Court : Mumbai
Reported in : 1994(2)BomCR164; [1994]208ITR623(Bom)
..... petition filed under article 226 of the constitution of india, the petitioners are seeking a declaration that the amendment made to section 37 of the income-tax act, 1961, by section 17(b) of the finance act, 1983, by inserting sub-sections (3a) to (3d) is bad in law, illegal, invalid and violative of the petitioners' fundamental rights. ..... judgment, the challenge to the provisions of sub-sections (3a) to (3d) of the section 37 of the income-tax act as introduced by section 17(b) of the finance act, 1983, is without any merit and the petition must fail. 20. ..... the petitioners, therefore, challenged the amendment made to section 37 by section 17(b) of the finance act, 1983, claiming that the amended sections are violative of the fundamental rights guaranteed under articles 14 and 19 of the constitution ..... parliament by the finance act, 1983, again amended section 37 by inserting sub-sections (3a) to (3d) and, inter alia, provided that 20 ..... the reliance by shri chinoy on the speech of the finance minister at the time of introduction of the finance act cannot lead to the conclusion that the fiscal levy seeks to curtail the volume of advertising on the ground that such expenditure is wasteful ..... , it is interesting to note that earlier by the finance act, 1978, sub-sections (3a) to (3d) were inserted in section 37 of the act and those sub-sections were omitted by the finance act, 1980. ..... the year 1978, section 37 of the act was amended by the finance act, 1978, by inserting sub-sections (3a) .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695
..... (d) of sub-section (1) of section 13 was substituted by finance act, 1983 with effect from 1.4.1983. ..... in fact, the very object for enacting finance act, 1992 was to extend the time limit from 31st march, 1992 upto 31st march, 1993 so that the assessees could disinvest by that ..... with a view to remove the hardship, the finance act, 1992 amended clause (iia) in the provision to section 13(1)(d) to provide that an asset, other than an investment or deposit mentioned in section 11(5), is held by the trust or institution which cannot be disinvested by 31st ..... in fact the amendment to section (iia) by finance act, 1992 is expressly made applicable from 1st april, ..... or modes specified in sub-section (5) of section 11 continue to remain so invested or deposited after the 30th day of november, 1983; or (iii) any shares in a company (not being government company as defined in section 617 of the companies act, 1956 [1 of 1956), or a corporation established by or under a central, state or provincial act] are held by the trust or institution after the 30th day of november, 1983; proviso - (iia) any asset, not being an investment or deposit in any of the forms or modes specified in sub- ..... he contended that initially, under the finance act of 1991, the trusts were required to dispose of or convert the assets by 31st march, ..... the above amendment by finance act, 1992 came into effect from 1st april, ..... initially, under the finance act, 1991, the cut-off date in cases of the present kind was 31st march, .....
Tag this Judgment!Court : Mumbai
Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)
..... to in clause (b) be allowed unless such sum has actually been paid during the previous year on or before the date as defined in the explanation below clause (va) of sub-section (1) of section 36.the second proviso was substituted by finance act, 1989 with effect from 1st april, 1989 and read as under:provided further that no deduction shall in respect of any sum referred to in clause (b) be allowed unless such sum has actually been paid in cash or to by issue ..... section 43b was inserted by the finance act 1983 with effect from 1st april 1984. ..... the finance act, 1983 inserted section 43b as the government noted that statutory liabilities including employer's contribution to p.f ..... with effect from 1st april, 2004 by omitting the following words:referred to in clause (a) or clause (c) or clause (d) or clause (e) or clause (f).the section as it stood before the finance act, 2003, treated payments in respect of tax, duty, cess or fee, payment made to an employee, as bonus or commission or services rendered as set out therein any sum payable by the assessee as interest on any loan or borrowing from any ..... undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation.it had been argued before the supreme court, that looking to the curative nature of the amendment made by the finance act of 1987, the proviso inserted by the amending finance act of 1987 should be given retrospective effect and be read as forming part of section 43b from its inception. .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)223CTR(Bom)288; [2009]316ITR94(Bom)
