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K.M. Sharma Vs. Income Tax Officer, Ward 13(7), New Delhi

Court : Supreme Court of India

Reported in : AIR2002SC1715; (2002)174CTR(SC)210; [2002]254ITR772(SC); JT2002(4)SC10; 2002(3)SCALE383; (2002)4SCC339; [2002]2SCR1047; 2002TAXLR803; [2002]122TAXMAN426(SC)

..... this court took similar view in the case of s.s.gadgil (supra) in somewhat comparable situation arising from the retrospective operation given to section 34(i) of income tax act, 1922 as amended with retrospective effect from 1.4.1956 by the finance act of 1956. ..... the section was amended by section 18 of the finance act, 1956, extending this period of limitation to two years from the end of the assessment year. ..... in sub-section (1) of section 150, by direct tax laws (amendment) act, 1987 with effect from 1.4.1989, the words 'or by a court in any proceeding under any other law' were inserted which are shown in bracket with underline in the section reproduced above.10. ..... (1) notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this act by way of appeal, reference or revision [or by a court in any proceeding under any other law][the portion bracketed and underlined above is inserted aby the direct tax laws (amendment) act, 1987 with effect from .....

Commissioner of Income Tax - Viii, New Delhi Vs. Gulab Sundri Bapna

Court : Delhi

..... with a view to remove these difficulties, by finance act, 1987, section 45(5) was enacted to provide for taxation of additional compensation as deemed income in the year of receipt in the hands of the recipient ..... this was a case relating to assessment year 1987-88 and, therefore, section 55(2) as amended by finance act, 1994 w.e.f. ..... in other words, we have to proceed on the basis that cost of acquisition of leasehold rights could be determined and was capable of being ascertained and this was the position even before section 55(2) was amended by finance act, 1994 with effect from 1st april, 1995. ..... section 55(2)(a) was substituted by finance act, 1994 w.e.f ..... faced with the aforesaid decisions, section 55(2) was inserted and amendments were made stipulating that in transactions specified including payment received for surrender or relinquishing tenancy rights, where it was not possible to ascertain cost of acquisition, the cost of acquisition would be taken to be nil for computing ..... appeal filed by the revenue before the tribunal relying upon section 45(5) of the act was rejected observing that the word received would not include or mean compensation received, if the assessee was liable to refund the amount ..... aggrieved by the quantum awarded, respondent assessee filed a reference under section 18 of the land acquisition act, which was decided by the additional district judge on 20 th february, 1987. ..... was followed by a notification under section 6 of the act dated 5th december, 1968. .....

Commissioner of Income Tax, Rajkot Vs. Gujarat Siddhi Cement Ltd.

Court : Supreme Court of India

Reported in : (2008)220CTR(SC)217; [2008]307ITR393(SC); 2008(13)SCALE742

..... it is to be noted that section 43a in the present form was substituted by the finance act, 2002 w.e.f. ..... or recognised by the central government for the conversion of indian currency into foreign currency or foreign currency into indian currency;(b) 'foreign currency' and 'indian currency' have the meanings respectively assigned to them in section 2 of the foreign exchange regulation act, 1947 (7 of 1947).explanation 2- where the whole or any part of the liability aforesaid is met, not by the assessee, but directly or indirectly, by any other person or authority, the liability so met shall not be taken ..... previous year shall be added to, or, as the case may be, deducted from, the actual cost of the asset as defined in clause (i) of section 43, or the amount of expenditure of a capital nature referred to in clause (iv) of sub-section (1) of section 35 or in section 35a or in clause (ix) of sub-section (1) of section 36, or, in the case of a capital asset (not being a capital asset referred to in section 50), the cost of acquisition thereof for the purposes of section 48, and the amount arrived at after such expenditure or a capital nature or, as the case may be, the cost of acquisition of the capital ..... prior to its substitution section 43a as inserted by the finance act, 1967 w.e.f. ..... 1.4.67 and amended by direct tax laws (amendment) act, 1987 w.e.f. .....

indore Development Authority Vs. Shri Ram Builders and ors.

Court : Madhya Pradesh

Reported in : AIR2009MP169

..... the amendment which was made by the finance act of 1987 in section 43-b 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.25. ..... the parliament has given a clear indication of its intention in section 30(1) of the amending act regarding the extent of retrospective operation that section 23(1a) will have since express provision is contained in section 30(1) of the amending act indicating the intention of the parliament as to the extent to which the provision of section 23(1-a) would apply to pending proceedings and thus, there is no scope for speculating about the said intention of the parliament by reading section 23(1-a) in isolation without reference to section 30(1) of the amending act.20. in s.l. ..... to understand the purport of the amendment, we think it appropriate to reproduce the objects and reasons of the aforesaid amendment:in sub-section (4) of section 50 of the aforesaid act, no time limit prescribed to consider objections and suggestions received in respect of town development scheme in draft terms and for its final publication. .....

The Salem Co-operative Sugar Mills Ltd. Vs. the Commissioner of Income ...

