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Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 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 ..... a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... by the finance act, 1987, two provisos to section 43b were inserted ..... second proviso to section 43b introduced by the finance act, 1987 w.e.f. ..... two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, w.e.f. ..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at ..... the second proviso was, therefore, amended by the finance act, 1989, in which the words "during the previous year" were ..... (e) any sum payable by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, w.e.f. .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... 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 situation. ..... with a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... computing the income only of that previous year in which such sum is actually paid by him.by the finance act, 1987, two provisos to section 43b were inserted with effect from 1-4-1988. ..... the two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, with effect from 1-4-1998.the hon'ble gujarat high court in a subsequent judgment in the case of cit v. ..... the second proviso to section 43b introduced by the finance act, 1987 with effect from 1-4-1988, provided that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid during the previous year on or before the due date as defined in .....

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. ..... if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export turnover was quite different. ..... thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was introduced. ..... in this regard, we have also noted that the order under section 263 of the act was passed on 30-12-1988 when the benefit of the amendment brought by the finance (no. ..... 32.20 this amendment takes effect retrospectively from 1st day of april, 1987, the day from which 'total turnover' became relevant for the purpose of computation of deduction under section 80hhc. ..... the assessee excluded the freight and insurance from the total turnover also in the computation of export profit, as per section 80hhc(3)(b) of the act and the assessing officer accepted the computation in the assessment order, without any discussion.4. ..... the learned departmental representative, on the other hand, relied on the order of the commissioner under section 263 of the act and also emphasised that explanation (ba) below section 80hhc does not use an expression "for the removal of doubts" and gives a specific date of 1 -4-1987 for retrospective operation. .....

Commissioner of Income-tax Vs. Pyarilal Kasam Manji and Co.

Court : Orissa

Reported in : (1992)101CTR(Ori)247; [1992]198ITR110(Orissa)

..... with a view to get over them, amendments in section 43b were introduced by the finance act, 1987. ..... the original provisos introduced in section 43b by the finance act, 1987, read as follows (see [1987] 166 itr 9) :'provided that nothing contained in this section shall 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 ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc ..... from the legislative history set out above, we find that the first proviso to section 43b came into effect from april 1, 1988, and explanation 2 enacted by the finance act, 1989, was made retrospective in its operation with effect from april 1, 1984. ..... both the provisos have been amended by the finance act, 1989. ..... this section was inserted by the finance act, 1983, with effect from april 1, 1984 ..... the memorandum to the finance bill, 1989, clarified the object of deleting the words 'during the previous year' in the following words (see [1989] 176 itr 124 'under the existing provisions of section 43b of the income-tax act, 1961, it is also provided that any sum payable by the assessee as an employer by way of contribution to the provident fund or superannuation fund, etc .....

Commissioner of Income-tax Vs. Chandulal Venichand

Court : Gujarat

Reported in : (1994)118CTR(Guj)257; [1994]209ITR7(Guj)

..... them, amendments in section 43b were introduced by the finance act, 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... by the finance act, 1987, two provisos to section 43b were inserted ..... while introducing explanation 2 by the finance act of 1989, the object of introducing the proviso is further clarified by stating that it was introduced to remove the hardship caused to certain taxpayers who had represented that since the sales tax for the last quarter cannot be paid within the previous year, the original provision to section 43b will unnecessarily involve disallowance of ..... january 1, 1990, as under (see [1990] 182 itr 114) : 'amendment of provisions relating to certain deductions to be allowed only on actual payment : 15.1 under the existing provisions of section 43b of the income-tax act, 1961, a deduction for any sum payable by way of tax, duty, ..... the amendment to section 43b has been made in the year 1987 and this amendment, with effect from april 1, 1988, is clarificatory in nature and by applying the said amendment the petitioner ..... the object and purpose of inserting the said section 43b of the act, as per the budget speech of the finance minister for the year 1983-84, which are reproduced in [1983] 140 itr 31 are as under : 'several cases have come to notice where taxpayers do not discharge their statutory liability such as in .....

M/s. Sundaram Finance Limited Vs. The Deputy Commissioner of Income Ta ...

Court : Chennai

..... we have already pointed out the object of the amendment made under finance act, 1987 to section 32ab. 26. ..... hence, the second question of law, is even as per the plain language of section 32ab(1), as amended by finance act, 1987, has to be answered in favour of the assessee. 23. ..... keeping the above in mind, if we come back to section 32-ab it could be seen that under the finance act, 1987, this section was amended. ..... the explanatory note on the provisions of the finance act, 1987 contained in circular no.495 dated 22.9.1987 states that under the finance act, 1986, deduction under section 32-ab was allowed after setting off business loss if any, brought forward from earlier years and that in order to remove the hardship in cases where the assessee may not be able to avail of this benefit because of brought forward losses from earlier years, finance act, 1987 sought to provide that the deduction will be allowed before ..... the words inserted in section 32-ab (1), by the finance act, 1987 were "such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72. ..... the contention of the assessee that the deduction under section 32-ab was on the profits and gains of business before setting off the carried forward loss under section 72 of the act, was rejected and the assessing officer held that the carry forward of investment allowance for the earlier year was set off as per section 32-a(3)(ii) of the act and not under section 72 of the act. 6. .....

