Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat delhi Page 2 of about 147 results (0.273 seconds)

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. .....

Deputy Commissioner of Vs. O. N. G. C.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)74ITD180(Delhi)

..... this section was introduced as a measure of simplification by the finance act, 1987 with retrospective ..... as a result of the amendment in section 44bb by the finance act, 1988 the application of the provision of the section 44bb was restricted to the cases of only non-resident taxpayers with retrospective ..... amendment will not, however, apply to any income to which the provisions of sections 42, 44d, 115a or 293a of the income-tax act ..... given to such person for the amounts of tax deducted at source from out of his income (section 199).therefore, the amount deducted at source is not the final tax determined to be payable on assessment ..... as a measure of simplification, the bill seeks to insert a new section 44bb in the income-tax act providing for determination of income of such taxpayers at ten per cent, of the ..... once a non-resident assessee comes within the purview of section 44bb, it cannot come again under the purview of other parts of the act dealing with profits and gains of business or profession.9. ..... as per sub-section (2) of section 44bb of the act the amounts referred to in sub-section (1) shall be the amount paid or payable [whether in or out of india] to the assessee or to any person on his behalf on account of the provision of services and facilities in connection with or supply of plant and machinery on hire used or to ..... this proposed amendment will take effect retrospectively from 1st april, 1983, and will, accordingly, apply in relation to the assessment year 1983-84 and .....

Assistant Commissioner of Vs. Singla Rice and Gen. Mills

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)82ITD778(Delhi)

..... but as far as section 45(4) is concerned, it is noticed that prior to finance act, 1987 there was clause (ii) of section 47 which read as under: - in distribution of capital assets on the dissolution of firm, body of individuals or otherwise association of persons.since this clause was earlier contained in section 47 it meant that the distribution of capital assets on ..... to note that sections 45(3) and 45(4) were inserted by the finance act, 1987 w. e. f. ..... that the finance act, 1987 w. ..... therefore instead of incorporating the effect of section 45(4) in section 2(47) the suitable amendment was carried out by the same finance act in section 47 the result of which is that the distribution of capital assets on the dissolution of firm would be ..... with these remarks we restore the matter of valuation of land, building and machinery to the file of assessing officer by holding that the provisions of section 45(4) are attracted to the facts of the case and direct him to compute capital gains as per law after affording a reasonable opportunity of being ..... original assessment at nil income by ignoring the loss declared on the ground that the return was filed beyond the time limit prescribed under section 139(1).on appeal the cit(a) directed the assessing officer to determine the loss as per law and complete the fresh assessment. ..... assessment year 1988-89 but no consequential amendment was carried out under section 2(47) to provide that the distribution of assets on the dissolution of firm would .....

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 of Vs. Kelvinator of India

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)67ITD213(Delhi)

..... prior to amendments made by finance act, 1987 w.e.f. ..... act by issue of notice under section 148 on 20-4-1990 were not valid, without taking into consideration the amended provisions of section 147 introduced by the direct tax laws (amendment) act, 1987 w.e.f ..... the amendment in these sections has been made by the direct tax laws (amendment) act, 1987 w.e.f. ..... 1989.accordingly, in such a situation we hold that the assessing officer was having legal jurisdiction in initiating the procedure under section 147 of the act by issue of notice under section 148 on 20-4-1990 under the amended provisions of section 147 introduced by the direct tax laws (amendment) act, i.e. ..... careful consideration of the material on record and the rival submissions, we are of the opinion that revenue's appeal is on the legal issue of assuming jurisdiction under section 147 of the act by virtue of powers conferred on him under the amended provisions w.e.f.1-4-89 and thereby validity of such an action. ..... it is thus where the legislation does not make an amendment by specifically enacting its applicability with retrospective date, then any amendment made in the procedural sections cannot penetrate into the limited scope with retrospective effect." ..... in the preceding para, we have held that the assessing officer was having legal jurisdiction under section 147 of the amended act but whether the action taken by the assessing officer in the case of the appellant is a valid action or not is being considered hereinafter.11 .....

Sir Shadi Lal Enterprises Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)48ITD258(Delhi)

..... the dispute has its origin on the interpretation of proviso to section 43b inserted by the finance act of 1987 w.e.f. ..... proviso inserted by the finance act, 1987 w.e.f. ..... in the explanatory notes to finance bill, 1987, 165 itr statute 125, it is provided as under: clause (x) seeks to amend section 43b of the income-tax act relating to allowability of certain expenses only on actual payment ..... by virtue of the said letter dated 14-1-1991 assessee requested the assessing officer to amend the intimation in the light of mandatory provisions of section 143(1b).assessee also approached the hon'ble high court of allahabad and the latter vide order dated 14th february, 1991, directed the assessee to file an application under section 154(1)(b) of the income-tax act raising the contentions and objections as are open in law with regard to the intimation sent by the ..... assessing officer under section 143(1).the deputy commissioner was directed by the hon'ble high court to consider the said application of the assessee and the ..... the purpose for insertion of the proviso to section 43b can be derived from the speech of the finance minister at the time of introducing the finance bill of 1987 and or the explanatory notes issued in this .....

