Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1995)54ITD701(Mad.)
..... . in that case the virus of section 24 of the finance act, 1969, insofar as it amended the relevant provisions of the wealth-tax act, 1957, so as to bring to charge agricultural land and buildings, came to be examined by the supreme court ..... court held that irrespective of the question of any beneficial interest in or emoluments attached to the office, a trustee or manager of a temple or endowment who obtains the right to the office by hereditary right would be entitled to it as his property.section 2(1)(d) of the provincial insolvency act, 1920 defines 'property' in an inclusive fashion and states that 'property' includes any property over which or the profits of which any person has a desposing power which he may exercise for his own ..... . we may notice closely the line of reasoning adopted by the supreme court while upholding the validity of section 24 of the finance act, 1969 ..... benefit.the aforesaid general definitions notwithstanding, a full bench of the punjab high court held that the said general definition stood excluded in regard to the property dealt with in section 28(5) of that act, because that section deals with tangible property and not with the extent of the right of the insolvent thereinbrij mohan lal males hi ram air 1975 punj ..... . v.cit[1965] 57 itr 490 ..... . wto [1965] 56 itr 224, and (b) sudhir chandra nawn v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)34ITD397(Mad.)
..... under the provisions of finance act, 1984, sections 40a(9), (10) and (11) ..... original assessment an absolute obligation imposed upon the assessee to pay interest under section 18a(6), but by reason of the retrospective operation given to the fifth proviso added to sub-section (6) by act 25 of 1953, the income-tax officer was invested with the discretion to reduce or waive interest payable by the assessee, this power of the income-tax officer, must, in view of the retrospective amendment, be deemed in law to have possessed on the date on which ..... (11) where the assessee has, before the 1st day of march, 1984, paid any sum to any fund, trust, company, association of persons, body of individuals society or other institution referred to in sub-section (9), then, notwithstanding anything contained in any other law or in any instrument, he shall be entitled- (i) to claim that so much of the amount paid by him as has not been laid out or expended by such fund, trust ..... on the ground that on the valuation dates the trust had with it amounts donated by the company and the retrospective amendment under section 40a(11) came into force only on a subsequent date and, therefore, did not advance the contention of the assessee. ..... for the assessment year 1982-83 the trust was assessed on income and it was contended that in view of the retrospective amendment effected by section 40a(l 1) income cannot be assessed in the hands of the trust.this contention was eventually upheld by the decision of the ..... [1965] .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2002)81ITD182(Mad.)
..... amendment to section 2(47)(v) of the it act and section 27 of the it act as well as the explanation inserted by the finance act ..... above provisions quoted above and from the facts discussed as above, it is clear that in this case, the issue is only a transaction of sale for which only section 4 of the gt act is applicable, as the ao himself assessed the gift on the basis of the difference between the actual consideration and the value of the property prevailed as per guideline issued ..... section 2(47) which includes transaction of the type referred to in section 53a of the transfer of property act is different from the expression of transfer of property used in section 2(xxiv) of the gt act for the reason that the amendment made in the it act have not been carried out in the gt act so as to include the transactions of the type described in section 53a of the transfer of property act ..... , in part-performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession, continues in possession in part-performance of the contract and has done some act in furtherance of the contract, and the transferee has performed or is willing to perform his part of the contract, then, notwithstanding that the contract, though required to be registered, has not been registered, ..... cit (1965) 57 itr 185 (sc) for the view that transfer in the context of capital gains under section 12b of the indian it act, 1922 ..... cit (1965) 57 itr 185 (sc) and argued that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)26ITD23(Mad.)
..... this sub-section was again amended by the finance act, 1979 to include a transfer by the individual directly or indirectly to the family otherwise than by adequate consideration in the definition of a ..... the time of partition and, thereafter only if any income from the converted property arises to a spouse or minor child which was not the case here.it was also pointed out that even in terms of section 64 the addition has not been rightly made with reference to the contribution to the common hotchpot but wrongly with reference to the asset received on partition. ..... chander sen [1986] 161 itr 370 that the effect of the codification of the hindu law and particularly the provisions of the hindu succession act was that the property which devolved on a hindu on the death of his father intestate did not constitute huf property consisting of his own branch ..... to be that of the individual and once the partition has taken place the deeming provision applies only insofar as the income arises to the spouse or minor children.thus it is clear from a, reading of the section as well as from the legislative history and the objects of the legislation that the intention of these provisions in sub ..... the reason for excluding the conversion of individual property into joint family property from the provisions of section 64 which was applicable to assets transferred directly or indirectly to the spouse or minor children was that such conversion and subsequent partition did not amount ..... stremann [1965] 56 itr .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... even assuming that the word 'industrial undertaking' which we come across in section 32a(2), is to be understood in the same manner in which an industrial company under the finance act, 1983 should be understood, the assessee fulfils the requirements of such 'industrial company' and the finding of the ..... whether the assessee was an 'industrial company' within the meaning of section 2(6)(c) of the finance (no.2) act, 1971 and the finance act, 1972. ..... buildings, claimed that it should be charged at the concessional rate of tax of 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. ..... industrial undertaking for the purpose of business of construction, manufacture or production of any article or thing, not being an article or thing specified in the list in the eleventh schedule.sub-section (2a) of section 32a is as follows: "the deduction under sub-section (1) shall not be denied in respect of any machinery or plant installed and used mainly for the purposes of business of construction, manufacture or production of any article or thing, ..... the amendment made in 1983, the definition of industrial company has been changed to include 'execution of project' as one of the activities and project includes construction works as well as assembly or installation of any machinery or plant.thus, this activity as such has come to be included in the definition only after this amendment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)73ITD180(Chennai)
..... the plea as raised in this appeal is that the said section that was amended by the finance act, 1988 had extended the exemption to the buildings that are owned by the company and used by it for the residence of its employees without any restriction to the salary that are paid to such employees, is to be applied ..... we accordingly reproduce the said section as it was enacted, followed by the amendment that was made by the finance act, 1988. ..... the further plea was that the amendment that was made by the finance act, 1988 was with a view to remove certain unintended hardships caused by the enactment made by finance act, 1983. ..... this sub-clause was amended by the finance act, 1988 and it read, "the building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, hotel or office for the purposes of its business or as a residential accommodation for its ..... the lawmaker in their amendment made by finance act, 1988 has stated that 'the unintended hardship was noted with reference to the assets that are held as stock-in-trade'. ..... 40 of the finance act, 1983 is a complete act in itself with substantive and procedural provisions.amendment to the substantive provisions like sub-s. (3) of s. ..... this was clearly an indication that the amendment was effective from the date of the enactment by finance act, 1983.6. ..... he considered the plea of the appellant company that amendment that was made by the finance act to sub-cl. (3) of s. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD576(Mad.)
