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 : Delhi
Decided on : Nov-14-1991
Reported in : ILR1992Delhi731; [1992]194ITR7(Delhi)
..... been filed before the commissioner of income-tax for waiver of interest. (4) as already indicated hereinabove, by the finance act, 1990 two amendments were made in the income-tax act which adversely affected the interest of the petitioner. in section 28, clause (iiib) was inserted w.e.f. 1st april, 1967. according to this the cash assistance (by ..... the ccs which is received is a revenue income taxable under section 28 even prior to its amendment by finance act, 1990. (6) in the memorandum explaining the provisions in the finance bill of 1990, with reference to the insertion of the clause in section 2(24) and section 28 it was indicated that the amendment which was being made ..... b.n. kirpal, j. (1) the challenge in this writ petition is to the validity of section 28(iiib) and section 2(24)(vb) of the income-tax act with retrospective effect by the finance act of 1990. (2) briefly stated the facts are that the petitioner is an exporter and pursuant to the policy of the government of india it .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Aug-14-1991
Reported in : AIR1991SC2125; [1991]72CompCas723(SC); (1991)3CompLJ131(SC); (1991)98CTR(SC)165; [1991]191ITR656(SC); JT1991(3)SC449; 1991(2)SCALE346; (1991)4SCC239; [1991]3SCR589
..... scientific examination might indicate loss of moisture content that is not sufficient for holding that the stored articles have undergone a process within the meaning of section 2(7)(c) of the finance act, 1973. the three-judge bench decision must be taken to have overruled the view of the allahabad high court in addl. commissioner of income- ..... was not an 'industrial company'. the high court has approved the conclusions reached by the tribunal.4. 'industrial compnay' has been defined in section 2(7)(c) of the finance act, 1973 thus:industrial company means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of ..... and in the circumstances of the case the assessee company running a cold storage could be held to be an industrial company for purposes of section 2(7)(c) of the finance act, 1973 and the first schedule thereto?3. the income-tax officer had not accepted the claim of the appellant but the appellate assistant commissioner .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Mar-25-1991
Reported in : (1992)43ITD33(Delhi)
..... at the instance of the income-tax department, the high court held that the assessee is entitled to the relief provided for in section 2(5)(a) of the finance act, 1966, on both the amounts. section 2(5)(a) of the finance act of 1966 under which the assessee claimed the relief was in the following terms : "2. (5)(a) in respect of any ..... -67, the assessee claimed rebate on the value of the exported goods and on the two receipts referred to above on the basis of the provisions of section 2(5)(a) of the finance act, 1966. the income-tax officer held that the cash subsidy of rs. 1,60,717 and the profits from the sale of import entitlements amounting to ..... court distinguished this case and held it to be totally inapplicable. it pointed out that the madras case was a case of claiming rebate under the provisions of section 2(5){a) of the finance act, 1966. under the scheme framed by the central government to encourage export of goods, the assessee became entitled to import licences and, on the sale of .....
