Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)112ITD103(Pune.)
..... . the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and clarificatory in nature to ..... . the hon'ble supreme court, therefore, held that the amendment introduced by the finance act, 1987 was declaratory or clarificatory in nature so far as it related to section 27(iii), (iiia) and (iiib) and, consequently these provisions are ..... case, it was held that the amendment made to section 27 of the act by the finance act, 1987 was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act ..... or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269ua, shall be deemed lo be the owner of that building or part thereof; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property.clause (iii), (iiia) and (iiib) to section 27(1) has been inserted by the finance act, 1987 with effect from 1.4.1988.6.5 ..... before the hon'ble supreme court was related to the assessment year 75-76 and 76-77 before the insertion of clause (iii), (iiia) and (iiib) to section 27(1) of the act by the finance act, 1987 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
..... in reply, the learned counsel for the assessee submitted that amendment to section 40 of the finance act, 1983 is retrospective in nature as held by the courts in respect of amendment to section 43b made by finance act, 1987. ..... union of india [1991] 189 itr 70 was followed for coming to the conclusion that first proviso inserted by the finance act, 1987 with effect from 1-4-1988 in section 43b of the income-tax act, 1961 is retrospective and clarificatory in nature.reliance was also placed on the decision of the rajasthan high court in the case of brij. b. ..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989-90 onwards. ..... therefore, prima facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1992)43ITD419(Pune.)
..... 1991] 187 itr 703 wherein their lordships of the delhi high court considered the challenge of arbitrariness and ultra vires of article 14 of the constitution and also the contention that the amendment to section 43b by the finance act 1987 with effect from 1-4-1988 by inserting proviso to section 43b was clarificatory in nature, but all these contentions were rejected by the delhi high court. ..... the tribunal being a creature of the income tax act cannot go to the literal or reasonable construction of the statute and when the finance act, 1987 inserted proviso to section 43b with effect from 1-4-1988, it is not open to the ..... union of india [1991] 189 itr 70 holding that proviso to section 43b is retrospective in its operation and explanation 2 to section 43b is subject to the proviso.the law as amended is applicable for the assessment year 1984-85.pointing out the binding nature of such decision, it is prayed that in the absence of any contrary decision on this issue, the said judgment should be ..... bench has been consistently taking the view that if the sales-tax relating to last quarter or last month is paid within the statutory time contained under the sales-tax act, no disallowance under section 43b is required to be made and if it is made beyond the time limit prescribed thereunder, disallowance could be made. ..... also observed that the tribunal was not going into the question of the proviso to section 43b which came into force from 1-4-1988 which is not applicable to the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1996)57ITD171(Pune.)
..... tax on such distribution on dissolution, was therefore, not liable to be assessed.to nullify the said decision, the amendment to section 45 was introduced by the finance act, 1987. ..... loophole the finance act, 1987 brought on the statute book, a new sub-section (4) in section 45 of the act. ..... to blocking this escape route for avoiding capital gains tax, the finance act, 1987 has inserted a new sub-section (3) in section 45. ..... the insertion of section 45(4), the legislature should have simultaneously amended the definition of 'transfer' under section 2(47) and 'income under section 2(24) of the income-tax act, 1961. ..... find any necessity for the corresponding amendment to section 2(47) and section 2(24) of the act. ..... there was no legislative necessity either to amend section 2(47) or section 2(24) to enlarge the definition of 'transfer' ..... the said amendment explains that the profits or gains arising from the transfer of a capital asset by way of distribution of capital asset on dissolution of a firm shall be chargeable to tax as the income of the firm in the previous year in which the said transfer has taken place.this amendment to section was necessitated on account of several decisions including that of the supreme court decision in the case of ..... , of the previous year in which transfer took place for the purpose of section 48 of the act; and (iii) the fair market value of the asset on the date of such transfer shall be deemed to be the full value of consideration received or accruing as a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)152TAXMAN25(Pune.)
..... (47) of section 2 was amended by the finance act, 1987, w.e.f. ..... the completion of 'transfer' of an immovable property as per the general law is not a requirement for the applicability of the provisions of the sub-clause (v) of section 2(47) of the act as was held by the bombay high court in the case of chaturbhuj dwarkadas kapadia (supra).further, the assessee's plea that subsequently he filed suits which were pending, against the builder/developer with ..... new sub-clauses provide that 'transfer' includes (i) any transaction which allows possession to be retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act; and (ii) any transaction entered into in any manner which has the effect of transferring or enabling the enjoyment of any immovable property. ..... it is seen that the sub-clause, (v) and (vi) of section 2(47) read as under : (v) 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, 1882 (4 of 1882); or (vi) any transaction, (whether by way of becoming a member of or acquiring shares in, a co-operative society, company or other aop or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, ..... that no fsi was transferred within the meaning of section 2(47) of the act as there were no registered sale deeds. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)87ITD569(Pune.)
