Judgment Search Results Home > Cases Phrase: finance no 2 act 2004 Sorted by: recent Court: income tax appellate tribunal itat chennai Page 1 of about 48 results (0.169 seconds)

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 .....

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, .....

The Assistant / Deputy Commissioner of Income Tax Vs. M/S. Keesara Pla ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... the section was inserted in the act by the finance act, 2003 with effect from 01-04-2004. ..... the facts in brief are; the assessee is a company registered under the provisions of companies act, 1956 and is engaged in the business of manufacturing py seals for dry batteries and torch lights ..... 80ic of the act, has either invoiced finished goods manufactured at chennai from dehradun or has debited the expenses relating to dehradun unit to chennai unit ..... 80ic of the income tax act, 1961 (herein after referred to as 'the act'). ..... assessee has adopted colourable devise to take undue advantage of benevolent provisions of the act. ..... has set up an unit in dehradun (uttarakhand) which is specified in thirteenth schedule to the act. ..... or article or thing having a different name, character and use; or (b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure;] the definition of 'manufacture' has been introduced in the act w.e.f. ..... term 'manufacture' has been defined in sub-section (29ba) of section 2 of the act. ..... activity being carried out by the assessee very much falls within the definition of manufacture as defined under the act. ..... , appearing on behalf of the assessee submitted that the term 'manufacture' has been defined in section 2(29ba) of the act. ..... of the assessment order and submitted that the assessee is only doing fitting and is not carrying out any manufacturing as envisaged in the provisions of section 80ic of the act. .....

Ashok Leyland Finance Ltd. Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)865

..... the first ground raised by the revenue common for all these three assessment years relate to method of accounting of finance charges, whether it should be emi (equated monthly instalment) method as adopted by the assessee or crm (capital recovery method) as urged by the revenue ..... contention of the assessee was that the revenue authorities were not correct in treating the lease transaction as finance transaction, ex consequenti adding the notional interest on deemed loan transaction. ..... it was contended on behalf of the assessee that the revenue authorities were not correct in treating the lease transaction as finance transaction, ex consequent adding the notional interest on deemed loan transaction. ..... 2) act, 2004 with retrospective effect from 15-11-1972 ..... annamalai finance ltd ..... 1995-96 to 1997-98 had allowed depreciation on certain assets but the ao has treated those lease transactions as finance transactions. ..... power finance & infrastructure development corporation ..... held by us in the revenue's appeal in the earlier part of this order, this issue is covered in favour of the assessee by the decision of the hon'ble jurisdictional high court in annamalai finance ltd. ..... in this case the lesser has discharged its obligation of making the equipment available to the lessee in the financial year, respectfully following the decision of the hon'ble jurisdictional high court in it he case of annamalai finance ltd. ..... annamalai finance ltd ..... annamalai finance ltd ..... provision was inserted by the finance (no. .....

Assistant Commissioner of Income Vs. Jagdish Gagual Rangwani

Court : Income Tax Appellate Tribunal ITAT Chennai

..... the cit(a) failed to note that section 143(1a)(a) wherein adjustments could be made to the total income has been omitted by the finance act, 1999 w.e.f. ..... (4) the cit(a) failed to note that as per section 210 of the it act, the assessee should pay advance tax on his own accord on his current income, calculating the advance tax as laid down in section 209. ..... 10th dec, 2004 under section 143(1) requiring the assessee to pay interest under sections 234b and 234c. ..... , 2004 of the ao levying interest under sections 234b and 234c cannot be appealed against before the cit(a) since the ao is not empowered to make any adjustments to the total income under section 143(1) w.e.f. ..... the relevant assessment year is 2004-05. ..... 8th july, 2005 and arises out of the proceedings completed under section 143(1) of the it act, 1961.2. .....

Anjuga Chit Funds (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)113ITD67(Chennai)

..... 95,222 and the same is allowable as per amended provision of the act by the finance act, 2002.the brief facts of the case are that the ao has computed the undisclosed income as follows: now, the assessee is telling that the ao has not set off the amount of rs. ..... committed error in holding that the entries were found in the regular books of accounts and, therefore, it cannot be treated as undisclosed income of the assessee, because the same was contrary to the provisions of chapter xiv-b of the act and the undisclosed income was found on the basis of material seized and, therefore, should be treated as undisclosed income of the assessee as per the scheme of block assessment. ..... the expression used in this sub-section (4a) is "may be presumed" which is also the expression used in section 114 of the evidence act and it was not a mandate that whenever books of accounts are seized, the authorities concerned shall so presume irrespective of any other factor which may dissuade the authorities from doing so. ..... the brief facts of the case are that there was a search in this case under section 132 of the it act on 29th dec, 1998 for which common search warrant was issued and also common panchnama was drawn in respect of m/s anjuga chit funds (p) ltd. ..... 172/mds/2004 is dismissed, and it(ss)a no.173/mds/2004 is partly allowed for statistical purpose. ..... 172/mad/2004 is that the cit(a) erred in confirming the disallowance of rs. ..... 173/mds/2004 is that the cit(a) ought to have allowed the loss of rs. .....

