Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat ahmedabad Page 1 of about 93 results (0.241 seconds)

Shri Vijaysinh R. Rathod and ors. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... by the finance act, 1987, with effect from april i, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even ..... sale of such property where neither date of acquisition nor cost of land was ascertainable, cannot be brought to tax under head "capital gains" with the following observations: though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for ..... then held by the assessees as inherited from the fore-fathers and the cost of acquisition in the hands of the assessees would be that of the fore-fathers by virtue of section 49(1)(iii)(a) of the act providing that where capital assets become property of the assessee by succession, inheritance or devolution, cost of acquisition of the assets deemed to be the cost of which the previous owner ..... to be substituted as cost of acquisition of the previous owner, but the court rejected the contentions by observing as under: so far as the submission based on section 55(3) of the act is concerned, we find that the said provision has no application to the facts of the present case. ..... the present case, admittedly, the assets had been acquired by a mode of acquisition specified in section 49(1)(iii) (a) of the act and thus the asset in question was a long-term capital asset but neither the cost nor .....

income-tax Officer Vs. Ashokkumar Lalitkumar

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53ITD326(Ahd.)

..... adopt legal course, because, he did not want to spend good money for bad money, as recovery thereof had a remote chance and was not possible in this case.he also placed reliance on the conditions mentioned in section 36(2) as amended by the finance act 1987 which, inter alia, provides that the year in which the assessee has written off the debt as bad debt in the books of accounts should be considered as satisfying the claim for grant of deduction as bad ..... profits of the business of the year under consideration or earlier year did not exist in the old law.moreover, the distinction between the nature of the claim of deduction as to whether it is a trading loss or it is a bad debt contemplated in section 36(2) has assumed significance in view of the amendment of section 36(2) made by the finance act, 1987 effective from assessment year 1989-90. the said decision also therefore does not in any manner help the assessee.6.4 a plain reading of the ..... provisions of section 36(2) r.w.s.36(1)(vii) clearly indicates that one of the conditions for grant of deduction in respect of bad debt is that what is sought to be written off as bad debt should have earlier gone into swell the profits of the business .....

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 .....

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. .....

Morvi Horological Industries Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)36ITD115(Ahd.)

..... recent amendments in section 43b by the finance act, 1987 and finance act, 1988 were relied on by epartment in support of the argument to the effect that the sales-tax ollected constituted trading receipt while sales-tax liability which was not discharged in the relevant year by payment was ..... section 43b of the income-tax act, 1961, introduced by the finance act, 1983, with effect from 1-4-1984 provides, inter alia, that a deduction in respect of any sum payable by the assessee by way of tax or duty under any law for the time being in force shall be allowed from ..... the government of maharashtra have by the bombay sales tax (amendment) act, 1987, made the amendment accordingly. ..... the board have decided that where amendments are made in the sales tax laws on these lines, the statutory liability shall be treated to have been discharged for the purposes of section 43b of the act.in the state of gujarat, necessary amendments have been made by executive instructions, copies of which have been filed before us. ..... the ministry of law has opined that if the state governments make an amendment in the sales tax act to the effect that the sales tax deferred under the scheme shall be treated as actually paid, such a deeming provision will meet the requirements of section 43b. 5. ..... 25-9-1987 (published in 1988, 169 itr statute 63) the material portions of which are as follows: sales tax deferral scheme - provisions of section 43b of the income-tax act, 1961 -clarification regarding. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section ..... section 143(1)(a) as amended by the finance act, 1987 ..... amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act ..... section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act ..... debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... the amended provisions of section 143(1a) by the finance act, 1993 ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due ..... -the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against .....

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained ..... section 143(1)(a) as amended by the finance act, 1987 ..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due to the assessee on the ..... - the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to ..... additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. .....

Chandulal Venichand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)38ITD138(Ahd.)

..... union of india [1988] 173 itr 708 that in order to apply the provision of section 43b (as it stood prior to amendments by finance act, 1987 and finance act, 1989) not only should the liability to pay the tax be incurred in the accounting year but the amount also should be statutorily "payable" in ..... relates to interpretation of provisions of section 43b of the income-tax act, 1961 as amended by the finance act, 1987 and the finance act, 1989.3. ..... section 43b was amended by finance act, 1987 and finance act ..... on 3-3-1988 considered the amendments made by finance act, 1987 with effect from 1-4-1988 in section 43b of the act. ..... . it has been held by patna high court that under the proviso which was inserted with effect from 1-4-1988 by the finance act, 1987, the words "actually paid" occurring in the main section 43b have in fact been interpreted and as such the said proviso should be regarded as an interpretation clause or a clause which explains what is meant by " actually paid" and that the interpretation given ..... the said proviso was literally interpreted it would be struck down as it provided for doing an impossible act and that it could be upheld by holding that an assessee for the assessment year 1984-85 was entitled to have the benefit of the proviso introduced by the finance act, 1987.the high court held that upon textual interpretation of statutes, the proviso to section 43b of the act should be construed as retrospective in its operation and explanation 2 thereto should be held to .....

Ajar Entrade (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)2SOT571(Ahd.)

..... here, it is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. ..... the words" any bad debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. ..... of law and nothing was materialized and therefore, the assessee was compelled to write off of amount for which proper entry was passed in the books of account, which is pre-requisite for claiming deduction under section 36(1)(vii) of the income tax act.on the other hand, the learned departmental representative vehemently argued that the lower authorities were justified in disallowing assessee's claim for bad debts, insofar as the deduction claimed under ..... the previous year in which such account has been written off.since this amount has not been accounted for as income in any of the earlier years, the assessee is not eligible for deduction under section 36(1)(vii) read with section 36(2) of the income tax act.the assessing officer further observed that in the balance sheet as on 31-3-2000 the assessee had shown the outstanding sum of rs. ..... it was held that in view of the amended provisions of section 36(1)(vii) the assessee need not establish that debt has become bad and considering that the assessee had not been able to recover any amount despite filing suit and obtaining decree, there .....