Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: delhi Page 4 of about 1,083 results (0.098 seconds)

Ajai Kumar Sah Jagati Vs. Income-tax Officer.

Court : Delhi

Reported in : [1995]55ITD348(Delhi)

..... by amending section 2(47) (v) of the income-tax act through the finance act, 1987 w.e.f ..... assessing officer was, however, of the view that in view of amended definition of term 'transfer' as per section 2(47) (v) of the income-tax act, the assessed was to pay capital gain on entire consideration of rs ..... the learned cit (a) took into account provisions of section 2(47) (v) of income-tax act along with section 53a of transfer of property act and concluded that transaction in form of agreement of sale entered by the assessed with kumaon constructions amounted to ' ..... appeal, cit (a) fully concurred with and supported the reasoning given by the assessing officer in holding that provisions of section 53a read with section 2(47) (v) of income-tax act were applicable to the agreement which was partly performed. ..... the possession of property other than sold was neither given nor allowed to be retained, provision of section 53a of tpa read with section 2(47) (v) of income-tax act has no application in this case. ..... devi 1981 scc 239, their lordships of supreme court held that a person seeking protection or doctrine of part performance 'as enunciated in section 53a of the transfer of property act has thus to plead and prove inter alias that he has in part performance of the contract taken possession of the property or any part thereof and in case he was already in possession, he continues to be in such possession in part performance of the contract and has done some act in furtherance of the contract. .....

M/S Ram Krishan Associates vs.commissioner of Income Tax

Court : Delhi

..... accepting the plea of the assessee and relying on clause (iiia) of section 27 of the act, it was held that amendment made vide finance act, 1987 enacting clause (iiia) was declaratory and principle of contemporaneous exposition was applied. ..... , as the case may be, shall be deemed to be the owner of that building or part thereof; (iiia) a person who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882), shall be deemed to be the owner of that building or part thereof; (iiib) a person who acquires any rights (excluding any rights by way of a lease from month to month or for a period not exceeding ..... (oral) the aforestated appeals under section 260a of income tax act, 1961 (act for short) filed by m/s ram krishan associates private limited pertain to assessment years 1994-95 and 1996-1997 to 1997-1998 and arise from order dated 14.05.2004 in i.t.a. ..... the term owner has been defined in section 27 of the act in the following words:-" owner of house property", "annual charge", etc. .....

J.K. Cotton Spinning and Weaving Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (1989)(23)LC385Tri(Delhi)

..... is held that they had not lapsed, would they be authority for demanding duty in view of the submission that the department acquired the right to recover past dues only with the amendments to rules 9 and 49 in terms of section 51 of the finance act, 1982: and (c) whether the notices dated 4.5.1981 are saved in the present case in view of the favourable judgment in the appellants' own case by the delhi high court ..... 117d against which the civil appeal was filed and the stay order was sought and obtained, held that though section 51 of the finance act, 1982 and rules 9 and 49 of the central excise rules, as amended were valid, the retrospective effect given by section 51 will be subject to the provisions of section il-a (which provides for limitation for issuing the show cause notice) of the central excises and ..... court by its judgment dated 30.10.1987 (since reported in 1987 (32) elt 234) rejected the said writ petition of the appellants and confirmed the judgment of the delhi high court wherein it was held that the retrospective effect given by section 51 of the finance act, 1982 to amendments made in rules ..... narayan, the learned counsel for the appellants that since the supreme court has held in 1987 (32) elt 234 that though section 51 of the finance act, 1982 giving retrospective effect to the amendments of rules 9 and 49 of the ce rules, 1944 by notification no.20/82-ce is valid but the demand is subject to the limitation provided under section 11a of the central excises and salt act, 1944 i .....

Sri Madhusudan Mills Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (1993)LC218Tri(Delhi)

..... " the collector (appeals) also observed that rules 9 and 49 of the central excise rules, were amended retrospectively by section 51 of the finance act, 1982 and an explanation was added below each of these two rules, by virtue of which captive consumption of excisable goods amounts to removal for the purposes of these rules. ..... she has, therefore, contended that the retrospective amendment of rules 9 and 49 of central excise rules, by section 51 of the finance act, should cover special excise duty and the additional duty of excise also. ..... he also argued that the amendments made to rules 9 and 49, ibid, were given retrospective effect by section 51 of the finance act, 1982, which is not a part of the central excises and salt act and the central excise rules, 1944. ..... in support of her argument, she has relied on tribunal's decision reported in (i) 1989 (23) ecr page 385 - paras 33,127,129 and 130 (ii) 1987 (28) elt 126 (tribunal), 1987 (11) ecr 632 (tribunal) (iii) 1987 (11) ecr 228 (madras) and (iv) 1987 (32) elt 234 (sc), headnote 2.9. ..... zutshi for the revenue cited this tribunal's decision reported in 1987 (9) etr, 296 in the case of hastings mill ltd. ..... assistant collector of customs, reported in 1987(30) elt 641 (sc) and in the case of collector of central excise, chandigarh v. ..... , reported in 1987 (32) elt 234 (sc). .....

