Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: old Court: allahabad Page 1 of about 245 results (0.107 seconds)

Cit Vs. Sir Shadi Lal Enterprises Ltd.

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. .....

Commissioner of Income Tax and anr. Vs. Iqbal Ahmad L/H of Late Jullan

Court : Allahabad

Reported in : (2007)213CTR(All)77

..... (1997) 141 ctr 67 (sc) : air 1997 sc 2523 while interpreting the provisions under section 22 of the act has held that amendment introduced to section 27 of the act by the finance act, 1987 by substituting els. ..... even though sub-section (5) was inserted by the finance act, 1987 w.e.f. ..... (5), which was inserted by finance act, 1987 w.e.f. ..... learned counsel for the revenue submitted that section 54e of the act was brought on the statute book by finance (2) act, 1977, w.e.f. ..... it is not disputed that the respondent have invested the amount in specified assets within the period provided under section 54e of the act and, therefore, the applicability of section 54e is to be judged from the date when capital gains had arisen.8. ..... having given our anxious consideration to the various pleas raised by the learned counsel for the parties, we find that section 45 of the act deals with various situations when capital gains can be said to have arisen. ..... , 2000 on the following substantial questions of law:(1) whether on the facts and in the circumstances of the case, the tribunal was justified in allowing the assessee deduction under section 54e read with section 54h of the it act, 1961 for purchase of capital gains units for rs. ..... respondents having invested the amount within six months as contemplated under section 54e of the act, the tribunal had rightly allowed the benefit. ..... the present appeal filed under section 260a of the it act, 1961 by the revenue has been admitted by this court vide order dt. .....

Commissioner of Income-tax Vs. Meerut Construction Company

Court : Allahabad

Reported in : (1987)62CTR(All)170; [1987]166ITR702(All)

..... it held :'the effect of the explanation to section 271, after amendment by the finance act, 1964, was that where the total income returned by any person was less than 80 per cent. ..... as the returned income fell short of the assessed income by more than 20%, a penalty notice dated september 21, 1971, under section 274 read with section 271(1)(c) of the income-tax act was issued. ..... in the instant case, the explanation to section 271(1)(c) was lost sight of by the income-tax appellate tribunal completely.11. ..... 10,000 imposed under section 271(1)(c) of the income-tax act, 1961 '2. ..... section 256 of the income-tax act. ..... 10,000 under section 271(1)(c) of the income-tax act.3. ..... income did not arise from any fraud or any gross or wilful neglect on his part and unless he did so, he should be deemed to have concealed the particulars of his income or furnished inaccurate particulars, for the purpose of section 271(1)(c). ..... mussadilal ram bharose : [1987]165itr14(sc) the supreme court was called upon to consider a similar question. ..... of the income assessed, the appellate assistant commissioner and so also the income-tax appellate tribunal illegally omitted to consider the explanation to section 271(1)(c).7. ..... of the total income assessed, the case came within the ambit of the explanation to section 271(1)(c). ..... it was, thereafter, that the department came to this court by means of an application under sub-section (2) o! .....

Commissioner of Wealth-tax Vs. Smt. Brij Rani

Court : Allahabad

Reported in : (1992)108CTR(All)46; [1993]201ITR307(All)

..... view of the above discussion, we answer the question referred to us by saying that the penalties under section 18(1)(a)(i) of the wealth-tax act for delay in filing the returns for the assessment years in question are to be levied for the period of delay prior to april 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the act as it stood prior to its amendment by the finance act, 1969, and for the period of delay subsequent to april 1, 1969, at the prescribed rates in ..... worah : [1987]167itr811(patna) , a full bench of the patna high court has held that in view of the decision of the supreme court in the case of maya rani punj : [1986]157itr330(sc) , the date of the decision of the authority to initiate proceedings for levying penalty would govern the relevant law applicable for the quantifications of the amount of such penalty under section 18 of the wealth-tax act. ..... the delhi high court in amolak singh jain's case : [1987]163itr825(delhi) has taken the view that the law prevailing on the date on which the relevant return was furnished, will govern the situation for ascertaining the amount of ..... dalip kumar worah : [1987]167itr811(patna) and on two other decisions, one of the andhra pradesh high court in ..... singh jain : [1987]163itr825(delhi) .8 ..... amatul kareem : [1987]167itr703(ap) and the other of the delhi high court in ..... view has also been expressed by a division bench of the andhra pradesh high courtin amatul kareem : [1987]167itr703(ap) . .....

