Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat mumbai Page 4 of about 145 results (0.095 seconds)

Cadell Weaving Mill Co. Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in order to overcome the judicial interpretation, the finance act, 1987, with effect from april 1, 1988, has provided in section 55(2)(a) that cost of acquisition in the case of self-generated goodwill will be taken to be ..... according to the assessee, an amendment was introduced in section 55(2) of the finance act, 1994, with effect from april 1, 1995, and it is as follows : (a) in relation to a capital asset, being goodwill of a business, tenancy rights, stage carriage permits or loom hours ;-- (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner, means the amount of the purchase price ; and (ii) in any other case (not being a case falling under sub-clauses (i) to (iv) of sub-section (1) of section 49) shall be taken to be nil." ..... capital gain arising from transfer of any of the following assets, in the acquisition of which the assessee has not incurred any expenditure, the finance bill proposes to amend the provisions relating to capital gains and provide that the cost of acquisition of the following assets is to be taken at 'nil' : the proposed amendment will take effect from 1st april, 1995, and will, accordingly, apply in relation to the assessment year 1995-96 and subsequent years. ..... therefore, according to learned counsel for the assessee, the legislative action by bringing in amendment in section 55(2)(a) would clearly show that the receipts obtained on transfer of tenancy rights were never intended to be taxed prior to april 1, .....

imp Power Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)107TTJ(Mum.)522

..... amendment by the finance act, 2003, second proviso to section 43b was deleted and the first proviso was amended ..... that the assessee had debited the amount of legal fees in the p & l a/c which were made outside india on which no tax was deducted and, therefore, the provisions of section 40(a)(i) were squarely attracted.accordingly, the ao disallowed the amount of legal consultation fee paid outside india.6.3 aggrieved by the decision of the ao, the assessee preferred appeal before the cit(a) ..... not require the assessee to deduct tax.we are of the view that there is no conflict in the provisions of section 195 and section 40(a)(i) of the act because the purpose of section 195 is to ensure deduction of tax at source on payments to non-resident which are chargeable under the provisions of this act and section 40(a)(i) also states the same principle in a sense that disallowance of deduction in respect of any sum which is ..... matter of grave concern for each individual.7.11 in view of the above discussions, both in law and in equity, we are of the considered opinion that the provisions of section 43b being not applicable in respect of the employees' contribution towards pf and esic, the orders of the revenue authorities in this regard are justified and, accordingly, we uphold the same. ..... finance act, 1987 ..... 1987, the object of enacting this provision was to take measures for penalizing the employers who misutilised the contribution to pf or any other fund, set up under the provisions of esi act .....

Tata Infomedia Limited Vs. Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... similarly, it is also noteworthy to take into account the explanatory memorandum, a contained in para 14 thereof, which is reproduced below: under the provisions of section 80-qq of the income-tax act prior to its omission by the direct tax laws (amendment) act, 1987, any person carrying on a business in india, of printing and publications of books or only of publication of books without the activity of printing, was entitled to a deduction in the computation of his taxable income of an amount equal to 20 percent of the profits from ..... the relevant portion of the order in this regard is reproduced below: it is relevant to take into account the speech of the finance minister that was made while introducing the finance bill 1991, an extract from which bearing on the subject, deserves verbatim reproduction: as a token of my commitment to education and research and in recognition of the significant role they have to play in our development process, i propose to extent certain ..... it will also be relevant to take into account the manifest legislative intent as exhibited in the speech of finance minister and explanatory memorandum, the simultaneous revival of section 80-q on the one hand and section 80-qqa on the other, the common characteristics running through all the species of the excluded category of 'books' leads me to the conclusion that the 'book' that is published by the assessee is not envisaged to be of such nature which entitles conferment of section 80-q. .....

Ramparshad Mehra Family Trust Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1995)53ITD425(Mum.)

