Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)35ITD298(Ahd.)
..... also urged that the term "transfer" as defined in section 2(47) and as amended by finance act, 1987 w.e.f. ..... in this behalf our attention was also drawn to the provisions of section 2(47)(v) as amended w.e.f. ..... (supra) the allahabad high court was concerned with the interpretation of the expression 'building owned by the assessee' occurring in section 32 of the act and had held that the said expression had not been used in that section in the sense of property, complete title in which vests in the assessee, who was in a position to exercise the right of the owner in his own rights and not on behalf of the person in whom the actual title to that ..... the words "allowance of possession" used in the amended language of section 2(4)(v) admits of the interpretation put by us in the facts of this case ..... it was a case under the gift-tax act, 1958 and the expression "transfer of property" as defined in section 2 (xxiv) of that act was considered vide enough to include within its scope any assignment or alienation of ..... the attachment of the sale proceeds by the customs and income-tax authorities and withdrawing such attachment or prohibition on operating the bank account by the assessee only on2-6-1982 and 18-3-1987 respectively had resulted in the defeat of assessee's valuable rights under sections 53 & 54 of the act. ..... reply the learned counsel for the assessee has very rightly submitted that the provisions in section 53a of the above mentioned act can be used only as a weapon of defence.16. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)88TTJ(Delhi)280
..... " finally, therefore, we hold that the conditions laid down in section 2(22)(e) and explanation 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 contention of the learned counsel that we should follow the tribunal order for the assessment year 1991-92 and similarly uphold the commissioner (appeals)'s order for assessment year 1990-91 cannot be accepted.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. ..... he further observed that the assessee-huf formed in assessment year 1982-83 and the income tax officer vide assessment order of that assessment year under section 143(3) of the act dated 30-3-1984, had held that the huf comprised of following persons he added that this order of the income tax officer had been accepted by the assessee and no appeal had been filed against the ..... by her.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 assessee had failed to prove these contentions by furnishing details and evidences. .....
Tag this Judgment!Court : Mumbai
Reported in : [1990]33ITD693(Mum)
..... application dated 27-7-1988, the tribunal in para 5 of the order, had observed as under :-'now, the term 'income-tax authority' is defined in section 245a (b) (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 ..... after the amendment, the term 'income-tax authority' is defined in clause (d) of section 245a as income-tax authority specified in section 116. ..... after reproducing the definition of the term 'case' in that section, the tribunal held that 'case' means proceedings for assessment or reassessment which are pending before the income-tax authority on the date on which an application ..... the tribunal has not given any finding that section 245 does not apply to an appeal filed before it against the order of revision ..... itat was correct in law in holding that section 245f (2) does not apply to appeal filed before it against order of revision ..... in both these sections, income-tax appellate tribunal is not regarded as an income-tax authority which would mean that the settlement commission cannot exercise or supersede the powers of ..... first miscellaneous application was filed on 22-2-1987 and was marked m. a. no ..... 256(1) of the income-tax act, 1961, arising out of ..... filed against the order passed by the tribunal on 14-9-1987 in ita no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2003)78TTJ(Nag.)123
..... the provisions of section 147 as amended by the finance act, 1987, w.e.f 1st april, 1989 reads as follows: "147 income escaping assessment ..... as per the proviso to section 147 substituted by the direct tax laws (amendment) act, 1987, w.e.f. ..... it is pertinent to note that section 147 was substituted by the direct tax laws (amendment) act, 1987, w.e.f. ..... and goes to show that the information ,was the basis for forming belief about the escapement as per the pre-amended provisions and the ao was required to have such information in his possession to enable him to validly acquire the jurisdiction under section 147 and in the absence of the very existence of such information, the various judicial authorities proceeded to conclude that the ao did not have jurisdiction to assess or reassess the ..... 1st april, 1989 and as per the amended provisions of the said section the only condition precedent for acquiring jurisdiction under section 147 is that the ao should have reason to believe that income chargeable to tax has escaped assessment ..... the learned counsel for the assessee brought to our notice the original order of assessment under section 143(3) in this case wherein the ao has acknowledged the intimation by the assessee under section 176(3) of the it act, 1961, the fact of dissolution of the firm. ..... 14th june, 2001, filed before the cit(a) under section 154 of the it act, 1961, seeking to rectify errors apparent on the face of the record of his order ..... after the amendments made to section 147 w.e.f .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2004)91ITD116(Mum.)
