Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1998)66ITD464(Hyd.)
..... the said proviso reads as under : "provided that any interest in relation to categories of bad or doubtful debts referred to in s.43d of the it act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its p&l a/c for that year or, as the case may be, in which it is actually received by the credit institution, whichever ..... it was also argued that if the interest on securities is brought to tax under the interest-tax act, then the assessee, being a bank, has to pass on the burden to the borrower and in such situation, the intention of the legislature ..... it appears that due to this intention, any amount chargeable to income-tax, under the it act, under the head "interest on securities", was specifically excluded for the purposes of the term 'interest' ..... argued that the provision of the section is very clear and unambiguous and, therefore, recourse to the speech of the finance minister or to the statement of objects of the act cannot be looked into.22. ..... 11th september, 1995, whereby the banking companies to which the banking regulation act, 1949, applies have been exempted from the levy of interest-tax in respect of their income from interest on securities with effect from ..... this exclusion has been omitted because the same was superfluous, and while interpreting a provision of the statute, aid can be taken from the speech of the finance minister and also from the statements of objects and reasons of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2008)304ITR251(Hyd.)
..... that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act came into force. ..... being given to the assessee before disallowing the claim made by him.5.5 it is evident from the impugned orders of the lower authorities that the basis for the disallowance made under section 43b of the act is the entries as to sales-tax liability in the p&l a/c and as to loan on account of conversion of such sales-tax liability into loan in the balance sheet as at the end of the previous year ..... basis of return and the documents accompanying thereto, it cannot be said that deduction in respect of sales-tax liability converted by the state government as loan is prime facie inadmissible under section 143(1)(a) of the act.2.1 it is clear from section 43b of the it act, 1961 that the above section does not permit any deduction unless the tax, duty etc. ..... the learned jm and learned am of the hyderabad bench of the tribunal, this matter has been referred to me under section 255(4) of the it act, 1961 (the act): whether on the facts and in the circumstances of the case, the claim of the assessee for deduction of rs. ..... involved was a debatable point and beyond the scope of prima facie adjustments permissible under section 143(1)(a) of the act, the learned jm relied upon the decision of the bombay high court in the case of khatau junkar ltd ..... such permission for the year ending 31st march, 2004 was available and permission was received much after the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)98ITD357(Hyd.)
..... the said section was omitted by the finance act, 1992, with effect from april 1, 1993, but the levy of tax on companies continued by making suitable amendments in the wealth-tax act, whereby a company was made an assessable entity.section 3, section 2(m) and section 2(ea) make it clear that assets belonging to a company are ..... the apex court on this issue show that a person whose possession was permissible cannot claim title on the basis of adverse possession unless they show specific overt act and assertion on their part that they disclaimed the title of true owner ; it is for that party to prove as to when and under what circumstances their possession became ..... therefore, having regard to the ground realities and having regard to the meaning assigned to the term "owner" under the income-tax act, since asbestos centre is receiving income from the impugned property in its own right, transfer of title per se falls into insignificance and for all practical purposes the ..... an appeal against the final orders passed by the special officer and competent authority and the said appeal, filed under section 33 of the ulc act, was disposed of by the commissioner of income-tax (appeals) on february 4, 2004, whereby the order of the competent authority, was set aside to reconsider the issue in accordance with law. ..... assessee preferred an appeal under section 33 of the ulc act before the concerned officer who, by his order dated february 4, 2004, was pleased to remand the issue to the file .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD93(Hyd.)
..... , but they are all cases which deal with the finance acts but none of them deal with the rules framed by ..... if the finance act is passed, it is the rate fixed by that act ; if the finance act is not yet passed, it was the rate proposed in the finance bill pending before the parliament or the rate in force in the preceding year, whichever is more favourable to ..... the 1961 act is a permanent act whereas the finance act is passed every year and its main purpose is to fix the rates which would be charged under the act for that ..... shri c.v.k.prasad further submitted that ordinarily the finance act would be passed governing the rates of income-tax ..... most unusual to think that the parliament would pass a finance act prescribing the rates of income-tax, etc. ..... he further held that as the finance act comes into force on the first day of april in each year, the law has to be applied to the previous year's income is the law in force at the commencement of the assessment year that is on the first april ..... 1966] 59 itr 767 in which it is held that the primary object of the finance act is only to prescribe the rates so that the tax can be charged under the 1961 act. ..... yearly and is to be paid on the taxable turnover of a dealer, then the exemption, whenever it comes in, in the year for which the tax is payable, would exempt sales of those goods throughout the year, unless the act said that the notification was not to have this effect, or the notification fixed the date for the commencement of the exemption. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD178(Hyd.)
..... of law that an ao is a creature of statute and thus he cannot question the validity of provision inserted in the statute, by giving a different interpretation to the plain language of the statute, the proviso inserted by finance act, 2002 was given retrospective effect from 11-5-01 and it was clarified, in specific terms, that the ao should not increase the liability by any method in any assessment year beginning on or before the i^st day of april, 2001 ..... to the assessees whose assessments were already completed, proviso was inserted below section 14a to clarify that the ao should not reopen the cases in exercise of powers under section 147 of the act for any assessment year beginning on or before 1^st day of april 2001.the memorandum explaining the finance bill also indicated that the amendment shall take effect retrospectively from 11^th may, 2001 i.e. ..... the finance act, ..... by the finance act, 2001, section 14a was inserted whereby expenditure which has a direct connection with the exempted income is not allowable as ..... the ao completed the reassessment proceedings by disallowing the claim of deduction by invoking section 14a of the act.the first appellate authority affirmed the action of the ao and thus the assesses is in appeal before the ..... not made out a distinction between an assessment as made under section 143(3) of the act and a return which is processed under section 143(1) of the act inasmuch as the emphasis is on the finality of the proceedings and not on the completion .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD617(Hyd.)
