Court : Madhya Pradesh
Reported in : [1997]226ITR449(MP)
..... to this section was inserted by the finance act, 1987, with effect ..... the core question is whether the tribunal rightly applied the amended provision of the aforesaid section to the assessment years prior to april 1,1988 the answer depends on as to whether the amendment is declaratory of pre-existing law or it affected vested rights of the parties in the case of the former, it can be deemed to be retrospective and in the case of the latter, it ..... section 256(2) of the income-tax act, 1961 (for short 'the act'), contain the common question, as extracted below, and categorised by the applicant as one of law, for a direction to the tribunal to state the cases and refer the same for our opinion :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the amended provisions of section ..... ) : [1956]29itr419(ap) , that clause (5) of section 35 of the indian income-tax act, which was enacted by the income-tax (amendment) act, 1953, was not declaratory of pre-existing law, and as it clearly affected vested rights which had accrued to the assessee, must be deemed to have ..... sought to be supplemented and supported by the undernoted three common grounds contained in these applications :'(i) that the tribunal erred in law in giving retrospective effect to the amendments effective from april 1, 1988, in section 43b of the income-tax act by exceeding its jurisdiction in reading more than what parliament has expressly provided. .....
Tag this Judgment!Court : Kerala
Reported in : [1996]221ITR619(Ker)
..... the supreme court after quoting the explanation and the provisions of section 28(1)(c) of the indian income-tax act, 1922, considered the question whether the principles laid down by the supreme court in anwar all's case : [1970]76itr696(sc) rendered under the provisions of the 1922 act, which is similar to the unamended provisions of section 271(1)(c) of the income-tax act, 1961, continue to be good law even after the amendment of the said law by the finance act, 1964. ..... the second limb of the question, namely, after the amendment of section 271(1)(c) and the introduction of explanation thereto by the finance act, 1964, with effect from april 1, 1964, whether the burden of establishing concealment continues to be on the ..... the cases to which the said explanation is attracted have to be decided in the light of the law enunciated in mussadilal ram bharose's case : [1987]165itr14(sc) and sadayappan's case : [1990]185itr49(sc) .' 38. ..... mussadilal ram bharose : [1987]165itr14(sc) , and the principles of law applicable in a situation of this type to the facts of this case and, therefore, the decision is not sustainable.'37 ..... mussadilal ram bharose : [1987]165itr14(sc) , this court summarised the position in the following words (page 22) : the position, therefore, in law is clear ..... saraf trading corporation [1987] 167 itr 909 and on a review of the entire position ..... shri pawan kumar dalmia : [1987]168itr1(ker) .27. ..... ram bharose : [1987]165itr14(sc) .33. ..... ram bharose : [1987]165itr14(sc) . .....
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 Indore
Reported in : (1997)60ITD27Indore
..... have been fully set off against the profit of the assessee from other businesses or for the matter of that, against the income of the assessee under any other head by reason of section 70 and 71 read with sub-section (2) of section 32 and sub-section (2) of section 32a, no part of such losses, depreciation allowance or development rebate would be liable to be adjusted over again in computing the profits or gains of the new industrial undertaking for applying the provision contained ..... 2) act, 1987, income from business in view of section 29 has to be computed in accordance with sections 30 to 43a, which would include section 32(2) providing for carry forward of depreciation, section 33(2) providing for carry forward of development rebate and section 41(2) providing for the balancing ..... of deficiency of the past assessment years against 'the profits and gains referred to in sub-section (1) of section 80j, as computed after allowing, inter alia, the deduction admissible under that sub-section and, therefore, if, for the purpose of sub-section (1) of section 80j, the profits or gains of the new industrial undertaking are to be computed in accordance with the provisions of the act and no part of the losses, depreciation allowance or development rebate for the past assessment years ..... [1978] 113 itr 84, the supreme court held that before deduction is made under section 80e as it stood prior to the amendment by the finance (no. ..... out that though section 80ab was inserted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1996)59ITD156(Mum.)
..... he noted the argument of the appellate that the transfer is always relatable to the execution of the lease deed and not on mere giving of possession.he considered the amendment to section 2(47) of the act by the finance act, 1987 which added clause (vi) to the said section along with an explanation which amendment was operative from 1-4-1988. ..... in para 11 he reproduced the clause iii of the memorandum of association in which it was stated that the definition of the term 'scientific research' as may be amended in section 43(1)(i) of the act would equally to the term used in the said clause. ..... if the definition of 'scientific research' in section 43(4)(i) of the income-tax act, 1961, or the corresponding provision of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. 2. ..... if the definition of 'scientific research' in section 43(4)(1) of the income-tax act, 1961, or the corresponding provisions of any new law, is hereafter amended, the amendment shall apply to the connotation of 'scientific research' in this clause. ..... research in the fields of natural or applied science including agriculture, animal husbandry, fishing and so on and the provision in its memorandum of association that the term 'scientific research' would also cover such fields a may be included in section 43(4)(1) of the act as it stood at the relevant time and as may be amended from time to time. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1996]220ITR636(Raj)
..... prosecution and is also to be treated as an assessee in default, the certificates which have been issued for deduction of tax are based on the authority given under law and the ambiguity if any has been clarified by the subsequent amendment in section 199 by the finance act of 1987, 12 ..... . 11 of 1987 are as under : 'any deduction made in accordance with the provisions of sections 192 to 194, section 194a, section 194b, section 194bb, section 194c, section 194d, section 194e, section 194ee, section 194f, section 194g, section 194h, section 194g, section 195, section 196a, section 196b, section 196c and section 196d, and paid to the central government shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, or of the owner of the security or of the shareholder, as the case may be, and ..... . the above provision has been amended by the finance act no ..... . the provisions of section 199 of the income-tax act as amended by the act no ..... . 11 of 1987, with effect from june 1, 1987, and now the provision has been made that the credit shall be given for the amount so deducted on production of the certificate furnished under section 203 in the assessment made under the act for the assessment year for which such income is assessable .....
