Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Page 15 of about 14,884 results (0.122 seconds)

Raju Bhojwani Vs. Chief Commissioner of Income Tax-xi

Court : Delhi

..... 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 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. ..... sections 234a, 234b and 234c of the act were introduced by direct tax laws (amendment) act, 1987 with effect from 1st april 1989, with a view to simplify the existing provisions relating to interest, penalty, etc. ..... in the light of the 5th provision inserted to section 80hhc through the retrospective amendment to section 80hhc by it amendment act, 2005 and the decisions of ld. ..... the first appellate authority noticed that section 80 hhc had been retrospectively amended by the taxation laws (amendment) act, 2005 and the assessee was entitled to benefit of the proviso added with retrospective effect from 1st april 1998 on account of profits from sale of export incentives. ..... in these circumstances, it is not possible to accept the contention of the petitioner that the retrospective amendment by taxation law (amendment) act, 2005 was detrimental and had reduced the claim for deduction made by him under section 80 hhc as originally claimed. .....

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)28ITD499(Mum.)

..... now, the term "income-tax authority" is defined in sections 245a(6) (as it existed prior to the amendment of the section brought about by finance act, 1987 with effect from 1-6-1987) as under :-- (b) "income-tax authority" means a director of inspection, a commissioner, a commissioner (appeals), an appellate assistant commissioner, an inspecting assistant commissioner or an income-tax officer.even after the amendment, the term "income-tax authority" is defined in clause (d) of sections 245a as income-tax authority specified in section 116. ..... section 245f (which was omitted by finance act, 1987 with effect from 1-6-1987) read as under: 245m (1) notwithstanding anything contained in this chapter, any assessee who has filed an appeal to the appellate tribunal under this act which is pending before it shall, on withdrawing such appeal from the appellate tribunal before the 1st day of october, 1984, be entitled to make an application to the settlement commission to have his case settled under this chapter : ..... 321/bom/1987), it is pointed out that the assessee had filed a settlement application under section 245c(1) of the income-tax act for the assessment year 1979-80 which was admitted by the settlement commission by their order dated 26-11-1984 under section 245d(1). .....

Hunsur Plywood Works Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1995)54ITD394(Bang.)

..... the effect of the amendment brought about by the finance act, 1987, is that no deduction will be allowed in the assessment of the employer(s) unless such contribution is paid to the fund on or before the 'due date'. ..... we get an idea of the intention of the legislature from clause 12.1 of the explanatory note on the provisions of the finance act, 1987 as extracted below : 12.1 the existing provisions provide for a deduction in respect of any payment by way of contribution to a provident fund or superannuation fund or any other fund for welfare of employees in the year in which the liability is actually discharged (section 43b). ..... 11/128 (section 14-b amendment)/73 dated 24-10-1973 allows five days of grace period to the employers for payment of provident fund contribution, administrative charges and inspection charges. ..... sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948) or any other fund for the welfare of such employees; the new provision of clause (vd) of section 36(1) also enacted from the same date, however, allows the assessee deduction in respect of this amount treated as income as above provided the assessee fulfils his liability ..... with effect from 1 -4-1988, by virtue of insertion of clause (x) to sub-section (24) of section 2 by the finance act, 1987, even the employees' contribution to provident fund etc. .....

Deputy Commissioner of Vs. Kelvinator of India

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)67ITD213(Delhi)

