Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat delhi Page 1 of about 147 results (0.233 seconds)

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 .....

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)88TTJ(Delhi)280

..... " finally, therefore, we hold that the conditions laid down in section 2(22)(e) and explanation 3 to section 2(22)(e) as amended by finance act, 1987, with effect from 1-4-1988, are satisfied in the case as under : "(i) all the above companies are such in which public are not substantially interested, i.e. ..... , the contention of the learned counsel that we should follow the tribunal order for the assessment year 1991-92 and similarly uphold the commissioner (appeals)'s order for assessment year 1990-91 cannot be accepted.the amended provisions (amendment by finance act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more of equity capital. ..... he further observed that the assessee-huf formed in assessment year 1982-83 and the income tax officer vide assessment order of that assessment year under section 143(3) of the act dated 30-3-1984, had held that the huf comprised of following persons he added that this order of the income tax officer had been accepted by the assessee and no appeal had been filed against the ..... by her.as regards the next contention that the amounts received from the said companies were not loans and advances but they were received on account of business transactions/sales and hence the provisions of section 2(22)(e) of the act were not applicable in the case, we are of the view that the assessee had failed to prove these contentions by furnishing details and evidences. .....

Pramod Kumar Gupta Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD1a(Delhi)

..... of the learned counsel for the assessee that if section 53 a of the transfer of properly act regarding part performance of the contract was already included in the definition of transfer then there was no point in amending section 2(47) of the act by the finance act, 1987 w.e.f.1-4-1988. ..... of 'transfer in relation to capital asset' contained in section 2(47) of the act was enlarged by insertion of sub-clauses (v) & (vi) and explanation, of the said section by the finance act, 1987 w.e.f. ..... if a transaction involving the allowing of possession of the immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53 a of the transfer of property act was to be included in the definition of transfer for the purposes of section 2(47) then there was no necessity of inserting sub-clauses (v) & (vi) and explanation to section 2(47).reliance was also placed on the supreme court decision in nawab sir mir ostnan ali khan v. ..... ito [1981] 131 itr 597, it was submitted that sub-section (2) of section 52 of the act could be invoked only where the consideration for the transfer of a capital asset had been understated by the assessee or, in other words, the full value of the consideration in respect of the ..... it was also submitted that reference to part performance of the contract as per section 53 a of the transfer of property act was a supporting argument of the cit (appeals) and that the main argument was that the transfer had taken place .....

Deputy Commissioner Vs. Prominent Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)73ITD51(Delhi)

..... 1997] 226 itr 625/92 taxman 541 (sc) in which their lordships, after concluding that amendment to section 27 by which clauses (iii) and (iiia) and (iiib) added by finance act, 1987 were clarificatory in nature and applicable with retrospective effect, concluded that in the context of section 22 of the act "owner is a person who is entitled to receive income in his own right" ..... lordships concluded that whole of the letting was only a letting of building with certain amendments and provisions of section 56(2)(iii) were not applicable and income was chargeable as income from house property. ..... ) concluded that assessee is beneficial owner of the property and owner of the building for the purpose of section 22 of the act.about second point, the assessing officer considered the case law cited before him and observed that ratio of the hon'ble supreme court in the case of karnani ..... 1986] 160 itr 308/25 taxman 218a delhi was referred to in which their lordships concluded that in the absence of legal owner-ships the assessee would not be owner under section 22 of the act and other decision of madras high court in the case of cit v.b. ..... the other plea was that under section 22 of the act, assessee should be owner but assessee was a mere licensor as per clause 10 of the ..... reference to section 22 of the income-tax act, 1961 (hereinafter referred as the act) was also made which applies only to annual value of property of which the assessee was owner and not using it for any business carried on .....

The Asst. Commissioner of Vs. Madan Mohan Lal Shriram Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... now the next issue to be dealt with is whether the amendment to section 2(47) by insertion of clause (v) by the finance act of 1987 with effect from 1.4.1988 can be made applicable to the case of the appellant in ..... to see whether the transaction can be termed as transfer within the meaning of section 2 (47) of the income tax act.section 2(47) as it stands after the amendment by the finance act, 1987 is as follows. ..... noticed from the above that clause (v) and (vi) were inserted by the finance act of 1987 with effect from 1.4.1988. ..... the conclusion what the supreme court did, it took a view under a specific section of the income tax act by holding that the amendment was intended to supply an obvious omission and that the amendment introduced by the finance bill 1987 was declaratory or clarificatory in nature in so far as it relates to section 27(iii), (iiia) and (iiib) of the act. ..... therefore, no hesitation to hold that the amendment introduced by the finance bill, 1987 no hesitation to hold that the amendment introduced by the finance bill, 1987 was declaratory/clarificatory in nature so far as it relates to section 27 (iii) (iiia) and (iiib) ..... impugned order has himself found from the memorandum explaining the finance bill 1987 that the amendment explaining the meaning of the word "owner" in section 22 is clarificatory and has retrospective application and by the same corollary vide para iv of the clarification similar amendment has also been made in section 2(47) of the act. .....

