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Tarajan Tea Co. Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... . it is true that the effect of this decision regarding 'goodwill' has been overcome by the finance act, 1987, amending section 55 so as to provide that cost of acquisition of goodwill acquired other than by purchase shall be taken to be nil and the cost of improvement of goodwill, whether acquired by purchase or otherwise, shall also be taken ..... section 263 underwent further changes by the direct tax laws (amendment) act, 1987, with effect from ..... , under the facts and in the circumstances of the case, the order under appeal, directing the income-tax officer to assess income under section 45 of the income-tax act attributable to the sale of standing trees of spontaneous growth is in accordance with law and the facts and the tribunal acted judiciously and upon consideration of the facts, law and the submissions urged in sustaining the said order as a whole, although, basic and ..... by the taxation laws (amendment) act, 1984, an explanation was introduced to sub-section (1) of section 263 of the act with effect from october ..... , and non-inclusion thereof in the order dated september 11, 1979, passed by the income-tax officer while giving effect to the directions issued by the inspecting assistant commissioner under section 144b of the act was an order of the income-tax officer or of the inspecting assistantcommissioner and whether the provisions of section 263 of the income-tax act are attracted to this non-inclusion of the aforesaid income in the said order dated september 11, 1979 ? 4. .....

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. ..... if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export turnover was quite different. ..... thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was introduced. ..... in this regard, we have also noted that the order under section 263 of the act was passed on 30-12-1988 when the benefit of the amendment brought by the finance (no. ..... 32.20 this amendment takes effect retrospectively from 1st day of april, 1987, the day from which 'total turnover' became relevant for the purpose of computation of deduction under section 80hhc. ..... the assessee excluded the freight and insurance from the total turnover also in the computation of export profit, as per section 80hhc(3)(b) of the act and the assessing officer accepted the computation in the assessment order, without any discussion.4. ..... the learned departmental representative, on the other hand, relied on the order of the commissioner under section 263 of the act and also emphasised that explanation (ba) below section 80hhc does not use an expression "for the removal of doubts" and gives a specific date of 1 -4-1987 for retrospective operation. .....

Commissioner of Income-tax Vs. Chandulal Venichand

Court : Gujarat

Reported in : (1994)118CTR(Guj)257; [1994]209ITR7(Guj)

..... them, amendments in section 43b were introduced by the finance act, 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way ..... by the finance act, 1987, two provisos to section 43b were inserted ..... while introducing explanation 2 by the finance act of 1989, the object of introducing the proviso is further clarified by stating that it was introduced to remove the hardship caused to certain taxpayers who had represented that since the sales tax for the last quarter cannot be paid within the previous year, the original provision to section 43b will unnecessarily involve disallowance of ..... january 1, 1990, as under (see [1990] 182 itr 114) : 'amendment of provisions relating to certain deductions to be allowed only on actual payment : 15.1 under the existing provisions of section 43b of the income-tax act, 1961, a deduction for any sum payable by way of tax, duty, ..... the amendment to section 43b has been made in the year 1987 and this amendment, with effect from april 1, 1988, is clarificatory in nature and by applying the said amendment the petitioner ..... the object and purpose of inserting the said section 43b of the act, as per the budget speech of the finance minister for the year 1983-84, which are reproduced in [1983] 140 itr 31 are as under : 'several cases have come to notice where taxpayers do not discharge their statutory liability such as in .....

inspecting Assistant Vs. Ranka Construction (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1995)52ITD122(Coch.)

