Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat mumbai Page 1 of about 145 results (0.216 seconds)

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... it is very clear from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform treatment of capital loss ..... (7) the cit(a) has observed that as a result of the amendment brought in by the finance act, 1987 in the provisions of law contained in section 70, there is no distinction between long term capital gains and short term capital gains in matters relating to carry ..... giving rise to long term capital gain and short term capital gain has been clearly defined in the act and the conclusion of the cit(a) that the distinction between long term capital gains and short term capital gains have been completely done away with by the amendment to section 70 by the finance act, 1987 is not correct. ..... the finance act, 1987 has amended the provisions of section 70 and the amended law should apply to the impugned assessment years 1995-96 and 1996-97 which are different from the law relating ..... the finance act, 1987 brought an amendment in section 70 ..... the learned senior counsel contended that the text of the circulars referred to in above paragraphs clearly showed the intention of law wherein the amendment brought in by the finance act, 1987 dispensed with any sort of distinction between long term loss and short term loss in matters of set off and carry forward and allowed the set off of loss of .....

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. ..... if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export turnover was quite different. ..... thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was introduced. ..... in this regard, we have also noted that the order under section 263 of the act was passed on 30-12-1988 when the benefit of the amendment brought by the finance (no. ..... 32.20 this amendment takes effect retrospectively from 1st day of april, 1987, the day from which 'total turnover' became relevant for the purpose of computation of deduction under section 80hhc. ..... the assessee excluded the freight and insurance from the total turnover also in the computation of export profit, as per section 80hhc(3)(b) of the act and the assessing officer accepted the computation in the assessment order, without any discussion.4. ..... the learned departmental representative, on the other hand, relied on the order of the commissioner under section 263 of the act and also emphasised that explanation (ba) below section 80hhc does not use an expression "for the removal of doubts" and gives a specific date of 1 -4-1987 for retrospective operation. .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... he noted the argument of the appellate that the transfer is always relatable to the execution of the lease deed and not on mere giving of possession.he considered the amendment to section 2(47) of the act by the finance act, 1987 which added clause (vi) to the said section along with an explanation which amendment was operative from 1-4-1988. ..... in para 11 he reproduced the clause iii of the memorandum of association in which it was stated that the definition of the term 'scientific research' as may be amended in section 43(1)(i) of the act would equally to the term used in the said clause. ..... if the definition of 'scientific research' in section 43(4)(i) of the income-tax act, 1961, or the corresponding provision of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. 2. ..... if the definition of 'scientific research' in section 43(4)(1) of the income-tax act, 1961, or the corresponding provisions of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. ..... research in the fields of natural or applied science including agriculture, animal husbandry, fishing and so on and the provision in its memorandum of association that the term 'scientific research' would also cover such fields a may be included in section 43(4)(1) of the act as it stood at the relevant time and as may be amended from time to time. .....

Huf of H.H. Late Sir J.M. ScIndia Vs. Acit, Range - 18(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... by the finance act, 1987, with effect from april 1, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even if there is no cost of ..... in a case where cost cannot be ascertained, the fair market value cannot be taken into consideration under section 55 of the income-tax act, 1961, because the very basis of capital gains is that at some point of time the person who initially acquired the property did so at some cost in terms of ..... therefore, even if the amendment is taken into consideration section 55 can be invoked in cases of nil cost of acquisition for the purpose of bringing to tax the entire sale consideration only in relation to the specified assets.from a reading of this it is clear that it is for the revenue to show ..... similarly, section 55 has been amended from tune to time to enable the taxation of other assets wherein no cost of acquisition is ..... jadeja gujarat high court though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for determining the chargeable profits and ..... the asset referred to in section 45 of the act has to be one: (i) in the acquisition of which it is possible to envisage a cost; (ii) in the acquisition whereof the assessee had incurred a cost, and the onus of showing that the assessee had incurred cost is on the .....

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)28ITD499(Mum.)

..... now, the term "income-tax authority" is defined in sections 245a(6) (as it existed prior to the amendment of the section brought about by finance act, 1987 with effect from 1-6-1987) as under :-- (b) "income-tax authority" means a director of inspection, a commissioner, a commissioner (appeals), an appellate assistant commissioner, an inspecting assistant commissioner or an income-tax officer.even after the amendment, the term "income-tax authority" is defined in clause (d) of sections 245a as income-tax authority specified in section 116. ..... section 245f (which was omitted by finance act, 1987 with effect from 1-6-1987) read as under: 245m (1) notwithstanding anything contained in this chapter, any assessee who has filed an appeal to the appellate tribunal under this act which is pending before it shall, on withdrawing such appeal from the appellate tribunal before the 1st day of october, 1984, be entitled to make an application to the settlement commission to have his case settled under this chapter : ..... 321/bom/1987), it is pointed out that the assessee had filed a settlement application under section 245c(1) of the income-tax act for the assessment year 1979-80 which was admitted by the settlement commission by their order dated 26-11-1984 under section 245d(1). .....

