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Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... it is very clear from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform treatment of capital loss ..... (7) the cit(a) has observed that as a result of the amendment brought in by the finance act, 1987 in the provisions of law contained in section 70, there is no distinction between long term capital gains and short term capital gains in matters relating to carry ..... giving rise to long term capital gain and short term capital gain has been clearly defined in the act and the conclusion of the cit(a) that the distinction between long term capital gains and short term capital gains have been completely done away with by the amendment to section 70 by the finance act, 1987 is not correct. ..... the finance act, 1987 has amended the provisions of section 70 and the amended law should apply to the impugned assessment years 1995-96 and 1996-97 which are different from the law relating ..... the finance act, 1987 brought an amendment in section 70 ..... the learned senior counsel contended that the text of the circulars referred to in above paragraphs clearly showed the intention of law wherein the amendment brought in by the finance act, 1987 dispensed with any sort of distinction between long term loss and short term loss in matters of set off and carry forward and allowed the set off of loss of .....

Jeevanlal Narsi and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1992)42ITD719(Hyd.)

..... the amendment made in section 43b by section 10 of the finance act, 1987, with effect from april, 1, 1988, is not clarificatory in nature and cannot be given retrospective effect from april 1, 1984.the said decision is followed by a later division bench of the delhi high court in escorts ltd. v. ..... it was found impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendment in section 43b were introduced by the finance act, 1987. ..... the amendments were intended to make the provisions workable.under the proviso introduced by finance act, 1987, the parliament created an opportunity for the assessee to pay the sales tax on or before the due date applicable in each case for furnishing the return of income in order to entitle him to claim deduction of that amount.the memorandum explaining the provisions in the finance bill, 1989 clarified the object of insertion of the first proviso [see 176 itr (st. ..... ) 123] inter alia, it contained the following: the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc. ..... the first proviso to section 43b of the act inserted by the finance act, 1987 was enacted in order to suppress the miscief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer. ..... it was held that the proviso to section 43b introduced by finance act, 1987 is clarificatory in nature and therefore retrospective in operation.13. .....

Deputy Commissioner of Income Tax Vs. Glaxo Smithkline Consumer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107ITD343(Chd.)

..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, as remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation ..... 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 unworkable or unjust in a specific situation ..... looking to the curative nature of the amendment made by the finance act, 1987, it has been submitted before us that the proviso which is inserted by the amending finance act of 1987, should be given retrospective effect and be read as forming a part of section 43b from its inception. ..... 1984-85, or any subsequent year on the ground that he has actually made a payment towards such liability in that year.there was an amendment in section 43b by the finance act, 1987 which may not be relevant for the purpose of present controversy. ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, ..... the finance act, 1987, inserted a provision of section 43b to provide that any sum payable by way of tax or duty, .....

Nageswara Rice Working Co. Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)30ITD143(Hyd.)

..... . "can the amendment to section 43b by the finance act, 1987, be taken into account in interpreting the provisions of section for the asst.year ..... . "can the amendment to section 43b by the finance act, 1987 be taken into account in interpreting the provisions of section for the ..... we may also refer to the amendment to section 43b brought in by the finance act, 1987. ..... . as the intendment of the first proviso referred to above is clarificatory of the provisions of section 43b, even though it was introduced by the finance act, 1987, with effect from 1-4-1988 it should be followed with respect to the preceding assessment years also in order ..... . 1 under s.43b by finance act, 1987, with effect from 1-4-1988 : "provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) which is actually paid by the assessee on or before the due date applicable in his case for furnishin the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by ..... crossed cheque, the parliament did specify that payments made after 31-3-1969 would be hit by the said provision.however, the parliament has also specified in respect of a number of other fiscal provisions, particularly annual amendments to the 1961 act brought through the finance acts that certain provisions would be applicable with effect from specified assessment years .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... in reply, the learned counsel for the assessee submitted that amendment to section 40 of the finance act, 1983 is retrospective in nature as held by the courts in respect of amendment to section 43b made by finance act, 1987. ..... union of india [1991] 189 itr 70 was followed for coming to the conclusion that first proviso inserted by the finance act, 1987 with effect from 1-4-1988 in section 43b of the income-tax act, 1961 is retrospective and clarificatory in nature.reliance was also placed on the decision of the rajasthan high court in the case of brij. b. ..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989-90 onwards. ..... therefore, prima facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 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 unworkable or unjust in a specific ..... a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... by the finance act, 1987, two provisos to section 43b were inserted ..... second proviso to section 43b introduced by the finance act, 1987 w.e.f. ..... two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, w.e.f. ..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at ..... the second proviso was, therefore, amended by the finance act, 1989, in which the words "during the previous year" were ..... (e) any sum payable by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, w.e.f. .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... 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 unworkable or unjust in a specific situation. ..... with a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... computing the income only of that previous year in which such sum is actually paid by him.by the finance act, 1987, two provisos to section 43b were inserted with effect from 1-4-1988. ..... the two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, with effect from 1-4-1998.the hon'ble gujarat high court in a subsequent judgment in the case of cit v. ..... the second proviso to section 43b introduced by the finance act, 1987 with effect from 1-4-1988, provided that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid during the previous year on or before the due date as defined in .....

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 .....

Gujarat Credit Corp. Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD133(Ahd.)

..... while explaining the provisions of section 147 as amended by the finance act, 1987 w.e.f. ..... 549, dated 31/10/1989 which is issued by the board clarifying the provisions of amendments of section 147 to 153 by the finance act, 1987. ..... 549 dated 31/10/1989 explaining this amendment of the provisions of section 147 by the finance act, 1987 w.e.f. ..... thus, the amending act, 1987, has substituted a new section 147 which contains simplified provisions as follows: (i) separate provisions contained in clause (a) and (b) of the old section have been merged into a single new section, which provides that if the assessing officer is of the opinion that income chargeable to tax for any assessment year has escaped assessment, he can assess or reassess the same after recording in writing the reasons for ..... 01/04/1989 stating that the amending act, 1987, has rationalized the provisions of section 147 and other connected sections to simplify the procedure for bringing to tax the income which escaped assessment, especially in non-scrutiny cases. ..... punjab & haryana high court, in the case of rama sinha (supra) held that once a notice under section 148 is issued, the assessment has to be completed under section 147 read with section 143(3) and that the position was the same even prior to the amendment of section 148 w.e.f.01/04/1989 and as the return filed under section 139, the procedural provision for making an assessment under section 143(3) of the act also comes into play. .....

Shri Shetty G.D. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD103(Pune.)

..... . the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and clarificatory in nature to ..... . the hon'ble supreme court, therefore, held that the amendment introduced by the finance act, 1987 was declaratory or clarificatory in nature so far as it related to section 27(iii), (iiia) and (iiib) and, consequently these provisions are ..... case, it was held that the amendment made to section 27 of the act by the finance act, 1987 was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act ..... or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269ua, shall be deemed lo be the owner of that building or part thereof; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property.clause (iii), (iiia) and (iiib) to section 27(1) has been inserted by the finance act, 1987 with effect from 1.4.1988.6.5 ..... before the hon'ble supreme court was related to the assessment year 75-76 and 76-77 before the insertion of clause (iii), (iiia) and (iiib) to section 27(1) of the act by the finance act, 1987 .....