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The Commissioner of Wealth-tax Vs. M/S. Kumudam Printers Pvt. Ltd.

Court : Chennai

..... in the circumstances of the case, the income tax appellate tribunal was right in law in exempting the property at no.20, hunters road, madras from the wealth tax, even though section 40(3)(vi b) of the finance act, 1983 states if the property used by director, manager and secretary as residential accommodation then it will not be exempt and the same will be included as taxable asset in the net wealth of the assessee? ..... concerned, it was the case of the assessee that since the premises was used for residential purpose of the managing director, who was an employee of the assessee, in terms of section 40(3)(vi b) of the finance act, 1983, it is entitled to exemption from wealth tax. ..... insofar as the premises allotted to the managing director of the assessee is concerned, the claim of exemption is made under section 40(3)(iv b) of the finance act and the said section reads as follows: any building and the land appurtenant to such building used as residential accommodation by any director, manager, secretary or any other employee ..... is leasing out the properties, a portion of the factory premises was leased out to m/s.lotus inks, which also carries on the manufacture of inks and therefore, in terms of the section 40(3)(vi b) of the finance act, they are entitled to exemption. ..... derived the benefit from the board by way of installation of transformer, it forms part of business and therefore, they are entitled to exemption from wealth tax in terms of section 40(3)(vi b) of the finance act. .....

Commissioner of Income Tax Vs. Halliburton Offshore Services Inc.

Court : Uttaranchal

Reported in : (2004)192CTR(Uttranchal)507

..... this connection it may be noted that the explanation to section 9(1)(ii) introduced by finance act, 1983 refers to what constitutes 'income earned in india'. ..... explanation was introduced by finance act, 1983, w.e.f. ..... that even under the finance act of 1999, the new explanation uses the term 'rest period/leave period ..... , on the facts and in the circumstances of the case, the learned tribunal was justified in holding that interest under section 234b of the it act cannot be charged since the entire income of the assessee was subject to tds whereas this interest is chargeable on assessed tax as defined by expln. ..... manu/gj/0015/1980 : [1980]124itr391(guj) in which it was held that in order to attract section 9(1)(ii) of the act, liability to pay must arise in india, by the said explanation, the original intention under section 9(1)(ii) has been revived. ..... the facts and in the circumstances of the case, the learned tribunal was legally justified in holding that the salary, paid to the assessee for the off period outside india was not chargeable to indian it act in terms- of section 9(1)(ii) of the it act, 1961, whereas the learned tribunal has itself held, vide order dt. ..... secondly, although section 191 of the act is not overridden by sections 192, 208 and 209(1)(a)(d) of the act, the scheme of sections 208 and 209 of the act indicates that in order to compute advance tax the assessee has to inter alia, estimate his current income and calculate the tax on such income by applying the rates in .....

Commissioner, Income Tax, Thiruvananthapuram Vs. K. Ravindranathan Nai ...

Court : Supreme Court of India

Reported in : 2008BusLR26(SC); (2007)213CTR(SC)227; [2007]295ITR228(SC); JT2007(12)SC504; 2007(13)SCALE134; 2007AIRSCW7112

..... under the original section as inserted by finance act, 1983, the head note stated 'deduction in ..... involving clearance at any customs station as defined in the customs act, 1962 (52 of 1962); (b) 'export turnover' means the sale proceeds, received in, or brought into, india by the assessee in convertible foreign exchange in accordance with clause (a) of sub-section (2) of any goods or merchandise to which ..... 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;(aa) 'export out of india' shall not include any transaction by way of sale or otherwise, in a shop, emporium or any other establishment situate in india, not ..... section applies and which are exported out of india, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962); (ba) 'total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs ..... finance act, ..... was inserted by finance act, 1985 w.e.f. 1.4.86 .....

Commissioner of Wealth-tax Vs. Malabar and Pioneer Hosiery P. Ltd.

