Judgment Search Results Home > Cases Phrase: finance act 1987 section 9 amendment of section 36 Court: income tax appellate tribunal itat lucknow Page 1 of about 8 results (0.236 seconds)

Assistant Commissioner of Wealth Vs. Major S. Qureshi

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)78TTJLuck474

..... is after amendment inserted in section 27 of it act through finance act, 1987, w.e.f ..... supreme court of india has also considered the aspect relating to retrospectivity of the amended provision and held as under: "from the circumstances narrated above and from the memorandum explaining the finance bill, 1987 [see (1987) 165 itr (st) 161], it is crystal clear that the ' amendment was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act. ..... therefore, no hesitation to hold that the amendment introduced by the finance bill, 1987, was declaratory/clarificatory in nature so far as it relates to sections 27(iii), (iiia) and (iiib). ..... the learned counsel, further, elaborated his argument by submitting that in view of amendment made under s, 27 of it act and corresponding amendments made in section 2(m) of wt act, the beneficial owner is to be treated as real owner of the property and from that angle also the assessee did not remain the owner of the property after mutation which was effected on 18th ..... amendments have also been proposed in regard to the definition of 'transfer' in section 2(47) of the it act, section 2(m) of the wt act defining 'net wealth' and section 2 (xii) of the gt act defining ..... it may be pointed out that the amendment made in section 4(1)(a) and section 2(m) of wt act shall also operate retrospectively in view of the decision of hon'ble supreme court of india in the case of cit v.podai cement .....

Principal Officer, Somani Iron Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)86ITD750Luck

..... the hon'ble bombay high court considered the entire history and various circular letters including amendments inserted in section 194 and observed as under: "the conclusion arrived at by us that section 194c does not apply to payments made by way of professional fees also gets support from the fact that in the year 1987, in the finance bill, 1987, provision was sought to be made to provide for deduction of tax at source from payments by way of professional fees by insertion of a new section, viz. ..... the ao further held that the assessee had defaulted with respect to the compliance of the provisions contained under section 194c and under section 201 of the act and is, therefore, liable for income-tax deduction at source as well as interest leviable on the amount of income-tax deduction. ..... salgaocar & bros, (supra), the hon'ble karnataka high court also considered the scope of term 'any work' appearing in section 194c of the act and after considering the dictionary meaning of term 'work' and also other decisions, the hon'ble court observed as under: "the word "work" refers and comprehends the activities of the workmen and not ..... after referring to the decision of hon'ble supreme court of india in the case of associated cement's case relating to scope of tax deduction at source under section 194c of the act, the hon'ble court observed that the decision of hon'ble supreme court of india has not been correctly understood or interpreted by the cbdt. .....

Shri Abhay Pratap Singh Sengar Vs. the Ito 4(3)

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... years preceding that year, or has not during the seven previous years preceding that year been in india for a period of, or periods amounting in all to, seven hundred and thirty days or more; or 11. this section has now been substituted by finance act, 2003 with effect from 1.4.2004 as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is - (a) an individual who has been a non-resident in india in nine out of the ..... cit(a), after considering the amendment brought in the act by the finance act, 2003 in section 6(6), observed that the person will be 'not ordinarily resident' only when he is non-resident in atleast 9 out of 10 previous years preceding the relevant year. ..... . now a specific amendment has been brought in the act by the finance act, 2003 as noted earlier ..... . cit(a) in para 6 has quoted the explanatory note from the finance act where it is clarified that the amendment is only clarificatory in nature ..... he observed that this amendment is clarificatory in nature as per explanatory note in the finance act. ..... . in the present case not mentioning of non-resident in section 6(6)(a) is a case of casus omissus which has been corrected by finance act, 2003 .....

Abhay Pratap Singh Sengar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2007)108ITD8Luck

..... the learned cit(a), after considering the amendment brought in the act by the finance act, 2003 in section 6(6), observed that the person will be 'not ordinarily resident' only when he is non-resident in at least 9 out of 10 previous years preceding the ..... now a specific amendment has been brought in the act by the finance act, 2003 as ..... cit (a) in para 6 has quoted the explanatory not from the finance act where it is clarified that the amendment is only clarificatory in nature. ..... that this amendment is clarificatory in nature as per explanatory note in the finance act. ..... case not mentioning of nonresident in section 6(6)(a) is a case of casus omissus which has been corrected by finance act, 2003. ..... this section has now been substituted by finance act, 2003 w.e.f.1st april, 2004 as under: (6) a person is said to be "not ordinarily resident" in india in any previous year if such person is- (a) an individual who has been a non-resident in india in nine out of the ten previous ..... the learned departmental representative pointed out that in order to remove the ambiguity in the section, a clarificatory amendment has been brought out in section 6(6)(a) and in view of this amended section unless an individual has been non-resident in india in 9 out of 10 years preceding the year under consideration, he will not be treated as 'resident but not ..... individual who has not been resident in india (nonresident as substituted by finance act, 2003) in nine out of the ten previous years preceding that year .....

Sri Jitendra Mohan Saxena, Mohan Vs. the I.T.O. (1)

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... finance act, 2002 with effect from 1.4.2003.the intention of the legislature for introducing this section can be gauged from the explanatory notes to the amendment ..... that the newly inserted section 50c of the it act, 1961 was inserted by the finance act, 2002 with effect from ..... 37.1 the finance act, 2002, has inserted a new section 50c in the income-tax act to make a special provision for determining the full value of consideration ..... by the finance act, 2002 (20 of 2002), a new section 50c has ..... the capital asset to a valuation officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23a, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under sub-section (1) of section 16a of that act. ..... dispute with the proposition that only real income should be assessed but once a provision is inserted in the income-tax act to deem a particular amount as income of the assessee then by virtue of such a fiction that amount shall be income of the assessee unless a discretion is provided to the assessing officer to consider otherwise.sections 68, 69,69a, 69b and 69c are deeming provisions where either credit entry or investment or expenditure for (which no explanation .....

