Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD199(Chennai)
..... the object that was accomplished by the amendment was to give effect to the true intention behind the introduction of the section.that amendment is, therefore, required to be regarded as retrospective qua the amendment incorporated by the finance act, 1987.32. ..... section 43b of the act was further amended by the finance act, 1987.two provisos were added w.e.f. ..... (supra) hon'ble supreme court treated the first proviso to section 43b as inserted by the finance act, 1987 as retrospective in operation for and from assessment year 1984-85. ..... by the finance act, 1987 amendment two provisos were inserted.second proviso was a measure for penalizing employers who misutilised the contributions. ..... the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. ..... question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2002)81ITD182(Mad.)
..... amendment to section 2(47)(v) of the it act and section 27 of the it act as well as the explanation inserted by the finance act, 1987 ..... above provisions quoted above and from the facts discussed as above, it is clear that in this case, the issue is only a transaction of sale for which only section 4 of the gt act is applicable, as the ao himself assessed the gift on the basis of the difference between the actual consideration and the value of the property prevailed as per guideline ..... section 2(47) which includes transaction of the type referred to in section 53a of the transfer of property act is different from the expression of transfer of property used in section 2(xxiv) of the gt act for the reason that the amendment made in the it act have not been carried out in the gt act so as to include the transactions of the type described in section 53a of the transfer of property act ..... the ao treated the difference between the market value of the property and consideration received by the assessee as a deemed gift under section 4(1)(a) of the gt act, where property is transferred otherwise than for adequate consideration, the amount by which the market value of the property at the date of the transfer exceeds the value ..... amendment of section 2{47)(v) of the it act, contemplates any transaction involving the allowing of 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, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)25ITD1(Mad.)
..... aiyer explaining the changes in the law relating to capital gains in section 45 of the income-tax act brought about by the finance act of 1964 : (i) bonus shares - an assessee who holds any equity shares and receives any bonus shares will be liable to be charged to income-tax under the head 'capital gains' in respect of such bonus shares, as if he had transferred ..... this would be clear when we take into account the amendments brought about in section 55(2)(i) of the act with reference to the date of substitution which was originally 1-1-1954, which was later on amended as 1-1-1964 by the finance (no. ..... 2) act of 1977 with effect from 1-4-1978 and subsequently as 1-4-1974 by the finance act of 1986 with effect from 1-4-1987.we derive support for this view of ours from the twelfth schedule of the income-tax act, 1961, which was introduced with effect from 1-4-1983, by the finance act, 1982. ..... ) of 1985, dated 14-8-1987] wherein the appellate tribunal had upheld the decision of the cit (appeals) in the following words : the next question to be decided is as to the percentage rate at which the capitalisation should be made. ..... 1-4-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD100(Mad.)
..... the second limb of shri jagadisan's argument was that the amendments made by the finance act, 1988 and the finance act, 1989 to section 263 cannot affect the assessee's rights. ..... aspects of the ito's order which are to the revenue's prejudice.the high court concluded the matter by observing: "in this statutory milieu, we do not see any implied curb on the revisional powers of the commissioner under section 263, which might be thought to exist merely on the accident of the quite different aspects of the officer's order having been carried in appeal before the aac....the theory that the whole order of assessment is before ..... on those points considered and decided by the first appellate authority.it is well worthwhile to note here that, shri jagadisan's assertions to the contrary, notwithstanding, even prior to the 1988 and 1989 clarificatory amendments to section 263, the view taken by the madras high court was in accord with the legislative intent which was clarified by the 1988 amendment, and which was put beyond the pale of any doubt by the still more clarificatory 1989 ..... these two appeals by the are directed against the orders passed by the commissioner of income-tax, central-ii, madras, under section 263 of the income-tax act, 1961 on 10-3-1987, relating to the assessment years 1982-83 and 1983-84.2. ..... rajput [1987] 164 itr 197 (fb).6. ..... in the case before us both the impugned orders of the cit were passed on 10-3-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD349(Mad.)
..... the contrary, the fees in question are fees strictu sensu, it will have to be ascertained whether the provisions of section 43b as amended by the finance act, 1988 are applicable to assessment year 1987-88 now before us. ..... nothing in the said finance act to indicate that the said amendment was to have retrospective force ..... third thesis was that the words "cess or fee, by whatever name called" were inserted into section 43b(a) of the act by the finance act, 1988 with effect from 1-4-1989. ..... persons on such conditions and for such period as they may deem fit, the exclusive or other privilege of manufacturing, or selling by retail, country liquor or indian-made foreign spirits.sub-section (1a) of the section stipulates that notwithstanding anything contained in the prohibition act, the tamil nadu state marketing corporation limited, which is a corporation wholly owned and controlled by the state government, and which is the assessee before us, shall have the exclusive ..... then arises for consideration is whether the provisions of section 43b of the income-tax act, 1961, with or without the 1988 amendment, would be applicable to this case ..... we were to go on the basis that, the 1988 amendment is declaratory in nature and retroactive in operation, the case of the department will not improve, because the case before us, as we have seen earlier, is not one of fee strictu sensu, nor is it one of cess.we, therefore, hold that there is no question of invoking the provisions of section 43b of the act.34 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD191(Mad.)
