Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)34ITD268(Mum.)
..... that item 26 was omitted from 1-4-1982 and such omission did not affect the appellant, since we were concerned with an earlier accounting period.in support of this argument, shri dastur referred us to circular no.308 dated 29-6-1981 containing explanatory notes on finance act, 1981.in particular, shri dastur relied on paragraphs 19.1 to 19.3 dealing with amendment of eleventh schedule (pages 898 and 899 of taxmann's direct taxes circular, vol. ..... 2) of 1969 and the memo explaining the finance bill 1969 (71 itr - statutes 24) read as under: the effect of the proposed amendment is that the "tax-holiday" concession under section 80j...will be available to industrial undertakings which commence production or operation...at any time up to 31st march 1976. ..... the amended provisions have extended the availability in case of industrial undertakings which commence production or operation at any time before 1st april, 1981.while elaborating on this, the same authors at pages 2154-2155 have observed that the provisions of section 80j have application only to such undertakings which fulfill the conditions prescribed for eligibility in section 80j(4), (5) and (6). ..... if the interpretation that the learned counsel for the assessee wants us to put is to be accepted, then the assessee or assesses, who start production on 1-4-1981, would be entitled to relief under sections 80j and 801 for a period of 5 years or more depending upon the availability of profits, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1990)32ITD421(Mum.)
..... from 1-4-1968 and section 80ab, which was made prospective in effect as from 1-4-1981 by the same finance (no.2) act, 1980.their lordships quoted extensively from the finance minister's address to the parliament at the time of introduction of finance (no.2) bill and concludingly the high court observed that, 'interpretation of a statutory provision is always a question of law on which reasons stated by the mover of the amendment can only be ..... put forward incomplete facts and in case true and correct facts were put forward, either the assessee would not have got approval under section 80-o of the act or would have got approval with substantial modifications resulting in no relief with reference to sub-contractors'jobs abroad, page 66 ofassessee's paper ..... and correct facts were put forward before the central board of direct taxes by the assessee, either theassessee would not have got approval under section 80-o of the act or would have got approval with substantial modifications; (iii) that in either case, the assessee-company would not have been able to ..... 1981 and in this view of the matter for deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance ..... act, 1980 inserted by insertion section 80aa and it was made retrospective in effect as from 1-4-1968, section 80ab by the same enactment was made prospective in effect as from 1-4- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)89ITD551(Mum.)
..... the present section 80-i was inserted by the finance (no.2) act, 1980 ..... it was also pointed out that sub-section (6) of section 80-i starts with a non-obstante clause and therefore, even assuming that under section 33ac, as it stood before the amendment, the deduction will have to be given against all sources of income of the assessee, in view of the non-obstante clause in sub-section (6) of section 80-i, the effect of section 33ac will have to be ignored and the determination of the profits from the ship will have to be made as if the assessee had not ..... company formed and registered in india with the main object of carrying on the business of operation of ships, there shall, in accordance with sand subject to the provisions of this section, be allowed a deduction of an amount, not exceeding the total income (computed before making any deduction under this section and chapter vi-a), as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be utilized ..... in view of the non-obstante clause, we hold that the computation of the profits under sub-section (6) of section 80-i is in no way controlled or influenced by the provisions of section 33ac, even if the contention of the assessee regarding the effect of section 33ac, as it existed prior to the amendment, is held to be contact for the make of argument.therefore, even in this view of the matter, the assessee's claim cannot be ..... 1981 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)96TTJ(Mum.)415
..... explained above, the definition of "undisclosed income" prior to the amendment brought in by the finance act, 2002, is the correct law to be applied in the ..... assessment has been so far examined in this order in the light of the expanded definition of "undisclosed income" inserted under section 158b(b) by the finance act, 2002, with retrospective effect from 1st july, 1995, the second situation in which undisclosed income could be conceived on the falsity of claims made by the assessee towards expense, deduction or allowance has been brought into the definition of "undisclosed income" by the finance act, 2002. ..... the assessee firm is that the cit(a) has erred in holding that the assessee-firm was not entitled for the deduction under section 80-ia of the it act, 1961, for the alleged reason that the various conditions attached thereto have not been fulfilled by the assessee-firm. ..... the searched premises on the date of search did not belong to the assessee-firm but belonged to an entirely different concern, sll and, therefore, no block assessment under section 158bc could have been lawfully completed on the assessee-firm on the basis of the materials collected, if any, in the course of the impugned search. ..... added as undisclosed income for the block period for the various assessment years specified above which represents withdrawal of the deduction under section 80-ia allowed to the assessee in the regular assessments in view of the evidences found during the course of the search as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)31ITD369(Mum.)
..... this shows that the charging section is only section 3 of the income-tax act, and that section 2 of the finance act only gives the rate for quantifying the tax for this section gives an alternative for quantification in the contingency of the finance act not having been made on the 1st day of april of that year. ..... income becomes chargeable to income-tax at rates prescribed under the relevant finance act by virtue of the charging section, and the act envisages situations where income-tax is collectable without the process of regular assessment. ..... while the assessee says that section 3 of the income-tax act is the charging section and that the finance act only prescribed the rate of tax payable. ..... when you look at section 2 of the finance act, it shows that income-tax shall be charged at the rates specified in part i of the first schedule, and super-tax, for purposes of section 55 of the income-tax act, 1922, shall be charged at the rates specified in part ii of the first schedule. ..... the revenue contends that the finance act is the charging section and that, therefore, the liability accrued only on the first day of april, 1957. ..... by making additions/disallowances in the assessment framed under section 143(3)/144b of the act on 20-8-1981 would be bad in law. ..... 1629/bom/1982 wherein it had cancelled the assessment framed by the i.t.o on 28-8-1981 as being barred by limitation. ..... dated 28-8-1981, the assessee preferred an appeal before the c.i.t. ..... (d) on 28-8-1981, the i.t.o. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)241ITR43(Mum.)
