Court : Madhya Pradesh
Reported in : [1997]226ITR445(MP)
..... section 43b was amended by the finance act, 1987. ..... this question of law is sought to be supplemented and supported by the undernoted three grounds contained in the applications :(i) that the tribunal erred in law in giving retrospective effect to the amendments effective from april 1, 1988, in section 43b of the income-tax act by exceeding its jurisdiction in reading more than what parliament has expressly provided. ..... commissioner of income-tax, bhopal, presented under section 256(2) of the income-tax act, 1961, and contain the undernoted question, categorised as one of law, for a direction to the tribunal to state the case and refer the question for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the amended provisions of section 43b were applicable to the assessment year 1984 ..... -85 when the said amendment was effective from april ..... we hold that the tribunal rightly treated the first proviso to section 43b, as amended, as retrospective in operation and correctly extended the benefit to the assessee .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR2009MP169
..... the amendment which was made by the finance act of 1987 in section 43-b 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.25. ..... the parliament has given a clear indication of its intention in section 30(1) of the amending act regarding the extent of retrospective operation that section 23(1a) will have since express provision is contained in section 30(1) of the amending act indicating the intention of the parliament as to the extent to which the provision of section 23(1-a) would apply to pending proceedings and thus, there is no scope for speculating about the said intention of the parliament by reading section 23(1-a) in isolation without reference to section 30(1) of the amending act.20. in s.l. ..... to understand the purport of the amendment, we think it appropriate to reproduce the objects and reasons of the aforesaid amendment:in sub-section (4) of section 50 of the aforesaid act, no time limit prescribed to consider objections and suggestions received in respect of town development scheme in draft terms and for its final publication. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]226ITR449(MP)
..... to this section was inserted by the finance act, 1987, with effect ..... the core question is whether the tribunal rightly applied the amended provision of the aforesaid section to the assessment years prior to april 1,1988 the answer depends on as to whether the amendment is declaratory of pre-existing law or it affected vested rights of the parties in the case of the former, it can be deemed to be retrospective and in the case of the latter, it ..... section 256(2) of the income-tax act, 1961 (for short 'the act'), contain the common question, as extracted below, and categorised by the applicant as one of law, for a direction to the tribunal to state the cases and refer the same for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the amended provisions of section ..... ) : [1956]29itr419(ap) , that clause (5) of section 35 of the indian income-tax act, which was enacted by the income-tax (amendment) act, 1953, was not declaratory of pre-existing law, and as it clearly affected vested rights which had accrued to the assessee, must be deemed to have ..... sought to be supplemented and supported by the undernoted three common grounds contained in these applications :'(i) that the tribunal erred in law in giving retrospective effect to the amendments effective from april 1, 1988, in section 43b of the income-tax act by exceeding its jurisdiction in reading more than what parliament has expressly provided. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)135CTR(MP)70; [1996]220ITR517(MP); 1996(0)MPLJ885
..... proviso to this section was inserted by the finance act, 1987, with effect ..... tax, bhopal, presented under section 256(2) of the income-tax act, 1961, and contain the under noted question, categorised as one of law, for direction to the tribunal to state the case and refer the same for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the amended provisions of section 43b were applicable to ..... the core question is whether the tribunal rightly applied the amended provision of the aforesaid section to the assessment years prior to april 1, 1988 the answer depends on as to whether the amendment is declaratory of pre-existing law or it affected vested rights of the parties in the case of the former, it can be deemed to be retrospective and in the case of the latter, it ..... ) : [1956]29itr419(ap) , that clause (5) of section 35 of the indian income-tax act, which was enacted by the income-tax (amendment) act, 1953, was not declaratory of pre-existing law, and as it clearly affected vested rights which had accrued to the assessee, mustbe deemed to have come ..... to be supplemented and supported by the undernoted three common grounds contained in these applications :'(i) that the tribunal erred in law in giving retrospective effect to the amendments effective from april 1, 1988, in section 43b of the income-tax act by exceeding its jurisdiction in reading more than what parliament has expressly provided. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1996)134CTR(MP)100
..... section was inserted by the finance act, 1987 ..... the core question is whether tribunal rightly applied the amended provision of the aforesaid section to the assessment years prior to 1st april, 1988 the answer depends on as to whether the amendment is declaratory of pre-existing law or it affected vested rights of the parties in case of former, it can be deemed to be retrospective and in case of latter, ..... 35 of the indian it act, which was enacted by the income-tax (amendment) act, 1953, was not declaratory of pre-existing law, and as it clearly affected vested rights which had accrued to the assessee, must be deemed to have come ..... act, 1961 (for short the act) contain the common question, as extracted below, and categorised by the applicant as one of law, for direction to the tribunal to state the cases and refer the same for our opinion :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the amended provisions ..... , however, held that the amendment was declaratory in nature and was ..... to be supplemented and supported by the undernoted three common grounds contained in these applications :'(i) that the tribunal erred in law in giving retrospective effect to the amendments effective from 1st april, 1983 in s. ..... great scrutiny and the tribunal erred in holding that the meaning of the words being dubious it required interpretation and under that tried to grant more retrospectivity to the amended provision than what is prescribed. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)198CTR(MP)608; [2006]281ITR52(MP)
