Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: punjab and haryana Page 1 of about 197 results (0.239 seconds)

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. Income-tax Offic ...

Court : Punjab and Haryana

Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)

..... all these petitions, the petitioners seek the quashment of the respective complaints and the proceedings resulting therefrom, inter alia, on the ground that, before the amendment of section 194a, vide finance act, 1987, which came into force on june 1, 1987, there was no provision like the present explanation to sub-section (1) of this section making the crediting of any interest to any account, whether called 'interest' payable account' or 'suspense account', would amount to crediting the interest payable ..... mittal, learned counsel for the respondent, on the other hand, stated that the explanation inserted by the finance act of 1987 to sub-section (1) of section 194a simply explains the existing provisions of law and had not created any new offence and that, under the mercantile accounting system, the accused-petitioner was bound to show ..... the explanatory notes on the provisions relating to direct taxes while introducing the finance act, 1987 (see [1987] 168 itr 87). mr. ..... the question then arises as to whether it can be read in the un-amended provisions of section 194a of the income-tax act that the crediting of the interest in the interest payable account would be deemed to be payment to the different depositors and the company would be liable for non-deduction ..... fact, this interpretation cannot be disputed because while introducing the finance bill, 1987, the explanatory note clearly provides that the legislature had filled up a lacuna in the existing provisions of section 194.10. .....

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. the Income Tax O ...

Court : Punjab and Haryana

Reported in : (1991)99PLR225

..... the quashment of the respective complaint and the proceedings resulting therefrom inter alia, on the ground that before the amendment of section 194a vide finance act, 1987, which came into force on 1-6-1987, there was no provision like the present explanation to sub section (! ..... mittal, learned counsel for the respondent, on the other hand stated that the explanation inserted by finance act of 1987 to sub section (i) of section 194a simply explains the existing provisions of law and had not created any new offence and that under the merchantie accounting system the accused-petitioner was ..... the provisions relating to direct taxes while introducing the finance act 1987 figuring at page 87 (1987) 168 i. t. r. ..... a base glance through the above referred notes leaves no doubt that section 194a has been amended to provide that the tax will be deducted at source on accrual of interest in the end of the accounting year or at the time of crediting to the account of payee or at the time of payment, whichever is ..... with a view to prevent postponement of liability relating to such deduction of tax at source, section 194a has been amended to provide that tax will be deducted at source, on accrual of interest at the end of the accounting year or at the time of credit to the account of a payee or ..... cannot be disputed because while introducing the the finance bill, 1987, the explanatory note clearly provides that the legislature, had filled up a lacuna in the existing provisions of section 194.9. .....

Commissioner of Income Tax Vs. Madan Lal and Bros.

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)92; [2005]276ITR571(P& H)

..... it was found impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendments in section 43b were introduced by the finance act, 1987. ..... the first proviso to section 43b of the act inserted by the finance act, 1987, was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... as regards sales-tax, the scope of proviso to section 43b inserted by finance act, 1987, w.e.f. ..... during the relevant period of time, section 43b(a) read as under :'(a) any sum payable by the assessee by way of tax or duty under any law for the time being is force,' the amendment brought in by the finance act, 1988, including the expressions 'cess' was w.e.f ..... 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b(a), the first proviso to section 43b and expln. ..... union of india : [1991]189itr70(patna) as under :the object of the section 43b of the it act, 1961, was to refuse deduction to an assessee in respect of provident fund, etc ..... on or before the due date applicable in his case for furnishing his return of income under section 139(1) of the it act, he shall be entitled to claim deduction of that amount. .....

Commissioner of Income Tax Vs. Keerana Vegetable Products Ltd.

