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Tube Investments of India Ltd. Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1990)34ITD397(Mad.)

..... at the date of the original assessment an absolute obligation imposed upon the assessee to pay interest under section 18a(6), but by reason of the retrospective operation given to the fifth proviso added to sub-section (6) by act 25 of 1953, the income-tax officer was invested with the discretion to reduce or waive interest payable by the assessee, this power of the income-tax officer, must, in view of the retrospective amendment, be ..... in 1983-84 under the provisions of finance act, 1984, sections ..... it was given retrospective operation from april 1, 1952, and the discretion conferred upon the income-tax officer because, by fiction of law, exercisable as from april 1,1952, even though the act came into force from may 24,1953, and the cases in which and circumstances under which the discretion was to be exercised were prescribed by the central government by rule 48 in december ..... , no doubt, was enacted only by the finance act of 1984, which was a date subsequent ..... institution out of the sum paid by the assessee, be transferred to him, and where any claim is so made, such asset shall be transferred, as soon as may be, to him.the aforesaid provisions were inserted by finance act, 1984 with retrospective effect from 1-4-1980. ..... the object of the trust as stated in the preamble is to promote, support, advance, assist or otherwise whether by grant or payment of money or loans and advances or by providing amenities or facilities and its activities for the welfare and interest of all .....

income-tax Officer Vs. Tube Investments of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1990)32ITD172(Mad.)

..... in 1983-84 under the provisions of finance act, 1984, sections 40a(9), (10) and (11) are inserted. ..... allowed in the hands of the company while computing its business income of previous years in which such expenditure is laid out or expended, should be allowed while computing the business income under section 28 of the income-tax act as if such expenditure has been laid out or expended by the assessee-company, the invalidity of the trust deed contemplated under section 40a(11) is absolute in its terms and the trusts will no longer be considered to be in existence ..... the said return was filed on 28-6-1982 at a time when the provisions of sub-sections (9)1 to (11) of section 40a were not inserted in the statute book with retrospective effect from 1-4-1980 by finance act, 1984. ..... parties or persons.i am of the opinion that the general meaning of the word "asset" should not be applied while construing the real meaning of the words in sub-clause (ii) of sub-section (11) of section 40a of the income-tax act.to my mind, it appears that the ejusdem generis rule canvassed by the learned departmental representative clearly applies to the word "asset". ..... the object of the trust as stated in the preamble is to promote, support, advance, assist or otherwise whether by grants or payment of money or loans and advances or by providing amenities or facilities and its activities for the welfare and interest of all permanent management employees of the settlor company. .....

Motorola Inc., Erisson Radio Vs. Deputy C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)1

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression "may" thereby giving a discretion to ..... dimensions of a two dimensional work or in two-dimensions of a three- dimensional work; (iii) to issue copies of the work to the public not being copies already in circulation; (vi) to do in relation to an adaptation of the work any of the acts specified in relation to the work in sub-clause (i) to (iv); (i) to make a copy of the film, including a photograph of any image forming part thereof; (ii) to sell or give on hire, or offer for sale or hire, any copy ..... perform the work in public, or communicate it to the public; (iv) to make any cinematograph film or sound recording in respect of the work; (vii) to do, in relation to a translation or an adaptation of the work, any of the acts specified in relation to the work in sub-clauses (i) to (vi); (ii) to sell or give on commercial rental or offer for sale or for commercial rental any copy of the computer programme; provided that such commercial rental does not apply in ..... it would therefore follow that if by inadvertence or otherwise the recital of the formation of the opinion is not mentioned in the preamble to the order the defect can be remedied by showing by other evidence in proceedings where challenge is made to the validity of the order, that in fact the ..... (mcpl) on 5.4.1983 for providing, ..... 1983 ..... .....

Dillu Cine Enterprises (P.) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)80ITD484(Hyd.)

