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Asstt. Cit Vs. Pepsi Foods Ltd.

Court : Delhi

Reported in : (2004)88TTJ(Del)111

..... him, initially the liability to deduct the tax at source was on the basis of payment of the sum chargeable to tax but by finance act, 1987, the provisions of section 195 were amended and the liability to deduct the tax at source accrued at the time of credit of such income or at the time of payment, ..... the provisions of section 195(1) and the explanationn to this section as well as notes on clauses regarding amendment by finance act, 1987. ..... such crediting shall be deemed to be credit of such income of the account of the payee and the provisions of this section shall apply accordingly'.a bare reading of the above provisions clearly shows that if any sum to be paid by the assessed, not falling within the preceding sections, to any non-resident, is chargeable to tax under the act then assessed is under obligation to deduct the tax at source either at the time of payment or at the time ..... the relevant portion of the same is reproduced as under :'section 195(1) : any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being on securities) or any other sum chargeable under the provisions of this act (not being income chargeable under the head 'salaries') shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a ..... explain why the tax was not deducted at source under section 195 of the act in respect of the aforesaid amount credited by the assessed. .....

Ramlal Agrawal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Reported in : (2003)78TTJ(Nag.)123

..... the provisions of section 147 as amended by the finance act, 1987, w.e.f 1st april, 1989 reads as follows: "147 income escaping assessment ..... as per the proviso to section 147 substituted by the direct tax laws (amendment) act, 1987, w.e.f. ..... it is pertinent to note that section 147 was substituted by the direct tax laws (amendment) act, 1987, w.e.f. ..... and goes to show that the information ,was the basis for forming belief about the escapement as per the pre-amended provisions and the ao was required to have such information in his possession to enable him to validly acquire the jurisdiction under section 147 and in the absence of the very existence of such information, the various judicial authorities proceeded to conclude that the ao did not have jurisdiction to assess or reassess the ..... 1st april, 1989 and as per the amended provisions of the said section the only condition precedent for acquiring jurisdiction under section 147 is that the ao should have reason to believe that income chargeable to tax has escaped assessment ..... the learned counsel for the assessee brought to our notice the original order of assessment under section 143(3) in this case wherein the ao has acknowledged the intimation by the assessee under section 176(3) of the it act, 1961, the fact of dissolution of the firm. ..... 14th june, 2001, filed before the cit(a) under section 154 of the it act, 1961, seeking to rectify errors apparent on the face of the record of his order ..... after the amendments made to section 147 w.e.f .....

Assistant Commissioner of Wealth Vs. Major S. Qureshi

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)78TTJLuck474

..... is after amendment inserted in section 27 of it act through finance act, 1987, w.e.f ..... supreme court of india has also considered the aspect relating to retrospectivity of the amended provision and held as under: "from the circumstances narrated above and from the memorandum explaining the finance bill, 1987 [see (1987) 165 itr (st) 161], it is crystal clear that the ' amendment 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. ..... therefore, no hesitation to hold that the amendment introduced by the finance bill, 1987, was declaratory/clarificatory in nature so far as it relates to sections 27(iii), (iiia) and (iiib). ..... the learned counsel, further, elaborated his argument by submitting that in view of amendment made under s, 27 of it act and corresponding amendments made in section 2(m) of wt act, the beneficial owner is to be treated as real owner of the property and from that angle also the assessee did not remain the owner of the property after mutation which was effected on 18th ..... amendments have also been proposed in regard to the definition of 'transfer' in section 2(47) of the it act, section 2(m) of the wt act defining 'net wealth' and section 2 (xii) of the gt act defining ..... it may be pointed out that the amendment made in section 4(1)(a) and section 2(m) of wt act shall also operate retrospectively in view of the decision of hon'ble supreme court of india in the case of cit v.podai cement .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 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 ..... a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... by the finance act, 1987, two provisos to section 43b were inserted ..... second proviso to section 43b introduced by the finance act, 1987 w.e.f. ..... two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, w.e.f. ..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at ..... the second proviso was, therefore, amended by the finance act, 1989, in which the words "during the previous year" were ..... (e) any sum payable by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, w.e.f. .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... 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. ..... with a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... computing the income only of that previous year in which such sum is actually paid by him.by the finance act, 1987, two provisos to section 43b were inserted with effect from 1-4-1988. ..... the two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, with effect from 1-4-1998.the hon'ble gujarat high court in a subsequent judgment in the case of cit v. ..... the second proviso to section 43b introduced by the finance act, 1987 with effect from 1-4-1988, provided that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid during the previous year on or before the due date as defined in .....

