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Assistant Commissioner of Income Vs. Apsara Processors (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)92TTJ(Ahd.)645

..... on behalf of the assessee, it has been vehemently contended that now the issue is set at rest by the above decision of hon'ble apex court that the penalty under section 271(1)(c) cannot be levied where the assessed income is loss prior to amendment by finance act, 2002.however, it was contended on behalf of the revenue that the above decision in the case of prithipal singh was with regard to law applicable in asst. yr. ..... in support of his argument, he has referred to the following provisions wherein the legislature has specifically referred to "loss" : (vi) section 139(1) for return of income having taxable income and section 139(3) for loss return.he, therefore, submitted that since in section 271(1)(c), before the amendment vide finance act, 2002, the word "loss" was not included it has to be presumed that the penalty was only for concealment of income and not for concealment of loss. ..... after the above decision, the legislature amended section 143(1a) with retrospective effect while no such modification was made in section 271(1)(c) till the finance act, 2002.the legislature vide finance act, 2002 amended section 271(1)(c) w.e.f.1st april, 2003 and modified clause (iii) after section 271(1)(c) as under : "(iii) in the cases referred to in clause (c), in addition to tax, if, any, payable by him, a sum which shall not be less than but which shall not exceed three times the amount of tax sought .....

Wealth-tax Officer Vs. Niranjan Narottam (individual)

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1985)14ITD27(Ahd.)

..... section 27 has six sub-sections ; section 27(1) takes effect from 1-4-1977 ; section 1(2) has to be read with each section of the finance act insofar as different starting days have been provided for each amendment ; section 27(3)(a) does not indicate any date, so we have to go to section 1(2) giving the operation of the ..... section 27(3) of the finance act does not lay down any particular date of commencement of the provisions apart from what would be applicable under section 1(2).these provisions, however, do not affect the position of the applicability of the amendment to any particular year if the amendments themselves ..... section 7(4) as amended by section 27 of the finance act, is as under : (4) notwithstanding anything contained in sub-section (1), the value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date may, at the option of the assessee ..... 202 of 5-7-1976, referring to section 27(3) of the finance act, it is mentioned that the amendment comes into force with effect from 1-4-1976 and will be applicable in relation to the assessment ..... the learned counsel for the department pointed out that the question at issue was whether section 7(4) inserted by section 27(3)(b) of the finance act, 1976, is effective prospectively from the assessment year 1976-77 onwards or is applicable retrospectively for an earlier year and ..... and general clauses act, 1965, fourth edn. ..... [1965] .....

Chandulal Venichand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)38ITD138(Ahd.)

..... union of india [1988] 173 itr 708 that in order to apply the provision of section 43b (as it stood prior to amendments by finance act, 1987 and finance act, 1989) not only should the liability to pay the tax be incurred in the accounting year but the amount also should be statutorily "payable" in the ..... relates to interpretation of provisions of section 43b of the income-tax act, 1961 as amended by the finance act, 1987 and the finance act, 1989.3. ..... section 43b was amended by finance act, 1987 and finance act ..... on 3-3-1988 considered the amendments made by finance act, 1987 with effect from 1-4-1988 in section 43b of the act. ..... . it has been held by patna high court that under the proviso which was inserted with effect from 1-4-1988 by the finance act, 1987, the words "actually paid" occurring in the main section 43b have in fact been interpreted and as such the said proviso should be regarded as an interpretation clause or a clause which explains what is meant by " actually paid" and that the interpretation given ..... said proviso was literally interpreted it would be struck down as it provided for doing an impossible act and that it could be upheld by holding that an assessee for the assessment year 1984-85 was entitled to have the benefit of the proviso introduced by the finance act, 1987.the high court held that upon textual interpretation of statutes, the proviso to section 43b of the act should be construed as retrospective in its operation and explanation 2 thereto should be held to .....

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD482(Ahd.)

..... " amendments were correspondingly made by the finance act, 1999 by introducing sub-item (c) after sub-item (b) of item (i) of sub-clause (c) of clause (6) of section 43 providing for computation of written down value in the case of a ..... , 1999 which explained the provisions of direct taxes inserted by the finance act, 1999 the learned counsel referred to paras 56.4 and 56.5 of the circular which indicate that the amendments concerning amalgamation-demerger and slump sale inserted by the finance act, 1999 would take effect from 1st april, 2000 and will accordingly apply to the ..... and (2) below section 50b have been substituted in place of the earlier explanation originally inserted by the finance act, 1999 which read as under : "for the purposes' of this section, 'net worth' means the net worth as defined in clause (ga) of sub-section (1) of section 3 of the sick industrial companies (special provisions) act, 1985 (1 of ..... from the aforesaid set of provisions it clearly emerges that section 50b along with the ancilliary sections has been introduced by the legislature by the finance act, 1999, by way of a special provision for levy and computation of capital gains in case ..... (land department) (1965) 57 itr 299 (sc) held that the sale transaction was not a slump sale in the facts of the case and the difference between the actual cost and wdv of assets was assessable as business income under section 41(2) and excess of sale consideration over the cost price of the assets was assessable as .....

