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Asstt. Commissioner of Income Tax Vs. Coromandal Investment Pvt. Ltd.

Court : Gujarat

Reported in : (2009)225CTR(Guj)313; [2009]316ITR104(Guj)

..... further submitted that the amendment was made to section 199 of the act, simultaneously with the amendment to section 194a of the act, by the finance act, 1987, with effect from 1.7.1987. ..... satisfied that the changed method having been adopted for three assessment years and thereafter its continuance had become impossible of account of an amendment in the companies act, 1956, a factor which was entirely beyond the control of the assessee, could not be regarded as suffering from lack of durability ..... further in respect of the assessment years for and before 1988-89 the act provided vide sections 18 to 21 as they stood at the relevant time that the income under the head interest on securities shall be chargeable on ..... the revenue has filed this tax appeal under section 260a of the income tax act, 1961 for assessment year 1986-87 proposing to formulate the following substantial ..... this approach of the department had already resulted into substantial levy of interest under section 215 and 217 in a large number of group cases including the case of ..... therefore, submitted that the changed method of accounting even if adopted long before this amendment, was quite consistent with this logic adopted by the legislature. ..... officers should treat such amounts as not forming part of the income of the assessee until realised, this direction by way of a circular cannot be considered as travelling beyond the powers of the board under section 119 of the income-tax act.18. ..... sections 273 and 271(1)(c) of the act .....

Commissioner of Income-tax Vs. Chandulal Venichand

Court : Gujarat

Reported in : (1994)118CTR(Guj)257; [1994]209ITR7(Guj)

..... them, amendments in section 43b were introduced by the finance act, 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... by the finance act, 1987, two provisos to section 43b were inserted ..... while introducing explanation 2 by the finance act of 1989, the object of introducing the proviso is further clarified by stating that it was introduced to remove the hardship caused to certain taxpayers who had represented that since the sales tax for the last quarter cannot be paid within the previous year, the original provision to section 43b will unnecessarily involve disallowance of ..... january 1, 1990, as under (see [1990] 182 itr 114) : 'amendment of provisions relating to certain deductions to be allowed only on actual payment : 15.1 under the existing provisions of section 43b of the income-tax act, 1961, a deduction for any sum payable by way of tax, duty, ..... the amendment to section 43b has been made in the year 1987 and this amendment, with effect from april 1, 1988, is clarificatory in nature and by applying the said amendment the petitioner ..... the object and purpose of inserting the said section 43b of the act, as per the budget speech of the finance minister for the year 1983-84, which are reproduced in [1983] 140 itr 31 are as under : 'several cases have come to notice where taxpayers do not discharge their statutory liability such as in .....

Sercon Private Limited Vs. Asstt. Commissioner of Income Tax

Court : Gujarat

Reported in : (2008)218CTR(Guj)479

..... basis of this decision, she has submitted that after the amendment, by virtue of finance act, 1987, section 80t was deleted and deduction allowable therein to a non-corporate assessee was clubbed in section 48(2) and hence, deduction allowable under section 54e should be considered first before granting deduction under section 48(2) of the act.18. ..... with the amendment of finance act, 1987, the statutory deductions or concessional rates available in section 80t and 115 have been incorporated in section 48 itself and sections 80t and 115 have ..... clauses in the finance bill, 1987, neither under clause 15 seeking substitution of a new section of section 48 of the act relating to mode of computation and deductions nor under clause 22 seeking an amendment of section 54e of the act relating to exemption from capital gain on transfer of capital assets in certain cases, states that while computing long term capital gains, deductions under section 54e of the act are required to be allowed before deductions under section 48(2) of the act. ..... 22.09.1987 explaining the provisions contained in the finance act, 1987. ..... the assessee's claim regarding nil capital gain, the assessing officer has observed in his assessment order that the notes on clauses appended to finance bill 1987 makes it very clear that new section 48 in replacing the old section 80-t and statutory deductions or concessions, as the case may be, hitherto available in section 80-t and 115 are being incorporated in section 48 itself. .....

Dr. K.M. Shah Vs. Dy. C.i.T.

