Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)105TTJ(Mum.)533
..... , 1987 [(1988) 67 ctr (st) 1] explaining the provisions of finance act, 1987, learned counsel submitted, the amendment to extend tax holiday to the units in free trade zones is clarificatory. ..... (supra), the legislature, for removal of doubt, amended section 10a by finance act, 2003 and inserted a new expln. 4 w.e.f. ..... in the instant case, the assessee established an undertaking at sepz, sachin and claimed the benefit of deduction and it was allowed to the assessee for two years.the section was brought into the statute book to promote industrialization and to improve foreign exchange earnings for the country. ..... the learned departmental representative further submitted, the alternate plea for deduction under section 80hhc of the act was not taken before the cit (a) and the assessee cannot demand it now. ..... the learned counsel for the assessee submitted, briefly, assessee is in the field of cutting and polishing diamonds and (is) an exporter.assessee was getting the benefit contemplated under section 10a of the act, since this special provision in respect of newly established undertaking in free trade zone etc. ..... (supra) and held that the assessee is not entitled for the benefit under section 10a of the act: there can be little difficulty in holding that the raw and uncut diamond is subject to a process of cutting and polishing which yields the polished diamond, but that is not to say that the polished diamond is a new .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)7SOT26(Mum.)
..... 22-9-1987 explaining the provisions of finance act, 1987, learned counsel submitted, the amendment to extend tax holiday to the units in free ..... (supra), the legislature, for removal of doubt, amended section 10a by finance act, 2003 and insertee a new explanation 4 with effect from 1-4-2004, which reads as under : .for the purpose of this section, 'manufacture or produce' shall include the cutting and polishing of ..... 6 and 7) urged by the assessee is directed against the order of the commissioner (appeals) in directing the assessing officer to rework the disallowance under section 43b of the act.it was the case of the assessee that though the payments were made beyond the due date but it was within the grace period and therefore the claim ..... all import/export and manufacturing activities had been carried out at epz unit, hence eligible for exemption under section 10a of the act.assessee further submitted, assessee is a manufacturer as defined under section 10a, explanation (iii), which is an inclusive definition and includes any (a) process, or (b) assembling, or (c) recording of any disc, tape, perforated media ..... submitted, there is no justification in withdrawing the benefit extended to the assessee under section 10a in the preceding year and it is available to the assessee also in the light of explanation 4 brought into statute book with effect from 1-4-2004 onwards by the finance act, 2003.on the other hand, the learned departmental representative supported the orders of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)8SOT532(Mum.)
..... sub-section (3) of section 45 was brought on the statute by the finance act, 1987 with effect ..... there is no requirement under the law relating to sale of goods and even of immovable property that the purchase consideration has necessarily got to be paid in cash.thus, as per the provisions of section 5(l) of the sale of goods act, 1930 where the parties to a contract agree that the payment for and delivery of the goods are to be postponed, the property in goods passes to the buyer as soon as the proposal for sale ..... mutation of name in the books of the municipal authorities may take a long time but once the property is transferred by following the recruitments of the transfer of properties act, 1982 read with the relevant section of registration act, the genuineness of the transfer itself cannot be challenged, even though the transferor may still be shown as the owner of the property in the books of the municipal ..... to fulfil certain conditions, the contract may not be called to be unconditional and property would not immediately pass on execution of an agreement.from a careful reading of this agreement dated 2-7-1997 in the light of the provisions of section 20 of sales of goods act and other provisions of act, we find that it was a formal agreement between the parties with regard to sale of shares, but it was to be enforced on fulfilment of certain conditions by the respective parties. ..... ) is also not relevant because of amendment to section 45(3) of the act with effect from 1-4-1988. .....
Tag this Judgment!Court : Mumbai
Reported in : [2004]139TAXMAN209(Bom)
..... section 2(47) of the income tax act came to be amended by the finance act, 1987 with effect from 1-4-1988. ..... the learned counsel then points out that in view of the amendment to section 2(47) of the income tax act, introducing clause (12) any transaction involving the allowing of possession of any immovable property to be taken or retained in part performance of contract under section 53a of the transfer of property act and in view of option exercised by the bank of maharashtra by letter dated 12-6-1990 exercising their option to complete the sale in respect of the said premises in pursuance of clause (5) of agreement dated 19-6-1984 and in the light ..... the petitioner also pointed out that possession of the premises had been handed over prior to 1-4-1987, the amendment brought about in the definition in section 2(47), therefore, could not be applicable for the assessment year 1991-92. ..... it is then submitted that by virtue of amendment to section 2(47) introducing clause (v) with effect from 1-4-1988, transactions under section 53 a of the transfer of property act, have been included in the definition transfer in relation to capital assets, which has taken place in the present case on 12-6-1990 by exercise of option by the bank which is clearly falling in the assessment year 1991-92. .....
Tag this Judgment!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". .....
Tag this Judgment!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). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)84TTJ(Mum.)186
..... we may, however, add that clause (va) has been inserted in sub-section (1) of section 36 by the finance act, 1987. ..... " from a combined reading of these provisions, it is clear that the contributions to provident fund or superannuation fund or a fund under the esi act are allowable only if the payments are made within the due date under the acts or the rules or the orders governing such contributions.the conflict between section 40a(7) and section 43b has been considered by the hon'ble calcutta high court in the case of sree kamakhya tea co.and the relevant portion ..... , in respect of any sum referred to in clause (b) be allowed unless such sum has actually been paid in cash or by issue of a cheque or draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realised within fifteen days from the due date. ..... the assessee has filed an application for amendment of this ground so as to change the figure of disallowance to rs. ..... considering the facts, the amendment of the ground of appeal sought for by the assessee is allowed. ..... the effect of the amendment is that no deduction will be allowed in the assessment of the employer unless such contribution is paid to the fund on or before the due date. ..... this amendment, however, has been made effective from the assessment year 1988-89.6. .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Mumbai
Reported in : [2004]90ITD191(Mum)
..... has been inserted in sub-section (1) of section 36 by the finance act, 1987. ..... clause (b) be allowed unless such sum has actually been paid in cash or by issue of a cheque or draft or by any other mode on or before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36, and where such payment has been made otherwise than in cash, the sum has been realised within fifteen days from the due date.36(1)(va) any sum received by the assessee from any of his ..... employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date.explanation - for the purpose of this clause, 'due date' ..... means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise.2(24)(x) any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund ..... the effect of the amendment is that no deduction will be allowed in the assessment of the employer unless such contribution is paid to ..... this amendment, however, has .....
Tag this Judgment!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. .....
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