Punjab National Fertilizers and Vs. Collector of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (1988)(17)ECC105

..... the amendments of rules 9 and 49 of the central excise rules, 1944 were made retrospective under section 51 of the finance act, ..... captively consumed is also chargeable to duty in view of the amendment of rules 9 and 49 of the central excise rules, 1944, by the finance act, 1982. ..... bicarbonate of soda was consumed by them captively and the same was not sold in the market.that does not take away the product from the perview of central excise duty after the amendment of rules 9 and 49 of the central excise rules retrospectively by the finance act, 1982.8. ..... she has also drawn our attention to chapter note 2(a) of chapter 28 of the schedule to central excise tariff act, 1985, according to which the headings of chapter 28 apply to separate chemical elements and separate chemically defined compounds, whether or not ..... one is reported in 1987 (31) elt 623 ..... /86-c, dated 18-4-1986 and the decision reported in 1987 (27) elt 292 (tribunal), we are of the view that bicarbonate of soda manufactured by the appellants in the course of manufacturing soda ash and ammonium chloride was excisable under tariff item 14aa prior to 1-3-1986 and under heading 2805.30 of the schedule to the central excise tariff act, 1985 w.e.f. ..... ), 1979 elt (j 65), 1987 (27) elt 292 (tribunal) and tribunal's decision contained in ..... reported in 1987 (31) elt 671 ..... (iii) 1987 (31) elt 623 - shaktl insulated ..... decision reported in 1987 (27) e.lt. ..... central excise, pune and in the decision reported in 1987 (27) e.lt. ..... (iv) 1987 (31) elt 671 - .....

Commissioner of Income Tax Vs. Greevees Enterprises (P) Ltd.

Court : Delhi

Reported in : (2003)182CTR(Del)80; [2003]264ITR347(Delhi)

..... reference to 'or sub-section (3) of section 74' was inserted by the finance act, 1987 w.e.f. ..... the first time by direct tax laws (amendment) act, 1987, the expression 'in accordance with the provisions of sub-section (3) of section 139' was inserted under the act, the necessity of public notice as was required under section 22(1) of the 1922 act has been taken away. ..... a conjoint reading of section 80 and section 139 shows that till amendment of section 80 by the direct tax laws (amendment) act, 1987 a belated return filed under any of the provisions of section 139 was sufficient for the purpose of determination and carry forward of ..... by the amendment and miscellaneous provisions act of 1986 referred to above, the amendments made by finance act, 1970 as referred to above was omitted and in its place the expression 'by the thirty-first day of july of the assessment year relevant to the previous year during which the loss was sustained was ..... the loss or any part thereof should be carried forward under sub-section (1) or section 72 or sub-section (2) of section 73, or sub-section (1) of section 74, he may furnish, within the time allowed under sub-section (1) a return of loss in the prescribed form and verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this act shall apply as if it were a return under sub-section (1)'by taxation laws (amendment) act, 1970, the expression 'or within such further time which, on an .....

Cit Vs. Greevees Enterprises (P) Ltd.

Court : Delhi

Reported in : [2003]127TAXMAN668(Delhi)

..... by the amendment and miscellaneous provisions act of 1986 referred to above, the amendments made by finance act, 1970 as referred to above was omitted and in its place the expression 'by the thirty first day of july of the assessment year relevant to the previous year during which the loss was sustained was substituted, by direct tax laws (amendment) act, 1987 with effect from 1-4-1989 two portions were omitted from sub-section (3) of section 139. ..... a reference to 'or subsection (3) of section 74' was inserted by the finance act, 1987 with effect from 1-4-1988. ..... it is to be noted that in the said sub-section further changes were effected with effect from 1-4-1988 by finance act 1987. ..... for the first time by direct tax laws (amendment) act, 1987, the expression 'in accordance with the provisions of sub-section (3) of section 139' was inserted under the act, the necessity of public notice as was required under section 22(1) of the 1922 act has been taken away. ..... a conjoint reading of section 80 and section 139 shows that till amendment of section 80 by the direct tax laws (amendment) act, 1987 a belated return filed under any of the provisions of section 139 was sufficient for the purpose of determination and carry forward of loss. ..... thereafter again by direct tax laws (amendment) act, 1987 operative with effect from 1-4-1989 return of loss is required to be furnished within the time allowed under section 139(1). .....