Commissioner of Income-tax Vs. Malhotra Cold Storage and Fruit Industr ...

Court : Allahabad

Reported in : (1996)132CTR(All)345; [1996]219ITR131(All); [1996]86TAXMAN1(All)

..... in view of the amendment made by the finance act, 1964, the case on hand will not be governed by the case of anwar ali : [1970]76itr696(sc) , but by a decision of the supreme court in cit v ..... with a view to making the task of the revenue less difficult parliament by the finance act, 1964, omitted the word 'deliberately' in clause (c) and added the explanation. ..... revenue to bring some independent evidence to show that the deposits represented the concealed income of the assessee in the relevant year : that disallowance of the claim of the revenue expenditure will not attract the explanation to section 271(1)(c) of the act and that rejection of a claim of revenue expenditure does not mean that there was concealment or that inaccurate particulars were furnished by the assessee. 10. ..... from these authorities it is clear that after the finance act, 1964, the rule regarding burden of proof enunciated in anwar ali's case : [1970]76itr696(sc) is no longer valid. 17 ..... in view of the aforesaid legal position emerging from the amended section 271(1)(c), read with the explanation, the burden, no doubt, shifted to the assessee in the case on hand, inasmuch as a return of loss was filed and the total assessed income was more than 80 per ..... mussadilal ram bharose : [1987]165itr14(sc) , in which the supreme court explained that under the law, as it stood prior to the amendment of 1964, the onus was on the revenue to prove that the assessee had furnished inaccurate particulars or had concealed his income .....

Sahara India Savings and Investment Corporation. Ltd. Vs. Asstt. Cit

Court : Allahabad

Reported in : [2001]79ITD56(NULL)

..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the learned counsel further submitted that in coming to this conclusion, they have decided the matter on merits and not based their ..... dfc.55/dg(o)-87, issued on 15-5-1987 treated such financial companies as residuary non banking companies.55.4 in view of the fact that, governments intention is to impose tax on the gross amount of interest earned by all banks, financial institutions and non banking financial companies in respect of loans and advances made in india, the finance act has included, in the definition of financial company, all residuary non banking companies.55.5 this amendment will take effect from 1-4-1993 and will accordingly, apply in relation ..... dfc.55/dc(o)-87 dated 15-5-1987 and the assessee was informed of the same as per letter dated 16-9-1987.3.3 when the interest tax act of 1974 was amended by the finance (no. ..... we have heard the parties and the brief facts necessary for the decision of the issue are as under :3.1 brief facts :the appellant-company was incorporated on 11-8-1987 and its main objects are reproduced in para-7 page 4 of the commissioner (appeals)s order for the assessment year 1992-93. .....

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... even otherwise, the madras high court judgment, though rendered prior to the amendment by the finance act of 1991, has clearly held that debentures which were acquired by the bank as investment in accordance with the requirements of banking regulation act could not be considered to be loans and advances within the meaning of section 2(7) of the interest tax act.10.3 the ld- counsel further submitted that in coming to this conclusion, they have decided the matter on merits ..... directions, 1987, section which provides ..... dated 15-5-1987 and the assessee was informed of the same as per letter dated 16lh september, 1987.3.3 when the interest tax act of 1974 was amended by the finance (no.2) act of ..... dated 16-9-1987 written to the assesee (copy at page-33 of the assessee's paper book), we have no doubt about the nature/status of the assessee company which, in our view, was definitely that of a 'residuary non banking company' and since it was not carrying on any other business except as listed under object-1, the conditions for a company to be a miscellaneous company as defined under section 2(5b)(vi) ..... memorandum are in confirmative with the residuary non banking company (reserve bank) directions, 1987.3.2 reserve bank classified the appellant-company as a residuary non banking company (r.n.b.c. ..... and the brief facts necessary for the decision of the issue are as under : the appellant-company was incorporated on 11th august, 1987 and its main objects are reproduced in para-7 page 4 of the c.i.t. .....