..... exemption was claimed on the ground that the cinema theatre building was a plant not chargeable to tax under section 40(3)(ut) of the finance act, 1983.alternatively, it was contended that the 1988 amendment which exempts theatre building from wealth-tax should be given retrospective effect.31. ..... (iii) the 1988 amendment to section 40(3) of the finance act, 1983 is not retroactive, but prospective in operation with effect from ..... cinema theatre being actually a source of the assessee's income was a plant both for income-tax and wealth-tax purposes.secondly, the finance act, 1988 substituted a new clause (vi) for the existing clause (vi) in section 40(3), so as to extend the benefit of the exemption from wealth-tax to cinema houses also. ..... now, the finance act, 1988 inserted, with effect from 1-4-1989, the following proviso to section 40(3) of the act : provided that this section shall not apply to any asset referred to in clause (i), u(ii), (iii), (iv), (v) or (vi), which is held by the assessee as stock-in-trade in a business carried on by it or, in the case of motor-cars referred to in clause (vii), they are held as stock-in-trade in such ..... two cases were centred on the provisions of not only the old section 40(3)(vi) but also the substituted section 40(3)(vi) of the finance act, 1983. ..... the commissioner passed an order in revision holding that the theatre building could not be categorised in any of the exempted categories mentioned in section 40(3)(vi) of the finance act, 1983. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD191(Mad.)
..... 342, dated 30-6-1982 that this was with a view to encouraging house construction.sub-section (4) introduced by finance act, 1987 by which it was provided that the unutilised funds should be deposited in a specified bank account. ..... this is in contrast with section 54e where originally any investment of the proceeds in specified assets were exempt under the section as enacted by finance act, 1978. ..... however, the finance act, 1987 introduced sub-section (4) to say that the amount of net consideration which is not utilised for the construction of a new asset before the date of filing the return shall be deposited in a specified bank account and if it remains unutilised for the ..... that section had been inserted by the finance act, 1982 with a view to encouraging house construction. ..... section 54f was introduced by the finance act, 1982 permitting the reinvestment of the proceeds received by transfer of a capital asset in the purchase within a year or construction within three years of a residential house to avoid payment of capital gains tax. ..... subsequently, by finance act, 1983 it was provided that if the tax-payer takes a loan on the security of the specified asset, he would forfeit the exemption from capital gains. ..... with a view to dispense with such rectifications of assessments, the amendments made to sections 54, 54b, 54d and 54f provide for a new scheme for deposit of amounts meant for reinvestment in the new asset. ..... cit [1965] 57 itr 45 (bom.). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)60ITD267(Mad.)
..... the assessee appealed to the commissioner (appeals) against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is a by-product in the process of development and printing of films.therefore, it is a manufactured ..... (supra), the tribunal held that although the cinema house was included within the exempted assets under section 40(3)(vi) of the finance act, 1983 with effect from 1-4-1989 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 ..... the commissioner (appeals) held that since silver was a product of the assessee-company, it cannot be termed as an asset for the purpose of section 40(3) of the finance act, 1983.therefore, from the facts of this case we find that the assessee-company accumulated puts silver out of dust and flakes by further processing and in turn the silver is being sold out in the ..... further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)29ITD29(Mad.)
..... section 87 of the finance act of 1988 has introduced several amendments in section 40 of the finance act of 1983.sub-section (ii)(c) of section 87 of the finance act of 1988 has substituted the following three clauses for the existing clause (vi) ..... departmental representative opposed these contentions urged on behalf of the appellant and argued that the provisions contained in section 40 of the finance act of 1983 as quoted by the commissioner were clear and unambiguous and therefore there was no need for us to look into either the budget speech of the finance minister while introducing the finance bill for 1983 or into the memorandum explaining the provisions of the finance bill of 1988 proposing the amendment to section 40 of the finance act of 1983. ..... shri bhatt further relied on the latest amendment brought about in section 40 of the finance act of 1983 by the provisions of section 87 of the finance act of 1988, whereby a cinema house is expressly excluded from the category of assets includible in the net ..... the learned chartered accountant submitted that this amendment, which is brought into force with effect from 1-4-1989 is indicative of the true intention of the parliament while enacting the original provisions contained in section 40 of the finance act of 1983.he particularly relied on paragraph 54 of the memorandum explaining provisions in finance bill of 1988 which clearly states that the said amendment was proposed to remove unintended hardships and provide incentive .....
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