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Commissioner of Wealth-tax Vs. Devshree Cinema

Court : Madhya Pradesh

Reported in : (2003)179CTR(MP)447; [2002]258ITR425(MP)

..... : [1993]202itr121(kar) held, as below (headnote) :'under section 40 of the finance act, 1983, provision was made to levy wealth-tax on certain assets owned by companies. ..... as per clause (vi) of sub-section (3) of section 40 of the finance act, 1983, which was enacted initially, any building or part thereof used by the assessee as factory, godown, warehouse, hotel or office, etc ..... under section 40 of the finance act, 1983, various properties were enumerated as the one exempted from wealth-tax ..... it is, however, seen that in the finance act of 1983, the factory was one of the properties exempted from the wealth-tax act. ..... our considered judgment, the tribunal has correctly interpreted the word 'factory' occurring in the finance act of 1983. ..... word 'factory' was not defined in the finance act of 1983. ..... now by the finance act of 1988, a cinema theatre is expressly included in the said ..... naturally, themeaning assigned to this word in the factories act could be taken into account even for the purpose of wealth- ..... this reference under section 27(1) of the wealth-tax act, 1957, is made by the income-tax appellate tribunal, indore bench, indore, at the instance of the revenue, for resolution of the following question said to be a question of law :'whether, on the facts and in the circumstances of the case ..... term 'factory' is not defined and, therefore, a liberal approach to the interpretation of this provision would permit any entity which is governed by the factories act also to be treated as factory. .....

Commissioner of Wealth Tax Vs. T.N.K. Govindaraju Chetty and Co. (P) L ...

Court : Chennai

Reported in : (2004)192CTR(Mad)382

..... following the decision in vamdharaja theatre case (supra), we hold that the tribunal is not correct in its view that the theatre complex of the assessee is exempt under section 40(3)(vi) of the finance act, 1983, for the asst. yr. ..... the assessment year involved in the instant case is 1988-89 and the question is whether the assessee is entitled to exemption under section 40(3)(vi) of the finance act, 1983, for the asst. yr. ..... consideration :'whether, on the facts and in the circumstances of the case, the tribunal is correct in law in confirming the order of the cit(a) in directing the exclusion of the value of the theatre complex as exempt under section 40(3)(vi) of the finance act, 1983 ?'3. ..... the revenue has challenged the order of the tribunal directing the exclusion of the theatre complex of the assessee on the ground that it is exempted under s, 40(3)(vi) of the finance act, 1983. ..... (2000) 250 jtr 523 wherein this court held that the exemption granted by the amendment of the finance act, 1988, would operate only from 1st april, 1989, and it is neither retrospective nor declaratory of the law. ..... 1988-89 as well as the exemption granted by the finance act, 1988, came into force w.e.f. ..... this court in the above case has also held that cinema building owned by the assessee is not exempt under section 40(3)(vi) of the finance act prior to 1st april, 1989. .....

Commissioner of Wealth-tax Vs. Champa Properties Ltd.

Court : Kolkata

Reported in : [1994]206ITR567(Cal)

..... could not be assessed to the wealth-tax under sub-section (3) of section 40 of the finance act, 1983, in the assessment years 1984-85 and 1985-86, respectively ?' 3. ..... acquiring the assets, but, by no stretch of imagination, can it be said that undischarged liabilities towards municipal taxes can be treated as a debt secured on one or more assets taxable under clause (viii) of sub-section (3) of section 40 of the finance act, 1983. ..... the undischarged liabilities towards municipal taxes could not be treated as a debt secured on one or more assets taxable under clause (viii) of sub-section (3) of section 40 of the finance act, 1983. ..... properties limited, were assessable to tax for the assessment years 1984-85 and 1985-86 under section 40 of the finance act, 1983. ..... 40 of the finance act has revived, in a limited way, the levy of wealth-tax on companies which was suspended by the finance act, 1960.16. ..... the tribunal, while hearing the appeal under the wealth-tax act, followed the order dated january 7, 1988, and upheld the orders of the commissioner of wealth-tax ( ..... on appeal, the tribunal, in theassessee's case for the assessment years 1982-83 and 1983-84 as per order dated january 1, 1988, deleted the addition.8. ..... in this reference under section 27(1) of the wealth-tax act, 1957, for the assessment years 1984-85 and 1985-86, the following questions of law have been referred to this court :' ..... 72,000 made under the income-tax act, 1961, for the assessment years 1977-78 to 1980-81 were deleted .....