..... ) made a clear distinction between primary credit society and a cooperative society engaged in carrying on business of the banking, it was held as under : the position as it stood before the amendment of section 194a by the finance act, 1996 was to the effect that all co-operative societies engaged in carrying on the business of banking were given the exemption ..... . in this regard it is to be submitted that once there were certain amendments or insertions in section 194a after finance act, 1971, the said circular will automatically become redundant and no more ..... the aforesaid amount shall be computed with reference to the income credited or paid by a branch of the banking company or the co-operative society, or the public company as the case may be;] 7. thus, sub-clause (b) of proviso of sub-section (3) to section 194a specifies that if any person has made time deposits with a co-operative society engaged in carrying on business of banking and the said society has credited or paid interest upto 10,000 rupees then the ..... where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person referred to in sub-section (1) to the account of, or to, the payee, does not exceed [two thousand five hundred rupees:] thus, the exemption was granted to the tax deductors that if interest paid or payable does not exceed rs. ..... . cit [1987] 166 itr 804 : 34 taxman 169 ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)47ITD72(Pune.)
..... on or before the due date applicable in his case for furnishing his return of income under section 139(1) of the income-tax act, he shall be entitled to claim deduction of that amount.it is for this reason the amendment was held to be explanatory in nature and proviso to section 43b was held to be retrospective in its operation and explanation 2 to section 43b inserted by finance act, 1989 with retrospective effect from 1-4-1984 is subject to proviso inserted by the finance act, 1987. ..... the patna high court held that the first proviso to section 43b inserted by the finance act, 1987 was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer ..... the amendment made by the finance act, 1988 to section 40(3)(vi) of the finance act, 1983 was held by the karnataka high court in the case of cwt v ..... , on the day when section 272a has been substituted by direct tax laws (amendment) act, 1987 with effect from 1-4-1989 when hardship has been caused statutorily ..... section 272a has been substituted by direct tax laws (amendment) act, 1987 with effect from 1-4-1989 under which the quantum of penalty has been fixed at not less than ..... the supreme court has considered the scope of explanation 2 inserted by the finance act, 1979 in section 64(2) in the case of p.doraiswamy chetty (supra) and held at page 160 head notes that the assessee was entitled to carry forward to subsequent years not only his share but also share of his wife in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)89TTJ(Pune.)393
..... . girish bhagwat prasad (2002) 256 itr 772 (guj) wherein it has been held that after the amendment, to section 36(1)(vii) by the finance act with effect from 1-4-1989, the assessee is not required to establish that a debt had become bad debt in the previous year and mere writing off of amount in books of ..... to justify the claim of bad debts.according to the assessee, since the amount was written off in the books of account as per the amended provision of section 36(1)(vii) of the act, the same has to be allowed automatically in view of the amended provisions of law with effect from, 1-4-1989. ..... . in view of the above decision of the honble gujarat high court and the amended provisions of section 36(1)vii), we are of the view that the revenue authorities were not justified in making the disallowance ..... have become a bad debt in the previous year' is deleted from assessment year 1989-90 after the taxation laws amendment act, 1987 and hence now after the amendment when the debt is written off in the books of account as bad debts, the same has to be ..... the assessing officer was of the view that even as per the amended provisions of section 36(1)(vil) ought to have become bad debt before it is written off as irrecoverable in the books of accounts ..... something is recovered out of the same, the same is to be taxed in the year of recovery as provided in section 41(4) of the income tax act.in this regard the assessee relied on the decision of the calcutta bench of the tribunal in the case of jayanti .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)47ITD26(Pune.)
..... the cit (a) also held that the assessee is entitled to depreciation of 100 per cent on the value of furniture and fixture in terms of first proviso to section 32(1)(ii) of the act as amended by the finance act, 1983 with effect from 1-4-1984.revenue has taken two separate grounds to urge that the cit (a) erred in allowing investment allowance on computer system and erred in allowing depreciation at 100 per cent on ..... -conditioning equipment installed in a safe deposit vault of a bank is plant and is entitled to development rebate under section 10(2)(vib) of the income-tax act, 1922, according to their lordships of the bombay high court in the case of central bank of india ltd ..... plants, tube-wells and refrigerators were held to be plant or machinery within the meaning of section 12 of the income-tax act, 1922 by their lordships of calcutta high court in the case of chitpore golabari co. (p ..... to assessment years 1984-85 and 1985-86 and arise out of the consolidated order of the cit (a), pune dated 8-12-1987 wherein he directed the assessing officer to allow investment allowance of rs. ..... installed in a safe deposit vault of a bank is held to be entitled to development rebate under section lo(2)(vib) of the income-tax act, 1922. ..... that the claim of investment allowance in respect of cost of two computers manufactured and installed by it in the premises of two companies, the assessee is entitled to investment allowance subject to the provisions of section 80vva of the income-tax act, 1961.8. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)81TTJ(Pune.)964
..... of section 45(5) was inserted in the act by the finance act, 1987 w.e.f. ..... an argument was advanced on behalf of the revenue that with effect from 1-4-2003, there has been an amendment to the act, whereby clause (c) to section 45(5) has been introduced whereby it has been provided that where the amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year ..... , 1st april, 2003, there has been an amendment to the act, whereby clause (c) to section 45(5) has been introduced whereby it has been provided that where the amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year in which the compensation or consideration received was taxed shall be recomputed accordingly, this amendment according to the revenue can only mean that the provisions of s: 45(5) contemplate ..... in the first part the cit discussed various rules of statutory interpretation and finally came to the conclusion that the amendment made to the provisions of section 45(5) clearly contemplate that the enhanced compensation is liable to be taxed on its receipt by the assessee irrespective of the final outcome in the proceedings that may be preferred either by ..... so long as the provisions of section 45(5) stand as it is without there being any amendment thereto to nullify the view taken by the various benches of the tribunal, the insertion of clause (c) in our .....
Tag this Judgment!