Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)61ITD253Indore
..... to chief general manager, uti (copy at page 41 of the paper book), whereby c.b.d.t.clarified that for the purpose of section 2(42a) of the act as it then existed, units are not treated as shares for providing benefit of the proviso to that section inserted by the finance act, 1987. ..... advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. ..... referring to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. ..... shri goyal argued that if 'units' were shares, there would have been no need to amended the proviso to section 2(42a) by finance act, 1994, w.e.f.1-4-1995 to specifically include them for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains on sale thereof. ..... he has right argued that when legislature intended to exclude income from units from section 80m, necessary amendments were brought about from the assessment year 1994-95 and onwards.13. ..... it is only when the legislature intended to exclude income from unit from section 80m that it has made amendments.6. ..... in the said year, the excess shall be allowed to be carried forward in the following assessment year and set off against the speculation profits, if any, in that year, and so on.the explanation inserted by the taxation laws (amendment) act, 1975, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1999)69ITD224Indore
..... the judgment relied on by the assessee were not considered by the assessing officer for the reason that these judgments relate to the assessment year prior to 1-4-1988 as with effect from 1-4-1988 the amendment was brought in sub-section (2) of section 55 whereby the goodwill was brought within the purview of capital gains.the assessment year involved in the instant case is 1991-92 and as such the amendment brought by the finance act of 1987 was applicable to the assessee's case. ..... he further argued that the judgments referred to by the cit (appeals) are not relevant to the assessee's case as the relevant provisions of sections 55(1)(b) and (2)(a) have been amended by the finance act, 1987 with effect from 1-4-1988. ..... this beneficial interest is nothing but goodwill of the firm which was sold and as per section 55 of the act, the cost of acquisition should be adopted at nil and the entire amount of rs. ..... learned departmental representative has emphatically argued that though the assessee has acquired the dealership of kerosene of indian oil corporation by virtue of partition in the joint hindu family, the cost of acquisition should be valued as per section 55 of the act as the goodwill of dealership was sold to sureshkumar for a sum of rs. ..... from the material available on record, it is abundantly clear that there was a transfer of goodwill and its value in the hands of the assessee is to be taken at nil by virtue of section 49 read with section 55 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)60ITD27Indore
..... have been fully set off against the profit of the assessee from other businesses or for the matter of that, against the income of the assessee under any other head by reason of section 70 and 71 read with sub-section (2) of section 32 and sub-section (2) of section 32a, no part of such losses, depreciation allowance or development rebate would be liable to be adjusted over again in computing the profits or gains of the new industrial undertaking for applying the provision contained ..... 2) act, 1987, income from business in view of section 29 has to be computed in accordance with sections 30 to 43a, which would include section 32(2) providing for carry forward of depreciation, section 33(2) providing for carry forward of development rebate and section 41(2) providing for the balancing ..... of deficiency of the past assessment years against 'the profits and gains referred to in sub-section (1) of section 80j, as computed after allowing, inter alia, the deduction admissible under that sub-section and, therefore, if, for the purpose of sub-section (1) of section 80j, the profits or gains of the new industrial undertaking are to be computed in accordance with the provisions of the act and no part of the losses, depreciation allowance or development rebate for the past assessment years ..... [1978] 113 itr 84, the supreme court held that before deduction is made under section 80e as it stood prior to the amendment by the finance (no. ..... out that though section 80ab was inserted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1998)64ITD190Indore
..... realised lacunae's under sub-section (1a) of section 143 and made further amendment by finance act, 1993 w.e.f. ..... the amendment under section 143(1a) of the act was brought to the statute by the finance act, ..... has submitted, that after the amendment brought under section 143(1a) by the finance act, 1993 w.e.f. ..... making the proper application of this amended provision, we should examine the intentions of the legislature, since beginning when this provision was brought to the statute and an amendment was made therein by the finance act, 1993, with retrospective effect from ..... scheme of accepting the return and dispensing with the requirement of passing of assessment order in all cases was introduced by the amendment act, 1987, there was no provision for charge of additional tax. ..... the tax that would have been chargeable had such total income been reduced by the amount of adjustments and specify the additional income-tax in the intimation to be sent under sub-clause (1) of clause (a) of sub-section (1); (b) in a case where the loss so declared under sub-clause (ii) of this clause or the aforesaid adjustments have the effect of converting that loss into income calculate a sum (hereinafter referred to as additional income-tax ..... the relevant portion is reproduced hereunder :- "the new section 143, as substituted by the amendment act, 1987, while dispensing with the necessity of passing assessment orders in all cases did not contain any deterrent provision against filing of incorrect return to show .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2007)106ITD513Indore
..... was rendered by cit(a), gwalior ignoring the amendment in the provisions of law as per which the compensation on acquisition of land was to be taxed on receipt basis and as such the jurisdictional high court decision, referred by cit(a) in his order and also hon'ble supreme court decision referred by cit(a), was not applicable in view of the amendment in the act with retrospective effect by finance act, 1991 and also the amendment by finance act, 1987. ..... to be not valid for assessment year 86-87 for which proceedings were initiated after orders were passed on 30^th september 96 by cit(a) in appeals for assessment year 89-90 and where after assessing officer issued notice under section 148 in all the four cases to bring to tax capital gain in assessment year 86-87 and on this basis it has been strongly pleaded on behalf of the department that there was sufficient and reasonable cause for ..... (3) appeal is required to be filed by the assessee or the department within sixty days from the date of communication of the order to be appealed against on the assessee or the commissioner, as the case may be and under section 253(5) tribunal may admit an appeal after expiry of relevant period referred to in section 253(3) if it is satisfied that there was sufficient cause for not presenting the appeal within that period. ..... following the decision of cit(a) dated 30/9/96, action under section 148 was taken for assessment year 86-87 in these cases and the above decision of cit(a) was also accepted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1992)40ITD595Indore
