Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: old Court: income tax appellate tribunal itat chandigarh Page 1 of about 37 results (0.233 seconds)

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. .....

Deputy Commissioner of Income Tax Vs. Glaxo Smithkline Consumer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107ITD343(Chd.)

..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, as 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 ..... 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 unworkable or unjust in a specific situation ..... looking to the curative nature of the amendment made by the finance act, 1987, it has been submitted before us that the proviso which is inserted by the amending finance act of 1987, should be given retrospective effect and be read as forming a part of section 43b from its inception. ..... 1984-85, or any subsequent year on the ground that he has actually made a payment towards such liability in that year.there was an amendment in section 43b by the finance act, 1987 which may not be relevant for the purpose of present controversy. ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, ..... the finance act, 1987, inserted a provision of section 43b to provide that any sum payable by way of tax or duty, .....

Shri Pardeep Kumar Dhir Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... by the finance act, 1987, the language of section 199 was modified to the extent that the credit for the tax deducted at source was provided to be given ..... declared by the assessee on receipt basis.the tax deducted at source from the income of the assessee is akin to the advance tax, so, the credit for advance tax is to be given as per the provisions of section 219 of it act which read as under: any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this chapter shall be treated as a payment or tax in respect of ..... or of unit-holder] or of the shareholder, as the case may be and credit shall be given to him for the amount so deducted on the production of the certificate furnished under section 203 in the assessment [made under this act for the assessment year for which such income is assessable].from the above provisions it would be clear that any deduction made and paid to the central government shall be treated as payment ..... regerred to in section 203aa shall be treated as tax paid on behalf of the persons referred to in sub-section (1) or, as the case may be, sub-section (2) and credit shall be given to him for the amount so deducted in the assessment made under this act for the assessment year for which such income is assessable without the production of certificate.it may be pertinent to mention that section 199 quoted above is the section as amended from time to ..... craves for permission to and amend or alter any ground of .....

H.P. State Industrial Dev. Corpn. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2003)87ITD551(Chd.)

..... assessed tax].corresponding to the explanation 2(b) of the provisions of sub-section (3) of section 215 are as under: where as a result of an order under section 147 or section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 [or an order of the settlement commission under sub-section (4) of section 245d] the amount on which interest was payable under sub-section (1) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly.finance act, 1987 has brought about a significant change in the provisions of the ..... in the rectification order under section 154 dated 10-6-1996, the order sought to be amended was order under section 154 dated 30-11-1993 passed during fy 1993-94. ..... moreover, if view canvassed by the assessee is accepted, the same would lead to defeating the very purpose of the sections for which amendment has been introduced. ..... as regards sub-section (3) of section 215 and explanation 2(b) of section 139(8), the amendment was also introduced by the taxation laws (amendment) act, 1984 w.e.f. ..... however, the provisions of section 215(3) have been amended w.e.f. .....

Deputy Commissioner of Vs. Purewal and Associates Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1994)48ITD568(Chd.)

..... he, therefore, found fault with the reasoning of the learned cit(a) that the return filed was within time.as regards the assessment year 1988-89, it was submitted that the provisions of section 139(10) were clear and unambiguous, and that all returns showing income below the maximum amount of income not chargeable to tax including loss returns were covered by the said provision. ..... as mentioned earlier the power to grant extension of time in the cases of loss returns by the assessing officer was withdrawn by the amendment of section 139(10) by the taxation laws (amendment & miscellaneous provisions) act, 1986 w.e.f. ..... the question whether a loss return filed beyond the statutory period was non est or not in view of the provisions of section 139(10), was not the issue before the tribunal and as such the facts of that case are clearly distinguishable.15. ..... we, therefore, do not accept the reasoning of the learned cit(a) that the loss return for assessment year 1987-88 had been filed in time and hence the return could not be treated as invalid. ..... as regards the tribunal's decision by single member in the case of weston leasing & finance (p. ..... strength has also been derived from the single member decision in the case of weston leasing and finance (p. ..... reliance was also placed on the single member decision in the case of weston leasing and finance (p. .....

Bhushan Industrial Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)3ITD198(Chd.)

..... section 32a was inserted by the finance act ..... -section (1) or sub-section (2) of section ..... under sub-section (1) or sub-section (2) of section 139, whether ..... which the deduction by way of development rebate is allowable under section 33; and (d) any machinery or plant, the whole of ..... : provided that no deduction shall be allowed under this section in respect of- (a) any machinery or plant installed in ..... section 10(2)(v) ..... deductions shall, subject to the provisions of section 34, be allowed- (vi) in the case ..... section 17(1)(a) of the wealth-tax act ..... provisions of this section, be allowed ..... section 148 of the act issued for the purpose of reassessment under section 147(b) of the act ..... section (2) of section 32a of the income-tax act, 1961 ('the act') and was, therefore, entitled to investment allowance under section 32a of the act ..... section (2) of section 10 of the 1922 act ..... sections ..... section ..... sections with the aid of machinery. ..... section 147(6) could be ascertained and allowed by the ito and for the assessment year 1977-78, the issue is whether on the facts and in the circumstances of the case, the assessee is entitled to investment allowance under section 32a of the act ..... section ..... section 143(3)/144b, the ito rejected the claim of investment allowance made under section ..... section 147 it is found that the assessee's total income is actually less than the income assessed, the assessee would not be entitled to have the assessment revised downward under this section ..... section 10(2)(v) of the 1922 act. ..... section ..... section ..... section .....

