Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)267ITR52(Coch.)
..... further been clarified by the circular of the board (supra) while explaining the position with reference to the foreign banks in the context of the amendments made by the it (amendment) act, 1986. in particular, it has been explained that the foreign banks do not have rural branches in india and, therefore, they are not eligible ..... by the rural branches of the bank.this is further clarified by the following circular (no. 464, dt. 18th july, 1986) explaining certain amendments made to the clause by the it (amendment) act, 1986 : "modification in respect of deduction on provisions for bad and doubtful debts made by the banks. 5.1 under the existing provisions ..... advances made by the rural branches of indian banks, whichever is higher, should be modified. accordingly, by the amending act, the deduction presently available under clause (viia) of sub-section (1) of section 36 of the it act has been split into two separate provisions. one of these limits the deduction to an amount not exceeding 2 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2006)104TTJ(Coch.)434
..... 1987-88 is bad in law. the cit(a) ought to have found that as per the law as it stood before amendment w.e.f. 1st june, 2001, reassessment proceedings could have been validly initiated upto a period of ten years from the end ..... substance. as far as section 147 is concerned, there are certain mandatory conditions for reopening of assessment and no amendment has been brought in section 147 as far as period of limitation is concerned. when the assessments of the assessee are completed ..... representative is not helpful to the revenue, because notices under section 147 were issued beyond the mandatory time-limit prescribed under the act. hence, in our opinion, considering the facts and materials on record, the cit(a) is right in declaring all the assessment ..... it act. we have also considered circular no. 5 dt. 22nd may, 2003 issued by the cbdt. it is pertinent to note that the said circular is issued by the cbdt after introduction of rule 7a which is relevant to us in these appeals. the it (second amendment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1998)62TTJ(Coch.)344
..... cases where the assessee has no intention to fabricate any evidence and he includes in his return the income out of which such assets have been acquired. hence, by the amending act, it has been provided that if an assessee in such cases makes a statement during the course of the search admitting that the assets found at his premises or under ..... fiction of this new exp1n. 5 is correctly applied and in order to plug the loophole in the provisions of s. 271(l)(c) of the act, expln. 5 has been inserted by the taxation laws (amendment) act, 1984, w.e.f. 1st oct., 1984. he has also submitted that the assessee had failed to explain the source for the acquisition of assets ..... . he further submitted that as per s. 271(l)(c)(b) the existing expln. 5 to s. 271(l) of the it act, is that, "if at the time of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1998)67ITD334(Coch.)
..... inspecting asstt. commissioner to continue the proceedings pending before him on 31st march, 1976, by virtue of the deletion of sub-section (2) of section 274 of the it act by the taxation laws (amendment) act, 1975 w.e.f. april 1, 1976. the supreme court held that even after the omission of sub-section (2) of section 274 with effect from 1- ..... the jurisdiction to try the matter pending before him on the date of coming into force of the amending act-see cit v. smt. r. sharadamma [1996] 219 itr 671/85 taxman 679 (sc) at 675. in the case of smt. r.sharadamma (supra) the supreme court was ..... the case of manuiendra dutt v. purnendu prosad roy chowdhury air 1967 sc 1419 which was a case of deletion of section 29 of the calcutta thika tenancy act, 1949, by the amendment act of 1953. it was held by the supreme court that by virtue of the said deletion, the controller before whom the proceeding was pending was not deprived of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)47TTJ(Coch.)434
..... e.f. 1st april, 1989, and will, accordingly, apply in relation to the transactions entered into after this date. secs. 271d and 271e were inserted by the direct tax laws (amendment) act, 1987 w.e.f. 1st april, 1989 and the departmental circular no. 551, dt. 23rd jan., 1990, at para 16.6 explained the scope of the provisions in the ..... previous year relevant to the assts. yr. 1989-90 and subsequent years." further, in circular no. 551, dt. 23rd jan., 1990 [(1990 82 ctr (st) 325], the board explaining the amending act of 1987, raising the monetary ceiling from rs. 10,000 to rs. 20,000, the insertion of the words "or other person" after the word "firm" and the enlargement of ..... 10,000, rs. 10,000 to rs. 20,000 and rs. 10,000 to rs. 20,000 respectively. as per provisions of s. 1(2) of the direct tax laws (amendment) act, 1987, these changes have been made effective from 1st april, 1989.2. board has received a number of representations regarding the date of applicability of the above mentioned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)51TTJ(Coch.)18
