Court : Rajasthan
Reported in : 1995(2)WLN208
..... the object of insertion of the proviso by the finance act, 1987 was stated in the memorandum of finance act that the object behind the proviso to section 43b is to provide for a tax dis-incentive for deduction in respect of statutory liability which is not paid in time. ..... 1987 and amended by finance act, 1989 is explanatory in nature and therefore retrospective in operation.12. ..... in order to over-come this problem amendment was made by the finance act, 1988 by which the word 'cess or fee by whatever name called' were inserted in clause (a) w.e.f. 1.4.89. ..... by the amendment by finance act, 1989, in the second proviso the words' during the previous year' have been deleted as a result of which the deduction on account of contribution made to the p.f. ..... high court in the case of s.subba rao (supra) while upholding the validity of the provisions of section 43b interpreted that section 43b contemplates the liability to pay the tax or duty which should be incurred in the accounting year and the amount should also be statutorily payable in the accounting year and for that purpose the amendment which was effective from 1.4.1988 was taken into consideration from which the legislative intent was found ..... the submission of the learned counsel for the revenue is that the amendment in section 43b was made by the finance act, 1988 and was effective from 1.4.1988. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2000]244ITR789(Raj)
..... therefore, to the extent that sub- clause (iii) of section 2(14) as amended retrospectively by the finance act, 1970, read with section 45 makes the profits or gains arising from the transfer of such lands situate in the areas mentioned in paras, (a) and (b) of section 2(14), subject to the levy of capital gains tax by parliament, it would be beyond the legislative competence of parliament, inasmuch as capital gains on the transfer of lands used for agricultural purposes and situate within these areas would fall ..... was further contended that the sale of agricultural land does give rise to taxable income in view of the amendment incorporated in the statute by the finance act, 1989, which came into operation with retrospective effect from april 1, 1970. ..... copy of penalty order under section 273(2)(b) of the income-tax act for the assessment year 1987-88 was made annexure-6. 7 ..... --in section 2 of the income-tax act (as amended by section 3 of the direct tax laws (amendment) act, 1987 (4 of 1988)), in clause (1a), the following explanation shall be inserted at the end and shall be deemed to have been inserted with effect from the 1st day of april, 1970, namely :-- 'explanation ..... of the first appeal order for the assessment years 1987-88 and 1988-89 was made annexure-5. 6. ..... of the assessment order for the assessment year 1987-88 was made annexure-3. 4. ..... of the return of income for the assessment year 1987-88 was made annexure-1. 2. ..... sarala devi [1987] 167 itr 136 also held a similar view. 17. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2002)178CTR(Raj)305
..... thus, with a view to remove the unintended hardship of the closely held companies on account of provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (i), substituting the existing clause (vi) by new clauses (vi), (via) and (vib), and inserting a proviso to, the sub-section. ..... to the curative nature of the amendment made by the finance act, 1988, it has been submitted before us that the proviso which is inserted by amending finance act, 1988, should be given retrospective effect and should be read as forming part of section 40(3) of the act from its inception. 10. g.p. ..... however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy ..... the amended provisions on insertion of finance act, 1988, are extracted as follows :'(3) the assets referred to in sub-section (2) shall be the following, namely :(i) gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals not being any such precious metal or alloy held for use as ..... 1985-86, 1986-87, 1987-88, and 1988-89, were also completed .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]259ITR79(Raj); 2003(2)WLN515
