Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat west bengal Page 1 of about 6 results (0.126 seconds)

ifb Agro Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2003)261ITR17Cal

..... (ba) below section 80hhc(4a) by the finance act, 1991 with retrospective effect from 1st april, 1987, whereas the other two decisions are after that insertion and upon considering the amendment and taking divergent views.8. ..... " the assessee was a holder of d-2 licence and on the basis of this amended provision and after taking into consideration the definition of turnover as given in section 2(s) of the sales-tax act, their lordships of the supreme court in its later decision in mcdowell & co. ..... or otherwise, in a shop, emporium or any other establishment situate in india, not involving clearance at any customs station as defined in the customs act, 1962 (52 of 1962); (b) "export turnover" means the sale proceeds, received in, or brought into, india by the assessee in convertible foreign exchange in accordance with clause (a) of sub-section (2) of any goods or merchandise to which this section applies and which are exported out of india, but does not include freight or insurance attributable to the transport of the ..... 's case (supra) and distinguished the same by stating that the decision was rendered under the sales-tax act whereunder the definition given for turnover in section 2(s) of the sales-tax act included "the total amount set out in the bill of sale (or if there is bill of sale the total amount charged) as the consideration for the sale of or purchase of goods (whether such consideration be cash, deferred payment or any .....

Gkw Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... were again reintroduced by the finance act, 1987 by introduction of a new ..... as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 w.e.f. ..... the finance act, 1990 ..... held that reliance on the tribunal's decisions was found to be misplaced and claim made by the assessee was not permitted by the express language of the act and, therefore, such issue could not be made debatable merely because such claim is couched in a legal language.6. ..... the successive finance ministers at various stages stated that it seemed reasonable that profitable and prosperous companies should contribute at least a small proportion of their profits to the national exchequer at a time when other and less better off sections of the society ..... section was brought into the statute book vide finance ..... far as the ao is concerned, is final, except these few differences, the effect of adjustment in both the sections would be same, that is to say, apparent adjustment. ..... this is clear from the language of section and is supported by the authority as well as by the circular issued by the ..... by an amendment made to ..... assessee claimed in the return that the cash compensatory support was not taxable (this was made taxable by subsequent amendment to s. ..... provision whereby every company will have to pay minimum tax on the profits declared by it in its own accounts and these profits could only be those which are assessable as income under the act and not the profit on realization of capital asset. .....

Deputy Commissioner of Income Tax Vs. Stone India Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... 1987-88 and onwards [due to amendment by the finance ..... with respect, we may observe that the order of the tribunal is cryptic and without answering the requirement of the section, merely because an expenditure was incurred wholly and exclusively for the purpose of business, it cannot be taken out of sweep ..... as under : "no deduction shall be allowed in respect of any sum paid by the assessee as an employer towards the setting up or formation of, or as contribution to any fund, trust, company, aop, boi, society registered under the societies registration act, 1860 (21 of 1860), or other institution for any purpose, except where such sum is so paid, for the purposes and to the extent provided by or under cl. (iv) or cl. ..... on the other hand, learned counsel, appearing on behalf of the assessee submitted that under the excise act, the liability to pay excise duty arose soon after manufacture of the goods but the requirement of paying the excise duty is deferred till the date of clearance of finished goods ..... (ii) of explanation to the section specifically mentioned that rent paid in respect of such guest house falls under the expression 'expenditure incurred on the maintenance of a guest house'.cit(a) however, set aside the disallowance by following his predecessor's ..... the duty of the court to iron out the creases by taking the text and context into consideration in interpreting a legislation and by considering the provision in the backdrop of the purpose for which the section is introduced. .....

Assistant Commissioner of Vs. Anup (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... assesses, who carried on the business of purchasing tea of different qualities, blending the same by mixing one type with another and selling it, claimed that it was an industrial company, within the meaning of section 2(7)(c) of the finance act, 1978 entitled to concessional rate of tax. ..... ) wherein it was observed that-- "merc blending of different kinds of tea for the purpose of export does not constitute manufacture of articles within the meaning of section 2(5)(a)(ii) of the finance acts, 1966 and 1967. ..... ) discussed the word "process" used in the definition of the industrial company in section 2(7)(c) of the finance act, 1978. ..... " from this judgment it is clear that the hon'ble high court never discussed section 80-i which is involved in the present case.subsequently, the bombay high court specifically dealt with the similar issue in the case of ..... is an appeal fifed by the department against the cit(a)'s order dated 10-5-1994 for the assessment year 1988-89 passed under section 251 /143(3) of the income-tax act, 1961.2. ..... , it is defined in section 2(m) of oil industries development act. ..... the jurisdictional calcutta high court dealt with section 80-i(4) specifically in the case of appeejay ..... " the benefit under section 80-i is available where the industrial undertaking manufactures or produces articles or things, the undertaking employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on .....

Sibonarayan Patro and Bros. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... of the act, as it existed prior to its amendment, by the taxation laws (amendment) act, 1987, w.e.f ..... as it stood prior the amendment by the taxation laws (amendment) act, 1987, w.e.f. ..... 1st april, 1989, are not applicable to the present case, inasmuch as, the rules of limitation are the rules of procedure and any amendment in this regard will be retrospective, in the sense that the rules applicable are the rules in force at the time when proceedings are ..... the notes on clauses, appended to the direct tax laws (amendment) bill, 1987 [(1988) 168 itr (st) 301 at 352] reads as under : "clause (c) incorporates the provisions of the existing ..... 44ab was introduced by the finance act, 1984, and while presenting the union budget for 1984-85, the then finance minister observed as under (1984) 146 itr (st) 65 at page 66] : "with the reduction in rates and expeditious disposal of assessments, i believe there can now be no excuse for any leniency to be shown to those who abuse ..... which comes into operation from 1st april, 1989, initiation of penalty proceedings cannot be deferred unendingly and by taking the spirit of the section as a whole, the initiation of the penalty proceedings should take place within a reasonable period of time. ..... 275 for initiation of penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from the end of the assessment year in which .....

