Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Court: income tax appellate tribunal itat mumbai Page 1 of about 770 results (0.197 seconds)

Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... taxman 335, where it was observed that the amount of deduction under section 80mm should be worked out with reference to gross income. section 80ab, inserted by the finance (no. 2) act, 1980, provides that the deduction under section 80mm should be worked out with reference to net income. section 80ab has been made effective from april 1, 1981, ..... taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. 2) act, 1980 brought on the statute book the above two sections, viz. sections 80aa and 80ab, since one is made retrospective in effect and the other prospective in effect ..... the law stood, viz. section 80-o for those assessment years; (vii) that sections 80aa and 80ab, though brought on the statute book by insertion by the finance (no. 2) act, 1980, section 80aa was made retrospective in effect as from 1-4-1968 whereas section 80ab was made to operate prospectively, i.e. from 1-4-1981 and .....

income-tax Officer Vs. Nenmany Investments Agencies

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)27ITD228(Mum.)

..... of the supreme court in cloth traders (p.) ltd.'s case (supra) was not accepted by the department. hence section 80aa was inserted in the act by the finance (no. 2) act, 1980 and its operation was made retrospective with effect from 1-4-1968. this section laid down that where any deduction is required to be allowed under ..... indicating gross dividends. the parliament wanted to make it clear that those words meant "net dividends". in order to clarify this limited aspect section 80aa was inserted by the finance (no. 2) act, 1980, with retrospective effect. subsequently, the supreme court itself in the case of distributors (baroda) (p.) ltd. (supra) interpreted words in sub-section (1) ..... under chapter vi) and not with reference to gross amount of such dividends.6. a plain reading of section 80aa indicates that object of its insertion by the finance (no. 2) act, 1980 was to nullify the effect of the earlier decision of the supreme court in the case of cloth traders (p.) ltd. (supra) wherein it .....

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... course ended with asst. yr. 1990-91.50. thereafter, after a gap of seven years, the concept of minimum alternate tax was revived in section 115ja by the finance (no. 2) act, 1996 w.e.f. 1st april, 1997. this new provision of section 115ja was operative till the asst. yr. 2000-01. the deduction available to exporters under section ..... similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it very clear that the deduction under section 80hhc would be available in its entirety to an assessee even if the relief under section 80hhc is ..... (3a). the mat regime has been again amended to a new section 115jb from the asst. yr. 2001-02 onwards. this new provision has been introduced by the finance act, 2000. this section also retained the deduction available under section 80hhc under expln. (iv) provided under section 115jb(1). in the new explanation, the computation has to .....

Hercules Hoists Limited Acit Vs. Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... contemplates of at least one year preceding such a year. it may be relevant to reproduce the relevant part of the circular no.281 dated 22.09.1980 issued by the board on introduction of sec.80-i (by finance (no.2) act, 1980), which contained a like provision (to s. 80-ia(5)) in sec.80-i(6): deduction in respect of profits and ..... gains from industrial undertakings, etc., established after a certain date - new section 80-i [the finance (no.2) act, 1980] "19.4 the new "tax holiday" scheme differs from the existing scheme in the following respects, namely:- (i) ....................... (ii) ....................... (iii) in computing the quantum of "tax holiday" profits in all cases, taxable income derived from the new industrial units .....

Vasant J. Sheth (Huf) Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)8ITD157(Mum.)

..... or type.it may also perhaps not be out of place to mention that while in the case of the deduction under section 80m, section 80aa of the act was introduced by the finance (no. 2) act, 1980, with retrospective effect from 1-4-1968, in order to provide that only that income from dividend will be entitled to deduction under section 80m which ..... retrospective but comes into effect from 1-4-1981. the assessment year under appeal before us is 1977-78 and, therefore, the provisions of section 80ab, introduced by the finance (no. 2) act, 1980, with effect from 1-4-1981, will not apply to the assessment year under appeal before us. considering all this and the overall facts and circumstances, we have ..... on the gross amount of the income entitled to deductions under sections 80k and 80t. it was also pointed out by shri mehta that section 80ab of the act introduced by the finance (no. 2) act, 1980, with effect from 1-4-1981, laid down that any deduction required to be made under chapter via of the .....

Daga Containers (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT666(Mum.)

