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Morvi Horological Industries Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)36ITD115(Ahd.)

..... recent amendments in section 43b by the finance act, 1987 and finance act, 1988 were relied on by epartment in support of the argument to the effect that the sales-tax ollected constituted trading receipt while sales-tax liability which was not discharged in the relevant year by payment was ..... section 43b of the income-tax act, 1961, introduced by the finance act, 1983, with effect from 1-4-1984 provides, inter alia, that a deduction in respect of any sum payable by the assessee by way of tax or duty under any law for the time being in force shall be allowed from ..... the government of maharashtra have by the bombay sales tax (amendment) act, 1987, made the amendment accordingly. ..... the board have decided that where amendments are made in the sales tax laws on these lines, the statutory liability shall be treated to have been discharged for the purposes of section 43b of the act.in the state of gujarat, necessary amendments have been made by executive instructions, copies of which have been filed before us. ..... the ministry of law has opined that if the state governments make an amendment in the sales tax act to the effect that the sales tax deferred under the scheme shall be treated as actually paid, such a deeming provision will meet the requirements of section 43b. 5. ..... 25-9-1987 (published in 1988, 169 itr statute 63) the material portions of which are as follows: sales tax deferral scheme - provisions of section 43b of the income-tax act, 1961 -clarification regarding. .....

B.R. Packaging Industries Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1992)43ITD419(Pune.)

..... 1991] 187 itr 703 wherein their lordships of the delhi high court considered the challenge of arbitrariness and ultra vires of article 14 of the constitution and also the contention that the amendment to section 43b by the finance act 1987 with effect from 1-4-1988 by inserting proviso to section 43b was clarificatory in nature, but all these contentions were rejected by the delhi high court. ..... the tribunal being a creature of the income tax act cannot go to the literal or reasonable construction of the statute and when the finance act, 1987 inserted proviso to section 43b with effect from 1-4-1988, it is not open to the ..... union of india [1991] 189 itr 70 holding that proviso to section 43b is retrospective in its operation and explanation 2 to section 43b is subject to the proviso.the law as amended is applicable for the assessment year 1984-85.pointing out the binding nature of such decision, it is prayed that in the absence of any contrary decision on this issue, the said judgment should be ..... bench has been consistently taking the view that if the sales-tax relating to last quarter or last month is paid within the statutory time contained under the sales-tax act, no disallowance under section 43b is required to be made and if it is made beyond the time limit prescribed thereunder, disallowance could be made. ..... also observed that the tribunal was not going into the question of the proviso to section 43b which came into force from 1-4-1988 which is not applicable to the assessment .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... he noted the argument of the appellate that the transfer is always relatable to the execution of the lease deed and not on mere giving of possession.he considered the amendment to section 2(47) of the act by the finance act, 1987 which added clause (vi) to the said section along with an explanation which amendment was operative from 1-4-1988. ..... in para 11 he reproduced the clause iii of the memorandum of association in which it was stated that the definition of the term 'scientific research' as may be amended in section 43(1)(i) of the act would equally to the term used in the said clause. ..... if the definition of 'scientific research' in section 43(4)(i) of the income-tax act, 1961, or the corresponding provision of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. 2. ..... if the definition of 'scientific research' in section 43(4)(1) of the income-tax act, 1961, or the corresponding provisions of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. ..... research in the fields of natural or applied science including agriculture, animal husbandry, fishing and so on and the provision in its memorandum of association that the term 'scientific research' would also cover such fields a may be included in section 43(4)(1) of the act as it stood at the relevant time and as may be amended from time to time. .....

income-tax Officer Vs. Ashokkumar Lalitkumar

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53ITD326(Ahd.)