U.P. State Bridge Corpn. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)79TTJLuck814

..... making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount-- (a) the amount of income-tax, if any, payable by the company in respect of any income referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the ..... explanation: in this sub-clause, the expression "the relevant amount of distributions of dividends" has the meaning assigned to it in the finance act of the relevant year, (c) the amount of income-tax, if any, payable by the company under section 104 of the it act. ..... on the similar analogy, it can be said that while allowing deduction on account of income-tax for computing chargeable profit under the companies (profits) surtax act, 1964, the interest on such income-tax levied or leviable under sections 215 and 217 of it act, 1961, which forms part of the process of assessment of tax, should also be allowed as deduction.14. ..... the alone issue involved in this appeal for our decision is, as to whether, while computing the chargeable profits in accordance with rule 2 of first schedule of the companies (profits) surtax act, 1964, the amount of interest payable under sections 215 and 217 shall also be excluded along with the amount of income-tax. .....

U.P. State Bridge Corpn. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)84ITD452Luck

..... the amount of income-tax payable by the company in respect of its total income under the provisions of the income tax act after making allowance for any relief, rebate or deduction in respect of income tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount (a) the amount of income tax, if any, payable by the company in respect of ..... amount of distributions of dividends" has the meaning assigned to it in the finance act of the relevant year; (c) the amount of income-tax, if any, payable by the company under section 104 of the income tax act. ..... on the similar analogy, it can be said that while allowing deduction on account of income tax for computing chargeable profit under the companies (profits) surtax act, 1964, the interest on such income tax levied or leviable under sections 215 and 217 of income tax act, 1961, which forms part of the process of assessment of tax should also be allowed as deduction.we are adopting the above interpretation in view of the ..... any income referred to in clause (i) or clause (ii) or clause (iii) or clause (viii) of rule 1 included in the total income; (b) the amount of income-tax, if any, payable by the company under the provisions of the annual finance act with reference to the relevant amount .....

Shadi Ram and Sons Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2005)92ITD22Luck

..... due to divergent views on this issue, the amendments were brought to section 234b of the act by finance act, 1995 with retrospective effect from 1.4.89 ..... amendment was brought by finance act ..... the hon'ble mp high court, inter alia, on the following questions of law: "whether the income tax appellate tribunal was justified in holding that as there was no specific order for charging interest under section 234b of the act, the charging of interest under section 234b in the demand notice was illegal even though in the computation sheet (itns 150) which formed part of the assessment order, interest amounting to rs. 23,47,990/- ..... rate of two percent for every month or part of a month comprised in the period from the first day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 or regular assessment on an amount equal to the assessed tax or as the case may be on the amount by which the advance tax paid as aforesaid falls short of the assessed tax ..... the statute on 1.4.89, the original provisions relating to both the issues read as under: "subject to the other provisions of this section, where, in any financial year, an assesses who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than ninety percent of the assessed tax, the assessee shall he liable to pay simple interest at the ..... 1987. w.e.f. .....

Commercial Motors Finance Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)82ITD176Luck

..... (supra) by the tribunal, madras bench, and the bench after examining the agreement, the circulars of the board and relevant case laws held that the term "chargeable interest" as defined in sub-section (5) of section 2 was though enlarged by the finance act (no ..... the learned counsel for the assessee, shri garg cited several decisions to canvass the point that the notice under section 10 of the interest-tax act being akin to notice under section 148 of the it act, 1961, is a jurisdictional notice and, therefore, if the notice is invalid, the entire assessment order and proceedings of assessment stand ..... we consider it proper to reproduce the reasons for issuing notice under section 10 of the interest-tax act recorded by the ao which are as under : "the main business of the assessee-company is of financing through hire-purchase and also doing leasing of the vehicles on hire-purchase transactions as cases is charging finance charges as well as repayment of principal amount which is taken in the balance sheet as capital ..... 2) of 1991, so as to include the financial institutions in its ambit, but no amendment was made in the definition of term 'interest' as given in sub-section (7) of section 2 of interest-tax act, which meant that the term "interest" will continue to have the same meaning as was assigned to it earlier before the said amendment ..... 2) of 1996, these words have been omitted and the amended provisions of section 148 as it stands now does not contain this time limitation .....

Deputy Commissioner of Income Tax Vs. Sahara India Financial Corpn.

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)81TTJLuck389

..... where identity of the shareholder is established and further shareholder confirms that he has invested money in the purchase of shares, then no further inquiry can be made against the company for the purposes of making addition under section 68 of the it act, 1961, but in case after the above test is satisfied, an additional test of proving shareholder as genuine investor is applied, then his capacity to invest has also to be examined, which test will not be even in consonance even ..... interests of the revenue, is of the opinion that it is necessary so to do, he may, with the previous approval of the chief cit or cit, direct the assessee to get the accounts audited by the accountant, as defined in the explanation below sub-section 2 of section 288, nominated by the chief cit or cit in this behalf and to furnish a report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed and ..... are contained in clause 3 to 8 of the mou which are being reproduced below : (1) sahara india shall submit to sahara india finance corporation ltd. ..... , 1987, referred to hereinbefore more than once is quite silent on the point. ..... 1987-88 to 1989-90 where similar issue arose. ..... relating in the special audit.there facts are as under: (i) the assessee-company carried on the business as a residuary non-banking company (rnbc) as defined in article 2 of part ii of the residuary non-banking companies (reserve bank) directions 1987. .....