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Gujarat Credit Corp. Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD133(Ahd.)

..... while explaining the provisions of section 147 as amended by the finance act, 1987 w.e.f. ..... 549, dated 31/10/1989 which is issued by the board clarifying the provisions of amendments of section 147 to 153 by the finance act, 1987. ..... 549 dated 31/10/1989 explaining this amendment of the provisions of section 147 by the finance act, 1987 w.e.f. ..... thus, the amending act, 1987, has substituted a new section 147 which contains simplified provisions as follows: (i) separate provisions contained in clause (a) and (b) of the old section have been merged into a single new section, which provides that if the assessing officer is of the opinion that income chargeable to tax for any assessment year has escaped assessment, he can assess or reassess the same after recording in writing the reasons for ..... 01/04/1989 stating that the amending act, 1987, has rationalized the provisions of section 147 and other connected sections to simplify the procedure for bringing to tax the income which escaped assessment, especially in non-scrutiny cases. ..... punjab & haryana high court, in the case of rama sinha (supra) held that once a notice under section 148 is issued, the assessment has to be completed under section 147 read with section 143(3) and that the position was the same even prior to the amendment of section 148 w.e.f.01/04/1989 and as the return filed under section 139, the procedural provision for making an assessment under section 143(3) of the act also comes into play. .....

Huf of H.H. Late Sir J.M. ScIndia Vs. Acit, Range - 18(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... by the finance act, 1987, with effect from april 1, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even if there is no cost of ..... in a case where cost cannot be ascertained, the fair market value cannot be taken into consideration under section 55 of the income-tax act, 1961, because the very basis of capital gains is that at some point of time the person who initially acquired the property did so at some cost in terms of ..... therefore, even if the amendment is taken into consideration section 55 can be invoked in cases of nil cost of acquisition for the purpose of bringing to tax the entire sale consideration only in relation to the specified assets.from a reading of this it is clear that it is for the revenue to show ..... similarly, section 55 has been amended from tune to time to enable the taxation of other assets wherein no cost of acquisition is ..... jadeja gujarat high court though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for determining the chargeable profits and ..... the asset referred to in section 45 of the act has to be one: (i) in the acquisition of which it is possible to envisage a cost; (ii) in the acquisition whereof the assessee had incurred a cost, and the onus of showing that the assessee had incurred cost is on the .....

Deputy Commissioner of Income Tax Vs. Glaxo Smithkline Consumer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)107ITD343(Chd.)

..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, as 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 ..... 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 unworkable or unjust in a specific situation ..... looking to the curative nature of the amendment made by the finance act, 1987, it has been submitted before us that the proviso which is inserted by the amending finance act of 1987, should be given retrospective effect and be read as forming a part of section 43b from its inception. ..... 1984-85, or any subsequent year on the ground that he has actually made a payment towards such liability in that year.there was an amendment in section 43b by the finance act, 1987 which may not be relevant for the purpose of present controversy. ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable by way of tax or duty, ..... the finance act, 1987, inserted a provision of section 43b to provide that any sum payable by way of tax or duty, .....

Asstt. Cit Vs. Vijay Talkies

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... he submitted that the law prior to the amendment of section 45 of the act was that the distribution of capital assets on dissolution of the firm was not to be regarded as transfer under clause (ii) of section 47; but the finance act, 1987 with effect from 1-4-1988 omitted this clause, the effect of which is that the distribution of capital assets on the dissolution of a firm would henceforth be regarded as ..... (supra) has considered the decision of the apex court in malabar fisheries' case (supra) and various other decisions of the same line and has held that all these judgments were previous to the amendment brought about by the finance act, 1987 which introduced sub-sections (3) & (4) in section 45, with effect from 1-4-1988. ..... has held that in view of omission of section 47(ii) by the finance act, 1987, the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer, no amendment is required in the definition of transfer in section 2(47) of the income tax act.9. ..... after considering the amended provisions of sections 45(4) and 47 of the income tax act, it was held that the purpose and object of the act of 1987 was to charge tax arising on distribution of capital assets of firms which otherwise was not subject to taxation to block the escape routes for avoiding capital gains tax and therefore if the object of the act is seen and the mischief it seeks to avoid, it would be clear that the intention of parliament was to bring into .....

Shri Shetty G.D. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD103(Pune.)

..... . the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and clarificatory in nature to ..... . the hon'ble supreme court, therefore, held that the amendment introduced by the finance act, 1987 was declaratory or clarificatory in nature so far as it related to section 27(iii), (iiia) and (iiib) and, consequently these provisions are ..... case, it was held that the amendment made to section 27 of the act by the finance act, 1987 was intended to supply an obvious omission or to clear up doubts as to the meaning of the word "owner" in section 22 of the act ..... or for a period not exceeding one year) in or with respect to any building or part thereof by virtue of any such transaction as is referred to in clause (f) of section 269ua, shall be deemed lo be the owner of that building or part thereof; (vi) taxes levied by a local authority in respect of any property shall be deemed to include service taxes levied by the local authority in respect of the property.clause (iii), (iiia) and (iiib) to section 27(1) has been inserted by the finance act, 1987 with effect from 1.4.1988.6.5 ..... before the hon'ble supreme court was related to the assessment year 75-76 and 76-77 before the insertion of clause (iii), (iiia) and (iiib) to section 27(1) of the act by the finance act, 1987 .....

Shri Vijaysinh R. Rathod and ors. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... by the finance act, 1987, with effect from april i, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even ..... sale of such property where neither date of acquisition nor cost of land was ascertainable, cannot be brought to tax under head "capital gains" with the following observations: though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for ..... then held by the assessees as inherited from the fore-fathers and the cost of acquisition in the hands of the assessees would be that of the fore-fathers by virtue of section 49(1)(iii)(a) of the act providing that where capital assets become property of the assessee by succession, inheritance or devolution, cost of acquisition of the assets deemed to be the cost of which the previous owner ..... to be substituted as cost of acquisition of the previous owner, but the court rejected the contentions by observing as under: so far as the submission based on section 55(3) of the act is concerned, we find that the said provision has no application to the facts of the present case. ..... the present case, admittedly, the assets had been acquired by a mode of acquisition specified in section 49(1)(iii) (a) of the act and thus the asset in question was a long-term capital asset but neither the cost nor .....

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 .....

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 .....

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. .....

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 .....