Commissioner of Income-tax Vs. Laxman Dass and Ram Murti

Court : Allahabad

Reported in : [2000]246ITR622(All)

..... : [1986]161itr524(sc) , ignoring the amendment to section 45 of the income-tax act by the finance act, 1987, and also overlooking the decision of the supreme court in the case of rama bai : [1990]181itr400(sc) ?'2. ..... the respondents were not satisfied with the compensation awarded and seem to have approached the district judge under section 18 of the land acquisition act who awarded additional compensation. ..... some agricultural land belonging to the two respondents was acquired under the land acquisition act, 1894. .....

Amrit Banaspati Co. Ltd. Vs. Commissioner of Income-tax and anr.

Court : Allahabad

Reported in : (2002)172CTR(All)151; [2002]255ITR111(All); [2001]119TAXMAN105(All)

..... this was not intended by section 43b, and, hence, the first proviso was inserted by the finance act, 1987, in order to eliminate the hardship to such assessees.7. ..... the mistaken legal impression of the petitioner in filing the first revised return appeared to be that since the finance act, 1987, which inserted the proviso to section 43b was made effective from april 1, 1988, and was not expressly declared as retrospective the statutory duty of paying sales tax which was paid after the end of the previous year did not appear to be disallowable under section 43b.11. ..... as stated in paragraph 15 of the writ petition, although the amount of sales tax outstanding was not payable by the close of the previous year as per the provisions of the sales tax act, the petitioner was advised that in view of the amendment proposed by the finance bill, 1989, inserting explanation 2 to section 43b, the amount of sales tax outstanding was disallowable under section 43b. ..... it is alleged in paragraph 15 of the writ petition that although the amount of sales tax outstanding was not payable by the close of the previous year under the sales tax act, the petitioner was advised that keeping in view the amendment proposed by the finance bill, 1989, to insert explanation 2 to section 43b, the amount of sales tax outstanding was not allowable under section 43b of the income-tax act. .....

Zuari Estate Development and Investment Co. (P) Ltd. Vs. J.R. Kanekar, ...

Court : Allahabad

Reported in : (2004)191CTR(All)189

..... section 2(47) of the it act came to be amended by the finance act, 1987 w.e.f. ..... the learned counsel then points out that in view of the amendment to section 2(47) of the it act, introducing clause (v), any transaction involving the allowing of possession of any immovable property to be taken or retained in part performance of contract under section 53a of the transfer of property act and in view of option exercised by the bank of maharashtra by letter dt. ..... the petitioner also pointed out that possession of the premises had been handed over prior to 1st april, 1987; the amendment brought about in the definition in section 2(47), therefore, could not be applicable for the asst. yr. ..... dealing with the amendments as carried out, it is submitted that the petitioner is seeking to convert the present petition into an appeal, requiring this court to go into merits of the case, which is not permissible except by second appeal under section 260a of the it act, only on substantial question of law, which the petitioner has done.13. ..... after the amendment, agreements in the nature of section 53a of the transfer of property act, 1882 can now be assessed for capital gains. ..... prior to the amendment in section 2(47)(v) in respect of immovable property, an agreement to sell coupled with possession without execution of a conveyance did not amount to a transfer under the it act rendering income chargeable to tax under the head capital gains. .....