Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD536(Kol.)
..... jagannath steel corporation [1991] 191 itr 676 by the calcutta high court that the first proviso to section 43b inserted by the finance act, 1987 w.e.f. ..... been held that 'cess' is different in nature and character from "tax or duty" and therefore it cannot be disallowed under section 43b as it stood prior to the amendment to the section made by finance act, 1988 w.e.f. ..... with a view to improving the liquidity position of the public financial institutions and to prevent the misuse of limited resources of finance available to trade and industry through the medium of financial institutions, the bill seeks to amend section 43b of the act to provide that any sum payable as interest on any loan or borrowing from any public financial institution in accordance with the terms and conditions of the agreement governing such loan or borrowing, shall not be allowed as a ..... contrary, a clear intention is expressed in the memorandum explaining the provisions of the finance bill that the amendment would take effect only prospectively. ..... these words which are usually coined by the legislature to denote that the amendment or the statute will take retrospective effect are absent in the provision with which we ..... ) 192-193.the memorandum which contains the reasons for introducing the amendment and therefore should be construed as contemporanea expositio, shows that parliament was fully aware of the legal controversy whether the words "tax" and "duty" covered statutory levies such as cess, fees etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)112ITD57(Kol.)
..... (va) of sub-section (i) of section 36, and where such payment has been made otherwise than in cash, the sum has been realized within fifteen days from the due date.the above second proviso has been omitted by the finance act, 2003 with effect from 1.04.2004 and the special bench, chennai in the case of kwality food products reported in 100 itd 198 has held that such amendment by the finance act, 2003 is ..... intended that deduction would be allowable in respect of all types of buildings/accommodations used for the purposes of business or profession, then it would not have felt the need to amend the provisions of section 37 so as to make a definite distinction with regard to buildings used as guest-houses as defined in subsection (5) of section 37 and the provisions of sections 31 and 32 would have been sufficient for the said purpose. ..... total income of the assessee: (x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees; as per section 36(1)(va), the assessee will get the deduction for the payment of the employees' contribution made on or before the due date. ..... court in case of george william sons reported in 284 itr 619 has held that such amendment to second proviso to section 43b is retrospective in nature and therefore this will be applicable to earlier year also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... would have no difficulty in following the elaborate decision of our co-ordinate bench, but for the amendment in section 90 of the it act, 1961, by the finance act, 2001, with retrospective effect from 1st april, 1962 ..... (a) has referred to the decision of the tribunal in favour of the assessee, but has pointed out that after the decision of the tribunal, there has been amendment by the finance act of 2001, in section 90 of the it act, 1961, by virtue of which an explanation to section 90(2) was added. ..... . 2nd april, 1982, by virtue of which the cbdt has clarified that in the event of conflict between the provisions of the it act, 1961, and the provisions of dtaa, the provisions of dtaa would prevail over the provisions of the it act.according to the learned counsel for the assesses, explanation to section 90 incorporated by the finance act, 2001, with retrospective effect from 1st april, 1962, is inapplicable in view of the clarification of the cbdt relating to the rate of tax ..... . section 90 was amended, as pointed out earlier, by the finance act, 2001 with retrospective effect from 1st april, 1962, by incorporation of the explanation which has been quoted in para 48 above.at this stage it will be relevant to refer to article 24 of the dtaa, which reads as under : " ..... . iac (1987) 29 ttj (ahd) 452 : (1987) 21 itd 640 (ahd) allowing the claim of the assessee after taking into consideration the decision of punjab and haryana high court in the case of laxmi ginning & oil .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD198(Kol.)
..... " the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7. ..... by the finance (no.2) act, 1991 with retrospective effect from 1-4-1987, which reads as below :-- "(ba) 'total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962): provided that in relation to any assessment year commencing on or after the first day of april, 1991, the expression "total turnover" shall have effect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (me) of section 28." 4. ..... counsel for the assessee thereafter argues that the supreme court has held in the following two cases that amendments which appear to be prospective but at the same time are clarificatory or explanatory in nature, should be construed retrospectively even though such retrospective operation was not specifically mentioned by the legislature :-- (i) allied motors (p. ..... in this particular case, the calcutta high court upheld the declaratory validity of rule 1d of the wealth tax rules on the consideration of a latter amendment to the wealth tax act by inserting schedule-iii to the act almost in the same manner, in which rule 1d had earlier been enacted.8. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from house property ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been ..... is in the light of the above-mentioned facts and law, particular the amended provisions of section 147 and section 27(iiib) i am of the opinion that the action under section 147 was justified in this case for the respective assessment years under consideration.10. ..... however, the cit(a) dismissed the appeals of the assessee upholding the action of the ao in reopening the assessments under the amended provisions of the act and bringing to tax the rent received by the assessee in respect of the leasehold property, under the head 'income from house ..... this case the assessee was, as a result of amendment to section 27(iiib) read with section 269ua(f), required to disclose the income from sub-letting of the house property under the head 'income from house property' and the deductions were to be restricted in accordance with the relevant provisions of the act relating to the said head. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... section 164 as it stood before the amendment introduced with effect from 1-4-1970 by the finance act ..... section, 'maximum marginal rate' means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act ..... finance act, 1970 substituted the following section in place of the earlier section ..... 2 to section 164 which defines the expression "maximum marginal rate" as the rate of income-tax (including surcharge on incomes, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the ..... or for the benefit of any person, or where the individual shares of the persons, on whose behalf or for whose benefit such income or such part thereof is receivable (which persons are hereinafter in this section referred to as the beneficiaries) are indeterminate or unknown, tax shall be charged as if such income or such part thereof were the total income of an association of persons, or, where such income or such ..... the bench vide its order dated 1-12-1987 accordingly referred the following question to the president of the income-tax appellate tribunal for constituting a larger bench under section 255(3) of the act in order to resolve conflict: whether in a case of private discretionary trust whose beneficiaries or their shares are indeterminate or unknown the status under which it should be ..... 1987 ..... 1987 ..... 1987 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)69ITD135(Kol.)
