Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: mumbai Page 10 of about 719 results (0.145 seconds)

international Computers India Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)63ITD195(Mum.)

..... he observed that the issue was deliberated upon in the earlier years but, that the finance act, 1987 has expressly excluded computers from the 11th schedule and if the contention of the assessee was to be accepted then, there was no need to bring in the change by finance act, 1987 ..... that is allowable and disallowable according to rule 6d of the income-tax rules, 1962 (hereinafter referred to as the rules). the disallowance has been made by the authorities by considering the classification of expenses made in section 37(3b) that is referred to in section 37(3a) of the act, namely, running and maintenance of aircraft and motor cars and payment made to hotels and with reference to the limits prescribed in rule 6d of the rules from out of the travelling allowance granted to the ..... . the sole question that arises for consideration is, whether in the circumstances, section 34(3)(b) of the income-tax act is attracted enabling the ito to pass the amendment order as he did, dated 30th march, 1970, withdrawing the development rebate of ..... . the amendment that was made with effect from 1987 was with reference to the words "for data processing and for transmission and reception of messages" and in its place "for data processing (not being computers within the meaning of section ..... in the above view of the matter, we are of the view, that the withdrawal of the development rebate by the ito in the amendment order dated 30th march, 1970 by relying on section 34(3)(b) of the act is justified .....

Malad Kokil Co-operative Housing Society Ltd. and Another Vs. the Mode ...

Court : Mumbai

..... operative society or as a company as aforesaid, or to an association of flat takers or apartment owners his right, title and interest in the land and building, and execute all relevant documents therefore in accordance with the agreement executed under section 4 and if no period for the execution of the conveyance is agreed upon, he shall execute the conveyance within the prescribed period and also deliver all documents of title relating to the property which may be in his possession ..... that we undertake to convey the right, title and interest in the property without making any reservation in our favour whatsoever within the period mentioned in the agreement executed under section 4 of the maharashtra ownership flats (regulation of promotion of construction sale, management and transfer) act, 1963 and if no such period is mentioned in the agreement reformed to above, there after registration of the society, and to pass on documents of registration to the ..... further been observed, that the obligation is strengthened by insertion of sub-section (1a) in section 4 of mofa by maharashtra amendment act 36/86. ..... peerless general finance and investment ..... , air 1987 sc 1023 in support of the proposition that the provisions of mofa have to be interpreted textually and contextually is concerned, there cannot be any quarrel with the proposition of ..... , air 1987 sc 1023; the mohatta nagar co-op.hsg.society ..... {air 1987 scc 1023}, the court will have to draw a distinction between plan of a building and plan .....

Abdulgafar A. Nadiadwala Vs. Assistant Commissioner of Income Tax and ...

Court : Mumbai

Reported in : (2004)188CTR(Bom)232; [2004]267ITR488(Bom)

..... the finance act, 1985, has again substituted section 80hhc with that of new section 80hhc w e f 1st april, 1986 section 80hhc has been further amended by the taxation laws (amendment and miscellaneous provisions) act, 1986, w e f 1st april, 1987, and remained operative for the asst yrs 1987-88 and subsequent years by the direct tax laws (amendment) act, 1989, sub-sections (1) and (1a) further came to be amended and those amendments were made operative for and from asst yr 1989-90, the details of ..... 223itr271(sc) , the apex court has made use of one of such circulars to understand the purport of section 80-o of the act the circular dt 3rd aug , 1990, which was issued by the cbdt to explain the substance of the provisions relating to direct taxes in the finance act, 1990 and one of such provisions explained therein is section 80hhc of the act thus, to explain the scheme and various shades of section 80hhc r/w section 28, as amended by the finance act, came to be illustrated by the following examples(rs. ..... and from the asst yr 1991-92 which further came to be substantially amended by the finance (no 2) act, 1991, which further came to be amended by the finance act, 1992, w e f 1st april, 1992 the departmental circulars to explain the amendments made from time to time and laying down broad features thereof were issued by the central board of direct taxes ('cbdt' for short) the relevant part of section 80hhc relevant for the purposes of this appeal is reproduced hereinbelow'deduction in .....

Mr. Balmukund Acharya, Proprietor of Laxmi General Supply Company Vs. ...

