Court : Himachal Pradesh
Decided on : Jan-14-1991
Reported in : [1991]192ITR134(HP)
..... 7) was added to sub-section (2a) with effect from april 1, 1968, so as to expand the scope of the restrictions with a view to cover and include the expenses incurred ..... 1967 by the taxation laws (amendment) act, 1967, which came into force on and with effect from october 1, 1967, when sub-section (2a) was introduced in section 37 of the act whereby, in the case of assessees other than companies also, a ceiling on such expenditure was fixed. by the finance act, 1968, an explanation (which is now explanation ..... viewed from another angle also. the controversy, in our opinion, has now been set at rest by the legislature introducing explanation 2 to sub-section (2a) of section 37 by the finance act of 1983 which was made effective with retrospective effect from april 1, 1976. the explanation has been introduced for the removal of doubts by .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Decided on : Mar-06-1991
Reported in : (1993)LC218Tri(Delhi)
..... not therefore, available for levy and collection of aed, (tta) and sed. hence, levy and collection of aed and sed have to be decided independent of section 51 of finance act and in the light of judgment of delhi high court in j.k. cotton spinning and weaving mills co., ltd. [1982 (10) elt 887] for ..... be deemed to have been removed from such place or premises immediately before such consumption or utilisation. this amendment was given retrospective effect by section 51 of the finance act, 1982. the provisions of this section are reproduced below: 51. retrospective effect for certain amendments to central excise rules and validation. - (1) the amendments made in rules ..... date of incorporation. [state of maharashtra v. madhavarao damodar patil, air 1968 sc 1395 p. 1400.] the rule that the repeal or amendment of the act which is incorporated by reference in a later act is not applicable for purposes of the later act is subject to qualifications and exceptions. [see text and footnotes 28 to 36 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : May-07-1991
Reported in : (1991)38ITD138(Ahd.)
..... all of them follow mercantile system of accounting.2. the common point in these three appeals 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. in ita no. 229/ahd/1988 the assessee is firm of m/s. chandulal venichand carrying on business ..... court in srikakollu subba rao & co. v. 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 ..... to the last quarter and the amount in question was statutorily payable after the close of the relevant accounting year.8. as already stated section 43b was amended by finance act, 1987 and finance act, 1989. by finance act, 1987 proviso was inserted with effect from 1-4-1988 which reads as under :- provided that nothing contained in this .....
Tag this Judgment!Court : Mumbai
Decided on : Apr-12-1991
Reported in : [1992]193ITR781(Bom)
..... that the assessee's activity of blending of different kinds of tea could not constitute manufacturing activity so as to bring it within the purview of section 2 (5) (a) (ii) of the finance act, 1966. accordingly, the tribunal confirmed the order of the additional commissioner. 5. placing reliance on the calcutta high court decision in the case of ..... activity. he pointed out that, in the calcutta case, the facts were identical. the question considered was whether the assessee was an industrial company under section 2 (7) (c) of the finance act, 1978, and the court held that it was so. in the gujarat case, the assessee was carrying on the business of a printing press. ..... the calcutta high court's decision in g. a. renderian ltd. v. cit : [1984]145itr387(cal) is not applicable in this case inasmuch as section 2 (7) (c) of the finance act, 1978, defined an industrial company, inter alia, as one which is engaged in the processing of goods. it is pertinent to mention that the expression provisions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-30-1991
Reported in : (1992)40ITD231(Mum.)
