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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. .....

inspecting Assistant Vs. Ramanathapuram Dist. Co-op.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD415(Mad.)

..... notes on clauses appended to the taxation laws (amendment) bill, 1969 explained the scope and effect of sections 80qq in the following words: clause 24 seeks to insert a new sections 80qq in chapter vta of the income-tax act with effect from 1-4-1970.under the proposed new sections 80qq any person carrying on a business, in india, of the printing and publication of books or publication of books without the activity of printing, will be entitled to a deduction, ..... word "nine" was substituted for the word "four" by the finance act, 1975 with effect from 1 4-1975. ..... the finance act, 1981 substituted the word "fourteen" for the word ..... air 1953 sc 58, 60 the supreme court said : though the definition may be more or less the same in two different statutes, still the objects to be achieved not only as set out in the preamble but also as gatherable from the antecedent history of the legislation may be widely different. ..... the assessments for the assessment years 1983-84, 1984-85 and 1986-87 were completed, determining the taxable income of the assessee society as indicated below:assessment year 1983-84 1984-85 1986-87 ---------- ---------- ------------deduction under section ..... now deal with the merits of the assessee's claim in relation to the assessment years 1983-84 and 1984-85.14. ..... words half of the income claimed to be from books shall be considered as from publication of forms.the cit (appeals) took the same line on this issue in the appeals relating to the assessment years 1983-84 and 1986-87.7. .....

M.M. Marican Trust Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)37ITD174(Mad.)

..... extent it exceeds the value or aggregate value of such interest or interests, as if such excess value were the net wealth of an individual who is a citizen of india and resident in india for the purposes of this act, and - (4) "notwithstanding anything contained in the foregoing provisions of this section, where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax ..... declared by him; or (ia) none of the beneficiaries has net wealth exceeding the amount not chargeable to wealth-tax in the case of an individual who is a citizen of india and resident in india for the purposes of this act or is a beneficiary under any other trust; or (ii) such assets are held under a trust created before the 1st day of march, 1970, by a non-testamentary instrument and the assessing officer is satisfied, having regard to ..... several factors connected with the execution of the deeds the presence of a common portion, in the preamble of the latter three deeds, the fact that two out of three directions found were common in all the deeds made us feel that though they are four deeds ..... admitted fact that the founder died only in 1983 by which time all the assessments in question ..... carrying on a business or profession exclusively for the benefit of persons employed in such business or profession, wealth-tax shall be charged at the rates specified in part i of schedule i.after the amendment made by the finance (no. ..... by the finance (no. .....

ito Vs. P.C. Ramakrishna (Huf)

Court : Income Tax Appellate Tribunal ITAT Madras

..... case may be; (iii) any property to which a female hindu becomes entitled by virtue of the provisions of clause (i) shall be held by her with the incidents of coparcenary ownership and shall be regarded, notwithstanding anything contained in this act or any other law for the time being in force, as property capable of being disposed of by her by will or other testamentary disposition; (iv) nothing in this chapter shall apply to a daughter married before the date of the ..... the case may be; (iii) any property to which a female hindu becomes entitled by virtue of the provisions of clause (i) shall be held by her with the incidents of coparcenary ownership and shall be regarded, notwithstanding anything contained in this act or any other law for the time being in force, as property capable of being disposed of by her by will or other testamentary disposition; (iv) nothing in clause (ii) shall apply to a daughter married prior to or to a partition ..... 19.3 the finance act has made the following modifications in section 54 of the income tax act, namely: (i) the conditions of residence by the assessee or his parent in the property which was transferred, as also residence by the assessee in the new property purchased or constructed ..... discussed the scope and effect of amendment on section 54 with effect from 1-4-1983 which is explained in circular no.346, dated 30-6-1982, (1982) 138 itr ..... effect from 1-4-1983, and will accordingly apply in relation to the assessment year 1983-84 and subsequent .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... to curb this practice, the finance act, 1983 has inserted section 43b to provide that deduction for any sum payable by the assessee by way of tax or duty under any law for the time being in force or any sum payable by the assessee ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such ..... supreme court treated the first proviso to section 43b as inserted by the finance act, 1987 as retrospective in operation for and from assessment year 1984-85. ..... parity of reasoning the proviso which is now amended by the finance act, 2003 can also be treated as retrospective qua the payment of ..... special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. ..... the first proviso, which was inserted by the finance act, 1987 is remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or ..... having regard to this unintended hardship, by the finance act, 2003 in the first proviso of section 43b, the words, brackets and letters referred to in clause (c) or clause (d) or clause (e) or clause (f) have been omitted and .....