Asstt. Cit Vs. Vijay Talkies

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... he submitted that the law prior to the amendment of section 45 of the act was that the distribution of capital assets on dissolution of the firm was not to be regarded as transfer under clause (ii) of section 47; but the finance act, 1987 with effect from 1-4-1988 omitted this clause, the effect of which is that the distribution of capital assets on the dissolution of a firm would henceforth be regarded as ..... (supra) has considered the decision of the apex court in malabar fisheries' case (supra) and various other decisions of the same line and has held that all these judgments were previous to the amendment brought about by the finance act, 1987 which introduced sub-sections (3) & (4) in section 45, with effect from 1-4-1988. ..... has held that in view of omission of section 47(ii) by the finance act, 1987, the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer, no amendment is required in the definition of transfer in section 2(47) of the income tax act.9. ..... after considering the amended provisions of sections 45(4) and 47 of the income tax act, it was held that the purpose and object of the act of 1987 was to charge tax arising on distribution of capital assets of firms which otherwise was not subject to taxation to block the escape routes for avoiding capital gains tax and therefore if the object of the act is seen and the mischief it seeks to avoid, it would be clear that the intention of parliament was to bring into .....

Sbm Engg. Products (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD116(Mum.)

..... " finance act, 1987, again amended section 80 with effect from 1st april, 1988 to include the reference to sub-section (3) of section 74 by the . ..... similarly, the direct tax laws (amendment) act, 1987 amended section 80 with effect from 1st april, 1989, substituting the words "in accordance with the provisions of sub-section (3) of section 139 or within such further time as may be allowed by the income-tax officer. ..... notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed under section 139, shall he carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74.the taxation laws (amendment) act, 1984 further amended section 80 with effect from 1st april, 1985, substituting the words under section 139' by the expression "within the time allowed under sub-section (1)of section 139 or within such further time as may be allowed by the income-tax officer. ..... the taxation laws (amendment) act, 1984 amended section 80 with effect from 1-4-1985 substituting the words 'under section 139' by the expression "within the time allowed under sub-section (1) of section 139 or within such further time as may be allowed by the income-tax officer". .....

Deputy Commissioner of Income Tax Vs. Reliance Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD209(Mum.)

..... " he further submitted that section 195 of the act was amended by the finance act, 1987, to provide for deduction of tax at source on payment of certain sums to non-residents either at the time of credit of the same to their accounts or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever ..... , the assessee made an application for the remittance of the charter charges without deducting tax at source.according to the learned counsel for the assessee, although the ao has relied on section 9(1)(i) r/w section 5(2)(b) of the act, for taking the view that the charter charges are taxable in india, the arguments have been advanced by the learned departmental representative only on the issue of business connection in india. ..... any view, there is no transaction involved in the time charter party of the nature to attract the provisions of section 2(47) of the act and, therefore, this limb can also have no application.therefore, the provisions of section 9(1)(i) referring to "through or from any business connection in india" will have to be considered. ..... however, the expression and the language used in section 172 is mirrored in section 44b of the it act.section 44b is a special provision for computing profits and gains of shipping business in the case of non- ..... it was contended before the learned cit(a) that the provisions of section 9(1)(i) r/w section 5(2)(b) of the act were not applicable and that the charter charges were not taxable in india .....

Savitri and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)74ITD225(Mum.)

..... it is also claimed that the amendment introduced by the finance act, 1987 relating to sections 27(iiia) and 27(iiib) are of a clarificatory nature and so have a retrospective ..... is also pleaded that from 1992 onwards, there has been a change in section 27 of the income-tax act by virtue of which it is the beneficial owner of the house property that has to be assessed in respect of the income from house property under section 22 of the income-tax act and not the legal owner. ..... realities as mentioned by the apex court in the above headnote which we have extracted, the apex court came to the conclusion that the requirement of compliance with the requirements of the transfer of the property act and registration act in the context of section 22 is not warranted. ..... , in the context of section 22 of the income-tax act, 1961, having regard to the ground realities and further having regard to the object of the income-tax act, namely, to tax the income, "owner" is a person who is entitled to receive income from a property in his ..... 6,03,800, being deductions under section 24(1) of the income-tax act for repairs] in the hands of ..... the provisions of section 27(iiia) and 27(iiib) provide for specific situations and we do not see how they give a blanket permission to the assessee to override the registration requirement laid down under the transfer of property act and the registration act.12. ..... is only in the context of deciding who is the owner for the purpose section 22 of the income-tax act, i.e. .....

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD83(Mum.)

..... then as per finance act, 1987 section 45(5) was introduced having clauses (a) ..... this difficulty sub-section (5) was introduced with effect from 1-4-1988 by the finance act, 1987. ..... & associates have also drawn attention of the assessing officer on the provisions of section 45(5) which was introduced with effect from 1-4-1988 by the finance act, 1987. ..... to simplify the procedure section 155(7a) was introduced by finance act, 1978 with retrospective effect ..... it was also brought to our notice that now sub-clause (c) has also been introduced in addition to clauses (a) & (b) to section 45(5) with effect from 1-4-2004 by the finance act, 2003. ..... was also deleted by direct tax laws (amendment) act, 1987. ..... section has been omitted with effect from 1-4-1992 by the direct tax laws (amendment) act, 1987 ..... was a provision in section 155(7a) according to which where in the assessment for any year the capital gain arising from the transfer of capital asset, being a transfer by way of compulsory acquisition, is computed under section 48 and such compensation is enhanced by any court or the tribunal, etc.the same can be recomputed in accordance with the section 48 by taking the enhanced compensation to be the full value of the consideration received and shall make the necessary amendment. ..... cit (appeal) should have appreciated that additional compensation allowed to be withdrawn is taxable within the provisions of section 45(1) and only the year of taxation has been amended by introduction of section 45(5). .....