Court : Kolkata
Reported in : [1996]218ITR149(Cal)
..... sri jagannath steel corporation : [1991]191itr676(cal) , wherein this court has held that the amendments to section 43b made by the finance acts, 1987 and 1989 are clarificatory and, therefore, the provisos inserted by these amendments, should also apply to earlier years, even though the provisos and the explanations have been apparently given ..... 'as it would appear from its conclusion, the tribunal took the view that the amendments to section 43b as made by the finance acts of 1987 and 1989 should also apply with equal force to the assessment year earlier than the assessment ..... , on the facts and in the circumstances of the case and on a correct interpretation of section 43b of the income-tax act, 1961, the learned tribunal was justified in law in holding that the first proviso to section 43b of the income-tax act, 1961, introduced by the finance act, 1987, with effect from 1st april, 1988, would be applicable to the assessment year 1984-85 ? ..... the provisos inserted by the finance act, 1987, with effect from april 1, 1988, relax the main provision of section 43b by permitting deduction of the liabilities on account of (i) any tax, duty cess or fee ; (ii) any bonus or commission for services rendered ; (iii) any interest on borrowing from any public financial institution, if the payments ..... to sort out the possible anomalies and to prevent duplication of deduction, the explanations have been inserted by the direct tax laws (amendment) act, 1987, and, again, by the finance act, 1989.2. .....
Tag this Judgment!Court : Kolkata
Reported in : (2003)183CTR(Cal)67,[2003]262ITR1(Cal)
..... the cost of acquisition as defined in section 55(2), as it stood prior to its amendment (finance act, 1987 effective from april 1, 1988), being un-assessable, it could not be computed under section 48 and, therefore, it could not be chargeable as capital gains under section 45 as was held in b.c. ..... hereinbefore and we answer the question referred to us in the manner following ;what was received on transfer of the licence, a capital asset within the meaning of section 2(14), was not an income from business under section 28 more particularly under clause (iv) and though chargeable under the head 'capital gains' under section 45 but since incomputable by reason of sections 48 and 49, read with section 55(2) in assessment year 1986-87, the same could not be assessed to capital gains.16. ..... for reference on two questions, which are as follows :'(i) whether, on the facts and in the circumstances of the case, and on correct interpretation of section 28(iv) of the income-tax act, 1961, the tribunal was justified in law in holding that the receipt of rs. ..... subsequently, section 55, sub-section (2) was amended in order to avoid the implication of the ratio ..... can be computed under section 48, it cannot be charged under the head 'capital gains' in view of section 55(2), read with section 48(ii) and section 45 of the act. ..... capital asset then it had to be dealt with under the provisions of sections 45 to 55 of the income-tax act, 1961. ..... to state the case under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Kolkata
Reported in : [2003]129TAXMAN628(Cal)
..... case, cost of acquisition as defined in section 55(2), as it stood prior to its amendment (finance act, 1987 effective from 1-4-1988), being unassessable, it could not be computed under section 48 and, therefore, it could not be chargeable as capital gains under section 45 as was held in b.c. ..... made hereinbefore and we answer the question referred to us in the manner following :what was received on transfer of the licence, a capital asset within the meaning of section 2(14), was not an income from business under section 28 more particularly under clause (iv) and though chargeable under the head 'capital gains under section 45 but since incomputable by reason of sections 48 and 49, read with section 55(2) in assessment year 1986-87, the same could not be assessed to capital gains. ..... subsequently, section 55 sub-section (2) was amended in order to avoid the implication of the ratio ..... sought for reference on two questions, which are as follows :'(i) whether, on the facts and in the circumstances of the case, and on correct interpretation of section 28(iv) of the income tax act, 1961, the tribunal was justified in law in holding that receipt of rs. ..... can be computed under section 48, it cannot be charged under the head 'capital gains in view of section 55(2), read with section 48(ii) and section 45 of the act. ..... capital asset then it had to be dealt with under the provision of sections 45 to 55 of the income tax act, 1961. ..... to state the case under section 256(1) of the income tax act, 1961. .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)
..... does not widen the scope of application of the act in all respect contrary to the confines created by the amendment substituting section 143(1) under the finance act, 1987. ..... this is clear from the scheme introduced by the finance act, 1987, which was a deliberate and clear departure from the summary assessment contemplated under section 143(1) brought about with a particular purpose and object as reflected in the explanation to section 143.12.1 in order to attract section 263, the order must be an order passed by the ao in the ..... explanation was further amended by the finance act, 1994, to include section 246 along with section 264. ..... after the amendment under the direct tax laws (amendment) act, 1987, effective from 1st april, 1989, the scheme of summary assessment was omitted along with the assessee's right to object to the summary assessment, and only an intimation was to be sent without prejudice to section 143(2) which authorizes the ao to scrutinize the return and consider all the claims and pass an order of assessment under sub-section (3) dealing with the issues involved in ..... contended that the act was amended by the finance act, 1999, w.e.f ..... : [1972]83itr170(sc) .4.5 by reason of the explanation, an intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. .....