..... since this was not the intention it was sought to be clarified by finance act, 1987 that deduction under section 32ab shall be allowed only in the assessment of the firm and not in the hands of the partner in respect of the income derived ..... finance act, 1986 introduced section ..... in the case of investment allowance, the incentive is given only to the firm and not to the partner.4.2 now, the provisions of section 32ab as they stood initially, it was found, could conceivably lead to an interpretation that the deduction could be claimed in the case of a firm as also/or in the case of a partner in respect of the income ..... but while making appropriate amendment to clarify the actual amendment was made in following language by way of proviso to sub-clause (ii) to clause (b) of sub-section (1) of section 32ab with effect from 1st april, 1987: provided that where such ..... gotla [1985] 156 itr 323 (sc).again when language of amending provision is not clear, a precise history culminating in the enactment is justified as proper and logical course - see ..... the proviso inserted by way of amendment clearly mentions that the deduction shall not be allowed in the computation of the income of any partner and if read in the context of notes and clauses for the purpose of bringing the amendment, it is quite clear to us that no such deduction is intended by the legislature qua the share of profit derived by ..... ...the language of the amendment, as it stands, has given rise to the present controversy before us .....

Mrs. Prema P. Shah and Sanjiv P. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD60(Mum.)

..... hon'ble supreme court also referred to sections 22 to 27 and held that section 27 includes certain kinds of transactions of ownership and held that this provision is only explanatory and that amendments introduced by the finance bill, 1987 was declaratory/clarificatory in nature in so far as it relates to sections 27(iii), (iiia) and (iiib). ..... the change brought in the section by the finance act, 1979, with effect from april 1, 1979, which reads as "whole or any part of the net consideration" clearly indicates that it should be the whole or part of the consideration received out ..... hence the commissioner of income-tax (appeals) held, the assessee being a non-resident indian, is not entitled to any deduction in respect of expenditure or allowance under the provisions of the income-tax act and if the income of the non-resident consists only of investment income or income by way of long-term capital gain or both, tax payable by him on his total income shall be the amount of income ..... receipts, which gave rise to capital gains, were not utilised for the purchase of the property, (b) the assessee has not purchased the property in india and the income-tax act extends to the "whole of india" only, (c) the lease deed dated february 20, 1992, but effective from january 1, 1988 for 150 years, it is perpetual. ..... the assessing officer held section 54 of the income-tax act speaks of purchase of residential property or construction thereof within a stipulated period, so that long-term capital gains .....

imp Power Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... further by amendment by the finance act, 2003, 2nd proviso to section 43b was deleted and the 1st proviso was amended. ..... esic although the same has been deposited before the due date of filing of return of income.7.7 with regard to the delay in deposit of the employers contribution there are catena of decisions wherein, amendment to section 43 b by way of deletion of 2nd proviso to section 43b and amendment to 1st proviso with effect from 1-4-2004 has been declared of curative nature and hence applicable retrospectively and accordingly payments which have been made before the due date of filing ..... be taken care of particularly in a country like ours where social equality is a matter of grave concern for each individual.7.11 in view of the above discussions, both in law and in equity, we are of the considered opinion that the provisions of section 43b being not applicable in respect of the employees contribution towards pf & esic, the order of the revenue authorities in this regard is justified and, accordingly, we uphold the same. ..... the aforesaid provisions were brought on statute with effect from 1-4-1988, by the finance act, 1987. ..... 495 dated 22-9-1987, the object of enacting this provision was to take measures for penalizing the employers who mis-utilised the contribution to provident fund or any other fund, set up under the provisions of esi act, 1948, or any other fund, for welfare of the employees. .....

Jamnalal Sons Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)29ITD164(Mum.)

..... amendment brought about in 1987, our decision is not based on the provisions of sub-sections (3) to (5) of section 45 which were introduced with effect from 1-4-1988 by the finance act, 1987. ..... shareholders at the extraordinary general meeting held at wardha on 23-4-1979 read as under: resolved that pursuant to and in accordance with the provisions of section 149(2a) of the companies act, 1956 and other applicable provisions, if any, of the said act the commencement by the company of the businesses, of importing exporting, selling purchasing or otherwise dealirg in all articles, commodities and things of every kind ..... investment business, on 9-4-1979, at the company's bombay office at bajaj bhavan, 226 nariman point, bombay-21, the directors of the company decided to commence a new business activity and as required by section 149(2a) of the companies act, 1956, the board of directors further decided to take the approval of the shareholders of the company by a special resolution for commencing1 the new business activity. ..... bat for the amendment brought about to section 45 by the taxation laws amendment act, 1984, with effect from 1-4-1985, the appellant would be ..... finally, shri palkhivala argued that section 45 of the it act was amended in 1984 to get over the situation ..... the same section was amended in 1987 with a view to overcome the situation ..... the decision of the cit(a), if confirmed, would mean giving retrospective effect to the amendments of section 45 brought about in 1984 and 1987. .....

