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Commissioner of Income-tax Vs. Dalmia Dairy Industries Ltd.

Court : Delhi

Reported in : [1991]189ITR167(Delhi)

..... that, right, from the assessment year 1974-75, the deduction was allowed by the tribunal and, in respect of three years, namely, 1974-75, 1975-76 and 1977-78, not only the tribunal dismissed the application under section 256(1), but this court also dismissed two of the income-tax references being itc no. ..... in respect of the assessment year 1978-79, it is contended by learned counsel for the petitioner that the tribunal itself, vide order dated july 27, 1987, had made a reference to this court under section 256 of the income-tax act. ..... in this order, the tribunal has not referred to its earlier order passed under section 256(1) nor has it referred to the order passed by this court under section 256(2) of the act. 6. ..... 49 of 1987, the latter itc being dismissed on july 29, 1987. 5. .....

Jayanikumar V. Thakkar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)35ITD298(Ahd.)

..... also urged that the term "transfer" as defined in section 2(47) and as amended by finance act, 1987 w.e.f. ..... in this behalf our attention was also drawn to the provisions of section 2(47)(v) as amended w.e.f. ..... (supra) the allahabad high court was concerned with the interpretation of the expression 'building owned by the assessee' occurring in section 32 of the act and had held that the said expression had not been used in that section in the sense of property, complete title in which vests in the assessee, who was in a position to exercise the right of the owner in his own rights and not on behalf of the person in whom the actual title to that ..... the words "allowance of possession" used in the amended language of section 2(4)(v) admits of the interpretation put by us in the facts of this case ..... it was a case under the gift-tax act, 1958 and the expression "transfer of property" as defined in section 2 (xxiv) of that act was considered vide enough to include within its scope any assignment or alienation of ..... the attachment of the sale proceeds by the customs and income-tax authorities and withdrawing such attachment or prohibition on operating the bank account by the assessee only on2-6-1982 and 18-3-1987 respectively had resulted in the defeat of assessee's valuable rights under sections 53 & 54 of the act. ..... reply the learned counsel for the assessee has very rightly submitted that the provisions in section 53a of the above mentioned act can be used only as a weapon of defence.16. .....

Comnissioner of Income-tax Vs. Dharangadhra Chemical Works Ltd.

Court : Mumbai

Reported in : [1990]33ITD693(Mum)

..... application dated 27-7-1988, the tribunal in para 5 of the order, had observed as under :-'now, the term 'income-tax authority' is defined in section 245a (b) (as it existed prior to the amendment of the section brought about by finance act 1987 with effect from 1-6-1987) as under :'(b) 'income-tax authority' means a director of inspection, a commissioner, a commissioner (appeals), an appellate assistant commissioner, an inspecting assistant commissioner or an income-tax ..... after the amendment, the term 'income-tax authority' is defined in clause (d) of section 245a as income-tax authority specified in section 116. ..... after reproducing the definition of the term 'case' in that section, the tribunal held that 'case' means proceedings for assessment or reassessment which are pending before the income-tax authority on the date on which an application ..... the tribunal has not given any finding that section 245 does not apply to an appeal filed before it against the order of revision ..... itat was correct in law in holding that section 245f (2) does not apply to appeal filed before it against order of revision ..... in both these sections, income-tax appellate tribunal is not regarded as an income-tax authority which would mean that the settlement commission cannot exercise or supersede the powers of ..... first miscellaneous application was filed on 22-2-1987 and was marked m. a. no ..... 256(1) of the income-tax act, 1961, arising out of ..... filed against the order passed by the tribunal on 14-9-1987 in ita no. .....

Nageswara Rice Working Co. Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1989)30ITD143(Hyd.)

..... . "can the amendment to section 43b by the finance act, 1987, be taken into account in interpreting the provisions of section for the asst.year ..... . "can the amendment to section 43b by the finance act, 1987 be taken into account in interpreting the provisions of section for the ..... we may also refer to the amendment to section 43b brought in by the finance act, 1987. ..... . as the intendment of the first proviso referred to above is clarificatory of the provisions of section 43b, even though it was introduced by the finance act, 1987, with effect from 1-4-1988 it should be followed with respect to the preceding assessment years also in order ..... . 1 under s.43b by finance act, 1987, with effect from 1-4-1988 : "provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) which is actually paid by the assessee on or before the due date applicable in his case for furnishin the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by ..... crossed cheque, the parliament did specify that payments made after 31-3-1969 would be hit by the said provision.however, the parliament has also specified in respect of a number of other fiscal provisions, particularly annual amendments to the 1961 act brought through the finance acts that certain provisions would be applicable with effect from specified assessment years .....

income-tax Officer Vs. Dhrangadhra Chemical Works (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)28ITD499(Mum.)

