Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)8SOT532(Mum.)
..... sub-section (3) of section 45 was brought on the statute by the finance act, 1987 with effect ..... there is no requirement under the law relating to sale of goods and even of immovable property that the purchase consideration has necessarily got to be paid in cash.thus, as per the provisions of section 5(l) of the sale of goods act, 1930 where the parties to a contract agree that the payment for and delivery of the goods are to be postponed, the property in goods passes to the buyer as soon as the proposal for sale ..... mutation of name in the books of the municipal authorities may take a long time but once the property is transferred by following the recruitments of the transfer of properties act, 1982 read with the relevant section of registration act, the genuineness of the transfer itself cannot be challenged, even though the transferor may still be shown as the owner of the property in the books of the municipal ..... to fulfil certain conditions, the contract may not be called to be unconditional and property would not immediately pass on execution of an agreement.from a careful reading of this agreement dated 2-7-1997 in the light of the provisions of section 20 of sales of goods act and other provisions of act, we find that it was a formal agreement between the parties with regard to sale of shares, but it was to be enforced on fulfilment of certain conditions by the respective parties. ..... ) is also not relevant because of amendment to section 45(3) of the act with effect from 1-4-1988. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)35ITD298(Ahd.)
..... also urged that the term "transfer" as defined in section 2(47) and as amended by finance act, 1987 w.e.f. ..... in this behalf our attention was also drawn to the provisions of section 2(47)(v) as amended w.e.f. ..... (supra) the allahabad high court was concerned with the interpretation of the expression 'building owned by the assessee' occurring in section 32 of the act and had held that the said expression had not been used in that section in the sense of property, complete title in which vests in the assessee, who was in a position to exercise the right of the owner in his own rights and not on behalf of the person in whom the actual title to that ..... the words "allowance of possession" used in the amended language of section 2(4)(v) admits of the interpretation put by us in the facts of this case ..... it was a case under the gift-tax act, 1958 and the expression "transfer of property" as defined in section 2 (xxiv) of that act was considered vide enough to include within its scope any assignment or alienation of ..... the attachment of the sale proceeds by the customs and income-tax authorities and withdrawing such attachment or prohibition on operating the bank account by the assessee only on2-6-1982 and 18-3-1987 respectively had resulted in the defeat of assessee's valuable rights under sections 53 & 54 of the act. ..... reply the learned counsel for the assessee has very rightly submitted that the provisions in section 53a of the above mentioned act can be used only as a weapon of defence.16. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1999)69ITD224Indore
..... the judgment relied on by the assessee were not considered by the assessing officer for the reason that these judgments relate to the assessment year prior to 1-4-1988 as with effect from 1-4-1988 the amendment was brought in sub-section (2) of section 55 whereby the goodwill was brought within the purview of capital gains.the assessment year involved in the instant case is 1991-92 and as such the amendment brought by the finance act of 1987 was applicable to the assessee's case. ..... he further argued that the judgments referred to by the cit (appeals) are not relevant to the assessee's case as the relevant provisions of sections 55(1)(b) and (2)(a) have been amended by the finance act, 1987 with effect from 1-4-1988. ..... this beneficial interest is nothing but goodwill of the firm which was sold and as per section 55 of the act, the cost of acquisition should be adopted at nil and the entire amount of rs. ..... learned departmental representative has emphatically argued that though the assessee has acquired the dealership of kerosene of indian oil corporation by virtue of partition in the joint hindu family, the cost of acquisition should be valued as per section 55 of the act as the goodwill of dealership was sold to sureshkumar for a sum of rs. ..... from the material available on record, it is abundantly clear that there was a transfer of goodwill and its value in the hands of the assessee is to be taken at nil by virtue of section 49 read with section 55 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT IT
Reported in : (1999)238ITR36ITAT
..... 41.3 of the explanatory notes on amendments introduced by the finance act, 1987 ([1987] 168 itr (st. ..... , in re [1992] 193 itr 57 (itsc) relied heavily on the amendment made in the first proviso to section 220(2) by the direct tax laws (amendment) act, 1987, with effect from 1st april, 1989. ..... from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid : provided that, where as a result of an order under section 154, or section 155, or section 250, or section 254, or section 260, or section 262, or section 264 or an order of the settlement commission under sub-section (4) of section 245d, the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest ..... the interest chargeable by virtue of the main provision is to be reduced.we are also not persuaded to accept the argument of shri vinay kant shah that the prerequisite for the charge of interest under section 220(2) is an earlier service of notice of demand under section 156, whereas under the provisions of chapter xixa, the service of such a notice is not required and the demand becomes payable within thirty-five days of the service of the commission's order .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)91ITD116(Mum.)
