Judgment Search Results Home > Cases Phrase: finance no 2 act 1996 section 56 amendment of section 2 Page 1 of about 16,516 results (0.238 seconds)

SaIn Processing and Weaving Mills Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... amendment in section 32(2) by finance (no.2) act, 1996 ..... are of the considered view that the depreciation allowance allowed to the assessee up to and inclusive assessment year 1996-97 which remained unabsorbed and is brought forward to the assessment year 1997-98 and subsequent assessment years up to assessment year 2004-05 can be set-off as per pre-amended section 32(2) and consequently, it can be set-off against taxable business profits or income under any other head for ..... an appeal filed by the assessee against the order of commissioner (appeals) dated 25-4-2005 for the assessment year 1999-2000, in the matter of order passed under section 143(3) of the income tax act, 1961 wherein following grounds of appeal have been raised: that the learned commissioner (appeals) is not justified in confirming the disallowance of set off-of unabsorbed depreciation ..... that amendment in section 32(2), brought in by the finance no ..... amendment, it was made mandatory that for availing the benefit of carried forward of unabsorbed depreciation, the business or profession for which the allowance was originally computed continued to be carried on by the assessee in the previous year relevant for that assessment year as stipulated in the first proviso to section 32(2)(iii) of the act ..... allowance allowed to the assessee up to an inclusive of assessment year u 1996-97 which remained unabsorbed and is brought forward to the assessment year 1999-2000 is to be governed by the substituted section 32(2) of the act. .....

Brook Crompton Greaves Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)105ITD146(Pune.)

..... the question before the hon'ble tribunal was whether in view of amendment in section 32 by finance (no.2) act, 1996, with effect from 01.04.1997, unabsorbed depreciation of earlier years could be allowed to be set-off against income from house property for ay 1997-98. ..... section 45 was more or less reproduction of section 33 of the english finance act, 1927. ..... the hon'ble tribunal took recourse to the budget speech of the finance minister while moving the finance bill and board circular no.762, dated 18.02.1998, the intent of which was that the amendment will have the effect that the cumulative unabsorbed depreciation brought forward as on 01.04.1997 could be set-off against the income under any other head in ay 1997-98 and seven subsequent years, while the depreciation ..... may be the carry forward losses would not affect the determination of the quantum of allowance under section 80hhc of the income-tax act, 1961, but the allowability of the deduction under section 80hhc would only arise if there is a positive income after the effect to the set off of carry forward business losses or unabsorbed depreciation is given to the income of a particular assessment year. ..... the act was extensively amended in the year 1939.section 44f was not there in the draft bill. .....

Commissioner of Income-tax Vs. P.N. Krishnakumar

Court : Kerala

Reported in : [2002]254ITR31(Ker)

..... act, 1996, with effect from april 1, 1989, omitting the words 'not less than 30 days' relating to the notice requiring the assessee to furnish a return, the decision of the commissioner of income-tax (appeals) dated february 17, 1995, has obviously become unsustainable since that appellate authority allowed the appeal only on the ground that the notice issued to the assessee under section 148 of the act ..... the basis of the amendment brought about to section 148 of the income-tax act by the finance (no. ..... learned counsel for the assessee, on the other hand, contended that the assessing authority having issued a fresh notice under section 148 of the act in exercise of power under section 147 of the act and having completed a reassessment by order dated july 31, 1996, the tribunal was justified in dismissing the appeal against the order of the commissioner of income-tax (appeals) dated february 7, 1995, as infructuous ..... the assessee it was contended that a fresh proceeding had been initiated under section 147 of the act and since a reassessment was finally completed by order dated july 31, 1996, the appeal against the order of the commissioner of income-tax (appeals) ..... that an order becomes final only when the appeal filed against it is finally decided, it has to be held that the life of the second order dated july 31, 1996, would depend upon the decision of the income-tax appellate tribunal in the appeal pending before it relating to the reassessment order dated march 30, 1993. .....

