Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)90ITD710(Mum.)
..... of section 40 of the finance act, 1983, wealth tax was levied on ..... which are all on the interpretation of the relevant provisions of section 40 of the finance act, 1983 which was omitted by the finance act, 1992 w.e.f. 1.4.93. ..... section 5 and clause (d) of section 45 of the wt act and part 2 of schedule 1 to the wt act shall not apply for the purposes of levy of wealth tax in pursuance of the provisions of section 40 of the finance act, 1983. ..... finance act, 1983 has no relevance whatsoever and the liability with regard to chargeability to wealth tax has to be determined in accordance with the relevant provisions of the wealth tax act ..... section 4(7) of the wt act has no applicability to section 40 of the finance act, 1983. ..... act shall be construed so as to be in conformity with the provisions of section 40 of the finance act, 1983. ..... part of co-operative i housing society is not an asset for the purposes of levy of wealth tax under section 40 of the finance act, 1983. ..... of itat were concerned about the interpretation of section 40 of the finance act, 1983. ..... of an association of persons, being a co-operative housing society, and a building or a part thereof is allotted or leased to him under a house building scheme of the society, the assessee shall, notwithstanding anything contained in this act or any other law for the time being in force, be deemed to be the owner of such building or part and the value of such building or part shall be included in computing the net wealth of the assessee; and .....
Tag this Judgment!Court : Mumbai
Reported in : (2002)75TTJ(Mumbai)714
..... according to him, the explanation was inserted by the finance act, 1983, with effect from 1-4-1979, to nullify the effect of the judgment of the gujarat high court in the case of ..... 'this explanation was inserted by the finance act, 1983 (11 of 1983) with retrospective effect from 1-4-1979.this explanation deals with ..... the amendments were made by the finance act, 1983, with effect from 1-4-1979, by inserting an explanation to declare that the salary payable for services rendered in india shall always be regarded as income ..... 1980]124itr391(guj) , sri patil submitted that the effect of this decision has been nullified as a result of the insertion of explanation to section 9(1)(ii) by the finance act, 1983, with retrospective effect from 1-4-1979.8. ..... after the amendment made in section 6 of the income tax act, 1961 by the finance act, 1990 with effect from 1-4-1990, an indian citizen who is a member of the crew of an indian ship as defined in clause (18) of section 3 of the merchant shipping act, 1958, is regarded as a resident in india only if he is in india for 182 days or more during the relevant year irrespective of the extent of his stay in india ..... on the other hand, the learned accountant member (am) took the view a in the case of a non-resident under section 5(2)(a) of the act, any income which is received in india is taxable in the hands of the non-resident and since the salary has been received in india, irrespective of where if had accrued or arisen, the same was taxable in .....
Tag this Judgment!Court : Kerala
Reported in : [1999]240ITR396(Ker)
..... we are of the view that the effect of deletion of the underlined portion of clause (iv) of section 32(1) by the finance act, 1983, will have effect only in cases where initial depreciation under clause (iv) is granted in respect of specified assets with effect from april 1, 1984.11 ..... but, on further appeal, the tribunal held that the deletion of a portion of clause (iv) of section 32(1) of the finance act, 1983, would only cover cases where initial depreciation was granted in respect of the specified assets with effect from april 1, 1984, and it will not cover the case of an asset on which initial depreciation was originally ..... it is true that going by the circular the amendment brought under the finance act, 1983, would apply in computing the written down value of such buildings for the assessment year 1984-85, even though initial depreciation under clause (iv) had been allowed in the assessment year 1983-84 or any earlier assessment year. ..... (emphasis1 supplied)by the finance act, 1983, which came into force from april 1, 1984, the underlined portion in clause (iv) was deleted.the term 'written down value' is defined under section 43(6) ..... but finance act, 1983, deleted the underlined portion of clause (iv) with effect from april 1, 1984 ..... amount of depreciation granted under section 32(1)(iv) from the written down value of the assets and on that basis depreciation was granted for the assessment year 1984-85, in the light of the amendment to section 32(1)(iv) by the finance act, 1983. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]213ITR639(Mad)
