Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: mumbai Page 1 of about 719 results (0.130 seconds)

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... it is very clear from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform treatment of capital loss ..... (7) the cit(a) has observed that as a result of the amendment brought in by the finance act, 1987 in the provisions of law contained in section 70, there is no distinction between long term capital gains and short term capital gains in matters relating to carry ..... giving rise to long term capital gain and short term capital gain has been clearly defined in the act and the conclusion of the cit(a) that the distinction between long term capital gains and short term capital gains have been completely done away with by the amendment to section 70 by the finance act, 1987 is not correct. ..... the finance act, 1987 has amended the provisions of section 70 and the amended law should apply to the impugned assessment years 1995-96 and 1996-97 which are different from the law relating ..... the finance act, 1987 brought an amendment in section 70 ..... the learned senior counsel contended that the text of the circulars referred to in above paragraphs clearly showed the intention of law wherein the amendment brought in by the finance act, 1987 dispensed with any sort of distinction between long term loss and short term loss in matters of set off and carry forward and allowed the set off of loss of .....

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. ..... if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export turnover was quite different. ..... thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was introduced. ..... in this regard, we have also noted that the order under section 263 of the act was passed on 30-12-1988 when the benefit of the amendment brought by the finance (no. ..... 32.20 this amendment takes effect retrospectively from 1st day of april, 1987, the day from which 'total turnover' became relevant for the purpose of computation of deduction under section 80hhc. ..... the assessee excluded the freight and insurance from the total turnover also in the computation of export profit, as per section 80hhc(3)(b) of the act and the assessing officer accepted the computation in the assessment order, without any discussion.4. ..... the learned departmental representative, on the other hand, relied on the order of the commissioner under section 263 of the act and also emphasised that explanation (ba) below section 80hhc does not use an expression "for the removal of doubts" and gives a specific date of 1 -4-1987 for retrospective operation. .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... he noted the argument of the appellate that the transfer is always relatable to the execution of the lease deed and not on mere giving of possession.he considered the amendment to section 2(47) of the act by the finance act, 1987 which added clause (vi) to the said section along with an explanation which amendment was operative from 1-4-1988. ..... in para 11 he reproduced the clause iii of the memorandum of association in which it was stated that the definition of the term 'scientific research' as may be amended in section 43(1)(i) of the act would equally to the term used in the said clause. ..... if the definition of 'scientific research' in section 43(4)(i) of the income-tax act, 1961, or the corresponding provision of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. 2. ..... if the definition of 'scientific research' in section 43(4)(1) of the income-tax act, 1961, or the corresponding provisions of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. ..... research in the fields of natural or applied science including agriculture, animal husbandry, fishing and so on and the provision in its memorandum of association that the term 'scientific research' would also cover such fields a may be included in section 43(4)(1) of the act as it stood at the relevant time and as may be amended from time to time. .....

Huf of H.H. Late Sir J.M. ScIndia Vs. Acit, Range - 18(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... by the finance act, 1987, with effect from april 1, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even if there is no cost of ..... in a case where cost cannot be ascertained, the fair market value cannot be taken into consideration under section 55 of the income-tax act, 1961, because the very basis of capital gains is that at some point of time the person who initially acquired the property did so at some cost in terms of ..... therefore, even if the amendment is taken into consideration section 55 can be invoked in cases of nil cost of acquisition for the purpose of bringing to tax the entire sale consideration only in relation to the specified assets.from a reading of this it is clear that it is for the revenue to show ..... similarly, section 55 has been amended from tune to time to enable the taxation of other assets wherein no cost of acquisition is ..... jadeja gujarat high court though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for determining the chargeable profits and ..... the asset referred to in section 45 of the act has to be one: (i) in the acquisition of which it is possible to envisage a cost; (ii) in the acquisition whereof the assessee had incurred a cost, and the onus of showing that the assessee had incurred cost is on the .....

Asstt. Cit Vs. Vijay Talkies

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... he submitted that the law prior to the amendment of section 45 of the act was that the distribution of capital assets on dissolution of the firm was not to be regarded as transfer under clause (ii) of section 47; but the finance act, 1987 with effect from 1-4-1988 omitted this clause, the effect of which is that the distribution of capital assets on the dissolution of a firm would henceforth be regarded as ..... (supra) has considered the decision of the apex court in malabar fisheries' case (supra) and various other decisions of the same line and has held that all these judgments were previous to the amendment brought about by the finance act, 1987 which introduced sub-sections (3) & (4) in section 45, with effect from 1-4-1988. ..... has held that in view of omission of section 47(ii) by the finance act, 1987, the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer, no amendment is required in the definition of transfer in section 2(47) of the income tax act.9. ..... after considering the amended provisions of sections 45(4) and 47 of the income tax act, it was held that the purpose and object of the act of 1987 was to charge tax arising on distribution of capital assets of firms which otherwise was not subject to taxation to block the escape routes for avoiding capital gains tax and therefore if the object of the act is seen and the mischief it seeks to avoid, it would be clear that the intention of parliament was to bring into .....