..... prior to amendments made by finance act, 1987 w.e.f. ..... act by issue of notice under section 148 on 20-4-1990 were not valid, without taking into consideration the amended provisions of section 147 introduced by the direct tax laws (amendment) act, 1987 w.e.f ..... the amendment in these sections has been made by the direct tax laws (amendment) act, 1987 w.e.f. ..... 1989.accordingly, in such a situation we hold that the assessing officer was having legal jurisdiction in initiating the procedure under section 147 of the act by issue of notice under section 148 on 20-4-1990 under the amended provisions of section 147 introduced by the direct tax laws (amendment) act, i.e. ..... careful consideration of the material on record and the rival submissions, we are of the opinion that revenue's appeal is on the legal issue of assuming jurisdiction under section 147 of the act by virtue of powers conferred on him under the amended provisions w.e.f.1-4-89 and thereby validity of such an action. ..... it is thus where the legislation does not make an amendment by specifically enacting its applicability with retrospective date, then any amendment made in the procedural sections cannot penetrate into the limited scope with retrospective effect." ..... in the preceding para, we have held that the assessing officer was having legal jurisdiction under section 147 of the amended act but whether the action taken by the assessing officer in the case of the appellant is a valid action or not is being considered hereinafter.11 .....

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD101(Mum.)

..... contentions of the revenue, it would be appropriate to refer both the definitions of "net wealth" provided in section 2(m) of wt act, 1957 and section 40(2) of finance act, 1983, which are reproduced as under: section 2(m) section 40(2)"net wealth" means the amount by for the purposes of sub-section (1), thewhich the aggregate value computed net wealth of a company shall bein accordance with the provisions of the amount by which the aggregatethis act of all the assets, wherever value of all the assets referred to inlocated, belonging to the assessee ..... , to entitle the assessees to claim a deduction under section 5 of the wt act, when section 5 of the wt act itself is excluded from being available to private limited companies under sub-section (5)(a) of section 40 of the finance act, 1983, obviously section 4(7) of the wt act introduced only to implement section 5 must also be excluded.17. ..... 1,00,000 in the computation of his net wealth, under section 5(1)(iv) as amended by the finance (no. ..... after discussing the issue in the light of subsequent changes brought in by finance act, 1987, w.e.f. .....

Commissioner of Income-tax Vs. Satpal Vijay Kumar and ors.

Court : Madhya Pradesh

Reported in : [1997]226ITR449(MP)

..... to this section was inserted by the finance act, 1987, with effect ..... the core question is whether the tribunal rightly applied the amended provision of the aforesaid section to the assessment years prior to april 1,1988 the answer depends on as to whether the amendment is declaratory of pre-existing law or it affected vested rights of the parties in the case of the former, it can be deemed to be retrospective and in the case of the latter, it ..... section 256(2) of the income-tax act, 1961 (for short 'the act'), contain the common question, as extracted below, and categorised by the applicant as one of law, for a direction to the tribunal to state the cases and refer the same for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the amended provisions of section ..... ) : [1956]29itr419(ap) , that clause (5) of section 35 of the indian income-tax act, which was enacted by the income-tax (amendment) act, 1953, was not declaratory of pre-existing law, and as it clearly affected vested rights which had accrued to the assessee, must be deemed to have ..... sought to be supplemented and supported by the undernoted three common grounds contained in these applications :'(i) that the tribunal erred in law in giving retrospective effect to the amendments effective from april 1, 1988, in section 43b of the income-tax act by exceeding its jurisdiction in reading more than what parliament has expressly provided. .....

The Commissioner of Income-tax, Delhi Vs. K.C. Sahni (Huf)

Court : Delhi

Reported in : [2000]246ITR299(Delhi)

..... it is also relevant to note that subsequently, the provision itself underwent substantial amendment by the finance act, 1987 operative from 1.4.1988. ..... : a) capital gain arises from transfer by the assessee, and b) of one or more buildings or lands appurtenant thereto, the income of which is chargeable under the head 'income from house property', and c) to such capital gains provisions of section 53 are not applicable, and d) such house property was being used by the assessed or a parent of his mainly for the purposes of his own or parent's residence in two years immediately preceding the date of transfer, and ..... of his own residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say: (i) if the amount of the capital gain is greater than the cost of the new asset, the difference between the amount of the capital gain and cost of the new asset shall be charge under ..... section 45 as the income of the previous year and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, at the case .....

