Court : Allahabad
Reported in : (2007)213CTR(All)77
..... (1997) 141 ctr 67 (sc) : air 1997 sc 2523 while interpreting the provisions under section 22 of the act has held that amendment introduced to section 27 of the act by the finance act, 1987 by substituting els. ..... even though sub-section (5) was inserted by the finance act, 1987 w.e.f. ..... (5), which was inserted by finance act, 1987 w.e.f. ..... learned counsel for the revenue submitted that section 54e of the act was brought on the statute book by finance (2) act, 1977, w.e.f. ..... it is not disputed that the respondent have invested the amount in specified assets within the period provided under section 54e of the act and, therefore, the applicability of section 54e is to be judged from the date when capital gains had arisen.8. ..... having given our anxious consideration to the various pleas raised by the learned counsel for the parties, we find that section 45 of the act deals with various situations when capital gains can be said to have arisen. ..... , 2000 on the following substantial questions of law:(1) whether on the facts and in the circumstances of the case, the tribunal was justified in allowing the assessee deduction under section 54e read with section 54h of the it act, 1961 for purchase of capital gains units for rs. ..... respondents having invested the amount within six months as contemplated under section 54e of the act, the tribunal had rightly allowed the benefit. ..... the present appeal filed under section 260a of the it act, 1961 by the revenue has been admitted by this court vide order dt. .....
Tag this Judgment!Court : Allahabad
Reported in : [2009]317ITR449(All)
..... : [1992]198itr110(orissa) have held that amendment introduced by finance act, 1987 to section 43b was merely of clarificatory nature and applicable with retrospective effect with effect from 1-4-1984.the learned commissioner (appeals) had followed the view expressed by the orissa, calcutta and patna high courts. ..... , the proviso added by the finance act, 1987 with effect from 1-4-1988 has been held to be retrospective being clarificatory in nature, the question has to be answered in favour of the assessee.so far as the third question is concerned, we find that the accounting period of the assessee is ..... we, therefore, are of the considered opinion that the tribunal has rightly deleted the levy of interest under section 216 of the act.in view of the foregoing discussions, we answer all the three questions in the affirmative i.e. ..... cit : [1997]224itr677(sc) , wherein the amendments made in section 43b i.e. ..... the assessing officer had charged interest under section 216 of the income tax act as assessee had paid first two instalments of advance tax at rs. ..... the interest-has been levied under section 216 of the act on the ground that assessee had under-estimated the income under section 209a and section 212 of the act. .....
Tag this Judgment!Court : Allahabad
Reported in : [2000]246ITR622(All)
..... : [1986]161itr524(sc) , ignoring the amendment to section 45 of the income-tax act by the finance act, 1987, and also overlooking the decision of the supreme court in the case of rama bai : [1990]181itr400(sc) ?'2. ..... the respondents were not satisfied with the compensation awarded and seem to have approached the district judge under section 18 of the land acquisition act who awarded additional compensation. ..... some agricultural land belonging to the two respondents was acquired under the land acquisition act, 1894. .....
Tag this Judgment!Court : Allahabad
Reported in : (1992)108CTR(All)46; [1993]201ITR307(All)
..... view of the above discussion, we answer the question referred to us by saying that the penalties under section 18(1)(a)(i) of the wealth-tax act for delay in filing the returns for the assessment years in question are to be levied for the period of delay prior to april 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the act as it stood prior to its amendment by the finance act, 1969, and for the period of delay subsequent to april 1, 1969, at the prescribed rates in ..... worah : [1987]167itr811(patna) , a full bench of the patna high court has held that in view of the decision of the supreme court in the case of maya rani punj : [1986]157itr330(sc) , the date of the decision of the authority to initiate proceedings for levying penalty would govern the relevant law applicable for the quantifications of the amount of such penalty under section 18 of the wealth-tax act. ..... the delhi high court in amolak singh jain's case : [1987]163itr825(delhi) has taken the view that the law prevailing on the date on which the relevant return was furnished, will govern the situation for ascertaining the amount of ..... dalip kumar worah : [1987]167itr811(patna) and on two other decisions, one of the andhra pradesh high court in ..... singh jain : [1987]163itr825(delhi) .8 ..... amatul kareem : [1987]167itr703(ap) and the other of the delhi high court in ..... view has also been expressed by a division bench of the andhra pradesh high courtin amatul kareem : [1987]167itr703(ap) . .....
