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Commissioner of Income-tax, Faridabad Vs. Ghanshyam (Huf)

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(47), 45, 45(1), 45(5), 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G, 54H, 154, 155(7A), 155(16), 260A and 269UA; Transfer of Property Act, 1882 - Sections 53A; Finance Act, 1987; Land Acquisition Act, 1894 - Sections 4, 4(1), 6, 18, 23, 23(1), 23(1A), 23(2), 28 and 34; Finance Act, 1991; Land Acquisition (Amendment) Act, 1984 - Sections 23(1A); Income Tax Act, 1922; Finance Act, 2003 - Sections 45(5) and 155(16)

Reported in : (2009)224CTR(SC)522; [2009]315ITR1(SC); JT2009(9)SC445; 2009(9)SCALE657; (2009)8SCC412; [2009]182TAXMAN368(SC); 2009(6)LC2930(SC)

what we have stated hereinabove is reinforced by the newly inserted Clause (c) in Section 45(5) by the Finance Act, 2003 w.e.f.1.4.2004. This newly added clause envisages a situation where in the assessment for any year,--the capital gain arising … tax under the head 'Capital gains', of such other person.(emphasis supplied by us)13. We also quote hereinbelow Section 155(16) of the 1961 Act after 1.4.2004 which reads as under:PROCEDURE FOR ASSESSMENT155. Other amendments(16) Where in the assessment

The Dy. Commissioner of Vs. Shri Bhim Singh Lather

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Land Acquisition

Reported in : (2006)282ITR151(Delhi)

to above were all before the introduction of Clause (c) Which was with effect from 1-4-2004 added by Finance Act, 2003, Explanatory notes where of are reported in 263 ITR 62 (St.) Circular No. 7 dated 5-9-2003 at page … place. To provide for rectification of assessment of the year in which the capital gain was originally assessed, Section 155(7A) was introduced. The additional compensation is awarded in several stages by different appellate authorities and necessitates rectification of

Chandi Ram and ors. Vs. Commissioner of Income Tax

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2008)217CTR(P& H)113; [2009]312ITR139(P& H)

45(5) of the Act and Sub-section (16) of Section 155 of the Act, which were inserted by the Finance Act, 2003 w.e.f. 1st April, 2004, was considered. However, both these provisions have been taken into consideration by the learned

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2006)104TTJ(Delhi)989

care of by insertion of Clause (c) to Sub-section (5). The said clause no doubt was inserted by Finance Act, 2003 w.e.f. 1st April, 2004, but it has to be taken to be declaratory in character. In a given … challenging the compensation awarded by the Land Acquisition Officer. In order to remedy the difficulties, Sub-section (7A) of Section 155 was introduced and amended several times. The learned Departmental Representative in this connection referred to Circular of CBDT

Mrs. Catherine Thomas Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

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

(c) to Sub-section (5) was, therefore, inserted to take care of the situation. It was inserted by the Finance Act, 2003 w.e.f. 1st April, 2004. The learned senior counsel pointed out that the Explanatory Memorandum accompanying the Finance Bill, … consideration received was taxed, shall be computed accordingly. It is proposed to insert a new Sub-section (16) in Section 155 to provide that the AO shall amend the order of assessment to revise the computation of the said

The Commissioner of Income Tax And#8211; 10 Vs. M/S. Indian Oil Corpor ...

Court : Mumbai

Subject : Direct Taxation

provisions of section 234D of the Income Tax Act (inserted with effect from 1st June, 2003, vide the Finance Act,2003), where any refund has been granted to the assessee under sub-section(1) of section 143 and subsequently on regular … the date of such regular assessment. (2) Where, as a result of an order under section 154 or section 155 or section 2590 or section 254 or section 260 or section 262 or section 263 or section 264

Estate Late Shri Dharambir Vs. the Dcit [Alongwith Ita Nos. 7279,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)96TTJ(Mum.)880

(c) has also been introduced in addition to Clauses (a) & (b) to Section 45(5) w.e.f. 1/4/2004 by Finance Act 2003. According to this newly inserted Sub-clause (c) where in the assessment for any year, the capital gain arising … He has further continued his arguments that the legislature was very much aware about such hardship, therefore, in Section 155 Sub-section (7A) was introduced. Under the existing provisions the capital gain was taxed in the year in which

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)95ITD83(Mum.)

been introduced in addition to clauses (a) & (b) to section 45(5) with effect from 1-4-2004 by the Finance Act, 2003. According to this newly inserted sub-clause (c) where in the assessment for any year, the capital gain arising … He has further continued his arguments that the Legislature was very much aware about such hardship, therefore, in section 155 subsection (7A) was introduced. Under the existing provisions the capital gain was taxed in the year in which

Commissioner of Income-tax Vs. Ravjibhai Harkhabhai Savalia

Court : Gujarat

Subject : Land Acquisition

what we have stated hereinabove is reinforced by the newly inserted clause (c) in Section 45(5) by the Finance Act, 2003 w.e.f. 1.4.2004. This newly added clause envisages a situation where in the assessment for any year, the capital … of the consideration. For giving effect to such recomputation, the provisions of the newly inserted (w.e.f. 1.4.2004) section 155(16) by the Finance Act, 2003 (32 of 2003), have been enacted. 35. It was urged on behalf of

ito Vs. Roop Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

care of by insertion of Clause (c) to subsection (5). The said clause no doubt was inserted by Finance Act, 2003 with effect from 1-4-2004, but it has to be taken to be declaratory in character. In a given … higher amount of compensation. It was not possible to keep on rectifying an assessment under Sub-section (7A) of Section 155 of the Income Tax Act. These difficulties faced by the department are enlisted in the circulars, which have