Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)375
..... reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained ..... section 143(1)(a) as amended by the finance act, 1987 ..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due to the assessee on the ..... - the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to ..... additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1998)67ITD104(Bang.)
..... word 'transfer' in section 2(47) is also amended by the finance act, 1987 with effect from 1-4-1988 ..... sub-section by the finance act, 1987, w.e.f.1-4-1988, section 45(4) ..... sub-section (4) of section 45 was inserted by the finance act, 1987, with effect from 1-4-1988 and on the same date, there was insertion of sub-clauses (v) and (vi) in section 2(47) but these two clauses do not ..... section 45(4) inserted by the finance act, 1987, with effect from 1-4-1988, also provides that transfer of capital asset is a sine qua non for the applicability of sub-section (4) of section ..... finance act, 1987 ..... stock-in-trade of a business carried on by him; such conversion or treatment; or (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, 1982 (4 of 1982); or (vi) any transfer (whether by way of becoming a member of, or acquising shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other ..... though the provisions of section 139(2) were deleted by the amendment of 1987 with effect from 1-4-1989 and this requirement was inserted in section 142(1) instead, the ..... there was no transfer or distribution of capital assets on dissolution of the partnership firm because there was no corresponding amendment to the definition of 'transfer' under section 2(47) of the income-tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)2SOT571(Ahd.)
..... here, it is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. ..... the words" any bad debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. ..... of law and nothing was materialized and therefore, the assessee was compelled to write off of amount for which proper entry was passed in the books of account, which is pre-requisite for claiming deduction under section 36(1)(vii) of the income tax act.on the other hand, the learned departmental representative vehemently argued that the lower authorities were justified in disallowing assessee's claim for bad debts, insofar as the deduction claimed under ..... the previous year in which such account has been written off.since this amount has not been accounted for as income in any of the earlier years, the assessee is not eligible for deduction under section 36(1)(vii) read with section 36(2) of the income tax act.the assessing officer further observed that in the balance sheet as on 31-3-2000 the assessee had shown the outstanding sum of rs. ..... it was held that in view of the amended provisions of section 36(1)(vii) the assessee need not establish that debt has become bad and considering that the assessee had not been able to recover any amount despite filing suit and obtaining decree, there .....
Tag this Judgment!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). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1991)38ITD138(Ahd.)
..... union of india [1988] 173 itr 708 that in order to apply the provision of section 43b (as it stood prior to amendments by finance act, 1987 and finance act, 1989) not only should the liability to pay the tax be incurred in the accounting year but the amount also should be statutorily "payable" in ..... relates to interpretation of provisions of section 43b of the income-tax act, 1961 as amended by the finance act, 1987 and the finance act, 1989.3. ..... section 43b was amended by finance act, 1987 and finance act ..... on 3-3-1988 considered the amendments made by finance act, 1987 with effect from 1-4-1988 in section 43b of the act. ..... . it has been held by patna high court that under the proviso which was inserted with effect from 1-4-1988 by the finance act, 1987, the words "actually paid" occurring in the main section 43b have in fact been interpreted and as such the said proviso should be regarded as an interpretation clause or a clause which explains what is meant by " actually paid" and that the interpretation given ..... the said proviso was literally interpreted it would be struck down as it provided for doing an impossible act and that it could be upheld by holding that an assessee for the assessment year 1984-85 was entitled to have the benefit of the proviso introduced by the finance act, 1987.the high court held that upon textual interpretation of statutes, the proviso to section 43b of the act should be construed as retrospective in its operation and explanation 2 thereto should be held to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1992)43ITD659(Nag.)
