Judgment Search Results Home > Cases Phrase: taxation laws amendment act 2007 section 9 omission of section 4 Court: income tax appellate tribunal itat cochin Page 3 of about 72 results (0.148 seconds)

CochIn Cottage Industries Vs. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195630ITR356(Coch.)

..... .4. the history of the exemptions in favour of co-operative societies till the amendment effected by the finance act of 1955, in pursuance of the recommendations of the taxation enquiry commission is briefly summarised in a. n. aiyars indian income-tax act, 1922, (1955 edition, page 12) as follows : "government had granted some exemptions to co ..... development of industries or improve the economic condition of members.(vii) to receive contributions any carry out the objects of such contributions." a bare reading of the bye-law will show that it is impossible to accept the contention. clauses (i) to (vii) are controlled by the words : "for the purpose of attaining these objects ..... exceptions to the exemption granted by clause(iv) of paragraph 15 of the part b states (taxation concessions) order, 1950.13. it is true that the income-tax act is not restricted in its application to the profits of lawful business and that elements of illegality will not ensure an avoidance of the tax. as stated by .....

Wealth Tax Officer Vs. Banerji Memorial Club

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)83ITD1(Coch.)

..... excluded from the purview of that section which provides for taxation of aop at the maximum marginal rate. as a measure of rationalisation, the finance act has excluded societies registered under the societies registration act, 1860 from the purview of section 21aa of the wt act, 1957. 31.2 this amendment will come into force w.e.f. 1st april, ..... club.10. we may also mention that section 21aa has been amended by finance act, 1989, w.e.f. 1st april, 1989, by making the section not applicable to a "society registered under the societies registration act, 1860 (21 of 1860), or under any law corresponding to that act in force in any part of india". the relevant portion ..... the character of a club." the jurisdictional high court observed that a club, therefore, is a voluntary aop joining together in accordance with the rules and bye-laws of the club for enjoyment of one another's company and other facilities or for some other purposes. in other words, from these remarks of the jurisdictional high .....

Mrs. Catherine Thomas Vs. the Dy. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)111ITD132(Coch.)

..... case of sakuru v. tanoji air 1985 sc 1279, submitted that it was held by the hon'ble supreme court that in the absence of clear words indicating that the amending act is declaratory, it would not be so construed. making a reference to. the decision of the jurisdictional high court in the case of cit v. s.r. pattom 193 ..... and in our opinion, sub-section (5) of section 45 is relevant on the issue. sub-section (5) in section 45 was inserted by the finance act, 1987 to provide for taxation of the additional compensation in 'the 'year of receipt in stead of the year of transfer of the said capital asset. it was further provided that the additional ..... of the unending litigation between the assessees and the government. the ld. dr vehemently submitted that the hon'ble special bench of the itat has considered the entire case law on this issue whether the enhanced compensation is to be assessed on receipt basis or whether the assessment of the enhanced compensation should be deferred to the year in .....

Deputy Commissioner of Income Tax Vs. C.P. Lonappan and Sons

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)75ITD301(Coch.)

..... or consideration is first received. cbdt circular no. 621 dated 19-12-1991 providing the explanatory notes on the provisions of the finance (no. 2) act, 1991 deals with the amendment in clause (a) of section 45(5) as under: "streamlining the provisions relating to exemption for roll-over of capital gains.23. capital gains ..... investment in specified assets.23.2 section 45 of the income tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is first received. ..... assets, at times there is a considerable gap between the dates of acquisition and payment of compensation.the result is that the existing provisions of capital gains taxation operate harshly inasmuch as the affected persons are unable to avail of the exemption for roll-over of capital gains, within the specified time period, through .....

Deputy Commissioner of Vs. C. P. Lonappan and Sons.

Court : Income Tax Appellate Tribunal ITAT Cochin

..... or consideration is first received. cbdt circular no. 621 dt. 19th december, 1991 providing the explanatory notes on the provisions of the finance (no. 2) act, 1991 deals with the amendment in cl. (a) of s. 45(5) as under : "streamlining the provisions relating to exemption for roll-over of capital gains. 23. capital gains ..... investment in specified assets. 23.2. sec. 45 of the it act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is first received. ..... assets, at times there is a considerable gap between the dates of acquisition and payment of compensation. the result is that the existing provisions of capital gains taxation operate harshly inasmuch as the affected persons are unable to avail of the exemption for roll-over of capital gains, within the specified time period, through .....

