Court : Gujarat
Reported in : (2004)190CTR(Guj)414; [2004]270ITR408(Guj)
..... by the calcutta high court in the case of kalipada ghosh (supra) merely provide that house would include appurtenant land which is the clarification made by the amendment made by finance act, 1992 by inserting clause (ea) in section 2 of the wealth-tax act with effect from 1.4.1993. ..... prior to 1.4.1993 and, therefore also, the land in question cannot be considered to be urban land.clause (ea) inserted in section 2 by finance act 1992 with effect from 1.4.1993 merely clarified the definition of 'urban land' which was even otherwise includible in the assets as defined by clause (e) in section 2 of the act because clause (e) defines 'assets' as under :-'assets' includes property of every description, movable or immovable, but does not ..... amendments to section 5(1)(iv) were made from time to time not merely to remove anomalies and practical difficulties but also to introduce some tax concessions and to remove some hardships and to provide certainty in the matter of wealth-tax assessments and to reduce litigation by incorporating rules for valuation of assets in the wealth-tax act itself.strong reliance is, therefore, placed on circular no.559 dated 4.5.1990 containing explanatory notes to various provisions of direct tax laws (amendment) act, 1987 ..... shri shrenik kasturbhai, wealth-tax reference no.48 of 1987 and connected matters decided on 18.10.1995 wherein it is held that occupation of quarters by servants engaged by the owner for household chores does not militate against occupation .....
Tag this Judgment!Court : Rajasthan
Reported in : III(2005)BC440; 2006(1)CTLJ377(Raj); RLW2005(2)Raj808; 2005(2)WLC337
..... may recompute the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub- section (7) of that section being reckoned from the end of the assessment year next following the previus year in which the payment was so made: ..... 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 in this behalf in ..... remaining unpaid; or(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more :provided that the provisions of this section shall not apply to any loan or deposit taken or accepted from, 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 ..... laws (amendment) act, 1987, w.e.f ..... section (6) was inserted by the finance ..... section (5) was inserted by the finance .....
Tag this Judgment!Court : Delhi
Reported in : [1991]189ITR167(Delhi)
..... that, right, from the assessment year 1974-75, the deduction was allowed by the tribunal and, in respect of three years, namely, 1974-75, 1975-76 and 1977-78, not only the tribunal dismissed the application under section 256(1), but this court also dismissed two of the income-tax references being itc no. ..... in respect of the assessment year 1978-79, it is contended by learned counsel for the petitioner that the tribunal itself, vide order dated july 27, 1987, had made a reference to this court under section 256 of the income-tax act. ..... in this order, the tribunal has not referred to its earlier order passed under section 256(1) nor has it referred to the order passed by this court under section 256(2) of the act. 6. ..... 49 of 1987, the latter itc being dismissed on july 29, 1987. 5. .....
Tag this Judgment!Court : Kerala
Reported in : (2001)170CTR(Ker)298; [2001]252ITR503(Ker)
..... cash compensatory support became taxable retrospectively with effect from april 1, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act came into force. ..... dismissed the appeal in view of the retrospective amendment with effect from april 1,1989, of section 143(1a) by the finance act, 1993. ..... clause (iiib) in section 28 of the income-tax act, 1961, was inserted by the finance bill of 1990, which ultimately became the finance act and received the assent of ..... clause (iiib) was inserted in section 28, though having retrospective operation by the finance act, 1990, the assessee did not ..... the substituted section 143(1a) providing for levy of additional tax even in a case of disallowance of loss, treating the amount disallowed as income of the assessee, was given retrospective effect from april 1, 1989, by the finance act, 1993, which received the assent of the ..... tax that would have been chargeable had such total income been reduced by the amount of adjustments and specify the additional income-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1) ; (b) in a case where the loss so declared is reduced under sub-clause (ii) of this clause or the aforesaid adjustments have the effect of converting that loss into income, calculate a sum (hereinafter ..... it was by the amendment act of 1987 that section 143 was substituted in the income-tax act to introduce a new scheme of assessment .....
Tag this Judgment!Court : Delhi
Reported in : (1993)46TTJ(Del)132
..... 43b by the finance acts of 1987 and 1989 are clarificatory because the original s. ..... the cit(a) examined the relevant bills and came to the conclusion that the assessed is not responsible for payment of central excise as it was the duty of the manufacturer and the assessed acted only as a conduit pipe both for collection and refund of central excise. ..... as the provision was harsh and unworkable, amendments were inserted in s. ..... according to the said decisions, the amendments made to s. ..... 41 of the st act, the cit(a) held that the addition was not justified and deleted it. ..... , within the time allowed by the st act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD150(Kol.)
..... in our humble opinion, the provisions contained in explanation 1 to section 2(m) of the wt act which have been introduced by the amendment by the finance act, 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section 269ua (f)(i) of the it act but there having not been any such amendment in section 40 of the finance act, 1983, the said principle of beneficial ownership can hardly be applied in the matter in hand. ..... there is no such amendment in section 40 of the finance act, 1983. ..... the assessee undisputedly is a closely-held company in respect whereof section 40 of the finance act, 1983 is applicable wherein the terms 'assets' as also 'net wealth' have specifically been defined/explained for the contextual purpose and as such the said section 40 is a complete code in itself as aptly argued by the ld. a. r. ..... the assessee being a closely-held company shall be governed by section 40 of the finance act, 1983 wherein there being no provisions providing for embracement within the fold of 'net wealth' the principle of beneficial ownership or for that matter the property being the subject-matter of part performance of the contract of the nature referred to section 53a of the t. p. ..... has argued that the amendment in section 2(m) of the wt act has been referred to by he ld. ..... and wt act's section 2(m) or the said amendment therein is neither relevant nor applicable in the matter in hand. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1998)67ITD104(Bang.)