..... computers indian mfr. ltd. [1991] 187 itr 580. there the bombay high court was explaining the scope of explanation (c) to section 263 of the income-tax act as amended by the finance act 1989 with retrospective effect from 1-6-1988. the court in that case had to interpret the words "and shall extend and shall be ..... reads as under: aerated waters in the manufacture of which blended flavouring concentrates in any form are used.the explanation to the item was inserted by the finance act with effect from 1-4-1988 and such explanation would not be applicable and, therefore, to be ignored while dealing with this issue. the explanation defines the ..... deemed always to have been extended (emphasis supplied)". the language is similar to the language used in explanation to item no. 5 of 11th schedule. the court in that context held that explanation to sub-section .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Nov-12-1991
Reported in : AIR1992SC422; (1991)3CompLJ367(SC); (1991)100CTR(SC)114; [1992]193ITR281(SC); JT1991(4)SC350; 1991(2)SCALE1014; 1992Supp(1)SCC732; [1991]Supp2SCR187
..... the purposes of construction, manufacture or production of any one or more of the articles or things specified in the list in the fifth schedule. the finance act of 1966 substituted a new concession to these priority industries basic to the commercial development of the coummunity. this historical background reflects the intention of the legislature ..... of these is state of madhya bharat v. hiralal, (1966) 17 s.t.c. 313. this case arose under the madhya bharat sales tax act. under section 5 of the said act, two notifications had been issued. the first notification exempted from sales tax certain listed goods, one of which was 'iron and steel', while the ..... included plates, coils, sheets, circles and strips. the extrusions were manufactured in the shape of bars, rods, structurals, tubes, angles, channels and different types of sections. this conclusion was upheld by this court. the court referred to the history of the notifications issued by the state government from time to time in this behalf .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Feb-26-1991
Reported in : 1991(1)ALT542; 1991(33)ECC130; 1991(55)ELT158(AP)
..... of the finance act, 1982 (14 of 1982). on ..... said act, and the special duties of excise leviable under - (a) sub-section (1) of section 37 of the finance act, 1978 (19 of 1978); (b) sub-section (1) of section 32 of the finance act, 1979 (21 of 1979); (c) sub-section (1) of section 5 of the finance act, 1980 (13 of 1980); (d) sub-section (1) of section 49 (1) of the finance act, 1981 (16 of 1981); and (e) sub-section (1) of section 50 .....
Tag this Judgment!Court : Orissa
Decided on : Nov-22-1991
Reported in : (1992)101CTR(Ori)247; [1992]198ITR110(Orissa)
..... where there is dispute about the liability. in the case of certain assessees, practical difficulties were encountered. with a view to get over them, amendments in section 43b were introduced by the finance act, 1987. under the law as amended, if an assessee has paid sales tax, additional sales tax, central sales tax, etc., on or before the ..... these provisions is to provide for a tax disincentive by denying deduction in respect of a statutory liability which is not paid in time. the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc., liability for which was incurred in the previous year will be ..... revenue.4. for adjudication of the question referred to this court, we feel it necessary to trace the legislative history of section 43b. this section was inserted by the finance act, 1983, with effect from april 1, 1984. the section, so far as it is relevant for our purpose, reads as follows :'43b. certain deductions to be only on actual .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-18-1991
Reported in : (1992)40ITD332(Mum.)
..... that the value of the flats in question was not liable to tax as the said flats do not fall within the any of assets enumerated in sub-section (3) of section 40 of the finance act, 1983.4. the assit. commissioner of w.t., however, rejected the assessee's stand for the reason stated in his order for the assessment year ..... owns only a portion of building (flat) and therefore the value thereof could not be considered for determining its net wealth.he also submitted that since section 40 of the finance act, 1983, is a charging section, the same should be construed strictly. again, according to him, neither the intention of the legislature nor the spirit of the provision is relevant to ..... in bennet villa and nilkant are let out to outsiders while the flats in anand kamal are let out to the director of the assessec-company.3. by section 40 of the finance act, 1983, the levy of wealth-tax was revived in the case of closely held companies. in its return of net wealth (showing nil wealth), as well .....
Tag this Judgment!Court : Kolkata
Decided on : Jan-31-1991
Reported in : [1992]194ITR132(Cal)
..... that the declarant is treated as having discharged all his liability in respect of the said income under the income-tax law.the amount declared under section 68 of the finance act, 1965, has the liability to pay income-tax imbedded in it on the valuation date but only the ascertainment of that liability is postponed to ..... the supreme court held as follows (headnote) :'where an amount based on the concealed income disclosed by the assessee under the voluntary disclosure scheme pursuant to section 68 of the finance act, 1965, is included in the net wealth of the assessee, liability in respect of income-tax payable on the income so disclosed is deductible as a ..... liability on income and wealth voluntarily disclosed by the assessee under section 14(1) of the voluntary disclosure of income and wealth ordinance, 1975, subsequent to the valuation date is an admissible deduction in computing the net wealth of the assessee for the assessment years 1968-69 to 1970-71 ?'2. shortly stated, the facts are .....
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