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 provision with effect from 1-4-1976. ..... 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 if so from which assessment year. ..... according to the learned counsel, except section 29(c)(ii) of the finance act, no other section of the finance act, 1976 specifically gives retrospective effect to the provisions contained therein. ..... for the assessment years 1972-73 to 1974-75, the same issue came up on appeal before the commissioner who accepted the assessee's contention that the provisions of section 7(4) of the wealth-tax act, 1957 ('the act') would be applicable to all the assessment years including those even prior to the assessment year 1976-77. ..... he in so doing applied rule ibb of the wealth-tax rules, 1957 ('the rules'). ..... state of kerala air 1957 sc 657 at p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD366(Delhi)
..... these were : (a) for levy of a lower rate of tax provided for an industrial company under the provisions of section 2(9)(c) of the finance act, 1976 ; while considering these separate claims, the full bench took note of the distinctive statutory provisions applicable in respect of the three claims. ..... case (supra) and found that the full bench decided three issues : one relating to the levy of a lower rate of tax provided for an industrial company as per the finance act, 1976 for relief under sections 80j and 80hh and finally for the grant of investment allowance under section 32a. ..... of the case law dealing with their claims arising under the separate statutory provisions proceeded to record its finding on each of the three claims as follows : as far as claim for a lower rate of tax under the finance act, 1976 was concerned, the full bench held that the assessee-company having the activity of carrying out of civil construction works like tunnel, power houses, etc. ..... as far as the claim for grant of investment allowance is concerned, the full bench noted the amendment in section 32a with effect from the assessment year 1978-79 and then held as follows : for this year (assessment year 1978-79) it was provided that an assessee would be entitled to investment allowance if machinery was used in an industrial ..... for so doing the full bench had taken into account the language employed in corresponding statutory provisions for providing relief such as section 45(d) of the wealth-tax act, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD226(Mad.)
..... this is the principle embodied in sub-clause (i) of clause (b) of sub-section (7) of section 40a.since, however, this provision was brought into effect retrospectively by the finance act, 1975, with effect from 1-4-1973, it was decided that an opportunity should be given to those employers who had already made provisions to create a gratuity fund before 1-4-1976 and make payments to the extent of 50 per cent before 1-4-1976 and the balance before 1-4-1977. ..... though, section 40a(7)(a) bars the deduction of provision because of the insertion of section 40a(7) by the finance act, 1975, with retrospective effect from 1-4-1973, there are two exceptions. ..... according to the learned counsel, sub-clause (ii) would apply only to such of those cases where a gratuity fund is set up after the enactment of the provision by the finance act, 1975, and the payment of 50 per cent is made before 31-3-1976 and the balance on or before 31-3-1977. ..... it must be remembered that the law prior to the retrospective amendment by the finance act, 1975, with effect from 1-4-1973 was that a provision made on an actuarial or scientific basis towards gratuity by an assessee who keeps accounts on mercantile basis was allowable as a deduction following the rationale of the decision of the house of ..... owen (inspector of taxes) [1957] 32 itr 737, approved by the supreme court in metal box co. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD699Indore
..... 317/23/73-wt dated 24-7-1973, clarified the position as under: i am directed to invite a reference to your letter dated 28-6-1973 (printed here as annex) on the above subject and to say that your presumption is correct and exemption under section 5(1)(iv) is available even for house used for commercial purposes.from the above circular, it is abundantly clear that exemption is not to be restricted to the residential houses but also extend to 'business premises'. ..... in denying the above exemption to the assessee the aac relied on several circumstances which chiefly are as under : (i) explanatory note amending section 5(1)(iv) by the finance (no. ..... (v) other expressions used by the legislature in clauses (i), (ii), (i'm') and (xxxi) of sub-section (1) of section 5 and section 7(4) of the act, make it clear that exemption under section 5(1)(iv) is available only to a property which is residential in character or is basically meant for human habitation and the exemption under the above clause does not extend to office premises, godowns, factory buildings, theatres and the like. ..... the only question involved in these appeals is whether the assessee is entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957 ('the act') in respect of non-residential building. ..... gram panchayat air 1976 sc 2463 and also on various other submissions raised by the assessee in writing before the aac.4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and ..... section 