Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Court: income tax appellate tribunal itat hyderabad Page 1 of about 42 results (0.147 seconds)

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(Hyd.)

..... the assessee.7.6 in the light of the foregoing discussion, we find that the commissioner has no power to cancel the registration, prior to insertion of sub-section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as such the impugned order ..... section 12aa inserted by the finance act, 2004 with effect from 1.10.2004 are merely procedural and come to the rescue of the department in validating the impugned order dated 26.7.2004 by retrospective operation of the amendment; (b)secondly, even prior to insertion of sub-section (3) of section 12aa, whether the power to cancel the registration always existed, though it was specifically so provided by amendment with effect from 1.10.2004 only; 7.3.a interpretation of statutes ..... . cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, apex court held that every statute is prima facie ..... section 12aa only by insertion of sub-section (3) thereunder with effect from 1.10.2004, and prior to that date orders under section 12aa could be either granting or refusing to grant registration, and it is only against the latter type of orders passed under section 12aa, a first appeal before the tribunal was provided by the statute by the finance act, 1999 with effect from 1.6.1999 .....

Gold Stone Exports Ltd. Vs. Asstt. Commissioner of It (inv)

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)104ITD15(Hyd.)

..... unavoidable reason, he is unable to sign.5.6 from a perusal of the board's resolution, extract of which is furnished at page-3 of the assessee's paper-book, the cit(a) has clearly noted that the said senior vice president(finance) is only authorised to appear and act on behalf of and represent the company in all the matters before the central government, state government and similar authorities, including public bodies, public officers, local self-government bodies, and all ..... on appeal before the cit(a), and after the dates of hearing on 26.5.2004 and 3.6.2004, by his order dated 8.9.2004 the appeal of the assesses was rejected as not maintainable, and thus, the grounds of appeal raised were opined as not required to be discussed by the cit(a). ..... a stay petition was also filed by the assessee on 25.12.2004, but with many defects therein. ..... the assessee filed a letter on 3.6.2004 before the cit(a) contending that the assessee company's board had only two directors and that both the directors were not in the country for the past three months. ..... in it as compared to the stand of the assessee even though the latter could not be in some aspects ruled out altogether, for the reasons following- 5.2 the assessment year involved is 1998-99, and the date of assessment order is 9.3.2004, passed under section 143(3) read with section 147 of the act. ..... this is an appeal of the assessee challenging the order dated 8.9.2004 of the cit(a)-i, hyderabad, as erroneous.2. .....

Venkateswara Hatcheries Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)98TTJ(Hyd.)716