..... word 'transfer' in section 2(47) is also amended by the finance act, 1987 with effect from 1-4-1988 ..... sub-section by the finance act, 1987, w.e.f.1-4-1988, section 45(4) ..... sub-section (4) of section 45 was inserted by the finance act, 1987, with effect from 1-4-1988 and on the same date, there was insertion of sub-clauses (v) and (vi) in section 2(47) but these two clauses do not ..... section 45(4) inserted by the finance act, 1987, with effect from 1-4-1988, also provides that transfer of capital asset is a sine qua non for the applicability of sub-section (4) of section ..... finance act, 1987 ..... stock-in-trade of a business carried on by him; such conversion or treatment; or (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1982 (4 of 1982); or (vi) any transfer (whether by way of becoming a member of, or acquising shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other ..... though the provisions of section 139(2) were deleted by the amendment of 1987 with effect from 1-4-1989 and this requirement was inserted in section 142(1) instead, the ..... there was no transfer or distribution of capital assets on dissolution of the partnership firm because there was no corresponding amendment to the definition of 'transfer' under section 2(47) of the income-tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)86ITD791(Mum.)
..... . as a defaulter through an order passed on the assessee-company under section 163 making it the agent of merrill lynch but that was an opinion which they had and since under section 195(1), as it stands after the amendment made by the finance act, 1987, w.e.f ..... package theory are not acceptable, can the services rendered by the lead manager and others in connection with the gdr issue be called "management, technical or consultancy services" within the meaning of section 9(1)(vii) of the act (c) assuming that the services fall within the abovementioned section, can they be considered as "technical services" within the meaning of the relevant article in the dtaa with uk (d) was there a payment to or credit in favour of merrill lynch in order to attract ..... . mr.kapila of course would be quite right if what he meant to convey was that after the amendment in 1987 it is not necessary to treat the assessee-company as an agent under section 163 in order to fasten the liability upon it to deduct tax in respect of all chargeable payments made to a non-resident but that is as far as he can go ..... . the section, as it stood before the amendment, exempted agents constituted as such under section 163 of the act from deducting tax from chargeable payments made to non-residents.this was because they were assessable on behalf of the non-residents and tax could be covered from them pursuant to such assessments ..... dastur relied on section 90(2) of the it act which was inserted by finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)89ITD528(Hyd.)
..... the learned departmental representative, on the other hand, pleaded that there has been an amendment in explanation to section 73 brought out by the finance act, 1987, with effect from 1.4.1987, and the expression "other than a company as defined in clause (ii) of section 109" that figured in the said explanation earlier had been substituted by the expression--"other than a company, whose gross total income consists mainly of income which is chargeable under the heads "interest on securities', ..... learned counsel for the assessee, in reply, countered that omission of the reference to an investment company, in explanation to section 73 brought out by the finance act, 1987 is only consequential to the deletion of other sections like sections 104 to 109 of the income-tax act, and this omission has no bearing on the issued raised in this appeal.14. ..... one of the main objets of the appellant-company, as per the memorandum of association, after its amendment, reads as under:- "3.a) to carry on and undertake the business of hire -purchase, finance, investment in shares, stocks, debentures, bonds, securities and all other kinds of investments and trading and to finance business operations of all kinds, purchasing, selling, leasing, hiring or letting on hire all kinds of plant and machinery and equipment, computers vessels, vehicles all consumer, commercial ..... in the balance sheet as on 31.3.1997, is not very material for considering the application of the explanation to section 73 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)85TTJ(Mum.)821
..... with a view to blocking this escape route for avoiding capital gain tax, the finance act, 1987, has inserted new sub-section (3) in section 45, the effect of this amendment is that profits and gains arising from the transfer of a capital asset by a partner to a firm shall be chargeable as the partner's income of the previous year in which the ..... sub-section (3) of section 45 was brought on the statute by the finance act, 1987 w.e.f.1st ..... cit(a)'s order and contended that section 14a has been inserted by the finance act, 2001, retrospectively w.e.f. ..... of name in the books of the municipal authorities may take a long time but once the property is transferred by following the requirements of the transfer of properties act, 1982 read with the relevant section of registration act, the genuineness of the transfer itself cannot be challenged, even though the transferor may still be shown as the owner of the property in the books of the municipal ..... of municipal authorities in respect of immovable properties, the mutation of name in the books of the municipal authorities may take long-time but once the property is transferred by following the requirements of the transfer of properties act, 1982 read with the relevant section of registration act, the genuineness of the transfer itself cannot be challenged even though the transferor may still be shown as the owner of the property in the books of the municipal authorities. ..... is also not relevant because of amendment to section 45(3) of the act w.e.f. .....
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