Commissioner of Income-tax Vs. A.N. Naik Associates and anr. and Ranga ...

Court : Mumbai

Reported in : 2004(2)BomCR801; (2004)187CTR(Bom)162; [2004]265ITR346(Bom)

..... therefore, instead of amending section 2(47), the amendment was carried out by the finance act, 1987, by omitting section 47(ii), the result of which is that distribution of capital assets on the dissolution of a firm would be regarded as 'transfer'. ..... to plug this loophole the finance act, 1987, brought on the statute book a new sub-section (4) in section 45 of the act. ..... 'sub-section (4) along with sub-section (3) were introduced by the finance act, 1987, with effect from april 1, 1988. ..... parliament with the avowed object of blocking this escape route for avoiding capital gains tax by the finance act, 1987, has introduced sub-section (3) to section 45. ..... it may be noted that all these judgments were previous to the amendment brought about by the act of 1987 which introduced sub-sections (3) and (4) in section 45, with effect from april 1, 1988. ..... prior to the finance act, 1987, in the case of a partnership it was held that the assets are of the partners and not of the partnership. ..... the finance act, 1987, with effect from april 1, 1988, omitted this clause, the effect of which is that distribution of capital assets on the dissolution of a firm would henceforth be regarded as 'transfer'. ..... as the section is a self-contained code, there was no need to amend the definition of transfer under section 2(47) of the act. .....

Sbm Engg. Products (P.) Ltd. Vs. Assistant Commissioner of

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". .....

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

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). .....

Comnissioner of Income-tax Vs. Dharangadhra Chemical Works Ltd.

Court : Mumbai

Reported in : [1990]33ITD693(Mum)

..... application dated 27-7-1988, the tribunal in para 5 of the order, had observed as under :-'now, the term 'income-tax authority' is defined in section 245a (b) (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 ..... after the amendment, the term 'income-tax authority' is defined in clause (d) of section 245a as income-tax authority specified in section 116. ..... after reproducing the definition of the term 'case' in that section, the tribunal held that 'case' means proceedings for assessment or reassessment which are pending before the income-tax authority on the date on which an application ..... the tribunal has not given any finding that section 245 does not apply to an appeal filed before it against the order of revision ..... itat was correct in law in holding that section 245f (2) does not apply to appeal filed before it against order of revision ..... in both these sections, income-tax appellate tribunal is not regarded as an income-tax authority which would mean that the settlement commission cannot exercise or supersede the powers of ..... first miscellaneous application was filed on 22-2-1987 and was marked m. a. no ..... 256(1) of the income-tax act, 1961, arising out of ..... filed against the order passed by the tribunal on 14-9-1987 in ita no. .....

Mr. Pallonji M. Mistry (Decd.), Executrix of His Estate, Mrs. Dhun R. ...

Court : Mumbai

Reported in : 2009(4)BomLR1497; (2009)227CTR(Bom)592; [2009]319ITR167(Bom); [2009]178TAXMAN341(Bom)

..... by the supreme court in jodhamal (supra) has been rightly understood by the high courts of punjab and haryana, patna, rajasthan etc and held that the requirement of registration of sale deed in the context of section 22 is not warranted.while so holding, it also noted the amendment carried out to section 27 of the act by finance act, 1987 by substituting some of the clauses with effect from 1.4.1988. ..... the court addressed to itself, a question whether this amendment was clarificatory or declaratory and after considering various aspects was pleased to hold that it had no hesitation to hold that the amendment in the fiance bill of 1988 was declaratory/clarificatory in nature, in so far as it relates to section 27(iii), (iiia) and (iiib) and consequently provisions were retrospective ..... but in the context of section 22 of the income tax act having regard to the ground realities and further having regard to the object of the income tax act, namely, 'to tax the income', we are of the view, owner is a person who is entitled to receive income from the property in his own right.it would thus be clear from the law declared by the supreme court ..... court for the purpose of considering the contentions considered section 9(1) of the old act as also section 22, 27 and 56 of the act of 1961. ..... on behalf of the assessee that the rental income of the flats was assessable as income from other sources under section 56 of the act and not as income from house property under section 22 of the income tax act. .....