Court : Kerala
Reported in : [1989]179ITR508(Ker)
..... in the present case, the finance act relevant for the assessment year 1987-88 is the finance act of 1987, substituting the schedule as for the assessment year 1987-88, the tax liability is competently altered, as it is a case of 'imposition of a different tariff in the course of the year' ..... the imposition of tariff by the finance act 1987 obligates imposition of the schedule, as provided in the finance act of 1987, for the computation of the tax liability.35 ..... how come that a similar message was missed when the finance act of 1987 was published due to ignorance or indifference or something worse that is a matter for the government to seriously ponder over.44 ..... when the finance act of 1987 is passed, the assessing authority is bound to apply the rate relevant for that year as is noticeable from the finance act of that year ..... there could, therefore, be no scope for doubt that the schedule brought in by the finance act of 1987 should be employed for the computation of the plantation tax for the year 1987-88.34. ..... is the effect of the finance act of 1987.37. ..... court held that it was the finance act of 1946 that imposed the tax for the assessment year 1946-47 ; the total income had to be computed in accordance with the provisions of the income-tax act as on april 1, 1946. ..... the rate supplied by the finance act sometimes operates on a date much prior to the valuation ..... relation to the income of a previous year, the levy and collection could be indicated by the finance act of the assessment year. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC1361; [1997]224ITR677(SC); JT1997(3)SC418; 1997(2)SCALE575; (1997)3SCC472; [1997]2SCR780
..... looking to the curative nature of the amendment made by the finance act of 1987 it has been submitted before us that the proviso which is inserted by the amending finance act of 1987 should be given retrospective effect and be read as forming a part of section 43b from its ..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a ..... this proviso was inserted by the finance act of 1987 which came into effect from 1.4. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc liability for which was incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, ..... memorandum of reasons takes note of the combined effect of section 43b and the first proviso inserted by the finance act, 1987. ..... obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... explanation 2 has been added subsequently by the finance act of 1989 but with retrospective effect from .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1991)99PLR225
..... mittal, learned counsel for the respondent, on the other hand stated that the explanation inserted by finance act of 1987 to sub section (i) of section 194a simply explains the existing provisions of law and had not created any new offence and that under the merchantie accounting system the accused-petitioner was bound ..... these petitions, the petitioners seek the quashment of the respective complaint and the proceedings resulting therefrom inter alia, on the ground that before the amendment of section 194a vide finance act, 1987, which came into force on 1-6-1987, there was no provision like the present explanation to sub section (! ..... relied upon explanatory notes on the provisions relating to direct taxes while introducing the finance act 1987 figuring at page 87 (1987) 168 i. t. r. ..... in view of the protection enshrined in article 20 clause (1) of the constitution of india, which reads as under : -'(i) no person shall be convicted of any offence except for violation of the law in force at the time of the commission of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the tine of the commission of the offence'.thus there is absolutely no doubt that article 20, clause (1) ..... as a matter of fact this interpretation cannot be disputed because while introducing the the finance bill, 1987, the explanatory note clearly provides that the legislature, had filled up a lacuna in the existing provisions of .....
