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Commissioner of Gift-tax Vs. Sah Roop Narain

Court : Rajasthan

Reported in : [1988]169ITR794(Raj)

..... decisions, particularly the above bombay high court decision led to insertion of clause (e) in sub-section (1) of section 4 and the corresponding amendment in clause (xxiv) of section 2 of the act by the finance act, 1980, with effect from april 1, 1980. 8. ..... the relevant statutory provisions clearly supports the conclusion that a transaction like the present one is not a 'gift' as defined in clause (xii) of section 2 and it is not a 'transfer of property' within the meaning of that expression in clause (xxiv) of section 2 as the provisions stood prior to the amendments made by the finance act, 1980, with effect from april 1, 1980. 9. ..... by the finance act, 1971, sub-section (2) was inserted with effect from april 1, 1972, along with the corresponding amendment in clause (xii) of section 2 to ..... certain legislative changes made in the relevant statutory provisions to contend that it is only by virtue of clause (e) inserted in sub-section (1) of section 4 of the act by the finance act, 1980, with effect from april 1, 1980, that such a transaction can be treated as a gift taxable under the act, but not prior to the assessmentyear 1980-81 when this newly inserted clause (e) was not available. ..... and his wife have surrendered or relinquished their interest in property for life, the transaction shall be deemed to be a gift under section 4(1)(c) inserted with effect from april 1, 1980, but the same was not available during the relevant assessment year 1973-74 with which we are concerned. ..... 1973 .....

C.M. Kothari Charitable Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1989)31ITD46(Mad.)

..... , we are of the opinion that the ito and the commissioner (a) were not correct in holding that the assessee was not entitled to exemption under section 11 of the act because the provisions of section 13(1)(d) as amended by the finance act, 1983 came into effect from 1-4-1983 and the assessee had not changed its investment as on 28-2-1983 to the prescribed pattern by 30-11-1983. ..... alternative contention of the assessee that part of the funds considered by the ito as not being in conformity with the investment pattern laid down in section 11(5) represented the corpus of the trust as on 1-6-1973 and therefore came under the exceptions specified under the proviso to section 13(1)(d) of the act, the departmental representative argued that the matter should be sent back to the ito for verification of the details furnished by the assessee and then ..... company as defined in section 617 of the companies act, 1256 (1 of 1956), or a corporation established by or under a central, state or provincial act] are held by the trust or institution after the 30th day of november, 1983 : (i) any assets held by the trust or institution where such assets form part of the corpus of the trust or institution as on the 1st day of june, 1973 and such assets were not purchased by the trust or institution or acquired by it by conversion of, or in exchange for, any ..... allowed to keep shares in companies, which formed part of the original corpus as on june 1, 1973, and bonus shares received up to that date....8. .....

Amp Spg. and Wvg. Mills (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD142(Ahd.)

..... the amending act has added an explanation to section 73 ..... disallowance under section 40(c)(iii) of the act and in ..... section 4(1)(a) of the wealth-tax act and proviso to section 5 of the gift-tax act, held that on a reading of the plain words of the proviso to section 4(1)(a) of the wealth-tax act ..... section (1), the parliament enacted sub-section (2) with a view to extending the coverage of the provision in sub-section ..... in section 46(1)(b), may mean ..... to section 73 of income-tax act, the ..... section (2) of section 52 of the act in case ..... section 73 section 73 of the act ..... section (2) to consider what was the mischief and defect for which section 52 as it then stood did not provide and which was sought to be remedied by the enactment of sub-section (2) or, in other words, what was the object and purpose of enacting that sub-section and in that connection, the speech made by the finance minister while moving the amendment introducing sub-section ..... act ..... section, be deemed to be carrying on a ..... section ..... section ..... section ..... section (2) came to be enacted--since on the construction canvassed on behalf of the revenue, the effect of sub-section ..... section 46(1) of the estate duty act, 1953 and in that connection observed the idea behind both the clauses of this section is based on the apprehension of the legislature that the requirement under section 44 of the act ..... section (2) came to be enacted--since on the construction canvassed on behalf of the revenue, the effect of sub-section .....

income-tax Officer Vs. Dr. (Mrs.) Kamlesh Madan

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)3ITD542(Chd.)

