Judgment Search Results Home > Cases Phrase: finance no 2 act 1996 section 1 short title and commencement Sorted by: recent Court: income tax appellate tribunal itat ahmedabad Page 1 of about 44 results (0.151 seconds)

Acit and the Joint Commissioner of Vs. Panchmahal Cement Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the same, it is difficult to see as to how the asscssee's interest cost, which signifies the holding cost, being relatablc to the financing of the underlying activity, and thus, neither a cost toward acquisition or improvement, could be allowed under section 36(1)(iii), as done by the l'd cit(a), so that his order is even otherwise inconsistent with the facts on record. ..... there is no dispute, but i would like to high-light one aspect of this case, which in my opinion has vital bearing on the outcome of the decision on this point and that fact is that this case was first heard by us on 05/10/1996 when the assessee had not challenged or objected to the correctness of lot-wise/balance stock of shares of m/s. ..... before us, it was submitted by the learned dr that the ao has invoked the provisions of section 68 of the act in the absence of the assessee furnishing adequate material before him to come to the inference of the assessee's claim as being validly pressed/supported, as stood claimedly done before the l'd cit(a), who accepted ..... iv-d, while the ao has assessed the same under the head "capital gains" (chapter iv-e) on the transfer of short-term capital assets, after giving a definite finding that subscription to/investment in, and subsequent sale of, shares did not constitute the asscssee's business, which was one of manufacture and sale of cement. ..... as an investment, either on a long-term or short-term basis, the reporting and valuation aspects thereof are covered by the as-13, i.e. .....

Shri Kamrej Vibhag Sahakari Khand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)1113ITD539(Ahd.)

..... that section 194c of the act was brought into existence by the finance act, 1972, and w.e.f. ..... sugar; bills of hospital in the name of assessee society; (v) the difference in the name of the samiti by submitting that though the so-called zone samiti is stated to be constituted by the member farmers and known as khedut zone samiti but in various documents, it is having so many names, such as sabhasad sherdi vyavstha samiti, navi pardi, zone samiti kamrej sugar factory, navi pardi or kamrej sugar factory zone ..... statements relating to sayan factory were recorded under section 131 of the it act during the course of survey proceedings carried under section 133a of the it act, 1961 on 27th april, 2004, these are: (i) shri mansinh lakhabhai rathod, managing director of sayan factory stated that sugarcane cutting and bringing the same to the factory gate is by a committee formed by the farmers before commencement of season by selecting 4 or 5 members ..... for the payment of transportation and cutting charges to the transporters and mukamdams in financial year 2002-03 on which the tds at the rate of 2 per cent was not deducted as required under the it act, for this short deduction the order under section 201 of the it act is passed thereby-you are required ..... in short even after careful consideration of letter of authorized representative of sugar mill received in the office on 24th march, 2004 along with annexure, the direct link of sugar mill is established and the contents of submission .....

Gujarat Credit Corp. Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD133(Ahd.)

..... tribunal, has constituted this special bench to decide these two appeals-one quantum and the other concealment penalty and to resolve, in particular, the dispute between the parties with regard to the reassessment under section 147 of the income tax act, 1961 (for short "the act") by the assessing officer on the following issue of law: whether the proviso to section 147 has the effect of curtailing the limitation period for passing the order under ..... reserve bank of india as a non banking finance corporation which was necessary to carry out the business of loans and advances; that one of the main object of the company was to carry out investment activity and therefore purchases and sale of shares were treated as stock in trade and loss or profit in respect of such dealing in shares was treated as business income and not capital gain under section 45 of the income tax act, 1961; that the explanation to section 73 is not applicable, it being a ..... however, the said period of four years has not expired, the conduct of the assessee regarding disclosure of material facts a need not be the basis for initiating the proceedings and they can be commenced if the a.o. ..... . cit (1996) 59 itr 499, that penalty proceedings were not criminal proceedings and that the onus of proof of non-concealment lay on the assessee; that it was also pointed out by the supreme court in the case of ..... which shares were purchased in january, 1996 but sold in december, 1995 (incorrectly mentioned as 1996 in the letter) .....

Acit Vs. Goldmine Shares and Finance Pvt.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD209(Ahd.)