Tag this Judgment!Court : Kerala
Reported in : (1996)134CTR(Ker)398; [1997]224ITR228(Ker)
..... of india : [1991]189itr70(patna) have taken the view that the proviso to section 43b of the income-tax act, 1961, incorporated by the finance act, 1987, with effect from april 1, 1988, relates back to the date when section 43b came into operation, i. e. ..... the scope and applicability of the amendments effected by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989, have to be considered in the matter of computation of income in relation to the sales tax collections made during the accounting period, but not paid within the said ..... the appellate tribunal has said is that the commissioner of income-tax (appeals) while considering the appeals filed by the assessee was bound to take note of the amendment made subsequently with retrospective effect and in the light of the said amendment, the assessing authority was justified in disallowing the sales tax collections in the assessment in question. ..... for considering the said amendments, it is also necessary that the contention that the assessee had paid the sales tax liability which had been incurred during the previous year within the due date for payment of the same or at any rate, before the due date for filing the return under subsection (1) of section 139 of the income-tax act has to be ..... the tribunal was justified in holding that the commissioner of income-tax (appeals) could not have adjudicated on the claim of the assessee, ignoring the amendment to section 43b made with retrospective effect '2. .....
Tag this Judgment!Court : Kerala
Reported in : [1997]227ITR582(Ker)
..... amendments introduced to the provisions of section 43b of the act by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989, changed the situation with regard to the contents of the provisions of section 43b of the act ..... the finance act, 1989, relating to the amendment made in 1989 by its second proviso to section 43b came to be substituted ..... if this is the position that emerges as a result of the deeming provision arising out of the finance act, 1989, with regard to explanation 2 to section 43b of the act, the obvious result would be that the provisions of section 43b of the act would become operative where the liability to pay the tax or the duty was incurred in the accounting year in question, for which the payment was collected ..... if this is the situation as is clearly available from the provisions of the finance act, 1989, seeking to amend explanation 2 deeming it to be effective on and from april 1, 1984, the assessees would not be entitled to any deduction because the amounts would certainly have to be understood as income ..... explanation 2 also came to be amended by the said amendment--the finance act, 1989 (introducing a deeming provision that the said explanation 2 will have to be deemed to have ..... in question could be brought to tax in the assessment year (1984-85) under consideration, by application of the provisions of section 43b of the income-tax act, 1961, as amended up to date, specially with regard to the assessment year in question. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)61ITD253Indore
..... to chief general manager, uti (copy at page 41 of the paper book), whereby c.b.d.t.clarified that for the purpose of section 2(42a) of the act as it then existed, units are not treated as shares for providing benefit of the proviso to that section inserted by the finance act, 1987. ..... advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. ..... referring to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. ..... shri goyal argued that if 'units' were shares, there would have been no need to amended the proviso to section 2(42a) by finance act, 1994, w.e.f.1-4-1995 to specifically include them for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains on sale thereof. ..... he has right argued that when legislature intended to exclude income from units from section 80m, necessary amendments were brought about from the assessment year 1994-95 and onwards.13. ..... it is only when the legislature intended to exclude income from unit from section 80m that it has made amendments.6. ..... in the said year, the excess shall be allowed to be carried forward in the following assessment year and set off against the speculation profits, if any, in that year, and so on.the explanation inserted by the taxation laws (amendment) act, 1975, w.e.f. .....
Tag this Judgment!Court : Chennai
Reported in : (1997)138CTR(Mad)297
..... section was substituted by the direct tax laws (amendment) act, 1987 ..... under the laws of a country outside india, or(iii) any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the indian it act, 1922 (11 of 1922), or which is or was assessable or was assessed under....this act as a company for any assessment year commencing on or before the 1st day of april, 1970, or(iv) any institution, association or body, whether incorporated or not and whether indian or non-indian ..... partner, firm and firm name, - partnership is the relation between persons who have agreed to share the profit of a business carried on by all or any of them acting for all.persons who have entered into partnership with one another are called individually partners and collectively a firm and the name under which their business is carried on is called ..... in the light of the above discussion and analysis of the relevant sections of the it act, and the indian partnership act, we have to see whether the decisions of this court in 1990 lw (crl), 478, and 1992 lw (crl), 173, are ..... section, which was inserted by the taxation laws (amendment) act ..... prior to 1st april, 1989, the breach or contravention which attracted prosecution under this section related to the failure of a person without reasonable cause or excuse, to deduct, or, after deducting to fail to pay, the tax as required by or under the ..... the finance act, ..... credited to sri finance corporation on various .....
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