Judgment Search Results Home > Cases Phrase: finance act 1983 Court: chennai Page 2 of about 24,337 results (0.073 seconds)

Southern Roadways Ltd. Vs. Commissioner of Wealth-tax

Court : Chennai

Reported in : (2001)170CTR(Mad)544; [2001]251ITR213(Mad)

..... counsel submitted that the question now raised, is one which arises under the finance act, 1983, which question, if considered in the light of the speech of the finance minister which preceded the enactment, and in the light of the settled law that the court must take the words in a fiscal statute as they occur, not adding to them or subtracting therefrom, as also in the ..... the object of including 'motor car' in section 40 of the finance act, 1983, was to refer to motor cars as 'assets', which are required to be taken note of while computing the net wealth of closely ..... reference of which is sought by the assessee is as to whether the tribunal was right in holding that jeep owned by the company should be treated as a motor car for the purpose of section 40(3)(vii) of the finance act, 1983. ..... case, the court referred to the argument made before it that the speech of the finance minister moving the bill can be referred to as an external aid to construction. ..... whereas, in the tamil nadu general sales tax act, to which counsel referred, general classes of motor vehicles are set out, and 'jeep' will have to be distinguished from a 'motor car', which is also used in the relevant entry in that act, the income-tax act merely refers to a motor car and does not mention any other ..... also contended that while interpreting the provision, the court must ascertain the intent of the legislature and for doing so the speech made by the finance minister in parliament, while introducing the bill, is relevant. .....

Commissioner of Wealth-tax Vs. Reliance Motor Co. Ltd.

Court : Chennai

Reported in : (2003)181CTR(Mad)86; [2003]260ITR571(Mad)

..... the provisions of the wealth-tax act as amended by section 40 of the finance act, 1983, as they stood in that assessment year, specifically provided for inclusion of the value of the motor cars in the assets of an assessee for the purpose of the assessment under the wealth-tax act, that was provided for in section 40(3)(vii) of the finance act, 1983. ..... the words used in section 40(3) of the finance act, 1983, as they stood in this assessment year, do not permit the exclusion of stock-in-trade from the list of assets to be valued for the purpose of wealth-tax. ..... , the motor car had been specifically enumerated in section 43 of the finance act, 1983.4. .....

V.G. Paneerdas and Co. P. Ltd. Vs. Commissioner of Wealth-tax

Court : Chennai

Reported in : (2006)204CTR(Mad)469; [2006]284ITR444(Mad)

..... in view of the clear and unambiguous nature of the provisions of section 40(3) of the finance act of 1983, it can be said that a patently wrong reading of the section cannot be camouflaged in terms of a bona ..... also important to note that the provisions of the finance act, 1983, bringing closely held companies, into the ambit of the wealth-tax act was a well published and a much discussed affair. ..... possession of assets specified in section 40(3) of the finance act, 1983, thereby rendering it liable to wealth-tax. ..... ignorance of law is no excuse, it has to be pointed out that the assessee could not point out any material fact showing that it was prevented from getting to know the relevant provisions of the finance act, 1983. ..... in respect of levy of penalty under section 18(1)(c) of the act, the plea of the assessee was that, the assessee had a bona fide impression that the value of the property was exempt from levy ..... issued notice under section 17 of the wealth-tax act and as there was no compliance, the assessing officer proceeded to issue notices under section 16(4) of the wealth-tax act. ..... the facts and in the circumstances of the case, the tribunal is justified in sustaining the action of the first appellate authority in approving the levy of penalty under section 18(1)(c) of the act ?3. ..... the facts and in the circumstances of the case, the tribunal is justified in sustaining the action of the first appellate authority in approving the levy of penalty under section 18(1)(a) of the act ?2. .....

V.G.P. Housing P. Ltd. Vs. Union of India and ors.

Court : Chennai

Reported in : [2001]252ITR207(Mad)

..... the petitioner, which is a closely held private company and which deals in land has challenged the constitutional validity of section 40 of the finance act, 1983, which provides for levy of wealth-tax on closely held companies.2. ..... neither of the two grounds urged by learned counsel for the petitioner can be regarded as sufficient to hold that section 40 of the finance act, 1983, is unconstitutional. ..... reliance was placed on the speech of the finance minister, while introducing the bill in parliament. ..... the provisions of the amending act do hot violate any of the provisions of the constitution. .....

Thirumagal Mills Ltd. Vs. Commissioner of Wealth-tax

Court : Chennai

Reported in : [2000]246ITR800(Mad)

..... under section 40(3)(vii) of the finance act, 1983, motor cars are includible in the net asset of the assessee. ..... it is on this basis, the tribunal held that the questions of law, as set out above, are not referable questions of law and application of relevant factual matrix to the relevant statutory provisions, namely, section 40(3)(vii) of the finance act, 1983. ..... (3) whether, on the facts and in the circumstances of the case, the appellate tribunal is justified in concluding that all motor cars are to be brought within the purview of the wealth-tax act and without considering the intention of the legislation from the finance minister's budget speech at the time of reintroduction of the levy of wealth-tax on closely-held companies and especially in the absence of the term 'motor cars' in his speech ?' 2. .....

Commissioner of Income-tax Vs. Chemicals and Plastics India Ltd.