..... however, when the finance bill, 1983, became the finance act, 1983, sub-section (4) in the present form is retained and sub-section (4a) was newly inserted in section 11 of the act. ..... by the finance act, 1983, the following sub-section (4a) was introduced in section 11 of the act, with effect from april 1, 1984 (see : [1983]142itr21(orissa) ) : 'section 11(4a). ..... 372 (see : [1984]146itr9(guj) ), dated december 8, 1983, issued by the central board of direct taxes, which is also challenged in these writ petitions, reads thus (at page 25) : 'the finance act has inserted a new sub-section (4a) in section 11 of the income-tax act to provide that the provisions of sub-section (1) of that section relating to exemption of income derived from property held under trust for charitable or religious purposes; or of sub-section (2) thereof relating to accumulation or setting apart of such ..... as seen from section 6 of the finance bill, 1983, which proposed amendment to section 11 of the act, the attempt at the bill stage was to omit sub-section (4) of section 11 and replace the same by a new sub-section (4) in the following terms (see : [1983]140itr51(bom) ) : '(4) nothing contained in sub-section (1) or sub-section (2) or sub-section (3) or sub-section (3a) shall apply in relation to any income being profits and gains of business.' 19. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)29ITD641(Delhi)
..... accepting the contention that since the industrial plot was purchased by the company in public auction from delhi development authority in november 1983 and the building after construction was used for industrial purposes clause (vi) of section 40(3) of the finance act, 1983 came to the assessee's rescue and the value of the plot and the factory building under construction was, therefore, not taxable ..... sub-section (1) of section 40 of the said finance act, 1983 provided that notwithstanding anything contained in section 13 of the finance act, 1960 relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957 (hereinafter referred as 'the act') wealth-tax shall be charged for every assessment year commencing on and from the first day of april, 1984 in respect of the net wealth on the corresponding valuation date, not being a company in ..... by holding that cost of construction in relation to uncompleted building could not be termed as building, we hold that the provision of clause (vi) of section 40(3) of the finance act, 1983 clearly saved the assessee from taxation in relation to rs. ..... thereto disjunctive to each other and, therefore, unlike the normal notion that building and land would form one unit cannot be said to be good as far as the applicability of section 40 of the finance act, 1983 for taxation of the closely held companies is concerned. ..... , it is necessary to deal with section 40 of the finance act, 1983, which in itself is a complete code. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1991)37ITD1a(Hyd.)
..... of sub-section (4 a) of section 11 as introduced by the finance act, 1983 stipulated that unless the business is carried on by an institution wholly for charitable purposes and the work in connection with the business is mainly carried on by the beneficiaries of the institution and separate books of account are maintained by the trust or the institution in respect of such business, the exemption under section 11 of the income-tax act, would not be available, and in the case of the assessee ..... was introduced for the first time by the finance act, 1983, with effect from 1-4-1984 and is relevant for ..... of sub-section (4a) of section 11 as introduced by the finance act, 1983, stipulated that unless the business is carried on by an institution wholly for charitable purposes and the work in connection with the business is mainly carried on by the beneficiaries of the institution and separate books of account are maintained by the trust or the institution in respect of such business, the exemption under section 11 of the income-tax act would not be available, and in the case of the ..... involving the carrying on of any activity for profit" in section 2(15) were omitted by the finance act, 1983 with effect from 1-4-1984. ..... of the corporation, or for that matter any company registered under the companies act, is responsible for formulation of policies and for taking decisions on the conduct of the business and its finances and in fact the company only functions through its board of directors in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD384(Mum.)
