Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: income tax appellate tribunal itat Page 10 of about 840 results (0.174 seconds)

State Bank of Bikaner and Jaipur Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1999)65TTJ(JP.)480

..... the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended cl. ..... , the amount of bad and doubtful debts, shall be debited to the provision for bad and doubtful debts account and that the deduction admissible under section 36(1)(vii) shall be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts ..... -92 and 1992-93 are similar which is against confirmation of disallowance of claim of the appellant regarding bad debt which assessee has claimed under section 36(1)(vii).this ground for both the years, we will take first for disposal.brief facts regarding this issue are that assessee claimed bad debt ..... were not inserted by the finance act. ..... board's circular dated 12-6-1987, para 17.1 to para 17.4 which says as under : '1985 : the present proviso to the clause was inserted by the finance act, 1985 with effect from ..... therefore, we are of the considered view that the assessee is entitled to deduction claimed under section 36(1)(vii).now we will see the dispute regarding writing off of the bad and doubtful advances ..... having regard to the increasing social commitments of banks, s.36(1)(viia) has been amended to provide that in respect of any provision for bad and doubtful debts made by a scheduled bank (not being a bank approved by the central government for the purposes of s.36(1)(viia) or a bank incorporated by or under ..... finance .....

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

..... finance act, 1987 ..... section 40(a)(i) very clearly uses the expression "in accordance with the other provisions of chapter xvii-b", which would include section 201 also and would include the expression "the whole or any part of the tax", which has been inserted in section 201 by the finance act ..... amendment made by the finance act ..... section 4, which is the charging section and submitted that any tax shall be charged for any assessment year as prescribed under the various central act, which is generally in the form of finance act ..... where it was held that when the assessee had not deducted tax from the payments made to non-residents against various jobs relating to installation and no application under section 195(2) was made, then the assessee was under obligation to deduct tax at source and having failed to make any such deduction, the assessing officer was fully justified ..... in disallowing payments by invoking the provisions of section 40(a)(i).we think, it is immaterial whether some tax has been deducted or not and in any case, whatever tax has been deducted by the assessee.corresponding credit has already ..... he emphasized that the amendment which was made in section 201 by inserting the words "the whole or any part of the tax" have not been inserted in section 4(a)(i) and therefore this section should also be interpreted as not applicable in the absence of the .....

Shri Pardeep Kumar Dhir Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... by the finance act, 1987, the language of section 199 was modified to the extent that the credit for the tax deducted at source was provided to be given ..... declared by the assessee on receipt basis.the tax deducted at source from the income of the assessee is akin to the advance tax, so, the credit for advance tax is to be given as per the provisions of section 219 of it act which read as under: any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this chapter shall be treated as a payment or tax in respect of ..... or of unit-holder] or of the shareholder, as the case may be and credit shall be given to him for the amount so deducted on the production of the certificate furnished under section 203 in the assessment [made under this act for the assessment year for which such income is assessable].from the above provisions it would be clear that any deduction made and paid to the central government shall be treated as payment ..... regerred to in section 203aa shall be treated as tax paid on behalf of the persons referred to in sub-section (1) or, as the case may be, sub-section (2) and credit shall be given to him for the amount so deducted in the assessment made under this act for the assessment year for which such income is assessable without the production of certificate.it may be pertinent to mention that section 199 quoted above is the section as amended from time to ..... craves for permission to and amend or alter any ground of .....

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. .....

investment Trust of India Ltd. Vs. Income-tax Officer

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. .....

H.H. Maharaja Daljitsingh Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)58ITD91(Ahd.)

..... assessment year 1988-89 can be furnished upto 31st march, 1991 or before the assessment is completed, whichever is earlier.4.6 the time limit prescribed in section 17a as amended by the finance act, 1989 with effect from 1-4-1989 contains specific proviso providing for limitation of time in relation to completion of assessment for assessment year 1987-88 or any earlier assessment year as well as for assessment year 1988-89. ..... (7) the provisions of this section as they stood immediately before their amendment by the direct tax laws (amendment) act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the assessment year commencing on the 1st day of april, 1988, or any earlier assessment year and references in this section to the other provisions of this act shall be construed as references to those provisions for the time being in force ..... act provides that the provisions of section 16 as they stood immediately before their amendment by the direct tax laws (amendment) act, 1987 shall apply to and in relation to any assessment for assessment ..... assessees in some of these appeals as indicated hereinbefore relates to assessee's claim that the assessment made by the wealth-tax officer under section 16(3) are barred by limitation of time as prescribed by section 17a of the act.the appeals which relate to assessment years 1986-87 and 1987-88 in the cases of the aforementioned assessees contain such a common ground relating to assessment being barred by limitation of time. .....

Karnataka Golf Association Vs. the Director of Income-tax (Exe.)

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2005)272ITR123(Bang.)

..... by the direct tax laws (amendment) act, 1987 with effect from the same date and these provisions were re-introduced by the direct tax laws (amendment) act, 1989 with effect from 1-4-1989 ..... section 12a was inserted by the finance act, 1972 with effect ..... the main contention of the assessee in this regard is that the department cannot pass an order refusing to grant registration under section 12aa beyond the expiry of six months.therefore, the department could have either granted registration within a period of 6 months or should have refused ..... procedure for registration - (1) the chief commissioner or commissioner, an receipt of an application for registration of a trust or institution made under clause (a) of section 12a, shall- (a) call for such documents or information from the trust or institution as he thinks necessary in order to satisfy himself about the genuineness of activities of the trust or institution and may also make such ..... to the validity of the impugned order, the assessee made application for registration under section 12a of the act on 23-1-1998.copy of the acknowledgement for having filed the said application is on ..... the act did not provide for procedure for registration till such procedures were prescribed by introduction of section 12aa by the finance (no. ..... pointed out that the appeals filed are defective inasmuch as the same were not signed in the manner laid down by section 140 of the act and, therefore, the appeal should be dismissed on this preliminary ground. .....

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. .....

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 .....

Bindals Developers Pvt. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... and from the memorandum explaining the finance bill, 1987 (supra), it is crystal clear that the amendment 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. ..... no hesitation to hold that the amendment introduced by the finance bill, 1987 was declaratory/clarificatory in nature so far as it relates to section 27(iii), (iiia) and (iiib ..... the rajasthan high court in maharani yogeshwari kumari s case (supra) again considered the same question and after referring to various judgments held as follows: section 22 of the it act has created a charge on the income in respect of annual value of the property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such ..... to entertain a petition for exercising revisional jurisdiction was before the amendment derived from section 115, cpc, and the legislature has by the amending act attempted to explain the meaning of that provision. ..... the nature of amendment to section 29(2) of the bombay rents, hotel and lodging house rates control act as amended by gujarat act 18 of 1965, observed as follows: the amending clause does not seek to explain any pre-existing ..... principle from the viewpoint of each one is to determine the true connotation of the term "owner" within the meaning of section 22 of the act in its practical sense, leaving the husk of the legal title beyond the domain of ownership for the purpose of this .....