..... " finance act, 1987, again amended section 80 with effect from 1st april, 1988 to include the reference to sub-section (3) of section 74 by the . ..... similarly, the direct tax laws (amendment) act, 1987 amended section 80 with effect from 1st april, 1989, substituting the words "in accordance with the provisions of sub-section (3) of section 139 or within such further time as may be allowed by the income-tax officer. ..... notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed under section 139, shall he carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74.the taxation laws (amendment) act, 1984 further amended section 80 with effect from 1st april, 1985, substituting the words under section 139' by the expression "within the time allowed under sub-section (1)of section 139 or within such further time as may be allowed by the income-tax officer. ..... the taxation laws (amendment) act, 1984 amended section 80 with effect from 1-4-1985 substituting the words 'under section 139' by the expression "within the time allowed under sub-section (1) of section 139 or within such further time as may be allowed by the income-tax officer". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1998)67ITD213(Delhi)
..... prior to amendments made by finance act, 1987 w.e.f. ..... act by issue of notice under section 148 on 20-4-1990 were not valid, without taking into consideration the amended provisions of section 147 introduced by the direct tax laws (amendment) act, 1987 w.e.f ..... the amendment in these sections has been made by the direct tax laws (amendment) act, 1987 w.e.f. ..... 1989.accordingly, in such a situation we hold that the assessing officer was having legal jurisdiction in initiating the procedure under section 147 of the act by issue of notice under section 148 on 20-4-1990 under the amended provisions of section 147 introduced by the direct tax laws (amendment) act, i.e. ..... careful consideration of the material on record and the rival submissions, we are of the opinion that revenue's appeal is on the legal issue of assuming jurisdiction under section 147 of the act by virtue of powers conferred on him under the amended provisions w.e.f.1-4-89 and thereby validity of such an action. ..... it is thus where the legislation does not make an amendment by specifically enacting its applicability with retrospective date, then any amendment made in the procedural sections cannot penetrate into the limited scope with retrospective effect." ..... in the preceding para, we have held that the assessing officer was having legal jurisdiction under section 147 of the amended act but whether the action taken by the assessing officer in the case of the appellant is a valid action or not is being considered hereinafter.11 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)81ITD330(Hyd.)
..... the ao however, rejected this contention on the ground that section 55 of the it act has been amended by the finance act, 1987, so as to make capital gains even in the matter of goodwill exigible to tax, and, therefore, the benefit of the said decision cannot be given to the assessee. ..... he noticed that there was an amendment brought about by insertion of section 55(2)(aa)(ii) by finance act, 1994, w.e.f. ..... the learned counsel for the assessee, on the other hand, pleaded that the provisions of section 55(2)(aa) introduced through the finance act, 1994, w.e.f. ..... the question that remains to be considered is whether because of the provisions of section 55(2)(aa) substituted by the finance act, 1994, w.e.f. ..... the explanatory note to the finance act on the said provision contained in cbdt circular reads as under- subject: finance act, 1995--explanatory notes on provisions relating to direct taxes. ..... here the expression "security" will take its meaning from the definition in clause (h) of section 2 of the securities contracts (regulation) act, 1956. 30.3. ..... " from the above clarification, it may be noticed that the procedure laid down in section 55(2)(aa) for working out capital gains in relation to certain financial assets is only by way of simplification of the procedure and not because no capital gains was exigible earlier on the transfer of those financial assets. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)39ITD1a(Delhi)
..... of the learned counsel for the assessee that if section 53 a of the transfer of properly act regarding part performance of the contract was already included in the definition of transfer then there was no point in amending section 2(47) of the act by the finance act, 1987 w.e.f.1-4-1988. ..... of 'transfer in relation to capital asset' contained in section 2(47) of the act was enlarged by insertion of sub-clauses (v) & (vi) and explanation, of the said section by the finance act, 1987 w.e.f. ..... if a transaction involving the allowing of possession of the immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53 a of the transfer of property act was to be included in the definition of transfer for the purposes of section 2(47) then there was no necessity of inserting sub-clauses (v) & (vi) and explanation to section 2(47).reliance was also placed on the supreme court decision in nawab sir mir ostnan ali khan v. ..... ito [1981] 131 itr 597, it was submitted that sub-section (2) of section 52 of the act could be invoked only where the consideration for the transfer of a capital asset had been understated by the assessee or, in other words, the full value of the consideration in respect of the ..... it was also submitted that reference to part performance of the contract as per section 53 a of the transfer of property act was a supporting argument of the cit (appeals) and that the main argument was that the transfer had taken place .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1995)54ITD394(Bang.)
..... the effect of the amendment brought about by the finance act, 1987, is that no deduction will be allowed in the assessment of the employer(s) unless such contribution is paid to the fund on or before the 'due date'. ..... we get an idea of the intention of the legislature from clause 12.1 of the explanatory note on the provisions of the finance act, 1987 as extracted below : 12.1 the existing provisions provide for a deduction in respect of any payment by way of contribution to a provident fund or superannuation fund or any other fund for welfare of employees in the year in which the liability is actually discharged (section 43b). ..... 11/128 (section 14-b amendment)/73 dated 24-10-1973 allows five days of grace period to the employers for payment of provident fund contribution, administrative charges and inspection charges. ..... sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948) or any other fund for the welfare of such employees; the new provision of clause (vd) of section 36(1) also enacted from the same date, however, allows the assessee deduction in respect of this amount treated as income as above provided the assessee fulfils his liability ..... with effect from 1 -4-1988, by virtue of insertion of clause (x) to sub-section (24) of section 2 by the finance act, 1987, even the employees' contribution to provident fund etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)74ITD225(Mum.)
..... it is also claimed that the amendment introduced by the finance act, 1987 relating to sections 27(iiia) and 27(iiib) are of a clarificatory nature and so have a retrospective ..... is also pleaded that from 1992 onwards, there has been a change in section 27 of the income-tax act by virtue of which it is the beneficial owner of the house property that has to be assessed in respect of the income from house property under section 22 of the income-tax act and not the legal owner. ..... realities as mentioned by the apex court in the above headnote which we have extracted, the apex court came to the conclusion that the requirement of compliance with the requirements of the transfer of the property act and registration act in the context of section 22 is not warranted. ..... , in the context of section 22 of the income-tax act, 1961, having regard to the ground realities and further having regard to the object of the income-tax act, namely, to tax the income, "owner" is a person who is entitled to receive income from a property in his ..... 6,03,800, being deductions under section 24(1) of the income-tax act for repairs] in the hands of ..... the provisions of section 27(iiia) and 27(iiib) provide for specific situations and we do not see how they give a blanket permission to the assessee to override the registration requirement laid down under the transfer of property act and the registration act.12. ..... is only in the context of deciding who is the owner for the purpose section 22 of the income-tax act, i.e. .....
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