Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: old Court: income tax appellate tribunal itat Page 1 of about 1,078 results (0.097 seconds)

Van Oord Dredging and Marine Vs. Adit, (international

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)297ITR115(Mum.)

..... not considered the amendment made by finance (no.2) act, 2004 which has modified the amendment made by finance act, 2001 retrospectively. ..... departmental representative submitted that there is no reason for admitting these additional grounds of appeal as action of the assessing officer is as per the provision of the act and there is no ambiguity in the language of the provision of section 90 of the act.further the explanation to section 90 inserted by the finance act 2001 with retrospective effect from 1.4.1962 making it clear that charge of tax in respect of foreign company at a higher rate than the rate at which ..... that the provision of section 234 d was inserted by finance act 2003 with prospective effect from 1.6.2003 and was not ..... the assessee itself has made the request for deduction of tax at a lower rate and ultimately entire amount is found chargeable to tax, in absence of payment of advance tax as per provision of the act interest under section234b is chargeable.he submitted that the assessee will get deduction as per provision of section 209(1)(a) to the extent of amount @ 7% of the tds payment and not the full amount of tax ..... the cit(a) in holding that since all payments made to non residents are subject to tax deduction at source under section195 of the act, it is held that the appellant was not liable for advance tax and therefore the interest under section234b is not liable on the ..... the statute book during the relevant period and was inserted by the finance act, 2003 w.e.f. .....

Arun Excello Foundations (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2007)(3)269

..... , 2005 by the finance (no.2) act, 2004. ..... view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, ..... act, 2004 and notes on clauses in finance ..... 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... 2001 and finance act, 2003 w.e.f. ..... 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... act, 2004 (23 of 2004) ..... 2) act, 2004 which reads as under: extension of the time-limit for obtaining approval of housing projects for the purpose of tax holiday under section 80-ib, and allowing deduction for redevelopment or reconstruction of existing buildings under ..... 2) act, 2004 which reads as under: under the existing provisions contained in sub-section (10), hundred per cent deduction of the profits of an undertaking developing and building housing projects is allowed if the housing project is approved by a local ..... 2) act, 2004 and the same provided clause (d) of section 80-ib(10), where restriction is put regarding the maximum commercial area to be built-up in view of .....

Amit Estate Organizer Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)1018

..... the reference made by the ao to the departmental valuer could not be held to be bad in law, in view of the provisions of section 142a, as inserted by the finance (no.2) act, 2004, with retrospective effect from 15th nov ..... 1995-96, 1996-97 and 1998-99 as well as for making any addition on the basis of such report in these three assessment years.23.2(ii) here, it can be argued that after the insertion of provisions of section 142a by the finance (2) act, 2004 with retrospective effect from 15th nov. ..... on account of alleged difference in cost of construction; there shall have to be a corresponding deduction of identical amount because the amendment brought about in section 69c by finance (2) act of 1999 being effective from 1st april, 1999 was applicable only for asst. yr. ..... effect from 1st april, 1998, second proviso to section 143(l)(a) was substituted by the finance act, 1997, which was operative till 1st june, 1999. ..... june, 1994 by finance act 1994. ..... june, 1999 by explanation as introduced by the finance act (no. ..... a result of insertion of explanation to section 143 by the finance act (no. ..... but we are of the opinion that it is not so because the provisions of section 142a, though have been made applicable only to the cases where the assessments had not become final on or before 30th day of september, 2004, but in our opinion, these provisions have not made the references having made under section 131(l)(d) of the act in the cases where the assessments have not become final till 30th sept. .....

M/S. Yash Developers, Mumbai Vs. Department of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... assessee has not fulfilled one of the conditions as per clause (d) of section 80ib(10) of the act which has been inserted with effect from 1.4.2005 by the finance (no.2) act,2004. ..... (a) stated that the issue of claiming of deduction u/s 80ib on account of built up area of shops and commercial establishment was considered by itat in assessee's own case in ita no.7297/mum/2007 for assessment year 2004-05 vide order dated 2.6.2009 wherein the assessment order was set aside and following it, he has directed ao to examine the claim of the assessee as per directions of itat and give effect on the basis of the ..... (a) has stated that the assessee filed return within extended time prescribed u/s 139(4) of the act and the said return be treated as the one filed within the time limit prescribed u/s 139(1) of the act and referred the decision of the hon'ble apex court in the case of kulu valley transport ..... relevant to state that in respect of delay in filing the return of income on the basis of which the ao also denied deduction u/s 80ib(10) of the act in respect of assessment year 2008-09, which are ground nos.3 and 4 of the appeal taken by department, the ld. ..... case of parmeshwar cold storage p ltd v/s acit (08 itr (trib) 172(ahmd)) in the context of claim of deduction u/s 80ib wherein also the return was not filed within the time prescribed u/s 80ac of the act but the tribunal held that the claim of deduction/s 80ib of the act should be adjudicated on merits and the matter was restored to cit(a). .....

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD83(Mum.)

..... it was also brought to our notice that now sub-clause (c) has also been introduced in addition to clauses (a) & (b) to section 45(5) with effect from 1-4-2004 by the finance act, 2003. ..... as under:- "held dismissing the application for reference, that the tribunal was correct in holding that the amounts received by the assessee by way of interest in respect of additional compensation under the land acquisition act, 1894, were not taxable in view of the finding of the tribunal that the grant of additional compensation and interest thereon had not become final due to appeal preferred by the government to the high court. ..... the procedure section 155(7a) was introduced by finance act, 1978 with retrospective effect from 1974-75 ..... then as per finance act, 1987 section 45(5) was introduced having clauses ..... it was reintroduced by finance act, 1956 with effect ..... difficulty sub-section (5) was introduced with effect from 1-4-1988 by the finance act, 1987. ..... associates have also drawn attention of the assessing officer on the provisions of section 45(5) which was introduced with effect from 1-4-1988 by the finance act, 1987. ..... referred that under the heads of income 'capital gain' was not in the statute as per income tax act, 1922 and for the first time it was introduced to be taxed only for two years 1947-48 and ..... introduction of clause (c) in section 45(5) which is effective from assessment year 2003-2004 is an additional mechanism and further strengthen the already existing provisions of section 153 .....

Estate Late Shri Dharambir Vs. the Dcit [Alongwith Ita Nos. 7279,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)880

..... 2004 by finance act ..... under:- "held, dismissing the application for reference, that the tribunal was correct in holding that the amounts received by the assessee by way of interest in respect of additional compensation under the land acquisition act, 1894, were not taxable in view of the finding of the tribunal that the grant of additional compensation and interest thereon had not become final due to appeals preferred by the government to the high court. ..... procedure section 155(7a) was introduced by finance act 1978 with retrospective effect from 1974-75. ..... then as per finance act 1987 section 45(5) was introduced having clause ..... reintroduced by finance act 1956 w.e.f. ..... finance act ..... finance act ..... answer to this query that what will be the fate of all such cases between the period of april 1992 to april, 2004 because sub-section (7a) of section 155 stood deleted from april, 1992 and sub-clause (c) of section 45(5) was introduced w.e.f ..... referred that under the heads of income "capital gain" was not in the statute as per it act 1922 and for the first time it was introduced to be taxed only for two years 1947-48 and ..... introduction of clause (c) in section 45(5), which is effective from assessment year 2003-2004 is an additional mechanism and further strengthen the already existing provisions of section 153 ..... the over all position emerges on perusal of various provisions of the act that neither the revenue nor the assessee are remediless and the enhanced compensation when finally settled is always .....

