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Steel Authority of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD193(Delhi)

..... by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e ..... a view to making the tax system more progressive a new chapter xii b is proposed to be inserted in the income-tax act. ..... amendments will take effect from 1 st april, 1988 and will, accordingly, apply in relation to the assessment year 1988-89 and subsequent years (clauses 40 and 43).while proposing the amendment in section 115j the prime minister and the minister of finance in his speech on 29th february, 1987 said as under: in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book profits' of certain companies. ..... we quote from the speech : the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book profits' of certain ..... when it was felt that such profitable companies should contribute- at least a small portion of their profits to the national exchequer, when other and less better off sections of society were bearing a burden, section 80vva was introduced by the finance act of 1983 providing that the fiscal incentives and concessions available to the companies would not be more than 70% of the profits. ..... in 1983, a new section 80vva was inserted in the act so that all profitable companies pay some ..... 8017.40 lakhs for 1983-84 lakhs as under.we shall refer to this chart hereinafter as schedule 'b' : .....

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : [1999]237ITR706(Ker)

..... the legislature, by the finance act, 1983, introduced a new chapter--chapter vi-b--containing only one provision--section 80wa--imposing restriction on certain deductions in the case of companies, with effect from april 1, 1984. ..... simultaneously, in the finance act, 1987, itself a new chapter--chapter xii-b--containing only one section--section 115j-- was inserted. ..... . section 32ab inserted by the finance act, 1986, with effect from april 1, 1987, sub-sections (1), (2) and (3) thereof, relevant for the purpose of this case, read as follows :'32ab' ..... . later, the legislature has inserted a new provision, section 115ja by section 39 of the finance (no ..... . this provision itself was enacted, as could be seen from the budget speech of the finance minister for the financial year 1983-84, with a view to securing that the various deductions in respect of tax concessions admissible under the income-tax act did not result in reducing the taxable income of companies to the extent that no tax or only a negligible tax would be payable by profit-making companies ..... . we have already pointed out earlier that prior to the introduction of section 115j by the finance act, 1987, with effect from april 1, 1988, there was a provision applicable to all companies regarding the quantum of deductions in respect of certain reliefs provided under the act introduced by the finance act of 1983, with effect from april 1, 1983, i.e .....

Commissioner of Income Tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : (1998)149CTR(Ker)538

..... finance act, 1983, introduced a new chapter-chapter ..... finance act, 1987, itself a new chapter-chapter xii-b-containing only one section ..... inserted by the finance ..... finance act, 1987, the said chapter ..... principal business of which is the business of banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares'.the assessing authority, as already stated, has allowed the ..... this provision itself was enacted, as could be seen from the budget speech of the finance minister for the financial year 1983-84, with a view to securing that the various deductions in respect of tax concessions admissible under the income tax act did not result in reducing the taxable income of companies to the extent that ..... to compute the depreciation for the earlier years taking into account the extra-shift allowance also particularly in view of the amendment to the companies act in 1988 inserting schedule xiv effective from 2nd april, 1987 which falls during the accounting period relevant to the assessment year in question. ..... finance act, 1987 with effect from 1st april, 1988, there was a provision applicable to all companies regarding the quantum of deductions in respect of certain reliefs provided under the act introduced by the finance act of 1983 with effect from 1st april, .....

Southern Petro Chemical Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)93TTJ(Chennai)161

..... brought in the it act by insertion to chapter xii-b by the finance act, 1987, w.e.f. ..... of section 14a (inserted by the finance act, 2001, with retrospective effect from 1st april, 1962), no deduction was allowable in respect of expenditure incurred by the assessee in relation to the income which did not form part of the total income under the act. ..... she submitted that section 115j is still in the statute book and the whole scheme is an integrated scheme contained in chapter xii-b regarding the computation of book profits in case the same are less ..... section 80aa (omitted by the finance act ..... of depreciation to be provided in an accounting period involves the exercise of judgment by management in the light of technical, commercial accounting and legal requirements, and, accordingly, needs periodical review.therefore, he submitted that if section 205 is sacrosanct, where is the question of review therefore, he submitted that the decision of the bombay bench of the tribunal in (2001) 72 ttj (mumbai) 151 : (2001) 77 itd 462 (mumbai) (supra) ..... (i) along with the proviso reads as under: "(i) the amount withdrawn from any reserves or provisions if any such amount is credited to the p&l a/c : provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing ..... 1983, a new section 80wa was inserted in the act so .....

