Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: patna Page 1 of about 67 results (0.123 seconds)

Narsingh Ram Ashok Kumar Vs. Union of India (Uoi) and ors.

Court : Patna

..... amending act, 1987, section 271d was inserted and at the same time section 276dd which provided for punishment for failure to comply with the provision of section ..... taxes in the finance act, 1984, with reference to section 269ss which was inserted in the principal act by the finance act, 1984. ..... however, note that prior to the direct tax laws (amendment) act, 1987, which came into force with effect from april 1, 1989 ..... 32.6 section 276dd inserted in the income-tax act by the finance act, provides that if a person, without reasonable cause or excuse, takes or accepts any loan or deposit in contravention of the aforesaid provisions, he shall ..... or any loan or deposit taken or accepted by,-- (a) government ; (b) any banking company, post office savings bank or co-operative bank ; (c) any corporation established by a central, state or provincial act ; (d) any government company as defined in section 617 of the companies act, 1956 (1 of 1956) ; (e) such other institution, association or body or class of institutions, associations or bodies which the central government may, for reasons to be recorded in writing, notify ..... section 269ss itself was inserted by the finance act ..... 32.2 with a view to countering this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the finance act has inserted a new section 269ss in the income-tax act debarring persons from taking or accepting, after 30th june, 1984, from any other person any loan or deposit otherwise than by an .....

Ashirvad Enterprises and ors. Vs. State of Bihar and anr.

Court : Patna

..... section (1) of section 245h was amended with effect from 1-6-1987, by the finance act, 1987, to introduce a proviso that no such immunity shall be granted by the commission in cases where the proceedings for the prosecution for any such offence have been instituted before the date of receipt of the application under section ..... ) , had also been pleased to observe that after the application filed under section 245c is ordered to be proceeded with under section 245d(1) of the act the provision of sub-section (2) of section 245f holds the field till the passing of the final order under section 245d(4) of the act and according to the said provision the settlement commission has exclusive jurisdiction to exercise ..... application was dismissed with the observation that if the settlement commission does not reject the applications and allows the application to be proceeded with under section 245d(1) of the act, it will be open for the petitioner to move the learned magistrate for stay of the prosecution till the final disposal of the matter ..... 1987) 168 itr 591, after noticing the provisions of section 245f of the act was pleased to observe that sub-section (2) makes it manifest that till the culmination of those proceedings, with the passing of an order under sub-section (4) of section 245d of the act, it has exclusive jurisdiction to exercise the powers and perform the functions of an income-tax authority under the act ..... sections 245a to 245m was inserted by the taxation laws (amendment) act .....

Ashirvad Enterprises and ors. and L.N. Poddar Vs. State of Bihar and a ...

Court : Patna

..... section (1) of section 245h was amended with effect from june 1, 1987, by the finance act, 1987, to introduce a proviso that no such immunity shall be granted by the commission in cases where the proceedings for the prosecution for any such offence have been instituted before the date of receipt of the application under section ..... itr 230 had also been pleased to observe that after the application filed under section 245c is ordered to be proceeded with under section 245d(1) of the act the provision of subsection (2) of section 245f holds the field till the passing of the final order under section 245d(4) of the act and according to the said provision the settlement commission has exclusive jurisdiction to ..... ' application was dismissed with the observation that if the settlement commission does not reject the applications and allows the application to be proceeded with under section 245d(1) of the act, it will be open for the petitioner to move the learned magistrate for stay of the prosecution till the final disposal of the matter by ..... 1987] 168 itr 591 after noticing the provisions of section 245f of the act was pleased to observe that sub-section (2) makes it manifest that till the culmination of those proceedings, with the passing of an order under subsection (4) of section 245d of the act, it has exclusive jurisdiction to exercise the powers and perform the functions of an income-tax authority under the act ..... sections 245a to 245m was inserted by the taxation laws (amendment) act .....

