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In Re: Rashtriya Ispat Nigam Ltd.

Court : Authority for Advance Rulings

..... vs.income tax act, 1961 - sections 32, 32(2), 32a(3), 72 to 74a, 74a(3), 80j(3), 115j, 115j(1), 115j(2), 115jb, 115jb(2), 115jb(3), 119, 135j(2) and 245q(1); companies act, 1956 - sections 205, 205(1) and 205(2); companies (amendment) act, 1960; income tax rules; finance act, 1987 - section 43; electricity actsurana steels p. ..... [section 43 of the finance act, 1987.] 22. ..... 36.5 of the circular, which is apposite, is extracted below : 36.5 the following examples illustrate as to how the amended provisions relating to the new section will be applied:____________________________________________________________________________________________________________________________________________________________________________________________ book profits for the purposes of the profit under the companies act, 1956 income-tax act______________________________________________________________________________________________ (1) (2)______________________________________________________________________________________________loss excluding depreci- 3,00,000 loss excluding deprecia- 80,000ation tiondepreciation 1,00,000 depreciation 4,00,000profit before deprecia- 5,00,000 profit before deprecia- 5,00,000tion tionless : depreciation 2,00,000 less : depreciation 4,00,000______________________________________________________________________________________________ (1) (2)______________________________________________________________________________________________less: .....

Bhura Mal Raj Mal Vs. Commissioner of Income-tax

Court : Rajasthan

Reported in : [1996]220ITR636(Raj)

..... prosecution and is also to be treated as an assessee in default, the certificates which have been issued for deduction of tax are based on the authority given under law and the ambiguity if any has been clarified by the subsequent amendment in section 199 by the finance act of 1987, 12 ..... . 11 of 1987 are as under : 'any deduction made in accordance with the provisions of sections 192 to 194, section 194a, section 194b, section 194bb, section 194c, section 194d, section 194e, section 194ee, section 194f, section 194g, section 194h, section 194g, section 195, section 196a, section 196b, section 196c and section 196d, and paid to the central government shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, or of the owner of the security or of the shareholder, as the case may be, and ..... . the above provision has been amended by the finance act no ..... . the provisions of section 199 of the income-tax act as amended by the act no ..... . 11 of 1987, with effect from june 1, 1987, and now the provision has been made that the credit shall be given for the amount so deducted on production of the certificate furnished under section 203 in the assessment made under the act for the assessment year for which such income is assessable .....

Asstt. Cit Vs. Pepsi Foods Ltd.

Court : Delhi

Reported in : (2004)88TTJ(Del)111

..... him, initially the liability to deduct the tax at source was on the basis of payment of the sum chargeable to tax but by finance act, 1987, the provisions of section 195 were amended and the liability to deduct the tax at source accrued at the time of credit of such income or at the time of payment, ..... the provisions of section 195(1) and the explanationn to this section as well as notes on clauses regarding amendment by finance act, 1987. ..... such crediting shall be deemed to be credit of such income of the account of the payee and the provisions of this section shall apply accordingly'.a bare reading of the above provisions clearly shows that if any sum to be paid by the assessed, not falling within the preceding sections, to any non-resident, is chargeable to tax under the act then assessed is under obligation to deduct the tax at source either at the time of payment or at the time ..... the relevant portion of the same is reproduced as under :'section 195(1) : any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being on securities) or any other sum chargeable under the provisions of this act (not being income chargeable under the head 'salaries') shall, 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 the issue of a ..... explain why the tax was not deducted at source under section 195 of the act in respect of the aforesaid amount credited by the assessed. .....

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Delhi

Reported in : (2004)88TTJ(Del)180

..... . finally, thereforee, we hold that the conditions laid down in section 2(22)(e) and explanationn 3 to section 2(22)(e) as amended by finance act, 1987, with effect from 1-4-1988, are satisfied in the case as under :'(i) all the above companies are such in which public are not substantially interested, i.e ..... . the amended provisions (amendment by finance act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more of equity capital ..... . as regards the next contention that the amounts received from the said companies were not loans and advances but they were received on account of business transactions/sales and hence the provisions of section 2(22)(e) of the act were not applicable in the case, we are of the view that the assessed had failed to prove these contentions by furnishing details and evidences ..... . 1072/del/1995 for the assessment year 1991-92 in the assessed's own case and contended that since similar addition under section 2(22)(e) of the act was deleted by the learned commissioner (appeals) and his order was confirmed by the tribunal, the impugned addition under section 2(22)(e) in the assessment year 1990-91 covered under the present appeal should also be deleted ..... . the learned counsel for the assessed, on the other hand, submitted that the assessing officer was wrong in applying the provisions of section 2(22)(e) of the act and treating the loans and advances as deemed dividend in the hands of the assessed-huf .....