..... learned counsel for the assessee contended that the finance act, 1987, has amended section 27 of the it act, 1961 and the finance minister in his budget speech to the parliament ..... the finance act, 1987 with effect from 1-4-1988 is clarificatory in nature and retrospective in operation.section 27 defines the ownership of house property and annual charge for purpose of sections 22 to 26 of the it ..... to section 6 of the finance act, 1987, which sought to substitute clause [ho to section 27 ..... association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of that building or part thereof; if a section or a clause is substituted in an act, the substituted section or clause should be deemed to be in operation from the inception as has been held by the karnataka high court in the case of k.t ..... amending act states that an old provision has been substituted by a new provision, the inference is that the legislature intended that the substituted provision should be deemed to have been part of the act from the very inception.viewed from this angle also we hold that the assessee-company cannot be held to be the owner of the impugned flats and, therefore, the charge under ..... was held that the assessee must be deemed to be the owner of the property within the meaning of section 22 of the it act, 1961, and was assessable as such on the income from the property .....

income-tax Officer Vs. Ashokkumar Lalitkumar

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53ITD326(Ahd.)

..... adopt legal course, because, he did not want to spend good money for bad money, as recovery thereof had a remote chance and was not possible in this case.he also placed reliance on the conditions mentioned in section 36(2) as amended by the finance act 1987 which, inter alia, provides that the year in which the assessee has written off the debt as bad debt in the books of accounts should be considered as satisfying the claim for grant of deduction as bad ..... profits of the business of the year under consideration or earlier year did not exist in the old law.moreover, the distinction between the nature of the claim of deduction as to whether it is a trading loss or it is a bad debt contemplated in section 36(2) has assumed significance in view of the amendment of section 36(2) made by the finance act, 1987 effective from assessment year 1989-90. the said decision also therefore does not in any manner help the assessee.6.4 a plain reading of the ..... provisions of section 36(2) r.w.s.36(1)(vii) clearly indicates that one of the conditions for grant of deduction in respect of bad debt is that what is sought to be written off as bad debt should have earlier gone into swell the profits of the business .....

Kothari Vora Associates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)57ITD171(Pune.)

..... tax on such distribution on dissolution, was therefore, not liable to be assessed.to nullify the said decision, the amendment to section 45 was introduced by the finance act, 1987. ..... loophole the finance act, 1987 brought on the statute book, a new sub-section (4) in section 45 of the act. ..... to blocking this escape route for avoiding capital gains tax, the finance act, 1987 has inserted a new sub-section (3) in section 45. ..... the insertion of section 45(4), the legislature should have simultaneously amended the definition of 'transfer' under section 2(47) and 'income under section 2(24) of the income-tax act, 1961. ..... find any necessity for the corresponding amendment to section 2(47) and section 2(24) of the act. ..... there was no legislative necessity either to amend section 2(47) or section 2(24) to enlarge the definition of 'transfer' ..... the said amendment explains that the profits or gains arising from the transfer of a capital asset by way of distribution of capital asset on dissolution of a firm shall be chargeable to tax as the income of the firm in the previous year in which the said transfer has taken place.this amendment to section was necessitated on account of several decisions including that of the supreme court decision in the case of ..... , of the previous year in which transfer took place for the purpose of section 48 of the act; and (iii) the fair market value of the asset on the date of such transfer shall be deemed to be the full value of consideration received or accruing as a .....

Commissioner of Income-tax Vs. Shree Tea Co. and ors.

Court : Madhya Pradesh

Reported in : [1997]226ITR445(MP)

..... section 43b was amended by the finance act, 1987. ..... this question of law is sought to be supplemented and supported by the undernoted three grounds contained in the 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. ..... commissioner of income-tax, bhopal, presented under section 256(2) of the income-tax act, 1961, and contain the undernoted question, categorised as one of law, for a direction to the tribunal to state the case and refer the question 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 43b were applicable to the assessment year 1984 ..... -85 when the said amendment was effective from april ..... we hold that the tribunal rightly treated the first proviso to section 43b, as amended, as retrospective in operation and correctly extended the benefit to the assessee .....

Visveswaraya Industrial Vs. Deputy Commissioner

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. .....

Bhura Mal Raj Mal Vs. Commissioner of Income-tax

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 .....

Commissioner of Income-tax Vs. A. Kunjumytheen Kunju

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. .....