..... assessment for number of years together as one block were introduced for the first time vide finance act, 1995, w.e.f. ..... 883, where it was held that though there was no machinery provided for rectification of the order under the agricultural income-tax after the appellate or revisionary authority passed an order under the it act, the ao should modify his order and that there was no time-limit for passing rectification order under section 154. ..... this is not a provision under which an authority under the it act could pass an assessment order or a reassessment order de hors section 154 or section 143(3) or ..... significant to notice that section 153 which provides for limitation for completion of certain proceedings does not lay down generally the mode of computing period of limitation wherever it may have been provided under the act of 1961 but the substantive provisions as well as expln. ..... canvassed by the learned departmental representative is, whenever a legally correct act has to be done, the law of limitation has no ..... cit (2004) 84 ttj (ahd)(sb) 725 : (2004) 91 itd 101 (ahd)(sb), dealt with the ..... section 153 of the act relates to time-limit for completion of assessment and ..... the ao under section 154 of the it act, 1961. ..... assessment, reassessment or recomputation, which is made on an assessee to give effect to, inter alia, a finding or direction contained in an order under section 262 or in an order of any court otherwise than in a proceeding by way of appeal or reference under the act. .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... it reads, with no additions and no subtractions, on the ground of legislative intendment or otherwise.12.67 applying the above ratio decidendi to the case on hand, we have to hold that as neither section 2(1) nor section 2(8) of the finance acts brings to tax, by way of a distinct and separate charge, the undisclosed income of a block period computed as per chapter xivb and as levy of surcharge in block assessments cannot be brought within the ambit of these charging ..... sought to be put forward by the revenue that the date of search is the triggering event for the applicability of chapter xivb and that it was clarified in the proviso to section 113 introduced by the finance act, 2002, that the rate of surcharge applicable for the date of search should be the rate that should be applied.12.76 it may not be out of context to mention, at this juncture that ..... seeks to press into service the proviso of section 113 brought on to the statute book with effect from 1.6.2002, so as to levy surcharge enabled by the insertion of proviso below section 113 by the finance act, 2002, expressly with effect from 1.6.2002 on tax levied in block assessments, wherein search has commenced prior to 1.6.2002.12.33 on the issue whether the legislature in question is retroactive or declaratory in nature, ..... 19/kol/03 dated 18.10.2004.the calcutta bench has correctly appreciated the decision of the hon'ble supreme court in the case of madurai district central co-operative bank (supra) and ..... dated 19.10.2004, madras .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted with effect from 1-4-1985. ..... he concluded saying that the subsequent amendments made to the section further liberalised the grant of deductions to approved financial corporations and he drew our attention in particular to the latest amendment to section 36(1)(viii) by the finance act, 1985, wherein it has been clarified that the deduction is to be made without making any deduction under the said clause. ..... dated 12-11-1973 was withdrawn in its instruction dated 13-8-1979 which is as follows : xxv/i/50 - special reserve account under section 36(1)(viii) of the income-tax act, 1961 in the case of financial corporations - clarification regarding under section 36(1)(viii') of the income-tax act, 1961, financial corporations engaged in providing long-term finance for industrial or agricultural development in india are entitled to a deduction, in the computation of their taxable profits, of the amounts transferred by them out of such profits ..... , 'computed before making any deduction under chapter vi-a' inserted by the finance (no.2) act, 1967, with effect from 1-4-1968 were not engrafted in the sub-clause under said section. ..... the latest amendment introduced by the finance act, 1985, has made it clear that the deduction should be computed before making any such deduction under the section. .....

Wealth-Tax Officer Vs. Trustees Of Heh the Nizam'S

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1990)35ITD402(Hyd.)

..... mauzzam jan's fund, basalath jah bahadur's fund and shahzadi begum's fund wherein assessments were made by applying the provisions of section 21(4) of the act (iii) applicability of the provisions of section 21 (1a) of the act in respect of the other funds wherein assessments were made under section 21(1) of the act in respect of the ultimate beneficial interest as the entire corpus of the trust fund was distributed amongst the beneficiaries as per their entitlements from the ..... payable cannot be deducted from the gross estate while computing net estate as it is neither a debt nor encumbrance under section 44 of the estate duty act, nor can it be said that the market value of the property gets reduced by the estate duty payable under section 36 of the estate duty act.in the case of estate of late omprakash bajaj (supra) it was held that estate duty payable on an estate, is not a "debt or encumbrance ..... case, 36 valuable items of the jewellery are in the custody of the finance secretary as per the orders of the hon'ble supreme court. ..... of this trust, these items of jewellery are under the lock and key of union finance secretary right from the year 1979 till date. ..... certain most valuable items of jewellery is still with the finance secretary, union of india. ..... trust's case (supra), the finance (no. ..... finance ..... the provisions as they exist prior to the amendment made by the finance (no. ..... to ensuring that the provision is not misused, the finance (no. ..... finance ..... put a tag on this loophole the finance (no. .....

Vbc Ferro Alloys Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... carrying on the business of developing, maintaining and operating infrastructure facility ; (c) "infrastructure facility" shall have the meaning assigned to it in clause (ca) of sub-section (12) of section 80-ia ; ii section 10(23g) was again amended by finance act, 1997, as follows: (i) the words, brackets, figures and letters, "which fulfils the conditions specified in sub-section (4a) of section 80-ia" shall be omitted ; (ii) in the explanation, for clause (c), the following clause shall be substituted, namely: (i) a road, ..... of the commissioner of income-tax (appeals) - iv, hyderabad, dated 06.10.2004 is erroneous, contrary to law and facts of the case. ..... the assessing officer, vide his order dated 5-3-2004, disallowed the following amounts:(i) disallowance of cc bills payable to apseb due to tariff change and interest and supplementary bill raised by ntpc 20,00,35,094-00(ii) disallowance of claim towards additional charges and interest to apseb 53,09,240-00(iii) ..... 1132/hyd/2004 is an appeal filed by the assessee against the order of the cit (appeals) iv, hyderabad, dated 6-10-2004, for ..... 1226/hyd/2004 are cross appeals arising out of the order of the cit (appeals) iv, hyderabad, dated 7-10-2004, for asst ..... by the assessee is directed against the order of the cit (a) iv, hyderabad, dated 6-10-2004, on the following grounds: 1. ..... 1226/hyd/2004 on the ground that the cit (a) erred in directing the ao to allow deduction claimed by the assessee towards additional charges and interest on .....

income-tax Officer Vs. Quality Wines

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)31ITD163(Hyd.)