..... thus, with a view to remove the unintended hardship of closely held companies on account of the provisions of sub-section (3) and to provide incentive for growth and modernisation, the finance act, 1988, has amended sub-section (3) of section 40 of the finance act, 1983, by amending clause (i), inserting a proviso to clause (v), substituting the existing clause (vi) by new clauses (vi), (via), and (vib) and inserting a proviso to the sub-section. ..... looking to the curative nature of the amendment made by the finance act, 1988, it has been submitted before us that the proviso which is inserted by theamending finance act, 1988, should be given retrospective effect and should be read as forming part of section 40(3) of the act from its inception. 10. g. p. ..... however, by the time the assessments were completed, section 40 of the finance act was amended whereby it was provided that certain assets which were held by the company as stock-in-trade in a business carried on by it, such assets shall not form part of the net wealth of the company for the purpose of levy of ..... the amended provisions on the insertion of the finance act, 1988, are extracted as follows :'(3) the assets referred to in sub-section (2) shall be the following, namely :-- (i) gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals not being any such precious metal or alloy held for use as raw ..... , 1985-86, 1986-87, 1987-88 and 1988-89, were also completed. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)218CTR(Raj)140
..... . : [1997]226itr625(sc) has taken the view, that section 27 has been amended by finance act of 1987, with retrospective effect, with a result that under section 22, owner is a person, who is entitled to receive income in his own right, and by virtue of amended provision of section 27, a person who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 shall be deemed to be the owner of that building ..... . if the assessee felt, that by virtue of the provisions of section 22, by virtue of amendment made in section 27, the interpretation given by this court in the aforesaid judgment was not correct, the said judgment was required to be challenged further, that having not beendone, the rights of ..... . we have considered the submissions, and find, that this amendment was made in the year 1987, while, the earlier judgment dated 21-7-1994 was rendered in the year 1994, and this aspect was ..... 7 found, that in view of the provisions of sections 14, 15, 19 and 22 of the partnership act, 1932, the partners may by means of an agreement among themselves decide, as to what could be the firm's assets and what could not be the firm's assets, and such an agreement can be ..... , in the capacity of the co-owners, in the same ratio in which they shared the profits and gains from the business of the firm, without going through the requirement of section 17(1)(b) of the registration act. .....
Tag this Judgment!Court : Rajasthan
Reported in : 1994(1)WLC554; 1994(1)WLN652
..... the rst act was amended by the rajasthan finance act, 1987 (act no. ..... in relating to works contract that tax would be leviable on the value of the works-contract after deducting (i) the cost of labour upto that extent as may be prescribed in the rules framed under the act, in view of explanation i to section 2(t); and (ii) such deduction as may be prescribed in the rules in view of the proviso to section 5(3)--on the other hand, sub-section (1) of section 5) of the act, which applied in respect of other sales, imposes tax on the taxable turnover which has been defined under clause ..... their lordships then laid down as under:a comparison of the provision contained in sub-section (3) of section 5 read with section 2(t) and sub-section (1) of section 5 read with section 2(s) would indicate that in relation to works contract the legislature has made a departure in the matters chargeability of the tax and by using the expression 'turnover' instead of 'taxable turnover' in section 5(3) it has charged the field of taxability to permit tax being levied on sales in the course of inter-state trade or commerce, sales outside the state ..... in the circumstances, it is not necessary to examine the other question relating to the validity of explanation i to clause (o) of section 2 of the rajasthan sales tax act, explanation (i) to clause (i) o section 2, sub-section (2-c) of section 7, clause (ii) of sub-rule (2) of rule 29 and sub-rule (2) of rule 46 of the rajasthan sales ax rules. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]256ITR131(Raj)
..... of section 43b and the first proviso inserted by the finance act, 1987. ..... been concluded by the apex court that if the liability of sales tax has not been paid before the due date but paid as provided in the proviso to section 43b of the act, which clarifies that if the amount of sales tax has been paid after submission of returns but within the grace period allowed under the relevant provisions of the sales ..... page 684 of the aforesaid judgment, their lordships have considered the amendment and its effect holding that this amendment will have a retrospective effect, which reads as under :'while interpreting section 43b without the first proviso, some of the high courts, in order to prevent undue hardship to the assessee, had taken the view that section 43b would not be attracted unless the sum payable by the assessee ..... cit : [1997]224itr677(sc) , their lordships have considered the explanation to the provision of section 43b, which provides that if the amount has been paid within 30 days of the end of the quarter though beyond the accounting year, the ..... section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions for the opinion of this court: 'whether, on the facts and in the circumstances of the case and in law, the tribunal was justified in deleting the addition made under section 43b notwithstanding the fact that the assessee did not make the payment of outstanding sales tax liability during the previous year relevant to the assessment year 1987 .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]260ITR218(Raj); [2003]132STC298(Raj)