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act of the relevant year, whichever is ..... act not being retrospective by express intendment, or necessary implication, it cannot be made applicable from april 1, 1957, as the act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 ..... april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. ..... seen from the orders of the lower authorities that they have relied mainly on the amended clause (d) of section 80-ib(10) which has been brought on the statute book w.e.f. ..... april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... use of the words 'it is declared' is not conclusive that the act is declaratory for these words may, at times be used to introduce new rules of law and the act in the latter case will only be amending the law and will not necessarily be retrospective. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)92TTJ(Ahd.)645
..... 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. ..... 1970-71, that is to say a period before 1st april, 1976, with effect from which taxation laws (amendment) act, 1975, became operative.13.2 the learned departmental representative then contended that there is a strong divergence of legal opinion inasmuch as various high courts have considered the case of prithipal singh ..... april, 1976 by the taxation laws (amendment) act, 1975 ..... april, 1976 by the taxation laws (amendment) act, 1975 ..... 1st april, 1976, has substituted the explanation to section 271(1)(c) with ..... that the provisions of section 271(1)(c) immediately prior to amendment by taxation laws (amendment) act, 1975 which was w.e.f.1st april, 1976, reads as under : "(1) if the ito or the aac in the course of any proceedings under this act, is satisfied that any person- (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, (iii) in the cases referred to in clause (c), in addition to any tax payable by him, a sum which shall ..... therefore, after 1st april, 1976, the quantum of penalty is linked with the amount of tax sought to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated ..... of section 32(2) as amended by finance (no. ..... section 32(2) as amended by the finance ..... -section (2) of section 32 as substituted by the finance act ..... set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. ..... 1.4.1997) and to ascertain the object and purpose in amending section 32(2), the speech made by the finance minister can certainly be referred to, inasmuch as, this is in accord with the recent trend in juristic thought not only in western countries but also in india that interpretation of a statute being an exercise in the ..... depreciation allowance allowed to the assessee upto and inclusive assessment year which remained unabsorbed and brought forward to the assessment year 1997-98 continue to set off as per the pre-amended provisions of section 32(2) as stood prior 1.4.1997 and it is only the current depreciation allowance for the assessment year 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2) as substituted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment ..... from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the amendment to section 40(3)(vi), finance act, 1983, by finance act, 1988 was declaratory of the law as it always was and that it had retrospective operation for the assessment pertaining to 1984-85 and 1985-86 from the aforesaid question, it is seen that retrospectiviry of the amendment was very much in question which did pre-suppose that, it was operative prospectively and therefore, there is no ..... the text of section 40 of the finance act, 1983 is annexed to the wealth-tax act, 1957 which is a self-contained code by itself so far as it relates to levy of wealth-tax ..... lakhmani mewal das [1976] 103 itr 437, page 439 of the report laid down .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)6SOT139(Bang.)
..... if the legislature had intended the relevant amendments effected by the finance act, 1997 to make non-compete fees chargeable to capital gains tax, then, when the finance act, 2002 made such receipts taxable under section 28, it would also have amended section 55(2)(b) to remove the words 'right to manufacture, produce or process any article or thing'. ..... on clause (va) of section 28 inserted into the statute book by finance act, 2002, with effect from 1-4-2003.the commissioner (appeals), in the first appeal, had accepted the assessee's claim that the receipt in question is a capital receipt.however, he was of the view that the receipt is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by finance act, 1997. ..... ', were inserted by the finance act, 2002 which are effective from 1-4-2003.it is the appellant's case that the amendment effected by the finance act, 1997 has no bearing on the assessment under consideration.firstly, section 55 is not a charging section. ..... taxed in view of amendment of clause (a) of sub-section (2) of section 55 effected by the finance act, 1997. ..... amendment effected by the finance act, 1997 has no bearing on the assessment under consideration and that section 55 is not a charging section ..... any right to manufacture, produce or process any article or thing.if there is any doubt in this regard, the matter becomes clear if one takes into account the amendments effected by the finance act, 2002 which are effective from 1-4-2003. .....
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