Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)104TTJ(Nag.)869
..... there is no word or language from which it can be inferred that the amendment of section 271(1)(c) of the it act, 1961 by the finance act, 2002 has retrospective operation. ..... there is no word or language from which it can be inferred that the amendment of section 271 by the finance act, 1968, has retrospective operation. ..... april, 2003.in support of his contentions, he relied upon the following decisions and propositions laid down therein: penalty-concealment of income-law applicable-principles-original return filed on 1st march, 1967-law as it stood prior to amendment by finance act, 1968, applies-it act, 1961, section 271(1)(c). ..... 4 to section 271(1)(c) was amended by finance act, 2002 and the said amendment is applicable from 1st april, 2003. ..... section 18(1)(a) of the wt act, 1957, as amended by the finance act, 1969, is not retrospective in its operation. ..... 4 to section 271(1)(c) which were amended by the finance act, 2002 and submitted that the ao has erred in levying penalty under section 271(1)(c) by applying the provisions applicable w.e.f. ..... 4 to section 271(1)(c) which was amended by finance act, 2002, i am of the opinion that the said amendment is applicable from 1st april, 2003. ..... , 1962, and penalty levied on 31st march, 1964 on the date of completion of assessment-law in force as on 30th june, 1962, would apply and the provisions of section 17(1)(a) as amended by gt (amendment) act, 1962, w.e.f. ..... the assessee submitted his returns for 1965-66 and 1966-67 on 1st march, 1967. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)43ITD60(Mum.)
..... under the amended law vide section 47(1) to (4) of the english finance act, 1965 the dividend income of a shareholder in an english company stood to be the gross dividend as against the net dividend in the past (under the old ..... the year 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but the english finance act, 1965 amended this position. ..... 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but this position underwent a change by the amendment made to the english finance act, 1965. ..... under section 47(1)/(2)/(4) of the english finance act, 1965 the dividend income of a shareholder in a english company is the gross dividend which would mean that it is the gross dividend which is to be included in the total income of a shareholder resident in india rather than the net ..... is ample force in the submission made by the learned depastmental representative to the effect that in view of the change in the english finance act, 1965 the ratio of the decision of the calcutta high court in shaw wallace & co.ltd. ..... the case of the assessee indisputably falls within the ambit of section 5(1)(c) of the income-tax act, 1961 which reads as under : 5(1) subject to the provisions of this act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which naturally, any shareholder of a foreign company if a resident in india would be taxed on the dividend income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)80ITD465(Delhi)
..... to appreciate the same, it would be useful to quote the provisions of section 80 of finance act, 1965, as under : "80(1) when goods of the description mentioned in this section chargeable with a duty of excise under the central excise act (as amended by this act or any subsequent act of parliament) read with any notification for the time being in force issued by the central government in relation to the duty so chargeable, are assessed to duty, there shall be levied and collected- (a) as respects goods comprised in item ..... regarding the supreme court judgment, it was submitted by him that provisions of section 80 of finance act, 1965, and provisions of section 40 of finance act, 1983, are differently worded by the legislature and, therefore, the said judgment is distinguishable. 5. ..... v.director of inspection, customs & centra; excise (1985) 153 itr 322 (sc), wherein it has been held that levy of such excise duty under section 80 of finance act, 1965, was different from the levy of excise duty under central excises and salt act, 1944 fin short excise act) and, therefore, assessee was not entitled to tax credit certificate under section 280zd of 1961act with reference to such excise duty. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) ..... year 1965-66 onwards disclosing income under the head 'income from other sources' and that the revenue had also been assessing the said income under the same head, in the light of amendment in sections 27(iiib) and 269ua(f), are of ..... he also contended that there was no change in facts right from the year 1965, and the revenue has consistently accepted the assessable source of income under the head 'income from ..... jayaswal & ors (huf) in respect of property situated at p-117 lake terace, kolkata for a period of 21 years commencing from 1st day of january 1965, at a monthly lease rent of rs. ..... had been made by the revenue authorities on the basis of the law prevailing in the assessment years 1965-66 to 1988-89. ..... the settled law that the income derived by the assessee from sub-letting of the immovable property was assessed under the head 'income from other sources' right from the assessment year 1965-66 onwards. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD1(Coch.)