Deputy Commissioner of Income Tax Vs. Indian Syntans Investments (P)

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD457(Chennai)

..... been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, reassessment or re-computation as specified in sub-section (2) of section 153, every such notice referred to in this clause shall ..... section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143 as it stood immediately before the amendment of said sub-section by the finance act, 2002, but before the expiry of the time-limit for making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153, such notice shall be deemed to be a valid notice. ..... (2) of section 143 after the expiry of twelve months as provided in proviso to sub-section (2) of section 143 before the amendment of said sub-section by the finance act, 2002, but the said notice is served before the expiry of the time limit for making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153 of the ..... 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143 as it stood immediately before the amendment of said sub-section by the finance act, 2002, but before the expiry of the time-limit for making the assessment, reassessment or re-computation as specified in subs. ..... 2004 .....

West Asia Maritime Ltd. Vs. the Income-tax Officer,

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD155(Chennai)

..... 2001 usd 4050for 1 year from jan 1, 2002 to dec.31, 2002 usd 3850for 1 year from jan 1, 2003 to dec.31, 2003 usd 3700for 1 year from jan 1, 2004 to dec.31,2004 usd 3500balloon payment at the end of charter the purchase option(cost) of the said vessel at the end of each period was also specified as follows: 24. ..... is defined in explanation 2 to section 9(1)(vi) of the act.as per clause 4(a) inserted by the finance act, 2001 w.e.f. ..... the general conspectus of the main plank of the arguments of shri ramachandran can be summarized as under: (i) section 195 of the act will not apply to this case, since the payments made by the assessee to the non resident are not exigible to tax in ..... mukherjee ito 36 itr 365 and held at page 377: "if 'chargeable under the provisions of this act' means actually liable to be assessed to tax, in other words, if the sum contemplated is taxable income, a difficulty is undoubtedly created as to complying with the provisions of the section." ..... transaction for each of the years from 1999-2000 till 2004-05 was taken to be payment for hire only and not as payment for purchase of ..... it is clear that the ownership remained with dmcl till the assessee opted to make the balloon payment to dmcl which was only on 12-1-2005 of us$ 2.75 million in the financial year 2004-05. ..... likewise if it chose to exercise the option in december, 2004. ..... two appeals by the assessee are directed against the order of the cit(appeals) and relate to the assessment years 2003-04 and 2004-05. .....

Joint Commissioner of Income-tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR106(Chennai)

..... (2) when the sale of the boiler was subjected to sales tax and it was treated as sale of goods under the sales tax act, can the sale of the said boiler be doubted in the income-tax proceeding especially when the juris-dictional high court in the case of cit ..... the assessing officer allowed the claim of the assessee in the assessment order made under section 143(3) of the income-tax act, 1961.however, the commissioner of income-tax by exercising his power under section 263 of the income-tax act, set aside the order of the assessment on the ground that it is erroneous and prejudicial to the interests of the ..... (2) when the sale of boiler was subjected to sales tax and it was treated as sale of goods under the sales tax act, can the sale of the said boiler be doubted in the income-tax proceeding especially when the jurisdictional high court in the case of ..... therefore, the sale of such boiler cannot be construed as sale of goods under the sale of goods act, 1930.therefore, the assessing officer concluded that the transaction is only a financial transaction and the assessee is not entitled to depreciation ..... the sale said to have taken place is only imaginary in nature and not intended to be acted upon by the parties and the property in the boiler has not passed from one person to another, as there was no actual physical or symbolic delivery of ..... 2004 268 itr 395 (guj) the hon'ble high court has held that the assessee, a company carrying on the business of financing, investment, leasing, .....

Lason India Pvt. Ltd. (Formerly Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)301ITR306(Chennai)

..... where in computing the total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years. ..... he also submitted that section 10b has been amended by finance act, 2002 w.e.f. ..... cit 266 itr 1 (sc) has clearly observed that marginal notes in an indian statute, as in an act of parliament cannot be referred to for the purpose of construing the statute. ..... 2003-04, a specific amendment had been brought in the act that deduction under section 10a/10b shall be available to the extent of90% of the eligible profits. ..... 1921/mds/03 dt.16-06-2004 has allowed the carry forward of business loss from domestic business at rs. ..... 1921/mds/03 vide order dated16-06-2004. ..... time of hearing learned counsel of the assessee submitted that the only issue involved was regarding set off of losses against the balance of income against which deduction under section 10b of the income-tax act, 1961 is allowed.2. ..... provisions of section 10a/10b in my view cannot be mixed up with the general provisions of the act. ..... i am of the considered view that both the actions of the appellant are not in accordance with the specific provisions of section 10a/1 ob of the act. .....