciated the provisions of section 80 of the act read with section 139(3) of the act and allowed the carry forward of loss for the purposes of set off against the income of the .....

Commissioner of Income Tax Vs. Jindal Equipments Leasing and Cons. Se ...

Court : Delhi

..... company was inserted by the finance (no.2) act, 1991. ..... assessing officer observed that since the loss on the srncd had been determined by him pursuant to an order of the tribunal, it was not a loss determined in pursuance of a return filed under section 139(3) of the act and, hence, the said assessed loss on rs.6,27,81,805 shall not be allowed to be carried forward and set off against future income of the assessee. ..... it was highlighted that in the present case, money which had flowed from jisco came back to it with financing from the uti and the assessee also claimed loss in the year under consideration, to claim set off against an income of the present year as well as ..... (supra), options were given to the allottees/subscribers to surrender or sell the ncds at a discounted price to the finance company as per the arrangement made by the issuing company and the difference was only in the stage at which such option was to ..... proceedings by virtue of a letter dated march 24, 1998, filed before the assessing officer in the first round and was not loss determined in pursuance of a return filed in accordance with the provisions of section 139(2) of the act and, hence, could not be carried forward and set off under section 80 of ita nos.25/01, 840/08 & 26/01 page 31 the ..... we are of the view that the tribunal correctly appreciated the provisions of section 80 of the act read with section 139(3) of the act and allowed the carry forward of loss for the purposes of set off against the income of the .....

Asst. Commissioner of Income Tax Vs. Motorola India Electronics (P)

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2007)112TTJ(Bang.)562

..... ready reference, we extract the following from the memorandum explaining provisions of finance (no.2) act, 1991 which is reported in 190 itr (st) 300. ..... for the assessment year 2001-02, he relied on the words in the section as well as a similar wordings in section 80hhc and the explanation given in the memorandum explaining the provisions of finance bill (no.2), 1991 reported at 190 itr 270) at page 300. ..... thus in view of the above discussion, we agree with the submissions of the learned counsel for assessee and direct the assessing officer to recompute the deduction under section 10a & 10b of the act on the lines indicated above for the assessment year 2001-02. ..... for the assessment year 2001-02, he submits that the act has undergone a change and the entire concept and basis of section 10a have changed and thus as per the provisions of law as applicable to the assessment year 2001-02, the interest income forms part ..... further claimed that the interest income as derived from the business of export of articles or things or computer software, and that the same is eligible for exemption under section 10a of the act for the assessment years 1997-98 and 1998-99. ..... distinction in mind, we have to necessarily hold that the entire profits deriving from the business of undertaking should be taken into consideration, while computing the eligible deduction under section 10b/10a of the act, by applying the mandatory formula. ..... to the assessment year 2001-02, we find that the act has undergone a change. .....

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

Court : Authority for Advance Rulings

Reported in : (1999)237ITR156AAR

..... 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 ..... notwithstanding the provisions of paragraphs 1 and 2, where a person--other than an agent of an independent status to whom paragraph 5 applies--is acting in a contracting state on behalf of an enterprise of the other contracting state, that enterprise shall be deemed to have a permanent establishment in the first-mentioned state, if : (a) he has and habitually exercises in the first-mentioned state an authority to conclude contracts on ..... following question : "the taxability [in terms of article 7 read with article 5 of the agreement for avoidance of double taxation ('dta') concluded between india and the united states of america which came into effect from april 1, 1991] of revenues earned by brown and root inc. ..... during the previous year ending on march 31, 1991, bri had entered into a contract with hhi in relation to the installation of the 12" shg gas pipeline between the b121 platform and the shg platform offshore india by mobilising the eight point mooring vessel " .....

Om Parkash Vs. Union of India and Another

Court : Punjab and Haryana

..... 119(2) of the act was inserted by finance (no.2) act, 1991 with effect from 1st october, 1991. ..... under the aforesaid provision, the board is empowered to issue general or special order to relax any requirement in respect of any of the provisions of chapter iv or chapter vi-a of the act, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of cases where the assessee has failed to comply with any requirement specified in such provision ..... 45.4 therefore, a new clause (c) has been inserted in sub-section (2) to empower the board to relax any of the provisions of chapter iv or chapter via of the act, if it considers it desirable or expedient so to do for avoiding genuine hardship in any case or class of singh gurbachan 2014.06.10 11:04 i attest to the accuracy and integrity of this document high court chandigarh cwp no.3815 ..... ) 154 which is to the following effect:- 45.3 the existing provisions of sub-section (2) of section 119 of the income-tax act do not empower the board to relax the requirements contained in any of the provisions of chapter iv (computation of income) and chapter via in ..... 24.10.2011 (annexure p-2) was issued to the petitioner for explaining as to why deduction claimed under section 54ec of the act be not disallowed as the investment had not been made within the prescribed time limit. ..... of insertion of this provision in the act has been explained by the board in circular no.621 dated 19.12.1991 reported in (1992) 195 itr (st. .....

