Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD60(Hyd.)
..... the finance act, 1969-changes made in section 80c by the finance act, 1969, have been elaborated in the following portion of the ..... the finance act, 1969, had amended the provisions of section 80c of the income-tax act with a view to enlarging the area of tax relief on savings through life insurance policies and to provide tax relief in the case of authors, playwrights, ..... cit [1967] 63 itr 627 the supreme court held that under section 15(1) of the 1922 act an assessee was entitled to claim rebate on the premia paid on a children's endowment assurance policy during the child's minority (also see ..... in this connection attention may be drawn to section 64(1)(iii) of the act, in which the word "minor" has been put before the word "child" whereas no such qualification is mentioned in regard to the child referred to ..... paid by the assessee, an individual, to keep in force an insurance policy on the lives of her children even after they attained majority should be allowed under the provisions of section 80c(2)(a) of the income-tax act, 1961 ("the act"), for the assessment year 1977-78.2. ..... 80c(2) an assessee is entitled to claim rebate on the premia paid on a children's endowment assurance policy during the child's minority, which was the position prevailing under the corresponding section 15(1) of the indian income-tax act, 1922. ..... noted that section 80c(2), explanation (ii), makes express statutory provision in this regard, which was not there in the corresponding section 15(1) of the 1922 act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... the opinion of the valuation officer, on a reference made to him under section 16a, the jewellery would fetch if sold in the open market on the valuation date.the same rule, after its substitution by the finance act, 1990, with effect from 1-4-1990, reads as under:- 18(1) the value of the jewellery shall be estimated to be the price which it would fetch if sold in the open market on the valuation date ..... as the valuation of the asset in question is concerned, proceed to complete the assessment in conformity with the estimate of the valuation officer.21.2 rule 18 of schedule-iii to the wealth-tax act, before its substitution by the finance act, 1990, with effect from 1-4-1990 read as under:- (a) where the value declared by the assessee in the return of net wealth does not exceed rs ..... that it was the confirmed position of the department of culture that the entire jewellery in question was acquired as works of art or art collection, within the meaning of section 5(1)(xii) of the wealth-tax act.30.6 next, reliance is placed on the order of the assistant commissioner of income-tax in income-tax proceedings for the assessment year 1995-96, wherein the value of the 23 items declared as antiquities and 7 ..... . consistent with the amended provisions of rule 18 of schedule-iii, by the finance act, 1990 with effect from 1-4-1990, rule 19 was also amended, whereby the words 'sub-rule (3) of rule 18' were ..... malhotra, the then finance secretary, was asked to act as the officer of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD719(Hyd.)
..... 176 itr (st.) 123] inter alia, it contained the following: the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc ..... amendments were intended to make the provisions workable.under the proviso introduced by finance act, 1987, the parliament created an opportunity for the assessee to pay the sales tax on or before the due date applicable in each case for furnishing the return of income in order to entitle him to claim deduction of that amount.the memorandum explaining the provisions in the finance bill, 1989 clarified the object of insertion of the first proviso [see ..... . the first proviso to section 43b of the act inserted by the finance act, 1987 was enacted in order to suppress the miscief and for the purpose of giving relief to an assessee who is not ..... was held that the proviso to section 43b introduced by finance act, 1987 is clarificatory in nature and therefore retrospective in ..... the amendment made in section 43b by section 10 of the finance act, 1987, with effect from april, 1, 1988, is not clarificatory in nature and cannot be given retrospective effect from april 1, 1984.the said decision is followed by a later division bench of the delhi high court in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)40ITD1(Hyd.)
..... reads as follows : explanation 2: in this section, "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.18 ..... 'maximum marginal rate', for this purpose, means the rate of income-tax (including surcharge) applicable in relation to the highest slab of income in the case of an individual or an association of persons as specified in the finance act of the relevant year. ..... "maximum marginal rate", for this purpose, means the rate of income-tax (including surcharge) applicable in relation to the highest slab of income in the case of an individual or an association of persons as specified in the finance act of the relevant year. ..... the charge is in respect of the total income of the previous year on every person at a rate or rates prescribed by the finance act and the charge is subject to the provisions of the income-tax act. ..... since the existing provisions were misused by some taxpayers for tax avoidance and a large number of association of persons were formed without specifying the shares of members, the provisions were amended by the finance act, 1985 w.e.f ..... intention of the legislature is obvious and the profile of law shaped by the legislature to cure the defect is contained in sub-section (1a) of section 161 which was inserted by the finance act, 1984.25. ..... (1a) was inserted by the finance act, 1984 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)99ITD53(Hyd.)
..... clarifying the statement, the learned counsel submitted that section 253(6) was amended by the finance act, 1998 with effect from 1.10.1998, to enhance the appeal fee payable to the tribunal at the time of filing of appeal, by an assessee, and the legislature used the following express language- (6) an appeal to the appellate tribunal shall be ..... the learned counsel submitted that the order passed on 27.2.2004 and the terms of stay granted therein are still operational and valid and that order is not circumscribed by the time frame provided in the second proviso to section 254(2a) of the act, in view of the fact that the assessment proceedings in the instant case have commenced on 25-4-01, whereas second proviso was introduced with effect from 1.6.2001, and is applicable to those appeals in which ..... it is too late in the day to reconsider the matter to pronounce that the stay granted by the order dated 27.2.2004 survives only for a period of 180 days or beyond the said date. ..... /hyd/04, this bench has observed in its order dated 20.12.2004 that the stay granted vide its order dated 27.2.2004 stood vacated due to operation of law. ..... assumption by the tribunal that the order passed on 27.2.2004 gets vacated after a period of 180-days, gives rise to a mistake apparent from ..... /05, in the case of this very assessee, wherein the bench categorically observed that the stay granted by its order dated 27.2.2004 got vacated due to operation of law under second proviso to section 254(2a) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR210(Hyd.)
