Court : Delhi
..... act introduced by finance act, 1964 have undergone a number of amendments including substantial amendments made by the taxation laws (amendment) act, 1975 and direct tax laws (amendment) act, 1987 ..... his possession, has reason to believe that joint director or or (a) any person to whom a summons under sub-section (1) of section 37 of the indian income-tax act, 1922 (11 of 1922), or under sub-section (1) of section 131 of this act, or a notice under sub-section (4) of section 22 of the indian income-tax act, 1922, or under sub-section (1) of section 142 of this act was issued to produce, or cause to be produced, any books of account or other documents has omitted or ..... require any person who is found to be in possession or control of any books of account or other documents maintained in the form of electronic record as defined in clause (t) of sub-section (1) of section 2 of the information technology act, 2000 (21 of 2000), to afford the authorised officer the necessary facility to inspect such books of account or other documents; (iii) seize any such books of account, other documents, ..... or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act (hereinafter in this section referred to as the undisclosed income or property), then, (a) the principal director general or director general or principal director or director or the principal chief commissioner .....
Tag this Judgment!Court : Delhi
..... act introduced by finance act, 1964 have undergone a number of amendments including substantial amendments made by the taxation laws (amendment) act, 1975 and direct tax laws (amendment) act, 1987 ..... his possession, has reason to believe that joint director or or (a) any person to whom a summons under sub-section (1) of section 37 of the indian income-tax act, 1922 (11 of 1922), or under sub-section (1) of section 131 of this act, or a notice under sub-section (4) of section 22 of the indian income-tax act, 1922, or under sub-section (1) of section 142 of this act was issued to produce, or cause to be produced, any books of account or other documents has omitted or ..... require any person who is found to be in possession or control of any books of account or other documents maintained in the form of electronic record as defined in clause (t) of sub-section (1) of section 2 of the information technology act, 2000 (21 of 2000), to afford the authorised officer the necessary facility to inspect such books of account or other documents; (iii) seize any such books of account, other documents, ..... or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act (hereinafter in this section referred to as the undisclosed income or property), then, (a) the principal director general or director general or principal director or director or the principal chief commissioner .....
Tag this Judgment!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 .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Delhi
..... rakesh gupta, learned counsel also urged the purport of the amendment to the act by the finance act of 1987, which extended the definition of transfer under section 2(47). ..... the purchaser took possession of the assets from the owner and managed them till conveyance, the subsequent year; the calcutta high court held in these circumstances, as follows: section 60 of the act cannot have any application to the facts and circumstances of this case inasmuch as the income is derived not because of the transfer of assets but because the management and possession and the right to carry on the ..... the itat clearly held that the ao had not considered the taxability of the lease amount in the proper hands under the provision of section 60 and section 53a of the transfer of property act and that the matter required full inquiry and analysis with respect to the agreement and the underlined transactions. ..... of income tax, (1999) 237 itr617(sc) as well as amended section 2(47) which defines transfer. ..... decision in poddar (supra) did not involve interpretation of section 60 at all; the question which the court had to address itself to, was whether in the absence of a conveyance or sale deed, the rental income received by various assessees was income from property (section 22 of the act) or income from other sources (section 56 of the act). ..... the ao disagreed, and, after noticing section 22 of the act (as well as distinguishing the authorities cited by the assesses, held as follows: the deposit of .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Delhi
Reported in : (2009)225CTR(Del)1; [2009]317ITR107(Delhi); [2009]183TAXMAN100(Delhi)
..... (a), failure to comply with the notices and directions under clause (b), and on account of concealment of particulars of income or of furnishing of inaccurate particulars income under clause (c) of sub-section (1) of section 271 of the act was sought to be supplanted by additional tax under section 158b and interest under section 234a of the act.7.8 curiously, the aforesaid amendment was not brought into operation and by virtue of direct tax laws (amendment) act, 1989 the provision of section 271 prior to its substitution by direct tax laws (amendment) act, 1987 was re-introduced w.e.f. ..... it is important to note that these provisions of section 271(1)(c) remain insulated from the amendment brought about by the finance act, 2008 whereby the impugned provision, that is, section 271(1b) was inserted.11.1 the reasons for bringing about the amendment is contained both in the memorandum and in clause 48 of notes on ..... sub-section (2) of section 30 or section 148 or has without reasonable cause failed to furnish it within the time allowed and in the manner required by sub-section (1) of section 139 or by such notice, as the case may be, or(b) has without reasonable cause failed to comply with a notice under sub-section (1) of section 142 of sub-section (2) of section 143, or(c) has concealed the particulars of his income or deliberately furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty.7.3 interestingly, by the finance act, 1964 .....