..... to that assessment year. the relevant observations of their lordships are extracted hereunder, for the sake of reference : "6. the finance act, 1972, in the first instance, inserted a new item of the enumeration of income in section 2(24) by inserting clause (ix) therein. it has made any winnings from lotteries, crossword puzzles, races including horse races, ..... be carried forward for more than four assessment years immediately succeeding the assessment year for which the loss was first computed.' the central board of direct taxes in circular no. 138, dated 17-6-1974, explained the scope of the said section in the following terms : '34. carry forward and set off of losses from horse ..... subsequent years up to a period four assessment years following the assessment year for which the loss is first computed. in a case where the taxpayer has no income by way of stake money in the relevant year, the whole of the revenue expenditure laid out or expended by him wholly and exclusively for the .....

Plastiblends India Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD295(Mum.)

..... gross total income for the purpose of section 80 ia. this view is further strengthened by the fact that explanation 5 has been inserted under section 32 by the finance act, 2001 w.e.f. 1.4.2002. this explanation provides that section 32 shall apply whether or not the assessee has claimed the deduction in respect of depreciation, ..... omission of section 34 w.e.f. 1.4.88.the itat observed that the position is altogether different after the omission of section 34 from the it act and thereafter there is no condition to furnish any information or details to be eligible to claim depreciation. it was held by the itat that after omission of section 34, deduction ..... of mcdowell & co. v. cto - 154 itr 148 applies. accordingly, the ao calculated and allowed depreciation of rs. 2,67,69,235/- with the result that the income from the industrial undertakings was reduced to nil and no deduction under section 80 ia was allowed.3. the assessee company went in appeal before the cit(a) and reiterated the .....

Godrej Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT417(Mum.)

..... 15)(iv)(c), if the transaction is approved by the central government. during the period from december 1995 to february 1997, approvals had been granted by the ministry of finance after the respective due dates for payment of tax deducted at source. in the meantime, on the respective due dates, the assessee paid withholding tax before remitting the ..... from the facts of the present case. the payment made by the assessee cannot be the payment on account of tax under the income tax act and there is no provision under the income tax act to make payment on account of interest on such payments. therefore, provisions of section 244a cannot be held as applicable on the facts of the ..... to the person responsible for deducting tax at source; (c) the tax deducted at source is found to be in excess of tax deductible for any other reason; (ii) the tax is deducted at source under section 195 and paid in one assessment year and remittance to the foreign collaborator is made and/or returned to the indian .....

Regency Exports (P) Ltd. Vs. Joint Cit Spl. Range 32

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT116(Mum.)

..... section 80-ia was added to the statute with effect from 1-4-1999. it was initially proposed to be made effective from 1-4-1990 as per finance (no. 2) bill introduced in the parliament but finally, it was made prospective by making it effective from 1-4-1999. thus, the intention of the legislation is clear ..... that extent shall not qualify for deduction under any other provisions of chapter via. the learned commissioner (appeals) then referred to memorandum explaining the provisions in finance (no. 2) bill, 1998 to the effect that this amendment intended to prevent the tax payers from taking advantage of existing provisions by claiming repeated deduction in respect of ..... (iv) whether deduction under both sections are permissible and whether section 80a would be operative on combined deductions.sub-section (9a) to section 80-ia introduced by finance act (no. 2) of 1998 with effect from 1-4-1999 reads as under: "9a. where any amount of profits and gains of the industrial undertaking or of a hotel .....

income-tax Officer Vs. Dharamsi Morarji Chemicals Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD256(Mum.)

..... in the case of distributors baroda (p.) ltd. (supra). consequently, it must be held that even prior to the amendments made by insertion of the explanation by the finance (no. 2) act, 1961, the relevant words in rule 1 referred to net income and not gross income. our attention was drawn to the circular of the board in which provisions of ..... amounts of income, profits and gains should be excluded under various clauses of rule 1. it was further submitted that whereas section 80aa of the 1961 act was inserted by the finance (no.2) act, 1980 with effect from 1-4-1968 in order to make provision to the effect that net income by way of dividends should be taken into account ..... for calculating deductions under section 80m of the 1961 act, similar provision in rule 1 of the first schedule of the act was made effective from 1-4-1981. .....