..... we are convinced with the ld.assessee's counsel's argument that the finance act, 1984 states the legislative intent and describes a situation where explanation of taxpayer of loans obtained ..... with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the income-tax act debarring persons from taking or accepting, after 30th june, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of ..... as the appeal is on ground that the learned special judge has failed to award the sentence in accordance with the provisions of section 276dd of the income-tax act on the presumption the fine amount should be equal to the amount of deposit and as i am not prepared to agree with that contention of learned counsel for the appellant, i hold that the appeals are liable ..... legislative intent, the cbdt has explained the object of introduction of section 269ss by the finance act, 1984, in its circular no. ..... under the section as substituted, the time-limit for making an order imposing a penalty under the provisions of chapter xxi of the income-tax act will, ordinarily, be two years from the end of the financial year in which the proceedings, in the course of which action for imposition of penalty has ..... that the headings prefixed to sections or set of sections in some modern statutes are regarded as "preambles" to those sections. .....

Sharda Educational Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Agra

Reported in : (2006)99TTJAgra212

..... the transaction in question was neither loan nor deposit because the amount having been received from the trustee, was receipt to oneself, there was no reason for levy of penalty under section 271d of the act and that the default, if any, was of technical and venial nature, we, in absence of any decision, contrary to the decision relied upon by the counsel for the assessee, such as the ..... . we are convinced with the learned assessee's counsel's arguments that the finance act, 1984, states the legislative intent and describes a situation where explanation of ..... rise to the penalty proceedings is subject-matter of appeal under section 246 or section 246a or section 253 or is subject-matter of revision under section 263 or section 264 of the act, whereas limitation prescribed under clause (c) of sub-section (1) of section 275 is applicable in cases where the concerned assessments or orders are not subject-matter of appeal or revision. ..... with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the it act debarring persons from taking or accepting, after 30th june, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft, ..... prefixed to sections or set of sections in some modern statutes are regarded as "preambles" to those sections ..... to sections or set of sections in some modern statutes are regarded as 'preambles' to those sections. .....

Dillu Clive Enterprises (P) Ltd. Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)87TTJ(Hyd.)1098

..... we are convinced with the learned assessee's counsel's argument that the finance act, 1984, states the legislative intent and describes a situation where explanation ..... support of their explanation.with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the income tax act debarring persons from taking or accepting, after 30-6-1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of such ..... of the various judicial pronouncements on this matter, we hold that the transaction of this case on hand cannot be considered as "loan" so as to aitract section 269ss and section 271d of the act, (h) we are also of the considered opinion that the transaction can be aitributable to various exigencies and vicissitudes of business and thus constitutes a "reasonable cause" as contemplated by section 273b of the ..... on the facts of the case, he contended that the learned commissioner (appeals) erred in not holding that there is a "reasonable cause" within the meaning of section 273b of the act, as the assessee in its running account with the director, had received temporary advances, which was required by business exigencies, as it had issued certain cheques which were to be presented ..... sections or set of sections in some modem statutes are- regarded as "preambles" to those sections, this view was approved by farewell l.j. .....

inspecting Assistant Vs. S.R. Bhawsinghka

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)15ITD25(All.)

..... this clause has been omitted by the finance act, 1985, with effect from 1-4-1985, which alone extended the definition of perquisite to a concession granted by an employer to an employee.according to him, other concessions did not amount to perquisite.11. ..... yard by the company.according to him, this concession amounted to 'perquisite' in terms of section 17(2)(iii)(c) of the income-tax act, 1961 ('the act').according to this section, perquisite includes the value of any benefit or amenity granted at concessional rate by an employer (including a company) to an employee whose income under the head 'salaries', exclusive of the value of all benefits or amenities not ..... as would appear from the preamble of the scheme formulated by the company, there was a request from its officers and staff members for some concession in the rate as also for payment on deferred basis in regard to sale of plots. ..... since this amount had not been taxed in the original assessment and had also not been shown in the return or disclosed to the department, proceedings under section 147(a) of the act were started against the assessee. ..... ito [1983] 6 itd 483 (bom. ..... ito [1983] 3 itd 46 (mad. ..... ito [1983] 3 itd 194 (hyd. ..... ).he also referred to sub-clause (vi) of section 17(2), which was added by the taxation laws (amendment) act, 1984. ..... inclusion of the plot in the wealth-tax return was of no consequence as that disclosure was not under the act. .....

