Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD298(Mum.)
..... towards any liability in respect of tax).here, it will be necessary to point out that the validity of both rule 19a and the retrospective amendment of section 80j brought about by the finance (no. 2) act, 1980, have been upheld by the hon'ble supreme court in the case of lohia machines ltd. v. union of india [1985] 152 itr ..... in the computation of capital employed. coming to the alternative argument of shri lalkaka, shri mahadeshwar again referred to both rule 19a of the 1962 rules and the retrospectively amended section 80j both of which laid down that what is to be deducted from the aggregate of the amounts representing the values of the assets as on the first day ..... on the assets side of the balance sheet to comply with the requirements of schedule vi of part i of the companies act, 1956. reference was then made by him to section 80j, as retrospectively amended by the finance (no. 2) act, 1980, with effect from 1-4-1972, and rule 19a of the income-tax rules, 1962 ('the 1962 rules'), both .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)18ITD256(Mum.)
..... accepted by the supreme court in the case of distributors baroda (p.) ltd. (supra). consequently, it must be held that even prior to the amendments made by insertion of the explanation by the finance (no. 2) act, 1961, the relevant words in rule 1 referred to net income and not gross income. our attention was drawn to the circular of the board ..... would be the amount of such income, profits and gains as computed in accordance with the provisions of the 1961 act as reduced in accordance with the provisions in chapter via of the 1961 act. it was submitted that since this amendment was brought into force with effect from 1-4-1981 it should be presumed that the intention of the legislature was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD421(Mum.)
..... bill and concludingly the high court observed that, 'interpretation of a statutory provision is always a question of law on which reasons stated by the mover of the amendment can only be used as an aid in interpretation if we think, as 1 do in the instant case, that it helps us considerably in understanding the meaning of ..... on this issue, assessee fails.19. the next grievance is about claim of weighted deduction in terms of export market development allowance under section 35b of the income-tax act, 1961. the learned cit (appeals) is very categorical that although claim was raised by the assessee vide letter dated 14-2-1985, it has been considered at the ..... quoting from the finance minister's speech that the law made, viz. section 80ab was prospective and therein specific reference is made to section 80-o of the act concludirigly, shri palkhivala made the distinction between grant of deduction 80m and other sections under section 80 series and said that deduction under section 80m has to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD300(Mum.)
..... 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 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 ..... assessment, if any, claimed to have been paid; (ii) the amount of compulsory deposit, if any claimed to have been made under the compulsory deposit scheme (income-tax payers) act, 1974 (38 of 1974); (d) where regular books of account are maintained by the assessee, the return is accompanied by copies of-- (i) manufacturing account, trading account, profit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1995)53ITD425(Mum.)
..... provided that where such assessee is a firm . . . the deduction under this section shall not be allowed in the computation of the income of any partner. ...the language of the amendment, as it stands, has given rise to the present controversy before us and we have to interpret the same. it is the assessee's case that the assessee is not ..... a partner in respect of the income derived from the business carried on by the firm. since this was not the intention it was sought to be clarified by finance act, 1987 that deduction under section 32ab shall be allowed only in the assessment of the firm and not in the hands of the partner in respect of the income ..... claim. the fact that the firm had not claimed any deduction under section 32ab was irrelevant.4. in our opinion, the claim of the assessee cannot be accepted. the finance act, 1986 introduced section 32ab relating to investment deposit account. the provisions apply in relation to a.y. 1987-88 and subsequent years up to and including a.y. 1990- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD234(Mum.)
..... when it was made should be treated as patently invalid and wrong by virtue of the retrospective operation of the amendment act. but such a result is necessarily involved in the legal fiction about the retrospective operation of the amendment act. tax payable, if any, by the assessee is to be increased under s. 143(1)(a) due ..... to adjustment on account of ccs.the assessee filed an appeal which was dismissed by the cit(a) as in his opinion the provisions of the retrospective amendment by finance act of 1990 were clear to make ccs taxable as revenue income.6. we have heard the parties and considered their rival submissions. in our opinion, ..... incorrect in view of the decision of the special bench in the case of gedore tools (india) (p) ltd. (supra). it became incorrect when finance act 1990, introduced retrospective amendment making cash compensatory support taxable. therefore, the court held : "an assessee cannot be imputed with clairvoyance. when the return was filed, the assessee could not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2001)76ITD389(Mum.)
..... assessee was the only asset forming part of the block of assets and its year of acquisition and its identity is known.18. the scope of section 50 before its amendment with effect from 1-4-1988 came up for consideration before their lordship of supreme court in the case of commonwealth trust ltd. v. cit [1997] 228 itr 1 ..... option of the substituted value as cost of acquisition where the assessee has acquired a capital asset otherwise than by any other modes mentioned in section 49 of the act. the supreme court in this case however considered the applicability of the section 48 where the assessee has acquired the capital asset by himself and not by any of ..... of the assessee. he held that the decision of bombay high court has no relevance as the same was not in connection with exemption under section 54e of the act. according to him section 50 provides for a special provision for the computation of capital gain in case of depreciable assets and the assessing officer has rightly computed capital .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)81ITD219(Mum.)
..... view, the language of the provisions of section 215(3) is significant in this respect. the provisions of section 215(3) as substituted by the taxation laws (amendment) act, 1984, mandatory required enhancement pr reduction of interest if the amount on which interest was payable had been increase or reduced. it is further significant to note that the ..... which, however, is not a fact of this case.7. considerable emphasis was made by the learned authorised representative of the assessee on the fact that in the amended provisions of section 215(6) there was reference to the provisions of section 147 only and not to the provisions of section 263. on a reading of the ..... the subsequent assessment order in compliance to section 263 was not a "regular assessment" interest under section 215 was not chargeable. in that judgment they also considered the amendment to section 215 brought in w.e.f. 1st april, 1985. the learned cit(a) also held that provisions of section 215(6) referred to a reassessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)86ITD791(Mum.)
..... section 163 making it the agent of merrill lynch but that was an opinion which they had and since under section 195(1), as it stands after the amendment made by the finance act, 1987, w.e.f. 1st june, 1987, the assessee-company was more than a "statutory agent" under section 163, the position was "a fortiori". ..... the section, as it stood before the amendment, exempted agents constituted as such under section 163 of the act from deducting tax from chargeable payments made to non-residents.this was because they were assessable on behalf of the non-residents and tax ..... could be covered from them pursuant to such assessments. the amendment deleted the reference to agents assessed and paying tax as such under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)9SOT143(Mum.)
..... amendment brought in by the finance act, 1990 in section 28 of the income tax act by retrospective insertion of clauses (iiia), (iiib) and (iiic). this legislative amendment has superseded the impact of the various tribunal decisions pointed out by the assessee-company ..... provided in explanation to section 115j. the assessing officer is bound to accept the authenticity of the accounts with reference to the provisions of the companies act. where the auditors have certified the accounts to be true and fair, of course subject to the qualification that provision was not made for gratuity liability ..... the commissioner (appeals) has erred in treating cash compensatory support received by the assessee-company as its income, following the retrospective amendment to section 28 of the income tax act and ignoring the relevant tribunal decisions. cash compensatory support is liable for taxation as a result of the .....
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