Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: supreme court of india Page 1 of about 881 results (0.147 seconds)

Checkmate Services P Ltd Vs. Commissioner Of Income Tax-i

Court : Supreme Court of India

..... the same finance act, 1987 also introduced provisos to section 43b, through amendment (clause 10 of the finance bill). ..... consequently, by finance act 1987, section 2(24) (x), and section 36(1) (va) as well as second proviso to section 43b were ..... is instructive in this context to note that the finance act, 1987, introduced to section 2(24), the definition clause (x), with effect from 1 april 1988; it also brought in section 36(1)(va). ..... the other hand, section 36(1)(va) was specifically inserted by the finance act, 1987, w.e.f. ..... it is important to note once again that, by the finance act, 2003, not only is the second proviso deleted but even the first proviso is sought to be amended by bringing about a uniformity in tax, duty, cess and fee on the one hand vis- -vis contributions to welfare funds of employee(s) on the ..... inserted by the finance act, 1987 (11 of 1987), w.e.f. ..... it is important to note once again that, by finance act, 2003, not only the second proviso is deleted but even the first proviso is sought to be amended by bringing about an uniformity in tax, duty, cess and fee on the one hand vis-a-vis contributions to welfare funds of employee(s) on ..... ) 1 scc489 8 of deletion of the second proviso to section 43b of it act (by finance act, 2003) and whether the same operated prospectively. ..... on the report, the union introduced amendments to the it act, including an amendment to section 43b; the memorandum explaining the provisions in the finance bill, 2003 in the matter of section 43b. .....

Cit-23 Vs. M/s Mansukh Dyeing

Court : Supreme Court of India

..... therefore, instead of amending section 2(47), amendment was carried out by the finance act, 1987, by omitting section 47(11), the result of which is that distribution of capital assets on the dissolution of a firm would be regarded as ..... 7.4 however, in view of the amended section 45(4) of the income tax act inserted vide finance act, 1987, by which, or otherwise is specifically added, the aforesaid submission on behalf of the assessee has no ..... body of individuals (not being a company or a co- operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the said transfer takes place and for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.7.1 sub-section (4) of section 45 came to be amended by the finance act, 1987 w.e.f. ..... ) is concerned, at the outset, it is required to be noted that the said decision was pre-insertion of section 45(4) of the income tax act inserted by finance act, 1987 and in the earlier regime pre-insertion of section 45(4), the word otherwise was absent. ..... plug these loophole the finance act, 1987 brought on the statute book a new sub-section (4) in section 45 of the act. ..... short question, which is posed for the consideration of this court is the applicability of section 45(4) of the income tax act as introduced by the finance act, 1987. .....

Allied Motors (P.) Ltd. Vs. Commissioner of Income-tax, Delhi

Court : Supreme Court of India

Reported in : AIR1997SC1361; [1997]224ITR677(SC); JT1997(3)SC418; 1997(2)SCALE575; (1997)3SCC472; [1997]2SCR780

..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the provision unworkable or unjust in a specific ..... to the curative nature of the amendment made by the finance act of 1987 it has been submitted before us that the proviso which is inserted by the amending finance act of 1987 should be given retrospective effect and be read as forming a part of section 43b from its inception. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc liability for which was incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year ..... obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, ..... memorandum of reasons takes note of the combined effect of section 43b and the first proviso inserted by the finance act, 1987. ..... this proviso was inserted by the finance act of 1987 which came into effect from ..... explanation 2 was added to section 43b by the finance act of 1989 with retrospective effect from .....

K.M. Sharma Vs. Income Tax Officer, Ward 13(7), New Delhi

Court : Supreme Court of India

Reported in : AIR2002SC1715; (2002)174CTR(SC)210; [2002]254ITR772(SC); JT2002(4)SC10; 2002(3)SCALE383; (2002)4SCC339; [2002]2SCR1047; 2002TAXLR803; [2002]122TAXMAN426(SC)

..... this court took similar view in the case of s.s.gadgil (supra) in somewhat comparable situation arising from the retrospective operation given to section 34(i) of income tax act, 1922 as amended with retrospective effect from 1.4.1956 by the finance act of 1956. ..... the section was amended by section 18 of the finance act, 1956, extending this period of limitation to two years from the end of the assessment year. ..... in sub-section (1) of section 150, by direct tax laws (amendment) act, 1987 with effect from 1.4.1989, the words 'or by a court in any proceeding under any other law' were inserted which are shown in bracket with underline in the section reproduced above.10. ..... (1) notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this act by way of appeal, reference or revision [or by a court in any proceeding under any other law][the portion bracketed and underlined above is inserted aby the direct tax laws (amendment) act, 1987 with effect from .....