..... also contended that the finance act, 1987 by which sub-section (4) of section 45 was inserted, the definition of transfer as contained in sub-section (47) of section 2 stood amended including the capital asset ..... 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, 1882 (4 of 1882); or(vi) any transaction (whether by way of becoming a member of, or acquiring shares in a co-operative society, company or other aop or by way of any agreement or any arrangement or in any other manner whatsoever) ..... admitted on the following substantial question of law :'whether the tribunal was justified in holding that in absence of any corresponding amendment in the definition of section 2(47), there does not arise any liability of capital gains on the firm on the death of one of the partners, ..... not constitute a sale, exchange, relinquishment of asset or the extinguishment of any right therein and, therefore, it does not fall within the definition of 'transfer' and the amendment in the definition of 'transfer' so as to bring such distribution of profits of dissolved firm amongst its partners within the concept of term 'transfer' as is envisaged under section 2(47) and hence, there would be no transfer as a consequence of which there would be no capital gain. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2000]246ITR363(MP)
..... direct tax laws (amendment) act, 1987, amendments were made, inter alia, in sections 131 and 132 of the act and the scope and effect of these amendments have been elaborated ..... finance act, 1988, further amended sub-section (1a) to specially mention deputy director and assistant director also in the sub-section , eliminating any doubt in the matter and in view of it, it is not necessary to trace out the history of the amendment ..... government in relation to the enquiry in the wakeof the aforesaid observations of the high court in relation to construction of the house whereon the union government through the ministry of finance, was called upon to reply to the question which, as per the established practice and procedure, was replied to by making the following statement on the floor of the house on march 10, ..... 1992, by the minister of state (finance) after gathering all necessary facts, making necessary enquiries and having clearance from the highest authority under the department of income-tax :'the high court of madhya pradesh in its judgment ..... what cost/sources he constructed the house and after full fledged enquiry and deliberation and clearance from the authorities under the income-tax act, the finance minister on march 10, 1992, made the statement that the high court of madhya pradesh in its judgement dated january 20, 1989, in the case of .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2000)159CTR(MP)53
..... which is as disclosed in the counter- affidavit and is extracted earlier, passed under sub-section (1a) as well as the impugned notice dated 30-5-1997, issued thereupon under section 131(1)(d) by the valuation officer, are without jurisdiction.learned counsel for the petitioner submitted that by direct tax laws (amendment) act, 1987, amendments were made inter alia in sections 131 and 132 of the act and the scope and effect of these amendments have been elaborated in the departmental circular no. ..... (i) to (v) of that sub-section.the finance act, 1988 further amended the sub-section (1a) to specifically mention deputy director ..... the pronouncement of this decision, the income tax officer, while completing the assessments in relation to the income and investment in the purchase of the land and construction of the house under section 1430 read with section 144a i=f the act on 28-9-1987, found that the assessee and his family members did not pay any amount over and above the sale price to the vendor and the cost of construction of the house, supported by ..... the floor of the house inviting statement from the union government in relation to enquiry in the wake of aforesaid observations of the high court in relation to construction of the house whereon the union government through ministry of finance, was called upon to reply the question which, as per the established practice and procedure, was replied by making following statement at the floor of the house on 10-3-1992 the minister of state .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2005)197CTR(MP)58; [2005]277ITR524(MP); 2004(3)MPLJ304
..... amendment has been made in the above provisions by the finance act, 2002, the amended section 269t reads thus :' ..... section,--[substituted for following clause (i) by the finance act, ..... section 269t prior to the amendment and section 269ss makes it abundantly clear that legislature made a distinction between the mode of repayment of certain deposits which conditions provided in section 269t were not made applicable to a case of loan; loan and deposit have been treated differently in section 269ss and unamended section 269t of the act ..... loan had not been included in deposit under unamended section 269t, thus, scheme of sections 269ss and 269t, as the provision stood before amendment in the relevant assessment year, provided for repayment of certain 'deposit' by way ..... is clear from the amended section 269t of the act that 'loan' word has been introduced in section 269t for the first ..... 1st april, 1986:)(i) 'banking company' shall have the meaning assigned to it in clause (i) of the explanation to section 269ss;(ia) 'co-operative bank' shall have the meaning assigned to it in part v of the banking regulation act, 1949 (10 of 1949);(ii) 'deposit' means any deposit of money which is repayable after notice or repayable after a period and, in the case of a person other than ..... ; or(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is [substituted for 'ten' by the direct tax laws (amendment) act, 1987 w.e.f. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1996]222ITR433(MP)
..... this has been superseded by the taxation laws (amendment) act, 1970, with effect from april 1, 1971, and later on amended by the finance act, 1974, with effect from april 1, 1975, the finance act, 1976, with effect from april 1, 1976, the finance (no. ..... to him, the case had attained finality and was not liable to be reopened by recourse to section 143(2)(b) of the act and that the matter could be reopened only on scrutiny in conformity with the instructions. ..... instance of the applicant/assessee, the tribunal has stated the case and referred the undernoted question of law, under section 256(1) of the income-tax act, 1961 (for short, 'the act'), arising out of the order passed on march 20, 1990, in i. t. a. no. ..... result, we hold that the tribunal was justified in holding that the assessment completed under section 143(1) could be reopened under section 143(2)(b) otherwise than procedure for scrutiny of five per cent. ..... of the cases where the assessments were completed under section 143(1) of the act should be taken up for scrutiny on a random ..... dated may 18, 1985, issued by the central board of direct taxes, the tribunal was justified in holding that the assessment completed under section 143(1) could be reopened under section 143(2)(b) otherwise than procedure for scrutiny of five per cent. ..... 2) act, 1980, with effect from april 1, 1980, and the finance act, 1987, with effect from april 1, ..... submitted that fresh a instruction, dated april 1, 1987, further fortified the course to be adopted. .....
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