Judgment Search Results Home > Cases Phrase: information technology amendment act 2008 section 46 amendment of section 87 Court: income tax appellate tribunal itat mumbai Page 1 of about 111 results (0.329 seconds)

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... chargeable to tax.capital gains were subjected to the charge of income-tax for the first time in india by the income-tax and excess profits tax act (amendment) act, 1947, which inserted, inter alia, section 12b in the it act, 1922 from asst. yr. 1946-47. quite obviously, the provisions analogous to sections 45, 50 and 50b of the present ..... held to be not applicable on the facts of that case. the decision in electric control gear mfg. co. (supra) has thus proceeded on the basis that information was not available on record to show that the items were severable or the values to the individual items were assigned and hence doctrine of severalty of sales, as applied ..... . perusal of para 3.12 of the said report shows that there were internal projections indicating downward trend in the revenues in this segment of activity due to technology obsolescence. this again shows the desire of the assessee to close down this activity and also the absence of any desire on its part to enter into competition .....

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD73(Mum.)

..... business, profession or vocation and intends to continue his business, profession or vocation for the foreseeable future.6.7 section 145(1) of the it act, 1961 was amended w.e.f. 1st april, 1997 to require an assessee to maintain books of account either on cash or mercantile system of accounting for ..... (c) "consistency" refers to the assumption that accounting policies are consistent from one period to another; (d) "financial statements" means any statement to provide information about the financial position, performance and changes in the financial position of an assessee and includes balance sheet, p&l a/c and other statements and explanatory ..... made for all known liabilities and losses even though the. amount cannot be determined with certainly and represents only a best estimate in the light of available information. (ii) substance over form : the accounting treatment and presentation in financial statements of transactions and events should be governed by their substance and not merely .....

Gtc Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)1010

..... ao and confirmed by the cit(a) should be quashed and the appeal allowed. he also relied upon an unreported decision of the bangalore bench of the tribunal in wipro information technology ltd. v.dy. cjt, ita no. 651/bang/1994 [reported at (2004) 88 ttj (bang) 778ed.he has also filed a short note containing submissions as ..... 26th june, 1989 needed rectification.application filed by the department was dismissed by the tribunal on the ground that there was no apparent error on record as the amending act received the assent of the president nearly three months after the tribunal had passed the order. appeal against the order of the tribunal was dismissed by the hon' ..... any court. hence the tribunal was entitled to ignore the high court's decision in the reference. the decision, therefore, turns on the special provisions of the amending act.nevertheless, it is clear that a court cannot ignore the retrospective operation of a law which is in existence when it decides a matter.the hon'ble bombay high .....

Deputy Commissioner of Income Tax Vs. B.S.E.S. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113TTJ(Mum.)227

..... circular no. 549, dt. 31st oct., 1989 [(1990) 82 ctr (st) 1 : (1990) 182 itr (st) 1], which explains the provisions of the direct tax laws (amendment) act.in para 11 thereof it is stated that "these provisions, apart from being complicated, left certain gaps for which interest was not paid by the department to the assessee for ..... money remaining with the government.to remove this inequity as also to simplify the provisions in this regard, the amending act, 1987 has inserted new section 244a of the it act, 1961, applicable from the asst. yr. 1989-90 onwards which contains all the provisions for payment of interest by the department and delay ..... 1998 i.e. the date on which self-assessment tax was paid. section 244a of the act was inserted by the direct tax laws (amendment) act, 1989, which provides that where refund of any amount becomes due to an assessee under the act, the assessee shall be entitled to receive in addition to the said amount, simple interest at .....

Assistant Commissioner of Income Vs. Smt. Rasila S. Mehta and Smt.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD27(Mum.)

