Judgment Search Results Home > Cases Phrase: finance no 2 act 1996 section 56 amendment of section 2 Page 2 of about 16,516 results (0.232 seconds)

The Director of Income-tax Exemptions and Another Vs. Al-Ameen Charita ...

Court : Karnataka

..... acquisition of which has been claimed as an application of income under this section in any previous year, and (ii) where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12aa or has obtained registration at any time under section 12a [as it stood before is amendment by the finance (no.2) act, 1996] and the said registration is in force for any previous year, then, nothing contained in section 10 [other than clause(1) and clause (23c) thereof] shall operate ..... on section 11(6) of the act inserted by the finance act no.2, act 14 with effect from 01.04.2015 to contend that the said amendment applies ..... section 11[6] inserted with effect from 1.4.2015 by finance act no.2/2014, reads as under: (6) in this section where any income is required to be applied or accumulated or set apart for application, then, for such purposes the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in the ..... substantial question of law that arises for our consideration is as under: whether the tribunal is correct in holding that depreciation is allowable under section 11 of the act, and there is no double claim of capital expenditure as held by the assessing officer and the principles enunciated by the apex court in ..... the bill seeks to amend section 11 of the income-tax act relating income from property .....

The Director of Income Tax Exemptions Vs. Al-Ameen Charitable Fund Tru ...

Court : Karnataka

..... apart for application, then, for such purposes be determined without, any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in any previous year, and income the shall 24 (ii) where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12aa or has obtained registration at any time under section 12a [as it stood before is amendment by the finance (no.2) act, 1996] ..... on section 11(6) of the act inserted by the finance act no.2, act 14 with effect from 01.04.2015 to contend that the said amendment applies ..... effect from 1.4.2015 by finance act no.2/2014, reads as under: or set (6) apart in this section where any income is required to be applied or accumulated for application, then, for such purposes the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in the same or ..... common substantial question of law that arises for our consideration is as under: whether the tribunal is correct in holding that depreciation is allowable under section 11 of the act, and there is no double claim of capital expenditure as held by the assessing officer and the principles enunciated by the apex court in ..... the bill seeks to amend section 11 of the income-tax act relating income from .....

M/S. Ananda Social and Educational Trust Vs. The Commissioner of Incom ...

Court : Supreme Court of India

..... [(4) without prejudice to the provisions of sub- section (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)]. ..... (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)]. ..... this appeal has been preferred by the appellant - director of income tax against the impugned judgment and order passed by the delhi high court holding that a newly registered trust is entitled for registration under section 12aa of the income tax act, 1961 (for short, the act ) on the basis of its objects, without any activity having been undertaken. ..... in this case, the trust which applied for registration under section 12aa of the income tax act, 1961, was found not to have spent any part of its income on charitable ..... contrast, the position would be different where the commissioner proposes to cancel the registration of a trust under sub-section (3) of section 12aa of the act. ..... said section requires the commissioner to be so satisfied in order to ensure that the object of the trust and its activities are charitable since the consequence of such registration is that the trust is entitled to claim benefits under sections 11 and 12 of the act. .....

Commissioner of Income-tax, Karnataka (Central) Vs. Islamic Academy of ...

Court : Karnataka

..... in order to avoid such unnecessary litigations, the parliament introduced sub-section (3) to section 12aa by finance (no.2) act of 2004 with effect from 1.10.2004 which reads as under: "section 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 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 trust ..... " as is clear from the circular no.5 of 2005 dated 15.7.2005 issued by the central board of direct taxes, the aforesaid section was amended so as to specifically provide that if the commissioner of income tax is satisfied that the activities of any trust or institution are not genuine or are not being carried out in accordance with the objects of the trust or institution, he shall, .....

income Tax Appeal No.70 of 2013 Vs. Ved Niketan Dham, Public Charitabl ...

Court : Punjab and Haryana

..... 12aa xx xx xx (1) xx xx xx (2) xx xx xx (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 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 ..... substantial questions of law:- i) whether on the facts and law, the hon'ble income tax appellate tribunal was justified in holding that the satisfaction of condition of section 11 to 13 of the act is not to be gone into by the commissioner of income-tax while granting registration u/s 12aa of the act, whereas such examination would allow commissioner of income tax to satisfy himself about the genuineness of the aims and objects of the trust/society and genuineness of its .....

income Tax Officer Vs. Selchem Engineers (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)90ITD732(Delhi)

..... 2) act 1996 were specifically explained and clarified by the finance minister in his budget speech and it was assured by him in very clear terms that the depreciation allowed to the assessee upto the assessment year 1996-97 and remained unabsorbed will continue to set off as per the pre-amended provisions of section 32(2) and it is only the depreciation allowable to the assessee for ay 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2).5. ..... 2) act 1996 as well as subsequent to such amendment:- provisions of section 32(2) prior to amendment made by finance (no. ..... " provisions of section 32(2) as amended by finance (no. ..... after considering the rival submissions and perusing the relevant material on record, it is observed that the impugned claim of the assessee was disallowed by the ao relying mainly on the provisions of section 32(2) as amended by the finance (no. ..... before us, the learned dr has mainly relied on the order of the ao and submitted that he was fully justified in disallowing the impugned claim of the assessee as per the provisions of section 32(2) as amended by finance (no. ..... for earlier years against the income from house property for the year under consideration (hereinafter referred to as 'the impugned claim of the assessee') was disallowed by the assessing officer keeping in view the provisions of section 32(2) as amended by finance (no. .....

Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated in the assessment year 1998-99.6. ..... it is further seen that provision of section 32(2) as amended by finance (no. ..... provision of section 32(2) as amended by the finance (no. ..... on and from 1.4.1997, we are of the considered view that the depreciation allowance allowed to the assessee upto and inclusive assessment year 1996-97 which remained unabsorbed and is brought forward to the assessment year 1997-98 and subsequent assessment years upto 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 assessment year 1997 ..... the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. .....

ito Vs. Selchem Engineers (P) Ltd.

Court : Delhi

Reported in : (2004)84TTJ(Del)101

..... 2) act, 1996, were specifically explained and clarified by the finance minister in his budget speech and it was assured by him in very clear terms that the depreciation allowed to the assessed up to the assessment year 1996-97 and remained unabsorbed will continue to be set off as per the pre-amended provisions of section 32(2) and it is only the depreciation allowable to the assessed for assessment year 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2).5. ..... 2) act, 1996, as well as subsequent to such amendment :provisions of section 32(2) prior to amendment made by finance (no. ..... after considering the rival submissions and perusing the relevant material on record, it is observed that the impugned claim of the assessed was disallowed by the assessing officer relying mainly on the provisions of section 32(2) as amended by the finance (no. ..... before us, the learned departmental representative has mainly relied on the order of the assessing officer and submitted that he was fully justified in disallowing the impugned claim of the assessed as per the provisions of section 32(2) as amended by finance (no. ..... for earlier years against the income from house property for the year under consideration (hereinafter referred to as 'the impugned claim of the assessed') was disallowed by the assessing officer keeping in view the provisions of section 32(2) as amended by finance (no. .....

Birla at and T Communication Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... fact that realising the difficulties which the assessees were facing where the payment of the fees has been made prior to the setting up of the telecom business, s.35abb was amended by the finance act, 1999, with retrospective effect from 1st april, 1996, to provide that irrespective of the fact that the payment of the licence-fees had been effected prior to the commencement of the business, the assessee can claim deduction ..... . the section was amended by the finance act, 1999, with retrospective effect from 1st april, 1996, and after the amendment, the relevant portion of the section stood as ..... it was further pointed out that the finance act, 1997 made the provisions of the section retrospective from 1st april, 1996 and ensured that even those instalments of licence-fees which were paid prior to 1st april, 1996 would be eligible for deduction for the balance period of the licence and therefore, the provision must be so construed as to avoid hardship which may be caused to genuine cases like that ..... . attention was also drawn to the notes on clauses of the finance bill, 1999 [(1999) 236 itr (st) 30, 170] wherein the reason for the amendment was given as under : rationalisation of the provisions relating to allowance for ..... the argument that the proposed amendment to these provisions in the finance bill of 1999 would suggest that the issue was unclear and hence debatable at the relevant point of time does not appear correct, as the law had to be applied as it stood at the relevant .....

income-tax Officer Vs. Keshwa Enterprises (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)100ITD365(Chd.)

..... (iii) the provisions of section 32(2) as amended by finance (no. ..... (v) there is nothing to show in the amendment made by the finance act, 2001 which are applicable for the assessment year 2002-03 that those provisions are not to apply in respect of depreciation relating to the assessment years 1997-98 to 2001-02. ..... (iv) in fact the intent and purpose of the amendment made in 1996 has been clarified by the finance minister on the floor of the parliament as under: clause 11 of the bill seeks to amend section 32 of the income-tax act, 1961 relating to depreciation. ..... law was amended with effect from assessment year 1997-98 in the intervening period, there was wide spread apprehension about the treatment of unabsorbed depreciation as on 1-4-1997 and limitation period of 8 years and to allay the fear, the then finance minister made a speech in the parliament which were although already mentioned in the assessee submissions is repeated here at the cost of the repetition: clause 11 of the bill seeks to amend section 32 of the income-tax act, 1961 relating ..... assessing officer also noted that the law, which was, substituted with effect from 1997-98 was again substituted by finance act 2001 with effect from assessment year 2002-03 and reinstated the original provisions which were available on the statutory book up to 1996-97. .....