Mrs. Prabha Lal Vs. Cit

Court : Patna

..... . the intention of the legislature by bringing the aforesaid provisions by amending finance act, 1987 was to make the collection of statutory interest mandatory ..... has no application where shortfall in the making of the deposit by the assessee on the returned income is on account of an underestimate or failure to estimate the amount of capital income or the income of the nature referred to in sub-clause (ix) of clause (24) of section 2 of the act; which contains a provision with regard to income from any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from any gambling or betting of any form or- ..... learned counsel appearing for the respondent-department, on the other hand, submitted that the provision for payment of interest for non-deposit of advance tax or less deposit of tax in the quarter, as mentioned in section 234c of the act is compensatory in nature and the provision is also mandatory and the same requires deposit of advance tax on the returned income. ..... -(1) where in any financial year,-(a) * *(b) the assessee, other than a company who is liable to pay advance tax under section 208 has failed to pay such tax or,-(i) the advance tax paid by the assessee on his current income on or before the 15th day of september is less than thirty per cent of the tax due on the returned .....

Mrs. Prabha Lal Vs. Commissioner of Income Tax

Court : Patna

..... . the intention of the legislature by bringing the aforesaid provisions by amending finance act, 1987 was to make the collection of statutory interest mandatory ..... has no application where shortfall in the making of the deposit by the assessee on the returned income is on account of an underestimate or failure to estimate the amount of capital income or the income of the nature referred to in sub-clause (ix) of clause (24) of section 2 of the act; which contains a provision with regard to income from any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from any gambling or betting of any form or ..... learned counsel appearing for the respondent-department, on the other hand, submitted that the provision for payment of interest for non-deposit of advance tax or less deposit of tax in the quarter, as mentioned in section 234c of the act is compensatory in nature and the provision is also mandatory and the same requires deposit of advance tax on the returned income. ..... --(1) where in any financial year,-- (a) ****(b) the assessee, other than a company who is liable to pay advance tax under section 208 has failed to pay such tax or,-- (i) the advance tax paid by the assessee on his current income on or before the 15th day of september is less than thirty per cent of the tax due on the returned .....

Fertilizer Corporation of India Ltd. Vs. Collector of C. Ex.

Court : Patna

..... and 4901 of 1987, it has been additionally con-tended that the tribunal had no jurisdiction to entertain the appeals which were instituted in the purported exercise of power of review under section 36(2) of the central excises and salt act, 1944 (as amended), since under the amended section 36, amended by finance (no. ..... 4888 of 1987 that the impugned order of the tribunal is without jurisdiction and no such order could have been passed after 21.08.1980 since section 36 of the act was amended and the power of the central government to review the decision of the board stood ..... from the order of the tribunal that the central government in exercise of the powers vested in them under section 36(2) of the act as it stood at the material time, called for an examined the records and were tentatively of the view that under the subject notification, as amended, only that quantity of l.s.h.s/f.o. ..... it appears that a review notice under section 36(2) of the act was issued calling upon the petitioner to show cause why the order of the board dated 22.02.1982 be not modified and complete exemption in respect ..... 10 and 11a of the first schedule to the central excises and salt act, 1944 (1 of 1944) and intended for use as feed stock in the manufacture of fertilizer, from the whole of the duty of excise leviable thereon :provided that :-(1) it is proved to the satisfaction of ..... is an existing company within the meaning of companies act, 1956 and is a government company wholly owned by the government of .....

Narayan Prasad Kotriwal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1994)50ITD539(Pat.)

..... 24.6 with a view to removing these difficulties, the finance act, 1987, has inserted a new sub-section (5) in section 45 to provide for taxation of additional compensation in the year of receipt instead of in the year of transfer of ..... this sub-section along with the explanation thereto was introduced by the finance act, 1987, with effect from the assessment year 1988-89.prtma facie therefore the section does not apply to the assessment year 1987-88 which is the ..... compen sation, the ito also took the view that the same was taxable as capital gains under section 45(5) of the act, which according to him was applicable even for the assessment year under appeal. ..... section 155(7a) were omitted from 1-4-1992 by the direct tax laws (amendment) act, 1987. ..... not apply to the present case where the amendment is to a substantive provision which has been held to be a charging section.9. ..... concerned with the assessment year 1987-88 and as on 1-4-1987 the provisions of section 45(5) were not in the ..... the original assessment was completed under section 143(1) of the act accepting the income returned.subsequently the ito while completing the assessment for the assessment year 1988-89 noticed that the assessee had received enhanced compensation on 5-8-1986 which should have ..... the amendment to the laws of procedural nature and were therefore held to act retrospectively. ..... 24.7 these amendments will come into force with effect from 1st april, 1988, and will, accordingly apply from the assessment year 1988-89 .....