income-tax Officer Vs. Taj Trade and Transport Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)41ITD60(Mum.)

..... concerned with assessment year 1983-84 when section 80hhc as it stood before its amendment by the finance act, 1985 with effect from 1-4-1986, was ..... we find that this deduction was originally brought under section 89a by finance act, 1982 and in this connection we may refer to the hon'ble finance minister's speech as under : i will now come ..... exchange for the purposes of the foreign exchange regulation act, 1973, and any rules made thereunder; (b) 'export turnover' means the sale proceeds of any goods or merchandise exported out of india, but does 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.this section was brought in by the finance act, 1983 with effect from 1-4-1983. ..... indian company or a person (other than a company) who is resident in india, exports out of india during the previous year relevant to an assessment year, goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, the following deductions, namely :- (a) a deduction of an amount equal to one per cent, of the export turnover of such goods ..... he referred to the exchange control manual - 1987 edition, item f-3 dealing with tourists' purchases permittingthe tourists to take goods out of india on production of documentary evidence to show that the goods ..... ) of 1987 dated 4-10-1991], wherein .....

Letape (India) (P.) Ltd. Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD222(Mum.)

..... shri keshav prasad brought to our notice the provisions of explanation to section 263 which was inserted by the taxation laws (amendment) act, 1984 with effect from 1-10-1984 and which, as substituted by the finance act, 1988 and amended by the finance act, 1989 read as under : (explanation : for the removal of doubts, it is hereby declared that, for the purposes of this sub-section, - (a) an order passed (on or before or after the 1st day of june, 1988) by the assessing officer shall include- (i) an order of assessment ..... (supra) no longer applies after the amendment brought about to section 263 of the act by the finance act, 1988 with effect from 1-6-1988 and the further amendment brought about by finance act, 1989, which had been given retrospective effect from ..... made by the assistant commissioner or the income-tax officer on the basis of the directions issued by the deputy commissioner under section 144a; (ii) an order made by ..... [1987| 167 itr 671/32 taxman 551.shri keshav prasad, the departmental representative, argued that the ratio of the decision of the bombay high court in the case of p.muncherji & ..... passed his order on 13-11-1987. .....

Standard Chartered Bank Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)39ITD57(Mum.)

..... the provisions of section 36(1)(viia) were amended by finance act, 1985 with effect from 1-4-1985 to extend the cushion to all scheduled and non-scheduled banks and an amount not exceeding 10% of the total income of an amount not exceeding 2% of the aggregate ..... however, the section was substituted by the income-tax (amendment) act 1986 with effect from 1-4-1987 and the amended section in terms of an additional clause, namely clause (b), provided that in the case of a bank, being a bank incorporated by or under the laws of a country outside india, and amount not exceeding five per cent of the ..... the avoidance of double taxable agreement which was contrary to the provisions of section 36(1)(viia) and, therefore, the assessee could not claim relief under this section.according to the iac, the assessee cannot be treated as a national being a corporate entity and the provisions of this section which were extended to the assessee bank with effect from 1-4-1987, cannot be made applicable to the assessee for the assessment year 1985-86.9.1 the ..... the cit(a) held that the assessee company did not deserve to succeed in its claim under section 36(1)(viia) of the it act and the reasons given by the cit(a) were basically as follows : the provisions contained in section 36(1)(viia) of the act applicable to indian banks (prior to 1-4-1987) were entirely keeping in view of the fact that indian banks were operating in rural sectors of india through its rural branches and were functioning under .....