Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)375
..... reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained ..... section 143(1)(a) as amended by the finance act, 1987 ..... but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act ..... 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 to the assessee on the ..... - 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 filing of incorrect returns to ..... additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)152TAXMAN25(Pune.)
..... (47) of section 2 was amended by the finance act, 1987, w.e.f. ..... the completion of 'transfer' of an immovable property as per the general law is not a requirement for the applicability of the provisions of the sub-clause (v) of section 2(47) of the act as was held by the bombay high court in the case of chaturbhuj dwarkadas kapadia (supra).further, the assessee's plea that subsequently he filed suits which were pending, against the builder/developer with ..... new sub-clauses provide that 'transfer' includes (i) any transaction which allows possession to be retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act; and (ii) any transaction entered into in any manner which has the effect of transferring or enabling the enjoyment of any immovable property. ..... it is seen that the sub-clause, (v) and (vi) of section 2(47) read as under : (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or (vi) any transaction, (whether by way of becoming a member of or acquiring shares in, a co-operative society, company or other aop or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, ..... that no fsi was transferred within the meaning of section 2(47) of the act as there were no registered sale deeds. .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)
..... does not widen the scope of application of the act in all respect contrary to the confines created by the amendment substituting section 143(1) under the finance act, 1987. ..... this is clear from the scheme introduced by the finance act, 1987, which was a deliberate and clear departure from the summary assessment contemplated under section 143(1) brought about with a particular purpose and object as reflected in the explanation to section 143.12.1 in order to attract section 263, the order must be an order passed by the ao in the ..... explanation was further amended by the finance act, 1994, to include section 246 along with section 264. ..... after the amendment under the direct tax laws (amendment) act, 1987, effective from 1st april, 1989, the scheme of summary assessment was omitted along with the assessee's right to object to the summary assessment, and only an intimation was to be sent without prejudice to section 143(2) which authorizes the ao to scrutinize the return and consider all the claims and pass an order of assessment under sub-section (3) dealing with the issues involved in ..... contended that the act was amended by the finance act, 1999, w.e.f ..... : [1972]83itr170(sc) .4.5 by reason of the explanation, an intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)2SOT571(Ahd.)
..... here, it is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. ..... the words" any bad debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. ..... of law and nothing was materialized and therefore, the assessee was compelled to write off of amount for which proper entry was passed in the books of account, which is pre-requisite for claiming deduction under section 36(1)(vii) of the income tax act.on the other hand, the learned departmental representative vehemently argued that the lower authorities were justified in disallowing assessee's claim for bad debts, insofar as the deduction claimed under ..... the previous year in which such account has been written off.since this amount has not been accounted for as income in any of the earlier years, the assessee is not eligible for deduction under section 36(1)(vii) read with section 36(2) of the income tax act.the assessing officer further observed that in the balance sheet as on 31-3-2000 the assessee had shown the outstanding sum of rs. ..... it was held that in view of the amended provisions of section 36(1)(vii) the assessee need not establish that debt has become bad and considering that the assessee had not been able to recover any amount despite filing suit and obtaining decree, there .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)199CTR(P& H)200
..... this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b, the first proviso to section 43b and expln. ..... [1997]224itr677(sc) , their lordships have interpreted section 43b of the act and laid down the following proposition :'section 43b of the it act, 1961, was inserted w.e.f. ..... finalised the assessment under section 143(3) of the it act, 1961 (for short, 'the act), at income of rs ..... 25,64,340 made under section 43b of it act, 1961, on account of unpaid liability of cst, sales-tax and ..... but for the proviso the ambit of section 43b becomes unduly wide bringing within its scope those payments which were not intended to be prohibited from the category of ..... the proviso makes it clear that the section will not apply in relation to any sum which is actually paid by the assessee in the next accounting year, if it is paid on or before the due date for furnishing the return of income in respect of the previous year, ..... however, 'any sum payable' in clause (a) of section 43b was open to the interpretation that the amount payable in a particular year should also be statutorily payable under the relevant statute in the ..... under section 43b of it act.'3. ..... account of unpaid sales-tax liabilities and under section 43b of the act. .....