Commissioner of Income Tax Kolkata-iii Vs. Alom Extrusions Limited

Court : Supreme Court of India

Reported in : (2009)227CTR(SC)417; [2009]319ITR306(SC); JT2009(14)SC441; 2009(14)SCALE163; (2010)1SCC489; [2009]185TAXMAN416(SC)

..... we find no merit in these civil appeals filed by the department for the following reasons: firstly, as stated above, section 43b [main section], which stood inserted by finance act, 1983, with effect from 1st april, 1984, expressly commences with a non-obstante clause, the underlying object being to disallow deductions claimed merely by making a book entry based on merchantile system of accounting. ..... however, as stated above, the second proviso resulted in implementation problems, which have been mentioned hereinabove, and which resulted in the enactment of finance act, 2003, deleting the second proviso and bringing about uniformity in the first proviso by equating tax, duty, cess and fee with contributions to welfare funds. ..... a short question which arises for determination in this batch of civil appeals is: whether omission [deletion] of the second proviso to section 43b of the income tax act, 1961, by the finance act, 2003, operated with effect from 1st april, 2004, or whether it operated retrospectively with effect from 1st april, 19884. ..... they represented to the government about their hardship and, consequently, pursuant to the report of the kelkar committee, the government introduced finance act, 2003, by which the second proviso stood deleted with effect from 1st april, 2004, and certain changes were also made in the first proviso by which uniformity was brought about between payment of fees, .....

Commissioner of Income-tax Vs. Arvind Mills Ltd.

Court : Gujarat

Reported in : (2001)171CTR(Guj)362; [2002]254ITR529(Guj)

..... 80hhc was introduced by the finance act, 1983, with effect from april 1, 1983. ..... contrary, there is an inherent indication in the act when one reads the provision of section 80hhb of the act which was introduced by the finance act, 1982, with effect from april 1, 1983. ..... the 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 ..... 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.'11. ..... of the act was introduced by the finance (no. ..... shah further submitted that the provision of section 80hhc of the act as it stood for the relevant assessment year did not envisage that there should be any profits from the business of exports and the language as employed in the section did not support the proposition .....

Commissioner of Wealth-tax Vs. N.M.R. Krishnamoorthy and Sons Pvt. Ltd ...

Court : Chennai

Reported in : [2000]241ITR439(Mad)

..... and not maintainable (ii) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that even where a property is valued under the specific provisions of sub-section (4) of section 40 of the finance act, 1983, for the purpose of levy of wealth-tax in the case of closely held companies, the provisions of section 7(1) and rule 1bb must be applied ignoring the provisions of section 40(5)(b) of the ..... and hence rule 1bb could not be applied to value it and section 40(4) of the finance act, 1983, excluded application of section 7(1) and rule 1bb made thereunder and accordingly assessed the property at rs. ..... the commissioner agreed with the assessee's case that section 40 of the finance act, 1983, did not exclude the operation of rule 1bb and accordingly directed the assessing officer to refer the matter again to the valuation officer to determine the value of the property on the basis of net maintainable rent as ..... the commissioner took the view that section 40 of the finance act did not exclude the operation of rule 1bb which was confirmed by the tribunal. ..... counsel for the assessee submitted that sub-section (5) of section 40 specifically excluded certain sections of the wealth-tax act except section 7(1) and, therefore, rule 1bb was applicable. .....

Southern Roadways Ltd. Vs. Commissioner of Wealth-tax

Court : Chennai

Reported in : (2001)170CTR(Mad)544; [2001]251ITR213(Mad)

..... counsel submitted that the question now raised, is one which arises under the finance act, 1983, which question, if considered in the light of the speech of the finance minister which preceded the enactment, and in the light of the settled law that the court must take the words in a fiscal statute as they occur, not adding to them or subtracting therefrom, as also in the ..... the object of including 'motor car' in section 40 of the finance act, 1983, was to refer to motor cars as 'assets', which are required to be taken note of while computing the net wealth of closely ..... reference of which is sought by the assessee is as to whether the tribunal was right in holding that jeep owned by the company should be treated as a motor car for the purpose of section 40(3)(vii) of the finance act, 1983. ..... case, the court referred to the argument made before it that the speech of the finance minister moving the bill can be referred to as an external aid to construction. ..... whereas, in the tamil nadu general sales tax act, to which counsel referred, general classes of motor vehicles are set out, and 'jeep' will have to be distinguished from a 'motor car', which is also used in the relevant entry in that act, the income-tax act merely refers to a motor car and does not mention any other ..... also contended that while interpreting the provision, the court must ascertain the intent of the legislature and for doing so the speech made by the finance minister in parliament, while introducing the bill, is relevant. .....

