Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1999)65TTJ(JP.)480
..... the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended cl. ..... , the amount of bad and doubtful debts, shall be debited to the provision for bad and doubtful debts account and that the deduction admissible under section 36(1)(vii) shall be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts ..... -92 and 1992-93 are similar which is against confirmation of disallowance of claim of the appellant regarding bad debt which assessee has claimed under section 36(1)(vii).this ground for both the years, we will take first for disposal.brief facts regarding this issue are that assessee claimed bad debt ..... were not inserted by the finance act. ..... board's circular dated 12-6-1987, para 17.1 to para 17.4 which says as under : '1985 : the present proviso to the clause was inserted by the finance act, 1985 with effect from ..... therefore, we are of the considered view that the assessee is entitled to deduction claimed under section 36(1)(vii).now we will see the dispute regarding writing off of the bad and doubtful advances ..... having regard to the increasing social commitments of banks, s.36(1)(viia) has been amended to provide that in respect of any provision for bad and doubtful debts made by a scheduled bank (not being a bank approved by the central government for the purposes of s.36(1)(viia) or a bank incorporated by or under ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)41ITD327(JP.)
..... after the passing of the assessment order on 29-3-1988 the assessee made an application before the high court on 29-4-1988 for amendment of that writ petition and by means of the orders dated 30-11-1988 and 29-11-1991 the hon'ble high court passed interim order staying recovery by coercive process.17. ..... the cases reported in stc and relied upon on behalf of the assessee relate to retrospective cancellation of registration of dealers against the state finance acts. ..... the assessing officer, vide letter dated 13-7-1987, asked the assessee regarding details of the donation and vide letter dated 26-11 -1987 the assessing officer informed the assessee that exemption under section 35 cca could not be allowed to it in respect of the donations of rs. ..... (g) the approvals are subject to your fulfilling the other conditions laid down in the act in this behalf, as may be amended from time to time by the parliament. ..... another cardinal principle which is settled is that an amending notification cannot infuse life into the earlier notification which has already expired by efflux. ..... the principle is also well settled that a statute should not be construed so as to create new disabilities or obligations or impose new duties in respect of transactions which were complete at the time the amendment/cancellation/withdrawal came into force. ..... also any amendment to a statute affecting the legal rights of an individual must be presumed to be prospective unless it is made expressly or impliedly retrospective. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)45ITD299(JP.)
..... apart from the above, the definition of the term "transfer" as given in section 2(47) was suitably modified w.e.f.1-4-1988 with the insertion of clause (v) by finance act, 1987. ..... position that the possession of the plot was given to the assessee on the date of allotment thereof to him on 18-7-1979.now reading the amended definition of the term 'transfer' along with the mandate contained in section 47 of the indian registration act, one would have no difficulty in making the opinion that the registration of the document of transfer on 25-6-1987 in this case would operate from the date of allotment and transfer of possession of the plot to the assessee on 18-7-1979. ..... in view of the clear mandate contained in section 47 of the said act, the conveyance deed, registered in the instant case on 25-6-1987 shall operate from 18-7-1979 on which date the allotment letter in respect to the plot in question was issued by the uit, kota, to the assessee. ..... we, therefore, direct the ito to treat it as such and give benefit of section 54f of the act to the assessee according to law at the time of giving effect to this order. ..... without dispute the assessment year involved in this case is 1988-89 to which the amended provisions of section 2(47)(u) do apply.9. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2000)68TTJ(JP.)663
..... however, by the finance act, 1987, sub-clauses (v) and (vi) and explanation thereto was inserted in section 2(47) with effect from ..... officer (1991) 37 itd 115 (bom-trib)(tm) and relied upon by the commissioner (appeals) was for assessment year 1984-85 when the amendment to section 2(47) was not there and hence facts of that case are not applicable in the instant case. ..... action of the commissioner (appeals), revenue has come in appeal before us.the learned departmental representative submitted that after introduction of amendment to section 2(47), all transactions took place before 1-4-1988, before introduction of amendment and, therefore, capital gains accrued on transfer of all such assets would not become taxable for assessment year 1988-89. ..... 1988, amendment to section 2(47) was introduced whereby sub-clause (v) was introduced, which reads : "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, ..... the fact that the case of the assessee was covered by amended provisions of section 2(47)(v) came into force with effect from 1-4-1988. ..... it is not from retrospective effect and hence the definition of transfer as introduced by this amendment would be effective from the transactions which took place only from 1-4-1988.keeping in view the above facts and the case laws relied upon by the learned authorised representative, we are of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1991)39ITD483(JP.)