Tag this Judgment!Court : Allahabad
Reported in : (2002)172CTR(All)151; [2002]255ITR111(All); [2001]119TAXMAN105(All)
..... this was not intended by section 43b, and, hence, the first proviso was inserted by the finance act, 1987, in order to eliminate the hardship to such assessees.7. ..... the mistaken legal impression of the petitioner in filing the first revised return appeared to be that since the finance act, 1987, which inserted the proviso to section 43b was made effective from april 1, 1988, and was not expressly declared as retrospective the statutory duty of paying sales tax which was paid after the end of the previous year did not appear to be disallowable under section 43b.11. ..... as stated in paragraph 15 of the writ petition, although the amount of sales tax outstanding was not payable by the close of the previous year as per the provisions of the sales tax act, the petitioner was advised that in view of the amendment proposed by the finance bill, 1989, inserting explanation 2 to section 43b, the amount of sales tax outstanding was disallowable under section 43b. ..... it is alleged in paragraph 15 of the writ petition that although the amount of sales tax outstanding was not payable by the close of the previous year under the sales tax act, the petitioner was advised that keeping in view the amendment proposed by the finance bill, 1989, to insert explanation 2 to section 43b, the amount of sales tax outstanding was not allowable under section 43b of the income-tax act. .....
Tag this Judgment!Court : Allahabad
Reported in : (2005)197CTR(All)138
..... view of the clear and specific direction in section 47 of the finance act, 1987, the explanation could not be applied to situations arising before 1st june, 1987.in view of the foregoing, it is held that there was no default on the part of the appellant-company in deposit of tds on interest and, therefore, no penal interest is chargeable under section 201(1a) on the amount of tds on interest. ..... the present case is concerned, it is before the explanation inserted by the finance act, 1987, w.e.f. ..... person liable to pay such interest, crediting would be deemed to be such income to the account of the payee and the provisions of section 194a(1) of the act have been made applicable-from 1st june, 1987.thus, in view of the provisions of section 194a(1) of the act, as it stood before the explanation which was effective from 1st june, 1987, it is absolutely clear that the liability of tax at source arose only when the amount of interest is credited to the account of ..... manoharlal kothari : [1999]236itr357(mad) , wherein it has been held as follows :'an explanation cannot be treated as an amendment because the purpose of the explanation is to explain or to clear any mental cobwebs surrounding the meaning of a statutory provision and to prevent controversial interpretations without giving the true meaning of ..... interpretation placed by the board on the provisions of section 194a(1) of the act as amended w.e.f. ..... to deal with such a situation that the law was amended by insertion of the explanation. .....
Tag this Judgment!Court : Allahabad
Reported in : [2008]303ITR212(All)
..... the clear and specific direction in section 47 of the finance act, 1987, the explanation could not be applied to situations arising before june 1, 1987.in view of the foregoing, it is held that there was no default on the part of the appellant-company in deposit of tds on interest and, therefore, no penal interest is chargeable under section 201(1a) on the amount of tds ..... is concerned, it is before the explanation inserted by the finance act, 1987 : [1987]166itr1(ker) , with effect from june 1, 1987, which was to the following effect:explanation. ..... we have given our anxious consideration to the various pleas raised by learned standing counsel and we find ourselves unable to accept them for the following reasons:under section 194a(1) of the act, as it stood during the relevant period, amount of tax was to be deducted at source at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of cheque ..... the board on the provisions of section 194a(1) of the act as amended with effect from june 1, 1987, is not a correct interpretation.14 ..... manoharlal kothari : [1999]236itr357(mad) , wherein it has been held as follows (headnote):an explanation cannot be treated as an amendment because the purpose of the explanation is to explain or to clear any mental cobwebs surrounding the meaning of a statutory provision and to prevent controversial interpretations without giving ..... a situation that the law was amended by insertion of the explanation. .....