..... which was outstanding as on march 31, 1987, but paid by july 31, 1987, in total disregard of the provisions of section 43b as it stood before the amendment of the finance act, 1987, which provided disallowance of such liability.3. ..... of 1994, dated april 30, 1996, in respect of the assessment year 1987-88 :'whether, on the facts and in the circumstances of the case, and proper interpretation of law, the tribunal was legally justified in holding that the interest payable to the sales tax department is also 'tax' and the provisions of section 43b of the act are applicable therein ?'2. ..... on appeal the income-tax appellate tribunal analysing the provisions of section 43b and relying on the decision of this court in cit ..... of income-tax (appeals) arrived at the conclusion that the order under section 143(3) read with section 148 was erroneous and prejudicial to the interests of the revenue on account of the following mistakes :(1) the assessing officer failed to disallow under section 43b, the amount of rs. ..... assessing officer treated the said amount of unpaid interest as part of the sales tax and disallowed the same under section 43b of the income-tax act. ..... the object of section 43b is to curb the activities of those taxpayers who do not discharge their statutory liability of payment of sales tax or excise duty for long periods but claim deduction in that regard from the income on ..... a notice under section 148 was issued on march 26, 1991, in response to which the assessee-firm submitted .....
Tag this Judgment!Court : Rajasthan
Reported in : (2004)186CTR(Raj)125; [2004]269ITR399(Raj)
..... srinivasa setty : [1981]128itr294(sc) .in order to overcome the judicial interpretation, the finance act, 1987, w.e.f. ..... the tribunal has not allowed that plea, and when a specific question was sought to be raised for making a reference to high court, reference of said question was declined and thereafter no application was made under section 256(2) to get the said question referred to high court and it appeared that before the high court no such question was raised, the supreme court said that :'it would not go into the question as the ..... this is a case of the year 1988-89, prior to the amendment in section 55(2) which came into force in 1995 and does not operate retrospectively.for the reasons stated above, we are of the opinion that the amount of rs. ..... 'the aims and objects for this amendment were seated in memorandum explaining the provisions in finance bill (1994) 206 itr 205 as under :'in a number of cases, the courts have decided that, in case of self-generated assets like goodwill, or where the cost of asset to an assessee (not covered by situations mentioned in section 49) is nil, no tax on capital gains consequent to transfer of such assets could be charged. ..... in this connection, it is further relevant to notice that taking into account this legal position, the parliament has intervened section 55 of it act, 1961, has been amended by specifically providing now w.e.f. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2003)185CTR(Raj)601; [2003]264ITR744(Raj)
..... section 143(1) as substituted by the amendment act, 1987, with effect from april 1, 1989, reads as under :'section 143(1) as it stood between april 1, 1989, and may 31, 1999, 143(1), as substituted (with effect from april 1, 1989) and as subsequently amended from time to time, prior to its substitution (with effect from june 1, 1999), by the finance act, 1999, stood as under :'(1)(a) where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142,--(i) if any tax or interest is found due ..... of appeal against such intimation did not find place on the statute book until section 46 was amended vide finance act of 1994, with effect from june 1, 1994.21. ..... on the basis of such return, after adjustment of any tax deducted at source, any advance tax paid and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section ..... the scheme of section 215 has now been recast under section 234c which came to be inserted by the direct tax laws (amendment) act, 1987, with effect from april ..... thereafter, section 143(1) was again substituted by the direct tax laws (amendment) act, 1987, which came into force with effect from .....
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