Court : Gujarat

Reported in : (2004)190CTR(Guj)414; [2004]270ITR408(Guj)

..... by the calcutta high court in the case of kalipada ghosh (supra) merely provide that house would include appurtenant land which is the clarification made by the amendment made by finance act, 1992 by inserting clause (ea) in section 2 of the wealth-tax act with effect from 1.4.1993. ..... prior to 1.4.1993 and, therefore also, the land in question cannot be considered to be urban land.clause (ea) inserted in section 2 by finance act 1992 with effect from 1.4.1993 merely clarified the definition of 'urban land' which was even otherwise includible in the assets as defined by clause (e) in section 2 of the act because clause (e) defines 'assets' as under :-'assets' includes property of every description, movable or immovable, but does not ..... amendments to section 5(1)(iv) were made from time to time not merely to remove anomalies and practical difficulties but also to introduce some tax concessions and to remove some hardships and to provide certainty in the matter of wealth-tax assessments and to reduce litigation by incorporating rules for valuation of assets in the wealth-tax act itself.strong reliance is, therefore, placed on circular no.559 dated 4.5.1990 containing explanatory notes to various provisions of direct tax laws (amendment) act, 1987 ..... shri shrenik kasturbhai, wealth-tax reference no.48 of 1987 and connected matters decided on 18.10.1995 wherein it is held that occupation of quarters by servants engaged by the owner for household chores does not militate against occupation .....

Commissioner of Income Tax Vs. Manoharsinhji P. Jadeja

Court : Gujarat

Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)

..... similarly, section 55 has been amended from time to time to enable the taxation of other assets wherein no cost of acquisition is envisaged : tenancy rights, state carriage permits and, looms hours by the finance act, 1994 with effect from 1st april 1995; right to manufacture, produce or process any article or thing by the finance act 1997 with effect from 1st april 1998; trademark or brand name associated with business by the finance act 2001 with effect from 1st april 2002; and ..... the cost of acquisition to be taken in the event acquisition was by any one of the specified modes; but the said provision did not permit adopting nil cost of acquisition where the cost was unascertainable.6.1 section 55(2)(a)(i) of the act after amendment specified that where the price was known for acquisition of the specified asset that was the price which was to be taken as cost of acquisition and it had to be taken as nil in any other case; that ..... however, it requires to be noted that by the finance act, 1987 w.e.f. ..... markapakula agamma, : [1987]165itr386(ap) was once again called to resolve almost a similar controversy between the assessee and the revenue. ..... markapakula agamma, : [1987]165itr386(ap) 7. mr. d.d. .....

Commissioner of Income-tax Vs. Ahmedabad Electricity Co. Ltd.

Court : Gujarat

Reported in : [2003]262ITR97(Guj)

..... the amendment inserting the first proviso to section 43b was brought about by the finance act, 1987, inserted with effect from april 1, 1988, is held to be having a retrospective effect, as per the decision in allied motors' case : [1997]224itr677 ..... for the assessment year 1984-85, we may first deal with the finding of the tribunal in paragraphs 20 and 21 of its order that, in view of section 4 of the bombay electricity duty act, 1958, the assessee was not liable to pay electricity duty to the state government being only a licensee, and that section 43b was not applicable on the ground that the amount of duty received by the assessee did not belong to the assessee, but was retained ..... tribunal also referred to the amendment brought into force on april 1, 1988, permitting the deductions of taxes and duties paid before the filing of the income-tax returns and held that it supported the view that taxes and duties not statutorily payable during the accounting year did not fall to be disallowed under section 43b of the act. ..... raises a controversy, whether the debt in question had become a bad debt, and whether the deduction was admissible on the ground that it was validly written off as a bad debt in the context of the provisions of section 36(1)(vii) and sub-section (2) of section 36 of the act, which are reproduced hereunder :'36. ..... income-tax tribunal, ahmedabad bench 'a', has referred under section 256(1) of the income-tax act, 1961, the following one question in reference application .....

Commissioner of Income Tax Vs. Ahmedabad Electricity Co. Ltd.

Court : Gujarat

Reported in : (2003)181CTR(Guj)222

..... amendment inserting the first proviso to section 43b was brought about by the finance act, 1987, ..... 1984-85, we may first deal with the finding of the tribunal in paras 20 and 21 of its order that, in view of section 4 of the bombay electricity duty act, 1958, the assessee was not liable to pay electricity duty to the state government being only a licensee, and that section 43b was not applicable on the ground that the amount of duty received by the assessee did not belong to the assessee, but was retained for a short ..... the assessee-electricity company did take such coercive measure of disconnecting the supply of electricity in accordance with the provisions of section 24 of the indian electricity act, 1910, for effecting the recovery.the fact that the debtors did not move the company for restoring the supply by paying the dues indicates that there was no likelihood of ..... to the amendment brought into force on 1st april, 1988, permitting the deductions of taxes and duties paid before the filing of the income-tax returns and held that it supported the view that taxes and duties not statutorily payable during the accounting year did not fall to be disallowed under section 43b of the act. ..... a controversy, whether the debt in question had become a bad debt, and whether the deduction was admissible on the ground that it was validly written off as a bad debt in context of the provisions of section 36(1)(vii) and sub-section (2) of section 36 of the act, which are reproduced hereunder :'36. .....

