Court : Delhi
Reported in : [1988]173ITR87(Delhi)
..... 1,04,857 to 20,970 particularly in view of the explanationn introduced in section 37(2a) by the finance act, 1983 ?' 3. ..... commissioner of income-tax (appeals) has given detailed and cogent reasons and pointed out that the term 'refractory' is used in the tax export credit certificate scheme as well as the industries (development and regulation) act. .....
Tag this Judgment!Court : Delhi
Reported in : 100(2002)DLT357; [1999]238ITR414(Delhi)
..... the questions calls for interpretation of section 40 of the finance act, 1983. ..... this is a petition under section 27(3) of the wealth-tax act, 1957, arising out of the assessment year 1987-88 whereby the revenue seeks a mandamus to the tribunal for drawing up a statement of case and referring the following question for the opinion of the high court:'whether, on ..... the petition under section 27(3) of the wealth-tax act, is without any merit and is thereforee dismissed. .....
Tag this Judgment!Court : Delhi
Reported in : (2004)186CTR(Del)669
1. heard.2. admit.3. the following question of law is framed for adjudication :'whether, on the facts and circumstances of the case the tribunal was justified in law in holding that the refundable deposit taken by the company under lease deed executed on 1st feb., 1982, was not a 'debt' owned by the company within the meaning of sub-section (2) of section 40 of the finance act, 1983'?4. the appellant shall file within three months ten copies of the cyclostyled paper books, containing all documents on which reliance was placed before the tribunal, including any order/orders, either in the case of the assessed itself or in case of any other assessed, which has been followed by the tribunal.the appeal be listed for hearing in the regular course.
Tag this Judgment!Court : Delhi
Reported in : [1986]15ITD753(Delhi)
..... there has since been an amendment of the expression industrial company but it is not applicable for the assessment year 1983-84 and the mention in the finance act, 1983 was for the purpose of collection of advance tax. ..... the mention in the finance act, 1983 was for the purpose of payment of advance tax and for that purpose industrial company was redefined to include other activities like carriage by road or inland waterways of passengers or goods or in the execution of projects which ..... connection a reference was made to the amendment proposed in the definition in the finance act, 1983 but it was pointed out that it was applicable only for the assessment year 1984-85 and not for the year 1983-84. ..... arose whether that company could be treated as an industrial company as defined in the finance act for the purpose of determining the rate of tax. ..... as far as the contracts relating to the karkh water supply works and diwaniyah project were consented, the board had himself first made a reference to section 80hhb, for the assessment year 1983-84 but on representation by the assessed, the board had made the approval applicable to the assessment years following the assessment year 1982-83 as well. ..... karkh and diwaniyah the approval given by the board was for the assessment year 1982-83 only and the first letter of approval issued on 28-10-1983 had drawn the attention of the assessed to the provisions of section 80hha of the act and it was stated that from 1-4-1983 that section would be operative. .....
Tag this Judgment!Court : Delhi
Reported in : (1999)65TTJ(Del)1
..... (iii) that although by inserting an explanationn in section 9(1)(ii) with effect from 1st april, 1979, by the finance act, 1983, it is clarified and declared that the income which falls under the head 'salaries' payable for services rendered in india shall be regarded as income earned in india, yet all kinds of payments arising under a contract of ..... law on the subject is very clear since after the insertion of explanationn to section 9(1)(ii) by the finance act, 1983, after the judgment of the hon'ble gujarat high court in : [1980]124itr391(guj) . ..... (iii) that although by inserting an explanationn in section 9(ii) of the income tax act, 1961, with effect from 1st april, 1979 by the finance act, 1983, it is clarified and declared that the income which falls under the head 'salaries' payable for services rendered in india, shall be regarded as income earned in india, yet all kinds of payments arising under a contract of ..... from the fact that no evidence of such legal opinion has been filed and the legal position was clear right from 1983 when finance act, 1983, added explanationn to section 9(1)(ii), subsequent events and acts of the appellant in this regard throw light on the intention of the appellant in respect of the acts done or omitted to be done earlier.5.20. ..... appellant has eminent counsel in india as well as in japan who could not be unaware of the amendment made by the finance act, 1983, in section 9(1)(ii).this plea is definitely an afterthought and ought to be rejected.5.13. .....
Tag this Judgment!Court : Delhi
Reported in : (2002)74TTJ(Del)596
..... question paid in pursuance to section 40 of the finance act, 1983 was wealth-tax and was covered by the provisions of section 40(a)(iia) of the act, and, thereforee, it was not admissible for deduction.4 ..... the wealth-tax paid in pursuance to section 40 of the finance act, 1983, was with reference to the value of particular asset of ..... section 40(a)(iia) of the act referred to above became applicable in the present case and the wealth-tax amounting to rs, 1,55,820 paid by the assessed in pursuance to section 40 of the finance act, 1983, was admissible for deduction.9. ..... sub-section (3) of section 40 of the finance act, 1983, which was chargeable to wealth-tax. ..... under section 40 of the finance act, 1983, total wealth of the ..... the finance act, 1983, wealth-tax was livable on specific assets and not on total wealth of the assessed and, thereforee, this wealth-tax was not covered under the provisions of section 40(a)(iia) of the act. ..... that the assessing officer and the learned commissioner (appeals) had not correctly appreciated the provisions of section 40 of the finance act, 1983. ..... however, explanationn to section 40(a)(iia) provides as under :'section 40(a)(iia) :explanationfor the purpose of this sub-clause, 'wealth-tax' means wealth-tax chargeable under the wealth tax act, 1957 (27 of 1957), or any tax of a similar character chargeable under any law in force in any country outside india or any tax chargeable under such law with reference to the value of the ..... of the finance act, 1981. .....
