Judgment Search Results Home > Cases Phrase: finance act 1976 section 27 amendment of act 27 of 1957 Court: income tax appellate tribunal itat Page 2 of about 128 results (0.230 seconds)

T. I. and M. Ltd. Vs. Assistant Commissioner of Wealth

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 ..... accordingly reproduce the said section as it was enacted, followed by the amendment that was made by the finance act, 1988. ..... 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 ..... 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 ..... 13 of the finance act, 1960 [13 of 1960], relating to exemption of companies from levy of wealth-tax under the wt act, 1957 (27 of 1957) (hereinafter referred to as the wt act), wealth-tax shall be charged under the wt act for every assessment year commencing on and from 1st april, 1984, in respect of the net wealth on the corresponding valuation date of every company, not being a company in which public are substantially interested, at the rate .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... he concluded saying that the subsequent amendments made to the section further liberalised the grant of deductions to approved financial corporations and he drew our attention in particular to the latest amendment to section 36(1)(viii) by the finance act, 1985, wherein it has been clarified that the deduction is to be made without making any deduction under the said clause. ..... not be quoted as an authority and applied to the case on hand where we are concerned with the law as on 1-4-1982 and 1-4-1983 which governs the assessments for 1982-83 and 1983-84, respectively, for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. ..... the third line of attack by shri radhakrishna murthy is that whenever the legislature wanted it had employed specific language such as to be found in sections 23(2), 32a(3), 33(2) and 33a(2) of the act, and, therefore, this amendment introduced by the finance act, 1985, viz. ..... the latest amendment introduced by the finance act, 1985, has made it clear that the deduction should be computed before making any such deduction under the section. ..... 's case (supra) we are of the view that this particular amendment introduced by the finance act, 1985 is only clarificatory in nature.10. ..... in our view, the amendment made by the finance act, 1985, is only clarificatory in nature.12. .....

Manisha Construction Vs. the Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

..... 8 of 2002 dated 27-8-2002 clarifying the scope and effect of the amendment made in section 158bb by the finance act, 2002 with retrospective effect from 1-7-1995 which has already been set out ..... therefore, after the amendment made by the finance act, 2002 with retrospective effect from 1-7-1995 in clause (c) of section 158bb(1), the claim of the assessee that the losses as determined on the basis of entries as recorded in the seized books of accounts of the assessee maintained in the normal course on or before the date of the search ..... the finance act, 2002, has amended the said clause (b) to include a specific reference to such returns filed in response to notices issued under section ..... 61.3.2 the finance act, 2002 has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered in post search inquiries made on the basis of evidence found ..... find that these decisions were rendered in the light of provisions contained in (i) main sub-section (1) of section 158bb providing for aggregation of total income of all the previous years falling within the block period to be computed in accordance with the provisions of chapter iv of the act as it then stood; (ii) the original clause (a) of explanation to main sub-section (1) of section 158bb, and (iii) clause (c) to section 158bb(1) as it stood prior to its substitution by the finance act, 2002 with retrospective effect from 1-7-1995. .....

Om Prakash Sharma Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2004)83TTJ(JP.)246

..... an amendment in this charging section 113 was made through finance act, ..... (e) it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous ..... several amendments in provisions relating to the block assessment were enacted through the finance act, 2002 and most of them were made applicable ..... the charging section for the block assessment is 158ba(2), which does not speak anything about the rates prescribed in central act, therefore, the rates prescribed in finance act are not applicable for the special assessment of the search ..... first schedule is subject to section 2 of finance act, 2000. ..... i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. ..... no reference in these sections to compute the tax on undisclosed income in accordance with the rates given in finance act. ..... section 2 of the finance act provides that the rates specified in part i of the first schedule are applicable for the assessment year commencing from 1st april ..... clearly mentioned in section 2 of the finance act. ..... relevant to mention here that the part iv of finance act prescribes rules for computation of net agriculture income. ..... the rates given in particular finance act is applicable only to a particular assessment year not for the ..... (d) further, rates prescribed in the finance acts are not applicable for the cases of searches held before 1st june .....

Wealth-tax Officer Vs. Niranjan Narottam (individual)

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. .....

Divine Medical Centre (P.) Ltd. Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1999)71ITD238(Coch.)

..... officer has included the value of the hospital building in the wealth-tax assessments on the ground that the assessee being a closely held company, the assets specified under various clauses of sub-section (3) of section 40 of the finance act 1983, were liable to tax, and that hospital building was not an asset excluded by clause (vi). ..... . the commissioner (appeals) has taken the view that clause (vi) of section 40(3) of the finance act, 1983 does not exclude building or land appurtenant thereto used by the assessee for the purpose of running the hospital ..... is in further appeal before the tribunal with the plea that the revenue authorities were not justified in denying the exemption provided in clause (vi) of sub-section (3) of section 40 of the finance act, 1983.at the time of hearing, shri k. ..... the wealth-tax officer felt that in view of section 40 introduced in the finance act 1983, the value of specified assets held by closely-held companies was includible in the taxable wealth for the assessment years starting from 1-4-1984 and that the hospital building was such an asset to ..... v be mentioned that section 40 of the finance act revived in a limited way the levy of wealth-tax on companies which had been superseded b ' v the finance act, 1960 ..... context, we may refer to the object behind the introduction of section 40 in the finance act, 1983 ..... ." section 40 has been introduced in the finance act, 1983 with a view to circumventing the tax avoidance by keeping unproductive assets in .....