..... now, the term "income-tax authority" is defined in sections 245a(6) (as it existed prior to the amendment of the section brought about by finance act, 1987 with effect from 1-6-1987) as under :-- (b) "income-tax authority" means a director of inspection, a commissioner, a commissioner (appeals), an appellate assistant commissioner, an inspecting assistant commissioner or an income-tax officer.even after the amendment, the term "income-tax authority" is defined in clause (d) of sections 245a as income-tax authority specified in section 116. ..... section 245f (which was omitted by finance act, 1987 with effect from 1-6-1987) read as under: 245m (1) notwithstanding anything contained in this chapter, any assessee who has filed an appeal to the appellate tribunal under this act which is pending before it shall, on withdrawing such appeal from the appellate tribunal before the 1st day of october, 1984, be entitled to make an application to the settlement commission to have his case settled under this chapter : ..... 321/bom/1987), it is pointed out that the assessee had filed a settlement application under section 245c(1) of the income-tax act for the assessment year 1979-80 which was admitted by the settlement commission by their order dated 26-11-1984 under section 245d(1). .....

Suvardhan Vs. Cit

Court : Karnataka

Reported in : [2006]156TAXMAN229(Kar)

..... 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. ..... 'this was omitted by the finance act, 1987 with effect from 1-4-1988. ..... when 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. ..... in our view, despite no amendment to section 2(47), in the light of removal of clause (ii) to section 47, transaction certainly would call for tax at the hands of the authorities.10. ..... he would come to the conclusion that this is a case of transfer by way of distribution of capital assets on dissolution of the firm in terms of section 45(4) of the act, and that the profits or gains therefrom is chargeable to tax. ..... thereafter, the assessing officer concluded the assessment under section 144 of the act charging capital gain in the hands of the firm in respect of the assets transferred by the firm. ..... prior to amendment section 47(2) read as under:'(2) any distribution of capital assets on the dissolution of a firm, body of individuals or other association of persons. ..... it is in these circumstances that he has chosen to consider section 45(4) of the income tax act for the purpose of levy of tax. .....

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: .....

Magam Inc. Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : [2007]288ITR566(Mad)

..... that, by virtue of the expression the export of any goods or merchandise to which this section applies employed in section 80hhc and by virtue of sub-section 2(b)(ii), which specifically denied the benefit of the section to export of granite (mineral), the benefit under section 80hhc is not available to the assessee; that by the amendment act 2 of 19 91, an exception has been carved out to the specific provision which excluded, rather denied the benefit conferred under section 80hhc to export of minerals (granite); that the amendment brought by the finance (no. ..... 2) act of 1991 to section 80hhc of the income tax act is only prospective and effective from april 1, 1991, and for the assessment years 1987-88 and 1989-90 under consideration, the statutory provision is very clear in the sense that section 80hhc of the income tax act is not applicable to the export of granite.in the result, these appeals are dismissed, the questions of law are answered in affirmative and in favour of the revenue.

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 .....

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD101(Mum.)

..... contentions of the revenue, it would be appropriate to refer both the definitions of "net wealth" provided in section 2(m) of wt act, 1957 and section 40(2) of finance act, 1983, which are reproduced as under: section 2(m) section 40(2)"net wealth" means the amount by for the purposes of sub-section (1), thewhich the aggregate value computed net wealth of a company shall bein accordance with the provisions of the amount by which the aggregatethis act of all the assets, wherever value of all the assets referred to inlocated, belonging to the assessee ..... , to entitle the assessees to claim a deduction under section 5 of the wt act, when section 5 of the wt act itself is excluded from being available to private limited companies under sub-section (5)(a) of section 40 of the finance act, 1983, obviously section 4(7) of the wt act introduced only to implement section 5 must also be excluded.17. ..... 1,00,000 in the computation of his net wealth, under section 5(1)(iv) as amended by the finance (no. ..... after discussing the issue in the light of subsequent changes brought in by finance act, 1987, w.e.f. .....