Judgment Search Results Home > Cases Phrase: information technology amendment act 2008 section 46 amendment of section 87 Page 10 of about 18,884 results (0.306 seconds)

Dr. Indra Chand JaIn Vs. Deputy Commissioner of Income-tax. (Dy. Cit V ...

Court : Delhi

Reported in : (1997)59TTJ(Del)699

..... intent to give retrospective effect to it can be concluded.3.1 to meet the arguments of the learned counsel with reference to integrated scheme of amendments made by direct tax laws (amendments) act, 1987, the learned departmental representative referred to provisions of s. 143 (1a) whereby provisions were made for levy of additional tax and he ..... of verification of certain documents is difficult to appreciate. we feel that reassessment proceedings under s. 147 could not have been initiated for the purpose of verification of information available with the authorities and thus the same are not valid in law. this view is supported by the decisions in the case of cst vs. modi industries ..... , but if it is a case where the reopening is sought to be in consequence of information in his possession or even otherwise which leads to a reasonable belief that there has been an escapement and if that information is not the product of a change in his mood but is attributable to concrete material noticed .....

The Commissioner of Income-tax. Vs. Shri Bharat R. RuiA.

Court : Mumbai

..... arise in the ordinary course of his business as such member;shall not be deemed to be a speculative transaction; " 22) section 43(5) has been amended by finance act, 2005 with effect from 1/4/2006 by inserting clause (d) and explanation as follows:- " definitions of certain terms relevant to income from profits and gains ..... for all the assessment years prior to 2006-07. he submits that the insertion of clause (d) is intended to remedy a clearly unintended consequence and an amendment brought about to remedy the possible unintended consequence has to be treated as retrospective. in support of the above proposition, reliance is placed on the decision of ..... inserted. screen based trading was introduced on the bombay stock exchange in the year 1995 and in the national stock exchange since its inception prior to 2005 amendment. derivative trading from inception in the year, 2000 has been screen based only. therefore, the insertion of clause (d) is clarificatory and curative in nature since .....

Gulamrasul M. Pathan Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)57ITD129(Ahd.)

..... books of accounts and assets from other government departments contained in section 132a are clearly different and distinct in nature. prior to insertion of section 132a by the taxation laws (amendment) act, 1975, it was held by various courts that the money, etc. sought to be seized must have been in the possession of the person who had committed a default ..... it was further indicated that the amnesty scheme is not applicable for assessment year 1987-88 and onwards. the chief commissioner of income-tax vide letter dated 29-2-1987 informed the assessee that out of the seized amount of rs. 12,13,850, an amount of rs. 5,98,952 has been adjusted on 12-2-1987 against the ..... income-tax officer, ahmedabad in response to some queries raised by the ito vide his letter dated 7-8-1986. the income-tax officer vide letter dated 12-9-1986 informed the assessee with reference to his application dated 26-6-1986 submitted to the cit that his case does not fall in the amnesty scheme and the return will have .....

Pearl Agencies Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)61ITD511(Delhi)

..... provisions of s. 8ohhc, as were in force in those years.13.5 the provisions of s. 36(1) as it existed prior to its amendment made by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989, stood as under : "in making any deduction for a bad debt or part thereof the following provisions shall ..... was entitled to grant of deduction under s. 8ohhc if it, inter alia, proves that the export proceeds were receivable in convertible foreign exchange. the law was subsequently amended with which we are not concerned. the words "receivable" used in s. 8ohhc(2)(a) was substituted by the words "received in or brought into india" by the ..... the assessee should be receivable by the assessee in convertible foreign exchange. the expression 'receivable' was substituted by the words 'received in, or brought into india' by the finance act, 1990, w.e.f. 1st april, 1991. the assessee got deduction under s. 8ohhc in the relevant years when the export sales were made in accordance with the .....

SkIn Institute and Public Services Vs. Assistant Director of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)65ITD125(Delhi)

..... in this connection reference may be made to circular no.45, dt. 2nd september, 1970, which contains the explanatory notes on the provisions of the taxation laws (amendment) act, 1970, which clarifies the position that hospitals and other institutions which exist solely for philanthropic purposes and not for purposes of profit will be totally exempt from tax, ..... to the community at large, there is no reason to reject the claim of exemption under s. 10(22a)/11 of the it act. the learned assessee's counsel very vehemently argued that the information regarding the activities of the trust is given in pp. 48 to 62 of the paper-book, wherein it was pointed out ..... has been registered as a charitable trust under the societies registration act, and orders were passed granting exemption from time to time, which is on record from pp. 34 to 47. the learned assessee's counsel also pointed out that the asstt. director of it (exemption) was informed vide letters dt. 29th september, 1994, and 14th november, .....

Capt. Harminder Singh Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1997)62ITD78(Delhi)

..... of any provision were possible, the interpretation beneficial to the assessee must prevail.3.1. the learned cit(a) considered the submissions and observed that the amendment made by the direct tax laws (amendment) act, 1987, w.e.f.1st april, 1989, ushered in complete change in the scenario of such special allowances as laid down in s. 10(14) ..... 23rd march, 1995, [published at (1995) 213 itr 1 (st)]. in para 3 of the said circular it has been clarified that consequent to the amendment of s. 10(14) by the direct taxes laws (amendment) act, 1987 (w.e.f. 1st april, 1989), all circulars, instructions and clarifications issued by the board regarding s. 10(14) upto 31st march, 1989, ..... is no basic change in the provisions of s. 10(14) as they stood before 1st april, 1989, and as they have been amended w.e.f. 1st april, 1989, by the direct tax laws (amendment) act, 1987. he has also emphasised that the view taken by the cbdt in its earlier instructions/circulars is still valid even with reference .....

Assistant Commissioner of Income Vs. Mrs. K. Vasantha

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 .....

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 .....

Farrukhabad Investment (i) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD230(Delhi)

..... in the case of manohar lal v. dy. cit (1995) 83 taxman 255 (jp)(mag). it may be mentioned that the legislature amended the provisions of section 275 through section 50 of taxation law (amendment) act, 1970 (42 of 1970), newly prescribing a limitation period for imposition of penalty. the change in law has been elaborately explained in the ..... taxpayers, the wanchoo committee recommended that in order to remove hardship, the penalty under section 271(1)(c) should be relatable to the tax payable.the act was, therefore, amended and subsequently the penalty under section 271(1)(c) became relatable to the tax payable. it was stated that the penalty was for the purpose of bending ..... under section 271d/271e could be initiated independent of the assessment order. the cit(a) also noted that even if the ca of the assessee did not inform the assessee that the acceptance of loans/deposits in cash beyond limit and refund the deposits in cash beyond limit was violative of the provisions of section 269ss/ .....

Deputy Commissioner of Income Tax Vs. Oriental General Insurance Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)92TTJ(Delhi)300

..... us, the authorised representative of the assessee pointed out that the provisions of section 43b have been incorporated in rule 5(a) of the first schedule to it act, 1961, by direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989. he, therefore, argued that no disallowance under section 43b can be made prior to asst. yr. 1989 ..... no statutory basis : "to enable the general insurance corporation and its subsidiaries to play more active role in capital markets for the benefit of policyholders, the finance act has amended sub-rule (b) of rule 5 of the first schedule to provide for exemption of the profits earned by them on the sale of investment. as a corollary ..... the realisation of the investment shall not be allowed as a deduction in computing the profits chargeable to tax." 17. the learned counsel argued that the finance act, 1988, had not amended sub-rule (b), but omitted it. as a result, no exemption was provided in respect of the profits earned on the sale of investment.the .....