Commissioner of Income Tax, Rajkot Vs. Gujarat Siddhi Cement Ltd.

Court : Supreme Court of India

Reported in : (2008)220CTR(SC)217; [2008]307ITR393(SC); 2008(13)SCALE742

..... it is to be noted that section 43a in the present form was substituted by the finance act, 2002 w.e.f. ..... or recognised by the central government for the conversion of indian currency into foreign currency or foreign currency into indian currency;(b) 'foreign currency' and 'indian currency' have the meanings respectively assigned to them in section 2 of the foreign exchange regulation act, 1947 (7 of 1947).explanation 2- where the whole or any part of the liability aforesaid is met, not by the assessee, but directly or indirectly, by any other person or authority, the liability so met shall not be taken ..... previous year shall be added to, or, as the case may be, deducted from, the actual cost of the asset as defined in clause (i) of section 43, or the amount of expenditure of a capital nature referred to in clause (iv) of sub-section (1) of section 35 or in section 35a or in clause (ix) of sub-section (1) of section 36, or, in the case of a capital asset (not being a capital asset referred to in section 50), the cost of acquisition thereof for the purposes of section 48, and the amount arrived at after such expenditure or a capital nature or, as the case may be, the cost of acquisition of the capital ..... prior to its substitution section 43a as inserted by the finance act, 1967 w.e.f. ..... 1.4.67 and amended by direct tax laws (amendment) act, 1987 w.e.f. .....

Commissioner of Income-tax, Faridabad Vs. Ghanshyam (Huf)

Court : Supreme Court of India

Reported in : (2009)224CTR(SC)522; [2009]315ITR1(SC); JT2009(9)SC445; 2009(9)SCALE657; (2009)8SCC412; [2009]182TAXMAN368(SC); 2009(6)LC2930(SC)

..... therefore, with a view to remove these difficulties, the finance act 1987 inserted section 45(5) to provide for taxation of additional compensation in the year of receipt instead of in the year of transfer of the capital asset ..... the scope and effect of the above amendments made in section 45, as also insertion of section 54h, by finance act 1991, has been elaborated in the following portion of the departmental circular no ..... gains taxation operate harshly inasmuch as the affected persons are unable to avail of the exemption for roll- over of capital gains, within the specified time period through investment in specified assets.section 45 of the income-tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset by way of compulsory acquisition under any law shall be charged to tax in the previous year in which the compensation is ..... or consideration as referred to 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 assessing officer 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 .....

Satnam Overseas (Export) Through Its Partner Etc. Etc. Vs. State of Ha ...

Court : Supreme Court of India

Reported in : AIR2003SC66; JT2002(8)SC573; (2003)1SCC561; [2002]SUPP3SCR271; [2003]130STC107(SC)

..... : 1987(32)elt234(sc) by section 51 of finance act, 1992, rules 9 and 49 of the central excise rules, 1944 were amended retrospectively from the date of framing of the rules in 1944. ..... in that case section 3 of the rajasthan passengers and goods taxation act, 1959 (act 18 of 1959) was amended by rajasthan finance act nos. ..... consequently, in respect of the assessment years in question, section 6, as amended by haryana act 4 of 1991 as well as section 9 of the haryana act were on the statute book and this fact should be borne in mind while considering leviability of the purchase tax on the raw material (paddy) during the period ending with assessment year 1989-90.19. ..... chidambaram has argued that the requirements of article 286 of the constitution and section 15(c) of the cst act are mandatory and this accounts for clause (iii) of the proviso to sub-section (1) of section 15 of the haryana act, therefore, section 15-a of the haryana act, insofar as it denies the benefit of adjustment/refund of purchase tax in regard to paddy, is unconstitutional and ultra vires; in the alternative it was urged that the amendment of section 15-a by ordinance 1 of 1992 took away the benefit of adjustment/refund retrospectively from may 27, 1971 .....

