Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Sorted by: recent Court: mumbai Page 1 of about 719 results (0.160 seconds)

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 .....

The Commissioner of Income Tax Vs. Godaveri (Mannar) Sahakari Sakhar K ...

Court : Mumbai

Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)

..... made by the finance act of 1987 in section 43b 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.it had been argued before the supreme court, that looking to the curative nature of the amendment made by the finance act of 1987, the proviso inserted by the amending finance act of 1987 should be given retrospective effect and be read as forming part of section 43b ..... . the finance act of 1987, therefore, treated section 43b(b) as a distinct class from the other provisions ..... the first proviso was also amended by the finance act, 2003 with effect from 1st april, 2004 by omitting the following words:referred to in clause (a) or clause (c) or clause (d) or clause (e) or clause (f).the section as it stood before the finance act, 2003, treated payments in respect of tax, duty, cess or fee, payment made to an employee, as bonus or commission or services rendered as set out therein any sum payable by the assessee as interest on any loan or borrowing from any public ..... . by section 21 of the finance act, 2003, the following amendments were incorporated in section 43b of the act, 2003.in the first proviso, the words, brackets and letters 'referred to in clause (a) or clause (c) or clause (d) or clause (e) or clause (f) have been omitted .....

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 .....

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 .....

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 .....

Commissioner of Income-tax Vs. A.N. Naik Associates and anr. and Ranga ...

Court : Mumbai

Reported in : 2004(2)BomCR801; (2004)187CTR(Bom)162; [2004]265ITR346(Bom)

..... therefore, instead of amending section 2(47), the amendment was carried out by the finance act, 1987, by omitting section 47(ii), the result of which is that distribution of capital assets on the dissolution of a firm would be regarded as 'transfer'. ..... to plug this loophole the finance act, 1987, brought on the statute book a new sub-section (4) in section 45 of the act. ..... 'sub-section (4) along with sub-section (3) were introduced by the finance act, 1987, with effect from april 1, 1988. ..... parliament with the avowed object of blocking this escape route for avoiding capital gains tax by the finance act, 1987, has introduced sub-section (3) to section 45. ..... it may be noted that all these judgments were previous to the amendment brought about by the act of 1987 which introduced sub-sections (3) and (4) in section 45, with effect from april 1, 1988. ..... prior to the finance act, 1987, in the case of a partnership it was held that the assets are of the partners and not of the partnership. ..... the finance act, 1987, with effect from april 1, 1988, omitted this clause, the effect of which is that distribution of capital assets on the dissolution of a firm would henceforth be regarded as 'transfer'. ..... as the section is a self-contained code, there was no need to amend the definition of transfer under section 2(47) of the act. .....

Deputy Commissioner of Income Tax Vs. Reliance Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD209(Mum.)

..... " he further submitted that section 195 of the act was amended by the finance act, 1987, to provide for deduction of tax at source on payment of certain sums to non-residents either at the time of credit of the same to their accounts or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever ..... , the assessee made an application for the remittance of the charter charges without deducting tax at source.according to the learned counsel for the assessee, although the ao has relied on section 9(1)(i) r/w section 5(2)(b) of the act, for taking the view that the charter charges are taxable in india, the arguments have been advanced by the learned departmental representative only on the issue of business connection in india. ..... any view, there is no transaction involved in the time charter party of the nature to attract the provisions of section 2(47) of the act and, therefore, this limb can also have no application.therefore, the provisions of section 9(1)(i) referring to "through or from any business connection in india" will have to be considered. ..... however, the expression and the language used in section 172 is mirrored in section 44b of the it act.section 44b is a special provision for computing profits and gains of shipping business in the case of non- ..... it was contended before the learned cit(a) that the provisions of section 9(1)(i) r/w section 5(2)(b) of the act were not applicable and that the charter charges were not taxable in india .....

Sbm Engg. Products (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD116(Mum.)

..... " finance act, 1987, again amended section 80 with effect from 1st april, 1988 to include the reference to sub-section (3) of section 74 by the . ..... similarly, the direct tax laws (amendment) act, 1987 amended section 80 with effect from 1st april, 1989, substituting the words "in accordance with the provisions of sub-section (3) of section 139 or within such further time as may be allowed by the income-tax officer. ..... notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed under section 139, shall he carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74.the taxation laws (amendment) act, 1984 further amended section 80 with effect from 1st april, 1985, substituting the words under section 139' by the expression "within the time allowed under sub-section (1)of section 139 or within such further time as may be allowed by the income-tax officer. ..... the taxation laws (amendment) act, 1984 amended section 80 with effect from 1-4-1985 substituting the words 'under section 139' by the expression "within the time allowed under sub-section (1) of section 139 or within such further time as may be allowed by the income-tax officer". .....

Unit Trust of India, Mumbai and anr. Vs. P.K. Unny and ors.

Court : Mumbai

Reported in : 2001(3)BomCR673; 2002(1)MhLj301

..... however, section 2(7a) of the income tax act came to be amended by direct tax laws (amendment) act, 1987 by which the name of the various authorities under the act came to be changed. ..... he contended that the finance act of 1991 has been enacted much after the enactment of the uti act, 1963 and, therefore, the act of 1991 amending the interest tax act was a subsequent law vis-a-vis uti act, 1963. mr. ..... when the parliament enacted the finance act with effect from 1st october, 1991 uti and lic were brought expressly within the purview of the interest tax act thereby the parliament impliedly repealed section 32 of the uti act to the extent of the interest income which is made taxable under the interest tax act. ..... however, as stated above, since 1991, the market borrowings of the central government have increased manifold times and, therefore, by finance act, 2000 the levy has been withdrawn after 31-3-2000. ..... in the present matter, on facts, we find that after finance act of 1991, uti sought the opinion of the central board of direct taxes. ..... dastur submitted that section 2(28a) was introduced in the act by finance act 1988 because the government wanted to levy tax oninterest under section 9(1)(v) of the income tax act which deals with interest income which accrues or arises in india. .....