Tag this Judgment!Court : Chennai
Reported in : (2003)181CTR(Mad)317; [2003]259ITR674(Mad)
..... we therefore hold that the appellate tribunal has come to the correct conclusion in holding that the assessee was entitled to claim the relief even though section 80vva of the act was omitted from the statute book by the finance act, 1987 with effect from 1.4.1988, and there are no grounds to interfere. ..... section 80vva was deleted by the finance act, 1987 with effect from 1.4.1988 and in its place section 115j of the act was introduced.6. ..... section 80hhc of the act was introduced by the finance act, 1983 with effect from 1.4.1984 to curb the expenditure in case of companies which had paid no tax or paid nominal tax due to absorption of various fiscal incentives and concessions granted to the companies though the companies ..... there is no doubt that the assessee was entitled to claim deduction under section 80hhc of the act, but however, the income-tax officer, while completing the assessment for the years 1987-88 and 1988-89 restricted the deduction available under section 80hhc of the act applying the provisions of sub-section (1) of section 80vva of the act. ..... the assessee claimed deduction under section 80hhc of the income-tax act, 1961 (hereinafter referred to as 'the act') for the assessment year 1987-88 and 1988-89. ..... there is no dispute that the assessee was not granted the relief or deduction for a sum of rs.2,04,475/- in respect of the claim under section 80hhc of the act for the assessment years 1987-88 and 1988-89. .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(3)ALLMR108; (2001)166CTR(Bom)7; [2001]249ITR265(Bom)
..... this connection, he placed reliance on the central board of direct taxes circular which clarified that in order to overcome the judicial interpretation the finance act, 1987, had provided in section 55(2)(a) that cost of acquisition in the case of goodwill will be taken as nil. ..... the circular specifically provides that for the purposes of bringing the capital gains arising from the transfer of tenancy rights in the acquisition of which the assessee has not incurred any expenditure, the finance act has amended to provide that the cost of acquisition of the tenancy rights should be taken at nil. ..... he, however, added that even under the finance act, 1994, the object of declaring the cost of acquisition as nil after april 1, 1995, was to bring to tax such gains accrued on transfer of an ..... that, even after the finance act, 1994, consideration arising from the transfer of tenancy in cases where the tenant had no right to sublet, would be chargeable to tax as revenue ..... 's case : [1981]128itr294(sc) , the supreme court has held that goodwill generated in a newly commenced business cannot be described as an asset within section 45 of the act and the transfer of the goodwill generated in a business does not give rise to a capital gain for the purposes of income-tax. ..... desai contended that in order to overcome the judicial view, the legislature had to amend the provisions of the income-tax act in order to take the cost of acquisition at nil so as to tax the amount under section 45 instead of section .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1990SC913; (1990)2CompLJ119(SC); JT1990(1)SC324; 1990(1)KLT825(SC); 1990(1)SCALE252; (1990)2SCC502; [1990]1SCR516; [1990]77STC253(SC); 1990(1)LC754(SC)
..... as a result of the kerala finance act, 1987, writ petitions were filed in the kerala high court challenging the constitutional validity of the sales tax levied on the cooked food included under item 57 of the first schedule of the act on the ground of discrimination because of item 12 in the third schedule of the act whereby cooked food including coffee, tea and the like articles served in a hotel, a restaurant or any other place not falling under item 57 ..... position until 1987 when the kerala finance act, 1987 was passed, which was brought into force retrospectively with effect from 1.7.1987. ..... during the pendency of these civil appeals, kerala finance act, 1988 was passed amending entry 57 of the kerala general sales tax act, 1963, asunder:for the entry in column (2) ..... sales tax act, 1963 has been amended from time to time both by the kerala general sales tax (amendment) acts and also by the kerala finance acts. ..... the third schedule was amended by the above finance act to read as follows:12. ..... 'socialist' was intentionally introduced in the preamble by the constitution (forty-second amendment) act, 1976 with the principal aim of eliminating inequality in income and status and standards of ..... , as his lordship then was proceeded to hold as under:the object of the act, as set out in the preamble, is to provide for the levy of a general tax on the sale of goods in ..... section 5 of the kerala general sales tax act is the charging section and the first schedule specifies goods subject to single .....
