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Additional Commissioner of Vs. Glad Investments (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102ITD227(Delhi)

..... ghanshyamdas kishan chander(supra), the learned cit(a) has not noticed that the subject-matter of transfer in that case was an immovable property and the issue related to a period prior to amendment of section 2(47) by the finance act, 1987 with effect from 1-4-1988. ..... mortgage debt by him prior to transfer of the property would not entitle him to claim deduction under section 48 of the act because in such a case he did not acquire any interest in the property subsequent to his acquiring the ..... by a person for the purpose of clearing off the mortgage created by the previous owner is to be treated as cost of acquisition of the interest of the mortgagee in the property and is deductible under section 48 of the act.the learned cit, dr further referred to the judgment of hon'ble supreme court in the case of cit v. ..... 135 (pc) in the case of raja bejoy singh dhudhuria (supra), the hon'ble privy council have held as under: when the act by section 3 subjects to charge "all income" of an individual, it is what reaches the individual as income which it is intended ..... the hon'ble supreme court held that the creation of a charge under section 74(1) of the estate duty act only meant that the amount recoverable by way of estate duty would have priority over ..... cit in order to attract liability to tax on capital gains under section 12b of the indian income-tax act, 1922, it is sufficient if in relevant accounting year profits have arisen out of the sale of capital assets, that is to say, if the assessee .....

Asstt. Cit Vs. Pepsi Foods Ltd.

Court : Delhi

Reported in : (2004)88TTJ(Del)111

..... him, initially the liability to deduct the tax at source was on the basis of payment of the sum chargeable to tax but by finance act, 1987, the provisions of section 195 were amended and the liability to deduct the tax at source accrued at the time of credit of such income or at the time of payment, ..... the provisions of section 195(1) and the explanationn to this section as well as notes on clauses regarding amendment by finance act, 1987. ..... such crediting shall be deemed to be credit of such income of the account of the payee and the provisions of this section shall apply accordingly'.a bare reading of the above provisions clearly shows that if any sum to be paid by the assessed, not falling within the preceding sections, to any non-resident, is chargeable to tax under the act then assessed is under obligation to deduct the tax at source either at the time of payment or at the time ..... the relevant portion of the same is reproduced as under :'section 195(1) : any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being on securities) or any other sum chargeable under the provisions of this act (not being income chargeable under the head 'salaries') shall, 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 the issue of a ..... explain why the tax was not deducted at source under section 195 of the act in respect of the aforesaid amount credited by the assessed. .....

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Delhi

Reported in : (2004)88TTJ(Del)180

..... . finally, thereforee, we hold that the conditions laid down in section 2(22)(e) and explanationn 3 to section 2(22)(e) as amended by finance act, 1987, with effect from 1-4-1988, are satisfied in the case as under :'(i) all the above companies are such in which public are not substantially interested, i.e ..... . the amended provisions (amendment by finance act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more of equity capital ..... . as regards the next contention that the amounts received from the said companies were not loans and advances but they were received on account of business transactions/sales and hence the provisions of section 2(22)(e) of the act were not applicable in the case, we are of the view that the assessed had failed to prove these contentions by furnishing details and evidences ..... . 1072/del/1995 for the assessment year 1991-92 in the assessed's own case and contended that since similar addition under section 2(22)(e) of the act was deleted by the learned commissioner (appeals) and his order was confirmed by the tribunal, the impugned addition under section 2(22)(e) in the assessment year 1990-91 covered under the present appeal should also be deleted ..... . the learned counsel for the assessed, on the other hand, submitted that the assessing officer was wrong in applying the provisions of section 2(22)(e) of the act and treating the loans and advances as deemed dividend in the hands of the assessed-huf .....

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)88TTJ(Delhi)280

..... " finally, therefore, we hold that the conditions laid down in section 2(22)(e) and explanation 3 to section 2(22)(e) as amended by finance act, 1987, with effect from 1-4-1988, are satisfied in the case as under : "(i) all the above companies are such in which public are not substantially interested, i.e. ..... , the contention of the learned counsel that we should follow the tribunal order for the assessment year 1991-92 and similarly uphold the commissioner (appeals)'s order for assessment year 1990-91 cannot be accepted.the amended provisions (amendment by finance act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more of equity capital. ..... he further observed that the assessee-huf formed in assessment year 1982-83 and the income tax officer vide assessment order of that assessment year under section 143(3) of the act dated 30-3-1984, had held that the huf comprised of following persons he added that this order of the income tax officer had been accepted by the assessee and no appeal had been filed against the ..... by her.as regards the next contention that the amounts received from the said companies were not loans and advances but they were received on account of business transactions/sales and hence the provisions of section 2(22)(e) of the act were not applicable in the case, we are of the view that the assessee had failed to prove these contentions by furnishing details and evidences. .....

Pramod Kumar Gupta Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD1a(Delhi)

..... of the learned counsel for the assessee that if section 53 a of the transfer of properly act regarding part performance of the contract was already included in the definition of transfer then there was no point in amending section 2(47) of the act by the finance act, 1987 w.e.f.1-4-1988. ..... of 'transfer in relation to capital asset' contained in section 2(47) of the act was enlarged by insertion of sub-clauses (v) & (vi) and explanation, of the said section by the finance act, 1987 w.e.f. ..... if a transaction involving the allowing of possession of the immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53 a of the transfer of property act was to be included in the definition of transfer for the purposes of section 2(47) then there was no necessity of inserting sub-clauses (v) & (vi) and explanation to section 2(47).reliance was also placed on the supreme court decision in nawab sir mir ostnan ali khan v. ..... ito [1981] 131 itr 597, it was submitted that sub-section (2) of section 52 of the act could be invoked only where the consideration for the transfer of a capital asset had been understated by the assessee or, in other words, the full value of the consideration in respect of the ..... it was also submitted that reference to part performance of the contract as per section 53 a of the transfer of property act was a supporting argument of the cit (appeals) and that the main argument was that the transfer had taken place .....