..... took into consideration the provisions of section 64(1)(i), read with explanation 2 to section 64(2), inserted by the finance act, 1979 with effect from 1-4-1980. ..... the finance act, 1979 added explanation 2 to section 64(2) ..... the question may, however, arise whether the explanation added by the finance act, 1979 with effect from 1-4-1980 can be said to be applicable to the assessment year 1978-79 which is ..... of the word 'income' taken as positive income would necessitate the loss to be excluded at the time when the assessment may have to be revised in order to give effect to the order of appellate authorities under section 250/254 read with section 155(1) of the act.it, therefore, becomes clear that the word 'income' in section 64(1)(i) has to be taken as connoting income as well as loss.7. ..... substituted by the taxation laws (amendment) act, 1975, with effect from 1-4-1975, provides that in computing the total income of any individual, there shall be included all such income as arises directly or indirectly (i) to the spouse of such individual from the membership of the spouse in a firm carrying on a business in which such individual is a partner.explanation 1 to sub-section (1) of section 64 provides that for the purposes of clause (i), the individual, in computing whose total income the income ..... 104, dated 19-2-1973 issued by the cbdt and appearing at [1972] ..... cit [1973] 87 itr 511, dissenting from the judgment of the gujarat high court mentioned above, has held that income in this .....

Second Income-tax Officer Vs. N. Kannaiyiram

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1988)24ITR261(Mad.)

..... he also referred to section 54(1) as amended by the finance act of 1982 only with effect from 1-4-1983, i.e ..... cit [1979] 119 itr 980 (mp).he further argued that the amendment brought about by the finance act of 1982 should be considered as of a clarificatory nature and that therefore it would be applicable for the assessment year 1982-83 also.shri seshagiri rao further relied on the decision of the karnataka high court in cit v. ..... 6 lakhs on 6-5-1981.in respect of the long-term capital gains arising on the sale of this property, the assessee claimed exemption under section 54(1) of the it act, which was disallowed by the ito for the reason that the assessee was not entitled to this relief, as he was being assessed in the status of a hindu undivided ..... year 1983-84 and subsequent assessments and pointed out that after this amendment, only individuals can claim the benefit of section 54(1), but that this amendment was not applicable to assessment year 1982-83. ..... the last objection in the revenue's appeal is to the decision of the cit (appeals) holding that the exemption under section 54 was available to the assessee, who was assessed in the status of huf.during the previous year, the assessee sold his residential house at ..... in fact, this position is further proved from the discussion under the head 'status' in the assessment order dated 26-9-1973 for the assessment year 1971-72 when for the first time the assessee came to be assessed as a hindu undivided family ..... cit [1973] 91 itr 588 ( .....

income-tax Officer Vs. Smt. N. Muthammal

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)6ITD136(Mad.)

..... this is abundantly clear from the insertion of explanation 1a and explanation 2a made by the finance act, 1979, with effect from 1-4-1980 which has taken care of a situation contemplated by clauses (i) and (iii) of section 64(1), namely, the spouse or minor child being beneficiary of a trust being represented in ..... order for the sake of convenience, as they arise from the same order of the aac wherein he has upheld the validity of the reassessment proceedings under section 147(6) of the income-tax act, 1961 ('the act') but on merits deleted the addition made by the ito under section 64(l)(vi) of the act on the ground that there has been no transfer of asset by the assessee to her son's wife or son's minor child. ..... in favour of clause (vi) of section 64(1) has not been specifically provided and even the definition of 'child' in section 2(15a) inserted by the taxation laws (amendment) act, 1975, with effect from 1-4-1976 ..... that unless there is direct transfer or indirect transfer to the assessee's son's wife or the assessee's son's minor child after 1-6-1973, otherwise than for adequate consideration, section 64(l)(vi) does not apply and the courts have held that the transfer to the aforesaid persons through the medium of trust did not attract the aforesaid section. ..... according to the ito, the word 'indirectly' appearing in section 64(l)(vi) would apply to transfers through the media of the trust also created on or after 1-6-1973 inasmuch as, the ultimate benefit of each one of the .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... the court came to this conclusion on analysing the language of section 23a as well as the amendment introduced by the finance act, 1959 which, according to the high court, intended the revised percentages to be applicable only prospectively from 1-4-1960.the court further observed that tax cannot be levied by implication.the court, therefore, was of the opinion ..... we may elucidate by referring to legislative changes.section 40(c)(iii), as amended by the finance act, 1964, put a ceiling of one-fifth of salary, on all expenditure on employees resulting in benefit, amenity or perquisite. ..... the amendment contained in the finance act, 1955, in respect of section 2(6c)(iii) was thus applicable to the assessment year 1955-56 and was rightly invoked by the income-tax officer." 30. ..... however, by section 11 of the finance act, 1959, the said statutory percentages were amended to 50 per cent and 65 per cent respectively, with effect from 1-4-1960.23. ..... question before the court was whether the said amendment governed the assessment year 1973-74. ..... cit were dealing with the assessability to capital gains of sale of ornaments in the financial year 1972-73 in view of amendment of section 2(14)(ii) of the act made effective from 1-4-1973 by including jewellery in the definition of 'capital assets'. ..... cit [1973] 91 itr 513 (mad. ..... 's case (supra), the high court held that the sale of jewellery in the financial year 1972-73 was assessable in the assessment year 1973-74. .....