Karnataka Small Scale Industries Development Corporation Ltd. Vs. Comm ...

Court : Supreme Court of India

Reported in : (2003)179CTR(SC)1; [2002]258ITR770(SC); JT2002(10)SC41; (2003)7SCC224

..... sub-sections (1) and (2) section 115j is in keeping with the (sic) purpose for which chapter xii-b was introduced in the act by the finance act, 1987 ..... section 115j is in chapter xii-b of the act which is entitled 'special provisions relating ..... it was inserted by the finance act, 1987 with effect from the assessment year 1988-89 and remained in operation till the ..... sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32-a or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74a or sub-section (3) of section 80j.'4. ..... but are managing their affairs in such a way as to avoid payment of income tax, as a result of various tax concessions and incentives and for that purpose the taxable income in determined under sub-section (1) of section 115j, if any loss equal to the income thus determined is allowed to be adjusted, then that would frustrate and nullify the very object of enacting the provision'. ..... in 1983, a new section 80vva was inserted in the act so that all profitable companies ..... under this new provision, a company will pay tax on at least 30 per cent, of its book profit.....this measure will yield a revenue gain ..... assessees was sought to be brought about by the impugned order by providing notional depreciation in prior years for the 'new assessee'. .....

Jt. Commissioner of Income-tax, Vs. D.C. Polyster Pvt. Ltd., Sir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD394(Mum.)

..... this construction of sub-sections (1) and (2), section 115j is in keeping with the avowed purpose for which chapter xii-b was introduced in the act by the finance act, 1987. ..... , and the total income of the assessee assessable for that assessment year [the total income for this purpose being computed after deduction of the allowances under section 33 and section 33a, but without making any deduction under sub-section (1) of this section or any deduction under chapter via] is less than the aggregate of the amounts due to be allowed in respect of the assets aforesaid for that assessment year, the following procedure shall be followed, namely ..... machinery or plant was installed, or, as the case may be, the immediately succeeding previous year [the total income for this purpose being computed after deduction of the allowances under section 33 and section 33a, but without making any deduction under sub-section (1) of this section or any deduction under chapter via] is nil or is less than the full amount of the investment allowance: (i) the sum to be allowed by way of investment allowance for that assessment year under sub ..... in 1983, a new section 80wa was inserted in the act so that all profitable companies pay some tax. ..... under this new provision, a company will pay tax on at least 30 per cent of its book profit.... .....

Vasundhara Lpg (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)860

..... new chapter xii-b containing section 115j has been inserted by the finance act ..... of explanation which provides that book profit would be reduced by : "the amount withdrawn from any reserves or provisions if any such amount is credited to the p&l a/c : provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on ..... us clearly falls outside the conceptual framework of mat enshrined in chapter xii-b of it act, 1961 since, the assessee-company was running into commercial losses from year to year and such losses were not in any manner attributable to the claim of deduction of depreciation or other such incentives provided under the it act. ..... object and purpose of introducing the concept of mat (minimum alternate tax) is manifestly clear from the aforesaid circular as well as the speech of the finance minister which shows that the it authorities were unable to bring certain companies within the net of income-tax because these companies were adjusting their accounts ..... of the then finance minister of india made in parliament while introducing the section 115j which reads as under : "it is only fair and proper that the prosperous should pay at least some tax, the phenomenon of so-called 'zero-tax' highly profitable companies deserves attention, in 1983, a new section 80wa was inserted in the act so that all .....