..... insofar as the closely-held company is concerned, by virtue of finance act, 1983, section 40 as introduced deals with revival of levy of wealth-tax in the case of closely-held companies. ..... in this case admittedly the assessee is closely-held company and as such for the purpose of computing net wealth it will be the provisions of section 40(3) of the finance act, 1983 which are relevant. ..... whether on the facts and in law the hon'ble tribunal erred in not deciding the issue in the explanations to section 40 of the finance act, 1983.ii. ..... after hearing the learned counsel, we are clearly of the opinion that the substitution of definition of 'assets' by finance act 2 of 1996 w.e.f. ..... our attention is also invited to the explanatory notes to the provisions of finance act, 1996.6. ..... on behalf of the assessee their learned counsel draws our attention to the definition of 'assets' as contained in section 2(ea) and the substitution by the finance (no. ..... the wt act itself has treated a closely-held company differently from other assessees for the purpose of the wealth-tax. ..... 2) act, 1996 w.e.f. .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)222CTR(Bom)458; [2009]309ITR81(Bom)
..... for the purpose of our discussion the relevant portion of section 40, as introduced by the finance act, 1983, is being reproduced.40. ..... the statement of the finance minister in the budget speech is reported in [1983] 140 itr 32. ..... the finance minister noted that 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 assets of the company and those who .....
Tag this Judgment!Court : Mumbai
Reported in : (2009)222CTR(Bom)462
..... it is a common ground that for the relevant year, wealth-tax in respect of the assessee company was chargeable in accordance with section 40 of the wt act, which was introduced by the finance act, 1983 (sic--section 40 of the finance act, 1983). ..... to such building or part:provided that each such employee is an employee whose income (exclusive of the value of all benefits or amenities not provided for by way of monetary payment) chargeable under the head 'salaries' under the it act does not exceed eighteen thousand rupees.on a plain reading of the section, it is clear that internal approach roads or playgrounds were not within the exceptions which were carved out by the said sub-section. ..... since the ownership of the asset is an independent facet which can be determined independently of the it act and as the applicant has categorically admitted his ownership over the plot of land, we do not find it necessary to answer issue no. 2. ..... (2) whether the tribunal was right in law in holding that the approach road and internal roads are treated as part of the building for the purpose of depreciation under the it act, 1961 and therefore, the assessee is the owner of the land?2. ..... the questions of law as referred to this court under section 27(1) of the wt act are as follows:(1) whether the tribunal was right in law in holding that land used for internal roads of the factory and playground for workers of the factory is taxable as wealth of the company, when the factory .....
Tag this Judgment!Court : Mumbai
Reported in : (2007)210CTR(Bom)386; [2007]291ITR419(Bom)
..... finance act, 1983 with effect from april 1, 1984, legislature has omitted the words 'not involving the carrying on of any activity for profit' from section 2(15) of the act ..... money to which the market committee is entitled ;(xviii) subject to approval of the director, obtain loans subsidies, subventions from the state and central government or any financing agency, for providing warehousing and marketing facilities in the market;(xix) subject to the approval of the state marketing board, prepare budgets, supplementary budgets, make reappropriations ..... by the licensees in such manner as may be prescribed ;(xxii) employ the necessary number of officers and servants for the efficient implementation of the provisions of this act, rules and bye-laws of the market committee ;(xxiii) pay, salaries and other emoluments, pension, leave allowance, gratuities, compassionate allowance, contributions towards leave allowance, ..... the finance act, 2002, with effect from april 1, 2003, an explanation has been added to section 10(20) of the act whereby ..... finance minister, however, by his letter dated november 18, 2002, addressed to the chief minister of delhi, clarified that irrespective of the withdrawal of exemption under section 10(20) of the act, if the assessees are working for advancement of an object for general public utility and there is no profit motive, they can still claim exemption from income-tax as charitable institution after fulfilling the conditions prescribed under section 11 of the act .....
