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The Asst. Commissioner of Vs. Madan Mohan Lal Shriram Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... next issue to be dealt with is whether the amendment to section 2(47) by insertion of clause (v) by the finance act of 1987 with effect from 1.4.1988 can be made applicable to the case of the appellant in assessment year 1986-87. ..... be immediately noticed from the above that clause (v) and (vi) were inserted by the finance act of 1987 with effect from 1.4.1988. ..... therefore, to see whether the transaction can be termed as transfer within the meaning of section 2 (47) of the income tax act.section 2(47) as it stands after the amendment by the finance act, 1987 is as follows. ..... of the it act, as applied by the learned cit(a), in the case of the assessee, it is submitted that clause (v) has been inserted in section2(47) vide finance act no.1987 w.e.f. ..... had been inserted vide finance act 1987 w.e.f. ..... to the conclusion what the supreme court did, it took a view under a specific section of the income tax act by holding that the amendment was intended to supply an obvious omission and that the amendment introduced by the finance bill 1987 was declaratory or clarificatory in nature in so far as it relates to section 27(iii), (iiia) and (iiib) of the act. ..... in the impugned order has himself found from the memorandum explaining the finance bill 1987 that the amendment explaining the meaning of the word "owner" in section 22 is clarificatory and has retrospective application and by the same corollary vide para iv of the clarification similar amendment has also been made in section 2(47) of the act. .....

Motorola Inc., Erisson Radio Vs. Deputy C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)1

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression "may" thereby giving a discretion to the authorities concerned to either reduce or waive the interest ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory ..... (i) in a case where the accounts of thesection 22(2) in the case of any person section 139(2): (omitted by direct taxwhose total income is, in the income-tax laws (amendment) act, 1987, w.e.f.officer's opinion, of such an amount as 1.4.1989.to render such person liable to income-section 22(2a): xxxxxxxxxxx xxxxxxxxxxsection 22(3): if any person has not section 139(4): any person who has notfurnished a return within the time furnished a return ..... 10.2 with a view to simplify the aforesaid provisions and also to remove the discretion of the assessing authorities, which had led to litigation and consequent delay in realization of dues, the amending act, 1987, has substituted the above provisions by a simple scheme of payment of mandatory interest for defaults mentioned therein. ..... . on merits, he submitted that the amendment made in the finance act, 2004 will have to be considered and for the purpose of examining the same, the matter may be restored to the assessing officer, if it is considered .....

Bj Services Company Middle East Vs. Asstt. Cit (Osd), Range-1,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)4SOT633(Delhi)

..... the provisions of the section 195a were inserted in the statute by the finance act, 1987 with effect from 1-6-1987. ..... while re-deciding the appeals, the learned cit(a) shall consider the decisions of itat relied upon by the learned counsel in the light of provisions of section 195a of the act and assessee shall also furnish a copy of the order of the tribunal in the it appeal no. ..... paid to a foreign company the same was not treated as part of the income of the foreign recipient, under section 10(6a) of the act and therefore, the same did not form part of the total income. ..... nevertheless, the same was income under section 2(24) of the act liable to tax under the head 'income from other sources'. ..... court in the case of ongc (supra) was not applicable to the facts of the present cases as in the case relied upon by the assessee, profit was to be computed as per deeming provisions of section 44bb of the income tax act, 1961 (in short 'the act'). ..... 495 dated 22-9-1987. ..... it is also not known whether the provisions of section 195a were considered in that order or income fell in the category of section 10(6) of the act. ..... grossing up of tax was not applicable in respect of payments covered under section 10(6a) of the act. ..... but section 195a deals with cases of real income and not under the deeming provisions of the act. ..... he submitted that in all these cases, the issue related to income, which was exempt under section 10(6)(viia) of the act. .....