Tag this Judgment!Court : Delhi
Reported in : (1994)48TTJ(Del)112
..... proviso inserted by the finance act, 1987 w.e.f. ..... 43b inserted by the finance act of 1987 w.e.f. ..... in the explanatory notes to finance bill, 1987, (1987) 165 itr 125, it is provided as under :'clause (x) seeks to amend s. ..... 43b can be derived from the speech of the finance minister at the time of introducing the finance bill of 1987 and the explanatory notes issued in this regard. ..... 43b and whether the assessing officer on the facts and in the circumstances of the case, was justified in refusing to amend the intimation issued in respect of the return filed by the assessed on 8th jan. ..... it was accordingly pleaded that the appeal of the assessed may be accepted and the assessing officer directed to amend the intimation and allow deduction under s. ..... , 1991, assessed requested the assessing officer to amend the intimation in the light of mandatory provisions of s. ..... the first proviso seeks to provide that the section shall apply to any sum referred to in cl. ..... the learned departmental representative contended that where the provisions of the act are unambiguous, there is no scope for going beyond the language of the statute. ..... it was accordingly contended that assessing officer was not justified in declining to amend the intimation made under s. ..... 139(5), if assessed discovers any omission or any wrong statement after filing of original return, he may furnish a revised return at any time before the expiry of time specified under that sub-section. ..... 143(1)(a) are not covered under the said section. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)38ITD193(Delhi)
..... by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e. ..... section 115j inserted by finance act of 1987 with effect from 1-4-1988 provides that where the income of a company as computed under the act is less than 30% of the book profits the total income of the assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to 30% of such book profits. ..... these amendments will take effect from 1 st april, 1988 and will, accordingly, apply in relation to the assessment year 1988-89 and subsequent years (clauses 40 and 43).while proposing the amendment in section 115j the prime minister and the minister of finance in his speech on 29th february, 1987 said as under: in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book profits' of certain companies. ..... it may be pertinent to mention that while introducing the finance bill of 1987 the adjustment permissible under section 205 of the companies act, 1956 for loss or unabsorbed depreciation, whichever is less was not proposed to be set off against the book profits of the company. ..... according to the learned counsel when section 115j was proposed in the finance bill of 1987, the adjustments permissible under the companies act, 1956 did not find place in the section. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (1992)(41)LC483Tri(Delhi)
..... rate of 20% basic duty available for chemically modified polyphenylene oxide also--in exercise of the powers conferred by sub-section (1) of section 25 of the customs act, 1962 (52 of 1962), the central government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the government of india in the ministry of finance (department of revenue) no ..... . 150/86-customs, dated the 1st march, 1986, the central government being satisfied that it is necessary in the public interest so to do, hereby exempts the goods falling within chapter 39 of the first schedule to the customs tariff act, 1975 (51 of 1975) specified in column (2) of the table hereto annexed, when imported into india, from so much of that portion of duty of customs leviable thereon which is specified in the said first schedule as is in excess of ..... . case (supra) it has been held that the section notes and rules of interpretation of the customs tariff act 1975 are explicitly intended to be for the interpretation of the tariff and its various headings and not to the interpretation ..... . he contended that what is implicit in notification had been made explicit by amending the notification by adding the words "including" and in this connection relied on the ruling rendered in the cases of (i) regional ..... 1.3.1987.by ..... . 88-customs, dated the 1st march, 1987, namely: in the table annexed to the said notification ..... dated 26.10.1987 ..... 1.3. ..... 1.3.1987; ..... dt.1.3. ..... dt.1.3. .....
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