V.G. Ramachandran Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD545(Chennai)

..... 10(10c), the characteristic cannot be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 with effect from 1-4-2004, the legislature intended to clarify the position that any amount received or receivable by an employee of a company who opts for voluntary retirement scheme, here the receivable means the voluntary ..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable: not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation ..... this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received ..... this amendment will take effect from 1-4-2004, and will, accordingly, apply in relation to the assessment year 2004-05 and subsequent years.further the memo explaining provisions of finance bill, 2003 as reported in 260 itr at page 197 (statutes) explained in clause 6(b)-- it is proposed to provide that any amount, not exceeding five lakh rupees ..... explaining the provisions in the finance bill, 1983 [see, (1983) 140 itr (st. ..... view that the reasons given for insertion to section 43b was-- as is evident from the budget speech of the finance minister for the year 1983-84 [see, (1983) 140 itr (st. .....

R.K. Swamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD185(Chennai)

..... in india al the point of termination, modification of the terms thereto should alone be considered for taxation and not the amount received under separate agreement for non-competition.4.10 moreover sub-clause (va) to section 28 introduced by the finance act, 2002 with effect from 1-4-2003 would strengthen the view of the appellant regarding non-taxability of the receipt of non-compete fee.further, in view of the insertion of the said sub-clause it is possible to infer that ..... of any description which is made available to potential users and includes the provision of services in connection with business of any industrial or commercial nature such as accounting, banking, communication, conveying of news or information, advertising, entertainment, amusement, education, financing, insurance, chit funds, real estate, construction, transport, storage, processing, supply of electrical or other energy, boarding and lodging.the above sub-section alongwith the proviso and explanation comes into effect only from ..... certain facts given and submissions made by the appellant in the course of hearing such as, the corresponding assessment details of the company that made the payment to the appellant and the amendment proposed to section 28 by the finance bill, 2002; (c) in relying upon certain decisions (mentioned by him in his order) that are not relevant for deciding the issue on hand; and (d) in not considering the numerous decisions relied upon by the appellant ..... [1983] 140 itr 159' (bom. .....

Deputy Commissioner of Income Tax Vs. G.K. Enterprises

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)79TTJ(Mad.)82

..... of course, the provisions of section 47(ii) were omitted by the finance act, 1987, w.e.f. ..... it was argued by the learned counsel for the assessee that section 45(4) of the act is not applicable to the facts of this case as there was no distribution of capital assets. ..... 1984-85 (year ending 30th june, 1983--the assessee follows june year as its previous year) is at rs. ..... he applied the provisions of section 45(4) of the act and proceeded to assess the capital gains in the hands of the assessee. ..... palaniappa gounder (1983) 143 itr 343 (mad) considered a similar issue and held that "whether the retiring partner receives a lump sum consideration or whether the amount is paid to him after a general taking of accounts after ascertainment of his ..... 4,27,781 + construction during 30th june, 1981, to 30th june, 1983 rs. ..... court was that whether the retirement of the assessee as a partner from the firm amounted to dissolution of the firm and, therefore, the capital gains, if any, was exigible to tax in view of the provisions of section 47(ii) of the it act, 1961. .....

Cresent Housing (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2002)80ITD317(Mad.)

..... case (supra): "apart from the fact that the circulars issued by the central board of customs and excise in exercise of its power under section 37b of the central excise act, 1944, are binding on the department, the department is precluded from challenging the correctness of the said circulars even on the ground of the same being inconsistent with the statutory ..... 275/201/95-it(b) the board has clarified that it would not alter the liability to charge interest under section 201(1a) of the act till the date of payment of tax by the deductee-assessee.we, therefore, do not find it necessary to set aside the orders passed by the ito, tds levying interest under ..... if there is evidence to show that deductee-assessee has paid the tax on the interest income, there is no need for treating the payer as an assessee in default under section 201(1) of the it act, 1961.regarding the relevance of the circulars issued by the department, this is what the supreme court held in paper products ltd. ..... provided in section 201(1) that if any person does not deduct or after deducting fails to pay the tax as required by or under the act, he shall without prejudice to any other consequences which he may incur be deemed to be an assessee in default in respect of the tax. ..... the tax under section 201(1) there could have been no liability to pay interest, according to him, when there was no obligation on the part of the appellant to deduct tax on the interest payment to gic housing finance ltd. ..... (1983) 140 ttr .....