Court : Punjab and Haryana

Reported in : (2005)199CTR(P& H)200

..... this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b, the first proviso to section 43b and expln. ..... [1997]224itr677(sc) , their lordships have interpreted section 43b of the act and laid down the following proposition :'section 43b of the it act, 1961, was inserted w.e.f. ..... finalised the assessment under section 143(3) of the it act, 1961 (for short, 'the act), at income of rs ..... 25,64,340 made under section 43b of it act, 1961, on account of unpaid liability of cst, sales-tax and ..... but for the proviso the ambit of section 43b becomes unduly wide bringing within its scope those payments which were not intended to be prohibited from the category of ..... the proviso makes it clear that the section will not apply in relation to any sum which is actually paid by the assessee in the next accounting year, if it is paid on or before the due date for furnishing the return of income in respect of the previous year, ..... however, 'any sum payable' in clause (a) of section 43b was open to the interpretation that the amount payable in a particular year should also be statutorily payable under the relevant statute in the ..... under section 43b of it act.'3. ..... account of unpaid sales-tax liabilities and under section 43b of the act. .....

C.S. Atwal Vs. Commissioner of Income-tax, Ludhiana

Court : Punjab and Haryana

..... 11.3 these amendments shall come into force with effect from ist april 1988 and will accordingly apply to the assessment year 1988-89 and subsequent years (section 3(g) of the finance act, 1987)." 13. ..... finance act, 1987 introduced clauses (v) ands (vi) in section 2 (47) of the act with effect from april 1, 1988. ..... come into force with effect from 24th september, 2001, reads as under:- 'documents containing contracts to transfer for consideration, any immoveable property for purpose of section 53-a of the transfer of property act, 1882 shall be registered if they have been executed on or after the commencement of the registration and other related laws (amendment) act, 2001 and if such documents are not registered on or after such commencement, they shall have no effect for the purpose of the said ..... according to explanation to section 2(47) of the act, operative from 1.4.1988 (numbered as explanation 1 by finance act, 2012) for the purposes of sub clauses (v) and (vi), the expression "immovable property" shall have the same meaning as in section 269ua(d) of the act. 12. ..... relying on this judgment, the learned counsel pointed out that the amendment has effected a sea change in law, inasmuch as under section 2 (47), the delivery of possession provided it is in the nature as contemplated in section 53a of the transfer of property act, would be enough to bring the transaction into the mischief of the word "transfer". .....

Chandi Ram and ors. Vs. Commissioner of Income Tax

Court : Punjab and Haryana

Reported in : (2008)217CTR(P& H)113; [2009]312ITR139(P& H)

..... section (5) of section 45 of the act was added vide finance act, 1987 ..... in clause (a) or, as the case may be, the compensation or consideration enhanced or further enhanced as referred to in clause (b) of sub-section (5) of section 45, to be the full value of consideration deemed to be received or accruing as a result of the transfer of the asset and subsequently such compensation or consideration is reduced by any court, tribunal or other authority, the ao shall amend the order of assessment so as to compute the capital gain by taking the compensation or consideration as so reduced by the court, tribunal or ..... any other authority to be the full value of consideration; and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four years shall be reckoned from ..... putney, learned counsel appearing for the revenue has contended that amendment in section 45(5) of the it act, 1961 (for short 'the act') has not been noticed in the said judgment.we are afraid that the contention of learned counsel for the revenue is not correct as the division ..... be noted that amendment to section 45 of the act by inserting clause (c) by the finance act, 2003 only states that the amended provision would come .....

Commissioner of Income Tax Vs. Upper India Steel Mfg. and Engg. Co. Lt ...

Court : Punjab and Haryana

Reported in : (2004)192CTR(P& H)385

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory.'14. ..... the learned single judge held that on the basis of language employed in sections 234a, 234b and 234c of the act, it is clear that the object behind the introduction of the said provisions by means of the direct tax laws (amendment) bill, 1987, was to remove uncertainty in the matter of assessments by cutting down the areas of subjective decisions of the tax authorities with a view to ensure uniform treatment of persons similarly placed and to reduce litigation. ..... the tribunal has also accepted the other contention that even on merits, interest under sections 234b and 234c of the act could not be levied in cases where the taxable income was computed under section 115ja of the act because the question about applicability of the provisions of section 115ja of the act can be known only after the close of the books of account at the end of the previous year whereas advance tax was to be paid prior to that date. .....