Tag this Judgment!Court : Mumbai
Reported in : (2006)201CTR(Bom)544; [2005]279ITR42(Bom)
..... [1995] 211 itr 357, wherein this court held as follows (headnote):'sub-section (5) of section 37 of the income-tax act, 1961, which has been inserted by the finance act, 1983, with retrospective effect from april 1, 1979, has clarified that accommodation maintained by an assessee to provide lodging or boarding and lodging to any person including any employee or a director or the holder of any office in the assessee-company ..... in appeal, the appellate tribunal ruled that the expenditure was not allowable on a plain reading of section 37(4) of the income-tax act and hence allowed the departmental appeal and set aside the order of the commissioner of income-tax (appeals) by restoring the order of the income-tax officer. ..... no doubt, the case before the authorities below was for allowing expenditure under section 37(4) of the income-tax act and on consideration of the provision under section 37(4), the authorities rightly held that the expenditure was not allowable. ..... cit : [1995]212itr175(bom) , holding that under section 37(4)(i) of the income-tax act, no allowance shall be made in respect of any expenditure incurred by an assessee on maintenance of any residential accommodation in the nature of a guest house after february 28, 1970, and since the assessment year in question is 1986-87, the same was not ..... , is referred for the opinion of this court under section 256(1) of the income-tax act, 1961 arising out of the order of the tribunal in i. t. a. no. .....
Tag this Judgment!Court : Mumbai
Reported in : (2005)199CTR(Bom)490; [2006]280ITR553(Bom)
..... to note that before the amendment of finance act, 1983, w.e.f. ..... association (supra), the trust was constituted to manage movable and immovable properties of the rana community of the city at ahmedabad to spread education, to render medical assistance to the community to do acts which would be useful to the community and to do all acts which promote unity and brotherhood among the members of the community and bring about complete development of all aspects of life of male and female members of the community. ..... 2003, whereby the donations made to the respondent are made allowable for the benefit of deduction under section 80g of the it act in the hands of the donors for the period from 1st april, 2001 to 31st march, 2004. ..... he actually contended that the trust did not fulfil the conditions laid down in section 2(15) of the it act as it is not for the relief of the poor, education, medical reliefs and advancement of any other object of general public utility because it was involved in carrying on ..... the second part of sub-clause (5) of clause 3, the purpose there set out is to do all acts which bring about complete development of all aspects of life of the male and female members of the community ..... to note that the respondent had also requested the government to grant benefit of deduction under section 80g of the it act for the donations made to the respondent by the donors. ..... the first part sets out the object of doing acts which would promote unity and brotherhood amongst the members .....
Tag this Judgment!Court : Mumbai
Reported in : (1997)58TTJ(Mumbai)562
..... the finance act, 1983 itself.2 ..... the finance act, 1983.11. ..... the finance act, 1983. ..... considering the fact that the property is let out since long and is governed by the bombay rent control act, as well as submissions from both the sides, we are of the opinion that annual letting value should be higher of the following amounts :(i) the amount of income from this property as assessed in it proceedings; or(ii) actual rent received ..... course of assessment proceedings, the assessee disputed the taxability of building itself because according to him the provisions of wt act were not applicable to this property as the same was used by assessees holding company vis-a-vis m/s. ..... him, the proper method for valuation of this property, which was let out and was governed by the bombay rent control act; was rent capitalisation method by using ten as the multiplier. ..... 8-11 of 1983 rejecting a reference application on the question whether in valuing immovable property, land and building method was not applicable but rental method after ascertaining standard rent under the rent act and applying a multiple of 10' :the resultant view after considering the aforesaid decisions remains that the valuation of property in question can be arrived at only on the basis of rent capitalisation method considering the higher of ..... 21st november, 1983 of the gujarat high court ..... 4187-4196 of 1983 :- (1990) ..... 1987) 168 itr 485 , held that the property being on rent and governed by the bombay rent control act, the provisions of r. .....
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