Court : Chennai

Reported in : [1999]239ITR846(Mad)

..... since the provisions have been introduced only from april 1, 1979, by the finance act, 1983, it will not have any larger retrospective effect than that provided by the legislature. ..... he submitted that the explanation (sic) was introduced by the finance act, 1983, with retrospective effect from april 1, 1979, and since a limited retrospective effect is made by the above amendment, sub-section (5) of section 37 would not apply to the assessment year in question.5. ..... sub-section (5) of section 37 of the act was introduced by the finance act, 1983, with retrospective effect only from april 1, 1979. ..... in compliance with the directions of this court dated march 14, 1989, the tribunal referred the following question of law for our consideration under section 256(2) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the expenditure incurred on the maintenance of the guest house and the depreciation on the building used as a ..... rajan, learned counsel for the revenue, submitted the explanation (sic) introduced in sub-section (5) of section 37 of the income-tax act is retrospective in nature and, therefore, the assessee is not entitled to deduction of the expenditure claimed or the depreciation claimed by the assessee.4. mr. p. p. s. ..... since the provisions of section 37(5) of the act are not applicable to the facts of the case on the basis of the decision of this court in the case of cit v. .....

Commissioner of Wealth Tax Vs. Alfred and Berg Co. (i) (P) Ltd.

Court : Chennai

Reported in : (2004)186CTR(Mad)494

..... tribunal by holding that the presence of the object clause in the memorandum of association is alone not sufficient and the tribunal should consider whether the building was a business asset or not with reference to section 40(3)(vi) of the finance act, 1983 and also with reference to the terms of the lease deed under which the property was let out. ..... the wto applied section 40(3)(vi) of the finance act, 1983 and held that the let out portion of the building was assessable to wealth-tax, which was confirmed by the cwt(a). ..... of the building fell within one of the objects of the company and therefore the portion let out by the assessee was a business asset and the same was exempt under the provisions of section 40(3)(vi) of the finance act, 1983. ..... the tribunal also has to consider the terms of section 40(3)(vi) of finance act and then examine the question and even if it is commercial asset, it has to be considered whether it is excludible from the levy of wealth-tax. ..... the tribunal has stated the case and referred the following question of law under section 27(1) of the wt act, 1957 in relation to the asst. .....

The Commissioner of Wealth-tax Vs. M/S. Kumudam Printers Pvt. Ltd.

Court : Chennai

..... in the circumstances of the case, the income tax appellate tribunal was right in law in exempting the property at no.20, hunters road, madras from the wealth tax, even though section 40(3)(vi b) of the finance act, 1983 states if the property used by director, manager and secretary as residential accommodation then it will not be exempt and the same will be included as taxable asset in the net wealth of the assessee? ..... concerned, it was the case of the assessee that since the premises was used for residential purpose of the managing director, who was an employee of the assessee, in terms of section 40(3)(vi b) of the finance act, 1983, it is entitled to exemption from wealth tax. ..... insofar as the premises allotted to the managing director of the assessee is concerned, the claim of exemption is made under section 40(3)(iv b) of the finance act and the said section reads as follows: any building and the land appurtenant to such building used as residential accommodation by any director, manager, secretary or any other employee ..... is leasing out the properties, a portion of the factory premises was leased out to m/s.lotus inks, which also carries on the manufacture of inks and therefore, in terms of the section 40(3)(vi b) of the finance act, they are entitled to exemption. ..... derived the benefit from the board by way of installation of transformer, it forms part of business and therefore, they are entitled to exemption from wealth tax in terms of section 40(3)(vi b) of the finance act. .....

Commissioner of Wealth-tax Vs. Varadharaja theatres Pvt. Ltd.

Court : Chennai

Reported in : [2001]250ITR523(Mad)

..... question referred to us which reads as follows :'whether, on the facts and in the circumstances of the case, the tribunal was right in cancelling the orders of the commissioner passed under section 25(2) of the wealth-tax act, 1957, on the ground that the theatre building has to be excluded out of the assets included in section 40(3)(vi) of the finance act, 1983, as it forms part of the business assets of the assessee-company for the assessment years 1984-85, 1985-86 and 1986-87 ? ..... tribunal has held that the cinema building owned by the assessee is entitled to exemption from wealth-tax under section 40(3)(vi) of the finance act, 1983, as it stood during the relevant period, namely, the years 1984-85, 1985-86, 1986-87, despite the fact that cinema house was not mentioned in that provision and it came to be included therein only after the finance act, 1988, was passed and that amendment was given effect to from april 1, 1989. ..... case of removal of hardship by parliament does not indicate a parliamentary intention to remove that hardship from an anterior date unless the scheme of the act, the context in which the amendment was made and the language of the amendment warrant such a view. ..... applying that test to the facts of this case it is clear that section 40(3)(vi) of the said act as it stood at the relevant time was not capable of being construed as including cinema house when what was regarded as business assets had been exhaustively listed and that list did not include cinema .....

The Commissioner of Income-tax Vs. S.S.C. Shoes Ltd.

Court : Chennai

Reported in : (2003)181CTR(Mad)317; [2003]259ITR674(Mad)

..... section 80hhc of the act was introduced by the finance act, 1983 with effect from 1.4.1984 to curb the expenditure in case of companies which had paid no tax or paid nominal tax due to absorption of various fiscal incentives and concessions granted to ..... has come to the correct conclusion in holding that the assessee was entitled to claim the relief even though section 80vva of the act was omitted from the statute book by the finance act, 1987 with effect from 1.4.1988, and there are no grounds to interfere. ..... the finance act, 1987 with effect from 1.4.1988 and in its place section 115j of the act was ..... not entitled to carry forward and set off the deduction under section 80hhc of the act relating to the earlier years on the ground that the deduction cannot be carried forward and his view was also confirmed by the commissioner of income-tax (appeals) holding that section 80vva of the act was omitted from the statute book and therefore the assessee was not entitled to the ..... , we are of the view that it is not necessary to consider the larger question that section 6 of the general clauses act does not apply to the omission of a provision and the omission of a provision is different from 'repeal' as held ..... we are therefore of the view that notwithstanding the deletion of section 80vva of the act, the assessee is entitled to claim the deduction in accordance with law and the deletion of section 80vva(4) has no effect as the disallowed deduction is deemed to be a deduction allowable in .....