Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: recent Court: chennai Page 1 of about 410 results (0.135 seconds)

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. .....

Madathil Brothers Vs. the Deputy Commissioner of Income Tax, Special R ...

Court : Chennai

Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)

..... yet, the construction given to the amendment effected under the finance act of 1987 to section 2(47) is of relevance to the case on hand. ..... '; as such, it is not possible to accept the stand of the respondent that the transactions falling under section 53a of the transfer of property act for the purpose of considering the capital gains would fall for consideration for the purpose of considering the same as falling under long term capital asset only on and from the amendment inserted under the finance act, 1987, with effect from 1.4.1988. ..... the question then is, what will be the effect of the amendment brought forth to section 2(47) by the insertion of sub-clause (v) to section 2(47) relating to the definition of 'transfer' under the finance act, 1987 with effect from 1.4.1988. 47. ..... ' the apex court pointed out to the amendment to section 27 under the finance bill, 1987, to get over an obvious omission to the meaning of the word 'owner' under section 22 that even though in common law, 'owner' means a person who has got valid title legally conveyed to him after complying with the requirements of law under the transfer of property act and the registration act, having regard to the ground realities and the object of the act, namely, to tax income, in the .....

Sri. K. Mahendar Vs. the Commissioner of Income-tax

Court : Chennai

Reported in : (2008)214CTR(Mad)598; [2008]303ITR245(Mad)

..... noting the difference between the law as it stood prior to the amendment by the finance act, 1987, and the law as on 1988-89 with reference to section 45(5)(b) that the enhanced compensation would be brought to tax on receipt basis, the assessing authority held that the said sum was liable to be considered for the purpose of capital gains in the assessment year concerned, ..... considering the amendment brought forth under the finance act, 1987 and the introduction of the provisions of section 45(5)(b), the tribunal viewed that the assessee was liable to be assessed to capital gains on the additional compensation received and that the decision of the apex court reported in : [1986]161itr524(sc) (cit ..... hindustan housing & land development trust), the assessing authority took the view that the provisions of law under the finance act of 1987 made the difference that the amendment itself was brought about to cover cases of capital gains arising out of additional compensation even in cases where finality had not been ..... order dated 21.8.2001, the income tax appellate tribunal allowed the revenue's appeal, holding that in terms of section 45(5)(b) of the income tax act, introduced in the statute in the finance act, 1987, the assessee was liable to be assessed on the additional compensation. ..... to remove these difficulties, sub-section (5) of section 45 was inserted by the finance act, 1987, to provide for taxation of additional compensation in the year of receipt in respect of the transfer of .....

The Salem Co-operative Sugar Mills Ltd. Vs. the Commissioner of Income ...

Court : Chennai

Reported in : (2004)187CTR(Mad)650; [2004]266ITR166(Mad)

..... 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 ..... considered the effect of the addition of the first proviso to section 43b by the finance act 1987, and held the same to be retrospective in operation. ..... it noticed the contents of the memorandum explaining the provisions of the finance bill 1983 wherein it had been stated inter alia that section 43b was aimed at curbing the practice of assessees not paying the taxes and not discharging their liabilities to ..... by the counsel for the revenue that parliament had a different intention so far as payments of amounts due under the employees provident fund act was concerned and that it had intended to treat that amount differently from the amount of tax which the assessees were required to pay. ..... revenue is as to whether the tribunal was right in restoring the order of the assessing officer in disallowing the provident fund contribution amounting to rs.1,47,584/- and administrative charges of rs.12,310/- under section 43b(b) of the act thereby reversing the order of the first appellate authority. ..... amendment was to give effect to the true intention behind the introduction of the section ..... referred to in the question were paid before the due date as defined in the explanation below clause (va) of sub-section (1) of section 36 of the act.3. .....

M/s. MRF Ltd., Vs. The Deputy Commissioner of Income-Tax,

Court : Chennai

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression "may" thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory." 28. ..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of ..... apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000 (1 of 2001), and the assessee has paid the amount of shortfall, on or before the 15th day of march, 2001 in respect of the instalment of advance tax due on the 15th day of june, 2000, the 15th day of .....

CADD Centre Vs. Assistant Commissioner of Income-tax, City Circle -II ...