K.M. Sharma Vs. Income Tax Officer, Ward 13(7), New Delhi

Court : Supreme Court of India

Reported in : AIR2002SC1715; (2002)174CTR(SC)210; [2002]254ITR772(SC); JT2002(4)SC10; 2002(3)SCALE383; (2002)4SCC339; [2002]2SCR1047; 2002TAXLR803; [2002]122TAXMAN426(SC)

..... this court took similar view in the case of s.s.gadgil (supra) in somewhat comparable situation arising from the retrospective operation given to section 34(i) of income tax act, 1922 as amended with retrospective effect from 1.4.1956 by the finance act of 1956. ..... the section was amended by section 18 of the finance act, 1956, extending this period of limitation to two years from the end of the assessment year. ..... in sub-section (1) of section 150, by direct tax laws (amendment) act, 1987 with effect from 1.4.1989, the words 'or by a court in any proceeding under any other law' were inserted which are shown in bracket with underline in the section reproduced above.10. ..... (1) notwithstanding anything contained in section 149, the notice under section 148 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to any finding or direction contained in an order passed by any authority in any proceeding under this act by way of appeal, reference or revision [or by a court in any proceeding under any other law][the portion bracketed and underlined above is inserted aby the direct tax laws (amendment) act, 1987 with effect from .....

The Commissioner of Income Tax, Delhi-ii, New Delhi Vs. Motor General ...

Court : Delhi

Reported in : [2002]254ITR449(Delhi)

..... financial year: provided further that nothing contained inthis sub-clause shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2000, and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance tax due on the 15th day of june 2000, the15th day ..... of september, 2000, and the 15th day ofdecember, 2000: provided also that nothing contained in thissub-section shall apply to any shortfall in thepayment of the tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2001 and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of the installment ofadvance ..... ] explanationn [inserted by dtl (amendment) act,1987, and omitted by dtl (amendment) act, 1989,with effect from 1-4-89. .....

Commissioner of Income-tax Vs. Kerala State Coir Corporation Ltd.

Court : Kerala

Reported in : (2001)170CTR(Ker)298; [2001]252ITR503(Ker)

..... cash compensatory support became taxable retrospectively with effect from april 1, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act came into force. ..... dismissed the appeal in view of the retrospective amendment with effect from april 1,1989, of section 143(1a) by the finance act, 1993. ..... clause (iiib) in section 28 of the income-tax act, 1961, was inserted by the finance bill of 1990, which ultimately became the finance act and received the assent of ..... clause (iiib) was inserted in section 28, though having retrospective operation by the finance act, 1990, the assessee did not ..... the substituted section 143(1a) providing for levy of additional tax even in a case of disallowance of loss, treating the amount disallowed as income of the assessee, was given retrospective effect from april 1, 1989, by the finance act, 1993, which received the assent of the ..... tax that would have been chargeable had such total income been reduced by the amount of adjustments and specify the additional income-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1) ; (b) in a case where the loss so declared is reduced under sub-clause (ii) of this clause or the aforesaid adjustments have the effect of converting that loss into income, calculate a sum (hereinafter ..... it was by the amendment act of 1987 that section 143 was substituted in the income-tax act to introduce a new scheme of assessment .....

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. .....

Cadell Weaving Mill Co. P. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : 2001(3)ALLMR108; (2001)166CTR(Bom)7; [2001]249ITR265(Bom)

..... this connection, he placed reliance on the central board of direct taxes circular which clarified that in order to overcome the judicial interpretation the finance act, 1987, had provided in section 55(2)(a) that cost of acquisition in the case of goodwill will be taken as nil. ..... the circular specifically provides that for the purposes of bringing the capital gains arising from the transfer of tenancy rights in the acquisition of which the assessee has not incurred any expenditure, the finance act has amended to provide that the cost of acquisition of the tenancy rights should be taken at nil. ..... was contended that if all receipts were taxable as casual income at the rate of 35 per cent, then there was no point in the legislature bringing the amendment in section 55 with effect from april 1, 1995, under which the cost of acquisition of a capital asset could be regarded as nil because by bringing the said amendment the receipt is taxable at 20 per cent. ..... that in order to overcome the judicial view, the legislature had to amend the provisions of the income-tax act in order to take the cost of acquisition at nil so as to tax the amount under section 45 instead of section 56. ..... was urged that, in fact, the amendment of section 55 shows that because the cost of acquisition could not be computed the legislature had to step in and make the cost of acquisition at nil rate so that the capital gains arising on transfer of capital asset could be taxed under section 45 of the income-tax act. .....