Bhagani Nivedita Sah. Bank Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)87ITD569(Pune.)

..... made a clear distinction between primary credit society and a cooperative society engaged in carrying on business of the banking, it was held as under : the position as it stood before the amendment of section 194a by the finance act, 1996 was to the effect that all co-operative societies engaged in carrying on the business of banking were given the exemption. ..... in this regard it is to be submitted that once there were certain amendments or insertions in section 194a after finance act, 1971, the said circular will automatically become redundant and no more operative ..... thus, keeping in view the above facts and to improve tax compliance section 194a, the income-tax act was amended to secure deduction of tax at source from interest on time deposits with the aforesaid banking companies and co-operative societies engaged in carrying on the business of ..... the assessees other than individuals and huf on the interest paid other than interest on securities and as per existing provisions, sub-section (1), of the act has made it mandatory to deduct tax on the payment of interest other than the interest on securities except if payment is to be made by an individual or a huf.however, in subsequent sub-section, clauses and sub-clauses exemptions have been provided wherein an assessee was not required to deduct the tax as per the provisions ..... act amends section 194a of the income-tax act relating to deduction of income-tax at source from interest other than interest on securities in the case of .....

Commissioner of Income Tax Vs. Uttam Chand Nahar

Court : Rajasthan

Reported in : (2006)204CTR(Raj)498

..... question may have some substance, but for the amendment in section 148 with retrospective effect from 1st april, 1989 vide finance act, 1996.29. ..... we need not dilate into the controversy in view of the retrospective amendment by which the words 'not being less than 30 days' have been omitted from section 148 w. e. f. ..... our opinion, the tribunal was justified in coming to the conclusion by referring to the provisions of cpc r/w section 282 of the it act, that notice was properly served. ..... gain is not taxable as has been shown in the computation of income, even without considering the deduction of sections 54 and 48 of the act being long-term capital gain. ..... gain is not taxable as has been shown in the computation of income, even without considering the deduction of sections 54 and 48 of the act being long-term capital gain. ..... the ao issued a notice undersection 148 r/w section 147 of the it act, 1961 in relation to the asst. yr. ..... so because there was some controversy about the scope and ambit of expression 'issue' used under section 149 of the act of 1961 in juxtaposition with section 148. ..... section 149 of the 1961 act, which provides the period of limitation, categorically prescribes that no notice under section 148 shall be issued after the period prescribed ..... circumstances of the case, the tribunal was justified in holding the proceedings to be invalid on the ground that the period of less than 30 days was given to furnish the return of income despite the provisions of section 292b of the act ? .....

Vip Industries Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2001)(74)ECC699

..... the question is whether, after amendment of section 4 of the act by the finance act, 1996, whereby there was provision made for a depot to be considered a place of removal within the meaning of section 4(1) of the act, and also for accepting separate prices prevailing at each place of removal, the freight incurred by the applicant for transporting the goods from the factory gate to the depot should form part of the assessable ..... we are prima facie unable to see how, by the amendment carried out to section 4, the position with regard to inclusion of freight has undergone any change. ..... it appears to us prima facie that the effect of the amendment is to include, as a place of removal, the depot in addition to the factory gate. .....

Ashutosh Dawar Trust Vs. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)82ITD593(Delhi)

..... of the hon'ble delhi high court in the case of parivar seva sanstha (supra) relied upon by the learned counsel for the appellant pertains to the grant of continuation of approval under section 80g(5)(vi) of the it act, 1961 and on the facts of the case, their lordships took the view that the order of the cit could not be sustained since the view expressed therein did not have any factual basis ..... 2) act, 1996 as follows : "under the existing provisions of the it act, exemption from income-tax in respect of the income of a charitable or religious trust or institution is available only if the conditions specified in that section are ..... the authority may have before it only the objects which are to be carried out arid not actually being undertaken and, therefore, we would observe that grant of registration does not ensure the benefits of sections 11 and 12 since that would be the subsequent stage when activities are undertaken with reference to the document by which the trust or institution is created/set up.24. ..... their lordships remanded the matter back to the cit directing him to reconsider the application of the trust for registration under section 12a taking into account all those documents, which afforded a logical basis for inferring the creation of a trust.this decision would not be applicable, in our opinion as in the present case there is not ..... explained the scope and effect of the newly inserted section 12aa as also the amendment of section 12a by the finance (no. ..... the finance (no .....