Commissioner of Income-tax, Bombay Etc. Vs. M/S. Podar Cement Pvt. Ltd ...

Court : Supreme Court of India

Reported in : AIR1997SC2523; [1997]226ITR625(SC); JT1997(5)SC529; 1997(4)SCALE271; (1997)5SCC482; [1997]Supp1SCR394

..... the said amendment was introduced to section 27 of the act by the finance act, 1987 by substituting clauses (iii), (iiia) and (iiib) in the place of old clause (iii) w.e.f. ..... the circumstances narrated above and from the memorandum explaining the finance bill, 1987 (supra), it is crystal clear that the amendment was intended to supply an obvious omission or to clear up doubts as to the meaning of the word 'owner' in section 22 of the act. ..... the amendment also seeks to enlarge the applicability of this clause to a member of company or other association of persons.corresponding amendments have also been proposed in regard to the definition of 'transfer' in section 2(47) of the income tax act, section 2(m) of the wealth tax act defining 'net wealth' and section 2(xii) of the gift tax act defining 'gift'.these amendments will take effect from 1st april, 1988, and will, accordingly, apply in relation to the assessment year 1988-89 and subsequent years ..... : [1968]3scr623 , while considering the nature of amendment to section 29(2) of the bombay rents, hotel and lodging house rates control act as amended by gujarat act 18 of 1965, observed as follows :the amending clause does not seek to explain any pre-existing legislation which was ambiguous or ..... power of the high court to entertain a petition for exercising revisional jurisdiction was before the amendment derived from section 115, cpc, and the legislature has by the amending act attempted to explain the meaning of that provision. .....

Sun Oil Company (P) Ltd. and anr. Vs. State of West Bengal and ors.

Court : Supreme Court of India

Reported in : AIR1998SC3232; JT1998(6)SC508; 1998(5)SCALE388; (1998)7SCC237; [1998]Supp2SCR18; [1998]111STC420(SC)

..... (a) or clause (b), continue to be so liable until the expiry of three consecutive years commencing from any year before the commencement of clause (a) of sub-section (3) of section of 4 of the west bengal taxation laws (amendment) act, 1987 during each of which his aggregate of the gross turnover under this act and the gross turnover under the bengal finance (sales tax) act, 1941 (ben. ..... of his gross turnover under this act and gross turnover under the bengal finance (sales tax) act, 1941, does not exceed rupees twenty-five lakhs and on the expiry of such three years his liability to pay the turnover tax shall cease; (cc) every dealer who has become liable to pay the turnover tax before the commencement of clause (a) of sub-section (3) of section 4 of the west bengal taxation laws (amendment) act, 1987 shall, notwithstanding anything contained in clause .....

Commissioner of Income Tax, Mumbai Vs. Anjum M.H. Ghaswala and ors.

Court : Supreme Court of India

Reported in : 2001VIIIAD(SC)627; AIR2001SC3868; (2001)171CTR(SC)1; [2001]252ITR1(SC); JT2001(9)SC61; 2001(7)SCALE333; (2002)1SCC633; [2001]119TAXMAN352(SC); 2001(8)Supreme145

..... 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 ..... 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 ..... nextly, the commission has elaborately discussed the object of introduction of chapter xix-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through finance act, 1987 to hold that in exercising its power under chapter xix-a it has almost an unbridled power to ..... income for any assessment year under sub-section (1) or sub-section (4) of section 139, or in response to a notice under sub-section (1) of section 142, is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of [one and one-half] {substituted for 'two' by the finance act, 1999 w.e.f. ..... to scrutiny by the said ministry as also by audit bodies and also the parliament whereas the commission constituted under section 245b of the act is a quasi-judicial body (see section 245l) and its orders are not amenable to either supervisory or appellate jurisdiction of the ministry of finance or any or the audit bodies and for that matter even by the parliament. .....