Court : Mumbai

Reported in : 2009(111)BomLR462; (2009)221CTR(Bom)440; [2009]310ITR310(Bom); [2009]176TAXMAN316(Bom)

..... the aforesaid section 246 of the act was substituted by the direct tax laws (amendment) act, 1987 with effect from 1.4.1989, reading as under: ..... appeal to the deputy commissioner (appeals) against such order-(a) an order against the assessee, where the assessee denies his liability to be assessed under this act [or an intimation under sub-section (1) or sub-section (1b) of section 143, where the assessee objects to the making of adjustments], or any order of assessment under sub-section (3) of section 143 or section 144, where the assessee objects to the amount of income assessed, or to the amount of tax determined, or to the amount of loss computed, or to the status ..... memo explaining the provisions in finance bill 1994 relating to the amendment leading to section 143(1) or 143(1b) reads as under:to simplify this cumbersome procedure, the bill proposes to provide that an intimation sent to the assessee under section 143(1) or 143(1b) shall be deemed to be an appealable order for the purposes of section 246 of the income-tax act.23. ..... explanation, which was on the statute upto 1.6.1999 till its omission by the finance act, 1999 if read in the light of clause 37 and the memo explaining the provision in finance bill 1994 extracted hereinabove, would unequivocally go to show that the intimation sent to the assessee under sub-section (1) or sub-section 1(b) was deemed to be an order for the purposes of section 246 and 264. ..... above explanation was omitted by the finance act of 1999 w.e.f. .....

Baroda Rayon Corporation Ltd. Vs. Icici Ltd. (Debenture Trustees) and ...

Court : Mumbai

Reported in : 2002(2)BomCR608; (2002)2BOMLR915; [2003]113CompCas466(Bom); 2002(2)MhLj322

..... , the state government may, by notification in the official gazette, direct that -(a) in relation to any relief undertaking and in respect of the period for which the relief undertaking continues as such under sub-section (2) of section 3 -- (i) all or any of the laws in the schedule to this act or any provisions thereof shall not apply (and such relief undertaking shall be except therefrom), or shall, if so directed by the state government, be applied with such modifications (which do not however affect ..... the policy of the said laws) as may be specified in the notification; (ii) all or any of the agreements, settlements, awards or standing orders made under any of the laws in the schedule to this act, which may be applicable to the undertaking immediately before it was acquired or taken over by the state government or before any loan, guarantee or other financial assistance was provided to it by, or with the approval of the state government for ..... there is no dispute that by a notification dated 16-3-2001 the appellant has been declared as a 'relief undertaking' under section 3 of the act as amended and applied to the state of gujarat. ..... it is to protect them and not to render them unemployed that such relief undertakings are financed by the state.'13. ..... suresh chandra, reported in : [1987]3scr247 , and the decision in r. s. d. v. ..... suresh chandra mahaveer prasad mantri, : [1987]3scr247 .' 11. .....

Dai-ichi Karkaria Pvt. Ltd. Vs. Union of India

Court : Mumbai

Reported in : 1995(80)ELT24(Bom)

..... in kasinka trading (supra) the apex court has laid down that the power to exempt flows from section 25 of the act, that just as the notification is issued granting exemption in public interest, it can also be modified or withdrawn in public interest. ..... shri bharucha contended that the rate at which imports are chargeable to customs duty ought to be determined under section 15 of the customs act provided such imports are not wholly exempted when the goods entered into territorial waters of india. ..... in the present case, we are concerned with the goods being imported during the period december 30, 1986 upto january 21, 1987 during which period the goods were cleared without payment of customs duty as shown in exh. ..... accordingly, public notice was also issued on september 20, 1983 amending the import policy for 1983-84 whereby supplies to o.n.g.c. ..... similarly, statements showing raw materials imported prior to december 30, 1986 and stored in bond, imported material expected during the period february 1987 upto april 1987 and unutilised value of special imprest licences are annexed as exhs. ..... supplies of diverse products by indian manufacturer to projects financed by international development association or international bank for reconstruction and development or bilateral or multilateral aided projects. ..... 210/82 granted exemption to import of raw material used for manufacture of chemicals to be supplied to projects financed by ibrd/ida or to goods to be supplied to o.n.g.c. .....

Letape (India) (P.) Ltd. Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD222(Mum.)

..... shri keshav prasad brought to our notice the provisions of explanation to section 263 which was inserted by the taxation laws (amendment) act, 1984 with effect from 1-10-1984 and which, as substituted by the finance act, 1988 and amended by the finance act, 1989 read as under : (explanation : for the removal of doubts, it is hereby declared that, for the purposes of this sub-section, - (a) an order passed (on or before or after the 1st day of june, 1988) by the assessing officer shall include- (i) an order of assessment ..... (supra) no longer applies after the amendment brought about to section 263 of the act by the finance act, 1988 with effect from 1-6-1988 and the further amendment brought about by finance act, 1989, which had been given retrospective effect from ..... made by the assistant commissioner or the income-tax officer on the basis of the directions issued by the deputy commissioner under section 144a; (ii) an order made by ..... [1987| 167 itr 671/32 taxman 551.shri keshav prasad, the departmental representative, argued that the ratio of the decision of the bombay high court in the case of p.muncherji & ..... passed his order on 13-11-1987. .....

