Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: mumbai Page 8 of about 719 results (0.140 seconds)

Bombay Goods Transport Association and Another Vs. Central Board of Di ...

Court : Mumbai

Reported in : (1994)121CTR(Bom)32; [1994]210ITR136(Bom)

..... learned counsel further submitted that the meaning of section 194c is further clear from the legislative intent which can be gathered also from the amendment sought to be made by parliament in the year 1987 by the insertion of section 194e of the act by the finance bill, 1987, and the introduction of section 194h in the act by the finance (no. ..... the proposed insertion of section 194e in the act in the year 1987 and insertion of section 194h in the year 1991 further goes to show that, according to the legislature, section 194c was not applicable to 'service contracts' or 'contracts' brought within the purview of deduction of tax at source by section 194h of the act. ..... in the light of the above discussion, we are of the clear opinion that the provisions of section 194c of the act are not applicable to contracts for mere carriage of goods which do not include any other services like loading or unloading. ..... learned counsel submits that the transport services rendered by the members of the petitioner-association do not fall within the scope and ambit of the expression 'any work' in section 194c of the act and, as such, the circular of the central board of direct taxes seeking to extend the said section to payments made on account of transportation charges is wholly illegal and without jurisdiction. .....

Indian Dyestuff Industries Ltd. Vs. Collector of C. Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (1995)(75)ELT617Tri(Mum.)bai

..... 234 (sc) that even in regard to the recoveries to be effected under section 52 of the finance act, 1982 giving retrospective effect to amendments made in rules 9 and 49, section 11a would be applicable, which is the provision for recovery of duty short levied, non-levied or erroneously refunded.moreover, there is no dispute that notification no. ..... 201/79 is subject to the provisions of section 11a of the act or the demand could be issued under the provisions of notification no. ..... ), the tribunal have held that section 11a has no application and hence his contention is that the notification itself is a self-contained one enabling recovery. ..... hence if they have allowed this as an input by erroneous construction of law, that can be rectified only by issuing a demand notice under section 11a within the period permissible under the section 11a. ..... this bench has been consistently following the principle that in such cases demand under section 11a is called for. ..... however, the show cause notice came to be issued only on 20-4-1987 which is clearly time barred. ..... hence it directly comes under the purview of section 11a. ..... 201/79, demand has to be issued within the purview of section 11a. ..... ), section 11a is not applicable in the case of reversal of credit to be effected under notification no.210/79-c.e.4 ..... spinning & weaving -1987 (32) e.l.t. ..... reported in 1987 (28) e.l.t. ..... sdr, however, contends that as per the decision of the cegat in the case of hindustan aluminium corporation, reported in 1987 (28) e.l.t. .....

The Commissioner of Wealth Tax Vs. Huf of H.H. Late Shri. J.M. ScIndia

Court : Mumbai

Reported in : (2008)110BOMLR1106; (2008)217CTR(Bom)531; [2008]300ITR193(Bom)

..... noting the lacunae, parliament amended section 148 of the income tax act by finance act, 2006 with effect from ..... by finance act 2006, with effect from 1.10.1991 introduced the second proviso to section 148 saving proceedings where return had been filed pursuant to proceedings under section 147 and no notice had been served under section 143(2) within the period prescribed by the proviso to section 143(2).the language used in section 143(2) is similar to the language used in section 16(2). ..... and which comes to his notice subsequently in the course of the proceedings under this section for the assessment year concerned (hereafter in this section referred to as the relevant assessment year) and the provisions of this act shall so far as may be apply as if the return were a return required to be furnished under section 14.provided that where an assessment under sub-section (3) of section 16 or this section has been made for the relevant assessment year, no action shall be taken under ..... before the tribunal was against the order of the commissioner (appeals) which has taken a view that the provision of section 17(1) of the wealth tax act are similar to section 14 of the said act and as the notices were issued beyond the time prescribed, the assessments are not correct in law and therefore, cancelled. ..... tribunal by a common order disposed of the appeal from which the present appeal arises along with other appeals by its order dated 4.3.2003 for the assessment years 1987-88 to 1992-93. .....

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. .....

Commissioner of Income-tax-18 Vs. Sambhaji Nagar Co-op. Hsg. Society L ...

Court : Mumbai

..... 128 itr 294 (sc) and the subsequent decisions of the high court that the finance act, 1994, amended section 55(2) to provide that the cost of acquisition of, inter alia, a tenancy ..... court; the assessing officer may refer the valuation of the capital asset to a valuation officer and where any such reference is made, the provisions of sub-section (2), (3), (4), (5) and (6) of section 16a clause (i) of sub-section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer ..... asset on the 1st day of april, 1981, at the option of the assessee; (ii) where the capital asset became the property of the assessee by any of the modes specified in sub-section (1) of section 49, and the capital asset became the property of the previous owner before the 1st day of april, 1981, means the cost of the capital asset to the previous owner or the fair market ..... asset, being equity share or share allotted to a shareholder of a recognised stock exchange in india under a scheme for demutualisation or corporatisation approved by the securities and exchange board of india established under section 3 of the securities and exchange board of india act, 1992 (15 of 1992), shall be the cost of acquisition of his original membership of the exchange: provided that the cost of a capital asset, being trading or clearing rights of the recognised stock ..... 1987 .....

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 .....

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. .....