Assistant Commissioner of Wealth Vs. Prasad Productions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 1st april, 1989, by the finance act, 1988, for the earlier assessment years also the exemption will be applicable if it is found that the theatre building was being used exclusively by the assessee for the purpose of business. ..... 40(3)(vi) of the finance act, 1983, w.e.f. ..... 3(1) of the finance act, 1983, the assets referred to as gold, silver, etc ..... 40(3) of the finance act, 1983. ..... 3(1) of the finance act, 1983. ..... 40(3) of the finance act, 1983. ..... 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso ..... 40 of the finance act, 1983, according to which gold, silver, platinum or any other precious metal is to be included within the net wealth of the assessee ..... 40(3) of the finance act, 1983. ..... 40 of the finance act, 1983, so that it can be included in the net wealth of the assessee ..... further from 1st april, 1989, a proviso was introduced to the said section, which reads as follows : "provided that this section shall not apply to any asset referred to in cls. ..... , 'not being any such precious metal or alloy held for use as raw material in industrial production' has been included in the said section w.e.f. ..... the last portion of the said sub-section, i.e. ..... the word 'stock-in-trade' has not been defined either in the wt act or in the it act. ..... it was further submitted that the silver cannot be treated to be a raw material in the line of business of the assessee-company for the purpose of excluding the same from the net wealth under the wt act. .....

Smt. Jyoti M. Bhandari Vs. Asstt Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)6SOT375(Ahd.)

..... this was a case decided on 1-12-1999 and was prior to the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and, therefore, would not be of any help to the assessee, the definition of 'undisclosed income' in section 15813(b) includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, thing, entry in ..... this is a case prior to the amendment in section 158bb(1) by the finance act, 2002 with retrospective effect from 1-7-1995 wherein the due date for filing the return of income has expired but no return of income has been filed, the reduction to be allowed is nil unless the case of the assessee falls in clause (c) of section 158bb and that position is to be seen with reference to the date of commencement of the search or the date of ..... 2) act, 1998 with retrospective effect from 1-7-1995 and the amendment in section 158bb providing for computation of undisclosed income of block period was inserted by finance act, 2002 again with retrospective effect from 1-7-1995 inserting the words "prior to date of commencement of the search or date of requisition" in clause (a) of sub-section (1) by section 158bb ..... cases relied upon by the assessee, in our opinion, have no bearing on the issue raised in these cases after the amendment with retrospective effect from 1-7-1995 by finance act, 2002 in section 158bb(1)(a). .....

Assistant Commissioner of Vs. Anjaria Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)55ITD53(Ahd.)

..... prejudice to the above, the learned counsel for the assessee submitted that in view of the proviso to sub-section 3 inserted by the finance act, 1988, land or building held as stock-in-trade does not form part of net wealth of a company. ..... we agree with the finding of the cwt (appeals) that neither the work-in-progress nor the land is liable to tax under the provisions of section 40 of the finance act, 1988 which is a self-contained and separate code by itself. ..... had erred in referring to section 2(e) and section 5 of the wt act, 1957 as wealth-tax on companies is not chargeable under the wt act but is chargeable under section 40 of the finance act. ..... he further submitted that section 40 of the finance act is self-contained and separate code by itself and as per sub-section (1) of section 40, wealth-tax is chargeable on "new wealth" of a closely-held ..... section 40 of the finance act is a charging section ..... finance act, 1988 has inserted a new proviso and explanation to sub-section ..... section 40 of the finance act, 1983 revived levy of wealth-tax in the case of closely- ..... the learned counsel for the assessee submitted that the proviso inserted by finance act, 1988 should be applied retrospectively as it was inserted "with a view to removing the unintended hardship of the closely-held ..... question is whether this proviso though inserted by the finance act, 1988 should be applied retrospectively. ..... [1965] 55 itr 741, 747, the subject is not to be taxed, unless the charging section clearly imposes the .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as ..... significance of the omission of this expression "during the previous year" in second proviso to section 43b will be discussed in later part of this order.the provisions of section 43b were inserted by the finance act, 1983.it may, therefore, be relevant to look at the memorandum explaining the provisions of the finance bill, 1983, in order to properly understand the circumstances in which section 43b was inserted and the mischief which was sought to be prevented by such amendment. ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at page 14 of 209 itr indicates that under the existing provisions of section 43b which has also provided that any sum payable by the assessee as an employer by way of contribution to pf, ..... a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as deduction. ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at p. ..... with a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation. ..... the second proviso was, therefore, amended by the finance act, 1989, in which the words "during the previous year" were omitted. ..... the second proviso to section 43b introduced by the finance act, 1987 w.e.f. ..... the two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, w.e.f. ..... , or (e) any sum payable by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, w.e.f. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... behind amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section 143] ..... section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act ..... the proposition that if the assessee posts debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.r.e.f. ..... provisions of section 143(1)(a) as amended by the finance act, 1987 ..... insofar as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1981, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts .....