Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: old Court: income tax appellate tribunal itat panji Page 1 of about 1 results (0.124 seconds)

S.A. Waisingh Laxmansnvgh Rajfut Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2004)86TT(JP.)anji901

..... as well as agricultural activities and earning income from more than one source.under these facts it is quite impossible to exercise the decretion vested with the assessing officer by virtue of provision of section 69 of the act in assessee's favour by not considering the unexplained investment as assessee's income.so far as decision relied upon by the assessee is concerned, i am of the opinion in that case it was found by the tribunal ..... facts of each case that the assessing officer should exercise jurisdiction for not considering unexplained investment as assessee's income.in my opinion the assessing officer can use his discretion available under section 69 of the act only when it is found as a matter bf fact that the person concerned (in whose name the investment has been made) is in no way in a position to earn any income for ..... to the following issues (i) common objection for all the three assessment years is against the charging of interest under sections 234a and 234b of the income tax act, 1961, (hereinafter referred to as "the act") while calculating the tax payable by the assessee in the body of the assessment order but without there being any direction or order in any of the ..... 234b with retrospective effect from 1-4-1989, by the finance act, 1995 by which "assessed tax" for the purpose of section 234b of the act has been defined to mean tax on the total income determined under section 143(1) or on regular assessments as reduced by the amount of tax deducted or collected at .....

Hindustan Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

..... under the provisions of section 2 (42a) of the act, an asset would be long-term capital asset if the same was held by the assessee for more than 36 months immediately preceding the date of its transfer.according to the assessing officer, from the facts of the ..... it is accepted position that the assessee could not muster sufficient funds to complete the hotel and finally the assessee sold the entire project comprising the land and the incomplete building to peerless general finance & investment ltd. ..... from in the remaining instalments which fell due on or before 15.9.95, 15.12.95 and 15.3.96.on assessee's appeal against levy of interest u/s 234c, the learned ict(a) held that there was no appeal provided under the provisions of section 246(1) of the act against levy of interest u/s 234c. ..... we therefore direct the assessing officer to recompute capital gains chargeable to tax in accordance with the above directions having regard to various deductions provided under the act in this behalf.19. ..... the learned counsel referred to the definition of the definition of "undertaking" as given in section 2(v) of monopolies trade practices act, 1969. .....

Salgaocar Mining Ind. (P) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2006)102ITD289Panji

..... income-tax which has been specified in schedule 1 to the finance act, 1999 and hence, its meaning cannot be artificially extended to include ..... possible to include the amount of interest in the "income-tax" so fixed by section 2 of the finance act, 1999, for the assessment year under consideration.8. ..... the amount of "income-tax" so fixed by the finance act can neither be increased nor decreased by any other sum including interest, ..... in pursuance of the aforesaid provisions, the finance acts are enacted year after year to provide for the rates at which income-tax is required to be charged in ..... the assessee objected to the rectification proposed in the said notice on the ground that interest on income-tax was not a tax for the purpose of schedule vi to the companies act, 1956 and as such, did not fall within the ambit of clause (a) of explanation to sub-section (2) of section 115ja.the assessee also submitted before the ao that he did not have the ..... of income-tax can fluctuate depending upon the provisions in the finance act enacted for each assessment year, the rate of interest continues to be fixed in terms of the provisions of sections 201, 234a, 234b and 234c of the it act, 1961. ..... "income-tax" is charged under section 4 of the it act at the rates specified in the first schedule to the finance act. ..... amount of "income-tax" remains always statutorily fixed by the rates specified in part i of the first schedule to the finance act. ..... of income-tax is thus statutorily fixed by the finance act. .....

Mormugao Port Trust Vs. the C.i.T.

Court : Income Tax Appellate Tribunal ITAT Panji

Reported in : (2007)109ITD303Panji

..... . from the assessment year 2003-04 section 10(20) was amended by the finance act 2002 by insertion of an explanation where the local authorities were defined ..... 2003-04 onwards, section 10(20) was amended by the finance act, 2002 by insertion of an explanation.thereafter, the exemption under the said section was limited to certain specified local authorities listed in the newly inserted explanation to ihe section. ..... clear by the provisions of section 30 under which, prior to the amendment of that section by the amendment act of 1959, the balance of income left, after utilization of the net profits for the purpose set out in section 30, was to be made over to the state government for the purpose of road development and after the amendment act of 1959 is to be utilized for financing the expansion programmes of the respondent-corporation and the remainder, if any, is to be made over to the ..... the above definition of 'charitable purpose' is modified by the finance act, 1983 with effect from 1-4-1984. ..... minister of delhi (page 357 of the paper book), wherein the honble finance minister had explained that assessees working for advancement of general public utility, and without profit motive, can claim exemption from income-tax as a charitable institution alter milling certain prescribed conditions, even though exemption of income under section 10(20), which was earlier available to them, now stands withdrawn in view of the explanation inserted by the finance act 2002.according to the ld. .....