Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: old Court: income tax appellate tribunal itat Page 4 of about 1,078 results (0.074 seconds)

Sri V.G. Ramachandiron Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)284ITR53(Chennai)

..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation therein ..... 2004 by the finance act ..... this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or ..... , as per section 10(10c) any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 w.e.f 1.4.2004. ..... the memo explaining the provisions of the finance act' 2003 and the cbdt circular cited above was clearly aimed at solving the problem of retired employees that those persons who received the compensation in instalments spread over to many years ..... changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. ..... this amendment will take effect from april 1, 2004, and will, accordingly, apply in relation to the assessment year 2004-2005 and subsequent years.further the memo explaining provisions of finance bill 2003 as reported in 260 itr at page 197 (statutes) explained in clause 6(b) - it is proposed to provide that any amount, not exceeding five lakh rupees, .....

Herbalife International India Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD450(Delhi)

..... gains of business or profession',- (i) any interest (not being interest on a loan issued for public subscription before the 1st day of april, 1938), royalty, fees for technical services or other sum chargeable under this act, which is payable outside india, on which tax has not been paid or deducted under chapter xvii-b: provided that where in respect of any such sum, tax has been paid or deducted under chapter xvii-b ..... the taxable profits of the first mentioned, resident, be deductible under the same conditions as if they had been paid to a resident of the first mentioned state.the provisions of section 40(a)(i) as it stood prior to its amendment by the finance act, 2003 w.e.f. ..... by us the provisions of section 40(a)(i) as it existed prior to its amendment by finance act, 2003, w.e.f. ..... held that the purpose of grant of an approval by the rbi for remittance is from the viewpoint of the implications of foreign exchange outflow and that it had no impact on the adjudication under the customs act as to whether the payment for which permission was granted by the rbi was for rendering services or for import of goods. ..... which the provisions of section 40(a)(i) as it existed prior to 1st april, 2004 alone are applicable. ..... after 1st april, 2004 the provisions apply equally to both resident and ..... 1st april, 2004 provided for disallowance of payment made to a non-resident only where tax is not deducted at source on such ..... 1st april, 2004 applied to payments by an assessee outside india to a .....

Brook Crompton Greaves Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)105ITD146(Pune.)

..... the question before the hon'ble tribunal was whether in view of amendment in section 32 by finance (no.2) act, 1996, with effect from 01.04.1997, unabsorbed depreciation of earlier years could be allowed to be set-off against income from house property for ..... income of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income.assuming ..... 1,33,65,804/- on account of profits eligible for deduction under section 80 hhc as per explanation (iv) to section 115jb while computing book profits under section 115jb of the act by holding that the appellant was not entitled to deduction under section 80 hhc at all ignoring the finding of the learned ao that the appellant was entitled to deduction under section 80 ..... cit(a) mentioned that as per the decision of hon'ble supreme court in the case of ipca laboratories, (2004) 266 itr 521, section 80ab has been given an overriding effect over all other sections in chapter via. ..... order of assessment was passed by the ito, ward 1, ahmednagar (hereinafter called the ao), under the provisions of section 143(3) of the it act, 1961, on 28.01.2004. ..... dcit (2004) 90 ..... (2004) 84 ttj ( ..... 30.12.2004. .....

Western Union Financial Services Vs. Additional Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)104ITD40(Delhi)

..... a number of principals in the ordinary course of his business and none of these is predominant in terms of the business carried on by the agent legal dependence may exist if the principals act in concert to control the acts of the agent in the course of his business on their behalf.what we thus understand from the language used in article 5.5 is that the agent's activities for the foreign enterprise must constitute a ..... by the finance act, 2003 w.e.f ..... (e) turning to the question whether the agents were "independent agents" within the meaning of article 7.5 of the dtaa, it was argued that they were acting in the ordinary course of their business in undertaking the activity of disbursing the payments in india, that this activity constituted a fraction of the overall activities of the agents, that the activities of ..... turning to the case of banks which were appointed as agents, he pointed out that though under section 6(1)(a) of the banking regulation act, 1949 banks are allowed to carry on the business of "collecting and, transmitting money", but since the said act extends only to india under section 1(2) thereof, the money transfer business involving trans-border transfer of funds cannot be said to be in the ..... april, 2004 expands the ..... , 2004) may be usefully referred to in this behalf; while the concept of business connection earlier enacted as part of the law is a test of nexus in indian law, pe is now a concept universally accepted for ..... , 2004 filed before the cit(a) were explained in .....

Hanemp Properties Pvt. Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD19(Delhi)

..... after obtaining instructions from the income tax department and the central board of direct taxes, make it clear that the powers of compulsory purchase conferred under the provisions of chapter xxc of the income tax act are being used and intended to be used only in cases where in an agreement to sell an immovable property in an urban area to which the provisions of the said chapter apply, there is a significant undervaluation of the ..... the date of completion of assessment order under section 143(3) on 29.12.1999 and issue of notice under section 148 on 15.1.2004.reopening of the assessment already completed by way of notice under section 148 was an act of mere change of opinion on the part of the assessing officer. ..... relied upon by learned counsel for the petitioner are distinguishable as those decisions were rendered prior to the amendment of section 150 of the income tax act effective from april 1, 1989, and do not notice the aforesaid amendments in section 150(1).13. ..... act, 2004 with ..... the petitioner, although initiation of reassessment proceedings could be barred under the provisions of section 149, the same would stand as not barred under the provisions of section 150(1) of the act and consequently, the question of limitation would not arise for consideration. ..... in our opinion the reference made by the learned assessing officer to the departmental valuation cell cannot be held to be bad in law, in view of the provisions of section 142a of the act inserted by the finance (no. .....

