Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)52ITD122(Coch.)
..... learned counsel for the assessee contended that the finance act, 1987, has amended section 27 of the it act, 1961 and the finance minister in his budget speech to the parliament ..... the finance act, 1987 with effect from 1-4-1988 is clarificatory in nature and retrospective in operation.section 27 defines the ownership of house property and annual charge for purpose of sections 22 to 26 of the it ..... to section 6 of the finance act, 1987, which sought to substitute clause [ho to section 27 ..... association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of that building or part thereof; if a section or a clause is substituted in an act, the substituted section or clause should be deemed to be in operation from the inception as has been held by the karnataka high court in the case of k.t ..... amending act states that an old provision has been substituted by a new provision, the inference is that the legislature intended that the substituted provision should be deemed to have been part of the act from the very inception.viewed from this angle also we hold that the assessee-company cannot be held to be the owner of the impugned flats and, therefore, the charge under ..... was held that the assessee must be deemed to be the owner of the property within the meaning of section 22 of the it act, 1961, and was assessable as such on the income from the property .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)44ITD604(Coch.)
..... clause (b) of explanation to section 263 newly substituted with effect from 1st june, 1988 by the finance act, 1988 and as amended by the finance act, 1989 coins an inclusive definition of the expression "record" which would include and deemed always to have included all records relating to any proceeding under this act available at the time of examination by the commissioner of income-tax. ..... thereupon, the commissioner of income-tax initiated action under section 263 of the act and issued show-cause notice to the appellant as to why the assessment order dated 10-3-1987 should not be set: aside. ..... act on 10-3-1987. ..... i shall therefore set aside the assessment order passed by the ito on 10-3-1987 under section 143(1) with a direction that the present assessing officer should redo the assessment after affording a fresh opportunity to the assessee.4. ..... on a consideration of the written submission and also the oral submissions made by the appellant gave the direction as follows : in any case, all these facts were not examined by the ito when he made the assessment on 10-3-1987 since he accepted the return under section 143(1). ..... there was no basis that the assessment order dated 10-3-1987 suffered from any error prejudicial to the revenue. ..... there was no basis for the formation of the belief that the investment in the smuggled goods had escaped the notice of the income-tax officer or otherwise not considered by him in the assessment order dated 10-3-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2008)111ITD132(Coch.)
..... of padam prakash (huf) 288 itr (at) 1 (delhi-sb) is not in accordance with law and he made the following submissions: it was argued that the legislature while inserting sub-section (5) in section 45 through the finance act 1987 with effect from 1-4-1988 did not provide for cases where enhanced compensation was reduced by any courts tribunal or other authority.clause (c) to sub-section (5) was therefore, inserted to take care of the situation. ..... with a view to mitigate this hardship, it is proposed to amend sub-section (5), by inserting a new clause (c) to provide that where such amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that ..... it is proposed to insert a new sub-section (16) in section 155 to provide that the assessing officer shall amend the order of assessment to revise the computation of the said capital gain of that year by taking the compensation or consideration so reduced by the court, tribunal ..... with a view to mitigate this hardship, it is proposed to amend sub-section (5) by inserting a new clause (c) to provide that where such amount consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year, in which ..... constitution bench of the hon'ble supreme court has held that for an amendment of 1 a statute to be construed as being retrospective, the amended 1 provision itself should indicate either in terms or by necessary implication that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2008)116TTJ(Coch.)797
..... sub-section (5) in section 45 was inserted by the finance act, 1987 to provide for taxation of the additional compensation in the year of receipt instead of the year of transfer of the said capital asset.it was further provided that the additional compensation will be deemed to be ..... with a view to mitigate this hardship, it is proposed to amend sub-section (5), by inserting a new clause (c) to provide that where such amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year, in which the ..... it is proposed to insert a new sub-section (16) in section 155 to provide that the ao shall amend the order of assessment to revise the computation of the said capital gain of that year by taking the compensation or consideration so reduced by the court, tribunal or any other authority to ..... with a view to mitigate this hardship, it is proposed to amend sub-section (5) by inserting a new clause (c) to provide that where such amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year, in which the ..... :(2006) 283 itr 484 (sc), the learned counsel submitted that the five-member constitution bench of the hon'ble supreme court has held that for an amendment of a statute to be construed as being retrospective, the amended provision itself should indicate either in terms or by necessary implication that it is to operate retrospectively. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2001)75ITD301(Coch.)
..... in the year ending 31-3-1993 after the award was passed by the land acquisition officer and in that sense under the provisions of section 45(5)(a) the capital gains could be considered for assessment for the assessment year 1993-94 only.sub-section (5) was inserted in section 45 of the income tax act by finance act, 1987 with effect from 1-4-1988. ..... as the affected persons are unable to avail of the exemption for roll-over of capital gains, within the specified time period, through investment in specified assets.23.2 section 45 of the income tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset way of compulsory acquisition under any law shall be charged to tax in the previous ..... the head 'capital gains' of the previous year in which such compensation or part thereof, or such consideration or part thereof, was first received;" the effect of the amendment is that the initial compensation is assessable as capital gains of the previous year in which the compensation or consideration is first received. ..... section (5) originally read as under: "(a) the capital gains computed with reference to the compensation on the first instance or as the case may be, the consideration determined or approved in the first instance by the central government or the reserve bank of india shall be chargeable as income under the head 'capital gains of the previous year in which the transfer took place.clause (a) was later amended by the finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1999)71ITD238(Coch.)
