Court : Kolkata
Reported in : [1996]218ITR149(Cal)
..... sri jagannath steel corporation : [1991]191itr676(cal) , wherein this court has held that the amendments to section 43b made by the finance acts, 1987 and 1989 are clarificatory and, therefore, the provisos inserted by these amendments, should also apply to earlier years, even though the provisos and the explanations have been apparently given ..... 'as it would appear from its conclusion, the tribunal took the view that the amendments to section 43b as made by the finance acts of 1987 and 1989 should also apply with equal force to the assessment year earlier than the assessment ..... , on the facts and in the circumstances of the case and on a correct interpretation of section 43b of the income-tax act, 1961, the learned tribunal was justified in law in holding that the first proviso to section 43b of the income-tax act, 1961, introduced by the finance act, 1987, with effect from 1st april, 1988, would be applicable to the assessment year 1984-85 ? ..... the provisos inserted by the finance act, 1987, with effect from april 1, 1988, relax the main provision of section 43b by permitting deduction of the liabilities on account of (i) any tax, duty cess or fee ; (ii) any bonus or commission for services rendered ; (iii) any interest on borrowing from any public financial institution, if the payments ..... to sort out the possible anomalies and to prevent duplication of deduction, the explanations have been inserted by the direct tax laws (amendment) act, 1987, and, again, by the finance act, 1989.2. .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)
..... does not widen the scope of application of the act in all respect contrary to the confines created by the amendment substituting section 143(1) under the finance act, 1987. ..... this is clear from the scheme introduced by the finance act, 1987, which was a deliberate and clear departure from the summary assessment contemplated under section 143(1) brought about with a particular purpose and object as reflected in the explanation to section 143.12.1 in order to attract section 263, the order must be an order passed by the ao in the ..... explanation was further amended by the finance act, 1994, to include section 246 along with section 264. ..... after the amendment under the direct tax laws (amendment) act, 1987, effective from 1st april, 1989, the scheme of summary assessment was omitted along with the assessee's right to object to the summary assessment, and only an intimation was to be sent without prejudice to section 143(2) which authorizes the ao to scrutinize the return and consider all the claims and pass an order of assessment under sub-section (3) dealing with the issues involved in ..... contended that the act was amended by the finance act, 1999, w.e.f ..... : [1972]83itr170(sc) .4.5 by reason of the explanation, an intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. .....
Tag this Judgment!Court : Kolkata
Reported in : (2003)183CTR(Cal)67,[2003]262ITR1(Cal)
..... the cost of acquisition as defined in section 55(2), as it stood prior to its amendment (finance act, 1987 effective from april 1, 1988), being un-assessable, it could not be computed under section 48 and, therefore, it could not be chargeable as capital gains under section 45 as was held in b.c. ..... hereinbefore and we answer the question referred to us in the manner following ;what was received on transfer of the licence, a capital asset within the meaning of section 2(14), was not an income from business under section 28 more particularly under clause (iv) and though chargeable under the head 'capital gains' under section 45 but since incomputable by reason of sections 48 and 49, read with section 55(2) in assessment year 1986-87, the same could not be assessed to capital gains.16. ..... for reference on two questions, which are as follows :'(i) whether, on the facts and in the circumstances of the case, and on correct interpretation of section 28(iv) of the income-tax act, 1961, the tribunal was justified in law in holding that the receipt of rs. ..... subsequently, section 55, sub-section (2) was amended in order to avoid the implication of the ratio ..... can be computed under section 48, it cannot be charged under the head 'capital gains' in view of section 55(2), read with section 48(ii) and section 45 of the act. ..... capital asset then it had to be dealt with under the provisions of sections 45 to 55 of the income-tax act, 1961. ..... to state the case under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Kolkata
Reported in : [2003]129TAXMAN628(Cal)
..... case, cost of acquisition as defined in section 55(2), as it stood prior to its amendment (finance act, 1987 effective from 1-4-1988), being unassessable, it could not be computed under section 48 and, therefore, it could not be chargeable as capital gains under section 45 as was held in b.c. ..... made hereinbefore and we answer the question referred to us in the manner following :what was received on transfer of the licence, a capital asset within the meaning of section 2(14), was not an income from business under section 28 more particularly under clause (iv) and though chargeable under the head 'capital gains under section 45 but since incomputable by reason of sections 48 and 49, read with section 55(2) in assessment year 1986-87, the same could not be assessed to capital gains. ..... subsequently, section 55 sub-section (2) was amended in order to avoid the implication of the ratio ..... sought for reference on two questions, which are as follows :'(i) whether, on the facts and in the circumstances of the case, and on correct interpretation of section 28(iv) of the income tax act, 1961, the tribunal was justified in law in holding that receipt of rs. ..... can be computed under section 48, it cannot be charged under the head 'capital gains in view of section 55(2), read with section 48(ii) and section 45 of the act. ..... capital asset then it had to be dealt with under the provision of sections 45 to 55 of the income tax act, 1961. ..... to state the case under section 256(1) of the income tax act, 1961. .....