..... 342, dated 30-6-1982 that this was with a view to encouraging house construction.sub-section (4) introduced by finance act, 1987 by which it was provided that the unutilised funds should be deposited in a specified bank account. ..... however, the finance act, 1987 introduced sub-section (4) to say that the amount of net consideration which is not utilised for the construction of a new asset before the date of filing the return shall be deposited in a specified bank account and if it remains unutilised for the ..... this is in contrast with section 54e where originally any investment of the proceeds in specified assets were exempt under the section as enacted by finance act, 1978. ..... that section had been inserted by the finance act, 1982 with a view to encouraging house construction. ..... after the aforementioned amendments, where the amount of capital gains or the net consideration, as the case may be, is not appropriated or utilised by the tax-payer for acquisition of the new asset before the date for furnishing the return of income, it shall be deposited by him on or before the due date of furnishing the return of income, under section 139(1) in an account with a bank or institution and utilised in accordance with a scheme framed by the central government in this regard. ..... with a view to dispense with such rectifications of assessments, the amendments made to sections 54, 54b, 54d and 54f provide for a new scheme for deposit of amounts meant for reinvestment in the new asset. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)84ITD199(Mad.)
..... referred to section 80a(3) specifically providing that no deduction would be available in computing the total income of the partner, after allowing the deduction under section 80t in computing the total income of a firm, aop or boi.it is pointed out that section 80t was omitted by finance act, 1987, and that in the new scheme of computation of capital gains deduction was inserted by section 48(2). ..... discussed above, we uphold the finding of the cit(a) that the assessee being a partner in the firm, is not entitled to the deduction under section 48(2) of the it act on the share of capital gains, allocated to him on the basis of the computation in the assessment of the firm. ..... true that section 80a(3) has been amended by the direct tax laws (amendment) act, 1989, w.e.f ..... sri seetharaman, the learned counsel for the assessee, contends before us that there is no bar in the act in giving the deduction under section 48(2) from the share income assessable in the hands of the partner after allowing the deduction in the assessment ..... before the amendment it was clearly provided in section 80a(3) that where in 'computing the total income of a firm, aop or boi, any deduction is admissible under section 80g or......section 80t no deduction under the same section shall be made in computing the total income of a partner of the firm, or as the case may be, of a member of the aop or boi in relation to the share of such partner in the income of the ..... him, as section 80a(3) was amended w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)65ITD87(Mad.)
..... the nature of explanation inserted by the finance act, 1964 and the nature of explanation inserted by the taxation laws (amendment) act, 1975, is different but the effect of the amendment made by the finance act, 1964 and taxation laws (amendment) act, 1975 by inserting explanation 1 to section 271(1)(c) is the same. ..... after considering the legislative history insofar as section 271(1)(c) is concerned and further amendments brought by the taxation laws (amendment) act, 1975 as well as explanation introduced by finance act, 1964, the hon'ble orissa high court at page 647 (203 itr) held as under : ".... ..... mussadilal ram bharose [1987] 165 itr 14/30 taxman 546a (sc) and cit v. ..... mussadilal ram bharose [1987] 165 itr 14/30 taxman 546a, the burden placed upon the assessee is not discharged by any fantastic explanation. ..... mussadilal ram bharose [1987] 165 itr 14/30 taxman 546a and the madras high court decision in the case of cit v. ..... rao [1987] 177 itr 114/43 taxman 204 (mad. ..... v.cit [1987] 168 itr 705/33 taxman 460a relied on by the assessee's counsel is not applicable because the said decision relates to the assessment year 1958-59 and at the relevant time the ratio of the supreme court decision in ..... cit [1987] 168 itr 706/33 taxman 460a no penalty could be levied when the additions to the total income are made on agreed basis.it is stated by the learned counsel that the loan taken from marwari bankers have ..... [1987] 166 itr 698/31 taxman 495 (all. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD415(Mad.)
..... since the section had outlived its life span, the direct tax laws (amendment) act, 1987 omitted the section from the income-tax act.12. ..... the notes on clauses appended to the taxation laws (amendment) bill, 1969 explained the scope and effect of sections 80qq in the following words: clause 24 seeks to insert a new sections 80qq in chapter vta of the income-tax act with effect from 1-4-1970.under the proposed new sections 80qq any person carrying on a business, in india, of the printing and publication of books or publication of books without the activity of printing, will be entitled to a deduction, in the computation of his total income ..... the validity of the aforesaid conclusion of the cit (appeals), who partly allowed the assessee's claim on this issue, will have to be examined in the context of the provisions of sections 80qq of the act.as already pointed out, sections 80qq was introduced in the act by the taxation laws (amendment) act, 1970. ..... the significance of the excluded items, and more particularly there nature lies in that the legislative intent was to extend the benefit of deduction under sections 80qq only to the profits and gains from the business of "publication of books", the term "publication of books" being understood in its ordinary signification. ..... the finance act, 1981 substituted the word "fourteen" for the word "nine". ..... the word "nine" was substituted for the word "four" by the finance act, 1975 with effect from 1 4-1975. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD546(Mad.)
..... line that the appendix-a dated november 12,1981 was nothing but the continuation of the original agreement dated 29-1-1976, he held: - that the lump sum consideration was chargeable to tax at 50% (as stipulated in the finance act); and - that the payment for special engineering services must be brought to tax at the rate of 70% for the assessment years 1985-86and 1986-87 and at the rate of 65% for the assessment year 1987-88 (as provided in the finance act).17. ..... question whether the payment made under a collaboration agreement is royalty or fees for technical services must be decided strictly in accordance with the definitions contained respectively in section 9(1)(vi) and 9(1)(vii); - that the provisions of section 9(1)(i) are more general in nature than those of section 9(1)(vi) and 9(1)(vii) and that as between section 9(1)(vi) and 9(1)(vii), the former contained special provisions; - that the contractual obligations contained in a collaboration agreement must be examined against the backdrop of the ..... payments made for securing special engineering services of sulzer personnel were in the nature of fees for technical services and were, therefore, taxable at the rates indicated above under section 115a(1)(b)(iii) as amended from time to time.none of the aforesaid contentions found favour with the assessing officer. ..... examined the scheme of the act in matters relating to taxation of royalty and technical fees, particularly after the 1976 amendment to section 9(1) of the act. .....
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