Chandulal Venichand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)38ITD138(Ahd.)

..... 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 "payable" in the ..... 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. ..... section 43b was amended by finance act, 1987 and finance act ..... on 3-3-1988 considered the amendments made by finance act, 1987 with effect from 1-4-1988 in section 43b of the act. ..... . it has been held by patna high court that under the proviso which was inserted with effect from 1-4-1988 by the finance act, 1987, the words "actually paid" occurring in the main section 43b have in fact been interpreted and as such the said proviso should be regarded as an interpretation clause or a clause which explains what is meant by " actually paid" and that the interpretation given ..... said proviso was literally interpreted it would be struck down as it provided for doing an impossible act and that it could be upheld by holding that an assessee for the assessment year 1984-85 was entitled to have the benefit of the proviso introduced by the finance act, 1987.the high court held that upon textual interpretation of statutes, the proviso to section 43b of the act should be construed as retrospective in its operation and explanation 2 thereto should be held to .....

The Dy. Commissioner of Vs. Shri Bhim Singh Lather

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)282ITR151(Delhi)

..... the finance act, 2003 inserted sub-section (16) in section 155 to provide that where such amount of compensation or consideration is subsequently reduced by any court, tribunal or other authority, capital gain of that year in which the compensation or consideration received was taxed shall be recomputed accordingly and the assessing officer shall amend the order of assessment to revise the computation of said capital gain of that year by taking the compensation or consideration so reduced by the tribunal or authority to be the full value of the ..... though the conclusion of the high court which was affirmed by this court cannot be legally faulted, we cannot, however, approve of the following analysis of the section occurring in the judgment (page 581 of (1976) 105 itr: "in short, what this provision means is that if an assessee has been allowed a deduction in the computation of its total income of any liability on account of loss or expenditure and if, subsequently, the liability of the assesses on account of ..... as can be seen from the facts in the aforesaid case, the assessment year was 1976-77 prior to the introduction of section 45(5) in the it act. ..... the ito held that the entire amount of interest on enhanced compensation should be brought to tax for the assessment year 1976-77. .....

State Trading Corpn. of India Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)36ITD497(Delhi)

..... matter we are clearly of the opinion that the decisions cited on behalf of the assessee in support of the theory of total merger no longer hold good in view of the explanation, clause (c) to section 263(1) which has been retrospectively amended by the finance act, 1989. ..... the existing explanation was, no doubt, substituted with effect from 1-6-1988 and it was also amended with effect from that date by the finance act, 1989, yet a plain reading of this clause clearly indicates that the legislature intended to ..... shri srivastava then referred to the amendment introduced in the said explanation by the finance act, 1989 with effect from 1-6-1988.regarding this amendment also the contention advanced on behalf of the assessee was that it would operate only with effect from 1-6-1988 and, therefore, it would not apply to a case where an order was passed by the commissioner before the insertion of the amendment and in support of the contention that the ..... the above explanation was substituted by the new explanation by the finance act, 1988 with effect from 1-6-1988 and the explanation, clause (c) as substituted with effect from 1-6-1988 was as follows :- explanation - for the removal of doubts, it is hereby declared, for the purposes of this sub-section,- (c) where any order referred to in this sub-section and passed by the assessing officer had been the subject matter of any appeal, the ..... [1976] 103 itr 499.reliance has further been placed on the decision of the tribunal, bombay bench ..... [1976] .....

Jagatdal Jute and Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)1SOT210(Kol.)

..... " in the light of the discussions made above and respectfully, following the decisions of the aforesaid coordinate benches, we are, therefore, of the considered opinion that the amendment brought by the finance act, 2003 in the 1st proviso to section 43b of the act and consequential omission of 2nd proviso to section 43b is to be treated as retrospective in operation, and consequently, any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund ..... rs.5,14,124 (rs.5,13,049 + rs.1,075) as contribution to esi, all pertaining to march, 1996 but all paid before due date for furnishing the return of income for the year, is unsustainable in law particularly in view of amendments, introduced by finance act, 2003 in section 43b of income tax act, 1961, which are to be treated as having retrospective effect covering the year under consideration in view of principles laid down by honble supreme court in allied motors pvt. ..... in this sense, therefore, the amended 1^st proviso as amended by the finance act, 2003, covering all payments referred to in various clauses of section 43b, is to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench, mumbai, in the .....