Commissioner of Income-tax Vs. Ashok Kumar Jha

Court : Patna

..... by the finance act, 1964, certain amendments were made in these provisions ..... according to counsel, the findings and the order recorded by them are in teeth of the explanation appended to section 271(1)(c) of the act as inserted by the finance act, 1964. ..... in so doing, he took the view that mere rejection of the explanation as to non-submission/concealment of income was not sufficient for imposing the penalty under section 271(1)(c) and the onus lay on the department to prove the fact that the assessee had deliberately concealed the income or had furnished the incorrect particulars. ..... of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income includedin the total income but which has been disallowed as a deduction), such person shall, unless he proves ..... tribunal has referred the following questions of law pursuant to the order of this court for its opinion under section 256(2) of the income-tax act, 1961, at the instance of the revenue :' (1) whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the order of the appellate assistant commissioner, who deleted the penalty under section 271(1)(c) of the income-tax act by wrongly putting the onus upon the department ? ..... mussadilal ram bharose : [1987]165itr14(sc) . ..... mussadilal ram bharose : [1987]165itr14(sc) . 5. .....

industrial Packers and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1995)52ITD1(Pat.)

..... counsel for the assessee conceded fairly that section 43b had been inserted by the finance act, 1983 with effect from 1-4-1984, but since section 29 was amended only with effect from 1-4-1989 to include section 43b, the only conclusion to be drawn was that section 43b could not be invoked for ..... that this substitution of "43a" by "43b" by the direct tax laws (amendment) act, 1987 w.e.f.1-4-1989 was only clarificatory and to bring it in line with the insertion of section 43b of the act w.e.f 1-4-1984. ..... has been provided in the act itself that the amendment, although made by the finance act, 1989, will take effect ..... submitted before us that "43b" was substituted for "43a" by the direct tax laws (amendment) act, 1987 with effect from 1-4-1989 only. ..... counsel for the assessee further submitted that the amendment in section 29 to include section 43b with effect from 1-4-1989 could not be made retrospective and in any case if two interpretations were possible, then the interpretation in favour of the ..... has held in the case of jamshedpur motor accessories stores (supra) that the first proviso below section 43b is clarificatory and operative from assessment year 1984-85 retrospectively although the proviso was inserted by the finance act, 1987 w.e.f. ..... an oversight, the date from which 'total turnover' became relevant for the purpose of computation of deduction under section 80hhc was taken to be 1-4-1987 and not 1-4-1986. ..... 2) act, 1991 made itself applicable retrospectively from 1-4-1987 only .....

Larson and Tubro Ltd. Vs. Commissioner of Commercial Tax and anr.

Court : Patna

..... , namely, the deputy commissioner of commercial taxes after getting a report from assistant commissioner of commercial taxes of jamshedpur, urban circle, rejected the request of the petitioner for amendment of the registration certificate by including the items mentioned above in the certificate by observing as follows :the purpose of government in giving rebate to the assessee' under section-13(1)(b) is that the tax payable under bihar finance act would increase due to use and utilization of the articles purchased at concessional rate. ..... before appreciating the contentions advanced at the bar, it is necessary to set out the relevant portion of section 13(1) of the bihar finance act, 1981, which reads as follows :13. ..... ; (c) * * * * * (d) * * * * *and in respect of which the purchaser has been granted a certificate by the prescribed authority in the prescribed manner and for the prescribed period shall, unless the goods are taxable at a lower rate under section 12 be subject to sub-section (2), leviable to tax at such rate or rates as may be notified by the state government in this behalf not exceeding 4 per centum:provided that the state government may, from time to time by notification in official gazette, excluded ..... 28.8.1987 one week's time is allowed to file complete third copy of brief for the use of third hon'ble judge failing which the writ application shall stand rejected without further reference to bench.3. ..... 25.8.1987 the petitioner is a public limited company. .....