..... " finance act, 1987, again amended section 80 with effect from 1st april, 1988 to include the reference to sub-section (3) of section 74 by the . ..... similarly, the direct tax laws (amendment) act, 1987 amended section 80 with effect from 1st april, 1989, substituting the words "in accordance with the provisions of sub-section (3) of section 139 or within such further time as may be allowed by the income-tax officer. ..... notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed under section 139, shall he carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74.the taxation laws (amendment) act, 1984 further amended section 80 with effect from 1st april, 1985, substituting the words under section 139' by the expression "within the time allowed under sub-section (1)of section 139 or within such further time as may be allowed by the income-tax officer. ..... the taxation laws (amendment) act, 1984 amended section 80 with effect from 1-4-1985 substituting the words 'under section 139' by the expression "within the time allowed under sub-section (1) of section 139 or within such further time as may be allowed by the income-tax officer". .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(4)BomLR1497; (2009)227CTR(Bom)592; [2009]319ITR167(Bom); [2009]178TAXMAN341(Bom)
..... by the supreme court in jodhamal (supra) has been rightly understood by the high courts of punjab and haryana, patna, rajasthan etc and held that the requirement of registration of sale deed in the context of section 22 is not warranted.while so holding, it also noted the amendment carried out to section 27 of the act by finance act, 1987 by substituting some of the clauses with effect from 1.4.1988. ..... the court addressed to itself, a question whether this amendment was clarificatory or declaratory and after considering various aspects was pleased to hold that it had no hesitation to hold that the amendment in the fiance bill of 1988 was declaratory/clarificatory in nature, in so far as it relates to section 27(iii), (iiia) and (iiib) and consequently provisions were retrospective ..... but in the context of section 22 of the income tax act having regard to the ground realities and further having regard to the object of the income tax act, namely, 'to tax the income', we are of the view, owner is a person who is entitled to receive income from the property in his own right.it would thus be clear from the law declared by the supreme court ..... court for the purpose of considering the contentions considered section 9(1) of the old act as also section 22, 27 and 56 of the act of 1961. ..... on behalf of the assessee that the rental income of the flats was assessable as income from other sources under section 56 of the act and not as income from house property under section 22 of the income tax act. .....
Tag this Judgment!Court : Allahabad
Reported in : [2009]317ITR449(All)
..... : [1992]198itr110(orissa) have held that amendment introduced by finance act, 1987 to section 43b was merely of clarificatory nature and applicable with retrospective effect with effect from 1-4-1984.the learned commissioner (appeals) had followed the view expressed by the orissa, calcutta and patna high courts. ..... , the proviso added by the finance act, 1987 with effect from 1-4-1988 has been held to be retrospective being clarificatory in nature, the question has to be answered in favour of the assessee.so far as the third question is concerned, we find that the accounting period of the assessee is ..... we, therefore, are of the considered opinion that the tribunal has rightly deleted the levy of interest under section 216 of the act.in view of the foregoing discussions, we answer all the three questions in the affirmative i.e. ..... cit : [1997]224itr677(sc) , wherein the amendments made in section 43b i.e. ..... the assessing officer had charged interest under section 216 of the income tax act as assessee had paid first two instalments of advance tax at rs. ..... the interest-has been levied under section 216 of the act on the ground that assessee had under-estimated the income under section 209a and section 212 of the act. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [1997]226ITR445(MP)
..... section 43b was amended by the finance act, 1987. ..... this question of law is sought to be supplemented and supported by the undernoted three grounds contained in the 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. ..... commissioner of income-tax, bhopal, presented under section 256(2) of the income-tax act, 1961, and contain the undernoted question, categorised as one of law, for a direction to the tribunal to state the case and refer the question 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 43b were applicable to the assessment year 1984 ..... -85 when the said amendment was effective from april ..... we hold that the tribunal rightly treated the first proviso to section 43b, as amended, as retrospective in operation and correctly extended the benefit to the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)39ITD1a(Delhi)
..... of the learned counsel for the assessee that if section 53 a of the transfer of properly act regarding part performance of the contract was already included in the definition of transfer then there was no point in amending section 2(47) of the act by the finance act, 1987 w.e.f.1-4-1988. ..... of 'transfer in relation to capital asset' contained in section 2(47) of the act was enlarged by insertion of sub-clauses (v) & (vi) and explanation, of the said section by the finance act, 1987 w.e.f. ..... if a transaction involving the allowing of possession of the immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53 a of the transfer of property act was to be included in the definition of transfer for the purposes of section 2(47) then there was no necessity of inserting sub-clauses (v) & (vi) and explanation to section 2(47).reliance was also placed on the supreme court decision in nawab sir mir ostnan ali khan v. ..... ito [1981] 131 itr 597, it was submitted that sub-section (2) of section 52 of the act could be invoked only where the consideration for the transfer of a capital asset had been understated by the assessee or, in other words, the full value of the consideration in respect of the ..... it was also submitted that reference to part performance of the contract as per section 53 a of the transfer of property act was a supporting argument of the cit (appeals) and that the main argument was that the transfer had taken place .....
Tag this Judgment!Court : Rajasthan
Reported in : [2003]260ITR218(Raj); [2003]132STC298(Raj)
..... which was outstanding as on march 31, 1987, but paid by july 31, 1987, in total disregard of the provisions of section 43b as it stood before the amendment of the finance act, 1987, which provided disallowance of such liability.3. ..... of 1994, dated april 30, 1996, in respect of the assessment year 1987-88 :'whether, on the facts and in the circumstances of the case, and proper interpretation of law, the tribunal was legally justified in holding that the interest payable to the sales tax department is also 'tax' and the provisions of section 43b of the act are applicable therein ?'2. ..... on appeal the income-tax appellate tribunal analysing the provisions of section 43b and relying on the decision of this court in cit ..... of income-tax (appeals) arrived at the conclusion that the order under section 143(3) read with section 148 was erroneous and prejudicial to the interests of the revenue on account of the following mistakes :(1) the assessing officer failed to disallow under section 43b, the amount of rs. ..... assessing officer treated the said amount of unpaid interest as part of the sales tax and disallowed the same under section 43b of the income-tax act. ..... the object of section 43b is to curb the activities of those taxpayers who do not discharge their statutory liability of payment of sales tax or excise duty for long periods but claim deduction in that regard from the income on ..... a notice under section 148 was issued on march 26, 1991, in response to which the assessee-firm submitted .....
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