Judgment Search Results Home > Cases Phrase: institutes of technology amendment act 2002 section 4 amendment of section 4 Court: income tax appellate tribunal itat mumbai Page 1 of about 117 results (0.235 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... the scale of the 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 computation of income under ..... of the issue, it is pertinent to reproduce the relevant portions of the definition of the term 'accrual' as per as 1 issued by the institute of chartered accountants of india, section 5(1) of the it act, 1961 and as 1 notified by the central government under section 145 (2) as under: revenue and costs are accrued, that is recognized ..... para 6(b) of as 1 notified by the government which defines the accrual so as to have the same meaning as defined in as 1 issued by the institute of chartered accountants of india.6.9 it is crystal clear on bare perusal of "accrual" as given in accounting standards issued by icai and central government under section .....

Trustees of Watumull Foundation Vs. Assistant Director of Inspection

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)48ITD239(Mum.)

..... provisions in finance bill, 1992, the amendment is discussed under the tax provisions relating to charitable trusts and other institutions. relevant portion is reproduced here as under: under the existing provisions of section 13(1)(d) of the it act, exemption from income-tax provided to a charitable or religious trust institution will be forfeited if any funds of the ..... trust or institution are invested or deposited after 28-2-1983, otherwise than in any one or more of the ..... , 1992. relevant portion is reproduced here as under: clauses 5, 6 and 7 of section 13 of the it act relating to certain cases in which the exemption under section 11 is not admissible. sub-clause (i) seeks to amend clause (i) in the proviso to clause (d) of sub-section (1) of section 13 to provide .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... depreciation. this according to mr. patil, was the only change in the law w.e.f. 1st oct., 1996. thus, both before and after the amendment, the it act itself recognizes the claim for depreciation in respect of assets leased out under an slb transaction. it was, therefore, contended that slb transactions as such should not ..... plant and machinery sold by gujarat electricity board to m/s................. shall be taken on lease by gujarat electricity board from the lease finance company or financial institution for the use by gujarat electricity board in the generation and public distribution of electricity." (rest of the form omitted as considered not necessary).our attention ..... , another notification was issued granting exemption from sales-tax in respect of sale of plant and machinery by geb to any lease finance company or financial institution, if the authorized officer of the geb incorporates a declaration in the form appended to the notification in the bill or invoice issued by him in .....

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD749(Mum.)

..... scheduled banks. during the second tenure, the definition of "scheduled banks" was widened to include institutions like ifci, idbi, irci and icici. in the third tenure, the scope was further widened by amending the charging section 4 to include credit institutions and make them liable to tax.simultaneously, clause (5a) was added in section 2 to ..... " means interest on loans and advances made in india and includes : (c) interest on securities as defined in sub-section (28b) of section 2 of the it act......" 59. finally, we hold that interest on debentures, bonds and government securities is not chargeable to tax under the interest-tax act, 1974, and hence addition thereof ..... and are popularly known as securities. but their declaration as such do not change or damage the character of loans. sec, 40(a)(i) of the it act is referred wherein it is clarified that government, securities are loans issued for public subscription, thus, interest on government securities is held to be includible in .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... been argued on the last limb of the definition. the earlier definition specifically excluded interest chargeable under the head "interest on securities" under the it act. in the amended definition, this specific exclusion did not find place after the expression" but does not include..." hence, it was argued on behalf of the revenue ..... creditor relationship is created, but the transaction cannot be regarded as a loan. similar is the case of investment in debt instruments by the credit institutions.simply because a debtor-creditor relationship is created, it cannot be regarded as a loan transaction. considering the distinct characteristics of the debt instruments, ..... to a party. and because of these unique market-oriented characteristics of bonds, debentures and government securities, the major players of which are the credit institutions, legislature could never have intended to levy interest-tax on interest earned on these instruments. the intention is amply reflected in the speeches of the .....

Gtc Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... of the bombay high court in the case of manubhai a. sheth v. n.d. nngudkai ito that capital gains were not taxable under the it act as they constituted agricultural income. there were amendments to section 2(14) clarifying that revenue derived from land shall not include and shall be deemed never to have included any income from the transfer ..... the allowance 'in respect of any provision for bad and doubtful debts made' to an assessee unless the assessee was a scheduled bank, a bank or a public financial institution. the learned cit(a) has made a pointed reference to this aspect in para 6 of his order. he has observed: "....provision for bad and doubtful debts are ..... respect of 'any provision for bad and doubtful debts' was not made available to all the assessees but only to a scheduled bank, a bank and a public financial institution under section 36(1)(viia) as it stood then. the law itself, as it stood then, made a distinction between the classes of assessees in that it extended allowance .....

Dgp Windsor (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD641(Mum.)

..... the lessee in financial lease transactions, but directed that the accounting standard would have no implication on the allowance of depreciation on assets under the provisions of the it act. in view of the above circular, none of the conditions mentioned in the instruction no. 1978, dt. 31st dec., 1999, are found in the impugned ..... case of mcdowell & co. ltd. v.cto (1985) 154 itr 148 (sc). this circular also mentions that though the new accounting standard pronounced by the institute of chartered accountants of india makes distinction between operating lease and finance lease and also requires capitalisation of assets by the lessee in financial lease transaction, but directed that ..... the assessee the survey took place on 27th sept., 1997, and the transactions recorded in these two papers found are of the year 1996.hence, the said amendment, by way of insertion of the proviso, is not applicable to the facts of the case.8. the learned departmental representative, on the other hand, heavily .....

Joint Commissioner of Income Tax Vs. Citicrop Overseas Softwares Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)85TTJ(Mum.)87

..... out of sales realisation. in fact, it is only an accounting entry made in consequence to implementation of accounting standard no. 11 (as-11), issued by the institute of chartered accountants of india (icai). the cit(a) agreeing with the contention of the assessee that the exchange gain of rs. 25,15,728 does not represent ..... decision of tribunal, jaipur bench (supra), it is held that software does not have any degree of endurability and permanence due to change of system or change of technology. the disallowance on this score is deleted." 5. before us, the learned departmental representative relied on the order of the ao whereas the learned counsel for the ..... iv) the finance act, 1999, specifically provides to allow expenses on y2k software as revenue expenditure, which means that the same would not be allowable but for this amendment.3. before the cit(a), the assessee contended that it is engaged in the business of export out of india of computer software or its transmission from india .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... by the assessee under section 35(1)(ii) of the act for recognition as a scientific research institution received the assent of the central board of direct taxes on 6-4-1970. in 1977, department of science & technology (dst), the appropriate authority to monitor all scientific research activity and to grant recognition authority to ..... definition of 'scientific research' in section 43(4)(i) of the income-tax act, 1961, or the corresponding provision of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. 2. to organise, promote or establish and conduct a research centre in bombay, to ..... definition of 'scientific research' in section 43(4)(1) of the income-tax act, 1961, or the corresponding provisions of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause." the assessee was recognised as a scientific research initially by central board of direct taxes in .....

Assistant Director of Inspection Vs. Freny Siyavakhsh Anjirbaug and

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... automatic entitlement of exemption under the it act. reliance was placed upon the judgment of the allahabad high court in the case of cit vs. bhartiya khatri seva trust 65 taxman 54 and the rajasthan ..... 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 ..... institution is created or established for the benefit of any particular religious community or caste;" the words occurring in sub-s. (1) of s. 13, i.e., "nothing contained 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 .....