Commissioner of Income Tax Vs. Mehta Charitable Prajnalay Trust

Court : Delhi

..... by the finance (no.2) act, 1991 w. e. ..... that it was registered with the cit under section 12a, that the business was carried on by the beneficiaries of the trust in furtherance of the objects, that the provisions of section 11(4) of the act and not section 11(4a) were applicable, that the business of the trust was not carried on with the motive of earning profit but only with a view to deriving, income for running the charitable hospitals ..... that the amended provisions of section 11(4a) would apply from the assessment year 1992-93 onwards, and the effect of the amendment was that the benefit of exemption under section 11 of the act was not available to the income arising from profits and gains of business unless the business is incidental to the attainment of the objects of the trust and separate books of accounts are ..... supra) held that the surplus fund of a trust, which was claimed to be exempt on the footing that it was property held under trust within the meaning of section 11(1) of the act, was not property held under trust since the property from which the surplus was generated was itself not held under trust. ..... commissioner of income tax, bihar & orissa (1957) 31 itr 226.the patna high court ruled that section 4(3)(i) of the indian income tax act, 1922, which corresponds to section 11(1) of the 1961 act, confers an exemption from tax only where the property itself is held under a trust or other legal obligation; it does not apply to cases where a trust or legal obligation is .....

Commissioner of Income Tax Vs. M/S K.R.B.L. Limited

Court : Delhi

..... by the revenue is reinforced by the cbdt circular no.621 dated 19.12.1991 explaining the finance (no.2) act, 1991, which inserted the explanation [pl. ..... of this is that under clause (iiia) of section 28, a reference to imports and exports (control) act, 1947 should be taken to be a reference to foreign trade (development and regulation) act and the scheme for sil having been notified under the latter act, which must be read into section 28(iiia), the profits of sale of sil would fall to be ..... assistance receivable by a person against exports under the scheme of government of india and falls under clause (iiib) of section 28 of the act and is chargeable to tax under the head profits and gains of business or profession even before it is transferred by the assessee. ..... received by the assessee is chargeable to tax under clause (iiid) of section 28 of the act, again under the same head as an item separate from cash assistance under clause (iiib). ..... it was further held in the judgment that for the purposes of section 80 hhc (3)(a) of the act, read with explanation (baa), 90% of any sum referred to in clauses (iiia) to (iiie) of section 28, has to ..... under section 8 of the general clauses act, 1897 where any central act made after the commencement of the general clauses act, repeals and reenacts, with or without modification, any provision of the former enactment, then references in any enactment or in any instrument to the provisions, so repealed shall, unless a different intention appears, be .....

M/S Omaxe Ltd. and anr. Vs. Deputy Commissioner of Income Tax and anr.

Court : Delhi

..... 72[omitted by the finance (no.2) act, 1991, w.e.f. ..... the commissioner to be heard, either in person or through a representative duly authorised in this behalf, and after examining such further evidence as may be placed before it or obtained by it, the settlement commission may, in accordance with the provisions of this act, pass such order as it thinks fit on the matters covered by the application and any other matter relating to the case not covered by the application, but referred to in the report of the commissioner under sub-section ..... have been revived from the stage at which the application was allowed to be proceeded with by the settlement commission and the income-tax authority concerned, may, notwithstanding anything contained in any other provision of this act, complete such proceedings at any time before wp( c) 1451/2013 page 14 the expiry of two years from the end of the financial year in which the settlement became void. ..... once the application is allowed to be proceeded with by the commission, the proceedings pending before any authority under the act relating to that assessment year have to be transferred to the commission and the entire case for that assessment year will be dealt with by the ..... the petitioner thereafter filed detailed objections to notice dated 26.12.2011 issued under section 153c of the act, inter alia, objecting to assessment/ reassessment of income for assessment years 2004-05 to 2006-07, particularly in the light of the judgment of this court dated .....