Court : Chennai

Reported in : (2004)187CTR(Mad)650; [2004]266ITR166(Mad)

..... 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 ..... considered the effect of the addition of the first proviso to section 43b by the finance act 1987, and held the same to be retrospective in operation. ..... it noticed the contents of the memorandum explaining the provisions of the finance bill 1983 wherein it had been stated inter alia that section 43b was aimed at curbing the practice of assessees not paying the taxes and not discharging their liabilities to ..... by the counsel for the revenue that parliament had a different intention so far as payments of amounts due under the employees provident fund act was concerned and that it had intended to treat that amount differently from the amount of tax which the assessees were required to pay. ..... revenue is as to whether the tribunal was right in restoring the order of the assessing officer in disallowing the provident fund contribution amounting to rs.1,47,584/- and administrative charges of rs.12,310/- under section 43b(b) of the act thereby reversing the order of the first appellate authority. ..... amendment was to give effect to the true intention behind the introduction of the section ..... referred to in the question were paid before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36 of the act.3. .....

Commissioner of Income Tax Vs. Shri Narender Anand

Court : Delhi

..... 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 ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum ..... tax which was due for the last quarter of the accounting year but was payable only in the next quarter after the completion of the accounting year, that an amendment was brought in as a proviso for excluding the applicability of provisions of section 43b of the it act in respect of payment made before due date of filing of return. ..... has already been held in allied motors (private) limited case (supra) while making the proviso applicable retrospectively that section 43b of the it act was introduced to curb the activities of those tax payers who did not discharge the statutory liability of payment ..... proviso, is payable during the accounting year but is not paid during that period and is actually paid on or before the due date for furnishing the return of income under section 139(1) of the it act in respect of such period in which liability was incurred, then the same is allowable in computing the income of that accounting year. ..... the amendment to section 80 of the it act effective from 1.4.1984 requiring the return of losses to be filed within time for benefit of carry forward and set off was held not to be a retrospective in character but effective in .....

Sri Ganganagar Fertilizer Corpn. Vs. Cit

Court : Rajasthan

Reported in : (2008)218CTR(Raj)140

..... . : [1997]226itr625(sc) has taken the view, that section 27 has been amended by finance act of 1987, with retrospective effect, with a result that under section 22, owner is a person, who is entitled to receive income in his own right, and by virtue of amended provision of section 27, a person who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 shall be deemed to be the owner of that building ..... . if the assessee felt, that by virtue of the provisions of section 22, by virtue of amendment made in section 27, the interpretation given by this court in the aforesaid judgment was not correct, the said judgment was required to be challenged further, that having not beendone, the rights of ..... . we have considered the submissions, and find, that this amendment was made in the year 1987, while, the earlier judgment dated 21-7-1994 was rendered in the year 1994, and this aspect was ..... 7 found, that in view of the provisions of sections 14, 15, 19 and 22 of the partnership act, 1932, the partners may by means of an agreement among themselves decide, as to what could be the firm's assets and what could not be the firm's assets, and such an agreement can be ..... , in the capacity of the co-owners, in the same ratio in which they shared the profits and gains from the business of the firm, without going through the requirement of section 17(1)(b) of the registration act. .....

Sita Ram Singhania and Another Vs. Assistant Commissioner of Income-ta ...

Court : Delhi

Reported in : ILR1992Delhi285; [1991]192ITR361(Delhi)

..... section 27(iii), before its amendment by the finance act of 1987, inter alia, provided that for the purposes of sections 22 to 26 of the act, a member of a co-operative society to whom a building or a part thereof is allotted under a house building scheme shall be deemed to be the owner of the building or ..... this provision was amended with effect from april 1, 1988, and, in addition to the same being applicable to co-operative societies, the said sub-section was also made applicable to companies and other ..... obvious that, in order to mitigate the hardships of a large number of flat and property owners who derived their right, title and interest from co-operative societies, companies or associations of persons an amendment was made in section 27(iii). ..... from the provision of section 27(iii) itself, such a member, as contemplated by section 27(iii) is deemed to be an owner only for the purposes of sections 22 to 26 of the income-tax act. ..... evident that it is only for the purposes of sections 22 to 26 of the income-tax act that the person liable to pay tax is the one provided by section 27(iii). 10. ..... according to learned counsel, section 27(iii) of the act purports to set at naught the said principle because it seeks to vest ownership rights in the property of the company in the ..... the petitioners is that, in respect of built-up space in nirmal commercial building, bombay, the petitioners are being treated as owners by virtue of the provisions of section 27(iii) of the income-tax act, 1961. .....

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

..... and the relevant portion reads as under:in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended clause (vii) of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the year in which such a bad debt has been written off as irrecoverable in the accounts of the assessee.with reference to the ..... a circular was issued explaining the provisions of the direct tax laws (amendment) act, 1987 by which the provisions of section 36 were amended. ..... shall be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.the finance act, 2001 inserted the following explanation after the proviso to section 36(1(vii):explanation - for the purposes of this clause, any bad debt or part thereof written off as irrecoverable in the accounts of the assessee shall not include any provisions for bad ..... ' reference may also be made to page 878 of the 'law and practice of income tax law by kanga, palkhiwala and vyas, 9th edition, where the learned jurist opined as under:under the amended clause, the requirement of 'establishing' that the debt had become bad in the relevant accounting year is dispensed with; all that the assessee has to show is that the bad debt has been written off as .....

The Commissioner of Income Tax, Delhi-ii, New Delhi Vs. Motor General ...

Court : Delhi

Reported in : [2002]254ITR449(Delhi)

..... financial year: provided further that nothing contained inthis sub-clause shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2000, and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance tax due on the 15th day of june 2000, the15th day ..... of september, 2000, and the 15th day ofdecember, 2000: provided also that nothing contained in thissub-section shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2001 and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance ..... ] explanationn [inserted by dtl (amendment) act,1987, and omitted by dtl (amendment) act, 1989,with effect from 1-4-89. .....