T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD573(Hyd.)

..... is that the provisions of chapter iii-b shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.according to the learned dr, the objective of the entire rbi act is given in the preamble of the act which reads as under: - whereas it is expedient to constitute a reserve bank of india to regulate the issue of bank notes and the keeping of reserves with a view to securing monetary stability in (india) and generally ..... there is no quarrel with those principles which are well settled, but the issue in the instant case is quite different.the issue here is whether there has been any accrual of interest/finance charges in the real sense in the facts and circumstances of the instant case and the decision of the special bench in nagarjuna investment trust case does not deal with this issue.23. ..... the bona fides of the board of directors in coming to the conclusion at the board meeting held on 28-1-1999, to the effect that the interest and finance charges cannot be said to have accrued on account of continued failure on the part of the concerned debtors in making payments of dues in terms of the agreement and the principal amount being itself doubtful of recovery, ..... the case of the assessee company has all along been that in the facts and circumstances of the instant case the interest and finance charges cannot be said to have accrued in the real sense having regard to the undisputed fact that the realization of principal itself is .....

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the legislature to totally derecognise slb transactions in which case no depreciation would be available to the lessor; it was also open to the legislature to ignore the legal ownership of the assets and go by the economic substance of financing leases and accordingly provide that depreciation would be available in respect of leased assets only to the lessee who actually uses the assets and thus deny any depreciation allowance to the lessor ..... gujarat issued a notification on 1st february, 1993 and published the same in the gazette, granting exemption to the sale of plant and machinery to geb by a registered dealer or by a lease finance company or financial institution, provided the geb furnished to eh dealer to the lease finance company or financial institution a certificate in the form appended to the notification declaring inter alia that the plant and machinery so purchased shall be used by geb in the generation and ..... . its conduct shows that so long as the need was supplied, it was prepared to act in accordance with the terms and conditions set by the financing/leasing companies.it hardly mattered to it as to whether a simple financial transaction of borrowing money for interest should take the form of a sale and lease back, so long as ..... . it is clear from these clauses in the preamble as well as the body of the lease deed that the real security ..... invoked by the ao in that case because the orders were all passed by him in 1983 and 1984, before mcdowell was decided (in 1985). .....

Asian Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)81ITD127(Delhi)

..... . 4,03,09,863 for services rendered to the foreign tourists.with regard to the provisions of sub-section (2a) inserted by the said finance act, i am of the view that this is only a machinery provision for allowing the correct amount of deduction under the above section.in this particular case, there is no doubt about the genuineness of the ..... 39 ttj (del) (sb) 660 : (1991) 36 itd 35 (del) (sb) in which it has been held that no statute shall be construed to have-retrospective operation unless such a construction appeared very clearly at the time of the passing of the act or arises by necessary and distinct implication.further, if nothing was mentioned in the proviso that it would be retrospective and the legislature had taken care to see that the provisions would apply from a particular date/assessment ..... nature and was to be treated as restrospective in operation; (vi) the aforesaid explanation was an attempt by the legislature to remove doubts existing as to the common law or to give effect to the actual intention of the legislature and such act was usually to be treated as retrospective; and (vii) the parliament in its wisdom thought that there had been a judicial error in denying the benefits to hotels for claiming deduction under section 80hhd as they were ..... . usually, if not invariably, such an act contains a preamble, and also the word 'declared' as well as ..... . badri prasad agarwal (1983) 142 itr 353 (mp) which has been referred to with approval by the hon'ble supreme court in the case .....