..... it is further notable that such deduction is to be allowed before the losses if any brought forward from earlier year is set off under section 72 (vide amendment made by the finance act, 1987). ..... by the new scheme relating to investment deposit account along with the proposed high depreciation rates which were provided by the finance act, 1986 and brought in by the income-tax amendment rules of 1987, the retained earnings and international resources generation of the company would improve. ..... along with the full compliances of the terms and conditions prescribed under section 32ab of the act, and under item no.13 of part iii of such report, a figure of benefit available to the assessee under section 32ab was given which was higher than the figure which in the long term was more beneficial to the assessee, than the deduction allowed under section 32a, then the assessing officer was bound to invite the attention of the ..... the departmental representative very succinctly submitted that the case laws relied upon by the assessee are under the old act or under the amended provisions of the act and as such, could not be relied upon by either side to strengthen their cases. ..... after hearing the speech of the finance minister on 19-3-1990, the assessee filed a revised return for the assessment year 1989-90 proposing to withdraw the claim of investment allowance under section 32a and pressing for the claim of investment deposit scheme allowance under section 32ab of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD199(Chennai)
..... the object that was accomplished by the amendment was to give effect to the true intention behind the introduction of the section.that amendment is, therefore, required to be regarded as retrospective qua the amendment incorporated by the finance act, 1987.32. ..... section 43b of the act was further amended by the finance act, 1987.two provisos were added w.e.f. ..... (supra) hon'ble supreme court treated the first proviso to section 43b as inserted by the finance act, 1987 as retrospective in operation for and from assessment year 1984-85. ..... by the finance act, 1987 amendment two provisos were inserted.second proviso was a measure for penalizing employers who misutilised the contributions. ..... the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. ..... question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Lucknow
Reported in : (2003)78TTJLuck474
..... is after amendment inserted in section 27 of it act through finance act, 1987, w.e.f ..... supreme court of india has also considered the aspect relating to retrospectivity of the amended provision and held as under: "from the circumstances narrated above and from the memorandum explaining the finance bill, 1987 [see (1987) 165 itr (st) 161], 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. ..... therefore, no hesitation to hold that the amendment introduced by the finance bill, 1987, was declaratory/clarificatory in nature so far as it relates to sections 27(iii), (iiia) and (iiib). ..... the learned counsel, further, elaborated his argument by submitting that in view of amendment made under s, 27 of it act and corresponding amendments made in section 2(m) of wt act, the beneficial owner is to be treated as real owner of the property and from that angle also the assessee did not remain the owner of the property after mutation which was effected on 18th ..... amendments have also been proposed in regard to the definition of 'transfer' in section 2(47) of the it act, section 2(m) of the wt act defining 'net wealth' and section 2 (xii) of the gt act defining ..... it may be pointed out that the amendment made in section 4(1)(a) and section 2(m) of wt act shall also operate retrospectively in view of the decision of hon'ble supreme court of india in the case of cit v.podai cement .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)89ITD528(Hyd.)
..... the learned departmental representative, on the other hand, pleaded that there has been an amendment in explanation to section 73 brought out by the finance act, 1987, with effect from 1.4.1987, and the expression "other than a company as defined in clause (ii) of section 109" that figured in the said explanation earlier had been substituted by the expression--"other than a company, whose gross total income consists mainly of income which is chargeable under the heads "interest on securities', ..... learned counsel for the assessee, in reply, countered that omission of the reference to an investment company, in explanation to section 73 brought out by the finance act, 1987 is only consequential to the deletion of other sections like sections 104 to 109 of the income-tax act, and this omission has no bearing on the issued raised in this appeal.14. ..... one of the main objets of the appellant-company, as per the memorandum of association, after its amendment, reads as under:- "3.a) to carry on and undertake the business of hire -purchase, finance, investment in shares, stocks, debentures, bonds, securities and all other kinds of investments and trading and to finance business operations of all kinds, purchasing, selling, leasing, hiring or letting on hire all kinds of plant and machinery and equipment, computers vessels, vehicles all consumer, commercial ..... in the balance sheet as on 31.3.1997, is not very material for considering the application of the explanation to section 73 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)52ITD122(Coch.)
..... learned counsel for the assessee contended that the finance act, 1987, has amended section 27 of the it act, 1961 and the finance minister in his budget speech to the parliament ..... the finance act, 1987 with effect from 1-4-1988 is clarificatory in nature and retrospective in operation.section 27 defines the ownership of house property and annual charge for purpose of sections 22 to 26 of the it ..... to section 6 of the finance act, 1987, which sought to substitute clause [ho to section 27 ..... association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of that building or part thereof; if a section or a clause is substituted in an act, the substituted section or clause should be deemed to be in operation from the inception as has been held by the karnataka high court in the case of k.t ..... amending act states that an old provision has been substituted by a new provision, the inference is that the legislature intended that the substituted provision should be deemed to have been part of the act from the very inception.viewed from this angle also we hold that the assessee-company cannot be held to be the owner of the impugned flats and, therefore, the charge under ..... was held that the assessee must be deemed to be the owner of the property within the meaning of section 22 of the it act, 1961, and was assessable as such on the income from the property .....
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