Badridas Keshawprasad Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... in this connection the explanation to section 271(1)(c) of the income tax act inserted by the finance act, 1964 which reads as follows : "explanationwhere the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in ..... in accounts can take only two forms : either an item may be suppressed dishonestly or an item may be claimed fraudulently, and in penalising concealment of the particulars of ones income as well as deliberate furnishing of inaccurate particulars, section 28 penalises both forms of falsehood in the case before us it has been found as a fact that the assessee deliberately claimed a false deduction and in the light of remarks made above, we are disposed to hold that ..... 2,59,000 as per law as it stood on 4-4-1987, the date of initiation of penalty proceeding.the assessee carried the matter in appeal and there struck a difference of opinion between the two members-the judicial member holding that it was a non-acceptance of the expenditure as a revenue expenditure and that was not enough for imposing the penalty under section 271(1)(c) in view of the delhi high court decision in the case of additional cit ..... )/1987, dated 28-7-1989 and the relevant portion is in paragraphs 9 to 11 which for the sake of brevity .....

Badridas Keshawprasad Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... act was inserted by the finance act, 1964 which reads as follows : "explanation - where the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has ..... accounts can take only two forms : either an item may be suppressed dishonestly or an item may be claimed fraudulently, and in penalising concealment of the particulars of one's income as well as deliberate furnishing of inaccurate particulars, section 28 penalises both forms of falsehood in the case before us it has been found as a fact that the assessee deliberately claimed a false deduction and in the light of remarks made above, we are disposed to hold that ..... then referred to the provisions of explanation as inserted by the finance act, 1964 and thereafter the decision of the supreme court in the ..... ltd [1986] 157 itr 822; the accountant member holding that this apart from being not a financing transaction in the ordinary course of business, was meant to inflate the interest expenditure with a view to reducing the incidence of tax on true income; that other members of the family were made to ..... law as it stood on 4-4-1987, the date of initiation of ..... )/1987, dated 28-7-1989 and the relevant portion is in paragraphs 9 to 11 which for the sake .....

Assistant Commissioner of Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... where, in the case of an association of persons or body of individuals 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 ..... another provision inserted by way of section 167b introduced in the act by the finance act, 1992 w.e.f. ..... the supreme court was dealing with the case of unsecured creditors in the liquidation proceedings whereunder the department claimed by exercising the right under section 49e of the indian income-tax act, 1922 priority over the other unsecured creditors, whereas sections 228 and 229 of the companies act, 1913 provided that an unsecured creditor must prove his debts and all unsecured debts are to be paid paripassn. ..... are specified in the deed itself being 1/5th of the undivided share of each member in the income as well as in the property and the income being income from house property, the provisions of section 26 will apply dealing with the specific case of income from house property and not the provisions of section 167b of the act, the former being a special provision and is to be given precedence over the latter being a general provision.3. ..... [1987] 166 itr 823'; madhya pradesh high court in the case of cit .....

Asstt. Cit Vs. Executors of the Estate of Bhagwan

Court : Income Tax Appellate Tribunal ITAT West Bengal

Reported in : (2001)79ITD539Cal

..... of persons or body of individuals 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 ..... there is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 with effect from 1-4-1993, whereby an association of persons is to be charged to tax at the maximum marginal rate or at the higher ..... shares of whose members are definite and ascertainable; and (ii) whether an association of persons whose members shares are definite and ascertainable, is to be assessed under section 167b(2) or the individual members are to be assessed under section 26 of the act.five co-owners acquired a property consisting of 8 storeyed buildingthe ground floor is used as godown and all the upper floors consisting of four flats space in each ..... member or members at such higher rate or rates, as the case may be, and the balance of the total income of the association or body shall be taxed at the maximum marginal rate..for the purposes of this section, the individual shares of the members of an association of persons or body of individuals in the whole or any part of the income of such association or body shall be deemed to be indeterminate or unknown if such ..... (1987) .....

Assistant Commissioner of Income Vs. Executors of the Estate of Bhagwa ...

Court : Income Tax Appellate Tribunal ITAT West Bengal

..... (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) ..... is another provision inserted by way of section 167b introduced in the act by the finance act, 1992 w.e.f. ..... ), the supreme court was dealing with the case of unsecured creditors in the liquidation proceedings whereunder the department claimed by exercising the right under section 49e of the indian it act, 1922 priority over the other unsecured creditors, whereas sections 228 and 229 of the companies act, 193 provided that an unsecured creditor must prove his debts and all unsecured debts are to be paid pan passu. ..... are specified in the deed itself being 1/5th of the undivided share of each member in the income as well as in the property and the income being income from house property, the provisions of section 26 will apply dealing with the specific case of income from house property and not the provisions of section 167b of the act, the former being a special provision and is to be given precedence over the latter being a general provision.3. ..... fertiliser & chemical (1987) 166 itr 823 (ker); madhya pradesh high court in the case of cit .....