Rishi Roop Chemical Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)36ITD35(Delhi)

..... with a view to meet this object, a proviso was inserted in section 43 b of the finance act with effect from 1-4-1988 by the finance act 1987 in the following manner:- provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) or clause (c) which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such ..... inserted by the finance act 1989 has been brought in only to get over this decision by the andhra pradesh high court.this is made clear from the circular containing the objects and reasons for the amendment. ..... he also touched upon the issues like hardship, that the sales-tax collected was not a trading receipt, that subsequent amendment could be looked into in interpreting particular provisions of the act, that equity and fair play could be taken into account, with a view to minimise the hardship and that when two views are possible, the one in favour of the assessee ..... that amendment to section 43b has been made in the year 1987 and this amendment w.e.f ..... contained in the memorandum explaining the clauses in the finance bill of 1989 amendment as contained in 176 itr (st. ..... would be clear that, on the basis of the two high court decisions and the andhra pradesh high court decision read with the 1989 amendment, the assessee cannot get a deduction unless he has paid the tax.24. .....

Acit Vs. Smt. Pushpa Devi JaIn [Alongwith

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)93ITD289(Delhi)

..... fixed on the person who receives and is entitled to receive the income from the property in his own right.clarifying the concept of ownership for the purpose of income-tax act, the hon'ble supreme court has held as under : "from the memorandum explanation the finance bill, 1987, it is clear that the amendment to section 27 of the 1961 act was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22. ..... him as, stock-in-trade of a business carried on by him, such conversion or treatment; or (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882), or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which ..... the amendment introduced by the finance bill, 1987, was declaratory/clarificatory in nature so far as it related to section 27(iii ..... under (page 642 of 226 itr): "the juristic principle from the view-point of each one is to determine the true connotation of the term 'owner' within the meaning of section 22 of the act in its practical sense, leaving the husk of the legal title beyond the domain of ownership for the purpose of this statutory provision: the reason is obvious. .....

Motorola Inc., Erisson Radio Vs. Deputy C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)1

..... . this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression "may" thereby giving a discretion to the authorities concerned to either reduce or waive the interest ..... . the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory ..... taxwhose total income is, in the income-tax laws (amendment) act, 1987, w.e.f.officer's opinion, of such an amount as 1.4.1989.to render such person liable to income-section 22(2a): xxxxxxxxxxx xxxxxxxxxxsection 22(3): if any person has not section 139(4): any person who has notfurnished a return within the time furnished a return within the time allowedallowed by or under sub-section (1) to him under sub-section (1), or within theor sub-section (2), or having time allowed to him under sub-section(1),furnished a return under either of or within the time .....

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... the question has been referred for consideration of special bench.the regular bench while hearing appeal of shri om prakash (huf) found that different benches of tribunal, at different places, are interpreting section 45(5) of it act inserted by finance act, 1987 differently and there is a divergence of opinion on the issue. ..... 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 said capital gain of that year by taking the compensation or consideration so reduced by the court, tribunal or any other authority to be the full value of consideration. ..... with a view to mitigate this hardship, it is proposed to amend sub-section (5), by inserting a new clause 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 compensation or consideration received was taxed, ..... 23.2 section 45 of the it act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory' acquisition under any law shall be charged to tax in the previous year in which the compensation is first received. ..... some benches have held that amendment and introduction of sub-section (5) of section 45 has not made any difference to the application of decision of hon'ble supreme court in the case of cit v. .....

Addl. C.i.T., Special Range-5 Vs. Vestas Rrb India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)275ITR81(Delhi)

..... itr 147 by observing that first proviso to section 43b of the act inserted by the finance act, 1987 is retrospective and if the sales tax had been paid after the due date but during the grace period allowed under the sales tax act that does not attract provisions of section 43b of the act. ..... to section 43b stands amended by the finance act, 2003 ..... finance act, 2003 has deleted the second proviso and amended the first proviso by the finance act ..... in case the amendment is not accepted to be operative retrospectively, then the amendment so brought in to statute by the finance act, 2003 would ..... a similar situation and therefore the principal approved by the apex court would also apply with equal force to the amended proviso, so as to have retrospective application of the amendment brought by finance act, 2003. ..... 122 in this regard is reproduced as under so as to show that the amendment was made to do away the hardship caused by the total disallowance; in terms of the provisions of section 43b of the income tax act, deduction for statutory payments relating to labour, taxes and state and public financial institutions are allowed as deductions, if they are ..... in other words now no disallowance of such payment would be made even if the same are made beyond the due dates prescribed in section 36 (1) (va) (herein after called due date).this amendment has been made to remove the hardship caused at present by the total disallowance of the amount paid for the welfare of employees, if the same had been .....