Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)105ITD629(Chennai)
..... cit(a) ought to have considered the carry forward unabsorbed depreciation of rs. 7,84,18,940/- as current depreciation in view of the amendments to section 32(2) as amended by finance (no. 2) act, 1996 and also in view of the board's circular no. 762 dated 18.2.1998 and that such depreciation was available for set off ..... 42a) of section 2, where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income-tax act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications: (1) where the full value of the consideration ..... , the id. ar submitted that the hon'ble finance minister has given an assurance in the parliament that new provision regarding set off of unabsorbed depreciation with this amendment would be of prospective nature and depreciation which has already been allowed upto 31.3.97 could be set off against any head of the income and in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)106ITD342(Chennai)
..... limitation under section 153(2). in this regard, the assessing officer, on commissioner of income tax (appeals)'s enquiry stated that section 153(2) was amended by the finance act 2001 and substituted for 2 years with effect from 01,06.2001. in this case, the notice under section 148 was issued and served on 07.11 ..... revenue nor assessee should be given a step-motherly treatment. hence, when the revenue can claim benefit of extension of time under limitation provisions by way of amendment, it is but equitable that restriction of time in limitation provisions should also be binding on the revenue.17. considering the aforesaid, we are of the opinion ..... time limit for completion of assessment was two years. i 8. however, the learned commissioner of income tax (appeals) on this question as to whether the amended provisions would apply to the present case or the original provision would apply placed reliance upon hon'ble jurisdictional high court decision in the case of chettinad corporation (p .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)105ITD623(Chennai)
..... that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under the act. the amendment takes effect from 1st april, 1962. 2. section 14a was introduced retrospectively in order to clarify and state position of law that any expenditure relatable to income ..... and effect of insertion of proviso to section 14a of the act by the finance act, 2002 w.e.f. 11th may, 2001 and the relevant circular reads as under: 23, amendment of section 14a23.1 through the finance act, 2001, a new section namely 14a was inserted in the it act retrospectively w.e.f. 1st april, 1962 to clarify the ..... made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, 2001. 23.3 this amendment takes effect retrospectively from 11th may, 2001, that is, the date on which the finance bill, 2001, received the assent of the president of india. (section 10 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)99ITD534(Chennai)
..... a likely appeal can be put, unless the change in law is made retrospectively by express or clear implication. in the present case in hand the amended provisions under section 249(4) of the act were amended w.e.f. 1st april, 1989 and these are not retrospective at all.to sum up, it can be easily said, that a right of appeal ..... is 1986-87 and the appeal before the cit(a) was filed on 8th may, 1989 and in this case the provisions of section 249(4)(a) of the act, as was before amendment, will apply. the learned counsel of the assessee also gave details of tax payments which reads as under:details of tax paymenttax on admitted income: for rs. 20 ..... assessment year involved in this appeal is 1986-87 and the return of income was filed on 31st march, 1987 and notice under section 143(2) of the act was issued much before the amendment under section 249(4) i.e. before 1st april, 1989. even the assessment was completed in this case on 30th march, 1989 and the appeal before the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)99ITD325(Chennai)
..... is whether the capital asset in question is goodwill of a business or a right to manufacture, produce or process any article or thing. this is because the amendment made by the finance act, 1997, in section 55(2) enlarging the scope of a capital asset is structured in such a manner that it is either "goodwill" or "a right to ..... be chargeable to tax under the head 'profits and gains of business and profession'. further, section 55(2)(6)(z) and section 55(2)(a) were also amended by the finance act with effect from 1-4-2003 to deem the cost of improvement and acquisition in relation to capital asset if right to carry on any business is nil. the ..... the transaction and find out the truth. for this purpose, the learned departmental representative relied on the judgment of hon'ble jurisdictional high court in the case of cit v.indian express newspaper (p.) ltd. [1999] 238 itr 70 104 taxman 578 (mad.) and submitted that the corporate veil of the company can be lifted for the purpose of ascertaining .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)99ITD310(Chennai)
