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Commissioner of Income Tax Vs. Ankitech Pvt Ltd. and ors.

Court : Delhi

..... she, thus, argued that when the aforesaid category was introduced by way of amendment by finance act 1987 making the said category effective from 13.04.1988, this circular issued by cbdt would clearly show that what was intented was that the ..... that the historical background narrated by the special bench is flawless and therefore, we can reproduce the same: (a) section 2(6a)(e) of the it act, 1922, as introduced by the finance act, 1955 corresponding to section 2(22)(e) of the it act, 1961 was as follows: any payment by a company, not being a company in which the public are substantially interested within the meaning of section 23a, of any sum (whether as representing a part of the assets of the company or otherwise) by way ..... clause (e), to the extent to which it is so set off; [(iv) any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 77a of the companies act, 1956 (1 of 1956); (v) any distribution of shares pursuant to a demerger by the resulting company to the shareholders of the demerged company (whether or not there is a reduction of capital in the demerged company).] 9. ..... the learned counsel for the revenue on the plea that even in the assessee company, it is the huf, which is holding the shares, for the purposes of section 2(22)(e) of the act, it should be treated as common shareholder inasmuch as shri navin gupta as karta in same position influences the decision of the assessee as he would be in his .....

Dalmia Cement (Bharat) Ltd. Vs. Commissioner of Income Tax

Court : Delhi

..... we have also taken note of the fact that the high courts of andhra pradesh, madhya pradesh and rajasthan have all taken the view that the amendment introduced in section 43b(a) by virtue of the finance act, 1988 would be prospective in operation and would not apply to assessment years prior to the assessment year 1989-90. ..... in this backdrop, the supreme court held that although the proviso had been inserted by virtue of the finance act, 1987, it was required to be treated as retrospective in operation, so that a reasonable interpretation could be given to the section as a whole. ..... the second argument of mr sabharwal was that in any event, a cess was a tax and de hors the amendment introduced by the finance act, 1988, the provisions of section 43b(a) which were clearly applicable insofar as a tax was concerned would also apply to a cess. ..... it will be immediately clear that while section 43b(a) as it stood prior to the amendment introduced by the finance act, 1988 specifically referred to only tax or duty, after the amendment, the said clause (a) of section 43b also had specific reference to cess or fee, by whatever name called in addition to tax and duty.7. ..... he submitted that in that decision the supreme court examined section 43b of the said act in the context of the introduction of the first proviso thereof by virtue of the finance act of 1987. .....

Commissioner of Income Tax Vs. Sharda Kochhar

Court : Delhi

..... thereafter, interpreting to section 45(5), which was inserted by the finance act, 1987 with effect from 1st april, 1988 and subsequently amended retrospectively with effect from 1st april, 1988 by the finance act, 1991, it was observed section 45(5) was an overriding provision and took care of the situation where the capital gains arose from transfer of a capital asset being a transfer by way of compulsory acquisition and the compensation for such transfer ..... 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 ..... for determination is why was section 45(5) inserted by the finance act, 1987, w.e.f. ..... the scope and effect of the above amendments made in section 45, as also insertion of section 54-h, by the finance act, 1991, has been elaborated in the following portion of departmental circular no.621 dated 19-121991: streamlining the provisions relating to exemption for roll over of capital gains capital gains are deemed to be the ..... we have stated hereinabove is reinforced by the newly inserted clause (c) in section 45(5) by the finance act, 2003, with effect from april 1, 2004. ..... 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 .....

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". .....

M/s. MRF Ltd., Vs. The Deputy Commissioner of Income-Tax,

Court : Chennai

..... 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." 28. ..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of ..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... 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 discretion to the authorities concerned to either reduce or waive the ..... the change brought about by the amending act (finance act, 1987) is clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory ..... the above section was inserted by the finance act, 2003 with effect from first day of june, 2003 and the only amendment brought to this section is an amendment by taxation laws (amendment) act, 2003 whereby in sub-section (1) the words "two-third per cent", were substituted by the words "one-half per cent" ..... assessee, section 16(1)(c) was not in force in the year in which income was received and such contention of the assessee was rejected by madras high court and the issue was decided by privy council as under: in the second place, it should be remembered that the indian it act, 1922, as amended from time to time forms a code, which has no operative effect except so far as it is rendered applicable for the recovery of tax imposed for the particular fiscal year by a finance act ..... . this can only refer to the indian it act, 1922, as it stood amended at the date of the indian finance act, 1939, and necessarily includes the alterations made by the amending act, which had already come into force on the 1st april, .....

