Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)28ITD499(Mum.)
..... now, the term "income-tax authority" is defined in sections 245a(6) (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 officer.even after the amendment, the term "income-tax authority" is defined in clause (d) of sections 245a as income-tax authority specified in section 116. ..... section 245f (which was omitted by finance act, 1987 with effect from 1-6-1987) read as under: 245m (1) notwithstanding anything contained in this chapter, any assessee who has filed an appeal to the appellate tribunal under this act which is pending before it shall, on withdrawing such appeal from the appellate tribunal before the 1st day of october, 1984, be entitled to make an application to the settlement commission to have his case settled under this chapter : ..... 321/bom/1987), it is pointed out that the assessee had filed a settlement application under section 245c(1) of the income-tax act for the assessment year 1979-80 which was admitted by the settlement commission by their order dated 26-11-1984 under section 245d(1). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1989)30ITD143(Hyd.)
..... . "can the amendment to section 43b by the finance act, 1987, be taken into account in interpreting the provisions of section for the asst.year ..... . "can the amendment to section 43b by the finance act, 1987 be taken into account in interpreting the provisions of section for the ..... we may also refer to the amendment to section 43b brought in by the finance act, 1987. ..... . as the intendment of the first proviso referred to above is clarificatory of the provisions of section 43b, even though it was introduced by the finance act, 1987, with effect from 1-4-1988 it should be followed with respect to the preceding assessment years also in order ..... . 1 under s.43b by finance act, 1987, with effect from 1-4-1988 : "provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) which is actually paid by the assessee on or before the due date applicable in his case for furnishin the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by ..... crossed cheque, the parliament did specify that payments made after 31-3-1969 would be hit by the said provision.however, the parliament has also specified in respect of a number of other fiscal provisions, particularly annual amendments to the 1961 act brought through the finance acts that certain provisions would be applicable with effect from specified assessment years .....
Tag this Judgment!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 Ahmedabad
Reported in : (1991)36ITD115(Ahd.)
..... recent amendments in section 43b by the finance act, 1987 and finance act, 1988 were relied on by epartment in support of the argument to the effect that the sales-tax ollected constituted trading receipt while sales-tax liability which was not discharged in the relevant year by payment was ..... section 43b of the income-tax act, 1961, introduced by the finance act, 1983, with effect from 1-4-1984 provides, inter alia, that a deduction in respect of any sum payable by the assessee by way of tax or duty under any law for the time being in force shall be allowed from ..... the government of maharashtra have by the bombay sales tax (amendment) act, 1987, made the amendment accordingly. ..... the board have decided that where amendments are made in the sales tax laws on these lines, the statutory liability shall be treated to have been discharged for the purposes of section 43b of the act.in the state of gujarat, necessary amendments have been made by executive instructions, copies of which have been filed before us. ..... the ministry of law has opined that if the state governments make an amendment in the sales tax act to the effect that the sales tax deferred under the scheme shall be treated as actually paid, such a deeming provision will meet the requirements of section 43b. 5. ..... 25-9-1987 (published in 1988, 169 itr statute 63) the material portions of which are as follows: sales tax deferral scheme - provisions of section 43b of the income-tax act, 1961 -clarification regarding. .....
Tag this Judgment!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 .....
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 : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD719(Hyd.)
..... the amendment made in section 43b by section 10 of the finance act, 1987, with effect from april, 1, 1988, is not clarificatory in nature and cannot be given retrospective effect from april 1, 1984.the said decision is followed by a later division bench of the delhi high court in escorts ltd. v. ..... it was found impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendment in section 43b were introduced by the finance act, 1987. ..... the amendments were intended to make the provisions workable.under the proviso introduced by finance act, 1987, the parliament created an opportunity for the assessee to pay the sales tax on or before the due date applicable in each case for furnishing the return of income in order to entitle him to claim deduction of that amount.the memorandum explaining the provisions in the finance bill, 1989 clarified the object of insertion of the first proviso [see 176 itr (st. ..... ) 123] inter alia, it contained the following: the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc. ..... the first proviso to section 43b of the act inserted by the finance act, 1987 was enacted in order to suppress the miscief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer. ..... it was held that the proviso to section 43b introduced by finance act, 1987 is clarificatory in nature and therefore retrospective in operation.13. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1992)43ITD419(Pune.)
..... 1991] 187 itr 703 wherein their lordships of the delhi high court considered the challenge of arbitrariness and ultra vires of article 14 of the constitution and also the contention that the amendment to section 43b by the finance act 1987 with effect from 1-4-1988 by inserting proviso to section 43b was clarificatory in nature, but all these contentions were rejected by the delhi high court. ..... the tribunal being a creature of the income tax act cannot go to the literal or reasonable construction of the statute and when the finance act, 1987 inserted proviso to section 43b with effect from 1-4-1988, it is not open to the ..... union of india [1991] 189 itr 70 holding that proviso to section 43b is retrospective in its operation and explanation 2 to section 43b is subject to the proviso.the law as amended is applicable for the assessment year 1984-85.pointing out the binding nature of such decision, it is prayed that in the absence of any contrary decision on this issue, the said judgment should be ..... bench has been consistently taking the view that if the sales-tax relating to last quarter or last month is paid within the statutory time contained under the sales-tax act, no disallowance under section 43b is required to be made and if it is made beyond the time limit prescribed thereunder, disallowance could be made. ..... also observed that the tribunal was not going into the question of the proviso to section 43b which came into force from 1-4-1988 which is not applicable to the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1992)43ITD659(Nag.)
..... it is further notable that such deduction is to be allowed before the losses if any brought forward from earlier year is set off under section 72 (vide amendment made by the finance act, 1987). ..... by the new scheme relating to investment deposit account along with the proposed high depreciation rates which were provided by the finance act, 1986 and brought in by the income-tax amendment rules of 1987, the retained earnings and international resources generation of the company would improve. ..... along with the full compliances of the terms and conditions prescribed under section 32ab of the act, and under item no.13 of part iii of such report, a figure of benefit available to the assessee under section 32ab was given which was higher than the figure which in the long term was more beneficial to the assessee, than the deduction allowed under section 32a, then the assessing officer was bound to invite the attention of the ..... the departmental representative very succinctly submitted that the case laws relied upon by the assessee are under the old act or under the amended provisions of the act and as such, could not be relied upon by either side to strengthen their cases. ..... after hearing the speech of the finance minister on 19-3-1990, the assessee filed a revised return for the assessment year 1989-90 proposing to withdraw the claim of investment allowance under section 32a and pressing for the claim of investment deposit scheme allowance under section 32ab of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
..... in reply, the learned counsel for the assessee submitted that amendment to section 40 of the finance act, 1983 is retrospective in nature as held by the courts in respect of amendment to section 43b made by finance act, 1987. ..... union of india [1991] 189 itr 70 was followed for coming to the conclusion that first proviso inserted by the finance act, 1987 with effect from 1-4-1988 in section 43b of the income-tax act, 1961 is retrospective and clarificatory in nature.reliance was also placed on the decision of the rajasthan high court in the case of brij. b. ..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989-90 onwards. ..... therefore, prima facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. .....
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