Tamil Nadu Cricket Association Vs. Director of Income Tax

Court : Chennai

..... 12aa(3):- where a trust or an institution has been granted registration under clause (b) of sub-section (1) or has obtained registration at any time under section 12a as it stood before its amendment by the finance (no.2) act, 1996 (33 of 1996) and subsequently the commissioner is satisfied that the activities of such trust or institution are not genuine or are not being carried out in accordance with the objects of the trust or institution, as the case may be, he shall ..... . commissioner of income tax (central), pune & anr), the bombay high court held as follows: ".as a result of the amendment, which has been brought about by the finance act of 2010, subsection (3) of section 12aa has been amended specifically to empower the commissioner to cancel a registration obtained under section 12a as it stood prior to its amendment by the finance (no.2) act, 1996 ..... pass an order in writing cancelling the registration of such trust or institution: provided that no order under this sub-section shall be passed unless such .....

Madras Bar Association Vs. Union of India and anr.

Court : Supreme Court of India

..... the finance (no.2) act, 1996 amended section 129(3) of the customs act, whereby it enabled the central government to appoint a person to be the president of the appellate tribunal ..... . (viii) the finance (no.32) act, 2003 substituted section 35g of the excise act and in place of the remedy of reference, the amended provision provided for a direct appeal to the jurisdictional high court (after the cut-off date, ..... passed by the collector of central excise as an adjudicating authority, (b) against an order passed by the collector (appeals) under section 35a of the excise act (as substituted by the finance (no.2) act, 1980), (c) against an order passed by the board or the appellate collector of central excise under section 35 (as it stood before 21.8.1980), and (d) against an order passed by the board or the collector of central excise under section 35a (as it stood before 21.8.1980). (iv) the appellate tribunal was to be comprised of such number of judicial/technical members ..... by the finance (no.2) act, 1980, sections 128 to 131 of the original act were substituted. ..... (vii) section 260a was inserted in the income tax act by the finance (no.2) act, 1998, with effect from 1.10. ..... viii) the finance (no.32) act, 2003 introduced a new section 130. ..... (iii) the remedy before the appellate tribunal (provided under section 5a of the 1922 act, by section 85 of the indian income tax (amendment) act, 1939), was required to be exercised by a bench comprising of one judicial member and one accountant .....

P.G. Electronics Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)98TTJ(Delhi)896

..... 2) act, 1996, amends clause (10d) of section 10 to exclude any sum received under a keyman insurance policy including the sum allocated by way of bonus on such policy for this purpose. ..... to exempt any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy other than sums received under a keyman insurance policy.the explanation inserted below the sub-section defined a "keyman insurance policy" to mean a life insurance policy taken by a person on the life of another person who is or was the employee of the first-mentioned person or is or was connected in any manner whatsoever with the ..... however, clause (iv) to sub-section (2) to section 56, also inserted by the same amending act, provided that if the sum received under the keyman policy is not taxed under the head "salaries" or "profits and gains of business or profession", then it will be taxed under the head "income from other sources".5 ..... clause (ii) of sub-section (3) of section 17 was amended to include any sum received under the keyman insurance policy, including the sum allocated by way of bonus on such policy, as "profits in lieu of salary" of the employee, taxable under the head "salaries" ..... therefore, the order of the cit cannot be sustained as it runs counter to the amendments made to the act as clarified by the circular issued by the cbdt. ..... various amendments were made to the it act, 1961, simultaneously by the finance (no. ..... 14.4 the finance (no. ..... the finance (no. ..... the finance (no. .....