Saipem S.P.A. Vs. Dcit (Asstt.) Special Range 1

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)276ITR55(Delhi)

..... the amendment made by the finance act, 2004 further reinforces the contention of the appellant ..... is the charging provision and no income can be brought to tax unless it falls within the scope of the said section and the use of the expression "subject to other provisions of the act" in section 5 would mean that if any other section operates to exclude from the total income of any person any income, which otherwise falls within the broad framework of his total income as ..... way of profits and gains of business and prescribe the manner of computation, the question as to at what point of time its chargeability arises is answered by section 5 of the act which states that the total income of a resident assessee from whatever source derived becomes chargeable either when it is received by him or when it accrues or arises to him during the ..... section 44bb were reported by the finance act, 1987 with retrospective effect from ..... thus making a departure from general mode of computation of income chargeable under the head 'profit and gains of business or profession', as a matter of convenience, the provisions of section 44bb of the act provides that tax shall be levied on a presumptive rate of 10% on the aggregate of the following amounts: (a) amounts accruing in india (whether received in or out of india) on account of rendering of services/utilization of facilities of india, ..... 44bb have be amended by the finance act, 2003, w.e.f. ..... the previous year at the rates provided in the relevant finance act. .....

Swarup Vegetable Products Indus. Vs. Jt. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)93ITD279(Delhi)

..... so far as the second limb of argument that the second proviso is omitted with effect from 1-4-2004 by the finance act, 2003 is concerned, we are of the view that only those amendments will have a retrospective effect if they are brought to the statute to remove any sort of anomalies in the provisions or to make the provision more clear. ..... but the legislature is very careful in omitting the second proviso and its omittance is introduced by the finance act, 2003 with effect from 1-4-2004, meaning thereby after 1-4-2004 the assessee can make the deposits of the p.f.and e.s.i. ..... the other arguments raised by the learned counsel for the assessee is with regard to the amendment in section 43b by finance act, 2003 through which the second proviso which lay down the period in which the p.f. ..... explanation 2 was, therefore, added by the finance act, 1989, with retrospective effect from april 1, 1984, for the purpose of removing any ambiguity about the term "any sum payable" under clause (a) of section 43b. ..... and dues beneficial to the employees is only upto the due date as defined in the respective act whereas after 1-4-2004 this period is upto the due date of the filing of the return. ..... by omitting the second proviso with effect from 1-4-2004 the legislature has extended the time limit for deposit the dues envisaged in 43b(b) of the act. .....

Acit Vs. Shakti Builders

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)93ITD269(Delhi)

..... at the outset, it would be appropriate to reproduce the provisions of section 142a which has been brought on the statute book by finance act 2004 with retrospective effect from 15.11.1972. ..... a short but interesting question has arisen in this appeal for our consideration regarding interpretation of the proviso to section 142a inserted by finance act 2004 with retrospective effect. ..... assessee and opportunity of being hear, take into account such report in making such assessment or reassessment: provided that nothing contained in this section shall apply in respect of an assessment made on or before the 30th day of september, 2004, and where such assessment has become final and conclusive on or before that date, except in cases where a reassessment is required to be made in accordance with the provisions of section 153a." 6. ..... "see 142 a(1) for the purposes of making an assessment or reassessment under this act where an estimate of the value of any investment referred to in section 69 or section 69b or the value of any bullion, jewellery or other valuable article referred to in section 69a or section 69b is required to be made, the assessing officer may require ..... he drew our attention to coma after the figure '2004' and before the word 'and' to contend that it is disjunctive and therefore this proviso is applicable to those cases (i) where assessments were made on or before the 30th september 2004; and (ii) where such assessment has become final & conclusive on or before that date i.e .....

Dy Cit Vs. Uttam Steel Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT777(Mum.)

..... (supra).he has also contended that now the law itself has been amended and a proviso has been inserted to section 36(1)(iii) with effect from 1-4-2004 vide the finance act, 2003.in rejoinder, the learned departmental representative has contended that in ito v. ..... determined under the act. .....