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. .....

Punjab State Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)292ITR268(Chd.)

..... subsequently, it was again omitted by the finance act, 2003 w.e.f 1st april, 2004 as the dividend income is now exempt in ..... of the specified industry forms a partof the concerned assessee is to be computed and according to the parenthetical clause, which contains the key words, the same is to be computed in accordance with the provisions of the act except section 80e and since in this case it is income from business, the same will have to be computed in accordance with sections 30 to 43a which would include section 32(2) (which provides for carry forward of depreciation ..... deductible in computing the income chargeable under the head 'income from other sources' namely: (ia) any expenditure of the nature referred to in sub-section (12) of section 40a; (ii) any interest chargeable under this act which is payable outside india (not being interest on a loan issued for public subscription before the 1st day of april, 1938) on which tax has not been paid or deducted under chapter xvii-b; (iii ..... the deduction on the basis of the order of the tribunal, however, at the time of giving effect to this order, applicability of provisions of section 80aa which had been introduced through direct taxes finance (pb) act 1980 was lost sight of. ..... mention that section 80m was omitted by the finance act, 1997 (26 of 1997) w.e.f. ..... high court in the case of cit v.industrial finance corporation of india referred to by my learned brother and hon'ble vice president are on sections 80p, 80k and 80l of the it act. .....

Mrs. Meena Rajagopal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103TTJ(Mum.)54

..... hands of the assessee, they can assess only those receipts that amount to income.all the receipts by the assessee cannot necessarily be deemed to be the income of the assessee for the purpose of the it act and the question whether any particular receipt is income or not depends on the nature of the receipt and true scope and effect of the relevant taxing provisions.9. ..... appellant has stated that ao has taxed the aforesaid gifts as appellant's income under section 5(1) of the it act, 1961, which is not correct as section 5(1) of the it act provides that total income of a resident includes all income from whatever source received or accrued in india or ..... act, 2004 ..... income in lieu or in addition to the salary as per the provisions of section 17(1)(iv) of the act and the cit(a) has rightly sustained the said addition made by the ao. ..... by the employer to the employee is treated as income under section 5(1) of the it act, 1961 in the hands of the assessee.the ao thereafter proceeded to treat rs. ..... that in order to treat the receipt as income under section 5(1) of it act, 1961, the receipt must be of income character. ..... supported by the fact that section 56(1)(v) is inserted by the finance (no. ..... 147 of the it act were initiated against the ..... cit (2004) 89 ttj (chennai) 628 : (2004) 88 ..... there is no provision in the it act for treating the gift from the employer to the employee as perquisite and therefore, even if a gift is received by an employee from an employer, the same cannot be treated as .....

Deputy Commissioner of Vs. Shubham Industies

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)104ITD126Luck

..... obviously, since section 142a was not actually on the statute book till it was inserted by the finance act, 2004, the power could not have been exercised by making a specific reference to section 142a, but now when section 142a is inserted and when the legislature has clarified that the said provision is deemed to be on the ..... he submitted that the said section has been inserted by the finance act, 2004, effective from 15-11-1972. ..... in the light of the above findings of the tribunal, the department has filed application and has stated that in view of the amendment made by the finance mi, 2004, by inserting section 142a of the act, which is effective from 15-11-1972, the dvo's report, obtained by the assessing officer under section 131(1) of the act be deemed to be a valid report and as such the addition made by the assessing officer be confirmed. ..... section 40a(7) was introduced in the income-tax act, with retrospective effect from 1-4-1973, by the finance act, 1975, on 12-5-1975. ..... 2) act, 2004, the order dated 9-11-2004, passed in ita nos ..... 2) act, 2004, the order dated 9-11-2004, passed in ita nos ..... 2) act, 2004, the order dated 9-11-2004, passed in ita nos ..... 2) act, 2004. ..... 2) act, 2004 with retrospective effect from 15-11-1972 inserted section 142a which reads as under: 142a ..... 2) act of 2004 or not ..... 2) act, 2004 reads as under: 142a ..... , section 142a was inserted in the act by the finance (no. ..... under section 254(2) of the income-tax act, 1961, in itat's order dated 9-11-2004, passed in ita nos. .....

Dy. Cit(A) Vs. Subham Industries

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... , right from the fifteenth day of november, 1972, the ao had the power to make reference to the valuation officer.obviously, since section 142a was not actually on the statute book till it was inserted by the finance act, 2004, the power could not have been exercised by making a specific reference to section 142a. ..... he submitted that the said section has been inserted by the finance act, 2004, effective from 15^thnovember. ..... in the light of the above findings of the tribunal, the department has filed application and has stated that in view of the amendment made by the finance act, 2004, by inserting section 142-a of the act. ..... section 40a(7) was introduced in the income-tax act, with retrospective effect from april 1, 1973, by the finance act, 1975, on may 12,1975. ..... 2) act, 2004, the order dated 9^thnovember, 2004, passed in i.t.a.nos. ..... 2) act, 2004, the order dated 9^thnovember, 2004, passed in i.t.a. ..... 2) act 2004 with retrospective effect from 15.11.1972 inserted section 142a which reads as under: 142a (1) for the purposes of making an assessment or reassessment under this act, where an estimate of the value of any investment referred to it section 69 or section 69b or the value of any bullion, jewellery or other valuable article referred to in section 69a on section 69b is required to be made, the assessing officer may require ..... 2) act, 2004, the order dated 9^thnovember, 2004, passed in i.t.a. ..... 2)act, 2004. ..... 2) act of 2004 or not. ..... 2) act, 2004, reads is as under: "142a. .....