..... no question has been raised by the assessee before the tribunal challenging the validity of the taxation laws (part b states) (removal of difficulties) order, 1950, issued under section 12 of the indian finance act, 1950, he cannot be permitted to raise it in this reference, nor can the income-tax department be allowed to raise any new question or ask for a reference thereon.the only question that ..... income or in regard to the whole or any part of the income of any person or class of persons while that under section 12 of the finance act is vested merely to surmount obstacles or difficulties which may arise in the application of the indian income-tax act to part b states or merged states, though even this power which is merely an enabling one does not prima facie appear (though we do not wish ..... central government, in exercise of the power vested in it under section 12 of the finance act, issued the taxation laws (part b states) (removal of difficulties) order, 1950, purported to remove the above difficulties by clause 2 of the said order which is as follows : "in making any assessment under the indian income-tax act, 1922, all depreciation actually allowed under any laws or rules of a part b state ..... now for the year 1951-52 assessable under the indian income-tax act, 1922, which was made application under section 13 of indian finance act, 1950, read with paragraph 5 of the part b states (taxation concessions) order 1950, the written down value is sought to be computed by the income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)86ITD115(Hyd.)
..... carried away by the conclusions drawn by the assessing officer which appear to have been heavily based upon the consideration that the allowance for depreciation under income tax act is much more than the same under the companies act without adverting to such important aspects like the total depreciation claimed over the period of the life of the asset would be same under both methods, the ..... officer held : (a) that the method of accounting cannot affect the charging section itself; (b) that the rates of depreciation under income tax act are higher compared to the rates of depreciation allowed under companies act; and (c) that if the rate of depreciation under the income tax act is adopted for the purpose of accounting gross rentals would increase substantially.he argued that the assessing officer with a view to demonstrate that ..... the income tax officer's view that there could be a better system of accounting is no reason to the application of the provisions of section 145 of the income tax act, especially in view of the fact that this system of accounting is followed by the assessee uniformly and regularly for the past several years, and was accepted by ..... of the icai may be relevant for the appellant to find out its actual earning on the lease financing but that does not give the correct picture regarding the income assessable under the income tax act ..... of accounting is not acceptable for the purpose of computation of income from lease financing under the income tax act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR206(Hyd.)
..... specifically in favour of any class of income or in regard to the whole or any part of the income of any person or class of persons while that under section 12 of the finance act is vested merely to surmount obstacles or difficulties which may arise in the application of the indian income-tax act to part b states or merged states, though even this power which is merely an enabling one, does not prima facie appear (though we do not wish to express any definite view on ..... aforementioned case and were clearly of view that the content of the power under section 12 is different from that under section 60a of the indian income-tax act and that it is not permissible to regard the order made under section 60a to have been made under section 12 of the finance act when the authority vested with the power under both the section deliberately chose to exercise the power under section 60a. ..... learned advocate for the department submits that if the amendment to paragraph 2 of the taxation laws (part b states) (removal of difficulties) order, 1950, is not valid under section 60a of the indian income-tax act, we should consider it as an order made under section 12 of the income-tax act, we should consider it as an order made under section 12 of the finance act. ..... aforesaid case under : "an added reason for declaring the explanation to be bad is that it is not permissible for the central government in exercise of the powers under section 60a to amend an order made under section 12 of the finance act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)81ITD7(Hyd.)
..... we may now reproduce below the relevant provisions of section 145, which before its amendment by finance act, 1995, with effect from 1-4-1997, reads as under- 145(1) method of accounting-(1) income chargeable under the head "profits and gains of business or profession" or "income from other sources" shall be computed in ..... to income-tax in respect of any interest on securities received by him in a previous year if such interest had not been charged to income-tax for any earlier previous year....after its substitution by finance act, 1995, with effect from 1-4-1997, the provisions of section 145 read as under- 145. ..... even after the amendment of section 145 by the finance act, 1995, with effect from 1-4-1997, the assessee was left with the choice of following either mercantile system of ..... 88 itr 323 (sc).since two views are possible on the overriding nature of the provisions of section 209(3) of the companies act, the ratio laid down by the apex court in the above decision clearly applies, and the provisions of section 263 are ..... any rate, the issue whether the provisions of section 209(3) override the provisions of section 145 of the income-tax act, and makes it mandatory to complete the assessment of the income on accrual basis, is a debatable one, on which ..... assessee in these appeals is that the cit(a) erred in assuming jurisdiction under section 263 of the income-tax act, and in setting aside the assessments made under section 143(3) for the assessment years 1991-92 and 1992-93.3. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD242(Hyd.)
..... -89 onwards, when block asset concept was to be introduced first.therefore, there was an imperative need to tackle the problem of prosperous zero-tax companies by suitably modifying section 80wa.accordingly, finance act, 1987, deleted section 80wa and introduced new section 115j in its place. ..... the amount of depreciation which would be required to be set off against the profit of the relevant previous year as ifthe provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable.the learned counsel emphasizes that clause (iv) of the explanation uses a mandatory phrase - "as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies ..... was inserted by finance act, 1983, with ..... departmental representative has also drawn our attention to the memorandum explaining the provisions in the finance bill, 1987, regarding the levy of minimum tax on book profit of certain companies.he points out that under the existing provisions of the income-tax act, certain deductions are allowed in the computation of profits and gains of business or ..... statute, recourse could be had to finance minister's speech provided the provision of the act is ambiguous and not easy to understand ..... amendment speech is as under:-- the finance bill inserts a new section 115j in the income-tax act. ..... in the finance bill, 1987, clearly brings out the purport and the meaning of section 115j of the income-tax act.16. .....
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