Commissioner of Income-tax, Faridabad Vs. Kapil Kumar Agarwal

Court : Punjab and Haryana

..... effect of the amendments made in sections 54, 54b, 54d and 54f by the finance act, 1987 have been elaborated in the departmental circular no.495 dated 22nd september 1987 reported in (1987)168 itr (st.) ..... finance act, 1987 had inserted sub section (4) of section 54f of the act ..... case, the assessee is not able to appropriate the sale proceeds of long term capital gain, then before filing of a return under section 139(1) of the act, he is required to deposit the same under any capital gain account scheme with a bank or institution specified by the central government in ..... 26.2 with a view to dispense with such rectification of assessments, the amendments made to sections 54, 54b, 54d and 54f provide for a new scheme for deposit of amounts meant for ..... the issue that arises for consideration relates to whether the assessee in order to avail benefit of section 54f of the act is required to utilize the amount for the purchase of the new asset from the sale proceeds of the original ..... was for the assessment year 1984-85 whereas the amendment was brought in the provisions of capital gains in section 54f w.e.f 1.4.1988 whereby sub section (4) was inserted in the said provision. ..... the combined reading of the aforesaid provisions shows that in order to avail benefit under section 54f of the act, the assessee is required to either purchase a residential house within a period of one year before or two years after the date on which transfer takes place or construct a residential house within a period .....

Vijay Kumar Aggarwal Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Reported in : (1997)142CTR(P& H)510; [1998]232ITR179(P& H)

..... section 35b of the act was inserted by the finance act of 1968 with effect from april 1, 1968, to provide for the export markets development allowance in certain cases, it was omitted by the direct tax laws (amendment) act, 1987, with ..... -79 : 'whether, in law and on the facts of the case, the income-tax appellate tribunal was justified in holding that the assessee was not entitled to export markets development allowance under section 35b of the income-tax act, 1961, on the following expenses: (i) export expenses ; (ii) export inspecting agency charges ; and (iii) bank commission.' 2. ..... bom) , the bombay high court disallowed expenditures on freight and forwarding charges under sub-clause (iii) of clause (b) of section 35b(1) of the act on the ground that these expenditures had been incurred on the carriage of goods. ..... (iii) was withdrawn with effect from april 1, 1978, by the finance act, 1978. ..... the expenditure had first to be localised with reference to the sub-clauses of section 35b(1)(b) of the act and then it was to be determined whether the expenditure had been wholly and exclusively incurred for any ..... of section 35b(1) of the act was substituted by the finance (no. ..... sub-clauses (iii) and (viii) of clause (b) of section 35b(1) of the act read as under : '(iii) distribution, supply or provision outside india of such goods, services or facilities, not being expenditure incurred in india in connection therewith or expenditure (wherever incurred) on the carriage of such goods to their .....

Raghunath Dass Sethi Vs. Commissioner of Income Tax

Court : Punjab and Haryana

Reported in : (2004)191CTR(P& H)114; [2005]277ITR341(P& H)

..... that the benefit was specifically extended to huf by the finance act, 1987, w.e.f. ..... of this court :'whether, in view of the facts and circumstances of the case, the hon'ble tribunal was justified in holding that section 54 applies exclusively to individuals only and not to hufs, particularly when the finance act, 1982, made a change in the law with regard to the applicability of section 54 to individuals w.e.f. ..... from the transfer by the assessee, and(b) of one or more buildings or lands appurtenant thereto, the income of which is chargeable under the head 'income from house property', and(c) to such capital gains provisions of section 53 are not applicable, and (d) such house property was being used by the assessee or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of ..... own residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say : (i) if the amount of the capital gain is greater than the cost of the new asset, the difference between the amount of the capital gain and cost of the new asset shall ..... the view that the tribunal was justified in holding that prior to its amendment in the year 1988, the benefit of section 54 of the act was not available to the assessee, which is a huf. ..... this benefit prior to the amendment of section 54 w.e.f. .....