Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Page 13 of about 14,884 results (0.145 seconds)

Asstt. Cit Vs. Vijay Talkies

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... he submitted that the law prior to the amendment of section 45 of the act was that the distribution of capital assets on dissolution of the firm was not to be regarded as transfer under clause (ii) of section 47; but the finance act, 1987 with effect from 1-4-1988 omitted this clause, the effect of which is that the distribution of capital assets on the dissolution of a firm would henceforth be regarded as ..... (supra) has considered the decision of the apex court in malabar fisheries' case (supra) and various other decisions of the same line and has held that all these judgments were previous to the amendment brought about by the finance act, 1987 which introduced sub-sections (3) & (4) in section 45, with effect from 1-4-1988. ..... has held that in view of omission of section 47(ii) by the finance act, 1987, the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer, no amendment is required in the definition of transfer in section 2(47) of the income tax act.9. ..... after considering the amended provisions of sections 45(4) and 47 of the income tax act, it was held that the purpose and object of the act of 1987 was to charge tax arising on distribution of capital assets of firms which otherwise was not subject to taxation to block the escape routes for avoiding capital gains tax and therefore if the object of the act is seen and the mischief it seeks to avoid, it would be clear that the intention of parliament was to bring into .....

The Life Insurance Corporation of India, Southern Zonal Office, L.i.C. ...

Court : Chennai

Reported in : 2000(3)CTC93; [2000]245ITR224(Mad)

..... it is seen that section 10(14) was amended by the direct tax laws (amendment) act, 1987 with effect from 1.4.89 and again by finance act 1995 with effect from 1.7.95 ..... there was a further amendment by finance act of 1995 with effect from 1.7.95 which, substituted the words'as may be prescribed' for the expression ..... the said provision was amended by direct tax laws (amendment) act, 1987 with effect from 1.4.89. ..... senior counsel appearing on behalf of the petitioners submitted that the judgment rendered by this court was in reference to section 10(14) of the act whereas the notification dated 21.2.89 which is essentially different from rule 2bb. ..... consequent on the aforesaid amendment, the special allowance of benefit which is eligible for relief under section 10(14) is to be prescribed by framing rules in this ..... the division bench was dealing with section 10(14) and noted the argument on behalf of the department that to enable the assessee to take advantage of section 10(14) of the act, there must be a notification by the central government specifying the extent to which the expenses are ..... according to the income tax department, it was not covered by section 10(14) of the income tax act 1961 read with rule 2-ub and consequently not eligible for exclusion ..... reference to the question of reimbursement, the division bench observed as follows'even according to this notification, unless the allowance is notified under section 10(14)(i) of the act, no portion of it can qualify for tax exemption. .....

P.V. Basheer Ahammed Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)44ITD604(Coch.)

..... clause (b) of explanation to section 263 newly substituted with effect from 1st june, 1988 by the finance act, 1988 and as amended by the finance act, 1989 coins an inclusive definition of the expression "record" which would include and deemed always to have included all records relating to any proceeding under this act available at the time of examination by the commissioner of income-tax. ..... thereupon, the commissioner of income-tax initiated action under section 263 of the act and issued show-cause notice to the appellant as to why the assessment order dated 10-3-1987 should not be set: aside. ..... act on 10-3-1987. ..... i shall therefore set aside the assessment order passed by the ito on 10-3-1987 under section 143(1) with a direction that the present assessing officer should redo the assessment after affording a fresh opportunity to the assessee.4. ..... on a consideration of the written submission and also the oral submissions made by the appellant gave the direction as follows : in any case, all these facts were not examined by the ito when he made the assessment on 10-3-1987 since he accepted the return under section 143(1). ..... there was no basis that the assessment order dated 10-3-1987 suffered from any error prejudicial to the revenue. ..... there was no basis for the formation of the belief that the investment in the smuggled goods had escaped the notice of the income-tax officer or otherwise not considered by him in the assessment order dated 10-3-1987. .....

Shree Synthetics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)61ITD253Indore

..... to chief general manager, uti (copy at page 41 of the paper book), whereby c.b.d.t.clarified that for the purpose of section 2(42a) of the act as it then existed, units are not treated as shares for providing benefit of the proviso to that section inserted by the finance act, 1987. ..... advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. ..... referring to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. ..... shri goyal argued that if 'units' were shares, there would have been no need to amended the proviso to section 2(42a) by finance act, 1994, w.e.f.1-4-1995 to specifically include them for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains on sale thereof. ..... he has right argued that when legislature intended to exclude income from units from section 80m, necessary amendments were brought about from the assessment year 1994-95 and onwards.13. ..... it is only when the legislature intended to exclude income from unit from section 80m that it has made amendments.6. ..... in the said year, the excess shall be allowed to be carried forward in the following assessment year and set off against the speculation profits, if any, in that year, and so on.the explanation inserted by the taxation laws (amendment) act, 1975, w.e.f. .....