..... clause (1) of section 80hhc which was first inserted by the finance act, 1983, w.e.f.1-4-1983, spoke of 'exports out of india', whereas clause (1) of the amended section, as it stood from 1-4-1986, spoke of an assessee who is engaged 'in the business of ..... present appeal, concerned with the assessment year 1984-85 when section 80hhc as it stood before its amendment by the finance act, 1985 which became effective from 1-4-1986, was applicable. ..... 's case.the learned departmental representative pointed out that the language of section 80hhc, as it stood before its amendment by the finance act, 1985, with effect from 1-4-1986, was slightly different. ..... mishra [1978] 114 itr 753 where the delhi high court held that the incentive provided by section 280-zc of the income-tax act, 1961, to the person who exports goods during the material period was intended to be given to the real exporter and not merely ..... mrs.vissanji then referred to the import & export policy of the government of india, which was relevant for the accounting period 1983-84, extracts of which have been filed at pages 95&96 of the compilation.paragraph 131 of the policy clearly states that the following types of 'deemed exports' will qualify and clause (a) of this paragraph relates to sales ..... incidentally be stated that this stand of the assessee has been accepted by the cit (appeals) for the assessment year 1983-84 in her order dated 23-8-1988 and another cit (appeals) in her order dated 10-8-1988 for the assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD292(Mad.)
..... the cwt (a) allowed the five appeals of the assessee on the issue of exemption of the buildings in question from wealth-tax under section 40(3)( of the finance act, 1983 by his separate orders all dated 28-2-1990. ..... section 40(1) of the finance act, 1983 states that wealth-tax shall be charged under the wealth-tax act with effect from 1-4-1984 in respect of the net wealth of every company, not being a company in which the public are substantially interested ..... madurai, owned by the assessee are exempt from wealth-tax under clause (vi) of sub-section (3) of section 40 of the finance act, 1983. ..... no hesitation in agreeing with the finding recorded by the cwt (a) that the buildings in question have been used by the assessee for purposes of its own business within the meaning of clause (vi) of sub-section (3) of section 40 of the finance act, 1983. ..... madurai, on the ground that the assessee used the said buildings for purposes of its business as contemplated under clause (vi) of sub-section (3) of section 40 of the finance act, 1983. ..... provided by the appellant for carrying out the franchising business was used for the business of the appellant itself and therefore it is exempt from wealth-tax under clause (vi) of sub-section (3) of section 40 of the finance act. ..... the business of the assessee itself, and as such the buildings (except the 1/ 10th portion) cannot be said to have been used by the assessee for its own business for claiming exemption under section 40(3)(vi) of the finance act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... thereupon, chapter vi-b was introduced by section 32 of the finance act, 1983 [1983] 142 itr (st. ..... much was made of the fact that the revaluation was made after the shares have been sold and after the finance act had come into force indicating that the assessee was well aware of the implications of the fresh impost under section 115j. ..... of sections 192 to 194, section 194a, section 194c, section 194d and section 195) so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made. ..... consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 [1987] 166 itr (st.) 26. ..... there was an amendment in section 115j by section 19 of the finance act, 1989 [1989] 177 itr (st. ..... interestingly, the department was aware of this position as can be seen from the memorandum explaining the amendment introduced by the finance act, 1989. ..... in his budget speech for 1983-84, the finance minister stated [1983] 140 itr (st. ..... in the present case, as can be seen from the finance minister's speech and the memorandum explaining the provisions, the intention was to make the company pay tax on income which would otherwise be reduced by reason of certain deductions available under the act. ..... in 1983, a new section 80wa was inserted in the act so that all profitable companies pay some tax. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)45ITD566(Delhi)
..... the wto at this stage referred to the relevant section in the finance act, 1983, which was section 40(3)(vi) and which stated : building or land appurtenant thereto other than building or part thereof used by the assessee as factory...according to him, the building was not being used as a factory as on the valuation ..... the order of commissioner of wealth-tax (appeals):- the cwt (appeals) erred on facts and in law to hold that a building under construction with inadequate plant and machinery was a factory which was used by the assessee on 30-6-1983 in terms of section 40(3)(vi) of finance act, 1983, even though the factory building was completed subsequently and factory went into production on 30-12-1983.2. ..... the finance act, 1983 by means of section 40 revived the levy of wealth-tax in the case of closely held companies w.e.f. ..... no doubt, the aforesaid decision of the hon'ble supreme court pertains to the provisions of section 5(1)(xxi) of the wealth-tax act, 1957, but necessary support can be drawn from the said decision to convince us that the order passed by the cwt (appeals) is correct in law. ..... the learned counsel also referred to the speech of the hon'ble finance minister while introducing the finance bill reported in 140 itr statutes page 32. .....
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