Commissioner of Income-tax Vs. the Statesman Ltd.

Court : Kolkata

Reported in : [1992]198ITR582(Cal)

..... in the income tax act through the finance act, 1983, with effect from april ..... after two years and reintroduced by the finance act, 1983, which also lasted for two years, ..... (see [1979] 117 itr 17), which is as under :'in order to place a curb on extravagant and socially wasteful expenditure on advertisement, publicity and sales promotion at the cost of the exchequer, the finance act has inserted new sub-section (3a) in section 37 of the income-tax act for the disallowance of a part of such expenditure in the computation of taxable profits.'11. ..... the provisions of sub-sections (3a) and (3b) of section 37 were initially introduced by the finance act, 1978, with an object to place a curb on 'extravagant and socially wasteful expenditure .. ..... and (3b) of section 37 were not there in the income-tax act, 1961, at the time of its commencement but the same were first grafted in the act by the finance act, 1978, with effect from april 1, 1979. ..... categories of avoidable or ostentatious expenditure by assessees carrying on business or profession, the finance act has made certain amendments to section 37 of the income-tax act.'13. ..... 372, dated december 8, 1983 (see : [1984]146itr9(guj) ).clause 30 of the said circular runs as under :'section 37 of the income-tax act provides for deduction in the computation of taxable profits of any expenditure, other than expenditure of the nature described in sections 30 to 36 and section 80vv, or expenditure in the nature of capital expenditure or personal expenses .....

Commissioner of Income-tax Vs. Mohan MeakIn Breweries Ltd.

Court : Himachal Pradesh

Reported in : [1991]192ITR134(HP)

..... set at rest by the legislature introducing explanation 2 to sub-section (2a) of section 37 by the finance act of 1983 which was made effective with retrospective effect from april 1, 1976. ..... finance act, 1983, explanation 2 was added to sub-section (2a) of section 37 which is to the following effect (see : [1983 ..... change the enactment or any part thereof but where some gap is left which is relevant for the purpose of the explanation, in order to suppress the mischief and advance the object of the act it can help or assist the court in interpreting the true purport and intendment of the enactment, and(e) it cannot, however, take away a statutory right with which any person under a statute ..... the next step in this direction was taken by the finance act of 1970, by inserting sub-section (2b) in section 37, which prohibited deduction of any 'expenditure in the nature of entertainment expenditure' incurred ..... by the finance act, 1968, an explanation (which is now explanation 7) was added to sub-section (2a) with effect from april 1, 1968, so as to expand the scope of the restrictions with a view to cover and ..... be inserted in the act by the finance bill of 1961 which became an act on and with effect ..... clause 10 in the 'notes on clauses' of the finance bill, 1970, by which sub-section (2b) was inserted reads as under (see [1970] 75 itr 73) :'sub-clause (b) seeks to insert a new sub-section (2b) in section 37 of the income-tax act and sub-clause (a) seeks to make a consequential amendment in .....

Commissioner of Income-tax Vs. Goslino Mario and ors.

Court : Guwahati

..... whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the explanation added to section 9(1)(ii) of the income-tax act, 1961, by the finance act, 1983, with retrospective effect from april 1, 1979, was only procedural in nature and as such applicable to the assessee's case ?5. ..... the implication of the explanation added to the section by the finance act, 1983, shall be discussed after the main question has been answered.7. ..... when the aforesaid decision was brought to the notice of the tribunal it referred to the explanation added to section 9(1)(ii) of the act by the finance act, 1983. ..... on the question of salary, the tribunal took the view that the same had been earned in india and as such was taxable under the provisions of section 9(1)(ii) read with the explanation inserted in the act by the finance act, 1983.6. ..... this explanation though inserted in the act in 1983 was made effective from april 1, 1979 ..... daily allowance paid to the assessees was held to be not exemptable under section 10(14) of the act and the value of the rent-free furnished accommodation was also held to be liable to tax. ..... ' in this connection reference was also made to section 9(1)(ii) of the act wherein salary payable by the government to a citizen of india for service outside india was also deemed to be an income accruing or arising in ..... answer to the question depends on, in view of the provisions in section 9(1)(ii) of the act, whether the salary was earned in india. .....