Tag this Judgment!Court : Kolkata
Decided on : May-22-1991
Reported in : [1992]197ITR462(Cal)
..... date of the transfer as the equitable owner.owever, i rest my judgment in the main on this : that wen you look at the words beneficial owner in section 42 of the finance act 1930, those words must in my judgment be construed in what has been described in connection with another statute as its ordinary or popular sense : see english sewing ..... but that approach finds no support in lord diplocks speech in ayerst v. c. and k.(construction) ltd. in that case the house of lords were concerned with section 17 of the finance act 1954. lord diplock held, at p. 176, that the expression should be given the meaning 'which would have been ascribed to it in 1954 as a term of ..... jenkins l. j. was, as i say, treating the equitable and beneficial ownership as being one and the same thing.similarly, in rodwell securities ltd. v. inland revenue commissioners [1968] 1 all er 257 it was argued that 'beneficial owner' is not a term of art, but is an expression which falls to be construed liberally, so as to include .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Decided on : Apr-29-1991
Reported in : (1991)LC358Tri(Delhi)
..... products described in column (i) the duty of excise under the central excises & salt act, 1944 (1 of 1944); (ii) the special duty of excise under the finance act, 1988 (26 of 1988); (iia) the special duty of excise under sub-section (1) of section 37 of the finance act, 1989 (13 of 1989); (iib) the special duty of excise under sub-clause ..... (1) of clause 65 of the finance bill, 1990, which clause has, by virtue of the declaration ..... made in the said bill under the provisional collection of taxes act, 1931 (16 of 1931), the .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-22-1991
Reported in : 1991LC16(Gujarat); (1992)1GLR548
..... other. they cannot be applied and implemented without the aid of each other. similar is the position with regard to finance act, 1975. by section 35 of the finance act, 1978, auxiliary duty of customs has been imposed. section 35(4) also provides that the customs act, 1962 and the rules made thereunder shall apply in relation to the levy and collection of the auxiliary duty of ..... customs leviable under section 35 of the finance act. it is also provided that these provisions of the customs act, 1962 and the rules shall apply as if the duty of customs of such goods were levied and collected under the provisions of the customs .....
Tag this Judgment!Court : Gujarat
Decided on : Mar-22-1991
Reported in : 1992(57)ELT529(Guj)
..... other. they cannot be applied and implemented without the aid of each other. similar is the position with regard to finance act, 1975. by section 35 of the finance act, 1978, auxiliary duty of customs has been imposed. section 35(4) also provides that the customs act, 1962 and the rules made thereunder shall apply in relation to the levy and collection of the auxiliary duty of ..... customs leviable under section 35 of the finance act. it is also provided that these provisions of the customs act, 1962 and the rules shall apply as if the duty of customs of such goods were levied and collected under the provisions of the customs .....
Tag this Judgment!Court : Karnataka
Decided on : Apr-04-1991
Reported in : (1991)98CTR(Kar)114; [1992]194ITR77(KAR); [1992]194ITR77(Karn)
..... the tax, which is one aspect. another facet of interpretation is to understand the word 'payable' in rule 2 in the context of the second proviso to section 2(6) of the finance act. the said proviso states that, in lieu of payment of surcharge... deposit may be made under the scheme. in other words, instead of the tax being paid ..... bank of india is repayable to the assessee after five years and the said deposit carries interest at the rate of 6% per annum. the proviso to section 2(6) of the finance act, 1976, referred to above, gives an option to the assessee either to pay the surcharge or make the deposit. it was contended by learned counsel for ..... (sb)). hence, this reference at the instance of the assessee. 3. the question arises because of certain provisions of the finance act, 1976, read with a scheme framed thereunder. as per the second proviso to section 2(6) of the finance act, 1976, an assessee, being a company, may in lieu of payment of surcharge on income-tax at the rate specified .....
Tag this Judgment!Court : Kolkata
Decided on : Apr-29-1991
Reported in : [1992]196ITR110(Cal)
..... s circular no. 596, dated march 15, 1991, (see [1991] 188 itr 115) which provides as follows :'1. clause (d) of sub-section (1) of section 13 of the income-tax act-was substituted by the finance act, 1983, with effect from april 1, 1983. the provisions of 'the new sub-clause were to be applicable from the assessment year 1983-84 onwards ..... the assessment year 1984-85 and not from the assessment year 1983-84.6. we have considered the rival contentions. section 13(1)(d) of the income-tax act, before its amendment by the finance act, 1983, provided that the exemption under section 11 shall not operate for the assessment year 1983-84 or any subsequent year, if any funds of the trust ..... or deposited for any period during any previous year commencing on or after april 1, 1982, otherwise than in any of the forms or modes specified in sub-section (5) of section 13. the finance act, 1983, has amended the aforesaid provisions and laid down a uniform pattern of investment for the income accumulated under .....
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