..... officer has included the value of the hospital building in the wealth-tax assessments on the ground that the assessee being a closely held company, the assets specified under various clauses of sub-section (3) of section 40 of the finance act 1983, were liable to tax, and that hospital building was not an asset excluded by clause (vi). ..... . the commissioner (appeals) has taken the view that clause (vi) of section 40(3) of the finance act, 1983 does not exclude building or land appurtenant thereto used by the assessee for the purpose of running the hospital ..... is in further appeal before the tribunal with the plea that the revenue authorities were not justified in denying the exemption provided in clause (vi) of sub-section (3) of section 40 of the finance act, 1983.at the time of hearing, shri k. ..... the wealth-tax officer felt that in view of section 40 introduced in the finance act 1983, the value of specified assets held by closely-held companies was includible in the taxable wealth for the assessment years starting from 1-4-1984 and that the hospital building was such an asset to ..... v be mentioned that section 40 of the finance act revived in a limited way the levy of wealth-tax on companies which had been superseded b ' v the finance act, 1960 ..... context, we may refer to the object behind the introduction of section 40 in the finance act, 1983 ..... ." section 40 has been introduced in the finance act, 1983 with a view to circumventing the tax avoidance by keeping unproductive assets in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD759(Coch.)
..... the ito rejected both the requests on the ground that the amendment of section 55(2)(i) whereby the day 1-1-1954 was substituted by the date 1-1-1964 and the introduction of section 54e was made by the finance act of 1977 with effect from 1-4-1978 and, therefore, these provisions would not be applicable for the ..... to agree with the assessee that the assessment in question, namely, the assessment to capital gains for the assessment year 1977-78 is to be made in accordance with the provisions of section 55(2)0') as amended by the finance act, 1977 and section 54e, read with section 155(10a).these changes on which the assessee relies have been introduced by the finance act, 1977. ..... made with the provisions of section 80cc introduced in the same finance act. ..... decision of the jammu and kashmir high court in the case of fairdeal motors (supra) and the high court has held that though section 271(4a) of the act came into force in 1965 after the close of the assessment year 1964-65, the section would apply to the assessment year 1964-65 also because the amendment being a beneficial provision in a procedural law would apply to proceedings pending at the time the section came into force. ..... had invested the sale proceeds in specified assets within six months of the transfer of the capital asset, the capital gains should be totally excluded from the assessment in view of the provisions of section 54e of the act and the request was for the amendment of the assessment under section 155(10a). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195629ITR672(Coch.)
..... finance act (xxiii of 1951) may be taken therefore to have provided for the rate of income-tax which was to be charged as per section 2 of the finance act ..... the finance act (xxiii as 1951) as suitably modified with the reference to section 2 of the finance act ( ..... the first rectification under section 35 of the income-tax act was made by the succeeding income-tax officer, the first respondent herein, by exhibit b order dated january 25, 1954, on the basis that the additional income tax on "excess divided" which was contempted in the schedule to indian finance act, 1952, had been omitted ..... of the excess dividend as is deemed to be out of the undistributed profit of each of the said years shall be deemed to have borne tax, - (a) if an order has been made under sub-section (i) of section 23a of the income-tax act, in respect of the undistributed profits of that year, at the rate of five anna in the rupee, and (b) in respect of any other year, at the rate applicable to the total income of ..... rate) declared in respect of the whole or part of the previous year for the assessment for the year ending on the march 31, 1952, and no order has been made under sub-section (i) of section 23 a of the income-tax act, a rebate shall be allowed, at the rate of one annas per rupee on the amount of such excess; (ii) where the amount of dividends referred to in clause (i) above exceeds the ..... finance act relied on by the department for the exercise of their jurisdiction under section 35 of the income-tax act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)6ITD788(Coch.)
..... he tried to support his argument from the language used in the companies deposits (surcharge on income-tax) scheme, 1976 ('the scheme') that the central government has framed in exercise of the powers conferred by clause (8) of section 2 of the finance act, where in paragraph 3 the expression 'in lieu of payment of surcharge' has been used. ..... although under the 1961 act, section 4 is the charging section yet income-tax can be charged only where the central act which in the present case is the finance act enacts that income-tax shall be charged for any assessment year at the rate specified ..... --(1) a deposit in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time before the last instalment of advance tax is due in its ..... [1972] 83 itr 346, that the term 'income-tax' as employed in section 2 of the finance act, 1964, includes surcharge and additional surcharge wherever provided. ..... (2) a deposit is lieu of payment of surcharge on income-tax under subsection (8) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time during the financial year commencing on the 1st day of april, ..... subsequently, the ito noticed that the deposit made with the industrial development bank of india, is not surcharge as one is not equivalent to the other but one is in substitution of the other.therefore, he proceeded to amend the order by rectifying it under section 13 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2001)77ITD442(Coch.)
..... with a view to encouraging large exports of certain goods by finance act, 1982, a section was inserted for the first time with effect from 1-6-1982 for providing tax relief to companies and corporate tax payers resident in india whose export turnover for a year exceeds export turnover ..... submitted that the assessing officer had failed to appreciate the fact that explanation (baa) to section 80hhc(4a) was inserted by the finance act, 1991 with effect from 1-4-1992. ..... 2) act, 1980; whereas section 80hhc was originally inserted by the finance act, 1983 with effect from 1-4-1983 for and from the assessment ..... ) 'profit of the business' means the profits of the business as computed under the head 'profit and gains of business or profession' as reduced by - (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the assessee suitable outside ..... with the 1989 amendment the section for the first time exempted the entire profits derived from exports and made express provision for dividing the exemption between a recognised export house or trading house and the supporting ..... ) of 1986, dated 3-11 -1987] for the proposition that the relationship between the assessee-exporter and an export house is not one of principal and agent to call it as .....
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