..... government : (a) if the company has not provided for depreciation for any previous financial year or years which falls or fall after the commencement of the companies (amendment) act, 1960 (65 of 1960), it shall, before declaring or paying dividend for any financial year provide for such depreciation out of the profits of that financial year or ..... assessee-company on 15th march, 1990, which is delayed and considered non est.in view of the return filed, there is information to the effect that income assessable under the provisions of s. 115j of the act, has escaped assessment. i am, therefore, satisfied that for the reason stated above, this is a fit case for action ..... after the closing of the assessment as n.a as evidenced by the order sheet entry dt. 31st oct., 1989, would constitute information within the meaning of the predecessor s. 147(b) of the it act. at that point of time, when the notice was issued the time-limit for reopening the assessment even under the predecessor section had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1997)63ITD56(Coch.)
..... it was pointed out that notice under section 148 was issued on 1-3-1989 and so the provisions as existing prior to the amendment of section 147(a) by the direct tax laws (amendment) act, 1987 with effect from 1-4-1989 are applicable to the facts of this case. shri sarangan explained that under the provisions of section ..... over the years to which the same pertained." in giving effect to the finding of the tribunal, the assessing officer gets the jurisdiction under section 150(1) of the it act. section 150(1) overrides the provisions of section 149 prescribing the time-limit for issue of notice under section 148. section 150(1) provides that a notice under ..... accrual and the direction for spread-over of interest income in various previous years. the re-assessments were thus held to be valid under section 150(1) of the it act independent of section 149.aggrieved with the order of the cit(appeals) confirming the re-assessments, the assessee has filed these appeals before the tribunal.5. before us .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1999)69ITD7(Coch.)
..... on the part of the assessee to provide for adequate depreciation before the net profit was ascertained. prior to the companies (amendment) act, 1988, depreciation had been provided as per the rates prescribed in the it act from time to time in the diminishing balance method. but this year the assessee changed the method to claim depreciation on ..... yr. 1988-89 the method of charging depreciation was changed to straight line method in accordance with s.205(2)(b) of the companies act. it was pointed out that the companies (amendment) act, 1988, had prescribed the rates of depreciation on straight line method. shri satyanarayanan submitted that after the introduction of the companies ..... (amendment) act, it became obligatory for companies to charge depreciation on straight line method. when the assessee thus made provision for depreciation on straight line .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)43ITD464(Coch.)
..... did not provide for depreciation for double shift and triple shift working. to that extent, there has been understatement of depreciation in the past. the companies (amendment) act, 1988 has prescribed the rates of depreciation on straight line method not only for normal depreciation but also for double shift and triple shift working of the ..... set out the various items relating to the income and expenditure of the company arranged under the most convenient heads; and in particular, shall disclose the following information in respect of the period covered by the account:- (iv) the amount provided for depreciation, renewals or diminution in value of fixed assets. if such provision ..... research committee of the institute of chartered accountants of india. lastly, he submitted that a reference to the directors' report would show that the directors are informing the shareholders that the company had earned a net profit of rs. 1,436.30 lakhs and thus their understanding of the net profit was only in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2007)292ITR31(Coch.)
..... view to simplifying them and also to remove the discretion given to the assessing authority which had led to litigation and consequent delay in realization of the dues, the amendment act substituted the old provisions by a simple scheme of payment of mandatory interest for the defaults mentioned therein, [para 52]. the levy of interest under sections 234a, 234b ..... tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in ..... tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in .....
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