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Allied Motors (P.) Ltd. Vs. Commissioner of Income-tax, Delhi

Court : Supreme Court of India

Reported in : AIR1997SC1361; [1997]224ITR677(SC); JT1997(3)SC418; 1997(2)SCALE575; (1997)3SCC472; [1997]2SCR780

..... 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 ..... to the curative nature of the amendment made by the finance act of 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. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, etc liability for which was incurred in the previous year will be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year ..... 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, ..... memorandum of reasons takes note of the combined effect of section 43b and the first proviso inserted by the finance act, 1987. ..... this proviso was inserted by the finance act of 1987 which came into effect from ..... explanation 2 was added to section 43b by the finance act of 1989 with retrospective effect from .....

K.M. Sharma Vs. Income Tax Officer, Ward 13(7), New Delhi

Court : Supreme Court of India

Reported in : AIR2002SC1715; (2002)174CTR(SC)210; [2002]254ITR772(SC); JT2002(4)SC10; 2002(3)SCALE383; (2002)4SCC339; [2002]2SCR1047; 2002TAXLR803; [2002]122TAXMAN426(SC)

..... this court took similar view in the case of s.s.gadgil (supra) in somewhat comparable situation arising from the retrospective operation given to section 34(i) of income tax act, 1922 as amended with retrospective effect from 1.4.1956 by the finance act of 1956. ..... the section was amended by section 18 of the finance act, 1956, extending this period of limitation to two years from the end of the assessment year. ..... in sub-section (1) of section 150, by direct tax laws (amendment) act, 1987 with effect from 1.4.1989, the words 'or by a court in any proceeding under any other law' were inserted which are shown in bracket with underline in the section reproduced above.10. ..... (1) notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this act by way of appeal, reference or revision [or by a court in any proceeding under any other law][the portion bracketed and underlined above is inserted aby the direct tax laws (amendment) act, 1987 with effect from .....

Commissioner of Income Tax, Rajkot Vs. Gujarat Siddhi Cement Ltd.

Court : Supreme Court of India

Reported in : (2008)220CTR(SC)217; [2008]307ITR393(SC); 2008(13)SCALE742

..... it is to be noted that section 43a in the present form was substituted by the finance act, 2002 w.e.f. ..... or recognised by the central government for the conversion of indian currency into foreign currency or foreign currency into indian currency;(b) 'foreign currency' and 'indian currency' have the meanings respectively assigned to them in section 2 of the foreign exchange regulation act, 1947 (7 of 1947).explanation 2- where the whole or any part of the liability aforesaid is met, not by the assessee, but directly or indirectly, by any other person or authority, the liability so met shall not be taken ..... previous year shall be added to, or, as the case may be, deducted from, the actual cost of the asset as defined in clause (i) of section 43, or the amount of expenditure of a capital nature referred to in clause (iv) of sub-section (1) of section 35 or in section 35a or in clause (ix) of sub-section (1) of section 36, or, in the case of a capital asset (not being a capital asset referred to in section 50), the cost of acquisition thereof for the purposes of section 48, and the amount arrived at after such expenditure or a capital nature or, as the case may be, the cost of acquisition of the capital ..... prior to its substitution section 43a as inserted by the finance act, 1967 w.e.f. ..... 1.4.67 and amended by direct tax laws (amendment) act, 1987 w.e.f. .....

Checkmate Services P Ltd Vs. Commissioner Of Income Tax-i

Court : Supreme Court of India

..... the same finance act, 1987 also introduced provisos to section 43b, through amendment (clause 10 of the finance bill). ..... consequently, by finance act 1987, section 2(24) (x), and section 36(1) (va) as well as second proviso to section 43b were ..... is instructive in this context to note that the finance act, 1987, introduced to section 2(24), the definition clause (x), with effect from 1 april 1988; it also brought in section 36(1)(va). ..... the other hand, section 36(1)(va) was specifically inserted by the finance act, 1987, w.e.f. ..... it is important to note once again that, by the finance act, 2003, not only is the second proviso deleted but even the first proviso is sought to be amended by bringing about a uniformity in tax, duty, cess and fee on the one hand vis- -vis contributions to welfare funds of employee(s) on the ..... inserted by the finance act, 1987 (11 of 1987), w.e.f. ..... it is important to note once again that, by finance act, 2003, not only the second proviso is deleted but even the first proviso is sought to be amended by bringing about an uniformity in tax, duty, cess and fee on the one hand vis-a-vis contributions to welfare funds of employee(s) on ..... ) 1 scc489 8 of deletion of the second proviso to section 43b of it act (by finance act, 2003) and whether the same operated prospectively. ..... on the report, the union introduced amendments to the it act, including an amendment to section 43b; the memorandum explaining the provisions in the finance bill, 2003 in the matter of section 43b. .....