..... (i) if any tax or interest is found due an intimation shall be sent to the assessee specifying the sum so payable and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and** ** ** clause (b) of sub-section (1a) is also relevant and as far as it is relevant for our purpose reads as follows : (1a) where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1) (ii) the ..... is pending adjudication in some proceeding; (b) at any rate the correctness of legal position whether the losses as claimed would be allowed is certainly debatable and cannot be arrived at without going through the process of harmonising the provisions of the act and applying the decided authorities to the same; it is contended that the permissible prima facie adjustments are totally absent in this case and the assessing officer was clearly in error in making the above adjustments ..... retrospective amendments in the shape of sub-sections (iiia) to (iiic) were inserted in section 28 of the it act by finance act, 1990 which was introduced in the lok sabha on 19-3-1990. ..... thus it can be seen that both at the time of filing the it return by the assessee for assessment year 1989-90 or by the date when an intimation was sent to him on 28-2-1990 finance act, 1990 was not even introduced in the lok sabha. ..... they were inserted in section 28 by finance act, 1990 with retrospective effect. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)58ITD339(Hyd.)
..... to solve this practical difficulty, clause (i) of sub-section (1) of section 142 was amended by finance act, 1990, so that if a person fails to furnish a return of income by the due date mentioned in section 139 (1), a notice calling upon him to file the return cab be ..... to period of notice under section 11 also and further, if profits which escaped assessment could only be taxed within four years of the end of the chargeable accounting period because of section 14 of that act, then, inferentially, the escapement of income must be at some time anterior to the period mentioned in section 14 and as the notice was issued four years after the close the chargeable accounting period, the ..... has escaped assessment, namely :- (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax; " the scope of this explanation, in our opinion, has to be restricted to the failure of the assessee to file return ..... section 2 (4) added by the finance act of 1948 would affect this rule ..... rather the amendment by finance act, 1990, was in the direction of empowering the assessing officer to ..... after the finance act of 1948, the accounting year, if it was a calendar year, became divided into two parts and both were assessable in the assessment year beginning with april 1, 1948, and therefore ..... finance act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD552(Hyd.)
..... by deeming the agricultural income as part of the total income and by this provision, it cannot be concluded that the agricultural income forms part of the total income as such.the provisions of section 2(2) of the finance act, 1993, make it clear and provide that where the assessee has in the previous year any net agricultural income exceeding rs. ..... the inclusion of agricultural income for determining the tax payable by the assessee is under the finance act but that is only for the purpose of charging income-tax in respect of the total income and ..... if the assessee had unabsorbed depreciation of earlier years, it has to be allowed set off as per the provisions of section 32(2) of the act in determining the subsequent year's income wherein such unabsorbed depreciation is to be added to the amount of allowance of depreciation and deemed to be ..... it is defined under section 2(45) to mean total income referred to in section 5 computed in the manner lald down in the act.section 5 defines the scope of "total income" and provides that the total income of any person includes all income from whatever source derived which is received or is deemed to have been received, accrues or ..... all these appeals is as to the fee to be paid for filing the appeal before the tribunal under section 253(6) of the income-tax act, 1961.2. ..... is not whether 'minus' is lower than 'plus' or 'negative' is lower than 'positive'; the question is in what sense the words "total income" are used in section 253(6) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD498(Hyd.)
..... sub-section (1a) of section 35b was inserted with effect from 1-4-1978, by the finance act, 1978, and was omitted with effect from 1-4-1980 by the finance act, 1979. ..... it was on these facts that it was held that operation amounted to manufacture of pharmaceuticals by the assessee, with the result that the assessee came within the ambit of the term 'industrial company' in the finance act, 1966. ..... the assessee had claimed weighted deduction in respect of certain expenses under section 35b of the income-tax act, 1961 ('the act'). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)21ITD231(Hyd.)
..... in that case it was held that the total income for a period of 21 months can be assessed at rates specified in the relevant finance act for that total income and the ito could not apply the rate applicable to the income of the last period of 12 months. ..... the rate of tax applicable to either of these two incomes would be the rates as prescribed by the finance act, 1983, i.e. ..... the ito held that it is quite evident that as per section 3 of the income-tax act, 1961 ('the act') there can be only one accounting year for the same business within a financial year. ..... made up to a date within the said financial year, then, at the option of the assessee, ending on that date, or (iii) ending with the period, if any, determined under clause (c), as the case may be, or section 176 of the act deals with discontinued business and how to assess the total income of such discontinued business. ..... 3841) dealing with the intendment, ambit and the clear meaning of sub-section (2) of section 176 the learned author states as follows : sub-section (2), newly enacted by the 1961 act, states as to how the incomes of these two periods should be dealt with. ..... stevedoring, clearing, forwarding and acting as shipping agents was the business undertaken by the assessee.clause 8 of the partnership deed specifies that the accounts of the assessee-firm should end at the end of every calendar year and so the first year of .....
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