Judgment Search Results Home > Cases Phrase: finance no 2 act 1996 section 1 short title and commencement Court: income tax appellate tribunal itat ahmedabad Page 1 of about 44 results (0.087 seconds)

Assistant Commissioner of Income Vs. Apsara Processors (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)92TTJ(Ahd.)645

..... the above observation will be applicable with all force to the amendment in section 271(1)(c) by the finance act, 2002 because as per finance act, 2002, the above amendment is effective from 1st april, 2003 and section 271(1)(c) is a provision for imposing penalty and, therefore, in view of the above decision of the hon'ble apex court, the normal presumption is that the amendment is not retrospective unless provided otherwise expressly or by ..... after the above decision, the legislature amended section 143(1a) with retrospective effect while no such modification was made in section 271(1)(c) till the finance act, 2002.the legislature vide finance act, 2002 amended section 271(1)(c) w.e.f.1st april, 2003 and modified clause (iii) after section 271(1)(c) as under : "(iii) in the cases referred to in clause (c), in addition to tax, if, any, payable by him, a sum which shall not be less than but which shall not exceed three times the ..... behalf of the assessee, it has been vehemently contended that now the issue is set at rest by the above decision of hon'ble apex court that the penalty under section 271(1)(c) cannot be levied where the assessed income is loss prior to amendment by finance act, 2002.however, it was contended on behalf of the revenue that the above decision in the case of prithipal singh was with regard to law applicable in asst. ..... if the same falls short of the maximum amount which is not chargeable, which has been the case here as per final assessment, he need not file .....

Wealth-tax Officer Vs. Niranjan Narottam (individual)

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)14ITD27(Ahd.)

..... section 27(3) of the finance act does not lay down any particular date of commencement of the provisions apart from what would be applicable under section 1(2).these provisions, however, do not affect the position of the applicability of the amendment to any particular year if the amendments themselves are regarded as procedural in nature. ..... 202 of 5-7-1976, referring to section 27(3) of the finance act, it is mentioned that the amendment comes into force with effect from 1-4-1976 and will be applicable in relation to the assessment year 1976-77 and subsequent years. ..... section 7(4) as amended by section 27 of the finance act, is as under : (4) notwithstanding anything contained in sub-section (1), the value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date may, at the option of the assessee, be taken to be the price which, in the opinion of the wealth-tax ..... the learned counsel for the department pointed out that the question at issue was whether section 7(4) inserted by section 27(3)(b) of the finance act, 1976, is effective prospectively from the assessment year 1976-77 onwards or is applicable retrospectively for an earlier year and if so from which assessment year. .....

Chandulal Venichand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)38ITD138(Ahd.)

..... and that the proviso had been inserted to clear the doubt as to the meaning of "actually paid" in section 43b and as such the finance act, 1987, so far as the proviso was concerned, was an explanatory act and that it would be without object unless it was construed retrospective in operation. ..... has been held by patna high court that under the proviso which was inserted with effect from 1-4-1988 by the finance act, 1987, the words "actually paid" occurring in the main section 43b have in fact been interpreted and as such the said proviso should be regarded as an interpretation clause or a clause which explains what is meant by " actually paid" and that the interpretation given to the words "actually paid" in the proviso is different from its literal interpretation ..... patel, the learned counsel for the assessee has raised alternate plea to the effect that the sales-tax collected and credited in separate account represented diversion by overriding title and as such provisions of section 43b were not applicable. ..... whether first proviso to section 43b would be applicable for assessment years 1984-85 to 1987-88.however, when the special bench commenced hearing of the appeal, a copy of the decision of delhi high court dated 22-8-1990 in civil writ petition .....

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD482(Ahd.)

..... (1) and (2) below section 50b have been substituted in place of the earlier explanation originally inserted by the finance act, 1999 which read as under : "for the purposes' of this section, 'net worth' means the net worth as defined in clause (ga) of sub-section (1) of section 3 of the sick industrial companies (special provisions) act, 1985 (1 of 1986). ..... from the aforesaid set of provisions it clearly emerges that section 50b along with the ancilliary sections has been introduced by the legislature by the finance act, 1999, by way of a special provision for levy and computation of capital gains in case of slump sale. ..... treating the stock-in-trade as a short-term capital asset, the ao computed the short-term capital gain on the slump sale as under: sales consideration on sale of industrial undertaking as a going concern aggrieved the assessee carried the matter in appeal before the cit(a).the learned cit(a) endorsed the view taken by the ao and held that the computation of capital gain is in accordance with the computation provision contained under section 48 of the it act and the decision of hon'ble supreme ..... 5108/ahd/1996) [reported at (2003) 78 ttj (ahd) 429--ed. .....

Smt. Jyoti M. Bhandari Vs. Asstt Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)6SOT375(Ahd.)