Tag this Judgment!Court : Rajasthan
Reported in : III(2005)BC440; 2006(1)CTLJ377(Raj); RLW2005(2)Raj808; 2005(2)WLC337
..... may recompute the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub- section (7) of that section being reckoned from the end of the assessment year next following the previus year in which the payment was so made: ..... central, state or provincial act;(d) any government company as defined in section 617 of the companies act, 1956 (1 of 1956);(e) such other institution, association or body or class of institutions, associations or bodies which the central government may, for reasons to be recorded in writing, notify in this behalf in ..... remaining unpaid; or(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more :provided that the provisions of this section shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by,-(a) government;(b) any banking company, post office savings bank or co- operative bank;(c) any corporation established by a ..... laws (amendment) act, 1987, w.e.f ..... section (6) was inserted by the finance ..... section (5) was inserted by the finance .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)195CTR(P& H)92; [2005]276ITR571(P& H)
..... it was found impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendments in section 43b were introduced by the finance act, 1987. ..... the first proviso to section 43b of the act inserted by the finance act, 1987, was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... as regards sales-tax, the scope of proviso to section 43b inserted by finance act, 1987, w.e.f. ..... during the relevant period of time, section 43b(a) read as under :'(a) any sum payable by the assessee by way of tax or duty under any law for the time being is force,' the amendment brought in by the finance act, 1988, including the expressions 'cess' was w.e.f ..... 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b(a), the first proviso to section 43b and expln. ..... union of india : [1991]189itr70(patna) as under :the object of the section 43b of the it act, 1961, was to refuse deduction to an assessee in respect of provident fund, etc ..... on or before the due date applicable in his case for furnishing his return of income under section 139(1) of the it act, he shall be entitled to claim deduction of that amount. .....
Tag this Judgment!Court : Rajasthan
Reported in : (2005)195CTR(Raj)335; [2006]284ITR250(Raj)
..... section 43b has been inserted by the finance act, 1983 (11 of 1983), section ..... taxable income.the provision has expressly included only two species of taxation, namely, 'tax' or 'duty' and has also not used wider expression 'by whatever name called' so as to make applicable the provisions of section 43b to the tax in generic sense to include within expression all forms of imposts as defined under article 366(28) of the constitution of india.it may be seen that under the substituted provisions, the legislature has extended the ..... , the period for which we are also concerned, held that :'prior to clause (a) of section 43b was substituted by finance act, 1988, w.e.f. ..... 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 furnishing 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 the assessee along with such return :provided further ..... 1984).the provision was amended for the first time by the direct tax laws (amendment) act, 1987, w.e.f. ..... 1987-88, section 43b as it was in force in 1987, would only ..... 1st april, 1989, clause (a) was amended to read as under :'any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time ..... referring to the position prior to amendment in the provision w.e.f. ..... 1987 ..... 1987 .....
Tag this Judgment!Court : Kerala
Reported in : (2005)196CTR(Ker)391; [2005]275ITR146(Ker); 2005(2)KLT140
..... true that under the amending act by section 18 of the finance act, 1956, authority was conferred upon the income tax officer to assess a person as an agent of a foreign party under section 43 within two years ..... but authority of the income tax officer under the act before it was amended by the finance act of 1956, having already come to an end, the amending provision will not assist him to commence a proceeding even though at the date when he issued the notice it is within the period provided by that amending act'.the same view was expressed by the supreme court in various ..... to assess or reassess has lapsed on account of the expiry of the period of limitation prescribed under the earlier statute, the income-tax officer can exercise his powers to assess or reassess under the amending statute which gives, an extended period of limitation, was not accepted in calcutta discount company's case.as we have already pointed out, the right to commence a proceeding for assessment against the assessee as ..... enable the authorities to reopen assessments, which had already attained finality due to bar of limitation prescribed under section 149 as applicable prior to 1.4.1989, would amount to give sub-section (1) a retrospective operation which is neither expressly nor impliedly intended by the amended sub-section.in fact, after the decision of the supreme court a review petition was filed before the learned single judge on the ..... act, 1987, section 147 was substituted by the following section ..... 28.1.1987 .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)414; [2004]270ITR408(Guj)
..... by the calcutta high court in the case of kalipada ghosh (supra) merely provide that house would include appurtenant land which is the clarification made by the amendment made by finance act, 1992 by inserting clause (ea) in section 2 of the wealth-tax act with effect from 1.4.1993. ..... prior to 1.4.1993 and, therefore also, the land in question cannot be considered to be urban land.clause (ea) inserted in section 2 by finance act 1992 with effect from 1.4.1993 merely clarified the definition of 'urban land' which was even otherwise includible in the assets as defined by clause (e) in section 2 of the act because clause (e) defines 'assets' as under :-'assets' includes property of every description, movable or immovable, but does not ..... amendments to section 5(1)(iv) were made from time to time not merely to remove anomalies and practical difficulties but also to introduce some tax concessions and to remove some hardships and to provide certainty in the matter of wealth-tax assessments and to reduce litigation by incorporating rules for valuation of assets in the wealth-tax act itself.strong reliance is, therefore, placed on circular no.559 dated 4.5.1990 containing explanatory notes to various provisions of direct tax laws (amendment) act, 1987 ..... shri shrenik kasturbhai, wealth-tax reference no.48 of 1987 and connected matters decided on 18.10.1995 wherein it is held that occupation of quarters by servants engaged by the owner for household chores does not militate against occupation .....
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