Amrit Banaspati Co. Ltd. Vs. Commissioner of Income-tax and anr.

Court : Allahabad

Reported in : (2002)172CTR(All)151; [2002]255ITR111(All); [2001]119TAXMAN105(All)

..... this was not intended by section 43b, and, hence, the first proviso was inserted by the finance act, 1987, in order to eliminate the hardship to such assessees.7. ..... the mistaken legal impression of the petitioner in filing the first revised return appeared to be that since the finance act, 1987, which inserted the proviso to section 43b was made effective from april 1, 1988, and was not expressly declared as retrospective the statutory duty of paying sales tax which was paid after the end of the previous year did not appear to be disallowable under section 43b.11. ..... as stated in paragraph 15 of the writ petition, although the amount of sales tax outstanding was not payable by the close of the previous year as per the provisions of the sales tax act, the petitioner was advised that in view of the amendment proposed by the finance bill, 1989, inserting explanation 2 to section 43b, the amount of sales tax outstanding was disallowable under section 43b. ..... it is alleged in paragraph 15 of the writ petition that although the amount of sales tax outstanding was not payable by the close of the previous year under the sales tax act, the petitioner was advised that keeping in view the amendment proposed by the finance bill, 1989, to insert explanation 2 to section 43b, the amount of sales tax outstanding was not allowable under section 43b of the income-tax act. .....

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. .....

Commissioner of Income-tax Vs. P. Janardhanan Pillai

Court : Kerala

Reported in : [1991]189ITR165(Ker)

..... in disposing of an identical point by a common judgment dated september 17, 1990, this court held that section 43b of the income-tax act, after amendment by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act of 1989 and explanation 2 to the section which took effect from april 1, 1984, should be considered in order to give effect to the proper position of the law applicable to the instant case. ..... in the circumstances of the case, the amount of unpaid tax collected in the last month of the previous year under consideration which was not claimed as a deduction while computing the income under the income-tax act by invoking the provisions of section 43b of the act could not be brought to tax in the assessment years under consideration ?'2. ..... 41,086 being the sales tax collection in the last month of the year payable to the government before the 20th of the next month, is a permissible addition under section 43b of the act. ..... 211, 212 and 213 of 1987--cit v. ..... 212 of 1987, which was covered by i. t. a. no. ..... 212 of 1987--cit v. ..... 211 of 1987 was heard along with two other cases--i. t. r. ..... 212 and 213 of 1987. ..... 211 of 1987. i. t. r. no. .....

Commissioner of Income Tax Vs. Mohinder Kumar and Party

Court : Rajasthan

Reported in : (2005)195CTR(Raj)335; [2006]284ITR250(Raj)

..... section 43b has been inserted by the finance act, 1983 (11 of 1983), section ..... taxable income.the provision has expressly included only two species of taxation, namely, 'tax' or 'duty' and has also not used wider expression 'by whatever name called' so as to make applicable the provisions of section 43b to the tax in generic sense to include within expression all forms of imposts as defined under article 366(28) of the constitution of india.it may be seen that under the substituted provisions, the legislature has extended the ..... , the period for which we are also concerned, held that :'prior to clause (a) of section 43b was substituted by finance act, 1988, w.e.f. ..... apply in relation to any sum referred to in clause (a) which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return :provided further ..... 1984).the provision was amended for the first time by the direct tax laws (amendment) act, 1987, w.e.f. ..... 1987-88, section 43b as it was in force in 1987, would only ..... 1st april, 1989, clause (a) was amended to read as under :'any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time ..... referring to the position prior to amendment in the provision w.e.f. ..... 1987 ..... 1987 .....