Judgment Search Results Home > Cases Phrase: finance no 2 act 2009 chapter iii direct taxes Sorted by: old Court: income tax appellate tribunal itat madras Page 1 of about 236 results (0.404 seconds)

income-tax Officer Vs. S. Viswanathan (Printers and

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)5ITD20(Mad.)

..... belliss & morcom (i) ltd. [1982] 136 itr 481. 11. it is also significant that section 80ab has been introduced by section 12 of the finance (no. 2) act, 1980 with effect from 1-4-1981. this section states that the deductions in respect of certain incomes in chapter via shall refer only to the net ..... computation of the tax liability. but the entire chapter via was substituted by section 33 of the finance (no. 2) act, 1967 and the finance minister stated : some time back government appointed shri s. bhoothalingam, formerly secretary, ministry of finance, as a one-man committee for recommending measures for simplifying and rationalising the existing structure of direct ..... also propose to make certain amendments in the income-tax act to counteract certain court decisions which have resulted in unintended benefit to taxpayers", there are no notes on clauses with reference to section 80ab obviously because it did not form part of the finance bill as introduced. however, in the memo explaining the .....

G.V.S. Raju Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD795(Mad.)

..... otherwise than for adequate consideration into the total income of the individual and agricultural lands constituted assets though not capital assets in terms of section 2(14)(iii) of the act and as per provisions of the finance act, 1979, agricultural income should be aggregated with the non-agricultural income for the purpose of levying tax on non-agricultural income. he further observed that ..... income-tax should be calculated in accordance with any central act, namely, the finance act passed every year.accordingly, he confirmed the assessment orders and dismissed the appeals.4. the learned counsel for the assessee reiterated the contentions urged on behalf of the assessee before the commissioner (appeals) and relied on the board circular no. 126, dated 28-11-1973, reproduced in [1974] 93 ..... can be placed on the cases of cit v. malayala manorama & co. ltd. [1983] 143 itr 29 (ker.) and cit v. o.m.s.s. sankaralinga nadar & co. [tax case no. 1263 (mad.) of 1979 decided on 7-12-1982.]

Premier Industrial Drives (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD800(Mad.)

..... (supra), directly support the department's stands though it was rendered in the context of relief under section 80j. it was further submitted that there is nothing in the finance minister's speech referred to and relied on in the tribunal's order [1967] 64 itr (st.) 101, cited on behalf of the assessee, to support the view ..... but it is pointed out that even according to cloth traders (p.) ltd.'s case (supra) there cannot be a deduction where there is no total income and the overriding effect of section 80a(2) of the act has been emphasised. it is argued that the decision of the supreme court in cambay electric supply industrial co. ltd. v. cit [1978] ..... premier industrial drives (p.) ltd., relating to its income-tax assessment for the year 1979-80. the assessee-company claimed relief under section 80hh of the income-tax act, 1961 ('the act'), in respect of its chain division, by way of deduction as provided therein in computing its income. in the assessment made by the ito it was found that .....

inspecting Assistant Vs. Donald William Rickard

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)26ITD434(Mad.)

..... this view is supported by legislative practice. for instance, the indian income-tax act, 1922 was extended and made applicable to the whole of india by virtue of amendments made by the finance act, 1950. the said finance act inserted section 2(14a) in the indian income-tax act, 1922 and defined taxable territories as, inter alia, including the whole of ..... such person. so the words "during such year" is relevant. in the present case the income arises in the financial year 1982-83. act no. 80 of 1976 extends income-tax act treating the economic zone as if it is territory of india from 1-4-1983. therefore, during the previous year relevant to the assessment year ..... all or any of the activities mentioned therein. according to the learned counsel, the word contained in section 3(1) in the act no. 80 of 1976 is "sovereignty" and the words contained in section 6(2) is "full and exclusive sovereign rights". the learned counsel pointed out that there is difference between these two. he submitted that .....

Smt. P. Soundarya Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)28ITD1a(Mad.)

..... 1986, which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 2690 of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes ..... legally binding on the revenue and this binding character attaches to the two circulars even if they be found not in accordance with the correct interpretation of sub-section (2) and they depart or deviate from such construction. it is now well settled as a result of two decisions of this court, one in navnit lal c. javeri ..... apparent consideration as stated in each of the instruments of transfer was rs. 1,20,000 and if both instruments were taken together, even then it was only rs. 2,40,000, which was much below rs. 5 lakhs. in the case of k.p. varghese v. ito [1981] 131 itr 597, the supreme court has clarified .....

