Judgment Search Results Home > Cases Phrase: taxation laws amendment act 2006 section 28 amendment of section 124 Court: income tax appellate tribunal itat mumbai Page 6 of about 181 results (0.187 seconds)

inspecting Assistant Vs. B.i.C.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)11ITD364(Mum.)

..... year to year. the decision of the calcutta high court in the case of prabhabati bansali (supra) is rendered in the context of the income-tax act prior to its amendment by the taxation laws (amendment) act, 1975, and it has, therefore, no relevance to the facts of the present case. here we are concerned with the calendar year 1978. we ..... find that the law on the subject has finally been laid down by the supreme court in the case of dewan daulat rai kapoor v. new delhi municipal ..... standard rent should be adopted even if not specifically determined. while on this ground, the learned counsel for the assessee referred to the fact that the income-tax act was amended with effect from 1-1-1978. in this connection, reference is made to the calcutta high court decision in the case of cit v. prabhabati bansali [1983 .....

income-tax Officer Vs. Anchor Lines Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)24ITD68(Mum.)

..... at the time of the appearance before the income-tax officer in connection with the hearing given under section 221, the assessee proved that tax had already been paid. by taxation law amendment act, 1975, an explanation has been added for the removal of doubt that an assessee shall not cease to be liable to any penalty merely by reason of the fact ..... submitted that in view of the supreme court decision in the case of state bank of travancore v. cit [1986] 158 itr 102 the circular cannot alter the position of law. he also relied upon the decision in the case of ito v. a.v. thomas & co. [1986] 160 itr 818 (ker.) wherein, it has been held that the ..... be deemed to have been withdrawn. the tribunal observed that a circular can be withdrawn either expressly or by implication. when a new statutory provision is inserted in the act, which is contrary to the directions given in a circular issued prior to the insertion of the said provision, the said circular in question must be deemed to have .....

Sesa Goa Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD209(Mum.)

..... assessee's contention was that the liabilities should be ignored while the i.t.o.was of the opinion that in view of the retrospective amendment made in section 80-j of the act by the taxation laws (amendment) act, 1980, the liability has to be considered in determining the capital employed. the i.t.o. therefore, deducted the amount of liabilities ..... from the value of the barges and granted deduction under section 80-j of the act accordingly.5. against the aforesaid action of the i.t ..... oars. 2. in kj. aiyer's judicial dictionary- 8th edition 1980 at page 879 the definition of "ship" as given in general clauses act is reiterated. 3. the oxford companion to law by david m. walker at page 1142 ships include every description of vessel used in navigation not propelled by oars. 4. webster's new world .....

Sbi Capital Markets Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)57ITD72(Mum.)

..... proviso to section 221(1), which we have already quoted in the preceding part of this order. that explanation has been inserted with effect from 1-10-1975, by the taxation laws amendment act, 1975. the case of sriram agarwal (supra) to which shri gupta referred dealt with the provisions of section 212(3a) of the income-tax ..... cease to be liable to any penalty under this subsection, merely by reason of the fact that before the levy of such penalty he has paid the tax.7. the amendment to which shri gupta referred is in second proviso to section 221(1). prior to its substitution with effect from 10-9-1986, the second proviso stood as under: provided ..... ). he explained that assessee's default was under the provisions of section 221, read with section 201(1), of the income-tax act. he pointed out that while the provisions of section 221 had been amended, there was no amendment in the provisions of section 201 and hence the assessee who was only deemed to have committed a default and had not in .....

Super Leasing Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... actually received that should form the basis for determining the annual value. in this context, he has also argued that w.e.f. 1st april, 1976, the section has been amended by taxation laws (amendment) act, 1975, and under the provisions of s. 23(1)(d) [sic 23(1)(a)], the annual rent received or receivable forms the basis for determining the annual value. in ..... of east india housing & land development trust ltd. vs. cit (1961) 42 itr 49 (sc) and rejected the claim of the assessee. he also observed that the various case law relied upon by the assessee before him did not support the assessee's contention because in all these cases the various assessees had taken the properties on lease and thereafter ..... ao under r. 46a of the it rules. 3. on the facts and in the circumstances of the case and in law, the learned cit(a) failed to appreciate that as per the provisions of s. 23 of the it act the alv is deemed to be the sum for which the property might reasonably be expected to let from year to year .....