Tag this Judgment!Court : Delhi
Reported in : [1995]55ITD357(Delhi)
..... should only be applied and that section 40(3) (vii) of the finance act, 1983 referred to 'motor cars' as an asset includible in the wealth ..... invited our attention to the provisions of section 40 of the finance act, 1983, where by wealth-tax was revived in the case of closely ..... in the light of case law relied upon by the learned counsel and the intention underlying the introduction of the provisions of section 40 of the finance act, 1983 and the amendment made by the finance act, 1988 in the said section 40. ..... factual details as to whether the tourist/taxi cars were registered as taxis on the valuation date as required by the provisions of the proviso to section 40(3) of the finance act, 1983; as inserted by the finance act, 1988.8. ..... patna) , whereby the provisions of the first proviso to section 43b, which were inserted by the finance act, 1987, with effect from 1-4-1988, were held to be explanatory in nature and retrospective in operation ..... 'in view of the foregoing the learned counsel submitted that the amendment made by the finance act, 1988 in section 40(3) is clarificatory in nature and is meant to remove unintended hardship ..... in this connection the learned counsel further invited our attention to the budget speech of the finance minister delivered by him at the time of introducing the finance bill, 1983, wherein the finance minister mentioned that 'as companies are not chargeable to wealth-tax, and the value of the shares of such companies does not also reflect the real worth of the .....
Tag this Judgment!Court : Delhi
Reported in : 1994IAD(Delhi)749; (1994)118CTR(Del)109; 1994(28)DRJ532; [1994]208ITR785(Delhi)
..... expressed in the full bench decision does not seem to be in consonance with the legislative intent reflected in subsequent clarification in the form of explanationn 2, inserted in the section by the finance act, 1983, because if the scope of the latter expression was intended to be wider than the expression 'entertainment expenditure', the legislature would not have used that expression in the said explanationn instead of ..... question posed above, we may at this stage itself deal with the contention of learned counsel for the revenue to the effect that though explanationn 2 has been inserted by the finance act, 1983, with retrospective effect from april 1, 1976, the same being clarificatory in nature is applicable in the instant case also because, in our view, the issue is no longer ..... he further submitted that with the insertion of explanationn 2 in section 37 of the act by the finance act, 1983, all doubts regarding the scope of the expression 'entertainment expenditure' stand removed and expenditure on provision of hospitality of every kind, whether by provision of food or beverages or any other manner whatsoever, ..... initiated in the direction of gradually controlling these expenses by prescribing ceiling limits on the entertainment expenditure reached their crescendo in the year 1970, when by the finance act, 1970, sub-section (2b), was inserted in section 37 of the act prohibiting deduction of entertainment expenditure altogether, if incurred within indian after february 28, 1970. .....
Tag this Judgment!Court : Delhi
Reported in : (1985)48CTR(Del)229; [1986]157ITR422(Delhi)
..... it is interesting that this amendment was made by the finance act, 1983, with retrospective effect from 1st april, 1976. ..... of judgments were cited showing that there had been a considerable divergence of view between the high courts on the question of 'entertainment expenditure' and this divergence had been followed by a retrospective amendment of the income-tax act, 1961, the introduction of explanationn 2 in section 37(2a) of the act. ..... was justified in holding that the expenses in providing tea, coca cola and food to the customers of the assessed were the nature of entertainment expenditure and were, thereforee, disallowable under section 37(2b) of the income-tax act, 1961 ?' 2. ..... the appellate assistant commissioner on appeal allowed the expense as being customary expenditure on messing and expenses on expiries and these could not be termed as 'entertainment expenditure' under section 37(2a) of the act. 4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)45ITD310(Delhi)
..... thus the only asset required to be valued was the super-structure of cinema building as lease-hold property which is not exigible to wealth-tax by virtue of section 40(3) of the finance act, 1983 because after the expiry of lease the assessee is a tenant of property by holding and there being no new tenancy, he will be a tenant precarious in nature. ..... the tribunal has observed as under: - the object of the provisions of section 40 of the finance act, 1983 is to curb the attempts made by individuals to reduce the wealth-tax liability by transferring their wealth to closely-held companies formed by them. ..... therefore, it was submitted that by virtue of section 40(3)(vi) of the finance act, 1983, which is to be read as part of wealth-tax act, 'plant & machinery' are not chargeable to tax and since cinema building has been held to be a plant, it cannot be taxed. ..... clause (vi) of sub-section (3) of section 40 of the finance act, 1983 has been substituted by finance act, 1988 with effect from 1-4-1988 whereby the word "cinema house" is also included. ..... it would be doing violence to the express provision of section 40 of the finance act, 1983, if the provisions of section 2(e) were invoked to bring to tax the lease-hold interest of the assessee in the said immovable property even though the lease was for a period exceeding six years. .....
Tag this Judgment!