Tag this Judgment!Court : Kolkata
Reported in : 2008(4)CHN926
..... advocate appearing on behalf of the petitioner, submitted that the offence under section 278dd which deals with failure to comply with the provisions of section 269ss has since been omitted by the direct taxes laws (amendment) act, 1987 with effect from 1st april, 1989. ..... it is also evident that consequent to the amendment effected the non-compliance of section 269ss of the act can no more become a subject-matter of offence as section 276dd as originally framed by the legislature has since been omitted with effect from 1st april, 1989. ..... :net result of this discussion is that the view taken by the high court is not consistent with what has been stated by this court in the two decisions aforesaid and the principle underlying section 6 of the general clauses act as saving the right to initiate proceedings for liabilities incurred during the currency of the act will not apply to omission of a provision in an act but only to repeal, omission being different from repeal as held in the aforesaid decisions. ..... advocate for the petitioner that a new section being section 27id came into force by the finance act, 1990 with effect from 1st april, 1990 whereby the penalty for failure to comply with the provisions of section 269ss is stipulated. ..... the position as highlighted above has been approved by the supreme court in the case of general finance co. ..... advocate for the petitioner referred to the decision of the supreme court in the case of general finance co. .....
Tag this Judgment!Court : Kolkata
Reported in : (1989)2CALLT214(HC)
..... respondents cannot withhold declaration form for any alleged non-payment of turnover tax, on the further ground that so long as section 6b (2) (e) of the bengal finance (sales tax) act, 1941 was in force, that is, prior to enactment of west bengal taxation laws (amendment) act, 1987 providing for relief to the petitioners from payment of turnover tax, the purported demand of turnover tax from the petitioners by the commercial tax officer during the concerned period is illegal, arbitrary and against ..... amendment act, 1987 of the west bengal sales tax act, 1964 and bengal finance (sales tax) act, 1941 the rate of turnover tax has been raised and the ceiling limit of exemption from payment of turnover tax has also been lowered from 50 lacs to 25 lacs and further by the said act, clause (e) of sub-section (2) of section 6b of the bengal finance (sales tax) act, 1941 has been omitted with retrospective effect as if the said section was never included in the bengal finance (sales tax) act ..... it is argued with force that even if it may be contended that the amendment of section 6b(2)(e) of the bengal finance (sales tax) act, 1941 is valid and intra vires, the industries set up prior to the date of said amendment should have been given exemption and should be kept outside the purview of the said west bengal taxation laws (amendment) act, 1987 and on the grounds as stated hereinbefore, the petitioners have prayed for the reliefs indicated above.7. .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]183ITR532(Cal)
..... case, it has been observed that the mere fact that the various amendments proposed by the finance act, 1987, came into force with effect from april 1, 1988, does not necessarily lead to the conclusion that the aforesaid proviso inserted to section 43b with the sole object of explaining the real intendment of the ..... section 43b which was inserted by the finance act, 1987, to obviate unnecessary disallowance of the amount of sales tax for the quarter is merely a declaratory provision which was inserted to clarify the real legislative intention and, thus, it should be held to be applicable since the introduction of section ..... finance act, 1987, merely clarifies the real legislative intention, the same should be made applicable ever since the provision of section ..... have been made, apart from indicating that the recent insertion of the new explanation 2 to section 43b by the finance act, 1989, with retrospective effect from april 1, 1984, does not, in any manner, affect the non-applicability of the main provisions of section 43b with regard to the allowability of sales tax pertaining to the last quarter; which has been ..... as not in default and what should be the character of such discretion or the duty to be exercised in such cases, it has been observed that the discretionary power conferred by section 45 of the income-tax act on the income-tax officer to treat an assessee who has not paid the tax demanded, as not being in default if he has preferred an appeal, is a power exercisable both .....