Tarajan Tea Co. Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... . it is true that the effect of this decision regarding 'goodwill' has been overcome by the finance act, 1987, amending section 55 so as to provide that cost of acquisition of goodwill acquired other than by purchase shall be taken to be nil and the cost of improvement of goodwill, whether acquired by purchase or otherwise, shall also be taken ..... section 263 underwent further changes by the direct tax laws (amendment) act, 1987, with effect from ..... , under the facts and in the circumstances of the case, the order under appeal, directing the income-tax officer to assess income under section 45 of the income-tax act attributable to the sale of standing trees of spontaneous growth is in accordance with law and the facts and the tribunal acted judiciously and upon consideration of the facts, law and the submissions urged in sustaining the said order as a whole, although, basic and ..... by the taxation laws (amendment) act, 1984, an explanation was introduced to sub-section (1) of section 263 of the act with effect from october ..... , and non-inclusion thereof in the order dated september 11, 1979, passed by the income-tax officer while giving effect to the directions issued by the inspecting assistant commissioner under section 144b of the act was an order of the income-tax officer or of the inspecting assistantcommissioner and whether the provisions of section 263 of the income-tax act are attracted to this non-inclusion of the aforesaid income in the said order dated september 11, 1979 ? 4. .....

Chandulal Venichand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1991)38ITD138(Ahd.)

..... union of india [1988] 173 itr 708 that in order to apply the provision of section 43b (as it stood prior to amendments by finance act, 1987 and finance act, 1989) not only should the liability to pay the tax be incurred in the accounting year but the amount also should be statutorily "payable" in ..... relates to interpretation of provisions of section 43b of the income-tax act, 1961 as amended by the finance act, 1987 and the finance act, 1989.3. ..... section 43b was amended by finance act, 1987 and finance act ..... on 3-3-1988 considered the amendments made by finance act, 1987 with effect from 1-4-1988 in section 43b of the act. ..... . it has been held by patna high court that under the proviso which was inserted with effect from 1-4-1988 by the finance act, 1987, the words "actually paid" occurring in the main section 43b have in fact been interpreted and as such the said proviso should be regarded as an interpretation clause or a clause which explains what is meant by " actually paid" and that the interpretation given ..... the said proviso was literally interpreted it would be struck down as it provided for doing an impossible act and that it could be upheld by holding that an assessee for the assessment year 1984-85 was entitled to have the benefit of the proviso introduced by the finance act, 1987.the high court held that upon textual interpretation of statutes, the proviso to section 43b of the act should be construed as retrospective in its operation and explanation 2 thereto should be held to .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... the object that was accomplished by the amendment was to give effect to the true intention behind the introduction of the section.that amendment is, therefore, required to be regarded as retrospective qua the amendment incorporated by the finance act, 1987.32. ..... section 43b of the act was further amended by the finance act, 1987.two provisos were added w.e.f. ..... (supra) hon'ble supreme court treated the first proviso to section 43b as inserted by the finance act, 1987 as retrospective in operation for and from assessment year 1984-85. ..... by the finance act, 1987 amendment two provisos were inserted.second proviso was a measure for penalizing employers who misutilised the contributions. ..... the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. ..... question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section ..... section 143(1)(a) as amended by the finance act, 1987 ..... amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act ..... section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act ..... debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... the amended provisions of section 143(1a) by the finance act, 1993 ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due ..... -the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against .....

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained ..... section 143(1)(a) as amended by the finance act, 1987 ..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due to the assessee on the ..... - the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to ..... additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. .....

Commissioner of Income-tax Vs. A.N. Naik Associates and anr. and Ranga ...

Court : Mumbai

Reported in : 2004(2)BomCR801; (2004)187CTR(Bom)162; [2004]265ITR346(Bom)

..... therefore, instead of amending section 2(47), the amendment was carried out by the finance act, 1987, by omitting section 47(ii), the result of which is that distribution of capital assets on the dissolution of a firm would be regarded as 'transfer'. ..... to plug this loophole the finance act, 1987, brought on the statute book a new sub-section (4) in section 45 of the act. ..... 'sub-section (4) along with sub-section (3) were introduced by the finance act, 1987, with effect from april 1, 1988. ..... parliament with the avowed object of blocking this escape route for avoiding capital gains tax by the finance act, 1987, has introduced sub-section (3) to section 45. ..... it may be noted that all these judgments were previous to the amendment brought about by the act of 1987 which introduced sub-sections (3) and (4) in section 45, with effect from april 1, 1988. ..... prior to the finance act, 1987, in the case of a partnership it was held that the assets are of the partners and not of the partnership. ..... the finance act, 1987, with effect from april 1, 1988, omitted this clause, the effect of which is that distribution of capital assets on the dissolution of a firm would henceforth be regarded as 'transfer'. ..... as the section is a self-contained code, there was no need to amend the definition of transfer under section 2(47) of the act. .....