Smt. Parmeshwari Devi Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1982)2ITD489(Chd.)

..... has only been shown as some one admitted to the benefits of partnership.therefore, when the revenue argued that clause 8, which provides that the parties shall contribute the finances towards the firm and they may or may not charge interest on the finances so contributed, be read so as to include the minor rakesh kumar, it does not cut much ice because the minor was not sui juris on the date of the instrument and ..... the issue in this appeal is whether the aac erred in holding that section 64(1)(vi) of the income-tax act, 1961 ('the act') is applicable and as such the income accruing and arising to the minor rakesh kumar as share of profit from the firm of karam chand rakesh kumar is includible in the total income of the assessee.2. ..... one has to remember that in this case itself the supreme court has further held that section 16(3) of the 1922 act (corresponding to section 64 of the 1961 act) creates an artificial income and it must receive a strict construction. ..... that the parties shall contribute the finances towards the firm and they may or may not charge any interest on the finances so contributed.smt. ..... gifts from his grandmother, namely, parmeshri devi who was a partner in the firm and, therefore, the share of profit of shri rakesh kumar minor was to be included in the hands of parmeshri devi within the meaning of section 64(1 )(w). .....

Om Parkash Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1982)1ITD1060(Chd.)

..... section 80u(a) came on the statute book by an insertion by the finance act ..... or occupation, there shall be allowed a deduction of a sum of five thousand rupees : provided that such individual produces before the income-tax officer, in respect of the first assessment year for which deduction is claimed under this section- (i) in a case referred to in clause (i), a certificate as to his total blindness from a registered medical practitioner being an oculist ; and (ii) in a case referred to in clause (ii), a certificate as to the permanent physical disability referred to ..... in the said clause from a registered medical practitioner.a simple reading of the section shows that for purposes of claiming a deduction under this section, an individual, who is resident at the end of the previous year, in respect of an assessment year in which the deduction is claimed, should produce a certificate from a registered medical practitioner as to ..... the ito examined this claim but came to the conclusion that "the assessee's case is not covered under this section for the simple reason that disease, not a permanent physical disability from which the assessee is suffering, had not the effect of reducing substantially his ..... section was substituted by the taxation laws (amendment) act ..... effect from 1-4-1971, by the taxation laws (amendment) act, 1970, the deduction allowed was of a .....

State Bank of Patiala Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1984)8ITD396(Chd.)

..... section 40a(7) was inserted by the finance act, 1975 with effect from 1-4-1973.in other words, it has retrospective effect from the assessment ..... such a liability had been actuarially valued, it was deductible even if the employer did not transfer the amount of the liability to a trust fund and this was deductible under section 36.however, with the amendment in law by the insertion of sub-section (7), the gratuity is deductible only in three cases: (i) where it is paid or has become payable from the accounting period; (ii) where a contribution is made towards an ..... bank towards gratuity fund approved by the cit vide his letter judl/i/gratuity/fund/shp/72-73/31616, dated 11-12-1972 effective from 1-1-1970 and in terms of rule 104 read with section 36(1)(v) it would be admissible being initial contribution towards an approved gratuity fund because the same represented the contribution as calculated on the actuarial valuation and calculations vide certificate from ..... approved gratuity fund or the provision is made for such contribution; and (iii) where a contribution is made towards an unapproved gratuity fund held under a trust.clause (6)(ii) of this sub-section makes ..... but later on the learned counsel for the assessee amended this word 'revaluing' with the word 'valuing' .....

Swastika Metal Works Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1983)3ITD119(Chd.)

..... , the assessee found that with effect from 1-4-1976, the finance act, 1976 had inserted section 32a for deduction of investment allowance, if the conditions prescribed in the section were fulfilled by the claimant. ..... taken a contrary view in the case of keshavlal vithaldas (supra).but in this judgment, that is in the case of rita mechanical works (supra), the court was interpreting the provisions of section 34(3)(a) of the 1961 act and upheld the earlier view of the punjab and haryana high court in the case of sardar singh sachdeva (supra) which was decided under the ..... claimed on account of investment allowance under section 32a(4) of the income-tax act, 1961 ('the act')- insofar as this issue is concerned, the ..... of the punjab and haryana high court in the case of sardar singh sachdeva (supra) was under the 1922 act with regard to the provisions of section 10(2)(vi) of that act, which employed different language from that of section 34(3)(a) of the act ..... . in this case, he submitted, in rectification proceedings under section 154 of the act, the ito held that the assessee was entitled to the development rebate, at a rate higher than that already allowed but, as the assessee had not created the ..... these conditions have been prescribed under sub-section (4) of this section and are that (i) the particulars prescribed on-this behalf have been furnished by the assessee in respect of the ship or aircraft or machinery or plant ; and (ii) an amount equal to 75 per cent of the investment allowance .....