S.i. Property Development (P.) Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)40ITD494(Mad.)

..... as deposit, as a trading receipt, the disallowance of interest of rs. 3,20,000 and the denial of deduction under section 80hhc of the income-tax act, 1961.2. the assessee is a company engaged in the construction and sale of residential flats and commercial units. in the previous year ended 31-3-1984, corresponding to ..... the other hand, it was contended on behalf of the revenue that since the deposit was received in connection with the project, it should be taken as a finance for the project, and therefore, the interest paid should be capitalized. we are unable to accept this contention of the revenue because the assessee was already engaged in ..... the business and the funds borrowed would naturally be the capital borrowed for the purpose of the business as such particularly when there is no stipulation in the agreement that the deposit received under the agreement should be capitalised only for that particular project. we find that the obligation of southern investments .....

Amber Electrical Conductors (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)43ITD313(Mad.)

..... it was not open to the assessing officer to make the impugned prima facie adjustments.9. finally shri gopal drew our attention to section 119(2)(c), recently inserted by the finance (no. 2) act, 1991, and contended that even according to the department, a hyper-technical view should not be taken in matters relating to any requirement contained ..... in any of the provisions of chapter iv of chapter vi-a of the act.10. in view of the foregoing, therefore, urged shri gopal, the ..... they are matters that require inquiry. it should, therefore, follow that they can be inquired into only after setting in motion the provisions of section 143(2) of the act. this will be particularly true in cases where the claim for deduction/relief is made by the assessee for the first time.20. as respects other conditions .....

Chettinad Agencies (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD243(Mad.)

..... referred to and relied upon by the assessee's representative "was issued prior to the introduction of section 80aa with retrospective effect from 1-4-1968 by the finance (no. 2) act, 1980. further, after such introduction of section 80aa with retrospective effect from 1-4-1968, the board had issued instructions bringing out the correct legal position ..... handing down by the supreme court of the ruling in the case of cloth traders (p.) ltd. (supra). parliament, by section 12 of the finance (no. 2) act, 1980, introduced in the income-tax act, 1961 section 80aa with retrospective effect from april 1, 1968 - the date when section 80m was originally enacted. in the case of distributors (barodaj ..... , which, as pointed out earlier, is the first step in the process of computing the assessee's total income. given the scheme of the act, there is no warrant to confuse the first step with the subsequent steps, namely the determination of the gross total income and the determination of the total income of .....

Late S. Ayyakannu by Lr Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... drafts, the double taxation avoidance agreement between india and singapore and s. 90(2) of the it act, 1961 come to the rescue of the assessee. sec. 90(2) of the it act, 1961 inserted by finance (no.2) act, 1991 with retrospective effect from 1st april, 1972, reads as under : (2) where the central government has entered into an agreement with the government of any ..... cit vs. hindustan paper corpn. ltd. (1994) 77 taxman 450 (cal) are to the same effect. sec. 9(2) was inserted by the finance (no. 2) act, 1991 with retrospective effect from 1st april, 1972. the s. 90(2) envisages a situation where the central govt. has entered into an agreement with the government of any country outside india under s ..... of the assessee is against the non-giving credit for the demand drafts sent from singapore. the details of these demand drafts are given in the paper-book no. ii filed by the assessee. the total amount comes to rs. 1,22,15,500. out of the same, rs. 63,15,500 represents the demand drafts .....

T.S. Kumarasamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1998)65ITD188(Chennai)

..... the commissioner of income-tax nor the assessing officer have understood in proper legal perspective the provisions of chapter xiv-b brought on the statute book by finance act, 1995. these provisions have been enacted for speedy completion of assessment in search cases where undisclosed income is found or detected as defined in section 158b(b ..... 1.68 crores cannot be sustained. the provisions of chapter xiv-b have been brought on the statute book by the finance act, 1995 for assessing udi of a person searched under section 132 of the act for the block period of 10 years.what is udi has been clearly stated and defined in sub-section (b) ..... no recovery of any material demonstrating undisclosed income for the block period. according to the assessee's counsel the assessment is vitiated and, therefore, liable to be quashed. (2) the addition of rs. 1.68 crores representing 50 per cent. of the creditors as on 17-10-1995 cannot constitute undisclosed income as defined in section 158b(b) of the act .....