Court : Chennai
Reported in : (2000)162CTR(Mad)276
..... circumstances of the case, the tribunal was right in cancelling the orders of the commissioner of wealth tax 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''?in favour of the revenue ..... that the cinema building owned by the assessee is entitled to exemption from wealth-tax under section 40(3)(vi) of 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 1-4-1988. ..... and against the assessee and hold that for the assessment years from 1984-85 to 1986-87, the cinema house owned by the assessee was not exempt from wealth-tax under section 40(3)(vi) of the said act. ..... 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 warrants such a view. .....
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. .....
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 : Chennai
Reported in : (1998)145CTR(Mad)294
..... since the provisions have been introduced only from 1st april, 1979, by the finance act, 1983, it will not have any larger retrospective effect than that is provided by the legislature. ..... he submitted that the explanation was introduced by the finance act, 1983, with retrospective effect from 1st april, 1979, and since a limited retrospective effect is made by the above amendment, sub-s. (5) of s. ..... 37 of the act was introduced by the finance act, 1983, with retrospective effect only from 1st april, 1979. ..... 256(2) of the it act, 1961 :'whether, on the facts and in the circumstances of the case, the 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 guest ..... 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 vs. ..... 37 of the act shows that only from 1st april, 1979, if any accommodation is maintained, hired or reserved or arranged by the assessee for the purpose of providing boarding or lodging including any employee, director or the holder of office on tour or visit to ..... 37 of the it act is in retrospective 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. ..... 37(4) of the act. ..... 37 of the act. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2008)214CTR(MP)344; [2009]317ITR386(MP)
..... (2a) was inserted with effect from october 1, 1967, by the taxation laws (amendment) act, 1967 and explanation 2 inserted therein by the finance act, 1983, retrospectively, with effect from april 1, 1976, while sub-section (2b) was inserted with effect from april 1, 1970 by the finance act, 1970 ..... arya, learned senior counsel appearing for the revenue that the order of the commissioner in exercise of jurisdiction under section 263 of the act cannot be found fault with inasmuch as the order of the assessing officer was illegal and prejudicial to the interest of the revenue ..... to established business practice, was a permissible deduction in spite of sub-section (2a) of section 37, to which the assessees were entitled in the computation of their income for the purpose of payment of tax under the income-tax act, 1961, during the relevant period prior to april 1, 1976.12 ..... came to hold that the expenditure was incurred for providing the messing facility to the workers by the assessee and as per the language of section 37(2a) of the act and such expenditure would not be regarded as entertainment ..... with and grieved by the order of the commissioner passed under section 263 of the act the assessee preferred an appeal before the tribunal ..... . he invoked the jurisdiction under section 263 of the act and came to hold that the permissible deduction should ..... . thereafter an application under section 256(2) of the act was filed before this court and the aforesaid questions were framed and statement of the case was .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1997)140CTR(AP)497; [1997]225ITR123(AP); [1997]95TAXMAN388(AP)
..... 37 by the finance act, 1983, w.e.f. ..... 1st april, 1976, by the finance act, 1983. ..... ) a division bench of the gujarat high court, inter alia, held : 'hospitality shown on account of obligation of business arising as a result of express or implied contract or arising on account of longstanding custom of a trade, business or profession cannot amount to entertainment, and acts done in discharge of such obligation cannot be included and covered in the term 'entertainment'. ..... 1st october, 1967, by the taxation laws (amendment) act, 1967, expenditure of the nature in question was an allowable expenditure under s. ..... 261 of the act, the revenue preferred an appeal against the abovesaid judgment before the supreme court. ..... 37(2a) of the it act, 1961 (for short, 'the act'). ..... 37(2a) of the act and, therefore, the assessee cannot claim deduction of that expenditure in computing its total income. 7. ..... 37(2a) of the act as they stood on the date of the order of the tribunal, dt. ..... 37 was inserted by amendment made in 1983 w.e.f. ..... 37(1) of the it act, 1961, from chargeability to tax. ..... 37(2) of the act and, therefore, it fell under s. ..... 37(1) of the act, but after the insertion of sub-s. ..... 12,389 is not entertainment expenditure disallowable under the it act, 1961 ?' 2. ..... the expression 'in the nature of entertainment expenditure' has not been defined in the it act. ..... 37(1) of the act. ..... 37(2) of the act. ..... 37(1) of the act. ..... 37(1) of the act. 4. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2007)212CTR(P& H)497; [2009]311ITR412(P& H)
..... the said decision has observed as under:under sub-section (2) of section 40 the finance act, 1983; the crucial words which require interpretation are belonging to the company'. ..... the ao also came to the conclusion that as per section 40(3)(iv) of the finance act, 1983, building or land owned by an assessee is to be included in the net wealth unless the building was used by the ..... ' it is enough in order to bring the asset under finance act, 1983 that the asset should be belonging to the company and not necessarily the company should be ..... 19th march, 1991 ordered that proceedings under section 18(1)(c) of the 1957 act be initiated against the assessee and computed the wealth of the assessee as under:value of ..... true that the amendment in section 4(8) of the 1957 act has been incorporated in the year 1997 but by virtue of the judgment in podar cement case (supra) the amendment has to operate retrospectively because similar amendment in respect of section 27 of the act has been regarded as declaratory in nature by their lordships ..... ao made a reference under section 16a of the wt act, 1957 (for brevity, 'the 1957 act') to the valuation officer, rohtak, for valuation of ..... (supra) hold that the aforesaid provision introduced in the wt act should be treated as declaratory and clarificatory in nature so far as it relates to the point in issue and, therefore, the amended provision will have retrospective operation.6.15 it may also be worthwhile to make a useful reference to a decision of tribunal .....
