Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... dastur, the provision was introduced by the finance act, 1987 with retrospective effect from 1-4-1983 and the non-consideration of section 44bb to these assessment years constituted an error apparent from the record. mr ..... that section was introduced into the income-tax act only by the finance act, 1987 but with retrospective effect from 1-4-1983.alter the judgment of the supreme court in bombay dyeing & ..... only the finance act, 1987 introduced section 44bb with retrospective effect from 1-4- ..... act by the finance act, 1987 which made the said section applicable with retrospective effect from 1-4-1983, ..... 16.4 the aforesaid amendment has come into force with effect from the 1 st june, 1976 and will apply in relation to the assessment year 1977-78 and subsequent years [section 4(b) (part) of the finance act].from the above circular it will be clear that the legislature while introducing explanation 2 to section 9(1)(vii) had in mind only those nonresidents who did not carry on any business as such in india but were merely in receipt of the income by way of fees for ..... 's case (supra), there can be no dispute that a retrospective amendment can give rise to an action on the ground that the failure to apply the provision gave rise to a mistake apparent from the record.the principle is well established that full effect must be given to a statutory ..... applying this principle it is the amended law which must be held to have been in force at the lime that the order sought to be rectified was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD180(Kol.)
..... for this purpose, section 89a was first introduced into the income-tax act by the finance act, 1982. ..... thereafter, the section was omitted and it was replaced by section 80hhc introduced by the finance act. ..... this was consequential to the amendment made to section 28 of the income-tax act treating the above three items as business income. ..... since its introduction, the section has received various modifications and amendments but the substance of the section is the same viz. ..... 1 -4-1991 by the finance act, 1990. ..... this decision establishes the proposition that it is necessary to infer the intention of the legislature while interpreting the provisions of a section it also establishes the proposition that even though in respect of the fulfilment of the second condition viz. ..... however, if regard is had to the fact that the legislature by amendment excluded freight and insurance from the total turnover, thereby bringing the total turnover at par with the export turnover, it would be clear that the intention of the legislature is to harmonise both the expressions.in other ..... a new explanation (ba) was introduced below section 80hhc with retrospective effect from 1-4-1987.as per this explanation, total turnover shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station. ..... 2) act, 1991 with retrospective effect from 1-4-1987 defined total turnover to exclude freight and insurance thereby bringing uniformity in the two. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD150(Kol.)
..... in our humble opinion, the provisions contained in explanation 1 to section 2(m) of the wt act which have been introduced by the amendment by the finance act, 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section 269ua (f)(i) of the it act but there having not been any such amendment in section 40 of the finance act, 1983, the said principle of beneficial ownership can hardly be applied in the matter in hand. ..... there is no such amendment in section 40 of the finance act, 1983. ..... the assessee undisputedly is a closely-held company in respect whereof section 40 of the finance act, 1983 is applicable wherein the terms 'assets' as also 'net wealth' have specifically been defined/explained for the contextual purpose and as such the said section 40 is a complete code in itself as aptly argued by the ld. a. r. ..... the assessee being a closely-held company shall be governed by section 40 of the finance act, 1983 wherein there being no provisions providing for embracement within the fold of 'net wealth' the principle of beneficial ownership or for that matter the property being the subject-matter of part performance of the contract of the nature referred to section 53a of the t. p. ..... has argued that the amendment in section 2(m) of the wt act has been referred to by he ld. ..... and wt act's section 2(m) or the said amendment therein is neither relevant nor applicable in the matter in hand. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... a result of omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). ..... his order, concurred with the conclusion of the accountant member that the loss suffered by the assessee in the purchase and sale of shares falls within the category of speculative business loss as per explanation to section 73 of the act and, therefore, can be set off and carried forward only against profits and gains from speculation business.therefore, in the esteemed views of the honble vice-president (kz), the loss of rs. ..... the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying on business of granting loans or advances will be treated on the same footing as a ..... explanation to section 73 was inserted by the taxation laws (amendment) act, 1975 which treats the business of purchase and sale of shares by companies (other than excluded companies) as ..... to curb the tendency of some tax payers to reduce the tax burden by manipulation, explanation to section 73 was added by taxation laws (amendment act), 1975. ..... the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying on business of granting loans or advances will be treated on the same footing as a speculation business.thus, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from house property ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been ..... is in the light of the above-mentioned facts and law, particular the amended provisions of section 147 and section 27(iiib) i am of the opinion that the action under section 147 was justified in this case for the respective assessment years under consideration.10. ..... however, the cit(a) dismissed the appeals of the assessee upholding the action of the ao in reopening the assessments under the amended provisions of the act and bringing to tax the rent received by the assessee in respect of the leasehold property, under the head 'income from house ..... this case the assessee was, as a result of amendment to section 27(iiib) read with section 269ua(f), required to disclose the income from sub-letting of the house property under the head 'income from house property' and the deductions were to be restricted in accordance with the relevant provisions of the act relating to the said head. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD582(Kol.)