Apollo Tyres Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)43ITD464(Coch.)

..... did not provide for depreciation for double shift and triple shift working. to that extent, there has been understatement of depreciation in the past. the companies (amendment) act, 1988 has prescribed the rates of depreciation on straight line method not only for normal depreciation but also for double shift and triple shift working of the ..... sum, which can only be achieved by adjusting all profits as against all losses. moreover, such an option would contradict the entire scheme of the capital gains taxation which is separately provided for in sections 71 and 74. the expression, hence "shall be entitled" occurring (formerly at three places) in section 70 would have ..... assessing officer was justified in setting off of brought forward depreciation against dividend income. (b) that the learned commissioner of income-tax (appeals) erred in law and on the facts and in the circumstances of the case in confirming the action of the assessing officer is not assessing the income from 'other sources' .....

inspecting Assistant Vs. Ranka Construction (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1995)52ITD122(Coch.)

..... as per head notes) as follows: the substitution of an existing provision by a new provision does not attract section 6 of the general clauses act, 1897. when an amending act states that an old provision has been substituted by a new provision, the inference is that the legislature intended that the substituted provision should be ..... follows: the position is that though all statutes including the statute in question should be equitably interpreted, there is no place for equity as such in taxation laws. the concept of reality in implementing a fiscal provision is relevant and the legislature in this case has not significantly used the expression owner' but used the ..... .); sri k.r. prasad, the learned counsel for the assessee contended that the finance act, 1987, has amended section 27 of the it act, 1961 and the finance minister in his budget speech to the parliament at para. 77 had stated that the amendment proposed was only clarificatory in nature in cit v. mussadilal ram bharose [1987] 165 .....

The Income-tax Officer Vs. Shri T.G. Veeraraghavan

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)108ITD288(Coch.)

..... in the hands of the co-owners has been brought in the statute book only with effect from the assessment year 1997-98. in other words, the amendment has been brought into the statute with prospective but not retrospective effect. in these facts and circumstances i find that the lessee has issued certificate for tax deducted ..... assessing officer to grant interest also on the refundable tax deducted at source to which the appellate had not been granted credit, as per the provisions of the law. now the revenue is on appeal before the tribunal with the ground of appeal extracted as above.5. at the time of hearing the learned departmental representative ..... . however, the assessing officer was of the view that it was to be seen that the principles of taxation relating to income chargeable to tax during an assessment year has been discussed in various provisions of the income-tax act, 1961, and that the provisions relating to tax deducted at source mentions income, receipt or payment relevant to .....

Mrs. Catherine Thomas Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)116TTJ(Coch.)797

..... in the case of sakuru v. tanoji , submitted that it was held by the hon'ble supreme court that in the absence of clear words indicating that the amending act is declaratory, it would not be so construed. making a reference to the decision of the jurisdictional high court in the cases of cit v. s.r. patton ..... our opinion, sub-section (5) of section 45 is relevant on the issue. sub-section (5) in section 45 was inserted by the finance act, 1987 to provide for taxation of the additional compensation in the year of receipt instead of the year of transfer of the said capital asset.it was further provided that the additional ..... unending litigation between the assessees and the government. the learned departmental representative vehemently submitted that the hon'ble special bench of the tribunal has considered the entire case law on this issue, whether the enhanced compensation is to be assessed on receipt basis or whether the assessment of the enhanced compensation should be deferred to the year .....

Pioneer Motors Ltd. Vs. Commissioner of Income-tax.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195630ITR73(Coch.)

..... . the income derived from a notional distribution can also be only national or artificial. the word "income" is a word of wide import and the taxation of an income that the law deems to have been derived is not unwarranted either in the light of legislative practice or of judicial interpretation.in navinchandra mafatlal, bombay v. commissioner of ..... be deemed to be income and taxed upon that footing." 15. section 23a of the indian income-tax act, 1922, has been completely recast by the finance act of 1955. it is with the section as it stood before the amendment that we are concerned in this case. subsection (1) as it stood then, omitting the provisos and ..... stated. the assessee, the pioneer motors limited, is a private limited company with two shareholders which was incorporated in november, 1946 (1122 m.e.), under the travancore companies act (ix of 1124). the accounts of the year 1122 were laid before the company in general meeting on 22nd july, 1949, of 1123 on 22nd september, 1950, of .....