Commissioner of Income-tax Vs. N. Kannayiram

Court : Chennai

Reported in : [1999]240ITR892(Mad)

..... further, the legislature also amended the provision by the finance act, 1987 and by the said amendment, the benefit of exemption is also ..... rectified by the parliament by the finance act, 1987 and if that is the intention of the parliament, we are of the view that there is no bar granting the deduction under section 54 to a huf consisting of a single coparcener as he has all powers of an individual owner over the residential house which was used by him prior to the date of sale and he enjoyed the property as an owner for the period specified in section 54 and he reinvested the capital ..... it is material for the purpose of this case, reads as under : 'where a capital gain arises from the transfer of a capital asset to which the provisions of section 54 are not applicable, being buildings of lands appurtenant thereto the income of which is chargeable under the head 'income from house property', which in the two years immediately preceding ..... the tribunal, therefore, held that the decisions relied upon on behalf of the department to the effect that the relief under section 54 would not be available to huf, are not applicable to the facts of the case, but the decision of this ..... rights of an individual owner in the matter of enjoyment and in the matter of user of the same property, we are of the view that the expression 'assessee' in section 54 should also be interpreted to include a 'hindu undivided family' with a sole surviving coparcener with female members having right of maintenance. .....

Commissioner of Income-tax, Faridabad Vs. Kapil Kumar Agarwal

Court : Punjab and Haryana

..... effect of the amendments made in sections 54, 54b, 54d and 54f by the finance act, 1987 have been elaborated in the departmental circular no.495 dated 22nd september 1987 reported in (1987)168 itr (st.) ..... finance act, 1987 had inserted sub section (4) of section 54f of the act ..... case, the assessee is not able to appropriate the sale proceeds of long term capital gain, then before filing of a return under section 139(1) of the act, he is required to deposit the same under any capital gain account scheme with a bank or institution specified by the central government in ..... 26.2 with a view to dispense with such rectification of assessments, the amendments made to sections 54, 54b, 54d and 54f provide for a new scheme for deposit of amounts meant for ..... the issue that arises for consideration relates to whether the assessee in order to avail benefit of section 54f of the act is required to utilize the amount for the purchase of the new asset from the sale proceeds of the original ..... was for the assessment year 1984-85 whereas the amendment was brought in the provisions of capital gains in section 54f w.e.f 1.4.1988 whereby sub section (4) was inserted in the said provision. ..... the combined reading of the aforesaid provisions shows that in order to avail benefit under section 54f of the act, the assessee is required to either purchase a residential house within a period of one year before or two years after the date on which transfer takes place or construct a residential house within a period .....

income-tax Officer Vs. Prabhatkumar Agrawal

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1999)69ITD224Indore

..... the judgment relied on by the assessee were not considered by the assessing officer for the reason that these judgments relate to the assessment year prior to 1-4-1988 as with effect from 1-4-1988 the amendment was brought in sub-section (2) of section 55 whereby the goodwill was brought within the purview of capital gains.the assessment year involved in the instant case is 1991-92 and as such the amendment brought by the finance act of 1987 was applicable to the assessee's case. ..... he further argued that the judgments referred to by the cit (appeals) are not relevant to the assessee's case as the relevant provisions of sections 55(1)(b) and (2)(a) have been amended by the finance act, 1987 with effect from 1-4-1988. ..... this beneficial interest is nothing but goodwill of the firm which was sold and as per section 55 of the act, the cost of acquisition should be adopted at nil and the entire amount of rs. ..... learned departmental representative has emphatically argued that though the assessee has acquired the dealership of kerosene of indian oil corporation by virtue of partition in the joint hindu family, the cost of acquisition should be valued as per section 55 of the act as the goodwill of dealership was sold to sureshkumar for a sum of rs. ..... from the material available on record, it is abundantly clear that there was a transfer of goodwill and its value in the hands of the assessee is to be taken at nil by virtue of section 49 read with section 55 of the act. .....