Court : Madhya Pradesh
Reported in : (1996)135CTR(MP)481; [1997]226ITR826(MP)
..... 1984-85. there was an outstanding balance of rs. 5,978 in the mandi tax account. according ..... nor a duty within the meaning of clause (a) of section 43b of the income-tax act,1961?'2. briefly stated, the facts of the case are that the year of assessmentis 1984-85. the accounting period ended on november 4, 1983. section 43b was inserted in the act by the finance act, 1983, with effect from april, 1, 1984. it was thus operative for the assessment year .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1994)121CTR(MP)116; [1996]221ITR459(MP)
..... or after the first day of april, 1960.5. by section 40 of the finance act, 1983, it was, however, provided that notwithstanding anything contained in section 13 of the finance act, 1960, wealth-tax shall be charged under the wealth-tax act for every assessment year commencing on or from the first day of april, 1984, in respect of the net wealth on the corresponding valuation date ..... returns for the assessment years 1984-85 and 1985-86 under the wealth-tax act, 1957 (act no. 27 of 1957), before the wealth-tax officer raising various factual and legal contentions for claiming exemption from the wealth-tax act, which are pending consideration.4. the petitioners have in this petition challenged the constitutional validity of section 40 of the finance act, 1983, on the ground that .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1990]184ITR186(MP)
..... of a declaration by the creditor and taxed under the scheme, from investigating the true nature and source of credits. the legal fiction created by section 24(3) of the finance (no. 2) act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the ..... but was the income of somebody else, then there was nothing to prevent an investigation into the true source of the amount. there was nothing in section 24 of the finance (no. 2) act, 1965, which prevented the income-tax officer, if he was not satisfied with the explanation of the assessee about the genuineness of the source of ..... declaration under that act so as to rule out the applicability of section 68 of the income-tax act, 1961. the same view was followed in the case of ito v. rattan lal : [1984] .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2010)229CTR(MP)257
..... take effect from 1st april, 1985. however, subsequently the finance act, 1985, omitted the aforesaid provisions with effect from the date of their insertion, i.e., 1st april, 1985. at this juncture, it is apposite to mention that after clause (vi) was inserted in section 17(2) of the amendment act, 1984, the it rules were amended by incorporating rule 3a ..... karnataka has expressed the opinion that the subsidy was not taxable in the hands of the employees in view of the deletion of sub-clause (vi) of section 17(2) of the it act by the finance act, 1985. the aforesaid two decisions were approved by the supreme court in v.m. salgaocar & bros. (p) ltd. v. cit : (2000) 160 ctr (sc) 225 ..... : (2000) 243 itr 383 (sc). when the matter stood thus, section 17(2) was amended by the finance act, 2001 w.e.f. 1st april, 2002. in the said section, sub-clause (vi) was inserted which reads as under:(vi) the value of any other fringe benefit or amenity as may be .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1999]235ITR398(MP)
..... by the finance act of 1989 but retrospectively from april 1, 1984.7. section 43b as it originally stood provided for deduction of the tax payable by the assessee ..... such sum might not have been payable within that year under the relevant law.' 6. section 43b was inserted from april 1, 1984, and at that time it did not contain the two provisos. the first proviso was added by the finance act of 1987 which came into force from april 1, 1988. explanation 2 was subsequently added ..... appellate tribunal has referred the following question for our opinion :'whether, on the facts and in the circumstances of the case, the tribunal correctly construed section 43b of the income-tax act, 1961, that when under the provisions of the relevant statute the sales tax though fallen due in the accounting year but was payable after the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1997)138CTR(MP)149; [1997]226ITR456(MP)
..... tribunal and hence the above question has been referred to this court for opinion.4. section 43b was inserted by the finance act, 1983, with effect from april 1, 1984, to permit certain deductions only on actual payment of the amount. the said section for the period in question, read as follows :'43b. certain deductions to be only ..... of the liability in the previous year, explanation 2 was inserted by the finance act, 1989, with retrospective effect from 1st april, 1984, the date on which section 43b had been inserted, to clarify that any sum payable within the meaning of clause (a) of section 43b would mean a sum for which the assessee incurred liability in the ..... : [1991]189itr70(patna) , the hon'ble patna high court considered whether the proviso to section 43b inserted by the finance act, 1987, with effect from april 1, 1988, will apply to the assessment proceedings pertaining to the past year, i.e., 1984-85, of the assessee in that case. in the said case the statutory dues towards sales .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]227ITR81(MP); 1997(2)MPLJ138
..... from the sale of agricultural lands did not amount to capital gains within the meaning of the income-tax act, 1961 ?'4. meanwhile the act was amended and an explanation was inserted below the proviso in sub-section (1a) by the finance act, 1989, with retrospective effect from april 1, 1970. the petitioner has now filed this writ petition ..... for agricultural purposes, even though it may be situated in an area within municipal limits. the act was thereafter amended by inserting the explanation to clause (1a) of section 2 with retrospective effect from april 1, 1970, by the finance act, 1989, with a view to effectuate the levy of tax on capital gains arising from the ..... the capital gains to income-tax by order dated october 17, 1983. the first appellate court rejected the appeal of the assessee by order dated september 28, 1984. in second appeal, the tribunal allowed the appeal of the assessee/petitioner, following the decision of the bombay high court. on a reference application filed by the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)134CTR(MP)100
..... stores vs . union of india : [1991]189itr70(patna) and thus affirmed the orders passed by the cit(a). sec. 43b was inserted by the finance act, 1983 w.e.f. 1st april, 1984. proviso to this section was inserted by the finance act, 1987 w.e.f. 1st april, 1988. the tribunal, however, held that the amendment was declaratory in nature ..... mistake had crept in s. 43b and, therefore, it would have retrospective effect from the date when s. 43b was introduced i.e. from 1st april, 1984. sec. 43b was introduced to curb the practice of some of the taxpayers who were not discharging the undisputed tax liabilities even though they were getting deductions by maintaining ..... taking contrary view were not before the bench for consideration because of the same being of later dates.10. sec. 43b provides that, notwithstanding anything contained in any other provision of this act, a deduction otherwise allowable under this act in respect of any sum, enumerated under sub-ss. (a) to (d), shall be allowed only in .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]226ITR449(MP)
..... [1991]189itr70(patna) , and thus affirmed the orders passed by the commissioner of income-tax (appeals). section 43b was inserted by the finance act, 1983, with effect from april 1, 1984. the proviso to this section was inserted by the finance act, 1987, with effect from april 1, 1988. the tribunal, however, held that the amendment was declaratory in ..... nature and was available for being applied retrospectively. it, therefore, held that the amended provisions of section 43b were ..... effect.17. the first proviso is a remedial one as the mistake had crept in section 43b and, therefore, it would have retrospective effect from the date when section 43b was introduced, i.e., from april 1, 1984. section 43b was introduced to curb the practice of some of the taxpayers who were not .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)135CTR(MP)70; [1996]220ITR517(MP); 1996(0)MPLJ885
..... v. union of india : [1991]189itr70(patna) , and thus affirmed the orders passed by the commissioner of income-tax (appeals). section 43b was inserted by the finance act, 1983, with effect from april 1, 1984. the proviso to this section was inserted by the finance act, 1987, with effect from april 1, 1988. the tribunal, however, held that the amendment was declaratory in nature and was available ..... for being applied retrospectively. it, therefore, held that the amended provisions of section 43b were applicable to assessments for the assessment years .....
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