Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: chennai Page 1 of about 410 results (0.132 seconds)

M/s. Sundaram Finance Limited Vs. The Deputy Commissioner of Income Ta ...

Court : Chennai

..... we have already pointed out the object of the amendment made under finance act, 1987 to section 32ab. 26. ..... hence, the second question of law, is even as per the plain language of section 32ab(1), as amended by finance act, 1987, has to be answered in favour of the assessee. 23. ..... keeping the above in mind, if we come back to section 32-ab it could be seen that under the finance act, 1987, this section was amended. ..... the explanatory note on the provisions of the finance act, 1987 contained in circular no.495 dated 22.9.1987 states that under the finance act, 1986, deduction under section 32-ab was allowed after setting off business loss if any, brought forward from earlier years and that in order to remove the hardship in cases where the assessee may not be able to avail of this benefit because of brought forward losses from earlier years, finance act, 1987 sought to provide that the deduction will be allowed before ..... the words inserted in section 32-ab (1), by the finance act, 1987 were "such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72. ..... the contention of the assessee that the deduction under section 32-ab was on the profits and gains of business before setting off the carried forward loss under section 72 of the act, was rejected and the assessing officer held that the carry forward of investment allowance for the earlier year was set off as per section 32-a(3)(ii) of the act and not under section 72 of the act. 6. .....

Madathil Brothers Vs. the Deputy Commissioner of Income Tax, Special R ...

Court : Chennai

Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)

..... yet, the construction given to the amendment effected under the finance act of 1987 to section 2(47) is of relevance to the case on hand. ..... '; as such, it is not possible to accept the stand of the respondent that the transactions falling under section 53a of the transfer of property act for the purpose of considering the capital gains would fall for consideration for the purpose of considering the same as falling under long term capital asset only on and from the amendment inserted under the finance act, 1987, with effect from 1.4.1988. ..... the question then is, what will be the effect of the amendment brought forth to section 2(47) by the insertion of sub-clause (v) to section 2(47) relating to the definition of 'transfer' under the finance act, 1987 with effect from 1.4.1988. 47. ..... ' the apex court pointed out to the amendment to section 27 under the finance bill, 1987, to get over an obvious omission to the meaning of the word 'owner' under section 22 that even though in common law, 'owner' means a person who has got valid title legally conveyed to him after complying with the requirements of law under the transfer of property act and the registration act, having regard to the ground realities and the object of the act, namely, to tax income, in the .....

The Salem Co-operative Sugar Mills Ltd. Vs. the Commissioner of Income ...

Court : Chennai

Reported in : (2004)187CTR(Mad)650; [2004]266ITR166(Mad)

..... 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 ..... considered the effect of the addition of the first proviso to section 43b by the finance act 1987, and held the same to be retrospective in operation. ..... it noticed the contents of the memorandum explaining the provisions of the finance bill 1983 wherein it had been stated inter alia that section 43b was aimed at curbing the practice of assessees not paying the taxes and not discharging their liabilities to ..... by the counsel for the revenue that parliament had a different intention so far as payments of amounts due under the employees provident fund act was concerned and that it had intended to treat that amount differently from the amount of tax which the assessees were required to pay. ..... revenue is as to whether the tribunal was right in restoring the order of the assessing officer in disallowing the provident fund contribution amounting to rs.1,47,584/- and administrative charges of rs.12,310/- under section 43b(b) of the act thereby reversing the order of the first appellate authority. ..... amendment was to give effect to the true intention behind the introduction of the section ..... referred to in the question were paid before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36 of the act.3. .....