..... section 143 was amended and the said clauses (ii) and (iii) were again introduced by the direct tax laws (amendment) act, 1987, ..... advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee ..... at this juncture it is pertinent to note that the assessing officer himself was required to look into the additional documents filed with the application under section 154 for the purpose of rectification and so also the cit(appeals) was required to look into additional evidence for deciding the appeal, when strictly speaking no additional evidence can be ..... thus, the finance act of 1980 on the one hand deleted sub-clauses (ii) and (iii) of section 143(1)(b) and on the other inserted section 139(9) providing that the return would be treated as defective unless the annexures, statements and columns in the return were fully filled in and it ..... memorandum explaining the provisions in the finance (no. ..... in the return which, on the basis of the information available in such return, accounts and documents, is prima facie, inadmissible.however, sub-clauses (ii) and (iii) of clause (b) were omitted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2000)72ITD459Indore
..... with the intent to clarify any ambiguity in the construction of this sub-section, another amendment was made by the finance act, 1995 w.e.f. ..... while explaining the necessity of this amendment, the explanatory memorandum to the finance bill, 1995 stated as under : "the legislative intention is that the interest for default in payment of advance tax is to be charged till the date of the determination of total income under ..... is quite unambiguous and its object of insertion was also clarified through an explanatory memorandum to the finance bill, 1995 whereby only one interpretation is possible that the ao can charge interest under this section in a regular assessment under s. ..... while dealing with the terminus period for charging of interest under this section, it has been specified in the aforesaid book that where the income is determined under ..... , 155, 250, 254, 260, 262, 263, 264, 245d(4), it cannot be accepted that the interest under this section cannot be increased or reduced in regular assessment framed after the intimation issued under s. ..... 140a or otherwise - (i) interest shall be calculated in accordance with the foregoing provisions of this section upto the date on which the tax is so paid and reduced by the interest, if any, paid under ..... 234b of the act, it can be easily understood that the legislature has brought necessary amendment by the direct tax laws (amendment) act, 1989 w.e.f ..... with the object of insertion of this section by the taxation laws (amendment) act, 1987 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1993)46TTJIndore635
..... contained in s.32a(8) that the withdrawal of investment allowance would not be earlier than three years from the date of notification making the withdrawal, was amended by the finance act, 1986 w.e.f. ..... contract for the purchase of such ship or aircraft with the builder or manufacturer or owner thereof, as the case may be; (ii) any new machinery or plant installed after the 31st day of march, 1987 but before the 1st april, 1988, if the assessee furnishes evidence to the satisfaction of the assessing officer that before the 12th day of june, 1986 he had purchased such machinery or plant or had entered ..... , 1986 has been granted in respect of the following specified assets : (i) a new ship or a new aircraft acquired after the 31st day of march, 1987 but before the 1st day of april, 1988, if the assessee had entered into a contract for purchase of such ship or aircraft before the 12th day ..... 13th june, 1986, issued thereafter, the provisions of this section shall apply in respect of, - (a)(i) a new ship or new aircraft acquired after the 31st day of march, 1987 but before the 1st day of april, 1988, if the assessee furnishes evidence to the satisfaction of the assessing officer that he had, before the 12th day of june, 1986, entered into a ..... act, 1961 (43 of 1961), the central government hereby directs that the deduction allowable under this section shall not be allowed in respect of any ship or aircraft acquired or any machinery or plant installed after the 31st day of march, 1987 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1990)34ITD347Indore
..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... words indicating that the amending act is declaratory, it would not be so construed when the pre-amended provision was clear and unambiguous.the above extracts refer to the declaratory acts but the principle would be equally applicable to sections which are introduced by amendments to existing acts. ..... the bench had considered the amendment by the finance act, 1989 and had held that the amendment will not have any effect ..... now two points have to be noticed in this connection.the first is that the 1987 amendment had deliberately made it applicable only from the assessment year 1988-89.thus, it was not the intention of the parliament to make it applicable ..... 290 : - but the use of the words 'it is declared' is not conclusive that the act is declaratory for these words may, at times, be used to introduce new rules of law and the act in the latter case will only be amending the law and will not necessarily be retrospective. ..... explanation had been introduced to correct a judicial error.we have already noticed that the amendment was made to neutralise certain decisions like that of the andhra pradesh high court in ..... this is against the legislative intent and it is, therefore, proved by way of a clarificatory amendment and for removal of doubts, that the words 'any sum payable', be defined to mean any sum, liability for which has been incurred by the taxpayer during the previous year irrespective .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2001)76ITD15Indore
..... while lifting the rider, the hon'ble high court of delhi has modified the definition of 'tax arrears' given in clause (m) of section 87 of the said finance act.originally 'tax arrears' means in relation to the direct tax enactment, the amount of tax, penalty or interest determined on or before 31 st day of march, 1998, under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate ..... outset challenged the maintainability of this appeal on the ground that since the appeal for the same assessment year has been dismissed as withdrawn in view of the certificate issued by the commissioner of income-tax under section 90(2) read with section 91 of the finance act, 1998 in respect of kar vivad samadhan scheme, the revenue's appeal should also be deemed to have been withdrawn.3. ..... scheme, no appellate authority shall proceed to decide any appeal of the assessee if he has availed the benefit of kvss by filing a declaration and made the payment of the sum determined by the cit under section 90 of the act but the proviso to this section puts a rider with respect to those appeals which were filed by the revenue and allowed the appellate authorities to proceed with the hearing of such appeals.by the judgment of the delhi high court ..... 2) act, 1998 but also modified the definition of tax arrears' envisaged in clause (m) of section 87 of the said finance act. .....
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