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Commissioner of Income Tax Vs. Keerana Vegetable Products Ltd.

Court : Punjab and Haryana

Reported in : (2005)199CTR(P& H)200

..... this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b, the first proviso to section 43b and expln. ..... [1997]224itr677(sc) , their lordships have interpreted section 43b of the act and laid down the following proposition :'section 43b of the it act, 1961, was inserted w.e.f. ..... finalised the assessment under section 143(3) of the it act, 1961 (for short, 'the act), at income of rs ..... 25,64,340 made under section 43b of it act, 1961, on account of unpaid liability of cst, sales-tax and ..... but for the proviso the ambit of section 43b becomes unduly wide bringing within its scope those payments which were not intended to be prohibited from the category of ..... the proviso makes it clear that the section will not apply in relation to any sum which is actually paid by the assessee in the next accounting year, if it is paid on or before the due date for furnishing the return of income in respect of the previous year, ..... however, 'any sum payable' in clause (a) of section 43b was open to the interpretation that the amount payable in a particular year should also be statutorily payable under the relevant statute in the ..... under section 43b of it act.'3. ..... account of unpaid sales-tax liabilities and under section 43b of the act. .....

Ajar Entrade (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)2SOT571(Ahd.)

..... here, it is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. ..... the words" any bad debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. ..... of law and nothing was materialized and therefore, the assessee was compelled to write off of amount for which proper entry was passed in the books of account, which is pre-requisite for claiming deduction under section 36(1)(vii) of the income tax act.on the other hand, the learned departmental representative vehemently argued that the lower authorities were justified in disallowing assessee's claim for bad debts, insofar as the deduction claimed under ..... the previous year in which such account has been written off.since this amount has not been accounted for as income in any of the earlier years, the assessee is not eligible for deduction under section 36(1)(vii) read with section 36(2) of the income tax act.the assessing officer further observed that in the balance sheet as on 31-3-2000 the assessee had shown the outstanding sum of rs. ..... it was held that in view of the amended provisions of section 36(1)(vii) the assessee need not establish that debt has become bad and considering that the assessee had not been able to recover any amount despite filing suit and obtaining decree, there .....

Hilltop Holdings India Ltd. Vs. Commissioner of Income Tax and ors.

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. .....

Dnyaneshwar N. Mulik Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)152TAXMAN25(Pune.)

..... (47) of section 2 was amended by the finance act, 1987, w.e.f. ..... the completion of 'transfer' of an immovable property as per the general law is not a requirement for the applicability of the provisions of the sub-clause (v) of section 2(47) of the act as was held by the bombay high court in the case of chaturbhuj dwarkadas kapadia (supra).further, the assessee's plea that subsequently he filed suits which were pending, against the builder/developer with ..... new sub-clauses provide that 'transfer' includes (i) any transaction which allows possession to be retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act; and (ii) any transaction entered into in any manner which has the effect of transferring or enabling the enjoyment of any immovable property. ..... it is seen that the sub-clause, (v) and (vi) of section 2(47) read as under : (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or (vi) any transaction, (whether by way of becoming a member of or acquiring shares in, a co-operative society, company or other aop or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, ..... that no fsi was transferred within the meaning of section 2(47) of the act as there were no registered sale deeds. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section ..... section 143(1)(a) as amended by the finance act, 1987 ..... amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act ..... section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act ..... debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... the amended provisions of section 143(1a) by the finance act, 1993 ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due ..... -the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against .....

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained ..... section 143(1)(a) as amended by the finance act, 1987 ..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act ..... however, sub-section (1) of the new section, substituted by the amending act, 1987, has done away with this requirement and it only provides for proper recovery of tax or interest due from the assessee or issue of refund due to the assessee on the ..... - the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to ..... additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... the object that was accomplished by the amendment was to give effect to the true intention behind the introduction of the section.that amendment is, therefore, required to be regarded as retrospective qua the amendment incorporated by the finance act, 1987.32. ..... section 43b of the act was further amended by the finance act, 1987.two provisos were added w.e.f. ..... (supra) hon'ble supreme court treated the first proviso to section 43b as inserted by the finance act, 1987 as retrospective in operation for and from assessment year 1984-85. ..... by the finance act, 1987 amendment two provisos were inserted.second proviso was a measure for penalizing employers who misutilised the contributions. ..... the task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature. ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? 2. ..... question posed before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. .....

