Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: recent Page 1 of about 14,925 results (0.199 seconds)

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. .....

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. .....

M/s. Sundaram Finance Limited Vs. The Deputy Commissioner of Income Ta ...

Court : Chennai

..... we have already pointed out the object of the amendment made under finance act, 1987 to section 32ab. 26. ..... hence, the second question of law, is even as per the plain language of section 32ab(1), as amended by finance act, 1987, has to be answered in favour of the assessee. 23. ..... keeping the above in mind, if we come back to section 32-ab it could be seen that under the finance act, 1987, this section was amended. ..... the explanatory note on the provisions of the finance act, 1987 contained in circular no.495 dated 22.9.1987 states that under the finance act, 1986, deduction under section 32-ab was allowed after setting off business loss if any, brought forward from earlier years and that in order to remove the hardship in cases where the assessee may not be able to avail of this benefit because of brought forward losses from earlier years, finance act, 1987 sought to provide that the deduction will be allowed before ..... the words inserted in section 32-ab (1), by the finance act, 1987 were "such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72. ..... the contention of the assessee that the deduction under section 32-ab was on the profits and gains of business before setting off the carried forward loss under section 72 of the act, was rejected and the assessing officer held that the carry forward of investment allowance for the earlier year was set off as per section 32-a(3)(ii) of the act and not under section 72 of the act. 6. .....

Commissioner of Income Tax - Viii, New Delhi Vs. Gulab Sundri Bapna

Court : Delhi

..... with a view to remove these difficulties, by finance act, 1987, section 45(5) was enacted to provide for taxation of additional compensation as deemed income in the year of receipt in the hands of the recipient ..... this was a case relating to assessment year 1987-88 and, therefore, section 55(2) as amended by finance act, 1994 w.e.f. ..... in other words, we have to proceed on the basis that cost of acquisition of leasehold rights could be determined and was capable of being ascertained and this was the position even before section 55(2) was amended by finance act, 1994 with effect from 1st april, 1995. ..... section 55(2)(a) was substituted by finance act, 1994 w.e.f ..... faced with the aforesaid decisions, section 55(2) was inserted and amendments were made stipulating that in transactions specified including payment received for surrender or relinquishing tenancy rights, where it was not possible to ascertain cost of acquisition, the cost of acquisition would be taken to be nil for computing ..... appeal filed by the revenue before the tribunal relying upon section 45(5) of the act was rejected observing that the word received would not include or mean compensation received, if the assessee was liable to refund the amount ..... aggrieved by the quantum awarded, respondent assessee filed a reference under section 18 of the land acquisition act, which was decided by the additional district judge on 20 th february, 1987. ..... was followed by a notification under section 6 of the act dated 5th december, 1968. .....

Commissioner of Income Tax Vs. Shri Narender Anand

Court : Delhi

..... 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 ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum ..... tax which was due for the last quarter of the accounting year but was payable only in the next quarter after the completion of the accounting year, that an amendment was brought in as a proviso for excluding the applicability of provisions of section 43b of the it act in respect of payment made before due date of filing of return. ..... has already been held in allied motors (private) limited case (supra) while making the proviso applicable retrospectively that section 43b of the it act was introduced to curb the activities of those tax payers who did not discharge the statutory liability of payment ..... proviso, is payable during the accounting year but is not paid during that period and is actually paid on or before the due date for furnishing the return of income under section 139(1) of the it act in respect of such period in which liability was incurred, then the same is allowable in computing the income of that accounting year. ..... the amendment to section 80 of the it act effective from 1.4.1984 requiring the return of losses to be filed within time for benefit of carry forward and set off was held not to be a retrospective in character but effective in .....

indore Development Authority Vs. Shri Ram Builders and ors.

Court : Madhya Pradesh

Reported in : AIR2009MP169

..... the amendment which was made by the finance act of 1987 in section 43-b 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 situation.25. ..... the parliament has given a clear indication of its intention in section 30(1) of the amending act regarding the extent of retrospective operation that section 23(1a) will have since express provision is contained in section 30(1) of the amending act indicating the intention of the parliament as to the extent to which the provision of section 23(1-a) would apply to pending proceedings and thus, there is no scope for speculating about the said intention of the parliament by reading section 23(1-a) in isolation without reference to section 30(1) of the amending act.20. in s.l. ..... to understand the purport of the amendment, we think it appropriate to reproduce the objects and reasons of the aforesaid amendment:in sub-section (4) of section 50 of the aforesaid act, no time limit prescribed to consider objections and suggestions received in respect of town development scheme in draft terms and for its final publication. .....

Mr. Pallonji M. Mistry (Decd.), Executrix of His Estate, Mrs. Dhun R. ...

Court : Mumbai

Reported in : 2009(4)BomLR1497; (2009)227CTR(Bom)592; [2009]319ITR167(Bom); [2009]178TAXMAN341(Bom)

..... by the supreme court in jodhamal (supra) has been rightly understood by the high courts of punjab and haryana, patna, rajasthan etc and held that the requirement of registration of sale deed in the context of section 22 is not warranted.while so holding, it also noted the amendment carried out to section 27 of the act by finance act, 1987 by substituting some of the clauses with effect from 1.4.1988. ..... the court addressed to itself, a question whether this amendment was clarificatory or declaratory and after considering various aspects was pleased to hold that it had no hesitation to hold that the amendment in the fiance bill of 1988 was declaratory/clarificatory in nature, in so far as it relates to section 27(iii), (iiia) and (iiib) and consequently provisions were retrospective ..... but in the context of section 22 of the income tax act having regard to the ground realities and further having regard to the object of the income tax act, namely, 'to tax the income', we are of the view, owner is a person who is entitled to receive income from the property in his own right.it would thus be clear from the law declared by the supreme court ..... court for the purpose of considering the contentions considered section 9(1) of the old act as also section 22, 27 and 56 of the act of 1961. ..... on behalf of the assessee that the rental income of the flats was assessable as income from other sources under section 56 of the act and not as income from house property under section 22 of the income tax act. .....

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

..... and the relevant portion reads as under:in order to eliminate the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended clause (vii) of sub-section (1) and clause (i) of sub-section (2) of the section to provide that the claim for bad debt will be allowed in the year in which such a bad debt has been written off as irrecoverable in the accounts of the assessee.with reference to the ..... a circular was issued explaining the provisions of the direct tax laws (amendment) act, 1987 by which the provisions of section 36 were amended. ..... shall be limited to the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.the finance act, 2001 inserted the following explanation after the proviso to section 36(1(vii):explanation - for the purposes of this clause, any bad debt or part thereof written off as irrecoverable in the accounts of the assessee shall not include any provisions for bad ..... ' reference may also be made to page 878 of the 'law and practice of income tax law by kanga, palkhiwala and vyas, 9th edition, where the learned jurist opined as under:under the amended clause, the requirement of 'establishing' that the debt had become bad in the relevant accounting year is dispensed with; all that the assessee has to show is that the bad debt has been written off as .....

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. .....

Shiv Kumar Poddar Vs. Commissioner of Income Tax and anr.

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. .....