Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: mumbai Page 6 of about 719 results (0.139 seconds)

Collector of Central Excise Vs. Maradia Steel (P) Ltd.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (1992)LC374Tri(Mum.)bai

..... 234, wherein the supreme court held that notwithstanding the amendment of rules 9 and 49 of the central excise rules, which was given retrospective effect by section 51 of the finance act, 1982, recoveries can be effected only subject to the provision of time limit under section 11a of the central excises act. ..... orders in appeal passed by the collector of central excise (appeals).in all the said appeals from the department, the common issue was the question of applicability of period of limitation under section 11a of the central excises and salt act, 1944 - (hereinafter referred to as the "central excises act") in respect of demands issued, for recovery of modvat credits, which have been wrongly availed of, by invoking the provision of rule 57-i of the central excise rules, 1944, as it stood prior ..... to all these factors, we propose to the president in terms of section 35h of the central excises and salt act, 1944, the following question of law, for submission to the hon'ble supreme court of india for consideration:- "whether rule 57-i of the central excise rules, as it stood prior to amendment effected on 6-10-1988, is subject to the provisions of limitation prescribed under section 11a of the central excises and salt act, 1944 whether it is independent of section 11a aforesaid and can be invoked for recovery ..... reported in 1987 (32) e.l.t. .....

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

..... and the relevant portion reads as under:in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended clause (vii) of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the year in which such a bad debt has been written off as irrecoverable in the accounts of the assessee.with reference to the ..... a circular was issued explaining the provisions of the direct tax laws (amendment) act, 1987 by which the provisions of section 36 were amended. ..... shall be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.the finance act, 2001 inserted the following explanation after the proviso to section 36(1(vii):explanation - for the purposes of this clause, any bad debt or part thereof written off as irrecoverable in the accounts of the assessee shall not include any provisions for bad ..... ' reference may also be made to page 878 of the 'law and practice of income tax law by kanga, palkhiwala and vyas, 9th edition, where the learned jurist opined as under:under the amended clause, the requirement of 'establishing' that the debt had become bad in the relevant accounting year is dispensed with; all that the assessee has to show is that the bad debt has been written off as .....

All India Blue Star Employees Federation Vs. Union of India (Uoi) and ...

Court : Mumbai

Reported in : [1998]234ITR155(Bom)

..... clause (10c) was inserted in that section for the first time with effect from april 1, 1987, by the finance act, 1987, to extend the benefit of exemption to the employees of public sector undertakings in respect of any payment received by them at the time of their voluntary retirement in accordance with any scheme approved by the central government having regard to the ..... and institutes of management notified by the central government in this behalf of amending this clause by the finance act, 1994. ..... ), as amended by the finance act, 1994, which is operative with effect from april 1, 1995, reads as follows :'(10c) any amount received by an employee of-- (i) a public sector company ; or(ii) any other company ; or(iii) an authority established under a central, state or provincial act ; or(iv) a local authority ; or(v) a co-operative society ; or(vi) a university established or incorporated by or under a central, state or provincial act and an institution declared to be a university under section 3 of the university grants commission act, 1956 (3 of 1956) ; or(vii) an indian institute of technology within the meaning of clause (g) of section 3 of ..... however, by the income-tax (twentieth amendment) rules, 1993, (see [1993] 204 itr 163), rule 2ba was substituted with retrospective effect from the date of its insertion, viz ..... this rule was amended with effect from february 26, 1993 ..... rule 2ba, as amended, reads as follows :'2ba ..... certain amendments were made therein thereafter from time to time .....

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

..... however, section 2(7a) of the income tax act came to be amended by direct tax laws (amendment) act, 1987 by which the name of the various authorities under the act came to be changed. ..... he contended that the finance act of 1991 has been enacted much after the enactment of the uti act, 1963 and, therefore, the act of 1991 amending the interest tax act was a subsequent law vis-a-vis uti act, 1963. mr. ..... when the parliament enacted the finance act with effect from 1st october, 1991 uti and lic were brought expressly within the purview of the interest tax act thereby the parliament impliedly repealed section 32 of the uti act to the extent of the interest income which is made taxable under the interest tax act. ..... however, as stated above, since 1991, the market borrowings of the central government have increased manifold times and, therefore, by finance act, 2000 the levy has been withdrawn after 31-3-2000. ..... in the present matter, on facts, we find that after finance act of 1991, uti sought the opinion of the central board of direct taxes. ..... dastur submitted that section 2(28a) was introduced in the act by finance act 1988 because the government wanted to levy tax oninterest under section 9(1)(v) of the income tax act which deals with interest income which accrues or arises in india. .....