Trustees of Tekchand Chandiram Vs. Fourth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)15ITD400(Mum.)

..... the assessment year 1977-78 when for the first time exemption under section 11 was denied to the assessee by invoking section 13(1)(bb) of the act enacted by the taxation laws (amendment) act, 1975. the denial came in the wake of certain additions to the trust property which, according to the income-tax authorities, brought the trust, within ..... and recognised as such by the charity commissioner and other authorities including the income-tax department, which granted exemption under section 11 from year to year. the law relating to the trusts clearly prohibits any alteration or modification of the nature and the objects of a trust from what the author of the trust intended and ..... where obviously assets used for business have been given out on lease and treated as such.section 56 of the act clearly provides for leasing out machinery, plant, etc. there is, therefore, nothing inconsistent in law in the owner of even a business asset dealing with it not as a businessman but as a mere owner.10 .....

income-tax Officer Vs. Metazinc (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)22ITD414(Mum.)

..... an assessment made by the income-tax officer based on the directions issued by the inspecting assistant commissioner under section 144a or 144b, held that the explanation inserted by the taxation laws (amendment) act, 1984 with effect from 1-4-1984 was not clarificatory and will, therefore, not be applicable to orders under section 263(1) prior to 1-10-1984. summing up, he ..... 1 of the first schedule to the companies (profits) surtax act, 1964 inserted by the finance act, 1981 with effect from 1-4-1981 was similar to section 80aa of the income-tax act, 1961 inserted by the finance (no. 2) act, 1980 and was merely clarificatory of what was always understood to be the law. proceeding further, shri subramanian submitted that the rules for .....

Ranbir Raj Kapoor Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)25ITD56(Mum.)

..... issued by the central board of direct taxes. one circular was dated 15-11-1976 and no. 208, explaining the provisionsof the taxation laws (amendment) act, 1975, which introduced section 69d of the income-tax act. it also explained the provisions of section 69d and referred to the history relating to the hundis and how they came into vogue ..... this recommendation that section 69d was enacted. the bench then traced the history, as to what a 'hundi' meant and referred to the commentary on negotiable instruments act (act xxvi of 1881), sixteenth edition by m.s. parthasarathy and also referred to the circulars issued by the central board of direct taxes no. 208 dated 15-11 ..... hundi, as explained by the board in the circular referred to in grahalakshmi & co.'s case (supra) and also by the statement of law given by m.s. parfchasarathy in the negotiable instruments act, sixteenth edition in appendix i cited above. to repeat, a hundi must, by custom, be transferable like cash by delivery.if it is .....

income-tax Officer Vs. Sabine Laboratories (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD300(Mum.)

..... determined in pursuance of a return filed under section 139 would be carried forward and set off under sub-section (1) of section 72, etc. this section was amended by the taxation laws (amendment) act, 1984 with effect from 1st april, 1985, to provide that such loss shall not be allowed to be carried forward and set off unless such loss was determined in ..... the loss determined in pursuance of a return filed under section 139, though not filed within time, could not be denied to be carried forward prior to the amendment in section 80 of the act, with effect from 1-4-1985. considering all the facts and circumstances of the case, we uphold the orders of the cit(a) for both the years ..... with no option but to file the returns on estimate basis. a return filed, he submitted, was a return in the eye of law and cannot be ignored except as provided under section 139(9) of the act. this section, according to him, requires a notice to be given by the ito to rectify the defect and only when the assessee .....

Mangilal J. Parmar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD323(Mum.)

..... -1-1983. such order, in our opinion, has been passed within the time available to the assessing officer under section 153(2). sub-section 153(2a)was inserted by the taxation laws (amendment) act, 1970, with effect from 1-4-1971 and as it stood at the relevant time read as follows: (2a) notwithstanding anything contained in sub-sections (1) and (2), ..... the said cit(a) gave the following reasons for cancelling the same: 1.5 in view of the aforegoing, i hold that the ito acted beyond jurisdiction. he flouted the statutory provisions of income-tax law in a number of ways. there were no proceedings of the aop before him either by the issue of notice under section 148 or by ..... ground was taken by the appellant to the effect that the order of the learned ito be vacated and set aside being bad in law and void ab initio, being barred by limitation prescribed under the it act. reliance was placed by the appellant on the provisions of section 153(3)(ii). it was argued that the time-limit under section .....