Sri. K. Mahendar Vs. the Commissioner of Income-tax

Court : Chennai

Reported in : (2008)214CTR(Mad)598; [2008]303ITR245(Mad)

..... noting the difference between the law as it stood prior to the amendment by the finance act, 1987, and the law as on 1988-89 with reference to section 45(5)(b) that the enhanced compensation would be brought to tax on receipt basis, the assessing authority held that the said sum was liable to be considered for the purpose of capital gains in the assessment year concerned, ..... considering the amendment brought forth under the finance act, 1987 and the introduction of the provisions of section 45(5)(b), the tribunal viewed that the assessee was liable to be assessed to capital gains on the additional compensation received and that the decision of the apex court reported in : [1986]161itr524(sc) (cit ..... hindustan housing & land development trust), the assessing authority took the view that the provisions of law under the finance act of 1987 made the difference that the amendment itself was brought about to cover cases of capital gains arising out of additional compensation even in cases where finality had not been ..... order dated 21.8.2001, the income tax appellate tribunal allowed the revenue's appeal, holding that in terms of section 45(5)(b) of the income tax act, introduced in the statute in the finance act, 1987, the assessee was liable to be assessed on the additional compensation. ..... to remove these difficulties, sub-section (5) of section 45 was inserted by the finance act, 1987, to provide for taxation of additional compensation in the year of receipt in respect of the transfer of .....

The Commissioner of Wealth-tax Vs. B.R. theatres and Industrial Concer ...

Court : Chennai

Reported in : (2004)188CTR(Mad)63; [2005]272ITR177(Mad)

..... in that case the court while considering section 43b of the act and the amendment effected thereto by the finance act, 1987, which inter alia inserted a new proviso as also an explanation held that as the explanation was given retrospective effect, the proviso was also required to be given that effect, in order to place a reasonable construction on the section as amended.11. ..... the view taken in all the aforementioned cases is that the amendment effected to section 40 of the finance act, 1983 by the finance act of 1988 is only prospective and not retrospective. 6. ..... we do not therefore see any good reason to depart from the view taken by this court in the earlier decision that the finance act, 1988 which amended portions of finance act, 1983, and extended the exemption from wealth tax, inter alia, to the value of cinema house and the value of stock in trade, is not retrospective.14. ..... applying that test it is not possible for us to hold that stock in trade which is not excluded from wealth-tax in section 40 of the finance act, 1983, is nevertheless to be regarded as having been excluded. ..... that the value of the cinema house could not be included in thenet wealth of the assessee even prior to 0.04.1989, even though 'cinema house' was specifically included in the exempted class of building only after the amendment effected by the finance act, 1988.8. ..... the assets referred to in the question are admittedly assets which fall within the scope of section 40(3) of the finance act 1983. .....

Cwt Vs. B.R. theatres and Industrial Concerns (P) Ltd.

Court : Chennai

Reported in : [2004]135TAXMAN371(Mad)

..... in that case the court while considering section 43b of the act and the amendment effected thereto by the finance act, 1987, which inter alia inserted a new proviso as also an explanation held that as the explanation was given retrospective effect, the proviso was also required to be given that effect, in order to place a reasonable construction on the section as amended.11. ..... the view taken in all the aforementioned cases is that the amendment effected to section 40 of the finance act, 1983 by the finance act of 1988 is only prospective and not retrospective.6. ..... we do not therefore see any good reason to depart from the view taken by this court in the earlier decision that the finance act, 1988 which amended portions of the finance act, 1983, and extended the exemption from wealth-tax, inter alia, to the value of cinema house and the value of stock-in-trade, is not retrospective.14. ..... applying that test it is not possible for us to hold that stock-in-trade which is not excluded from wealth-tax in section 40 of the finance act, 1983, is nevertheless to be regarded as having been excluded. ..... the value of the cinema house could not be included in the net wealth of the assessee even prior to 1-4-1989, even though cinema house was specifically included in the exempted class of building only after the amendment effected by the finance act, 1988.8. ..... the assets referred to in the question are admittedly assets which fall within the scope of section 40(3) of the finance act, 1983. .....

M/s. MRF Ltd., Vs. The Deputy Commissioner of Income-Tax,

Court : Chennai

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression "may" thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory." 28. ..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of ..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of .....