..... of income which is relevant. as a matter of fact, expln. 3 was inserted and appended to the main provision of section 271(1)(c) by taxation laws (amendment) act, 1975, to promulgate a deeming provision that non-filing of returns of income within the period during which the assessees could file the return of income by new assessees shall ..... of his income or furnished inaccurate particulars of such income for the purpose of provisions of section 271(1)(c). this single explanation was replaced by the taxation laws (amendment) act, 1975, w.e.f 1st april, 1976, and expln. 1 to expln. 4 were inserted. expln.5, with which we are concerned, has been inserted by the ..... were practical difficulties such as relevant datas having been lost by the computer on account of virus and want of all the relevant information at any rate, the legal position was that an assessee commits an act of concealment only when return of income is filed and not before that. as far as returns of income were concerned, there .....

Shakti Insulated Wires Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD56(Mum.)

..... bank ltd. (supra) the provisions of section 45(2) were not there, which were introduced w.e.f. 1st april, 1985, by taxation laws (amendment) act, 1984. the income was assessable under capital gains and provisions of section 71 specifically prohibits set off of income from capital gains against the business income. this ground ..... 1st april, 1994, and the encumbrances imposed upon those rights were only removed by various amendments brought out by various orders. these developmental rights constituted valuable capital asset within the meaning of section 2(14) of the it act. it is pertinent to mention that in the whole development agreement the assessee described itself ..... and the price at which it would have been acquired under the said act.13. on 4th may, 1993, the government passed an order and amended the industrial location policy of the government of maharashtra. this industrial location policy was amended in the wake of liberalised industrial policy announced by government of india, the .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... has no intent to allow any expenditure incurred in earning exempted income against the taxable income. the judgments relied on by the assessee relate to the pre-amendment period and were rendered following the judgment of supreme court in the case of ctt v. indian bank (supra) and rajasthan state warehousing corporation (supra), ..... do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no deduction shall ..... learned departmental representative has invited our attention to the object of introduction of section 14a with the submission that section 14a has been inserted by the finance act, 2001 with retrospective effect from the 1st day of april, 1962 to nullify the decision of the supreme court in the case of rajasthan state warehousing .....

income Tax Officer Vs. Anil H. Rastogi

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD193(Mum.)

..... year. in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987, has amended clause (vii) of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the ..... to the contrary. (3) that the ao is empowered to demand evidence in support of the claim of deduction. section 36(1)(vii) r/w section 36(2) as amended by the amendment act of 1987 has taken away the power of the ao to question the year of allowability of a deduction relating to a bad debt. the deduction permissible under section ..... year. in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987, has amended clause (vii) of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the .....

Assistant Director of Inspection Vs. Freny Siyavakhsh Anjirbaug and

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in s. 11" were introduced from 1st april, 1973. however, the trust in question, or with which we are concerned in these appeals, came into being much prior to the amendment to s. 13(1). therefore, the learned counsel for the assessee argued that cls. (a) and (b) of s. 13(1) do not apply to the facts of ..... basis of those decisions that simply because a benefit is conferred on a particular class or community does not disentitle the trust from exemption under s. 11 of the act. in the allahabad case, the trust was formed for assisting financially the marriages of girls belonging to khatri community, and in the rajasthan case the trust was formed ..... it was further submitted that since the assessee-trust had been registered with the charity commissioner, the ao could not deny the benefit of exemption under s. 11 of the it act. however, this contention was not accepted by the dy. cit(a). he held that mere grant of registration by the charity commissioner would not entitle the trust for automatic .....

Straptex (India) (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD320(Mum.)

..... the learned counsel for the assesses that the presumption under section 132(4a) is valid only for the purpose of section 132(5). section 132(5) is amended by the finance act, 1995, to provide that order under section 132(5) is required to be passed only in respect of search initiated before 1st july, 1995. therefore, ..... of learned departmental representative. before initiating penalty proceedings, the ao has to satisfy himself that the assessee has received loan/ deposit in violation of section 269ss. the information sought for by the ao was for satisfying himself whether there was acceptance of loan/deposit in violation of section 269ss.therefore, in our opinion, the penalty ..... march, 1994. the ao wrote letter, dt. 21st feb., 1994, during he course of assessment proceedings for asst. yr. 1991-92. in the said letter, the informed the assessee about the computer floppy found from shri niranjan shah and the statement given by him.' in the above context, the ao asked the assessee to explain "if .....