Venkataraman T. Pai Vs. C.R. Shah

Court : Gujarat

Reported in : 1996(81)ELT467(Guj)

..... however, on reading the judgment, it appears that under section 51 of the finance act, rules 9 and 49 were amended and in conjunction with section 56a the amended rules were given retrospective effect. ..... on behalf of the petitioner, it has been submitted that so far as the complaint dated 3-8-1987 under section 9 read with section 120b of indian penal code is concerned, they have no quarrel and they are prepared to face the trial and this is the say of rest of the respondents accused also. ..... the complaint for breaches of various rules and provisions of the salt act punishable under section 9 thereof came to be filed on 3-8-1987 before the said court. ..... his submission was that conspiracy is a continuing offence and till detection in the year 1987, the offence continued and the investigation was initiated on detection and complaint was filed in the year 1987 itself and section 9aa having come into force in the year 1985 it would certainly apply and there is, therefore, no question of retrospectivity at all. ..... 441 of 1987 has been pending in the court of additional chief metropolitan magistrate, ahmedabad for offences punishable under section 9 of the central excises and salt act, 1944 (hereinafter referred to as 'salt act') in connection with various alleged breaches. ..... relying on : 1987(32)elt234(sc) learned counsel shri abichandani had submitted that section 11a is operating retrospectively. .....

Commissioner of Income-tax Vs. Gopal Gram Seva Sahakari Mandli Ltd.

Court : Gujarat

..... finance act, 1987 ..... amended by the finance (no.2) act ..... under section 80hh for section 80hha or section 80hhb or section 80hhc or section 80hhd or section 80-i or section 80-ia or section 80j the deduction under sub-section (1) of this section, in relation to the sums specified in clause (a) or clause (b) or clause (c) of sub-section (2) shall, shall be allowed with reference to the income, if any, as referred to in those clauses included in the gross total income as reduced by the deductions under section 80hh section 80hha, section 80hhb, section 80hhc. ..... engaged in the business of supplying milk, oilseeds, fruits, or vegetables, as the case may be; or (ii) the government or a local authority; or (iii) a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public the whole of the amount of profits and gains of such business; ..... rescind any such notification or amend it so as to rescind any exemption, reduction in rate or other modification made thereunder; (m) where the period prescribed for any application, appeal, reference or revision under the repealed act had expired on or before the commencement of this act, nothing in this act shall be construed as enabling any such application, appeal, reference or revision to be made under this act by reason only of the .....

Hynoup Food and Oil Industries Ltd. Vs. Assistant Commissioner of Inco ...

Court : Gujarat

Reported in : (2008)219CTR(Guj)124; [2008]307ITR115(Guj)

..... 143(3) and that, the notices were bad as they were only on the basis of a change of opinion and the law that an assessment could not be reopened on a change of opinion was the same before and after amendment by the direct tax laws (amendment) act, 1987, of section 147.7.5 mr. ..... section 147 substituted in the income tax act, 1961 by the direct tax laws (amendment) act, 1987, had made a radical departure from the original section 147, inasmuch as clauses (a) and (b) had been deleted and under the proviso thereto, notice for reassessment would be illegal if issued more than four years after the end of the assessment year, if the original assessments were made under section ..... the assessee and the learned senior standing counsel appearing for the revenue and having perused the reasons recorded for each of the assessment years and the assessment orders passed under section 143(3) of the act and having considered the relevant statutory provisions as well as the authorities cited before the court, we are of the view that the core issue that is to be ..... during the course of assessment proceedings for the assessment year 1994-95, the assessing officer had come to knowledge that the assessee is not entitled to the relief under sections 80i and 80hh and that the assessee has claimed depreciation at a higher rate and therefore, the reasons were recorded on 26th march, 1997 for assessment year ..... finance .....