Cit-23 Vs. M/s Mansukh Dyeing

Court : Supreme Court of India

..... therefore, instead of amending section 2(47), amendment was carried out by the finance act, 1987, by omitting section 47(11), the result of which is that distribution of capital assets on the dissolution of a firm would be regarded as ..... 7.4 however, in view of the amended section 45(4) of the income tax act inserted vide finance act, 1987, by which, or otherwise is specifically added, the aforesaid submission on behalf of the assessee has no ..... body of individuals (not being a company or a co- operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year in which the said transfer takes place and for the purposes of section 48, the fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer.7.1 sub-section (4) of section 45 came to be amended by the finance act, 1987 w.e.f. ..... ) is concerned, at the outset, it is required to be noted that the said decision was pre-insertion of section 45(4) of the income tax act inserted by finance act, 1987 and in the earlier regime pre-insertion of section 45(4), the word otherwise was absent. ..... plug these loophole the finance act, 1987 brought on the statute book a new sub-section (4) in section 45 of the act. ..... short question, which is posed for the consideration of this court is the applicability of section 45(4) of the income tax act as introduced by the finance act, 1987. .....

Kerala Hotel and Restaurant Association and Others Vs. State of Kerala ...

Court : Supreme Court of India

Reported in : AIR1990SC913; (1990)2CompLJ119(SC); JT1990(1)SC324; 1990(1)KLT825(SC); 1990(1)SCALE252; (1990)2SCC502; [1990]1SCR516; [1990]77STC253(SC); 1990(1)LC754(SC)

..... as a result of the kerala finance act, 1987, writ petitions were filed in the kerala high court challenging the constitutional validity of the sales tax levied on the cooked food included under item 57 of the first schedule of the act on the ground of discrimination because of item 12 in the third schedule of the act whereby cooked food including coffee, tea and the like articles served in a hotel, a restaurant or any other place not falling under item 57 ..... during the pendency of these civil appeals, kerala finance act, 1988 was passed amending entry 57 of the kerala general sales tax act, 1963, asunder:for the entry in column ..... tax act, 1963 has been amended from time to time both by the kerala general sales tax (amendment) acts and also by the kerala finance acts. ..... the third schedule was amended by the above finance act to read as follows ..... it cannot be doubted that if the classification is made with the object of taxing only the economically stronger while leaving out the economically weaker sections of society, that would be a good reason to uphold the classification if it does not otherwise offend any of the accepted norms of valid classification under ..... 'socialist' was intentionally introduced in the preamble by the constitution (forty-second amendment) act, 1976 with the principal aim of eliminating inequality in income and status and standards ..... the above amendment, cooked food specified in item 12 mentioned above was exempt from sales tax by virtue of section 9 of the act.13. .....

Ashwani Kumar Aggarwal, in Re. Vs.

Court : Supreme Court of India

Reported in : [1992]195ITR861(SC)

..... argument was that if the interest chargeable under section 234a, 234b and 234c was mandatory and could not be waived, the word 'interest' brought into section 245d(6)by the finance act, 1987, with effect from june, 1, 1987, would not has been retained after the amendment of the act by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989 ( ..... december 3, 1991, to examine legal issues arising from the amendments made to chapter xixa of the income-tax act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. ..... december 20, 1991, the chairman, settlement commission, directed that, in order to determine the scope of the statutory of the income-tax settlement commission regarding reduction and waiver of interest under sections 234a, 234b and 234c of the income-tax act, 1961, and to minimise litigations arising therefrom, this issue shall be heard by the special bench as constituted above in the case of the applicant as well. ..... december 18, 1991, the applicant stated that, during the course of hearing of the case by the principal bench of delhi, on november 27 and 28, 1991 the applicant had requested for waiver of interest under section 234a, 234b and 234c of the income-tax act, 1961, for the assessment year 1989-90, under the special and all pervasive power of the settlement commission. ..... cit : [1987]163itr646(kar) for arguing that the marginal note indicates the purpose for which a section has been incorporated in the act begs the issue .....