..... the provisions of section 80ia were then divided in two parts by finance act, 1999 w.e.f. ..... though we agree that the origin of the unabsorbed losses/ depreciation carried forward in the hands of the assessee to the year in which the deduction under section 80-ia of the act is to be allowed, must be traced and if the unabsorbed losses/depreciation relates to the eligible undertaking, such unabsorbed losses/depreciation must be set off against the profits of the eligible undertaking for computing such deduction, but such unabsorbed losses are to be ..... cit held that the carried forward un-absorbed loss of the priority industry was first to be reduced from the total income and before computing the income of the assessee for the purpose of deductions and it was not by reliance on and by forgetting the existence of sub-section (6) to section 80i further it was a case of rectification invoked the assessing aforesaid case, the tribunal confirmed the order of the cit(a) on the ground that the aforesaid issue could not be subject ..... during the assessment year 1966-67, the assessee commenced another activity, viz. ..... 1995-96, relevant to ay 1996-97, the assessee purchased wind mills and started producing electricity.the receipt of electric power generated through these mills is shown as credited in the p & l a/c at rs. .....

Canara Bank Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)116TTJ(Ahd.)689

..... or interior decoration or advertising or such other profession as is notified by the board for the purposes of section 44aa or of this section; (b) "fees for technical services" shall have the same meaning as in explanation 2 to clause (vii) of sub-section (1) of section 9; (ba) "royalty" shall have the same meaning as in explanation 2 to clause (vi) of sub-section (1) of section 9;] (c) where any sum referred to in sub-section (1) is credited to any account, whether called "suspense account" or by any other name, in the ..... cooperative housing society (guj) wherein the hon'ble gujarat high court has stated that if the revenue is permitted to levy interest under the provisions of section 201(1a) even in the case where the deductee has paid the tax then the revenue would derive undue benefit or advantage by getting interest on the amount ..... of tax which has already been paid on the due dates.the cit(a) issued notice under section 133(6) and summons under section 131 to the chief manager, state bank of india, service branch, surat which is managing the micr centre and asked for the procedure followed by the micr centre with respect to the receipts from the member banks ..... act was enacted in the year 1961, as also at the time when explanation 2 to section 9(1)(vii) was introduced by the finance ..... against the common order passed by the commissioner of income-tax (appeals)-i, surat ["the cit(a)" for short] dated 16/04/2007 for assessment year (ay) 2003-2004 to 2006-07. .....

State Bank of Saurashtra Vs. Additional Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... it is not permissible in law to take a liberal view or lenient approach to give retrospective effect to the deletion of second proviso to section 43b so as to apply the same to the assessment year 1994-95, particularly when there is no indication in the finance act, 2003 from the language used and from the object indicated that the legislature intended expressly or by implication that the second proviso to section 43b was deleted to cure an acknowledged evil for the benefit of the community as a whole or to remove any ..... 43,18,86,000 offered to tax under section 41(1) of the act pertaining to assessment year 1996-97 and assessment year 1997-98. ..... the learned authorised representative of the assessee submitted that the assessee has claimed similar loss in the assessment year 1996-97 which is the amount of liability finally determined by hon'ble supreme court in respect of loss suffered in security transactions with punjab national bank (pnb). ..... during pendency of appeal before the commissioner (appeals), the tribunal decided the appeals for assessment year 1996-97 and assessment year 1997-98 and determined allowable loss as per the decision of the apex court. ..... in this case, the loss arising out transactions with nhb as per the judgment and decree of special court pertaining to the assessment year 1996-97, the tribunal has allowed the loss arisen out of transactions with pnb and state bank of patiala which pertains to the security transactions with mr. .....

Maruti Nandan Finance Cap. (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)114TTJ(Ahd.)142

..... cit (2000) 66 ttj (ahd) 11 3 holding as under: a harmonious construction of the relevant provisions of sections 271d, 271e and 273b clearly reveals that the use of the expression 'shall be liable to pay' in sections 271d and 271e and the provisions of section 273b providing that no penalty would be leviable if the person concerned proves that there was reasonable cause for the said failure clearly indicates that these provisions give a discretion to authorities to impose the ..... in my considered opinion, assessee being a finance company, it is in the paramount interest of the assessee that its cheques are duly cleared, otherwise, it will lead to adverse consequence on the ..... assessee is a finance company and has to ensure that its ..... contended that it was neither transaction of loan or deposit and was an internal transaction, therefore, penalty was not imposable ..... show cause notice under section 27id was issued, assessee replied that funds were urgently required for honouring cheques ..... discretion has to be exercised in a just and fair manner having regard to the entire relevant facts and materials existing on record.cit v.idhayam publications ltd ..... learned counsel for the assessee reiterated contentions and further contends that the deposit was received from director ..... are--during the course of assessment proceedings, it was found that assessee had violated provisions of section 269ss of the it act, inasmuch as, deposit of rs. ..... was already issued, however, on the date assessee was short of rs. .....