..... adopt legal course, because, he did not want to spend good money for bad money, as recovery thereof had a remote chance and was not possible in this case.he also placed reliance on the conditions mentioned in section 36(2) as amended by the finance act 1987 which, inter alia, provides that the year in which the assessee has written off the debt as bad debt in the books of accounts should be considered as satisfying the claim for grant of deduction as bad ..... profits of the business of the year under consideration or earlier year did not exist in the old law.moreover, the distinction between the nature of the claim of deduction as to whether it is a trading loss or it is a bad debt contemplated in section 36(2) has assumed significance in view of the amendment of section 36(2) made by the finance act, 1987 effective from assessment year 1989-90. the said decision also therefore does not in any manner help the assessee.6.4 a plain reading of the ..... provisions of section 36(2) r.w.s.36(1)(vii) clearly indicates that one of the conditions for grant of deduction in respect of bad debt is that what is sought to be written off as bad debt should have earlier gone into swell the profits of the business .....

Additional Commissioner of Vs. Glad Investments (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102ITD227(Delhi)

..... ghanshyamdas kishan chander(supra), the learned cit(a) has not noticed that the subject-matter of transfer in that case was an immovable property and the issue related to a period prior to amendment of section 2(47) by the finance act, 1987 with effect from 1-4-1988. ..... mortgage debt by him prior to transfer of the property would not entitle him to claim deduction under section 48 of the act because in such a case he did not acquire any interest in the property subsequent to his acquiring the ..... by a person for the purpose of clearing off the mortgage created by the previous owner is to be treated as cost of acquisition of the interest of the mortgagee in the property and is deductible under section 48 of the act.the learned cit, dr further referred to the judgment of hon'ble supreme court in the case of cit v. ..... 135 (pc) in the case of raja bejoy singh dhudhuria (supra), the hon'ble privy council have held as under: when the act by section 3 subjects to charge "all income" of an individual, it is what reaches the individual as income which it is intended ..... the hon'ble supreme court held that the creation of a charge under section 74(1) of the estate duty act only meant that the amount recoverable by way of estate duty would have priority over ..... cit in order to attract liability to tax on capital gains under section 12b of the indian income-tax act, 1922, it is sufficient if in relevant accounting year profits have arisen out of the sale of capital assets, that is to say, if the assessee .....

Deputy Commissioner of Vs. Groz-beckert Saboo Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)77ITD126(Chd.)

..... it was held that amendment of section 27 by the finance act, 1987 was only clarificatory in ..... a result of difference between the learned members constituting the division bench, hon'ble president of the tribunal in exercise of powers conferred on him under section 255(4) of income-tax act, 1961, has referred the issues as mentioned in the following questions, to me to express my opinion as a third member :-- "1. ..... (supra) held that the assessee will be considered to be owner of the building under section 32, if he is in a position to exercise right of ownership not on behalf of person in whom the title vests but in his own ..... that the apex court have given a very wide meaning to the expression 'owner' used in section 32 and the assessee in possession of a building on part payment of price, where bldg. ..... 226 itr 625 (sc), wherein it has been held that in the context of section 22, 'owner' is a person who is entitled to receive income in his own right and the said section did not require registration of the sale deed. ..... corrigendum has not been signed by learned accountant member and the same was never issued so as to carry out the amendment at page 5 of order written by learned judicial member.3. ..... there was difference of opinion on the aforesaid two points, the matter was referred to a third member by the hon'ble president of the tribunal under section 255(4) of the income-tax act, 1961. ..... included within the meaning of the word 'plant' in section 32 and, therefore, was a capital asset. .....

Shri Vijaysinh R. Rathod and ors. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... by the finance act, 1987, with effect from april i, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even ..... sale of such property where neither date of acquisition nor cost of land was ascertainable, cannot be brought to tax under head "capital gains" with the following observations: though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for ..... then held by the assessees as inherited from the fore-fathers and the cost of acquisition in the hands of the assessees would be that of the fore-fathers by virtue of section 49(1)(iii)(a) of the act providing that where capital assets become property of the assessee by succession, inheritance or devolution, cost of acquisition of the assets deemed to be the cost of which the previous owner ..... to be substituted as cost of acquisition of the previous owner, but the court rejected the contentions by observing as under: so far as the submission based on section 55(3) of the act is concerned, we find that the said provision has no application to the facts of the present case. ..... the present case, admittedly, the assets had been acquired by a mode of acquisition specified in section 49(1)(iii) (a) of the act and thus the asset in question was a long-term capital asset but neither the cost nor .....