Court : Kerala

Reported in : (2006)200CTR(Ker)287; [2006]280ITR260(Ker)

..... the commissioner took the view that the exemption under section 40(3)(vi) of the finance act, 1983, will be available if the assessee uses the building as a factory, godown, warehouse, hotel for the purpose of business. ..... in the appeal, the following questions of law are raised :(1) whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the assessee's case is hit by section 40 of the finance act, 1983 ? ..... : [2004]265itr312(ker) , held that section 40(3)(vi) of the finance act specifically includes warehouse, cinema house, hotel or office for the purpose of its business or as residential accommodation for its employees. ..... the rent from the civil supplies corporation and kalyana mandapam was treated as business income and, hence, for the purpose of wealth-tax also, it can be termed as business premises coming under section 40(3)(vi) of the finance act.3. ..... according to counsel, under section 35(7) of the act, no amendment under this section shall be made after the expiry of four years. ..... but what we have to find out is whether under the relevant provisions of the wealth-tax act, this can be applied. ..... these cases arise under the wealth-tax act, 1957 (hereinafter referred to as 'the act'). ..... hence, the order is not hit by section 35(7) of the act.5. ..... later on, the commissioner of wealth-tax revised the assessments under section 25(2) of the act. ..... the assessments for these years were completed under section 16(1) of the act. .....

Commissioner of Income-tax Vs. Raymon Glues and Chemicals

Court : Gujarat

Reported in : (2005)195CTR(Guj)518; [2005]277ITR529(Guj)

..... section 80hhc of the act, as applicable to the assessment year under consideration, was introduced with effect from 1st april 1983 by the finance act, 1983, and reads as under :'deduction ..... 1983 which gives the explanatory notes on the provision relating to direct taxing as incorporated in the finance act, 1983 ..... 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 ..... the contentions raised by the revenue and accepted the submissions made on behalf of the assessee by holding that, for the purposes of clause (b) of sub-section (1) of section 80hhc of the act, one has to compare the aggregate export turnover of all qualifying goods during the relevant previous year with the aggregate export turnover of all qualifying goods during the immediately preceding previous year. ..... or may not exceed the total export turnover of the immediately preceding previous year; but, when the assessee sought additional deduction under section 80hhc(1)(b) of the act, the assessee was required to show that its total export turnover had increased when compared to the total export turnover of the immediately preceding previous year. .....

Patidar Oil Cake Industries Vs. Dy. Commissioner of Income Tax

Court : Gujarat

Reported in : (2004)190CTR(Guj)481; [2004]270ITR347(Guj)

..... in the statute book by the finance act, 1983 w.e.f. ..... three assessment years are concerned, namely, assessment years 1986-87 to 1988-89, it is apparent that the proviso only requires that an amount equal to the amount of deduction claimed under sub-section (1) of section 80hhc of the act is debited to the profit and loss account and credited to a reserve account which is to be utilised for the purposes of the business of the assessee, and such debit and credit have to be made in the previous ..... from assessment year 1989-90 and hence there being no requirement, no breach can be ascribed to the assessee;(iv) that by way of statutory amendment, proviso to sub-section (1) of section 80hhc of the act was not applicable and hence there was no requirement in law to maintain the reserve as the proviso itself had been deleted with effect from 1.4.1989;(v) that merely because the reserve created by the petitioner ..... of the fact that the assessments have been sought to be reopened after a period of four years from end of each of the assessment years in question, the provisions of section 147 of the act mandate that the assessing officer shall be vested with the jurisdiction to initiate reassessment proceedings only in case there is any omission or failure on the part of the assessee to disclose fully and truly all ..... however, by the finance act, 1988 with effect from 1.4.1989, section 80hhc was substituted and the substituted section did not ..... came to be substituted by the finance act, 1985 w.e.f. .....

Commissioner of Wealth-tax Vs. Varadharaja theatres Pvt. Ltd.