Commissioner of Wealth Tax Vs. Mohan Exports India P. Ltd.

Court : Delhi

..... the cit (a) accepted the case of the assessee that notwithstanding the amendment to the expression 'net wealth' by insertion of explanation 1 below section 2 (m) of the wt act, under section 40 (3) of the finance act 1983 "all the wealth of the company has not been charged to tax but only certain specified assets have been charged to tax. ..... he submitted that as far as ay 1985-86 is concerned, it was governed by section 40 of the finance act 1983 as it stood prior to the amendment to section 2 (m) of the wt act with effect from 1st april 1988. ..... specific to the issue at hand is the definition of assets for the purposes of section 40(2) of the finance act, 1983 as amended by the finance act, 1988. ..... [1987] 168 itr 811, will not be of much assistance much less will they be binding authorities on the interpretation of the expression belonging to in section 2(m) of the act for the term considered in those income-tax cases was owner within the meaning of section 9 of the 1922 indian income-tax act (section 22 of the 1961 income-tax act). ..... as already noticed, the decision of the cit (a) for ays 1986-87 and 1987-88, subsequent to ay 1985-86, has been accepted by the revenue. ..... the decisions of the cit (a) for the subsequent ays 1986-87 and 1987-88 in favour of the assessee was accepted by the revenue. ..... the position as regards ays 1986-87 and 1987-88 was no different. .....

Sir Shadi Lal Enterprises Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)48ITD258(Delhi)

..... the dispute has its origin on the interpretation of proviso to section 43b inserted by the finance act of 1987 w.e.f. ..... proviso inserted by the finance act, 1987 w.e.f. ..... in the explanatory notes to finance bill, 1987, 165 itr statute 125, it is provided as under: clause (x) seeks to amend section 43b of the income-tax act relating to allowability of certain expenses only on actual payment ..... by virtue of the said letter dated 14-1-1991 assessee requested the assessing officer to amend the intimation in the light of mandatory provisions of section 143(1b).assessee also approached the hon'ble high court of allahabad and the latter vide order dated 14th february, 1991, directed the assessee to file an application under section 154(1)(b) of the income-tax act raising the contentions and objections as are open in law with regard to the intimation sent by the ..... assessing officer under section 143(1).the deputy commissioner was directed by the hon'ble high court to consider the said application of the assessee and the ..... the purpose for insertion of the proviso to section 43b can be derived from the speech of the finance minister at the time of introducing the finance bill of 1987 and or the explanatory notes issued in this .....

Commissioner of Income Tax Xiii Vs. Naresh Kumar

Court : Delhi

..... the rationale behind the amendment 40(a)(ia) by finance act, 2010 in the memorandum explaining the amendments was also reproduced and reads : notes on clauses: clause 12 of the bill seeks to amend section 40 of the income-tax act relating to amounts not deductible. ..... ), has erred in holding that the amendments made to section 40(a)(ia) of the act by finance act, 2010 should be given retrospective effect. ..... . section 40(a)(ia) and the proviso as amended by finance act, 2008 with retrospective effect from 1st april, 2005 notices and acknowledges the said position and, therefore, clause (a) states that where tax was deductible and was so deducted during the last month of the previous year but stands paid before the due date specified under sub-section (1) to section 139, deduction shall be allowed in the said year.19 ..... section 40(a)(ia) was inserted with effect from 1st april, 2005 by finance (no.2), 2004 bill and after retrospective amendment by finance act, 2008, w.e.f. ..... . the amended proviso as inserted by finance act, 2010 states where an assessee has made payment of the tds on or before the due date of filing of the return under section 139(1), the sum shall be allowed as an expense in computing the income of the previous year ..... . the contention of the assessees was that the amendments made to the definition of term owner by finance bill, 1987 should be given retrospective effect ..... . accordingly, a proviso was added by finance act, 1987 applicable with effect from 1st april, 1988 .....