Commissioner of Income Tax - Viii, New Delhi Vs. Gulab Sundri Bapna

Court : Delhi

..... with a view to remove these difficulties, by finance act, 1987, section 45(5) was enacted to provide for taxation of additional compensation as deemed income in the year of receipt in the hands of the recipient ..... this was a case relating to assessment year 1987-88 and, therefore, section 55(2) as amended by finance act, 1994 w.e.f. ..... in other words, we have to proceed on the basis that cost of acquisition of leasehold rights could be determined and was capable of being ascertained and this was the position even before section 55(2) was amended by finance act, 1994 with effect from 1st april, 1995. ..... section 55(2)(a) was substituted by finance act, 1994 w.e.f ..... faced with the aforesaid decisions, section 55(2) was inserted and amendments were made stipulating that in transactions specified including payment received for surrender or relinquishing tenancy rights, where it was not possible to ascertain cost of acquisition, the cost of acquisition would be taken to be nil for computing ..... appeal filed by the revenue before the tribunal relying upon section 45(5) of the act was rejected observing that the word received would not include or mean compensation received, if the assessee was liable to refund the amount ..... aggrieved by the quantum awarded, respondent assessee filed a reference under section 18 of the land acquisition act, which was decided by the additional district judge on 20 th february, 1987. ..... was followed by a notification under section 6 of the act dated 5th december, 1968. .....

Commissioner of Income Tax Vs. Shri Narender Anand

Court : Delhi

..... 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 ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum ..... tax which was due for the last quarter of the accounting year but was payable only in the next quarter after the completion of the accounting year, that an amendment was brought in as a proviso for excluding the applicability of provisions of section 43b of the it act in respect of payment made before due date of filing of return. ..... has already been held in allied motors (private) limited case (supra) while making the proviso applicable retrospectively that section 43b of the it act was introduced to curb the activities of those tax payers who did not discharge the statutory liability of payment ..... proviso, is payable during the accounting year but is not paid during that period and is actually paid on or before the due date for furnishing the return of income under section 139(1) of the it act in respect of such period in which liability was incurred, then the same is allowable in computing the income of that accounting year. ..... the amendment to section 80 of the it act effective from 1.4.1984 requiring the return of losses to be filed within time for benefit of carry forward and set off was held not to be a retrospective in character but effective in .....

Sita Ram Singhania and Another Vs. Assistant Commissioner of Income-ta ...

Court : Delhi

Reported in : ILR1992Delhi285; [1991]192ITR361(Delhi)

..... section 27(iii), before its amendment by the finance act of 1987, inter alia, provided that for the purposes of sections 22 to 26 of the act, a member of a co-operative society to whom a building or a part thereof is allotted under a house building scheme shall be deemed to be the owner of the building or ..... this provision was amended with effect from april 1, 1988, and, in addition to the same being applicable to co-operative societies, the said sub-section was also made applicable to companies and other ..... obvious that, in order to mitigate the hardships of a large number of flat and property owners who derived their right, title and interest from co-operative societies, companies or associations of persons an amendment was made in section 27(iii). ..... from the provision of section 27(iii) itself, such a member, as contemplated by section 27(iii) is deemed to be an owner only for the purposes of sections 22 to 26 of the income-tax act. ..... evident that it is only for the purposes of sections 22 to 26 of the income-tax act that the person liable to pay tax is the one provided by section 27(iii). 10. ..... according to learned counsel, section 27(iii) of the act purports to set at naught the said principle because it seeks to vest ownership rights in the property of the company in the ..... the petitioners is that, in respect of built-up space in nirmal commercial building, bombay, the petitioners are being treated as owners by virtue of the provisions of section 27(iii) of the income-tax act, 1961. .....

The Commissioner of Income Tax, Delhi-ii, New Delhi Vs. Motor General ...

Court : Delhi

Reported in : [2002]254ITR449(Delhi)

..... financial year: provided further that nothing contained inthis sub-clause shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2000, and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance tax due on the 15th day of june 2000, the15th day ..... of september, 2000, and the 15th day ofdecember, 2000: provided also that nothing contained in thissub-section shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2001 and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance ..... ] explanationn [inserted by dtl (amendment) act,1987, and omitted by dtl (amendment) act, 1989,with effect from 1-4-89. .....

Commissioner of Income-tax Vs. Dalmia Dairy Industries Ltd.

Court : Delhi

Reported in : [1991]189ITR167(Delhi)

..... that, right, from the assessment year 1974-75, the deduction was allowed by the tribunal and, in respect of three years, namely, 1974-75, 1975-76 and 1977-78, not only the tribunal dismissed the application under section 256(1), but this court also dismissed two of the income-tax references being itc no. ..... in respect of the assessment year 1978-79, it is contended by learned counsel for the petitioner that the tribunal itself, vide order dated july 27, 1987, had made a reference to this court under section 256 of the income-tax act. ..... in this order, the tribunal has not referred to its earlier order passed under section 256(1) nor has it referred to the order passed by this court under section 256(2) of the act. 6. ..... 49 of 1987, the latter itc being dismissed on july 29, 1987. 5. .....