Holtzman Vs. Schlesinger

Court : US Supreme Court

..... the problem is further complicated by the july 1, 1973, amendment to the continuing appropriations resolution providing that, "on or after august 15, 1973, no funds herein or heretofore appropriated may be obligated or expended to finance directly or indirectly combat activities by united states military forces in or over or from off the shores of north vietnam, south vietnam, laos or ..... although this provision was vetoed by the president, an amendment to the continuing appropriations resolution was ultimately adopted and signed by the president into law which stated: "notwithstanding any other provision of law, on or after august 15, 1973, no funds herein or heretofore appropriated may be obligated or expended to finance directly or indirectly combat activities by united states military forces in or over or from off the shores of north vietnam, south vietnam, laos or ..... [ footnote 1 ] the united states district court agreed and, on applicants' motion for summary judgment, permanently enjoined respondents, the secretary of defense, the acting secretary of the air force, and the deputy secretary of defense, from "participating in any way in military activities in or over cambodia or releasing any bombs which may fall in ..... footnote 5 ] the following winter, congress reenacted the same limitation with the added proviso that "nothing contained in this section shall be construed to prohibit support of actions required to insure the safe and orderly withdrawal or disengagement of u.s. .....

The Commissioner of Income Tax Vs. Nima Specific Family Trust

Court : Mumbai

Reported in : 2001(2)ALLMR314; (2001)165CTR(Bom)518; [2001]248ITR29(Bom)

..... the same finance act, the legislature also revived and brought back, simultaneously, section 80-i and it is for this reason that the legislature has introduced the abovementioned bracketed portion in section 80-hh(9). ..... reason that the same finance act, 1980, which re-introduced section 80-i, also brought into force, the bracketed portion in section 80-hh(9). ..... section 80-i was brought back into the income tax act by finance act, 1980 with ..... has given reasons for introducing the above words in section 80-hh(9) which are put expressly in the bracketed portion by finance act, 1980. ..... , 'section 80-i or' were introduced by finance act, 1980 with ..... (ii) where there is more than one deficiency and each such deficiency relates to a different assessment year, the deficiency which relates to an earlier assessment year shall be set off under this sub-section before setting off the deficiency in relation to a later assessment year : provided further that in the case of an assessee being a co-operative society, the provisions of this sub ..... section 80-hh was inserted by direct tax amendment act ..... deduction under section 80-hh, was introduced by taxation law amendment act. ..... initially, before 1.4.1973 section 80-i deduction was based on stipulated percentage of the capital employed in the eligible industrial undertaking whereas after 1.4.1989, the deduction under section 80-i was based on stipulated percentage of profits ..... in section 80-j(1) quoted above was introduced by taxation law amendment act, 1975 .....

Shaha Perajchand Nowpaji Vs. Commissioner of Gift-tax

Court : Andhra Pradesh

Reported in : [1988]173ITR439(AP)

..... learned counsel brings to the notice of this court that simultaneously with the amendment of the gift-tax act, amendments also were made to the income-tax act and wealth-tax act and the language employed in amending section 64 of the income-tax act and section 4(2) of the wealth-tax act are not in pari materia with the language used for effecting amendment to the gift-tax act. ..... 1,71,373 standing to his credit in the firm of which he was a partner, into the common hotchpot of his family had to be considered for the purpose of liability to gift-tax with reference to the provisions of sub-section (2) of section 4 of the gift-tax act, 1958, inserted with effect from april 1, 1972, by the finance (no. ..... consequently, the act of the assessee in converting his individual property into that of joint family property on october 20, 1971, resulted in a transaction of gift for the assessment year 1973-74. ..... for the assessment year 1973-74, the previous year commenced on october 20, 1971, and ended on november 5, ..... 2) act, 1971, and, consequently, the said transaction attracted gift-tax liability for the assessment year 1973-74 ?' 6 ..... , proceedings were initiated and an assessment was made under the gift-tax act for the year 1973-74. ..... for the assessment year 1973-74, the question arose whether the assessee's impressing his individual property of the value of rs ..... the assessment year involved is 1973-74 for which the relevant previous year commenced from october 20, 1971, and ended on november 5, 1972 .....