Court : Chennai

Reported in : [2001]250ITR523(Mad)

..... question referred to us which reads as follows :'whether, on the facts and in the circumstances of the case, the tribunal was right in cancelling the orders of the commissioner 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 ? ..... tribunal has held that the cinema building owned by the assessee is entitled to exemption from wealth-tax under section 40(3)(vi) of the 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 april 1, 1989. ..... case of removal of hardship by parliament 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 warrant such a view. ..... applying that test to the facts of this case it is clear that section 40(3)(vi) of the said act as it stood at the relevant time was not capable of being construed as including cinema house when what was regarded as business assets had been exhaustively listed and that list did not include cinema .....

V.G.P. Housing P. Ltd. Vs. Union of India and ors.

Court : Chennai

Reported in : [2001]252ITR207(Mad)

..... the petitioner, which is a closely held private company and which deals in land has challenged the constitutional validity of section 40 of the finance act, 1983, which provides for levy of wealth-tax on closely held companies.2. ..... neither of the two grounds urged by learned counsel for the petitioner can be regarded as sufficient to hold that section 40 of the finance act, 1983, is unconstitutional. ..... reliance was placed on the speech of the finance minister, while introducing the bill in parliament. ..... the provisions of the amending act do hot violate any of the provisions of the constitution. .....

Damodar Electronics and Controls Vs. Commissioner of Income-tax

Court : Kerala

Reported in : (1996)134CTR(Ker)398; [1997]224ITR228(Ker)

..... section 43b of the income-tax act, 1961, was inserted by the finance act, 1983, with effect from april 1, 1984 ..... union of india : [1991]189itr70(patna) have taken the view that the proviso to section 43b of the income-tax act, 1961, incorporated by the finance act, 1987, with effect from april 1, 1988, relates back to the date when section 43b came into operation, i. e. ..... the scope and applicability of the amendments effected by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989, have to be considered in the matter of computation of income in relation to the sales tax collections made during the accounting period, but not paid within the said period ..... so also the assessee had contended that explanation 2 to section 43b introduced by the finance act, 1989, with effect from april 1, 1984, cannot be applied to the assessment year in ..... date for payment of the said amount is only april 20, 1986, that the assessee had paid the said amount on or before the due date and, therefore, the first proviso to section 43b of the act entitles the assessee for deduction of the said amount in the computation of income liable to tax under the income-tax ..... 9,34,174.56 representing the sales tax liability under the kerala general sales tax, act, the tamil nadu general sales tax act and the bombay sales tax act due for the month of march, 1986, and payable on or before april 20, ..... , the provisions of section 43b of the act are squarely applicable to the present case.6. .....

Commissioner of Income Tax Vs. Mohinder Kumar and Party

Court : Rajasthan

Reported in : (2005)195CTR(Raj)335; [2006]284ITR250(Raj)

..... section 43b has been inserted by the finance act, 1983 (11 of 1983), section 18 (w.e.f. ..... 1st april, 1989, the period for which we are also concerned, held that :'prior to clause (a) of section 43b was substituted by finance act, 1988, w.e.f. ..... in the aforesaid context, provisions of section 43b, a bare perusal shows that 'issue price' payable by the assessee under the up excise act as he was holding licence under the up excise act was neither a tax nor any amount payable by him in his capacity as an employer so as to fall in any categories covered by section 43b, as it stood during the relevant asst. yr. ..... so far as the amount payable as licence fees or any amount payable under different licences under the excise acts of the different states does not fall within that specie, but such sums are price paid by the licensee to acquire exclusive privilege of the state to trade in liquor or other intoxicants.after referring to number of decisions, ..... aggrieved with the aforesaid judgment, the revenue had preferred an application under section 256(1) of the act before the tribunal for making reference of the aforesaid two questions to this court as question of law for its decision.7. ..... having heard learned counsel and after considering the relevant provisions of the act, we are of the opinion that the tribunal has not committed any error in rejecting the application under section 256(1) on the ground that no question of law arises (out) of its order because the answer to the .....