Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: karnataka Page 1 of about 1,105 results (0.100 seconds)

Cit Vs. Sabari Enterprises

Court : Karnataka

Reported in : [2008]298ITR141(KAR); [2008]298ITR141(Karn)

..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific situation.in ..... or incurred' according to the method of accounting on the basis of which the profits or gains are computed.the learned counsel for respondents have submitted that the object and intendment of insertion of section 43b, by way of amendment to the act by the finance act with effect from 1-4-1984 stipulates, notwithstanding anything contained in the provisions of the income tax act, a deduction is allowable in respect of any sum payable by the assessee as an employer by way of contribution towards pf or other funds referred to under clause ..... if that provision is read along with the first proviso of the said section which was inserted by finance act, 1987 which came into effect from 1-4-1988, the letters numbered as clause (a) or (c) or (d) or (e) or (f) are omitted from the above proviso and, therefore, deduction towards the employer's contribution paid can be claimed by the assessee. .....

The Commissioner of Income-tax and the Assistant Commissioner of Incom ...

Court : Karnataka

Reported in : (2009)226CTR(Kar)474

..... finance act of 1987 having expressly and with definite purpose brought about the amendment to income tax act reintroducing sub-sections (3) and (4) to section 45 of the act, the tribunal should have examined the appeal before it more by applying the statutory provisions as it prevailed during the accounting period relevant to the assessment year 1994-95 ..... by the finance act of 1987 section (3) and (4) were reintroduced with effect from 1-4-1988 and simultaneously clause (ii) of section 47 was ..... of sub-section (3) and (4) by the finance act 1987 clause (ii) of section 47 has been ..... modified as per finance act 1987 w.e.f 1-4-1988 and ..... finance act 1964 and got back on the statute book by way of amendment through taxation laws (amendment) act ..... entire transaction being in the same accounting period and the effect of the reconstitution of the firm twice in the accounting year being as indicated above it in turn attracts the provisions of section 45(4) of the act and the amount which the outgoing partners had received through respective shares credited to their accounts, in the firm, necessarily reflects the gains which was initially in the hands of the firm ..... act section 45 was all by itself and later was introduced sub-sections (2) to (4) by way of amendment ..... courts in arriving at the conclusion that there was no transfer on receipt of consideration amount by the retiring partners from the incoming partners without examining and applying the amended provisions of section 45 of the act?3.1. .....

Bangalore Turf Club Limited Vs. Union of India

Court : Karnataka

..... stake money being a prize money given by a club to the race horse owner, 13 there is no element of a winnings as defined under the act and it is also not winnings of race horses because when section 194b was introduced and sought to be amended, the then finance minister made a speech on the floor of parliament making it explicitly clear and indicating thereunder that by finance act , 1986 section115bb has been inserted to provide gross winnings from lotteries, crossword puzzles, races including horse races ..... contentions raised by sri s s naganand for petitioners and contends that for the first time by 27 finance act, 1972 the definition of income , in section 2(24) of the act was amended to include winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature under clause (ix) as a consequent to it, amendment was brought to section 56(2) by inserting sub-clause (ib) and such winnings were made chargeable to tax under the head ..... section 58 of the act came to be amended by finance act, 1986, with effect from 01.04.1987 by 96 inserting sub section (4). ..... sub-section (1) and (2) came to be omitted and sub-section (3) was amended by finance act, 1986 with effect from 01.04.1987. .....

Betty Suresh Mahindra Vs. Marthanda Singh Mahindra

Court : Karnataka

Reported in : ILR1991KAR735

..... residential house situated therein and the plea that the same was bought on behalf of his minor son master marthand singh mahindra was only an after thought in view of the amendment to section 10(27) made by the finance act, 1975.12. ..... respondent's counsel submitted that the matter is seized by the high court of bombay and this court should not exercise any powers under section 247 of the indian succession act, for it would come into conflict with the decision if any in the suit and the propriety demands that this court should stay ..... the petitioners have filed this application under section 247 of the indian succession act, 1925, for appointment of an administrator pending disposal of the main proceedings touching the validity of the will and six codicils of ..... , in exercise of the powers under section 247 of the indian succession act, 1925, this court doth appoint ..... are no doubt governed by the provisions of section 247 of the indian succession act, and the appointment of the administrator is ..... in all testamentary dispositions as per section 104 of the indian succession act, all legatees under the will aforesaid will get properties mentioned therein on the ..... section 247 of the indian succession act authorises the court during the pendency of the probate proceedings, to appoint an administrator pendente lite and provides that such administrator shall have all rights and power of general administrator except ..... 28-10-1985, 29-10-1985, 24-2-1986, 27-8-1986, 6-1-1987 and 8-9-1987 respectively. .....

Suvardhan Vs. the Commissioner of Income Tax

Court : Karnataka

Reported in : (2006)206CTR(Kar)226; [2006]287ITR404(KAR); [2006]287ITR404(Karn)

..... the word 'otherwise' takes into its sweep not only cases of dissolution but also cases of subsisting partners of a partnership, transferring assets to a retiring partner.bombay high court has noticed section 2(47) and thereafter ruled reading as under:the finance act, 1987, with effect from april 1, 1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer.9. ..... prior to amendment section 47(2) read as under:any distribution of capital assets on the dissolution of a firm, body of individuals or other association of personsthis was omitted by the finance act, 1987 with effect from 1.4.1988 ..... when the parliament in its wisdom has chosen to remove a provision, which provided 'no transfer', there is no need for any further amendment to section 2(47) of the act as argued before us. ..... in our view, despite no amendment to section 2(47), in the light of removal of clause (ii) to section 47, transaction certainly would call for tax at the hands of the authorities.10 ..... he would come to the conclusion that this is a case of transfer by way of distribution of capital assets on dissolution of the firm in terms of section 45(4) of the act, and that the profits or gains there from is chargeable to tax. ..... thereafter, the assessing officer concluded the assessment under section 144 of the act charging capital gain in the hands of the firm in respect of the assets transferred by the .....