Bindals Developers Pvt. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... and from the memorandum explaining the finance bill, 1987 (supra), it is crystal clear that the amendment 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. ..... 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 ..... the rajasthan high court in maharani yogeshwari kumari s case (supra) again considered the same question and after referring to various judgments held as follows: section 22 of the it act has created a charge on the income in respect of annual value of the property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such ..... to entertain a petition for exercising revisional jurisdiction was before the amendment derived from section 115, cpc, and the legislature has by the amending act attempted to explain the meaning of that provision. ..... the nature of amendment to section 29(2) of the bombay rents, hotel and lodging house rates control act as amended by gujarat act 18 of 1965, observed as follows: the amending clause does not seek to explain any pre-existing ..... principle from the viewpoint 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 .....

Steel Authority of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD193(Delhi)

..... by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e. ..... section 115j inserted by finance act of 1987 with effect from 1-4-1988 provides that where the income of a company as computed under the act is less than 30% of the book profits the total income of the assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to 30% of such book profits. ..... these amendments will take effect from 1 st april, 1988 and will, accordingly, apply in relation to the assessment year 1988-89 and subsequent years (clauses 40 and 43).while proposing the amendment in section 115j the prime minister and the minister of finance in his speech on 29th february, 1987 said as under: in respect of direct taxes, i propose to make the following amendments: (b) the finance bill inserts a new section 115j in the income-tax act to levy a minimum tax on 'book profits' of certain companies. ..... it may be pertinent to mention that while introducing the finance bill of 1987 the adjustment permissible under section 205 of the companies act, 1956 for loss or unabsorbed depreciation, whichever is less was not proposed to be set off against the book profits of the company. ..... according to the learned counsel when section 115j was proposed in the finance bill of 1987, the adjustments permissible under the companies act, 1956 did not find place in the section. .....

income-Tax Officer Vs. Lall'S Gem Exports

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)52ITD385(Delhi)

..... to our notice that section 80hhc has been amended by the finance (no. ..... the assessee has conceded before us that section 80hhc has been amended retrospectively but has prayed that the matter may be remitted back to the assessing officer in order to examine as to whether the sale of goods made by the assessee involve clearance at the custom station as defined in the customs act, 1962. ..... satisfied that any goods entered for export are not prohibited goods and the exporter has paid the duty, if any, assessed thereon and any charges payable under this act in respect of the same, the proper officer may make an order permitting clearance and loading of the goods for exportation.as is evident from sections 50 and 51 quoted above, clearance is to be obtained by the exporter of the goods. ..... has been resolved by the retrospective insertion of explanation (aa) to section 80hhc which reads as under: export out of india shall not include any transaction by way of sale or otherwise in shop, emporium or any other establishment situate in india not involving clearance at any custom station as defined in the customs act, 1962 (52 of 1962).the expression 'not involving clearance at any custom station' as denned in the customs act of 1962 has been considered by 'b' bench of the ..... order for assessment years 1987-88 and 1988-89 directing the assessing officer to treat the local counter sales made against foreign exchange as export sales for the purposes of computation of deduction under section 80hhc.2. .....

The Dy. Commissioner of Vs. Shri Bhim Singh Lather

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)282ITR151(Delhi)

..... to obviate this difficulty sub-section (5) was added to section 45 by the finance act, 1987 with effect from 1-4-1988. ..... the finance act, 2003 inserted sub-section (16) in section 155 to provide that where such amount of compensation or consideration is subsequently reduced by any court, tribunal or other authority, capital gain of that year in which the compensation or consideration received was taxed shall be recomputed accordingly and the assessing officer 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 tribunal or authority to be the full value of the ..... compensation or consideration as referred to in clause (9) or, as the case may be, the compensation or consideration enhanced or further enhanced as referred to in clause (b) of sub-section (5) of section 45 to be the fall value of consideration deemed to be received or accruing as a result of the transfer of the asset and subsequently such compensation or consideration is reduced by any court, tribunal or oilier authority, the assessing officer shall amend the order of assessment so as to compute the capital gain by taking the compensation or consideration as so reduced by the court, tribunal or any other .....