..... sections (3a) to (3d) were introduced into section 37 by finance act, 1983, with effect from 1-4-1984 and they stood omitted by the finance act 1.985 with effect from 1-4-1986. ..... were inserted by section 8 of the finance act, 1978 with effect from 1-4-1979 and they were omitted by section 10 of the finance act, 1980 with effect form 1-4-1981. ..... we are concerned with section 37(3a) introduced by the finance act, 1983.these two provisions are entirely different and has nothing ..... was introduced by the finance act, 1983, with effect ..... section (3a) of section 37 as introduced by the finance act, 1983 w.e.f. ..... considered by the madras bench was entirely different from the provisions now applicable, the madras bench was considering section 37(3a) as it stood before its omission by the finance act, 1980. ..... it was further pointed out that the assessee was acting as the agent of shaw wallace company, and shaw wallace liquors announced a scheme under which on the purchase of every six cases of haywards fine brandy, haywards fine whisky, ..... (i) to clause (iii) of sub-section (3b) shall be the aggregate amount of expenditure incurred by the assessee as reduced by so much of such expenditure as is not allowed under any other provision of this act.it will be seen from this that the expression makes clear that the provisions of sub-sections (3a) and (3b) would be applied only after ascertaining what is the expenditure which are to be disallowed under any other provisions of the act including section 37(3). .....

Smt. Pushpalata Kanodia Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD500(Hyd.)

..... of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him;" one more exception has been provided in the finance act, 1993, which reads as under:- "or any land held by the assessee as stock-in-trade for period of three years from the date of its acquisition by him" period of holding was subsequently increased from ..... section 2(ea) of the wealth-tax act was inserted by the finance act, 1992, with effect from 1-4-1993 ..... , 20 itd 199 (hyd), the issue was whether a godown could be regarded as a house for the purpose of granting exemption under the wealth-tax act and it was held that godown would come within the description of 'house"', the bench extracted the observation of the hon'ble supreme court in the case ..... while introducing finance bill for the year 1992-93, the hon'ble finance minister in his speech had addressed on the need-to change the definition of 'asset' under the wealth-tax act, 1957, and in paragraph 67 of his ..... 2) act, 1998, with effect from 1-4-1999, two more exceptions were provided by numbering them as (4) and (5) which are as follows: "(4) any residential property that has been let-out for a minimum period of three hundred days in the previous year; (4) any property in the nature of commercial establishments or complexes;" in the budget speech of the hon'ble finance minister - 1996-97, it was stated as follows :- "i find it unreasonable that commercial properties, not .....

A.P.S.E.B. Vs. Joint Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... income-tax on inter-corporate dividends received by a company other than a foreign company from any domestic company is limited to 25 per cent thereof and the ultimate sentence says that the finance act, 1966, had not made any change in the effective rates of tax in respect of inter-corporate dividends. ..... reliance is placed on the full bench decision of the bombay high court in 185 itr 6; wherein it was held that the circulars issued by the cbdt in the context of explaining the provisions in finance act cannot be considered as a circular within the purview of section 119(1) or (2) of the act, as there was no order or direction or instruction issued in the said circular. .5. ..... it refers to the earlier circular explaining the finance act, 1965, paragraph 19 whereof we have already ..... that case was that no part of that circular has a categorical order, instruction or direction and that that circular refers to finance act, 1965 and not finance act, 1966. ..... the said decision is as under- "this brings us to paragraph 32 of the circular explaining the provisions of the finance act, 1966. ..... case of revenue that this circular is not for this particular finance act. ..... assessee is not profit, but development of electricity, and the assessee cannot declare any dividend, as there is no provision for the same in the electricity (supply) act, and as such the assessee does not fall in the category of assessees to which minimum alternate tax is applicable, as deeming provisions cannot be extended to it. .4 .....