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Deputy Commissioner of Income Tax Vs. Glaxo Smithkline Consumer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

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

..... . 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 ..... . 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 ..... . 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, ..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987 .....

Punjab State Electricity Board Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)88TTJ(Chd.)450

..... becomes specially true in the case of the appellant in view of the fact that in so far as interest on securities is concerned, the finance act, 1986, and finance act, 1987, did not provide for deduction of any surcharge on tax deducted at source in respect of interest on securities. ..... such person and in the cases referred to in section 194, the principal officer and the company of which he is the principal officer does not deduct or after deducting fails to pay the tax as required by or under this act, he or it shall, without prejudice to any other consequences which he or it may incur, be deemed to be an assessee in default in respect of the tax '.provided that no penalty shall be charged under section 221 from such person, principal officer or ..... in every finance act, "rates of income-tax" are provided as per part ii of the first schedule to the finance act under the title "rates for deduction of tax at source in certain ..... we may straightaway go to the provisions of finance act, 1989 applicable in financial year '1989-90 wherein rate is first provided for "person other than a domestic ..... meaning of words "the rates in force" stated in section 193 is to be found in the charging section 4 read with the finance act of the relevant previous year. ..... further, through a provision introduced by finance act, 1989, income-tax deductible from interest was to be increased by surcharge levied at ..... was liable to deduct tax at source as per rates prescribed by the finance acts, from year to year. .....

Phillips India Ltd. (Earlier Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)92ITD441(Chd.)

..... it may be recalled that finance act, 1987 incorporated chapter xiib in the income-tax act, 1961 providing special provisions relating to certain companies for payment of minimum ..... is required to pay tax in advance.sub-section (4) of section 115jaa makes the assessee eligible to set off mat credit against the tax payable on the total income computed in accordance with the provisions bf the act other than section 115ja.section 208 reproduced above also refers to the amount of tax payable by the assessee during the year as computed in accordance with the provisions of chapter xvii i.e. ..... sub-section (4) of section 115jaa may give an impression that whether the assessee is liable to pay tax in accordance with provisions of section 115ja or in accordance with other previsions of the act, can be determined only after the end of the year at the stage of determination of tax payable by the assessee, which according to the revenue, would be at the time of assessment or processing of ..... was also incorporated by the finance act, 1997 w.e.f. ..... case, it is not disputed that in the year under appeal, the income is computed in accordance with the provisions of the act, 1961 other than section 115ja and, therefore, assesses is entitled to the set off of carried forward mat credit of tax. ..... a similar provision for payment of taxes by the companies whose profit determined in accordance with provisions of the act worked out to less than 30% of the book profits to be taxed on 30% of the book profits. .....

H.P. State Industrial Dev. Corpn. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2003)87ITD551(Chd.)

..... the amount on which interest was payable under sub-section (1) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly.finance act, 1987 has brought about a significant change in the provisions of the act where the charging of interest was made mandatory and powers of the assessing officer to waive or reduce the interest under rule 117a and rule 40 were taken away. ..... but the change brought about by the finance act, 1987 is clear indication that the intention of legislature ..... prior to the finance act, 1987 corresponding sections in the income-tax act, 1961 empowered the assessing officer to reduce or ..... interest was payable under this sub-section has been increased or reduced as the case may be, the interest shall be increased or reduced accordingly.similar are the provisions of section 215 of income-tax act, 1961 which are reproduced as under: where, in any financial year, an assessee has paid [advance tax (including revised estimate)] and the advance tax so paid is less than seventy five ..... 160 itr 961 : 27 taxman 275, hon'ble supreme court has held that levy of interest under sections 139(8) and 215 of income-tax act, 1961 is part of process of assessment and is compensatory in nature.therefore, it is open to an assessee to dispute the levy of interest ..... section 154 of income-tax act, 1961 as limitation for invoking section 154 had expired.3.the facts of the case are that return of income for assessment year was due on 31-7-1987. .....

Shri Pardeep Kumar Dhir Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... by the finance act, 1987, the language of section 199 was modified to the extent that the credit for the tax deducted at source was provided to be given in the assessment year in ..... as tax paid on behalf of the persons referred to in sub-section (1) or, as the case may be, sub-section (2) and credit shall be given to him for the amount so deducted in the assessment made under this act for the assessment year for which such income is assessable without the production of certificate.it may be pertinent to mention that section 199 quoted above is the section as amended from time to time and as applicable for ..... income declared by the assessee on receipt basis.the tax deducted at source from the income of the assessee is akin to the advance tax, so, the credit for advance tax is to be given as per the provisions of section 219 of it act which read as under: any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this chapter shall be treated as a payment or tax in respect of the income of the period ..... unit-holder] or of the shareholder, as the case may be and credit shall be given to him for the amount so deducted on the production of the certificate furnished under section 203 in the assessment [made under this act for the assessment year for which such income is assessable].from the above provisions it would be clear that any deduction made and paid to the central government shall be treated as payment of tax of behalf of the .....

The A.C.i.T. Vs. Sh. A.R. Dahiya

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)89ITD377(Chd.)