Suvardhan Vs. Cit

Court : Karnataka

Reported in : [2006]156TAXMAN229(Kar)

..... the finance act, 1987, with effect from 1-4-1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer... .' (p. ..... 'this was omitted by the finance act, 1987 with effect from 1-4-1988. ..... when the parliament in its wisdom has chosen to remove a provision, which provided 'no transfer', there is no need for any further amendment to section 2(47) of the act as argued before us. ..... in our view, despite no amendment to section 2(47), in the light of removal of clause (ii) to section 47, transaction certainly would call for tax at the hands of the authorities.10. ..... he would come to the conclusion that this is a case of transfer by way of distribution of capital assets on dissolution of the firm in terms of section 45(4) of the act, and that the profits or gains therefrom is chargeable to tax. ..... thereafter, the assessing officer concluded the assessment under section 144 of the act charging capital gain in the hands of the firm in respect of the assets transferred by the firm. ..... prior to amendment section 47(2) read as under:'(2) any distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons. ..... it is in these circumstances that he has chosen to consider section 45(4) of the income tax act for the purpose of levy of tax. .....

Smt. M.R. Prabhavathy Vs. Asstt. Cit

Court : Karnataka

Reported in : [2003]130TAXMAN123(Kar)

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the express 'may' thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory .' (p. 13)7. ..... in order to appropriate the contention of the assessees we reproduce hereunder section 17b(1) of the act :'interest for defaults in furnishing return of net wealth(1) where the return of net wealth for any assessment year under sub-section (1) of section 14 or section 15, or in response to a notice under clause (1) of subsection (4) of section 16, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent for every month or part of a month comprised in the period ..... the only substantial question of law involved herein is :'whether in terms of section 17b of the act the assessee can be held liable to pay interest for delay in filing the return of net income ?'3 ..... whether on the facts and in the circumstances of the appellants case, the tribunal was right in law in holding that omission to levy interest under section 17b of the act is a mistake apparent on the face of the record warranting rectification 4. .....

Smt. M.R. Prabhavathy and anr. Vs. Assistant Commissioner of Income Ta ...

Court : Karnataka

Reported in : [2003]262ITR501(KAR); [2003]262ITR501(Karn)

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the express 'may' thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory.'7. ..... in order to appreciate the contention of the assessees we reproduce hereunder section 17b(1) of the act: '17b(1) whether the return of net wealth for any assessment years under sub-section (1) of section 14 or section 15, or in response to a notice under clause (1) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent for every month or part of a month comprised in the period commencing on the date ..... the only substantial question of law involved herein is: 'whether in terms of section 17b of the act the assessee can be held liable to pay interest for delay in filing the return of net income.' 3. ..... whether on the facts and in the circumstances of the appellant's case, the tribunal was right in law in holding that omission to levy interest under section 17b of the act is a mistake apparent on the face of the record warranting rectification? 4. .....

Smt. M.R. Prabhavathy Vs. Assistant Commissioner of Income Tax

Court : Karnataka

Reported in : (2003)183CTR(Kar)272

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving a discretion to the authorities concerned to ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make ..... in order to appreciate the contention of the assessees, we reproduce hereunder section 17b(1) of the act:'17b-(1) where the return of net wealth for any assessment years under sub-section (1) of section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of section 16, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent for every month or part of a month comprised in ..... assessment orders, notices were issued to them purporting to be for rectification under section 35 of the act proposing to levy interest under section 17 of the act, on receiving the reply from the assessees, order dt. ..... the only substantial question of law involved herein is:' whether in terms of section 17b of the act the assessee can be held liable to pay interest for delay in ..... the circumstances of the appellant's, case, the tribunal was right in law in holding that omission to levy interest under section 17b of the act is a mistake apparent on the face of the record warranting rectification ?4. .....

Commissioner of Wealth Tax Vs. Chikmagalur Club

Court : Karnataka

Reported in : ILR2005KAR4673; [2007]290ITR522(KAR); [2007]290ITR522(Karn)

..... in view the amendment effected to wt act by the finance act, 1981, by which amendment section 21aa is inserted ..... that is why an amendment is made by the finance act, 1981, whereby section 21aa of the act was inserted to bring to tax the net wealth of an aop where individual shares of the members of ..... amendment was effected by the finance act ..... concerned, keeping in view the provisions of section 21aa of the act, which has been inserted in wt act by finance act, 1981, w.e.f. ..... has made reference to insertion of section 21aa in the wt act by the finance act, 1981, w.e.f. ..... new section 21aa was inserted in the wt act by the finance act, 1981 ..... rejected by the tribunal, on the sole ground that in the quantum appeals filed by the assessee for the same assessment years, the tribunal has held that the provisions of section 21aa of the act would not apply to a mutual club like the assessee and therefore, the assessment orders are not sustainable as the assessee is not an entity susceptible for wealth-tax under the ..... wealth-tax that would otherwise be due from him.in order to counter such attempts at tax avoidance through the creation of multiple aops without defining the shares of members, the bill proposes to make provision in the wt act, in order to provide that such associations will be liable to tax in the like manner and to the same extent as an individual citizen of india and resident in india at the rates specified in part i of schedule i ..... direct tax laws (amendment) act, 1987, apart from making .....