Judgment Search Results Home > Cases Phrase: finance act 1983 section 29 omission of section 80mm Sorted by: recent Page 1 of about 1,336 results (0.123 seconds)

Dr. J.S. Gambhir Vs. Millennium Health Institute and Diagnostics Pvt. ...

Court : Delhi

..... of the persons who are at the relevant date the directors and by the person who is at that date the manager, secretary or other chief officer of the company, or by such of the persons hereinafter in this sub-section mentioned, as the official liquidator, subject to the direction of the tribunal, may require to submit and verify the statement, that is to say, persons(a) who are or have been officers of the company; (b) who have ..... misfeasance or breach of trust in relation to the company, the tribunal may, on the application of the official liquidator, or the liquidator, or of any creditor or contributory, made within the time specified in that behalf in sub-section (2), examine into the conduct of the person, director, manager, liquidator or officer aforesaid, and compel him to repay or restore the money or property or any part thereof respectively, with interest at such rate as the tribunal thinks ..... the official liquidator could also require other persons as specified in section 454(2) of the act to file a statement of affairs, however, such a direction could only be passed in cases where the official liquidator believed that such persons had control over certain records of the company or had ..... application should contain a detailed narration of the specific acts of commission and omission on the part of each director quantifying the loss to the company arising out of such acts or omissions. ..... 15. ..... from the decision in security and finance pvt. ..... sinha: (1983) 1 scc538as .....

Present : Mr. Sanjay Bansal Senior Advocate with Vs. the Assistant Com ...

Court : Punjab and Haryana

..... in respect of the provisions of sub-section (4a) as inserted vide finance act, 1983 and also the substituted sub-section (4a) inserted by finance act no.2 of 1991 was as under: 20 ..... to the accuracy and integrity of this document chandigarh cwp no.16890 of 1995 & other connected matters 5 that, by reason of the omission or failure on the escaped assessment for any assessment year, he part of an assessee to make a return under may, subject to the provisions of sections 148 section 139 for any assessment year to the to 153, assess or reassess such income and also assessing officer or to disclose fully and truly ..... comes to his for that year, income chargeable to tax has notice subsequently in the course of the escaped assessment for that year, or proceedings under this section, or recompute (b) notwithstanding that there has been no the loss or the depreciation allowance or any omission or failure as mentioned in clause (a) other allowance, as the case may be, for the on the part of the assessee, the assessing assessment year concerned ..... (hereafter in this officer has in consequence of information in section and in sections 148 to 153 referred to as his possession reason to believe that income the relevant assessment year) chargeable to .....

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 as an employer by way of contribution to provident ..... (supra) hon'ble 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. ..... it was held (at page 686): "a proviso which is inserted to remedy unintended consequences and to make the provision workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation, so that a reasonable interpretation can be given to the section as a whole.31. ..... (supra), hon'ble supreme court has held that a proviso which is inserted to remedy unintended consequences and to make the provision workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation, so that a reasonable interpretation can be given to the section as a whole.26. ..... the first proviso supplies an obvious omission. .....

Commissioner of Income-tax Vs. Soundararaja Finance Ltd.

Court : Chennai

Reported in : [2006]283ITR559(Mad)

..... prior to the omission, the first proviso as inserted by the finance act, 1966 with effect from april 1, 1966 and amended by the finance act, 1983 with effect from april 1, 1984, read as under :provided that where the actual cost of any machinery or plant does not exceed five thousand rupees, the actual cost thereof shall be allowed as a deduction in respect ..... is to be noted that the first proviso to section 32 was omitted by the finance act, 1995 with effect from april 1, 1996. ..... during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted to fifty per cent, of the amount calculated at the percentage prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may ..... 5,000, whether restriction as contemplated in the relevant proviso to section 32 in regard to the 50 per cent, allowability would apply in the facts of the ..... the present appeals are filed under section 260a of the income-tax act, 1961 by the revenue, in i. t. a. ..... the return was processed under section 143(1)(a) on december 8, ..... heard the arguments of learned standing counsel for the revenue, who submitted that if the asset is used for less than 180 days, the third proviso to section 32(1) would operate. ..... facts leading to the above question of law are as under :(i) the assessee is a hire-purchase and lease finance company. .....

