Judgment Search Results Home > Cases Phrase: information technology amendment act 2008 section 46 amendment of section 87 Page 94 of about 18,884 results (0.356 seconds)

Gujarat Fluoro Chemicals Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... -97 and expln. (ba) appended to section 80hhc by the finance (no. 2) act, 1991, would be applicable whereas in chlonde india ltd. relied upon by the learned counsel, the assessment year involved being 1986-87, the amended explanation contained in clause (ba) would not be applicable.the learned counsel for the assessee ..... authorities are clearly treated as integral part of business receipts and business expenditure by the legislature for the purposes of computing business income under the it act. relying on this ground, the learned departmental representative argued that there is absolutely no justification for excluding such receipts from the figure of total ..... turnover while computing deduction under section 80hhc of the it act.6. we have carefully considered the rival submissions and perused the various decisions cited by the learned representatives on both sides.in our opinion, the .....

Gujarat Alkalies and Chemicals Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)82ITD135(Ahd.)

..... the learned counsel for the assessee referred to expln. 4 to section 32(1) of the it act which has been inserted w.e.f. 1st april, 1999, whereby the expression "know-how" has been defined as any industrial information or technique likely to assist in the manufacture or processing of goods. technical know-how along with ..... of capital expenditure or revenue expenditure would depend upon several factors whether the assessee obtained completely a new plant with a complete new process and completely new technology for manufacture of the product or the payment was made for the technical know-how which was intended for the betterment of the product in question ..... decisions were contrary to the legislative intent. hence, in order to enable the government to collect the tax legitimately due to it for the earlier years, a clarificatory amendment to this provision has been made retrospectively from 1st april, 1974, and will, accordingly, apply in relation to the asst. yr. 1974-75 and subsequent years .....

Biru Mal Pyare Lal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... the assessment. he also filed a copy of ao's letter dt. 18th jan., 1990, addressed to the assessee. wherein he had, inter alia, called for information on several points, during the course of assessment proceedings. shri sharma specifically drew our attention to item no. vi, where the ao had mentioned that as per seized ..... making fresh assessment is called for only in cases where there is something totally or basically wrong with the assessment which is not capable of being remedied by amendment to the assessment order itself. he, therefore, submitted that setting aside the assessment by the cit was not proper and in accordance with the provisions of law ..... establish the identity of the creditors, creditworthiness of the creditors and genuineness of the transactions.failure to do so results in addition under section 68 of the act. now, in this case the ao has merely accepted the credits on the basis of confirmations filed without making any further inquiry to ascertain the creditworthiness of .....

Western Agencies (Madras) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)86ITD462(Mad.)

..... by necessary implication, all the ancillary and incidental powers which are necessary to make the exercise of the substantive power fully effective. the parliament which amended the it act in the year 1970 must be presumed to have knowledge about the decision of the supreme court with reference to the powers of the tribunal under section ..... such appropriate orders in the facts and circumstances of each case to maintain judicial balance between the parties and therefore the powers under section 254 of the act would include power to grant stay which is incidental and ancillary to the appellate jurisdiction. while exercising the powers to grant stay, this tribunal would be ..... the judgment relied upon by the learned departmental representative is not applicable to the facts and circumstances of this case. we have also considered the taxation law act as relied upon by the departmental representative from same text book and in our considered view this would also not help the revenue. in this case, .....

Bombay Burmah Trading Corpn. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD531(Mum.)

..... (india) ltd. (supra), assessee had incurred expenditure to obtain the benefit of r&d made by a foreign company.technical information given to the assessee was "non-exclusive" and "non-transferable". in other words, it was not an out and out sale ..... such other technical documents. bombay high court allowed deduction as revenue expenditure on the ground that state-of-the art technology of modern times is neither permanent nor enduring. the same principle would apply to the facts of the case before ..... entered into an agreement with bombay dyeing whereby the former leased out the boiler to the latter.considering the date of amending the memorandum (23rd march, 1984), ao inferred that two closely connected companies has tried to help each other and profits ..... would be assessable as income from other sources in which case depreciation would automatically follow as per section 58 of the it act, 1961 (the act). for this proposition, decision in cit v. katihar jute mills (p) ltd (1979) 116 itr 781 (cal .....