..... 80-o by the finance act, 1987, in the following words : "since the provisions of the section are intended to provide incentive to earning foreign exchange, the proposed amendment seeks to provide that the deduction will be allowed only if the amount has been brought into india within a period of six months from the end of the relevant previous year or within such extended period as ..... 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of royalties, ..... 1382), while explaining the amendment made by the finance act, 1984, stated that the deduction was introduced primarily to stimulate flow to technology from india and that the said objective could be attained with reduced deduction on that account.prior to its amendment by the finance act, 1988, the operative portion of ..... after enactment of s.80ab by the finance act of 1981 w.e.f. ..... 80-o by the finance act of 1981 w.e.f.1st april, 1985, deduction under s ..... 1st april, 1981, the law has also been amended by incorporation of s ..... 1st april, 1981, there should be no doubt about the deduction under s ..... srinivasa setty (1981) 128 itr 294 (sc), ..... ito (1981) 131 itr 597 (sc).intention of legislature to be preferred to technical language our duty is to find out what the legislature must be taken to have really meant by the expressions which it has used, without necessarily attributing to "it" a precise appreciation ..... cbdt (1981) 132 itr 637 (bom).in the case of cit vs. b. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD231(Mum.)
..... 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 controversy has been raised by the department on the plea that the amendment was darificatory in nature and even if it were not so, the word "shall include and shall be deemed always to have included" in the explanation inserted by the finance act, 1987 would clothe it with the retrospective operation. ..... 5 at the relevant time 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. ..... in the light of these decisions and also in the light of the opinion expressed by the board in explaining the provisions of the finance act 1987, the cit (appeals) was not justified in denying the claim of investment allowance claimed by the assessee.4. ..... the board has clearly stated therein that the explanation inserted by the finance act, 1987 was with a view to clarifying the provisions of item no. ..... the same is to come into operation from 1-4-1988 and the legislative inent to this effect has also been brought out in the note on clauses to the finance bill 1987- [see 168 itr (statute) 144].it is stated therein that clause 75 of the finance bill sought to amend item nos. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)100ITD217(Mum.)
..... been brought in and the circular continued to state that since long term capital gains are subjected to lower incidence of tax, the finance act, 2002 has rectified the anomaly by amending the said sections to provide that while losses from transfer of short term capital assets can be set off against any capital gains, whether short term or long term, losses arising from transfer of long term capital assets ..... since long term capital gains are subject to lower incidence of tax, the finance act, 2002 has rectified the anomaly by amending the said section to provide that while losses from transfer of short term capital assets can be set off against any capital gains, whether short term or long term, losses arising from transfer of long term capital assets, ..... it is very clear from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform treatment of capital loss whether short term or long ..... (7) the cit(a) has observed that as a result of the amendment brought in by the finance act, 1987 in the provisions of law contained in section 70, there is no distinction between long term capital gains and short term capital gains in matters relating to carry forward and set off of losses. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD287(Mum.)
..... cwt [1997] 60 itd 473 (delhi) for the proposition that section 40 of finance act, 1983, is a special provision and, therefore, it will prevail over the general provisions of the wealth-tax act contained under section 2(m) explanation 1 after it is amended w.e.f. ..... of the items mentioned in clauses (i) to (viii) under sub-section (3) of section 40 of the finance act also come under or covered by the definition "net wealth" under the wealth-tax act.sub-section (5) of section 40 of the finance act clearly states that it is only section 5 of the wealth-tax act and clause (d) of section 45 of the wealth-tax act and part ii of schedule i to that act are the provisions which should not apply while dealing a case under section 40 of the finance act and clause (b) of sub-section (5) clearly states that the remaining provisions of the ..... going through the various important clauses of the lease deed, we have no hesitation to come to the conclusion that the asset (bella vista property) can be said to be belonging to the assessee-company within the meaning of sub-section (2) of section 40 of the finance act, 1983.sub-sections (3), (5) & (6) of section 40 of the finance act cover all the assets with which we are concerned in this appeal, bella vista, which not only comprises of the land but also the residential property situated therein. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)108ITD457(Mum.)
..... section 14a has been amended by section 10 of the finance act, 2002 and again by section 7 of the finance act, 2006 ..... we are concerned with sub-section (1) (as originally inserted (without numbering of the sub-section) by the finance act, 2001 with retrospective effect from 1-4-1962) and sub-section (2)/(3) (inserted by the finance act, 2006 with consequential numbering of the clauses of section 14a) of section 14a. ..... short issue in the matter before us is whether the provisions of section 14a empower the assessing officer to make proportionate allocation in respect of the expenditure incurred in relation to exempt income and consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with ..... the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no ..... this connection, the provisions of sub-section (2)/(3) of section 14a inserted by the finance act, 2006 deserve to be noted.15. ..... cto (1981) 48 stc 466 (sc), the hon'ble supreme court has held: "it is settled law that a distinction has to be made by courts while interpreting the provisions of a taxing statute between charging provisions which impose the charge to tax .....
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