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... been referred for consideration of special bench.the regular bench while hearing appeal of shri om prakash (huf) found that different benches of tribunal, at different places, are interpreting section 45(5) of it act inserted by finance act, 1987 differently and there is a divergence of opinion on the issue. ..... 24.6 with a view to removing these difficulties, the finance act, 1987, has inserted a new sub-section (5) in section 45 to provide for taxation of additional compensation in the year of receipt instead of in the year of transfer of ..... doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. ..... added sub-section (5) to section 45 with clauses (a) and (b) through finance act, 1987, w.e.f. ..... 23.2 with a view to removing this difficulty, the finance act has inserted a new sub-section (7a) in section 155 of the it act to enable recomputation of capital gains in cases where the transfer of the capital asset is by way of compulsory acquisition under any law or where the consideration for the transfer is determined or approved by the central government, ..... clause (c) to sub-section (5) was inserted by finance act, 2003 but it has to be held to be retrospective in operation and taken to ..... section 44 or any surplus taken to be such profits and gains by virtue of provisions contained in the first schedule; the following sub-clause (viia) shall be inserted after sub-clause (vii) of clause (24) of section 2 by the finance act, 2006, w.ef. .....

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. ..... no manner of application in the present case in view of the fact that the amount was spent in that case after the receipt of the consideration by the liquidator to discharge the liability of the assessee in respect of finance received from the kerala finance corporation on the security of the property which was created after acquisition in the course of a winding up proceeding. ..... 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 other liabilities of the ..... the learned counsel argued that there was transfer of interest in accordance with the provisions of indian contract act at the time of pledging of the shares of the asscssee to the credit institution.provisions of section 2(47) did not ..... of the 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 same. ..... of the case leading to this appeal briefly are that the assessee is a finance company and during the year it received income from interest, dividend and capital .....

Rishi Roop Chemical Co. (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)36ITD35(Delhi)

..... with a view to meet this object, a proviso was inserted in section 43 b of the finance act with effect from 1-4-1988 by the finance act 1987 in the following manner:- provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) or clause (c) which is actually paid by the assessee on or before the due date applicable in his ..... was of the opinion that there were conflicting decisions of the benches of the income-tax appellate tribunal (the tribunal) in respect of the proviso, which was inserted in section 43b of the income-tax act 1961 (the act) by the finance act 1987, w.e.f. ..... case of the assessee is that the proviso which was introduced by the finance act 1987 is retrospective in nature. ..... the finance act 1987 inserted a proviso to section 43b to provide that any such sum payable by way of tax or ..... stage comes after the introduction of the proviso by the finance act 1987. ..... the finance act 1987. ..... how is the position changed after the introduction of the proviso by the finance act 1977 and, four, to what extent has the explanation altered the position.19 ..... 1-4-1988 and the explanation 2, which was inserted in the said section, by the finance act 1989 retrospectively from 1-4-1984, it forwarded the record of the appeal to the president of the tribunal with a request to constitute a special bench to resolve ..... to curb such practice, section 43b was brought on the statute with effect from 1-4-1984 by the finance act 1983, which reads as under: - 43b. .....

The Dy. Commissioner of Vs. Shri Bhim Singh Lather

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)282ITR151(Delhi)

..... of section 45(5) of the act as introduced by the finance act, 1987 came into effect only from ..... difficulty sub-section (5) was added to section 45 by the finance act, 1987 with effect from 1-4-1988. ..... year 1988-89, the finance act, 1987 made a part of the consideration received on transfer of capital asset chargeable on receipt basis if it was on account of enhancement of the compensation by any court, tribunal ..... assessee also referred to cbdt circular no.495 dated 22nd september, 1987 being explanatory notice to the finance act, 1987. ..... of property in tenancy right and not the ownership right and the tribunal held that compensation in respect of tenancy right is not liable to capital gains tax under section 55(2) since section 55(2)(a) was substituted by finance act, 1994 with effect from 1-4-1995 including the tenancy right infer alia within the definition of "capital asset" having cost of compensation as nil.23. ..... attention to provisions of sub-clause (c) of section 45(5) and submitted that the cases referred to above were all before the introduction of clause (c) which was with effect from 1-4-2004 added by finance act, 2003, explanatory notes where of are reported in 263 itr 62 (st. ..... clause (c) in sub-section (5) as inserted by the finance act, 2003 reads as under:- (c) where in the assessment for any year, the capital gain arising from the transfer of a capital asset is computed by taking the compensation or consideration referred to in clause (a) or, as the case may be, .....