..... the learned authorised representative mentioned that section 40(3)(vi) of the finance act, 1983 specifies that building and land appurtenant thereto used by the assessee as a factory, godown or warehouse for the purpose of its business shall be excluded for the purpose of computing net wealth of the company. ..... for the purpose of object of section 40 introduced by the finance act, 1983, the budget speech of the then finance minister is relevant. ..... in the subsequent years, section 40 of the finance act, 1983 was abolished.5. ..... that if the property taken on long lease by a company for business purpose, the assessing officer (wto) has to see whether the lease amounted to commercial exploitation of the assets in the light of the object and purpose of section 40 of the finance act, 1983. ..... he submitted that it is true that for income-tax assessment the said income was accepted by the department as a business income but the department has already taken step under section 263 of the income-tax act, for revision of the earlier assessment orders. ..... therefore, to curb this subterfuge, the levy of wealth in the manner envisaged in section 40 ibid was found necessary. ..... ), he justified the action of the cwt under section 25(2) of the wealth-tax act. ..... mishrilal jain [1986] 161 itr 583/[1987] 30 taxman 186 (pat.). ..... the finance minister in his budget speech observed [1983] 140 itr 32 (st. ..... hence, the case in hand, does not fit into any particular slot in section 40(3). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... since the instrumentality of the association of persons and body of individuals had been widely used in the past for tax evasion, the amending act, 1987, introduced a new scheme for their taxation by inserting section 167b in the income-tax act, which provided that in the case of an association of persons or body of individuals, tax shall be charged at the maximum marginal rate in the following circumstances : (i) where the shares of the association or body are indeterminate or unknown (this was ..... the third situation envisages in the second proviso to section 86 is that where no income-tax is chargeable on the total income of an aop, which is otherwise chargeable to tax at the normal rates, falls below the minimum threshold of taxation under the relevant finance act, in such a situation though the share of the member in the income of an aop, as computed under section 67a of the act, shall be included in the total income of the member.13. ..... total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rale; (ii) any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... since the instrumentality of the aop and boi had been widely used in the past for tax evasion, the amending act, 1987, introduced a new scheme for their taxation by inserting section 167b in the it act, which provided that in the case of an aop or boi, tax shall be charged at the maximum marginal rate in the following circumstances : (i) where the shares of the association or body are indeterminate or unknown (this was the earlier ..... the third situation envisaged in the second proviso to section 86 is that where no income-tax is chargeable on the total income of an aop, which is otherwise chargeable on the total income of an aop, falls below the minimum threshold of taxation under the relevant finance act, in such a situation though the share of the member in the income of an aop, as computed under section 67a of the act, shall be included in the total income of the member.13. ..... (2) where, in the case of an aop or boi as aforesaid not being a case falling under sub-section (1) : (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate ; (ii) any member .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... term capital gain liable to tax in the hands of the assessee by taking the cost of acquisition as nil in terms of the following provisions of sub-clause (iiia) of clause (aa) of sub-section (2) of section 55 of the income-tax act, 1961 which has been inserted, by the finance act, 1995 with effect from the assessment year 1996-97 (sub-clause (iiia) in short). ..... effect to the provisions of sub-clause (iiia) has to be given even if it causes hardship, inconvenience or impairs or abrogates the existing right of a person, we are not oblivious of the fact that the legislative amendments through sub-clause (iiia) has put the assessee in a disadvantageous position inasmuch as he was not allowed the full cost of acquisition against original shares while computing the capital gains thereon in assessment year ..... 28 of the finance act, 1956, the sub-section comes into force ..... finding that till 31st march, 1993, it could not be said that the trust had invested its funds contrary to the provisions of section 11(5) of the act, since the legislature had allowed time till 31st march, 1993, to reinvest such investments in accordance with the provisions of section 11(5) of the act by inserting the proviso (iia)." 37. as evident from the above, the facts before the hon'ble madras high court in the ..... union of india (1987) 4 scc 31, 37, 38), the hon'ble court has observed: "we do not also find much substance in the plea that this concession being a new one it can only be prospective in operation and cannot be .....
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