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Appraiser, Madras Customs Vs. Tamil Nadu Newsprint Papers Ltd.

Court : Chennai

Reported in : 1988(36)ELT272(Mad)

..... of the finance act, 1983, the provision of the customs act and rules and regulations made thereunder, including those relating to refunds and exemptions from duties shall, so far as may be, apply in relation to the levy and collection of the auxiliary duties of customs leviable under that section in respect of any goods as they apply in relation to the levy and collection of the duties of customs on each goods under the customs act, or the ..... in section 45(4) of the finance act, 1983, the central government issued ..... finance act relevant in this case is the finance act, 1983 ..... - in exercise of the powers conferred by sub-section (1) of section 25 of the customs act, 1962 (52 of 1962), read with sub-clause (4) of clause 45 of the finance bill, 1983, which clause has, by virtue of the declaration, made in the said bill under the provisional collection of taxes act, 1931 (act 16 of 1931); the force of law, the central government, being satisfied that it is necessary in the public interests so to do, hereby exempts the goods specified in ..... in exercise of the powers conferred by sub-section (1) of section 25 of the customs act, 1962 (52 of 1962), read with sub-clause (4) of clause 45 of the finance bill 1983, which clause has, by virtue of the declaration made in the said bill under the provisional collection of taxes act, 1931 (16 of 1931), the force of law, the central government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified .....

Commissioner of Wealth Tax Vs. Mohan Exports India P. Ltd.

Court : Delhi

..... (a) accepted the case of the assessee that notwithstanding the amendment to the expression 'net wealth' by insertion of explanation 1 below section 2 (m) of the wt act, under section 40 (3) of the finance act 1983 "all the wealth of the company has not been charged to tax but only certain specified assets have been charged to tax. ..... context, it requires to be noticed that while section 22 of the it act uses the expression 'owner', both section 40 (2) of the finance act, 1983 and section 2 (m) of the wt act refer to assets that 'belong to' the assessee. ..... words, can it be said that, for the purposes of section 40 (3) of the finance act 1983 read with sections 2 (e) and 2 (m) of the wt act, the property in question 'belongs' to the appellant assessee? 25. ..... that as far as ay 1985-86 is concerned, it was governed by section 40 of the finance act 1983 as it stood prior to the amendment to section 2 (m) of the wt act with effect from 1st april 1988. ..... further held that the building in any case was covered by section 40 (3) (vi) of the finance act 1983 and the assessee was its real owner. 8. ..... issue at hand is the definition of assets for the purposes of section 40(2) of the finance act, 1983 as amended by the finance act, 1988. ..... of neither the land nor the building could, in terms of section 40 (3) (vi) of the finance act, 1983, be included in the assessee's net wealth. 20. ..... therefore, in terms of section 40 (3) (vi) of the finance act 1983, the value of the building could not be included in .....

income-tax Officer Vs. Hydle Constructions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD575(Delhi)

..... other words, a company engaged in construction of a building, road, dam, bridge or other structures would get the benefit under the finance act, 1983, even if they do not involve the company in manufacturing or processing of goods to a substantial extent. ..... departmental representative tried to strengthen his case by referring to the change in the definition of 'industrial company' in the finance act, 1983. ..... the assessee, in later assessment years, namely, 1977-78 and 1978-79, the commissioner (appeals) has held that the assessee was not an industrial company for the purposes of concession in the rate of tax under the finance act.however, the assessee's claim for being treated as an industrial undertaking under sections 80j and 80hh of the act was accepted by the commissioner (appeals) in both the years. ..... it was held by the high court that the definition in the finance act covered only that construction company which was engaged in the construction of ships and by implication excludes from the definition a company which is engaged mainly or otherwise in the construction of anything other than ..... under the scheme of the various finance acts, a concessional rate of tax is levied on an industrial company and that term is defined in the finance acts as under: 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in .....

Mid East Shipping Co. (P.) Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)40ITD611(Delhi)

..... i have considered the rival submissions as also the facts on record.section 80hhc has been introduced by the finance act, 1983 w.e.f.1-4-1983. ..... keeping in view the object for introduction of section 80hhc, the speech of the finance minister as also the memorandum explaining the provisions contained in the finance bill, 1983,i am of the opinion that a proper interpretation of clause (b) of section 80hhc would be that in a case where the export turnover in the immediately preceding previous year is nil, the asscssee would be entitled under clause (b) to a deduction of 5 per cent of ..... in the memorandum explaining the provisions in the finance bill, 1983, it was stated that the tax concession will consist of a deduction in computation of taxable income of 5 per cent of the amount by which the export turnover of the accounting year exceeds the export turnover of the immediately ..... this stage, it would be pertinent to refer to the budget speech of the finance minister while presenting the finance bill, 1983 before the parliament. ..... it was stated by the finance minister that under the new scheme all increments in export turnover will be entitled to relief at 5 per cent of the incremental turnover in computing the taxable income (see 140 itr statute ..... 1984-85.subsequently, on 23-11-1983,theassessee was able to conclude the sale to another foreign buyer and accordingly the amount in question was included in the turnover for the year ending 30-10-1984 relevant to the assessment year under .....