Sedco Forex International Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD415(Delhi)

..... 44bb making a special provision for computing profits and gains in connection with the business of exploration of mineral oils has been inserted by the finance act, 1987 with retrospective effect from 1st april, 1983 ..... . 44bb were amended by the finance act, 1988 with retrospective effect ..... 234b will come into play only when it is established that an assessee who is liable to pay advance tax under the provisions of the act has failed to pay such tax or the advance tax paid by such assessee is less than 90 per cent of the assessed tax ..... 209(1)(d) clearly provides that income-tax deductible at source during the relevant financial year under any provision of the act from any income shall be reduced from the amount of advance tax payable by the assessee ..... learned senior departmental representative submitted that the decisions of hon'ble madras high court and hon'ble gujarat high court relied upon by the learned counsel relate to levy of interest under s.215 of the act and does not relate to mandatory interest charged under s ..... it should have been raised by way of an additional ground in accordance with the relevant provisions of act and the relevant rules ..... 44bb of the act (c) since the mobilisation fee for transportation of the drilling rig/drilling equipment relate to services rendered outside india and the payment was also made to the appellant company outside india, whether income on such payments can be charged to tax under the provisions of it act, 1961, as it is clearly beyond the scope of charging .....

Addl. C.i.T., Special Range-5 Vs. Vestas Rrb India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)275ITR81(Delhi)

..... itr 147 by observing that first proviso to section 43b of the act inserted by the finance act, 1987 is retrospective and if the sales tax had been paid after the due date but during the grace period allowed under the sales tax act that does not attract provisions of section 43b of the act. ..... inserted in section 43b by the finance act, 1987 w.e.f. ..... accepted to be operative retrospectively, then the amendment so brought in to statute by the finance act, 2003 would produce inequitable and illogical results. ..... finance act, 2003 has deleted the second proviso and amended the first proviso by the finance act ..... as under so as to show that the amendment was made to do away the hardship caused by the total disallowance; in terms of the provisions of section 43b of the income tax act, deduction for statutory payments relating to labour, taxes and state and public financial institutions are allowed as deductions, if they are paid during the financial year. ..... similar situation and therefore the principal approved by the apex court would also apply with equal force to the amended proviso, so as to have retrospective application of the amendment brought by finance act, 2003. ..... section 43b stands amended by the finance act, 2003. ..... not be made and delay may be condoned was not accepted as the ao was of the view that for non compliance of mandatory provisions as contained in section 43b and section 36 (1) (va) of the act, the deposit having not been made within the time specified, have to be disallowed.5. .....

Sir Shadi Lal Enterprises Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)48ITD258(Delhi)

..... the finance act, 1987 w.e.f. ..... its origin on the interpretation of proviso to section 43b inserted by the finance act of 1987 w.e.f. ..... assessee also approached the hon'ble high court of allahabad and the latter vide order dated 14th february, 1991, directed the assessee to file an application under section 154(1)(b) of the income-tax act raising the contentions and objections as are open in law with regard to the intimation sent by the assessing officer under section 143(1).the deputy commissioner was directed by the hon'ble high court ..... insertion of the proviso to section 43b can be derived from the speech of the finance minister at the time of introducing the finance bill of 1987 and or the explanatory notes issued in this regard. ..... in the explanatory notes to finance bill, 1987, 165 itr statute 125, it is provided as under: clause (x) seeks to amend section 43b of the income-tax act relating to allowability of certain expenses only ..... under section 43b, deduction otherwise allowable under the income-tax act in respect of: (a) any sum payable by the assessee by way of tax, duty, cess or fee by whatever name called under any law for the time being in force; or (b) any sum payable by the assessee as an employer by way ..... contended that where the provisions of; the act are unambiguous, there is no scope for going beyond the language ..... cit(a) ought to have directed the deletion of the so called prima facie adjustments in respect of the additions made under section 43b of the income-tax act.3. .....