..... 28-1 -83 and 22-6-87 by the state government were issued in its finance (r&a1) department and such notifications had nothing to do with the provisions of section 10(17b) of the act. ..... exemption from tax in respect of certain income is within the power of central legislative body-the parliament and not the state government.the state government may at most declare an act or work as done in the public interest and hence the payment made as reward in respect thereto as also being in the public interest. ..... for that reason the instructions, directions, letters, circulars issued by the central government through central board of direct taxes (cbdt) may be taken benefit of by an assessee and the notification by a state government notifying an act work as being of or in the public interest would not amount to a notification by the central government under the provisions of section 10(17b) of the act.we find force in departmental representative's arguments. ..... the learned departmental representative opposed the arguments of mr.ranka on the ground that official act required to be done by an authority must be done by that authority unless there is expressed delegation of authority to do that act by another person or such delegation of authority can be impliedly inferred in a ..... the amended provisions of the scheme inter alia entitled the authorised agents securing investments in all small savings securities, to receive cash awards @ 1 per cent of their total ..... was modified on 1-4-1985 and 22-6-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)54TTJ(JP.)552
..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as wta nos ..... the learned cwt(a), after hearing the assessee as well as the ao, held that the amendment brought about by the finance act, 1988 was effective from 1st april, 1989 and hence the assessee could not claim any exemption for the assessment years under consideration ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had retrospective ..... 40(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... first issue to be decided, therefore, is whether the assessee company was liable for wealth-tax or not in the light of the amendment carried out by finance act, 1988.10. ..... these fresh appeals also the assessee has taken up the ground relating to the applicability of the amendment carried out by the finance act, 1988.9. ..... 7 has been held to be a machinery section and schedule iii referred to therein a procedural provision .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... can be no intendment about the applicability of substantive law when the date of its applicability has been specifically provided for section 87 of the finance act, 1988 specifically provides that the amendment will be with effect from 1-4-1989. ..... pandey contended that since the amendment was to remove the unintended hardship caused by section 40 of the finance act, 1983, it is of a clarificatory ..... as the assessee was aggrieved by the order of the learned cwt(a) on the ground that he denied retrospective operation of the amendment made by finance act, 1988, as also on the ground that he sustained the enhancement in the values of certain properties, it gave rise to appeals before us which are numbered as ..... the learned cwt(a), after hearing the assessee as well as the assessing officer, held that the amendment brought about by the finance act, 1988 was effective from 1-4-1989 and hence the assessee could not claim any exemption for the assessment years ..... but the assessee was also of the opinion that the amendment carried out by finance act, 1988 exempting certain business assets from the levy of wealth-tax, was of a clarificatory nature and hence had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)83TTJ(JP.)246
..... an amendment in this charging section 113 was made through finance act, ..... (e) it is also clear from cursory look over section 4 of it act, that the rates prescribed in finance act is applicable only for the total income of previous ..... several amendments in provisions relating to the block assessment were enacted through the finance act, 2002 and most of them were made applicable ..... the charging section for the block assessment is 158ba(2), which does not speak anything about the rates prescribed in central act, therefore, the rates prescribed in finance act are not applicable for the special assessment of the search ..... first schedule is subject to section 2 of finance act, 2000. ..... i of the first schedule of finance act, 2000 prescribes the levy of surcharge at 10 per cent on income-tax computed in accordance with section 113. ..... no reference in these sections to compute the tax on undisclosed income in accordance with the rates given in finance act. ..... section 2 of the finance act provides that the rates specified in part i of the first schedule are applicable for the assessment year commencing from 1st april ..... clearly mentioned in section 2 of the finance act. ..... relevant to mention here that the part iv of finance act prescribes rules for computation of net agriculture income. ..... the rates given in particular finance act is applicable only to a particular assessment year not for the ..... (d) further, rates prescribed in the finance acts are not applicable for the cases of searches held before 1st june .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2004)87TTJ(JP.)340
..... shn ashif khan and fakaruddin and test chedk in case of vijay kumar taken at the back of the assessee do not have any significance.further, when lease agreement is duly signed by him, acted upon by him, payments made by him in terms of lease agreement no credence should be given to such statements particularly when he was not confronted in respect of the lease agreement duly signed by ..... assessee- company is similar to the banks who are financing the vehicles and eallning interest thereon.thus, in brief the allegation of the assessing officer is that the assessee is neither owner of leased vehicles, nor it is using them for its business and thus the conditions for allowance of depreciation under section 32 of the act are not fulfilled. ..... cit (1987) 166 itr 259 (raj) which lays down the ratio that the term 'owner' used in section 32(1) with reference to allowance of depreciation means , the absolute owner of the ..... 1987) 166 itr 259 (raj).learned commissioner (appeals) has further observed that though no depreciation is allowable to appellant on leased vehicles as per his specific findings, for academic discussion, the rate of depreciation in respect of vehicles given on lease by assessee- company would be @ 30 per cent instead of 40 per cent as claimed by the assessee- company as held in soma financing ..... cit (1987) 166 itr 259 (raj) for distinguishing the position of the assessee's case.even if the block forms have been signed by the lessees, the revenue has relied on the agreement, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)43ITD292(JP.)
..... 's case (supra) at page 438 reference is made to finance act, 1965 passed by the british parliament wherein sub-section (8) had been added to section 15 of the finance act, 1965 to apply it to the provision of all gifts (other than inexpensive gifts incorporating an advertisement) not being gifts of food, drink, tobacco or a token or voucher ..... the expenditure was fully allowable under section 37 as an expenditure laid out or expended wholly and exclusively for the purposes of the business of the assessee and which did not amount to either entertainment expenditure or expenditure relating to advertisement, publicity or sales promotion in terms of section 37(3aj as operative before its omission by the finance act, 1985 with effect from 1-4-1986 ..... legislature thought of inserting the said explanationby the finance act, 1983 with retrospective effect from 1-4-1976. ..... he also submitted that the expenditure in question squarely fell within the expression "entertainment expenditure" which had been defined under explanation 2 to section 37(2a) as including expenditure on the provision of hospitality of every kind by the assessee to any person whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision was made by reason ..... income-tax 10th amendment rules, 1990). ..... he observed that in the accounting years 1985 to 1987 the yield of clinker from raw meal was fixed, namely, for every 1.57 mt of raw meal, 1 mt ..... cit [1987] 163 itr 848 [1986] 27 .....
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