..... in the record, in that the assessee had claimed excess loss in the return, that would not result in the levy of additional tax on the amount of the excess claim of loss in terms of the provisions of section 143(1 a) as it stood then; nor at the time when the assessing officer rectified the "intimation" dated 24-10-1991 by an order under section 154 on 10-3-1993, the retrospective amendment envisaged by the finance act, 1993, had received the assent of the h.e. the president of india ..... . [1958] 34 itr 143 and contended that in view of the retrospective amendment to section 143(1a) of the income-tax act, 1961, as inserted by the finance act, 1993, there was a mistake apparent from record in that the additional tax was not levied on the amount of loss disallowed by the assessing officer and, therefore, the same was rightly rectified under section 154 of the act ..... it was only by a retrospective amendment with effect from 1-4-1989 introduced in section 143(1 a) by the finance act, 1993, that the additional tax is chargeable even in cases where the loss returned by the assessee though reduced did not result in an income. ..... . in the case of narayan row [1965] 57 itr 149 (sc), the amending act with retrospective effect was also in existence at the time when the income-tax officer proceeded to rectify the order and could determine whether the records disclosed an apparent mistake in the background of the amended act ..... . ishwar lal bhagwandas [1965] 57 itr 149 and m.k .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD656(Delhi)
..... by the taxation laws (amendment) act, 1972, sub-section (3) of section 7 has been inserted with effect from 1-1-1973, while, under the finance act, 1976, sub-section (4) comes into effect from 1-4-1976. 4 ..... 205, 206 and 207 (delhi) of 1977-78 in relation to the assessment years 1973-74, 1974-75 and 1975-76, held that although the provisions of section 7(4) of the act was brought on the statute book by the finance act, 1976, with effect from 1-4-1976, it would be a fair position if the value of the property, the subject-matter of appeals, for the valuation dates 31-3-1973, 31-3-1974 and 31-3-1975 be adopted, as for the valuation date 31-3- ..... 1971 relevant to the assessment year 1971-72, the provisions of section 7(4) has to be taken as a guide for the years involved in those appeals, hence, the valuation adopted for the valuation dates ..... section 7 of the wealth-tax (amendment) act, 1964, has inserted the words 'subject to any rules made in this behalf in sub-section (1) and at the end of sub-section (2)(a) has substituted the words 'may be prescribed' for the words 'the circumstances of the case may require' and this is made effective from 1-4-1965.8 ..... deputy collector for land acquisition air 1965 sc 1017, 1019. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)34ITD268(Mum.)
..... in such cases, therefore, the production must have commenced on or before 31 march, 1979.while commenting on the amendment brought out under the finance act of 1975 in terms of which the period of 31 years was extended to 33 years, the learned authors chaturvedi & pithisaria have made the following comments at page 2149 in their book income-tax law (third edition): (ii) the pre-amendment provisions made the 'tax holiday' concession available in the case of industrial undertakings which commenced ..... it was extended to 8 years, 13 years, 18 years, 23 years and 28 years by successive finance acts passed in 1954, 1956,1960,1965 and 1969. ..... 2) of 1969 and the memo explaining the finance bill 1969 (71 itr - statutes 24) read as under: the effect of the proposed amendment is that the "tax-holiday" concession under section 80j...will be available to industrial undertakings which commence production or operation...at any time up to 31st march 1976. ..... shri agarwal argued that the legislative history of the section would be an important consideration and should be taken into account as aguiding principle for interpreting the words "next following ".section 15c of the it act 1922 refers to an industrial undertaking which had begun to manufacture or produce articles in india at any time after 31-3-1948. ..... 2) bill, 1965, for the words ' 'eighteen years'' the words ' 'twenty three years'' were substituted in section 84(2)(iii). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)82TTJ(Pune.)363
..... does not suggest it to be clarificatory in nature and moreover, other amendments in section 158bc and 158bc though made by the same finance act, 2002, yet these were made effective from 1st july, 1995, whereas the proviso to section 113 was inserted by finance act, 2002, w.e.f. ..... further it is noted that amendment to section 113 brought in by finance act, 2002, is classificatory in nature since there were some problem in adopting the rate of surcharge as applicable when the order was passed as if posed unintended tax liability ..... the material on record as well as case law cited, the point for consideration is whether proviso to section 113 inserted by finance act, 2002, w.e.f.1st june, 2002, is to be made applicable retrospectively or prospectively. ..... act, 1996 provided for surcharge on tax leviable under section 113 by making a specific cross reference to section 113 and this will vindicate the doubt arising from the fact that para e of part i of the first schedule did not provide for surcharge in finance act ..... to section 2(7) both under finance act, 1995, and finance (no ..... the learned counsel for the assessee, in order to counter the submissions of the learned departmental representative has pleaded that so far as the provisions of sections 112 and 167 are concerned, section 4(1) is applicable and as there is no similarity between the block assessment of undisclosed income and taxability of capital gains, therefore, no retrospective effect can be given to the proviso ..... commerce (1965) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... there is no distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated as an independent and distinct levy ..... the provisions of this act, and in relation to any other assessment year income-tax and super-tax ..... of rates income-tax specified in this behalf in the finance act of the relevant year or the rate or rates of income-tax specified in an agreement entered into by the central government under section 90, whichever is applicable by virtue of the provisions of section 90; "regular assessment" means the assessment made under sub-section (3) of section 143 or section 144; "tax" in relation to the assessment year commencing on the 1st day of april, 1965, and any subsequent assessment year means income-tax chargeable under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as ..... section (3) to section ..... acts ..... under section 12a of the act by ..... section ..... section 155 of the income tax act ..... amended provisions of law have no retrospective operation and under the pre-amended ..... act thereby reading to ..... section 21 of the general clauses act, which reads as follows- 21: where by any central act ..... -tax act, ..... amendment to the provisions of section 12aa, though came ..... section 150(1) as amended ..... section 132 of the act has brought to light plethora of instances where ..... section (3) of section 12aa does not have retrospective operation, and if we look at the position existing prior to the amendment ..... amended act could come into force and appeals pending as on the said date are required to be disposed of, by the courts wherever they were pending and that the amendment ..... section 12aa as it stood on the relevant date, we have to hold that the commissioner does not have such a power to cancel the registration under section 12aa of the income tax act or by virtue of the general clauses act, and the subsequent amendment made to the provisions of section 12aa by insertion of sub-section ..... amending act, the hon'ble supreme court observed that where the statute thus, on its face, clearly indicates retrospective effect where intended, there can be no justification to read retrospectivity into the amendment made by clause (a) of section 6 of the amending act .....
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