Tag this Judgment!Court : Kolkata
Reported in : 2008(4)CHN926
..... advocate appearing on behalf of the petitioner, submitted that the offence under section 278dd which deals with failure to comply with the provisions of section 269ss has since been omitted by the direct taxes laws (amendment) act, 1987 with effect from 1st april, 1989. ..... it is also evident that consequent to the amendment effected the non-compliance of section 269ss of the act can no more become a subject-matter of offence as section 276dd as originally framed by the legislature has since been omitted with effect from 1st april, 1989. ..... :net result of this discussion is that the view taken by the high court is not consistent with what has been stated by this court in the two decisions aforesaid and the principle underlying section 6 of the general clauses act as saving the right to initiate proceedings for liabilities incurred during the currency of the act will not apply to omission of a provision in an act but only to repeal, omission being different from repeal as held in the aforesaid decisions. ..... advocate for the petitioner that a new section being section 27id came into force by the finance act, 1990 with effect from 1st april, 1990 whereby the penalty for failure to comply with the provisions of section 269ss is stipulated. ..... the position as highlighted above has been approved by the supreme court in the case of general finance co. ..... advocate for the petitioner referred to the decision of the supreme court in the case of general finance co. .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR676(Cal)
..... but, then it is contended by the revenue that the proviso to -section 43b was introduced by the finance act, 1987, with effect from april 1, 1988, which will be applicable only, from the ..... reason why the finance act, 1983, made certain significant amendments. ..... having regard to the intent and purport of the provisions of section 43b and the amendments made from time to time, which we have already indicated, this explanation must be held to be only clarificatory in nature and ..... the question, therefore, is whether the object of the amendments made to section 43b-would apply prospectively from the assessment year 1988-89 or from the ..... our attention has been drawn to the amendments which have been made in section 43b which, according to the revenue, would show that the intention of the legislature was not to permit any deduction of any liability incurred during the previous year, unless such liability ..... have been amended by the finance act, 1989. ..... when the section as a whole is read, the amendments by way of provisos and explanations are considered, when both textual and contextual interpretations are taken into account and a harmonious construction is made, it would be evident that the intention was ..... this is against the legislative intent and it is, therefore, proposed by way of a clarificatory amendment and for removal of doubts, that the words 'any sum payable' be defined to mean any sum, liability for which has been incurred by the taxpayer during the previous year irrespective of .....