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. .....

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. .....

General Insurance Corporation of India Vs. Deputy Commissioner of Inco ...

Court : Mumbai

Reported in : (2005)199CTR(Bom)391; [2006]284ITR613(Bom)

..... pointed out that the words 'any bad debt or part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year' were introduced by the direct tax laws (amendment) act, 1987 w.e.f. ..... cit : [1981]130itr95(guj) , the division bench of the gujarat high court has held that under section 36 of the act, before any claim for allowance for a bad debt is held established by the ao, it must appear that the concerned bad debt was written off as irrecoverable in the account books of the ..... cit : [1999]240itr139(sc) , wherein the supreme court has observed that section 44 of the it act is a special provision governing computation of taxable income earned from business of insurance, and it mandates the assessing authorities to compute the taxable income for business of insurance in accordance with the provisions of the first ..... 58,52,80,850 along with the audited report in form 3cd and final accounts prepared in the manner prescribed under the insurance act, 1938, wherein a provision under the head 'reserve for bad and doubtful debts' as per the regular and consistent practice, for ..... daniel, the learned counsel for the respondent has sought, to contend, relying on the provisions of section 44 of the it act, that under rule 5(a) it is not permissible to deduct unless it is an expenditure or allowance. ..... contended that rule 5 was amended by finance (no. ..... contended that none of the judgments have interpreted rule 5 in the first schedule as amended by the finance (no. .....

Somaiya Organo-Chemicals Ltd. Vs. The Commissioner of Income Tax Bomba ...

Court : Mumbai

..... section 3 of the act, which defines previous year substituted by the direct tax laws (amendment) act, 1987 with effect from 1.4.1989, in effect did away with varying meanings of the term previous year and defined it as 'the financial year immediately preceding the assessment ..... the amendment introduced by the finance act in terms of the tenth schedule indicates ..... explanatory notes to these provisions of the direct tax law (amendment) act, 1987, contained in circular no.549 dated 31st october, 1989 of ..... basis that the income for 21 months should be assessed at the rate applicable to the income of the last period of 12 months was also negatived by the court holding that the rate of tax is fixed by the finance act for every assessment year and the same is in respect of the income of the previous year. ..... explanatory notes to the provisions relating to direct taxes in the finance act, 1978, to be found in circular no.240 dated 17 may 1978, explain the object of introduction of sub-section (3a) in the following words: in order to place a curb on extravagant and specially wasteful expenditure on advertisement, publicity and sales promotion at the cost of the exchequer, the finance act has inserted new sub-section (3a) in section 37 of the act for disallowance of a part of such expenditure in the computation of ..... length of the previous year is fixed and the income of the previous year is determined, that income must be charged at the rate specified in the finance act and in no other way. 14. .....

Ramparshad Mehra Family Trust Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1995)53ITD425(Mum.)

..... since this was not the intention it was sought to be clarified by finance act, 1987 that deduction under section 32ab shall be allowed only in the assessment of the firm and not in the hands of the partner in respect of the income derived ..... finance act, 1986 introduced section ..... in the case of investment allowance, the incentive is given only to the firm and not to the partner.4.2 now, the provisions of section 32ab as they stood initially, it was found, could conceivably lead to an interpretation that the deduction could be claimed in the case of a firm as also/or in the case of a partner in respect of the income ..... but while making appropriate amendment to clarify the actual amendment was made in following language by way of proviso to sub-clause (ii) to clause (b) of sub-section (1) of section 32ab with effect from 1st april, 1987: provided that where such ..... gotla [1985] 156 itr 323 (sc).again when language of amending provision is not clear, a precise history culminating in the enactment is justified as proper and logical course - see ..... the proviso inserted by way of amendment clearly mentions that the deduction shall not be allowed in the computation of the income of any partner and if read in the context of notes and clauses for the purpose of bringing the amendment, it is quite clear to us that no such deduction is intended by the legislature qua the share of profit derived by ..... ...the language of the amendment, as it stands, has given rise to the present controversy before us .....