CADD Centre Vs. Assistant Commissioner of Income-tax, City Circle -II ...

Court : Chennai

..... the finance act, 1987, with effect from 1-4-1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer... ." (p ..... whether omission of clause (2) of section 47 "any distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons" by the finance act, 1987 with effect from 1-4-1988, would lead to the conclusion that any transaction resulting in distribution on dissolution of a firm would amount to 'transfer' in terms of section 47? 2. ..... the finance act, 2001, has amended clause (xiii) of section 47 of the income tax act to provide that any transfer of a capital asset, from an association or persons or body of individuals to a company, under a scheme of corporatisation of a recognized stock exchange, shall not be regarded as transfer for the purpose of capital gains ..... 13.1 section 2(47) of the income tax act, 1961 (as amended by finance act 2013), dealing with "transfer" reads as under: ..... is strenuously contended that earlier, distribution of capital assets on dissolution of firm was not considered as transfer, but, on the finance act, 1987 (w.e.f. ..... the parliament in its wisdom has chosen to remove a provision, which provided 'no transfer', there is no need for any further amendment to section 2(47) of the act as argued before us. ..... (xiii) to (xv) of section 47 of the income tax act have been inserted by the finance (no. .....

The Life Insurance Corporation of India, Southern Zonal Office, L.i.C. ...

Court : Chennai

Reported in : 2000(3)CTC93; [2000]245ITR224(Mad)

..... it is seen that section 10(14) was amended by the direct tax laws (amendment) act, 1987 with effect from 1.4.89 and again by finance act 1995 with effect from 1.7.95 ..... there was a further amendment by finance act of 1995 with effect from 1.7.95 which, substituted the words'as may be prescribed' for the expression ..... the said provision was amended by direct tax laws (amendment) act, 1987 with effect from 1.4.89. ..... senior counsel appearing on behalf of the petitioners submitted that the judgment rendered by this court was in reference to section 10(14) of the act whereas the notification dated 21.2.89 which is essentially different from rule 2bb. ..... consequent on the aforesaid amendment, the special allowance of benefit which is eligible for relief under section 10(14) is to be prescribed by framing rules in this ..... the division bench was dealing with section 10(14) and noted the argument on behalf of the department that to enable the assessee to take advantage of section 10(14) of the act, there must be a notification by the central government specifying the extent to which the expenses are ..... according to the income tax department, it was not covered by section 10(14) of the income tax act 1961 read with rule 2-ub and consequently not eligible for exclusion ..... reference to the question of reimbursement, the division bench observed as follows'even according to this notification, unless the allowance is notified under section 10(14)(i) of the act, no portion of it can qualify for tax exemption. .....

Commissioner of Income-tax Vs. N. Kannayiram

Court : Chennai

Reported in : [1999]240ITR892(Mad)

..... further, the legislature also amended the provision by the finance act, 1987 and by the said amendment, the benefit of exemption is also ..... rectified by the parliament by the finance act, 1987 and if that is the intention of the parliament, we are of the view that there is no bar granting the deduction under section 54 to a huf consisting of a single coparcener as he has all powers of an individual owner over the residential house which was used by him prior to the date of sale and he enjoyed the property as an owner for the period specified in section 54 and he reinvested the capital ..... it is material for the purpose of this case, reads as under : 'where a capital gain arises from the transfer of a capital asset to which the provisions of section 54 are not applicable, being buildings of lands appurtenant thereto the income of which is chargeable under the head 'income from house property', which in the two years immediately preceding ..... the tribunal, therefore, held that the decisions relied upon on behalf of the department to the effect that the relief under section 54 would not be available to huf, are not applicable to the facts of the case, but the decision of this ..... rights of an individual owner in the matter of enjoyment and in the matter of user of the same property, we are of the view that the expression 'assessee' in section 54 should also be interpreted to include a 'hindu undivided family' with a sole surviving coparcener with female members having right of maintenance. .....