..... the learned cit( a) also held that the first proviso to section 43b inserted by the finance act, 1987 was applicable from 1-4-1988 and not in the assessment year 1984-85. ..... in support of this claim the assessee relied on first proviso to section 43b inserted by the finance act, 1987 which, as per decision of the tribunal in ito v. k.s. ..... that the said explanation is a mandatory and not clarificatory.we cannot take into account the explanation 2 for disposal of appeal.but there is no injunction prohibiting us for taking into account the first proviso to section 43b introduced through the finance act, 1987 with effect from april 1,1988. ..... the cit(a) concluded "in fine, it may be emphasised that the retrospective amendment of the section by insertion of explanation 2 by the finance act, 1989 sets at naught all the various contentions of the appellant, once it is established that the amount represented statutory liability for excise duty incurred during the year". ..... the court held "having regard to the intent and purport of the provisions of section 43b and the amendments made from time to time, which we have already indicated, this explanation must be held to be only clarificatory in nature and will be effective retrospectively".it is settled law that declaratory or explanatory provisions merely clarify the legal position ..... it was held that section 43 b, as it stood in the year 1984, was found impossible to comply with and to make it workable amendment in section 43b was introduced. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)46ITD273(Kol.)
..... order has been passed even without touching on the matter where the assessee did not prefer an appeal, the intention of the legislature in enacting section 263 would be frustrated.their lordships also referred to the amendment made by the finance act, 1988 with effect from 1-6-1988 and also by the finance act 1989 with retrospective effect from 1-6-1988 in support of their conclusion that there will be only partial merger of the assessment order with the appellate ..... the assessment had been completed on 20-1-1987 under section 143(3) of the it act. ..... when the cit (appeals) passed the order on 31-7-1987 only the matters that were taken before him in appeal got.merged with the order of assessment and it is only on those matters the cit was prevented from taking any action for revision under section 263. ..... there after the ito issued notice on 10-9-1987 proposing to rectify the assessment under section 154 of the act by disallowing the provision of rs. ..... the assessee had earlier filed an appeal against the assessment order dated 20-1-1987 and the cit (appeals)-iv, calcutta, had also passed an order on 31-7-1987.4. ..... cit [1987] 167 itr 86. ..... on 12-10-1987 the assessee filed its objections to the proposed rectification. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD711(Kol.)
..... for the assessee submitted that the amendment made to section 263 of the act by inserting a new explanation with effect from 1-6-1988 by the finance act, 1988 and the further amendment made by the finance act, 1989 extending the scope of the explanation with retrospective effect from 1-6-1988 applied only in respect of the orders passed by the commissioner on or after 1-6-1988 and the present order passed by the commissioner under section 263 having been passed on 24-3-1988 ..... , prior to the amendments made by the finance act, 1988 as well as the finance act, 1989 to section 263 of the act, the doctrine of merger must be ..... the learned counsel for the assessee was at pains to point out that the order under section 263 in the present case having been passed on 24-3-1988 the explanation (c) to section 263 inserted by the finance act, 1988 with effect from 1-6-1988 and expanded by the finance act, 1989 with retrospective effect from 1-6-1988 cannot be pressed into service to uphold the order ..... out that since the cit(appeals) had disposed of the assessee's appeal by order dated 31-3-1987 the assessment order had merged with the appellate order and, therefore, the cit had no jurisdiction to revise the assessment order under section 263. ..... , as narrated earlier, what was taken in appeal by the assessee and decided by the cit (appeals) on 31-3-1987 was the deduction of rs. ..... cit [ 1987] 167 itr 86 on ..... [1987] 167 itr 671, wherein the doctrine of merger was ..... his order on the appeal on 31-3-1987. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD536(Kol.)
..... jagannath steel corporation [1991] 191 itr 676 by the calcutta high court that the first proviso to section 43b inserted by the finance act, 1987 w.e.f. ..... been held that 'cess' is different in nature and character from "tax or duty" and therefore it cannot be disallowed under section 43b as it stood prior to the amendment to the section made by finance act, 1988 w.e.f. ..... with a view to improving the liquidity position of the public financial institutions and to prevent the misuse of limited resources of finance available to trade and industry through the medium of financial institutions, the bill seeks to amend section 43b of the act to provide that any sum payable as interest on any loan or borrowing from any public financial institution in accordance with the terms and conditions of the agreement governing such loan or borrowing, shall not be allowed as a ..... contrary, a clear intention is expressed in the memorandum explaining the provisions of the finance bill that the amendment would take effect only prospectively. ..... these words which are usually coined by the legislature to denote that the amendment or the statute will take retrospective effect are absent in the provision with which we ..... ) 192-193.the memorandum which contains the reasons for introducing the amendment and therefore should be construed as contemporanea expositio, shows that parliament was fully aware of the legal controversy whether the words "tax" and "duty" covered statutory levies such as cess, fees etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... the provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i ..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from ..... offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. ..... claimed in the return that the cash compensatory support was not taxable (this was made taxable by subsequent amendment to section 28) and it was held by the high court that the assessee was fully justified in making the claim when the return was filed and no adjustment on account of cash compensatory support could be made under section 143(1)(a), so as to attract additional tax.9.3 the cit (appeals) has also fallen into the error in ..... disallow a claim for deduction only if he is satisfied on the basis of material that the assessee is not entitled to such deduction.9.2 it may be kept in mind that no notice is required to be given for making adjustment under section 143(1)(a) and, therefore, unless the provisions are strictly followed and only apparent adjustments are made, gross injustice would be caused to the taxpayers. .....
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