Kisan Discretionary Family Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)918

..... act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the ao and relatable to such evidence), as reduced by the aggregate of the total income, or as the case may be, as increased by the aggregate of the losses of such previous years, determined: (a) where assessments under section 143 or section 144 or section 147 have been concluded (prior to the date of commencement ..... such argument is also incorrect inasmuch as once a view is taken that the holding period of asset is given in the act determines, as to whether an asset is a short-term or long-term asset and once part of the circular which converts a long-term into short-term asset fails, automatically other part of the circular would fail because then taxability of income on a year to year ..... be issued in exercise of board's powers available under section 119 of the act.35.1 having gone through the decision and the letter in question, we are of the opinion that even if it is taken that the board's letter dt.12th march, 1996 written to idbi was not a circular under section 119 of the act, then also the assessee's case is not effected and it is so because if this letter is ..... finance, government of india, on 19th may, 1951 and 18th july, 1951 dealing with a concessional scheme for the payment of arrears of tax and disclosure of income have not been passed under the provisions of it act or any other law and .....

Jet Electronics Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)116TTJ(Ahd.)225

..... the case of rampyari devi saraogi (supra) the issue in the writ petition filed by the assessee relates to denial of the opportunity of showing cause against the grounds and material on which the cit proceeded for the purpose of taking action under section 33b, in this case it was held that the assessee would have full opportunity of showing to the ito whether the income assessed in the assessment order which were originally ..... the penalty under section 271(l)(c) has nexus with the income assessed as computed and the penalty is based on the assessed income and as such it was decided that in respect of appeal against the penalty under section 271(l)(c), the filing fee would be considered as per clauses (a), (b) and (c) of section 253(6) and not under section 253(6)(d) of the act.it was also pointed out that the hon'ble karnataka high court in the case of rajakamal polymers ..... (supra) the issue relates to whether the cit has the jurisdiction to revise the assessment when a petition under section 273a was pending before the cit on the writ filed by the assessee, the hon'ble bombay high court has held that the cit was competent to revise the assessment and the writ petition filed by the assessee is not an appropriate remedy to the assessee as appeal has been provided ..... inserted by the finance act, 1999 w.e.f. ..... been taken by the registry that the tribunal fee was short by rs. ..... the assessee is directed against the order passed by the commissioner of income-tax-i, ahmedabad ("cit" for short) dt. .....

Amit Estate Organizer Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)1018

..... 1995-96, 1996-97 and 1998-99 as well as for making any addition on the basis of such report in these three assessment years.23.2(ii) here, it can be argued that after the insertion of provisions of section 142a by the finance (2) act, 2004 with retrospective effect from 15th nov. ..... on account of alleged difference in cost of construction; there shall have to be a corresponding deduction of identical amount because the amendment brought about in section 69c by finance (2) act of 1999 being effective from 1st april, 1999 was applicable only for asst. yr. ..... with effect from 1st april, 1998, second proviso to section 143(l)(a) was substituted by the finance act, 1997, which was operative till 1st june, 1999. ..... . the reference made by the ao to the departmental valuer could not be held to be bad in law, in view of the provisions of section 142a, as inserted by the finance (no.2) act, 2004, with retrospective effect from 15th nov ..... , 2004.23.2(iii) the hon'ble supreme court, in the case of amiya bala paul (supra), having invalidated the reference made under section 131(l)(d) of the act for want of jurisdiction of the ao and there being neither amendment in section 131(l)(d) of the act nor there being validation clause in section 142a of the act, the references made under section 131(l)(d) of the act prior to coming of section 142a of the act on the statute and the assessment in such cases having remained pending after 30th sept. ..... the short-cut methods of evaluating cost of construction i.e. .....