Assistant Commissioner of Vs. thermoflics India

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Reported in : (1997)60ITD554Jab

..... "transfer" is amended by the finance act, 1987, w.e.f. ..... -section (4) to section 45 was inserted by the finance act, 1987, ..... section 45(4) inserted by the finance act, 1987 ..... 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, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring 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 manner whatsoever) ..... a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm, association of 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." 10. ..... the capital gains tax would be chargeable in the previous year in which the transfer takes place.sub-section (47) of section 2 of the income-tax act, defines the word "transfer" in relation to the capital assets as under : (iv) in a case where the asset is converted by the owner thereof into, or is treated by him as stock-in-trade of a business carried on by him, such .....

Zuari Estate Development and Investment Co. (P) Ltd. Vs. J.R. Kanekar, ...

Court : Mumbai

Reported in : [2004]139TAXMAN209(Bom)

..... section 2(47) of the income tax act came to be amended by the finance act, 1987 with effect from 1-4-1988. ..... the learned counsel then points out that in view of the amendment to section 2(47) of the income tax act, introducing clause (12) any transaction involving the allowing of possession of any immovable property to be taken or retained in part performance of contract under section 53a of the transfer of property act and in view of option exercised by the bank of maharashtra by letter dated 12-6-1990 exercising their option to complete the sale in respect of the said premises in pursuance of clause (5) of agreement dated 19-6-1984 and in the light ..... the petitioner also pointed out that possession of the premises had been handed over prior to 1-4-1987, the amendment brought about in the definition in section 2(47), therefore, could not be applicable for the assessment year 1991-92. ..... it is then submitted that by virtue of amendment to section 2(47) introducing clause (v) with effect from 1-4-1988, transactions under section 53 a of the transfer of property act, have been included in the definition transfer in relation to capital assets, which has taken place in the present case on 12-6-1990 by exercise of option by the bank which is clearly falling in the assessment year 1991-92. .....

Suvardhan Vs. the Commissioner of Income Tax

Court : Karnataka

Reported in : (2006)206CTR(Kar)226; [2006]287ITR404(KAR); [2006]287ITR404(Karn)

..... the word 'otherwise' takes into its sweep not only cases of dissolution but also cases of subsisting partners of a partnership, transferring assets to a retiring partner.bombay high court has noticed section 2(47) and thereafter ruled reading as under:the finance act, 1987, with effect from april 1, 1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer.9. ..... prior to amendment section 47(2) read as under:any distribution of capital assets on the dissolution of a firm, body of individuals or other association of personsthis was omitted by the finance act, 1987 with effect from 1.4.1988 ..... when the parliament in its wisdom has chosen to remove a provision, which provided 'no transfer', there is no need for any further amendment to section 2(47) of the act as argued before us. ..... in our view, despite no amendment to section 2(47), in the light of removal of clause (ii) to section 47, transaction certainly would call for tax at the hands of the authorities.10 ..... he would come to the conclusion that this is a case of transfer by way of distribution of capital assets on dissolution of the firm in terms of section 45(4) of the act, and that the profits or gains there from is chargeable to tax. ..... thereafter, the assessing officer concluded the assessment under section 144 of the act charging capital gain in the hands of the firm in respect of the assets transferred by the .....

Commissioner of Income-tax Vs. Swarup Vegetable Products

Court : Allahabad

Reported in : [2008]303ITR212(All)

..... the clear and specific direction in section 47 of the finance act, 1987, the explanation could not be applied to situations arising before june 1, 1987.in view of the foregoing, it is held that there was no default on the part of the appellant-company in deposit of tds on interest and, therefore, no penal interest is chargeable under section 201(1a) on the amount of tds ..... is concerned, it is before the explanation inserted by the finance act, 1987 : [1987]166itr1(ker) , with effect from june 1, 1987, which was to the following effect:explanation. ..... we have given our anxious consideration to the various pleas raised by learned standing counsel and we find ourselves unable to accept them for the following reasons:under section 194a(1) of the act, as it stood during the relevant period, amount of tax was to be deducted at source at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of cheque ..... the board on the provisions of section 194a(1) of the act as amended with effect from june 1, 1987, is not a correct interpretation.14 ..... manoharlal kothari : [1999]236itr357(mad) , wherein it has been held as follows (headnote):an explanation cannot be treated as an amendment because the purpose of the explanation is to explain or to clear any mental cobwebs surrounding the meaning of a statutory provision and to prevent controversial interpretations without giving ..... a situation that the law was amended by insertion of the explanation. .....

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. .....