Gannon Dunkerley and Co. and ors. Vs. State of Rajasthan and ors.

Court : Supreme Court of India

Reported in : 1993(37)KarLJ279; 1992(3)SCALE173; (1993)1SCC364; [1992]Supp3SCR103; [1993]88STC204(SC)

..... sixth amendment the rajasthan sales tax act was amended by the rajasthan finance act, 1987 (act ..... . shri krishnamoorthy iyer the learned counsel appearing for the state of rajasthan has submitted that the words which have already suffered tax at the rates prescribed under section 5 are wide enough to permit deduction in respect of goods on which no tax is leviable under sub-section (1) of section 5 of the act, namely, sales in the course of inter-state trade or commerce or sales outside the state or in the course of import and export as well as ..... shall issue a certificate of deduction of tax to the contractor in form st-45: provided that such deduction of tax shall be subject to adjustment at the time of assessment of the contractor -(b) the tax deducted under clause (a) of this sub-section rule by the awarder of a contract shall be deposited by such awarder of a contract challan in form st-10 for all the contractors falling within the jurisdiction of one assessing authority in the account of such authority, within 15 days ..... . for the reasons aforesaid, we arc of the view that even in the absence of any amendment having been made in the central sales tax act (after the forty sixth amendment) expressly including transfers of property in goods involved in execution of a works contract, the provisions contained in sections 3, 4 and 5 would be applicable to such transfers and the legislative power of the state to impose tax on such transfers under entry 54 of the state list will have to .....

Indian Aluminium Co. Etc. Etc. Vs. State of Kerala and Others

Court : Supreme Court of India

Reported in : 1996IIAD(SC)137; AIR1996SC1431; JT1996(2)SC85; 1996(1)SCALE780; (1996)7SCC637; [1996]2SCR23

..... by section 36 of finance act 1978, the central excise and salt act, 1944 [for short the 'excise act) was amended to impose central excise duty on electricity under item 11-e in the 1st schedule to the excise act and fixed 2 paise per kilo watt of electricity unit ..... the high court had held that section 3-a(1), as amended was unconstitutional as it delegated essential legislative functions to the state ..... by a fiction, it deemed that act of 1920 and the rules framed thereunder to have been amended without disclosing the text or even the nature of the amendment nor was there any indication that the invalid notification must be deemed to have been issued validly under section 51(2) of the 1920 act without the sanction of the local government ..... of kerala : [1976]2scr690 , the finance act, 1950 had extended the central excise and salt act, 1944 to part-b state of travancore cochin and repealed the cochin tobacco act, 1909 and the tobacco act (1 of 1087). ..... : [1972]83itr346(sc) , the question arose whether the term 'income-tax' as defined in section 2 of the finance after act, 1964 would include surcharge and additional charge, wherever provided. ..... third income tax officer, madurai air (1975) sc 2016, when the annuity scheme was enacted in the finance act, competence of the parliament in that regard was questioned. ..... : [1962]1scr549 , the orissa sales tax act, 1947 was amended and section 14 restricting grant of refund of tax inappropriately and illegally collected, was ..... 5957 of 1987 and batch .....

Collector of Central Excise, Jaipur Vs. Banswara Syntex Ltd.

Court : Supreme Court of India

Reported in : 1996IXAD(SC)561; 1996(88)ELT645(SC); JT1996(11)SC729; 1996(8)SCALE586; (1996)11SCC55; [1996]Supp9SCR194

..... : 1987(32)elt234(sc) where rules 9 and 49 of the central excise rules, 1944, after they were amended with retrospective effect by section 51 of the finance act, 1982 came up for interpretation. ..... it is immaterial, in view of rule 9(1) of the central excise rules and section 49 of the act whether the yarn so manufactured is captivity consumed or is subjected to any other or further process. .....