Standard Chartered Bank Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)39ITD57(Mum.)

..... the provisions of section 36(1)(viia) were amended by finance act, 1985 with effect from 1-4-1985 to extend the cushion to all scheduled and non-scheduled banks and an amount not exceeding 10% of the total income of an amount not exceeding 2% of the aggregate ..... however, the section was substituted by the income-tax (amendment) act 1986 with effect from 1-4-1987 and the amended section in terms of an additional clause, namely clause (b), provided that in the case of a bank, being a bank incorporated by or under the laws of a country outside india, and amount not exceeding five per cent of the ..... the avoidance of double taxable agreement which was contrary to the provisions of section 36(1)(viia) and, therefore, the assessee could not claim relief under this section.according to the iac, the assessee cannot be treated as a national being a corporate entity and the provisions of this section which were extended to the assessee bank with effect from 1-4-1987, cannot be made applicable to the assessee for the assessment year 1985-86.9.1 the ..... the cit(a) held that the assessee company did not deserve to succeed in its claim under section 36(1)(viia) of the it act and the reasons given by the cit(a) were basically as follows : the provisions contained in section 36(1)(viia) of the act applicable to indian banks (prior to 1-4-1987) were entirely keeping in view of the fact that indian banks were operating in rural sectors of india through its rural branches and were functioning under .....

Extrusion Processes Pvt. Ltd. Vs. Assistant Collector of C.E.

Court : Mumbai

Reported in : 1987(3)BomCR673; 1988(36)ELT531(Bom)

..... were themselves the petitioners, a division bench of the high court of gujarat, while considering the question whether printing and lacquering of extruded shapes and sections or tubes and pipes of aluminium is liable to payment of duty under the central excises and salt act, 1944 (hereinafter referred to as 'the said act' for the sake of brevity), came to the conclusion that 'printing and lacquering do not involve the process of forming a tube from a metal ..... recent amendment, the petitioners have also amended the petition by may of an alternative contention that the declaration made by the government while introducing the finance (no. ..... ), the definition of 'manufacture has been recast as to read as follows :-'(f) 'manufacture' includes any process, -(i) incidental or ancillary to the completion of a manufactured product; and(ii) which is specified in relation to any goods in the section or chapter notes of the schedule to the central excise tariff act, 1985 as amounting to manufacture;'it was, therefore, argued that whatever is specified in relation to any goods in the section v or chapter notes of the schedule to the central excise tariff act, 1985 should be considered as amounting to 'manufacture'.18. ..... its finding that the processes brought into existence a new substance and as such amounted to 'manufacture' of a commercially new product, the amendment was upheld and it was held to be within the legislative competency of the parliament.8. ..... , reported in : [1987]167itr904(sc) . .....

Extrusion Processes Pvt. Ltd. and Mobanbhai I. Patel of Bombay Vs. Shr ...

Court : Mumbai

Reported in : 1988(14)LC529(Bombay)

..... themselves the petitioners, a division bench of the high court of gujarat, while considering the question whether printing and lacquering of extruded shapes and sections or tubes and pipes of aluminium is liable to payment of duty under the central excise and salt act, 1944 (hereinafter referred to as 'the said act' for the sake of brevity), came to the conclusion that 'printing and lacquering do not involve the process of forming a tube from a ..... 8312-11, the process of lacquering or printing or both of plain containers shall amount to 'manufacture.therefore, the petitioners by an amendment incorporated these provisions in the petition and since they are in no way different from the previous ones they have also been challenged on the same ground ..... amendment, the petitioners have also amended the petition by way of an alternative contention that the declaration made by the government while introducing the finance ..... of 'manufacture' has been recast as to read as follows:(f) 'manufacture' includes any process,-(i) incidental or ancillary to the completion of a manufactured product: and(ii) which is specified in relation to any goods in the section or chapter notes of the schedule to the central excise tariff act, 1985 as amounting to manufacture.it was, therefore, argued that whatever is specified in relation to any goods in the section or chapter notes of the schedule to the central excise tariff act, 1985 should be considered as amounting to 'manufacture'.18. ..... : [1987]167itr904 .....