Tag this Judgment!Court : Kolkata
Reported in : [1991]191ITR676(Cal)
..... but, then it is contended by the revenue that the proviso to -section 43b was introduced by the finance act, 1987, with effect from april 1, 1988, which will be applicable only, from the ..... reason why the finance act, 1983, made certain significant amendments. ..... 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 ..... the question, therefore, is whether the object of the amendments made to section 43b-would apply prospectively from the assessment year 1988-89 or from the ..... our attention has been drawn to the amendments which have been made in section 43b which, according to the revenue, would show that the intention of the legislature was not to permit any deduction of any liability incurred during the previous year, unless such liability ..... have been amended by the finance act, 1989. ..... when the section as a whole is read, the amendments by way of provisos and explanations are considered, when both textual and contextual interpretations are taken into account and a harmonious construction is made, it would be evident that the intention was ..... this is against the legislative intent and it is, therefore, proposed by way of a clarificatory amendment and for removal of doubts, that the words 'any sum payable' be defined to mean any sum, liability for which has been incurred by the taxpayer during the previous year irrespective of .....
Tag this Judgment!Court : Kolkata
Reported in : [1993]199ITR714(Cal)
..... we may, however, add that clause (va) has been inserted in sub-section (1) of section 36 by the finance act, 1987. ..... the assessee-company claimed the said payment as an allowable deduction under section 43b of the income-tax act irrespective of the year to which the liability related. ..... it was also contended that the provisions of section 40a(7) of the act had no application as it was an actual payment and not a provision. ..... the income-tax officer expressed his opinion that section 43b was not a section which dealt with the computation of business income. ..... in his opinion, the provisions of section 43b of the act would not permit any relief to the assessee-company regarding the admissibility of deduction from its business income. ..... whether, on the facts and in the circumstances of the case, as there was no full allocable surplus during the year as per the provisions of the payment of bonus act, 1965, the tribunal was correct in law in holding that the bonus payment up to 20% of salaries/wages made in pursuance of an agreement was an allowable deduction under the first proviso to section 36(1)(ii) of the income-tax act, 1961? 2. ..... the effect of the amendment is that no deduction will be allowed in the assessment of the employer unless such contribution is paid to the fund on or before the due date. ..... this amendment, however, has been made effective from the assessment year 1988-89.11. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1993Cal78
..... of the constitution is totally ousted in respect of the questions involved in the writ petition by reason of the provision of sections 6 and 14 of the west bengal taxation tribunal act, 1987 as amended by west bengal taxation tribunal (amendment) act, 1992 read with notification of finance department no. ..... 2(k) of the tribunal act, 1987 by reason of the west bengal taxation tribunal (amendment) act, 1992 read with finance notification dated 20th april, 1992 i.e, long after the judgments delivered in india cement and orissa cement and must suffer the same ..... tax under any specified state act, section 2(k) of the tribunal act, 1987 defines specified state act in the following terms :--' 'specified state act' means a state act specified in the schedule to this act. ..... of major mineral raised and the rate of cess prevailing in respect of coal during the period commencing from the date of commencement of the principal act and ending on the date of commencement of the madhya pradesh upkar (sanshodhan) adhiniyam, 1987, shall be deemed to be the rate of cess notified under this sub-section in respect of coal: provided that subject to the limitation mentioned above the state government may, by notification, increase or reduce the rate ofcess at ..... section 6 of the tribunal act, 1987 provides that with effect from the dates specified by the state government by notification the jurisdiction of all courts including the high court but excluding the supreme court for adjudication of disputes with .....
Tag this Judgment!