Court : Chennai

..... the finance act, 1987, with effect from 1-4-1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer... ." (p ..... whether omission of clause (2) of section 47 "any distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons" by the finance act, 1987 with effect from 1-4-1988, would lead to the conclusion that any transaction resulting in distribution on dissolution of a firm would amount to 'transfer' in terms of section 47? 2. ..... the finance act, 2001, has amended clause (xiii) of section 47 of the income tax act to provide that any transfer of a capital asset, from an association or persons or body of individuals to a company, under a scheme of corporatisation of a recognized stock exchange, shall not be regarded as transfer for the purpose of capital gains ..... 13.1 section 2(47) of the income tax act, 1961 (as amended by finance act 2013), dealing with "transfer" reads as under: ..... is strenuously contended that earlier, distribution of capital assets on dissolution of firm was not considered as transfer, but, on the finance act, 1987 (w.e.f. ..... the parliament in its wisdom has chosen to remove a provision, which provided 'no transfer', there is no need for any further amendment to section 2(47) of the act as argued before us. ..... (xiii) to (xv) of section 47 of the income tax act have been inserted by the finance (no. .....

The Commissioner of Income-tax Vs. Tamil Nadu Transport Development Fi ...

Court : Chennai

Reported in : [2008]306ITR136(Mad)

..... the change was brought in by the direct tax laws (amendment) act, 1987. ..... hence they have rightly come to the conclusion that when the assessment is made under section 143(3) of the act, no action shall be taken under section 147 of the act after the expiry of four years from the end of relevant assessment year unless there is a failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. ..... on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in upholding the order of the commissioner of income-tax (appeals) and accordingly the reopening of the assessment under section 147 read with section 148 is held as bad in law, even though the facts and circumstances of the case fall within the exemption provided in explanation ..... the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for ..... elgi finance ltd. .....

Commissioner of Income-tax Vs. Premier Mills Ltd.

Court : Chennai

Reported in : [2008]296ITR157(Mad); [2009]179TAXMAN13(Mad)

..... failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year.in addition to the time-limits provided for under ..... by the direct tax laws (amendment) act, 1987. ..... of failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment.in the present case, the tribunal had considered the above proviso to section 147 of the act and held as follows:even now, before us, the revenue could not contend that the reassessment is framed on submission of new material or information. ..... the new law has inserted a proviso to section 147 in the following words:provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the ..... on further appeals, the tribunal holding that the notice under section 148 of the act was issued after the expiry of four years from the end of the relevant assessment year and the same would amount to change ..... finance ..... finance ..... finance .....

Cit Vs. A.V. Thomas Exports Ltd.

Court : Chennai

Reported in : [2008]296ITR603(Mad)

..... part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year.in addition to the time-limits provided for under ..... was brought in by the direct tax laws (amendment) act, 1987. ..... the new law has inserted a proviso to section 147 in the following words:provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the ..... has applied the correct principle of law and held as follows:but whether recourse to section 147 could be made beyond four yearsis the real question in the present appeal. ..... further, it is submitted that there was excessive deduction under section 80hhc of the act which enabled the revenue to reopen the assessment under the provision ..... annamalai finance ltd : [2005]273itr451(bom) it was held that section 147 of the act does not postulateconferment of power upon the assessing officer to initiate reassessment proceedings upon a mere change .....

Cit Vs. Elgi Ultra Industries Ltd.

Court : Chennai

Reported in : [2008]296ITR573(Mad)

..... brought in by the direct tax laws (amendment) act, 1987. ..... the part of the assessee to make a return under section 139 or in response to a notice issued under subsection (1) of section 142 or section 148 or to disclose full) and truly all material facts necessary for his assessment for that assessment year.in addition to the time-limits provided for under ..... in the present case, the tribunal had considered the above proviso to section 147 of the act and held as follows:even now, before us, the revenue could not contend that the reassessment is framed on submission of ..... the new law has inserted a proviso to section 147 in the following words:provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on ..... in case where the assessment is completed under section 143(3) of the income tax act, the reopening of the assessment under section 148 beyonfl the period of four years at the end of the relevant assessment year can be sustained only if it is established that there is a failure on the part of the assessee to disclose fully and ..... finance ..... finance .....