Tag this Judgment!Court : Delhi
Reported in : [2010]321ITR105(Delhi)
..... the court read the provisions as mandatory in character holding that after the amendment in the provisions in the finance act, 1987 with the use of the expression 'shall' therein, the legislature clearly indicated that its intention was to make the collection of statutory interest mandatory. ..... he submitted that the law as contained in section 234b of the act has undergone a change through finance act 1987 with effect from 01.04.1989 making it mandatory for the assessing authority to charge the interest chargeable under section 234a, 234b and 234c of the act. ..... as pointed out above, the tribunal has set aside the orders holding that no interest could be charged under section 234b of the act only on the ground that the assessee had held a belief, which on the face of it, is a bona fide belief that it had no tax chargeable to tax and relied upon the judgment of patna high court in cit v. ..... the ao also, inter alia, gave direction for charging interest under sections 234b and 234 of the income tax act, similar direction to charge interest under section 234b of the act was given by the assessing officer while passing the assessment order in respect of the year 1991-92 under similar circumstances.3. ..... therefore, it was necessary for the assessing officer to give specific direction for charging of interest under section 234b of the act inasmuch as the assessment order was like court order and itns 150 (tax computation form) is like a decree as held in uday mishthan bhandar v. .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)225CTR(Guj)313; [2009]316ITR104(Guj)
..... that the amendment was made to section 199 of the act, simultaneously with the amendment to section 194a of the act, by the finance act, 1987, with effect from 1.7.1987. ..... the changed method having been adopted for three assessment years and thereafter its continuance had become impossible of account of an amendment in the companies act, 1956, a factor which was entirely beyond the control of the assessee, could not be regarded as suffering from lack of durability. ..... also taken into consideration the fact that the company had gone into liquidation voluntarily under the companies act, 1956 and hence it had to follow cash system of accounting for both the income and ..... in order that its accounts showed a true and fair view as required by the companies act, alkapuri had to account for interest expenditure in the year of accrual irrespective of the year ..... the mercantile method of accounting and apparently in order that its accounts showed a true and fair view of its profit or loss and of its state of affairs as required under the companies act, 1956, its income and expenditure had to be accounted on accrual basis under that method. ..... has filed this tax appeal under section 260a of the income tax act, 1961 for assessment year 1986-87 proposing to formulate the following substantial questions ..... further in respect of the assessment years for and before 1988-89 the act provided vide sections 18 to 21 as they stood at the relevant time that the income under the head interest on securities shall be .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)128CTR(Raj)325; [1996]217ITR799(Raj)
..... sanjay sales syndicate : [1992]197itr255(kar) held that the proviso inserted by the finance act, 1987, with effect from april 1, 1989, is a machinery provision and is applicable to all pending ..... the object of insertion of the proviso by the finance act, 1987, was stated in the memorandum of the finance act that the object behind the proviso to section 43b is to provide for a tax disincentive for deduction in respect of statutory liability which is not paid in ..... the second proviso added by the finance act, 1987, and amended by the finance act, 1989, is explanatory in nature and, therefore, retrospective in ..... two provisos to this section were inserted by the finance act of 1987, with effect from april 1, 1988. ..... the finance act, 1987, inserted the proviso to section 43b provides that any sum payable by way of tax liability can be deducted only if it was paid within the due date in respect of the assessment year to which the aforesaid ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, ..... in order to overcome this problem amendment was made by the finance act, 1988, by which the words 'cess or fee, by whatever name called' were inserted in clause (a) with effect from april 1, ..... submission of learned counsel for the revenue is that the amendment in section 43b was made by the finance act, 1988, and was effective from april 1, 1989. ..... section 43b was inserted by the finance act, 1983, and is applicable with effect from april 1, 1984, .....
Tag this Judgment!Court : Mumbai
Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)
..... cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation.it had been argued before the supreme court, that looking to the curative nature of the amendment made by the finance act of 1987, the proviso inserted by the amending finance act of 1987 should be given retrospective effect and be read as forming part of section 43b from its inception. ..... referred to in clause (b) be allowed unless such sum has actually been paid during the previous year on or before the date as defined in the explanation below clause (va) of sub-section (1) of section 36.the second proviso was substituted by finance act, 1989 with effect from 1st april, 1989 and read as under:provided further that no deduction shall in respect of any sum referred to in clause (b) be allowed unless such sum has actually been paid in cash or to by issue ..... the two provisos were added by finance act 1987 with effect from 1st april, 1988. ..... the finance act of 1987, therefore, treated section 43b(b) as a distinct class from the other provisions. ..... with effect from 1st april, 2004 by omitting the following words:referred to in clause (a) or clause (c) or clause (d) or clause (e) or clause (f).the section as it stood before the finance act, 2003, treated payments in respect of tax, duty, cess or fee, payment made to an employee, as bonus or commission or services rendered as set out therein any sum payable by the assessee as interest on any loan or borrowing from any public .....
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