..... clause (a) & (b) were inserted by the finance act, 1987 w.e.f.1.4.1988. ..... the legislature has taken care of above situation by introducing clause (c) to sub-section (5) of section 45 by the finance act, 2003 w.e.f. ..... the learned commissioner of income-tax (appeals) referred to application dated 2.6.1987 of the land acquisition collector urban estate, panchkula which according to learned commissioner showed that purely agriculture kind of land was developed in the close vicinity of the acquired land ..... there is ample evidence that the land in question was treated as a commercial asset in the shape of statements of the authorities under the land acquisition act to which a detailed reference ahs been made in the assessment order. ..... at any rate, the assessee was taxed under section 45 (5) (b) of income-tax act, a special provision providing for taxation of enhanced compensation. ..... iv) the authorities under the land acquisition act, the learned district judge in its award had described the land in question as commercial and not agricultural ..... the learned commissioner of income-tax (appeals) further held that provisions of section 2 (14) of the act were not applicable in this case. ..... changes made in the above clauses by finance (no. ..... the assessing officer further held that provision of section 2(14) of income-tax act was applicable to this land. ..... already held the enhanced compensation is liable to be taxed in the light of provision of section 45(5) (b) of income-tax act brought on statute book w.e.f. .....

income-tax Officer Vs. Parbhat Forgings (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1991)38ITD359(Chd.)

..... this chapter was inserted by the finance act, 1987, with effect from 1-4-1988 and reads as under:- 115 j(1) notwithstanding anything contained in any provision of this act, where in the case of an assessee being a company, the total income, as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1988 (hereafter in this section referred ..... such depreciable asset on the expiry of the specified period; or (d) as regards any other depreciable asset for which no rate of depreciation has been laid down by the indian income-tax act, 1922, or the rules made thereunder, on such basis as may be approved by the central government by any general order published in the official gazette or by any special order in ..... means the net profit as shown in the profit and loss account for the relevant previous year prepared in accordance with the provisions of parts ii and iii of the sixth schedule to the companies act, 1956 (1 of 1956), as increased by - (a) the amount of income-tax paid or payable and the provision therefor; or (c) the amount or amounts set aside to provisions made for ..... section 115 j read with parts ii and iii of the sixth schedule and clause (b) of first proviso to sub-section (1) of section 205 of the companies act, the depreciation has to be taken as provided for and the assessee cannot claim set off of earlier years' depreciation in computing the book profit as is envisaged in the explanation attached .....

Deputy Commissioner of Vs. Groz-beckert Saboo Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)77ITD126(Chd.)

..... it was held that amendment of section 27 by the finance act, 1987 was only clarificatory in nature. ..... as a result of difference between the learned members constituting the division bench, hon'ble president of the tribunal in exercise of powers conferred on him under section 255(4) of income-tax act, 1961, has referred the issues as mentioned in the following questions, to me to express my opinion as a third member :-- "1. ..... barium chemicals ltd [1987] 168 itr 164 (ap), wherein it was held that the expenditure incurred in investigating into defects and for advice to rectify defects was capital expenditure; (h) triveni engg. ..... ced under estate duty act and reference to 169 itr 14 (statutes) had nothing to do with claim of foreign travelling expenses. ..... as there was difference of opinion on the aforesaid two points, the matter was referred to a third member by the hon'ble president of the tribunal under section 255(4) of the income-tax act, 1961. .....

Sodhi Harbhajan Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1993)47ITD48(Chd.)

..... he has pointed out that sub-section (5) thereof was inserted by the finance act, 1987, w.e.f. ..... it is the market value which shall be paid in case the, difference between the income of the scheme and the cost of the scheme was less than the market value.the scheme under the punjab act, therefore, made it clear that the transfer of land was not dependent on the payment of compensation.7. ..... have considered the rival contentions and we find that the question of transfer of land shall have to be examined in the light of said enactment (the punjab act), under which the proceedings took place regarding acquisition of property. ..... counsel has argued that section 45 of the income-tax act, 1961, provides that the profits or gains arising from the transfer of a capital asset shall be chargeable to income-tax under the head 'capital gains' and it shall be deemed to be the income of the previous year in ..... counsel, we would like to note the scheme under the punjab act so as to determine the question of transfer of rights in the ..... that was a case where section 52(2) of the act was under examination and it was to be determined whether that provision had any application in case of a transfer of ..... it is thus seen that section 6(2) of the punjab act, made it clear that on the delivery of possession, the area in question shall vest absolutely in the improvement ..... under the scheme of the punjab act, the property was to vest absolutely in the improvement trust, after possession of the area was given to the .....

Punjab Small Industries and Export Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1994)50TTJ(Chd.)73

..... 43b had retrospective effect, though it was inserted by the finance act, 1987, w.e.f. ..... therefore, it was necessary to see if the amount paid as bonus other than the bonus under the said act, was reasonable with reference to the three specific factors described therein. ..... 4,56,814 was not paid under the said act but was paid as incentive bonus for the good work. ..... it is also noted that the said act did not prohibit payment of bonus beyond the minimum limit of 8.33%. ..... the assessing officer noted that the incentive bonus cash incentive had been paid, though certain amount as bonus was separately given to the employees under the payment of bonus act, hereinafter called the said act. ..... the maximum limit provided in the said act is 20%. ..... the first appellate authority allowed the assessees claim on the ground that the bonus was paid to the employees @ 8.33% as allowable under the said act. ..... 4,56,814 could not be allowed as incentive bonus as it was in addition to the bonus under the said act. ..... 3,08,037 under s.43b of the act. ..... 37(3a) of the act. .....