..... of the central board of revenue. where an appeal was filed before the appellate assistant commissioner against an order of the income-tax officer under section 25a of the indian income-tax act but the signature and verification on the memorandum of appeal was made by an agent of the appellant and not by the appellant personally : held that the appeal filed ..... the mistake is brought to its notice by the assessee or the assessing officer.9. the above provision of the act very clearly states that the amendment in the order of the tribunal can be made if there is a mistake apparent from record and which is brought to the notice by the assessee or the ..... the applications filed by both the parties will apply to the appeals and this provision was brought on statute book as amended by the income-tax (appellate tribunal) (amendment) rules, 1991 with effect from 25-7-1991. in the old income-tax act, 1922, the word appearing "in like manner" in sub-section 2 of section 35 which does not appear in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)87ITD188(Chennai)
..... polished granites. the board's circular issued in this regard 195 itr 175 to 176 st. in the context of the amendment to section 80hhc may be referred to. the amendment was introduced in order to provide relief to the exporters of processed minerals and ores in view of the fact that significant ..... quartz will be eligible for relief, provided it is pulverized or micronised quartz. as per the opinion of a mining expert placed on record (hqp under indian bureau of mines), in the context of mineral processing pulverisation and micronisation are synonymous expressions - "according to ore dressing terminology, pulverization/micronisation is a process of ..... the circular no. 729 dated 1-11-1995 of the cbdt. the principles of ascertainment of intention of the law makers, updating construction of an ongoing act, purposive construction, interpretation not to upset or impair the purpose of enactment of the provisions, harmonious construction, liberal interpretation and resolve the ambiguity in favour of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)74ITD504(Mad.)
..... . yr. 1964-65, the proposition of law and the ratio laid down in that case is equally applicable to expln. 1 to s. 271(1)(c) inserted by taxation laws (amendment) act, 1975, w.e.f. 1st april, 1976.18. similarly, in the case of cit vs. k. mahim (1984) 149 itr 737 (ker), the original assessment of the assessee ..... of rebuttal is on the assessee. the rationale behind this view is that the basic facts are within the special knowledge of the assessee. sec. 106 of the indian evidence act, 1872, gives statutory recognition to this universally accepted rule of evidence. there is no discretion conferred on the ao as to whether he can invoke the explanation or ..... to be drawn. (2). the initial burden of rebuttal is on the assessee because the basic facts are within the special knowledge of the assessee. sec. 106 of the indian evidence act, 1872, gives statutory recognition to this universally accepted rule of evidence. (3). there is no discretion on the ao as to whether he can invoke the explanation or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)242ITR55(Mad.)
..... an assessee was less than 80% of the income assessed and the explanation was accepted. but as already stated the nature of the explanation inserted by taxation laws (amendment) act, 1975, w.e.f. 1-4-1976 is different from the earlier explanation which was operative upto assessment year 1975-76. under the newly substituted explanation applicable w ..... explanation to section 271(1)(c) which was applicable in the aforesaid case decided by the mumbai high court has been substituted by another explanation by taxation laws (amendment) act, 1975, w.e.f. 1-4-1976.this new explanation i applicable to the assessee's case now before the tribunal, is totally different from the nature ..... or disallowance in the assessment arising out of such facts shall be deemed to be concealed income. however, the proviso [which was omitted by taxation laws (amendment & misc. provisions) act, 1986 w.e.f. 10-9-1986] to the explanation 1 clarifies that if the explanation given by the assessee is bona fide and he is found .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1999)70ITD127(Mad.)
..... of finance act, 1961).10. when the indian it act, 1922 was substituted by the it act, 1961, s. 32 provided for development rebate as before on almost identical terms. sub-s. (5) enabled the government to discontinue the rebate which was done by a notification in 1971. it was revived by finance act, 1977, in some cases. direct taxes amendment act, 1974, gave ..... an initial depreciation instead by inserting cl. (vi) to s. 32(1). this was then replaced by s. 32a providing for investment allowance by finance act of 1976. the conditions prescribed were the same as for ..... beneficiaries. the question was whether the trust could come into existence even before the trust deed was executed. in the commentary of shri o. p. aggarawala on the indian trusts act, 1882 (1970) sixth edn., at p 223, the following is what is held : "where a transfer of property is made to a person in such .....
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