Tag this Judgment!Court : Allahabad
Reported in : (2004)191CTR(All)189
..... section 2(47) of the it act came to be amended by the finance act, 1987 w.e.f. ..... the learned counsel then points out that in view of the amendment to section 2(47) of the it act, introducing clause (v), any transaction involving the allowing of possession of any immovable property to be taken or retained in part performance of contract under section 53a of the transfer of property act and in view of option exercised by the bank of maharashtra by letter dt. ..... the petitioner also pointed out that possession of the premises had been handed over prior to 1st april, 1987; the amendment brought about in the definition in section 2(47), therefore, could not be applicable for the asst. yr. ..... dealing with the amendments as carried out, it is submitted that the petitioner is seeking to convert the present petition into an appeal, requiring this court to go into merits of the case, which is not permissible except by second appeal under section 260a of the it act, only on substantial question of law, which the petitioner has done.13. ..... after the amendment, agreements in the nature of section 53a of the transfer of property act, 1882 can now be assessed for capital gains. ..... prior to the amendment in section 2(47)(v) in respect of immovable property, an agreement to sell coupled with possession without execution of a conveyance did not amount to a transfer under the it act rendering income chargeable to tax under the head capital gains. .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)203CTR(All)75; [2006]285ITR158(All)
..... this would be the position after 1.4.1988 in view of the omission of the words 'additional commissioner' in section 2(16) of the act by the direct tax laws (amendment) act, 1987; and(iii) where an assessment has not been made under sub-section (3) of section 143 or section 147 of the act and the period of four years from the end of the relevant assessment year had expired, notice under section 148 of the act can be issued only by an officer of the rank of the joint commissioner after being satisfied ..... this court, in the aforementioned case, was considering a case prior to the amendment made in section 151 by the direct tax laws (amendment) act, 1987, with effect from 1.4.1989.50. ..... however, prior to 1.4.1988 an additional commissioner of income tax was also included within the meaning of the word 'commissioner' but after its omission by the direct tax laws (amendment) act, 1987 with effect from 1.4.1988, additional commissioner cannot be included in the term 'commissioner'.34. ..... 2) act; 1998 with effect from 1.10.1998 and the word 'joint' as appearing in sub-section (1) and sub-section (2) has been substituted for the word 'deputy' by the said finance act.33. ..... the words 'or deputy commissioner' occurring in sub-section (1) have been inserted by the finance (no. ..... this definition was inserted by the finance (no. ..... the additional commissioner of income tax' have been omitted by the finance (no. ..... the words 'or the deputy commissioner of income tax' have been inserted by the finance (no. .....
Tag this Judgment!Court : Allahabad
Reported in : (1996)132CTR(All)345; [1996]219ITR131(All); [1996]86TAXMAN1(All)
..... in view of the amendment made by the finance act, 1964, the case on hand will not be governed by the case of anwar ali : [1970]76itr696(sc) , but by a decision of the supreme court in cit v ..... with a view to making the task of the revenue less difficult parliament by the finance act, 1964, omitted the word 'deliberately' in clause (c) and added the explanation. ..... revenue to bring some independent evidence to show that the deposits represented the concealed income of the assessee in the relevant year : that disallowance of the claim of the revenue expenditure will not attract the explanation to section 271(1)(c) of the act and that rejection of a claim of revenue expenditure does not mean that there was concealment or that inaccurate particulars were furnished by the assessee. 10. ..... from these authorities it is clear that after the finance act, 1964, the rule regarding burden of proof enunciated in anwar ali's case : [1970]76itr696(sc) is no longer valid. 17 ..... in view of the aforesaid legal position emerging from the amended section 271(1)(c), read with the explanation, the burden, no doubt, shifted to the assessee in the case on hand, inasmuch as a return of loss was filed and the total assessed income was more than 80 per ..... mussadilal ram bharose : [1987]165itr14(sc) , in which the supreme court explained that under the law, as it stood prior to the amendment of 1964, the onus was on the revenue to prove that the assessee had furnished inaccurate particulars or had concealed his income .....
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