V.V. Trans-investments (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1992)42ITD242(Hyd.)

..... the relevant portion of the amendment speech is as under:-- the finance bill inserts a new section 115j in the income-tax act. ..... further, the prospect of section 80wabecoming otfosebecame a near certainty with the conscious decision taken to enhance the depreciation rates from assessment year 1988-89 onwards, when block asset concept was to be introduced first.therefore, there was an imperative need to tackle the problem of prosperous zero-tax companies by suitably modifying section 80wa.accordingly, finance act, 1987, deleted section 80wa and introduced new section 115j in its place. ..... he urges that under chapter xii-b, section 115j provided that in the case of any company whose total income as computed under other provisions of the income-tax act. ..... as a result of these concessions, certain companies making huge profits are managing their affairs in such a way as to avoid payment of income-tax.with a view to making the tax system more progressive, a new chapter, chapter xii-b, was inserted in the income-tax act. ..... in 1983,anew section 80vva was inserted in the act so that all profitable companies pay some tax. ..... the provision was inserted by finance act, 1983, with effect from 1-4-1984. ..... 10,000 for the year ending on 31-3-1983, then under this proviso only rs. .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... that insofar as inter-state sales are concerned, section 2(g) of central sales tax act has been amended by finance act,2002 inserting various clauses of deemed sale in terms of article ..... under article 226 of constitution of india praying to issue a writ of declaration or any other appropriate writ, order or direction under article 226 of the constitution of india, declaring that the provisions of section 65(105)(zzzzt) of the finance act, 1994 is beyond the legislative competence of the union of india under article 248 of the constitution of india, and void being repugnant to articles 14 and 19(1)(g) of the constitution of india and ..... under article 226 of constitution of india praying to issue a writ of declaration or any other appropriate writ, order or direction under article 226 of the constitution of india, declaring that the provisions of section 65(105)(zzzzt) of the finance act, 1994 is beyond the legislative competence of the union of india under article 248 of the constitution of india, and void being repugnant to article 14 and 19(1)(g) of the constitution of india and ..... it is clear therefore that section 66 read with sections 65(41)(j) and 67(m-a) in chapter v of the finance act, 1994 do not seek ..... been amended in 2011 by means of a circular bearing no.148/17/2011-st dated 13.12.2011 (bearing f.no.354/27/2011-tru) issued by the central board of excise and customs, new delhi to include operational or administrative assistance in any manner in its definition. ..... part xii and .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... 16 in the decision reported in 2010 (4) lw626 infotech software dealers association versus union of india, ministry of finance, department of revenue, central board of excise and customs.new delhi-1 and 4 others.two writ petitions were filed seeking to declare section 65(105)(zzzze) of chapter v of the finance act, 1994 (as amended by the finance act 2 of 2009) as null and void in and by which, an information technology software is also brought under the meaning of taxable service and the ..... 33 w.p.nos.14887, 19322, 20982 and 24804 of 2010 are filed seeking a writ of prohibition prohibiting the respondents from (a) giving effect to the provisions of section 65(90a) read with section 65(105)(zzzz) of the finance act, 1994 as amended by the finance act, 2007 and finance act, 2010 (b) levying or attempting to levy, collect or recover from the petitioner, any service tax under the said provisions and (c) levying or attempting to levy, collect or recover ..... the union of india represented by secretary to government ministry of finance new delhi 2 the commissioner central excise and service tax gobichettipalayam 3 the gobichettipalayam municipality represented by its commissioner gobichettipalayam respondents prayer in w.p.no.16400 of 2013: writ petition filed under article 226 of the constitution of india, seeking a writ of declaration, declaring the provisions of section 65(90a) and section 65(105)(zzzz) of the finance act, 1994 as ultra vires and unconstitutional and unenforceable. .....