R.M. Enterprises, Mittal Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . for our purpose, it would suffice to refer to clause (c) of sub-section (8) of section 2 of the finance act, 1983, wherein the definition of an "industrial company" is given as under : " (c) ' industrial company * means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in ..... appellate tribunal, with a request to constitute a larger bench and had proposed the following question : "whether the terms ' article ' or ' thing' used in sections 80hh, 80-i and 80j of the act are synonymous with the word ' goods' used in the definition of ' industrial company' in the finance act and whether the high court decision referred to above would equally apply in both the cases?" 2. this is how these appeals have come up before this bench of ..... . [1983] 142 itr 696 (bom), the hon'ble high court has given a restricted moaning to the definition of " industrial company " contained in the finance acts only because the word " construction " is used' in connection with ships and not in connection with other construction activities ..... . [1983] 142 itr 696, would be applicable even though, in those cases, the hon'ble high court was interpreting the definition of an " industrial company " used in the finance acts .....

Hmt Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1997)57TTJ(Bang.)39

..... amendment was brought to this definition under s.43(6) by the finance act, 1983, under which the last expression in cl.(iv) of s. ..... 1984-85 by the finance act, 1983, which came into effect from 1st april, 1984, which meant that initial depreciation admissible for assessment years commencing from 1984-85 will have to be deducted in arriving at ..... by the finance act, 1983, w.e.f. ..... terms of the amended provisions of the finance act, 1983, w.e.f. ..... ao was not justified in interpreting the boards circular in a different manner than those provided for in the wording of the amendment proposed by the finance act, 1983. ..... the words were deleted by the finance act, 1983, w.e.f. ..... 28 by the finance act, 1990, with retrospective effect from 1st april, 1967 ..... objects to the action of the iac in recomputing and reducing the wdv on buildings on 1st april, 1983, allowed in the earlier years on certain buildings ignoring the amended provisions of s. ..... boards circular relied upon by him does not even remotely suggest that the accumulated initial depreciation of all the past years will have to be deducted and the wdv re-fixed as at 1st april, 1983, to work out the normal depreciation for the asst. yr. ..... was launched in september, 1983, it covered out of the abovementioned block, the period from september, 1983 to december, 1985. ..... in the case of assets acquired before the relevant previous year, the actual cost to the assessee less all depreciation actually allowed to him under the 1961 act or any earlier it act. .....

Shroff Leasing (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)58ITD273(Kol.)

..... the assessee is carrying on business of leasing and in the course of its regular business activities the motor cars are leased on hire and hence the proviso to section 40 (3) of the finance act, 1983 is applicable.he therefore submitted that the motor cars which were owned by the assessee and used as stock-in-trade in the business of leasing carried on by the assessee, is not liable to ..... the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used as such in a business in running motor cars on hire carried on by the company ..... the same spirit and intendment, the legislature has inserted proviso to section 40 (3) of the finance act, 1983 with effect from 1-4-1989 whereby motor cars used in a business of running motor cars on ..... in fact, the intendment of the legislature in enacting section 40 of the finance act, 1983 as can be discerned from the budget speech of the then finance minister is that some persons have been trying to avoid personal wealth-tax liability by forming closely-held companies to which they transfer many items of their wealth and with ..... contended that as per proviso to section 40 (3) of the finance act, 1983 only those motor cars which were run on hire are excluded from the computation of wealth-tax and since the assessee-company was carrying on leasing business, it cannot be .....

Assistant Commissioner Vs. Prasad Productions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1997)60ITD267(Mad.)

..... appealed to the commissioner (appeals) against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is a by-product in the process of development and printing of films.therefore, it is a manufactured item by ..... (supra), the tribunal held that although the cinema house was included within the exempted assets under section 40(3)(vi) of the finance act, 1983 with effect from 1-4-1989 by the finance act, 1988, for the earlier assessment years also the exemption will be applicable if it is found that the theatre building was being used exclusively by the assessee for the purpose ..... the commissioner (appeals) held that since silver was a product of the assessee-company, it cannot be termed as an asset for the purpose of section 40(3) of the finance act, 1983.therefore, from the facts of this case we find that the assessee-company accumulated puts silver out of dust and flakes by further processing and in turn the silver is being sold out in the ..... further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. .....

Assistant Commissioner of Wealth Vs. Prasad Productions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 3(1) of the finance act, 1983, the assets referred to as gold, silver, etc. ..... 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. ..... 40 of the finance act, 1983, according to which gold, silver, platinum or any other precious metal is to be included within the net wealth of the assessee. ..... 40 of the finance act, 1983, so that it can be included in the net wealth of the assessee. ..... 40(3)(vi) of the finance act, 1983, w.e.f. ..... 40(3) of the finance act, 1983. ..... 3(1) of the finance act, 1983. ..... 40(3) of the finance act, 1983. ..... 40(3) of the finance act, 1983. ..... 1st april, 1989, by the finance act, 1988, for the earlier assessment years also the exemption will be applicable if it is found that the theatre building was being used exclusively by the assessee for the purpose of business. ..... the word 'stock-in-trade' has not been defined either in the wt act or in the it act. ..... it was further submitted that the silver cannot be treated to be a raw material in the line of business of the assessee-company for the purpose of excluding the same from the net wealth under the wt act. .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... to curb this practice, the finance act, 1983 has inserted section 43b to provide that deduction for any sum payable by the assessee by way of tax or duty under any law for the time being in force or any sum payable by the assessee ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such ..... supreme court treated the first proviso to section 43b as inserted by the finance act, 1987 as retrospective in operation for and from assessment year 1984-85. ..... parity of reasoning the proviso which is now amended by the finance act, 2003 can also be treated as retrospective qua the payment of ..... special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. ..... the first proviso, which was inserted by the finance act, 1987 is remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or ..... having regard to this unintended hardship, by the finance act, 2003 in the first proviso of section 43b, the words, brackets and letters referred to in clause (c) or clause (d) or clause (e) or clause (f) have been omitted and .....