..... this is a case prior to the amendment in section 158bb(1) by the finance act, 2002 with retrospective effect from 1-7-1995 wherein the due date for filing the return of income has expired but no return of income has been filed, the reduction to be allowed is nil unless the case of the assessee falls in clause (c) of section 158bb and that position is to be seen with reference to the date of commencement of the search or the date of requisition. ..... 2) act, 1998 with retrospective effect from 1-7-1995 and the amendment in section 158bb providing for computation of undisclosed income of block period was inserted by finance act, 2002 again with retrospective effect from 1-7-1995 inserting the words "prior to date of commencement of the search or date of requisition" in clause (a) of sub-section (1) by section 158bb ..... this was a case decided on 1-12-1999 and was prior to the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and, therefore, would not be of any help to the assessee, the definition of 'undisclosed income' in section 15813(b) includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry ..... notices were, therefore, issued under section 158bd read with section 158bc on 19-12-1996 requesting the assessee to show cause as to why the same be not related as undisclosed income of the .....

Assistant Commissioner of Wealth Vs. Prasad Productions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 1st april, 1989, by the finance act, 1988, for the earlier assessment years also the exemption will be applicable if it is found that the theatre building was being used exclusively by the assessee for the purpose ..... 1st april, 1989, a proviso was introduced to the said section, which reads as follows : "provided that this section shall not apply to any asset referred to in cls. ..... (vii), they are held as stock-in-trade in such business or registered as taxies and used as such in a business of running motor-cars on hire carried on by ..... the facts of this case, we find that the assessee-company accumulated pure silver out of dust and flakes by further processing and in turn the silver is being sold out in the market. "40(3). ..... hand, the learned counsel for the assessee submitted that the business of the assessee is processing of films and during the process flakes and dust are accumulated, which contain some quantity of silver. ..... here the assessee gets some silver out of the dust and flakes, which may be called as by-product, but the assessee-company is not stocking the said silver ..... therefore, although the main activity of the assessee is processing and production of films, during the two assessment years, the ao found that the amount for which the silver was sold by the ..... in the said process dust and flakes are accumulated, which contain some amount of silver.thereafter by further processing, the assessee-company separates pure silver from the dust and flakes and ultimately the silver is sold .....

Assistant Commissioner of Vs. Anjaria Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)55ITD53(Ahd.)

..... he further submitted that section 40 of the finance act is self-contained and separate code by itself and as per sub-section (1) of section 40, wealth-tax is chargeable on "new wealth" of a closely- ..... erred in referring to section 2(e) and section 5 of the wt act, 1957 as wealth-tax on companies is not chargeable under the wt act but is chargeable under section 40 of the finance act. ..... prejudice to the above, the learned counsel for the assessee submitted that in view of the proviso to sub-section 3 inserted by the finance act, 1988, land or building held as stock-in-trade does not form part of net wealth of a company ..... we agree with the finding of the cwt (appeals) that neither the work-in-progress nor the land is liable to tax under the provisions of section 40 of the finance act, 1988 which is a self-contained and separate code by itself. ..... finance act, 1988 has inserted a new proviso and explanation to sub-section ..... section 40 of the finance act is a charging section ..... section 40 of the finance act, 1983 revived levy of wealth-tax in the case of closely- ..... the learned counsel for the assessee submitted that the proviso inserted by finance act, 1988 should be applied retrospectively as it was inserted "with a view to removing the unintended hardship of the closely- ..... it is an asset as per definition of section 2(e) of wt act, and the section does not exclude it either assessees contention that it is not a usable commodity and before its completion it cannot be called a building, cannot .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... of the agreement governing such loan or borrowing, or (e) any sum payable by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, with effect from 1-2-2002; (f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee, shall be allowed ( ..... the due date.for the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (a) or clause (b) of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commencing on the 1-4-1983, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction ..... the proviso to section 43b is enabling proviso and was introduced with a view to reduce rigours of section 43b and it is not meant for providing for a total disallowance of such payments in the year in which the amount is actually paid or because there is a short delay of few days in making ..... 1996) 218 itr 149 (cal) and ..... cit (1996) 59 ltd 515 (mad-trib) ..... us now consider the various judgments which have been relied upon by the learned departmental representative during the course of hearing.this judgment was delivered on 27-12-1996, i.e. .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation. ..... the hon'ble andhra pradesh high court has held that section 43b which commences with non obstante clause, mandates that the sum referred to in any of the clauses, will be allowed as deduction in computing the income under section 28 of the previous year, in which such sum is actually paid by the assessee, irrespective of the fact that the said deduction is otherwise allowable in the act, and irrespective of the previous year in which the liability to pay such sum ..... the proviso to section 43b is enabling proviso and was introduced with a view to reduce rigours of section 43b and it is not meant for providing for a total disallowance of such payments in the year in which the amount is actually paid or because there is a short delay of few days in making payment of such dues. ..... (1996) 218 itr 149 (cal) and cit v. ..... cit (1996) 56 ttj (mad) 662 : (1996) 59 itd 515 (mad) to support this contention. ..... , 1996, i.e. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... 12 taxman 259 laid down the proposition that if the assessee posts debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... the assessee thereafter filed application under section 154 of the income-tax act and contended that explanation to section 36(1)(vii) applied in this case was introduced by the finance act, 2001 with retrospective effect from 1-4-1989. ..... in that case also the bad debts were not written off in accordance with the explanation below section 36(1)(vii) and the claim of deduction was not allowed by-assessing officer keeping in view the explanation below section 36(1)(vii) inserted by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 37(1)(vii) of the income-tax act. 6. .....