Tag this Judgment!Court : Kerala
Reported in : [1997]225ITR29(Ker)
..... was introduced by the finance act, 1983 to encourage export. ..... purposes of this section, - (a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder ; (b) 'export turnover' means the sale proceeds of any goods or merchandise exported out of india, but does not include freight or insurance attributable to the transport of ..... the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income. ..... purposes of sections 80j and 80hh, profits and gains of new undertakings are not commercial profits but only such profits as are computed in the manner laid down under the act in pursuance of section 80ab, as if each undertaking was a separate assessee. ..... the tribunal upheld the view taken by the first appellate authoritythat the provisions contained under section 37(3a) can be applied only in regard to the expenditure covered by an allowance under section 37(3a) of the income-tax act and not in respect of the cost of repairs, insurance, etc. .....
Tag this Judgment!Court : Kerala
Reported in : [1994]210ITR299(Ker)
..... before the amendment by the finance act, 1983, with effect from april 1, 1984, the definition of the words 'charitable purpose' occurring in section 2(15) of the act contained the words 'not involving the ..... in spite of the provisions relating to exemption from tax of the income of charitable and religious institutions, the finance act, 1970, inserted a new clause (22a) in section 10 of the income-tax act under which the income of hospitals and other institutions of like nature which exist solely for philanthropic purposes and not for purposes of profit were totally exempted from tax, ..... was inserted by the finance act, 1970, with effect ..... before the commencement of the finance act, 1970 (19 of 1970), universities and other educational institutions existing solely for educational purposes and not for purposes of profit were enjoying ..... dated september 2, 1970, which contains the explanatory notes on the provisions of the finance act, 1970. ..... is beneficial to a section of the public, is in the larger context beneficial to the human society, but an act solely for the benefit of a few individuals or group of persons would not fall within the purview of charitable or ..... : [1985]152itr85(mad) , the madras high court considered the scope of section 10(22a) of the income-tax act and held as follows (at page 92) :'having regard to the language used in clause (d) that the institutions referred to therein should be treated as allied or auxiliary institutions and should be run on a commercial basis, .....
Tag this Judgment!Court : Allahabad
Reported in : [2005]144TAXMAN168(All)
..... whether on the facts and in the circumstances of the case, the tribunal was right in holding that the explanation inserted by finance act, 1983 with effect from 1-4-1979 to section 9(1)(ii) could not be applied to assessment earlier to the assessment year 1979-804. ..... it has been further held that explanation inserted by finance act, 1983 with effect from 1-41979 to section 9(1)(ii) of the act could not be applied to the assessment earlier to the assessment year 1979-80. ..... orderprakash krishna, j.the income tax appellate tribunal, allahabad has referred the following questions of law under section 256(1) of the income tax act, 1961, hereinafter referred as the act for the opinion of this court:'1. ..... whether on the facts and in the circumstances of the case, the tribunal was right in holding that the living allowance was a special allowance liable to be exempt under section 10(14) of the income tax act, 19615. ..... facts and in the circumstances of the case, the tribunal was right in holding that income computable under the head 'salary' was not liable to tax under section 4 read with section 5(2) of the income tax act, 19612. ..... income tax officer examined the question whether the payment made to the assessee at america by kil for the service rendered in india can be treated as payment of salary to the assessee within the provisions of section 9(1)(ii) of the act. .....
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