Commissioner of Income Tax Vs. Madan Lal and Bros.

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)92; [2005]276ITR571(P& H)

..... it was found impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendments in section 43b were introduced by the finance act, 1987. ..... the first proviso to section 43b of the act inserted by the finance act, 1987, was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... as regards sales-tax, the scope of proviso to section 43b inserted by finance act, 1987, w.e.f. ..... during the relevant period of time, section 43b(a) read as under :'(a) any sum payable by the assessee by way of tax or duty under any law for the time being is force,' the amendment brought in by the finance act, 1988, including the expressions 'cess' was w.e.f ..... 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b(a), the first proviso to section 43b and expln. ..... union of india : [1991]189itr70(patna) as under :the object of the section 43b of the it act, 1961, was to refuse deduction to an assessee in respect of provident fund, etc ..... on or before the due date applicable in his case for furnishing his return of income under section 139(1) of the it act, he shall be entitled to claim deduction of that amount. .....

Shri Shetty G.D. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD103(Pune.)

..... . the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and clarificatory in nature to ..... . the hon'ble supreme court, therefore, held that the amendment introduced by the finance act, 1987 was declaratory or clarificatory in nature so far as it related to section 27(iii), (iiia) and (iiib) and, consequently these provisions are ..... case, it was held that the amendment made to section 27 of the act by the finance act, 1987 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 ..... or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269ua, shall be deemed lo be the owner of that building or part thereof; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property.clause (iii), (iiia) and (iiib) to section 27(1) has been inserted by the finance act, 1987 with effect from 1.4.1988.6.5 ..... before the hon'ble supreme court was related to the assessment year 75-76 and 76-77 before the insertion of clause (iii), (iiia) and (iiib) to section 27(1) of the act by the finance act, 1987 .....

Gujarat Credit Corp. Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD133(Ahd.)

..... while explaining the provisions of section 147 as amended by the finance act, 1987 w.e.f. ..... 549, dated 31/10/1989 which is issued by the board clarifying the provisions of amendments of section 147 to 153 by the finance act, 1987. ..... 549 dated 31/10/1989 explaining this amendment of the provisions of section 147 by the finance act, 1987 w.e.f. ..... thus, the amending act, 1987, has substituted a new section 147 which contains simplified provisions as follows: (i) separate provisions contained in clause (a) and (b) of the old section have been merged into a single new section, which provides that if the assessing officer is of the opinion that income chargeable to tax for any assessment year has escaped assessment, he can assess or reassess the same after recording in writing the reasons for ..... 01/04/1989 stating that the amending act, 1987, has rationalized the provisions of section 147 and other connected sections to simplify the procedure for bringing to tax the income which escaped assessment, especially in non-scrutiny cases. ..... punjab & haryana high court, in the case of rama sinha (supra) held that once a notice under section 148 is issued, the assessment has to be completed under section 147 read with section 143(3) and that the position was the same even prior to the amendment of section 148 w.e.f.01/04/1989 and as the return filed under section 139, the procedural provision for making an assessment under section 143(3) of the act also comes into play. .....

Kothari Vora Associates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)57ITD171(Pune.)

..... tax on such distribution on dissolution, was therefore, not liable to be assessed.to nullify the said decision, the amendment to section 45 was introduced by the finance act, 1987. ..... loophole the finance act, 1987 brought on the statute book, a new sub-section (4) in section 45 of the act. ..... to blocking this escape route for avoiding capital gains tax, the finance act, 1987 has inserted a new sub-section (3) in section 45. ..... the insertion of section 45(4), the legislature should have simultaneously amended the definition of 'transfer' under section 2(47) and 'income under section 2(24) of the income-tax act, 1961. ..... find any necessity for the corresponding amendment to section 2(47) and section 2(24) of the act. ..... there was no legislative necessity either to amend section 2(47) or section 2(24) to enlarge the definition of 'transfer' ..... the said amendment explains that the profits or gains arising from the transfer of a capital asset by way of distribution of capital asset on dissolution of a firm shall be chargeable to tax as the income of the firm in the previous year in which the said transfer has taken place.this amendment to section was necessitated on account of several decisions including that of the supreme court decision in the case of ..... , of the previous year in which transfer took place for the purpose of section 48 of the act; and (iii) the fair market value of the asset on the date of such transfer shall be deemed to be the full value of consideration received or accruing as a .....