Huf of H.H. Late Sir J.M. ScIndia Vs. Acit, Range - 18(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... by the finance act, 1987, with effect from april 1, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even if there is no cost of ..... in a case where cost cannot be ascertained, the fair market value cannot be taken into consideration under section 55 of the income-tax act, 1961, because the very basis of capital gains is that at some point of time the person who initially acquired the property did so at some cost in terms of ..... therefore, even if the amendment is taken into consideration section 55 can be invoked in cases of nil cost of acquisition for the purpose of bringing to tax the entire sale consideration only in relation to the specified assets.from a reading of this it is clear that it is for the revenue to show ..... similarly, section 55 has been amended from tune to time to enable the taxation of other assets wherein no cost of acquisition is ..... jadeja gujarat high court though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for determining the chargeable profits and ..... the asset referred to in section 45 of the act has to be one: (i) in the acquisition of which it is possible to envisage a cost; (ii) in the acquisition whereof the assessee had incurred a cost, and the onus of showing that the assessee had incurred cost is on the .....

Checkmate Services P Ltd Vs. Commissioner Of Income Tax-i

Court : Supreme Court of India

..... the same finance act, 1987 also introduced provisos to section 43b, through amendment (clause 10 of the finance bill). ..... consequently, by finance act 1987, section 2(24) (x), and section 36(1) (va) as well as second proviso to section 43b were ..... is instructive in this context to note that the finance act, 1987, introduced to section 2(24), the definition clause (x), with effect from 1 april 1988; it also brought in section 36(1)(va). ..... the other hand, section 36(1)(va) was specifically inserted by the finance act, 1987, w.e.f. ..... it is important to note once again that, by the finance act, 2003, not only is the second proviso deleted but even the first proviso is sought to be amended by bringing about a uniformity in tax, duty, cess and fee on the one hand vis- -vis contributions to welfare funds of employee(s) on the ..... inserted by the finance act, 1987 (11 of 1987), w.e.f. ..... it is important to note once again that, by finance act, 2003, not only the second proviso is deleted but even the first proviso is sought to be amended by bringing about an uniformity in tax, duty, cess and fee on the one hand vis-a-vis contributions to welfare funds of employee(s) on ..... ) 1 scc489 8 of deletion of the second proviso to section 43b of it act (by finance act, 2003) and whether the same operated prospectively. ..... on the report, the union introduced amendments to the it act, including an amendment to section 43b; the memorandum explaining the provisions in the finance bill, 2003 in the matter of section 43b. .....

Sercon Private Limited Vs. Asstt. Commissioner of Income Tax

Court : Gujarat

Reported in : (2008)218CTR(Guj)479

..... basis of this decision, she has submitted that after the amendment, by virtue of finance act, 1987, section 80t was deleted and deduction allowable therein to a non-corporate assessee was clubbed in section 48(2) and hence, deduction allowable under section 54e should be considered first before granting deduction under section 48(2) of the act.18. ..... with the amendment of finance act, 1987, the statutory deductions or concessional rates available in section 80t and 115 have been incorporated in section 48 itself and sections 80t and 115 have ..... clauses in the finance bill, 1987, neither under clause 15 seeking substitution of a new section of section 48 of the act relating to mode of computation and deductions nor under clause 22 seeking an amendment of section 54e of the act relating to exemption from capital gain on transfer of capital assets in certain cases, states that while computing long term capital gains, deductions under section 54e of the act are required to be allowed before deductions under section 48(2) of the act. ..... 22.09.1987 explaining the provisions contained in the finance act, 1987. ..... the assessee's claim regarding nil capital gain, the assessing officer has observed in his assessment order that the notes on clauses appended to finance bill 1987 makes it very clear that new section 48 in replacing the old section 80-t and statutory deductions or concessions, as the case may be, hitherto available in section 80-t and 115 are being incorporated in section 48 itself. .....