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... it is very clear from the above explanatory note that by the amendment brought in by the finance act, 1987 the law provided in section 70 for set off of loss from one source against income from any other source under the same head of income was made simpler resulting in a uniform treatment of capital loss ..... (7) the cit(a) has observed that as a result of the amendment brought in by the finance act, 1987 in the provisions of law contained in section 70, there is no distinction between long term capital gains and short term capital gains in matters relating to carry ..... giving rise to long term capital gain and short term capital gain has been clearly defined in the act and the conclusion of the cit(a) that the distinction between long term capital gains and short term capital gains have been completely done away with by the amendment to section 70 by the finance act, 1987 is not correct. ..... the finance act, 1987 has amended the provisions of section 70 and the amended law should apply to the impugned assessment years 1995-96 and 1996-97 which are different from the law relating ..... the finance act, 1987 brought an amendment in section 70 ..... the learned senior counsel contended that the text of the circulars referred to in above paragraphs clearly showed the intention of law wherein the amendment brought in by the finance act, 1987 dispensed with any sort of distinction between long term loss and short term loss in matters of set off and carry forward and allowed the set off of loss of .....

Additional Commissioner of Vs. Glad Investments (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102ITD227(Delhi)

..... ghanshyamdas kishan chander(supra), the learned cit(a) has not noticed that the subject-matter of transfer in that case was an immovable property and the issue related to a period prior to amendment of section 2(47) by the finance act, 1987 with effect from 1-4-1988. ..... mortgage debt by him prior to transfer of the property would not entitle him to claim deduction under section 48 of the act because in such a case he did not acquire any interest in the property subsequent to his acquiring the ..... by a person for the purpose of clearing off the mortgage created by the previous owner is to be treated as cost of acquisition of the interest of the mortgagee in the property and is deductible under section 48 of the act.the learned cit, dr further referred to the judgment of hon'ble supreme court in the case of cit v. ..... 135 (pc) in the case of raja bejoy singh dhudhuria (supra), the hon'ble privy council have held as under: when the act by section 3 subjects to charge "all income" of an individual, it is what reaches the individual as income which it is intended ..... the hon'ble supreme court held that the creation of a charge under section 74(1) of the estate duty act only meant that the amount recoverable by way of estate duty would have priority over ..... cit in order to attract liability to tax on capital gains under section 12b of the indian income-tax act, 1922, it is sufficient if in relevant accounting year profits have arisen out of the sale of capital assets, that is to say, if the assessee .....

In Re: Rashtriya Ispat Nigam Ltd.

Court : Authority for Advance Rulings

..... vs.income tax act, 1961 - sections 32, 32(2), 32a(3), 72 to 74a, 74a(3), 80j(3), 115j, 115j(1), 115j(2), 115jb, 115jb(2), 115jb(3), 119, 135j(2) and 245q(1); companies act, 1956 - sections 205, 205(1) and 205(2); companies (amendment) act, 1960; income tax rules; finance act, 1987 - section 43; electricity actsurana steels p. ..... [section 43 of the finance act, 1987.] 22. ..... 36.5 of the circular, which is apposite, is extracted below : 36.5 the following examples illustrate as to how the amended provisions relating to the new section will be applied:____________________________________________________________________________________________________________________________________________________________________________________________ book profits for the purposes of the profit under the companies act, 1956 income-tax act______________________________________________________________________________________________ (1) (2)______________________________________________________________________________________________loss excluding depreci- 3,00,000 loss excluding deprecia- 80,000ation tiondepreciation 1,00,000 depreciation 4,00,000profit before deprecia- 5,00,000 profit before deprecia- 5,00,000tion tionless : depreciation 2,00,000 less : depreciation 4,00,000______________________________________________________________________________________________ (1) (2)______________________________________________________________________________________________less: .....