Gujarat Maritime Board Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)94TTJ(Ahd.)1103

..... however, the finance act, 1983 has omitted the words "not involving the carrying on of any activity for ..... for sufficient reasons; (ii) from the 1st day of the financial year in which the application is made, if the cit is not so satisfied; (b) where the total income of the trust or institution as computed under this act without giving effect to the provisions of section 11 and section 12 exceeds thousand rupees in any previous year, the accounts of the trust or institution for that year have been audited by an accountant as defined in the explanation below sub ..... -section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified ..... therefore, after the omission of the above words, if an activity which is for the purpose of advancement of an object of general public utility is carried out with profit motive, it would fall within the definition of "charitable purpose" under section 2(15).though the legislature by simultaneous amendment under section 11 (4a) has provided that the exemption under section 11 shall not be available in relation to any income of a trust or an institution being profit and gains of business unless the business is incidental to the attainment .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... the provisions of section 43b were inserted by the finance act, 1983. ..... made during the previous year merely because there was a delay in making payments thereof in the year under consideration.the omission of words "during the previous year" make it abundantly clear that the object of section 43b and second proviso thereto is not to disallow delayed payments made during the previous year but it only provides that the payment of pf liability outstanding at the end of the year will be allowed as deduction if such ..... it was observed that a proviso which is inserted to remedy unintended consequences and to make the provision workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation, so that a reasonable interpretation can be given to the section as a whole. ..... a proviso which is inserted to remedy unintended consequences and to make the provision workable, a proviso which supplies an obvious omission in the section and is required to be red into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation, so that a reasonable interpretation can be given to the section as a whole." 10. ..... the significance of the omission of this expression "during the previous year" in second proviso to section 43b will be discussed in later part of this order.7. .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... the significance of the omission of this expression "during the previous year" in second proviso to section 43b will be discussed in later part of this order.the provisions of section 43b were inserted by the finance act, 1983.it may, therefore, be relevant to look at the memorandum explaining the provisions of the finance bill, 1983, in order to properly understand the circumstances in which section 43b was inserted and the mischief which was sought to be prevented by such ..... sum payable by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, with effect from 1-2-2002; (f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee, shall be allowed (irrespective of the previous year in which the liability to pay ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at page 14 of 209 itr indicates that under the existing provisions of section 43b which has also provided that any sum payable by the assessee as an employer by way of contribution to pf, ..... the income only of that previous year in which such sum is actually paid by him.by the finance act, 1987, two provisos to section 43b were inserted with effect from 1-4-1988. .....

Asian Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)81ITD127(Delhi)

..... 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 ..... in section 64 by the finance act, 1979, though not in terms retrospective, serves as a parliamentary exposition of the meaning of the word 'income' as used in the unamended section, for, that word, in the context of section 64, ..... finance act, 1979 which reads as follows : "for the purpose of this section ..... the p&l a/c of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be utilised for the purposes of the business of the assessee in the manner laid down in sub-section (4) : provided that a hotel or, as the case may be, a tour operator approved-by the prescribed authority on or after the 30th day of november, 1989, and before the 1st day of october, 1991, shall be deemed to ..... account; and (viii) to examine whether a proviso/provision is intended to remedy unintended consequences and to make the existing provision workable, a proviso which supplies an obvious omission and which is required to be read into the section to give it a reasonable interpretation and under both the aforesaid situations a retrospective effect is to be given.39. ..... badri prasad agarwal (1983) 142 itr 353 (mp) which has been referred to with approval .....

Bhagwan Dass Khanna Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2001)78ITD151(Delhi)

..... on which section 43b was inserted by the finance act, 1983. ..... view to securing the benefit under section 80hhd for all the segments of the tourism industry, section 80hhd was amended by the finance act, 1991, w.e.f.1-4-1992, by inserting, inter alia.explanation to sub-section (2) and sub-section (2a), which read as under:-- ..... let us now analyze the nature of the amendments made in section 80hhd by the finance act, 1991 in the light of the legal propositions set out ..... provision is retrospective or not.9.1 on a careful consideration of the facts and circumstances of the case in its entirety and in view of the foregoing discussion we hold that the above referred amendments made by the finance act, 1992 by introducing explanation to section 80hhd(2) and sub-section (2a) are retrospective in nature. ..... " if the amendment in section 80hhd, introduced by the finance act, 1991 is considered in the light of the above propositions, it would emerge that the same having been introduced to remedy unintended consequences, has to be ..... inserted to remedy unintended consequences and to make the provision workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation, so that a reasonable interpretation can be given to the section as a whole. ..... act is generally passed to supply an obvious omission or to clear up doubts as to the meaning of the previous act .....

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

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2000)73ITD180(Chennai)

..... the 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. ..... 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 applied ..... we accordingly reproduce the said section as it was enacted, followed by the amendment that was made by the finance act, 1988. ..... a proviso which is inserted to remedy unintended consequences and to make the provisions workable, a proviso which supplies an obvious omission in the section and is required to be read into the section to give the section a reasonable interpretation, requires to be treated as retrospective in operation'. ..... but, unless the amendment specifically indicates that it is to be given retrospective operation, the section shall have effect prospectively.if assessments are completed based on the provisions that existed on the statute book, by means of subsequent amendment, reopening of the assessment are not permissible unless the amendment specifically states that it is ..... under the existing provisions, wealth-tax is leviable even in the cases, where the assets specified in the section are held as stock-in-trade or are used for industrial purposes.8. .....