Tag this Judgment!Court : Kolkata
Reported in : (1995)51TTJ(Cal)72
..... 44bb of the it act by the finance act, 1987, which made the said section applicable with retrospective effect from 1st april, ..... that section was introduced into the it act only by the finance act, 1987, but with retrospective effect from 1st ..... dastur, the provision was introduced by the finance act, 1987, with retrospective effect from 1st april, 1983 and the non-consideration ..... the finance act, 1987, introduced ..... in that provision introduced by the finance act, 1976 w.e.f. ..... ) of the finance act]. ..... deduction in respect of costs and expenditure incurred for earning the same and charged to tax at the rates applicable to the ordinary income of the non-resident as specified in the relevant finance act. ..... (supra) there can be no dispute that a retrospective amendment can give rise to an action on the ground that the failure to apply the provision gave rise to a mistake apparent from ..... will be chargeable to tax in the hands of the recipient under the head 'salaries'.16.4 the aforesaid amendment has come into force w.e.f. ..... applying this principle it is the amended law which must be held to have been in force at the time that the order sought to be rectified ..... under the explanation below the section, mineral oil includes petroleum and ..... the present assessee is indisputedly a foreign company - consists of fees for technical services in terms of an agreement made after 31st march, 1976, such fees will be subjected to tax @ 40% for the assessment years prior to 1987-88 and @ 30% on and from the asst. yr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... dastur, the provision was introduced by the finance act, 1987 with retrospective effect from 1-4-1983 and the non-consideration of section 44bb to these assessment years constituted an error apparent from the record. mr ..... that section was introduced into the income-tax act only by the finance act, 1987 but with retrospective effect from 1-4-1983.alter the judgment of the supreme court in bombay dyeing & ..... only the finance act, 1987 introduced section 44bb with retrospective effect from 1-4- ..... act by the finance act, 1987 which made the said section applicable with retrospective effect from 1-4-1983, ..... 16.4 the aforesaid amendment has come into force with effect from the 1 st june, 1976 and will apply in relation to the assessment year 1977-78 and subsequent years [section 4(b) (part) of the finance act].from the above circular it will be clear that the legislature while introducing explanation 2 to section 9(1)(vii) had in mind only those nonresidents who did not carry on any business as such in india but were merely in receipt of the income by way of fees for ..... 's case (supra), there can be no dispute that a retrospective amendment can give rise to an action on the ground that the failure to apply the provision gave rise to a mistake apparent from the record.the principle is well established that full effect must be given to a statutory ..... applying this principle it is the amended law which must be held to have been in force at the lime that the order sought to be rectified was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD150(Kol.)
..... in our humble opinion, the provisions contained in explanation 1 to section 2(m) of the wt act which have been introduced by the amendment by the finance act, 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section 269ua (f)(i) of the it act but there having not been any such amendment in section 40 of the finance act, 1983, the said principle of beneficial ownership can hardly be applied in the matter in hand. ..... there is no such amendment in section 40 of the finance act, 1983. ..... the assessee undisputedly is a closely-held company in respect whereof section 40 of the finance act, 1983 is applicable wherein the terms 'assets' as also 'net wealth' have specifically been defined/explained for the contextual purpose and as such the said section 40 is a complete code in itself as aptly argued by the ld. a. r. ..... the assessee being a closely-held company shall be governed by section 40 of the finance act, 1983 wherein there being no provisions providing for embracement within the fold of 'net wealth' the principle of beneficial ownership or for that matter the property being the subject-matter of part performance of the contract of the nature referred to section 53a of the t. p. ..... has argued that the amendment in section 2(m) of the wt act has been referred to by he ld. ..... and wt act's section 2(m) or the said amendment therein is neither relevant nor applicable in the matter in hand. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). ..... his order, concurred with the conclusion of the accountant member that the loss suffered by the assessee in the purchase and sale of shares falls within the category of speculative business loss as per explanation to section 73 of the act and, therefore, can be set off and carried forward only against profits and gains from speculation business.therefore, in the esteemed views of the honble vice-president (kz), the loss of rs. ..... the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying on business of granting loans or advances will be treated on the same footing as a ..... explanation to section 73 was inserted by the taxation laws (amendment) act, 1975 which treats the business of purchase and sale of shares by companies (other than excluded companies) as ..... to curb the tendency of some tax payers to reduce the tax burden by manipulation, explanation to section 73 was added by taxation laws (amendment act), 1975. ..... the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying on business of granting loans or advances will be treated on the same footing as a speculation business.thus, .....
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