Subhash Chand Agarwal Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Agra

..... of which he is the proprietor. the return of income for all the years was accepted by the ao under section 143(1) of the act. however, subsequent to assessment order, information was received by the ao to the effect that there was difference in the sales turnover declared before the st authorities as well as assessed by ..... believe that any income chargeable to tax, has escaped assessment, he will assess or reassess such income. the provision of section 147 of the act has been amended w.e.f. 1st april, 1989. prior to the amendment, section 147 consisted of two clauses, namely (a) and (b). but w.e.f. 1st april 1989, these two clauses have ..... if the reopening of an assessment takes place by issue of notice on 1st april, 1989 or afterwards though relatable to the earlier assessment years, the amended provisions will apply. under the amendment provisions, if the ao has reason to believe that any income chargeable to tax, has escaped assessment, he will proceed to assess or reassess such income .....

Canara Bank Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2003)84ITD310(Bang.)

..... . yrs.1991-92 and 1992-93 i.e., subsequent to the removal of chapter on taxation of 'interest on securities' and simultaneous amendments in section 145 w.e.f. asst. yr. 1989-90. on the other hand, the learned departmental representative argued that after the ..... assessee the position will not change, whether it was taxed as per the earlier provision of interest on securities or by subsequent amendment whereby such income is taxed under the head 'profits and gains of business1. he also relied upon the karnataka high court's ..... in reply, the learned counsel for the assessee also argued that though there is amendment in the provision relating to taxation of interest on securities, yet section 5 of the act is not amended. what is not an income as per section 5 cannot be said to have ..... statute book. it was therefore, argued that the decision of the karnataka high court does not apply after the amendment in the act w.e.f. asst. yr. 1989-90. dr. krishnan further argued that the interest for the broken .....

Deputy Commissioner of Income Tax Vs. Reliance Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD209(Mum.)

..... or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force." he further submitted that section 195 of the act was amended by the finance act, 1987, to provide for deduction of tax at source on payment of certain sums to non-residents either at the time of credit of the ..... relations.22. in the case of carborandum co. v. cit (supra), relied upon by the learned departmental representative, this was a case where the technical information was furnished and the question arose as to whether this could be said to arise any business connection in india, the court held that mere supply could not ..... such, orders/instructions/ directions of the board. accordingly, the above two circulars do constitute an order/instruction or direction as contemplated in section 119 of the act.34. as regards the learned departmental representative's contention that the contents of the circular must be limited to government departments and the public sector undertakings and autonomous .....

NagIn Das M. Goradia Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)151

..... the words "and such other materials or information available with the ao". before the amendment, the computation could be done on the basis of evidence found as a result of search and other materials available with the ao. it means ..... basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the ao." 23. by virtue of the said amendment, inter alia, the words "and relatable to such evidence" have been added in the section after and in conjunction with ..... as a result of search and other materials or information available with the ao and relatable to such evidence. this is as provided under the amended provisions of section 158bb(1), such amendment having been made applicable retrospectively w.e.f. 1st july, 1995, by the finance act, 2002. before the said amendment, section 158bb(1) read: "158bb(1)-- .....

ici India Ltd. Vs. Dcit, Sr-15

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)90ITD258(Kol.)

..... shall be deemed to have been wrongly allowed, and the assessing officer may, notwithstanding anything contained in this act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment." if an assessee is found to have contravened the condition of retaining the ownership and user of the eligible ..... shall be deemed to have been wrongly allowed, and the assessing officer may, notwithstanding anything contained in this act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of ..... (appeal) has erred in concluding that interest is leviable under section 155 of the it act for recall of investment allowance claim granted to the company in the earlier years." "(4) the appellant craves leave to alter, modify or otherwise amend the ground of appeal hereinbefore stated should it become necessary." 4. as evident from .....