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Sitaram Arvind Kumar (Huf) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)49ITD489(Delhi)

..... that the transaction is completed as and when the floor area was actually allotted.further it will not be out of place to mention here that a sub- clause (iii) was inserted in section 27 by the finance act, 1987 w.e.f.1-4-1988 which provided that the purpose of sections 22 to 26 : a member of a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of ..... sub- clause (iii) of section 27, was inserted by the finance act, 1987 w.e.f.1-4-1988 which provided that the purpose of sections 22 to 26 : a member of a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of ..... was the rightful owner of the flat and the assessment under the head "income from house property", by applying the provisions of section 27(l)(iii) of the act.he also observed that, the bombay high court had held that there was no legislative infirmity in section 27(iii) of the ..... assessee, as a member of sncpl, which had constructed the building nirmal towers under a scheme exclusively for its shareholders and is therefore assessable under section 27(iii) of the act, could be independently arrived without resorting to the decision of the bombay high court in the case of the company. ..... till the assessment year 1987-88, the income from the flat was being assessed as returned under section 56 of the act, on the reasoning that, the flat was .....

income-tax Officer Vs. Anjaneya Cold Storage Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD51(Delhi)

..... " was defined by inserting a definition clause in explanation to section 10a through finance act, 1987 with retrospective effect. ..... shri aggarwal further submitted that words "(including processing)" added through finance act, 1990 w.e.f.1-4-1991 were clarificatory or declaratory in character added only to remove ..... in the submissions of the assessee that for all intent and purposes the word "manufacture" should include process as given in the definition clause of sections 10a and 10b of the act.all these provisions were incorporated to serve the same purpose and there is nothing in the context of sections 10a and 10b suggests some other meaning of term "manufacture". ..... 1-4-1991 by finance act, 1990, therefore, the appellant can claim it in ..... ) 201 itr 827 wherein process of marine products and beef was held to be manufacture and production of articles for purposes of section 80hhc of the act.shri aggarwal also relied upon earlier decision of the kerala high court in the case of marwell sea foods (supra). ..... dispute that export house in this case issued necessary certificate referred to in clause (b) of sub-section (4a) of the act and all other conditions of the section (except of being manufacturer) are admittedly satisfied by the assessee in both the ..... that word "manufacturer" is not defined in section 80hhc but should have the same meaning as given in sections 10a and 10b of the income-tax act, 1961 as the above two sections and section 80hhc were introduced to serve the same purpose, le. .....

Amtek Auto Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)464

..... 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 ..... 1st june, 2004) to which one of us (am) is party wherein it was held that it was incumbent upon the assessee company to estimate its total income under the it act or its book profit for the purpose of computation of its income under section 115ja and to pay advance tax of such income and having failed to do the same, interest under sections ..... fact that prior to the amendment brought about by the finance act. ..... shown in the books of account as payable on the ground that the assessee had not actually paid the said amount before the due date prescribed under section 139(1) of the it act, 1961 and that first proviso to section 43b was not retrospective, which came into force w.e.f. ..... the liability would be after the book profits are determined in accordance with the companies act, the words-'for the purposes of this section' in the explanation to section 115j(ia) are relevant and cannot be construed to extend beyond the ..... the hon'ble high court has observed that proviso to the section 43b of it act, 1961 clarifying that sum paid after the accounting year but before the due date prescribed under section 139(1) is deductible has to be read into section 43b from its inception ..... 1987-88, we hold that since the payments have been made towards esi before the due date for filing the return under section 139(1) of the act, .....

J.C. Chandiok Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1999)69ITD75(Delhi)

..... setty (supra) the finance act, 1987, w.e.f. ..... in the acquisition of which the assessee has not incurred any expenditure, the finance act, 1994, has amended the provisions relating to capital gains and provides that the cost of acquisition of tenancy rights, ..... attention was also invited on the amendment made to s.55(2)(a) by the finance act, 1994 w.e.f. ..... the supreme court in gian devi anand's case (supra) has held that under the delhi rent control act a tenant even after the determination of the tenancy continues to have an estate or interest in the tenanted premises and the tenancy rights both in respect of residential premises and commercial premises are heritable.in view of the ..... jeevan kumar (supra), the hon'ble supreme court has held that under the drc act a tenant even after the determination of the tenancy continues to have an estate or interest in the tenanted premises and tenancy right both in respect of residential premises and commercial ..... specific decision of the hon'ble supreme court in gian devi anand's case (supra) under the provisions of the delhi rent control act a tenant even after the determination of the tenancy continues to have an estate or interest in the tenanted premises. ..... in gian devi's case (supra) the apex court considered the provisions of drc act and has held that a tenant even after the determination of tenancy continues to have an estate or interest in the tenanted .....

Bhagwan Dass Khanna Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2001)78ITD151(Delhi)

..... itr 677, it has been held by the apex court that the provisions of the first proviso, which was inserted by the finance act, 1987, w.e.f. ..... view to securing the benefit under section 80hhd for all the segments of the tourism industry, section 80hhd was amended by the finance act, 1991, w.e.f.1-4-1992, by inserting, inter alia.explanation to sub-section (2) and sub-section (2a), which read as under:-- " ..... provision is retrospective or not.9.1 on a careful consideration of the facts and circumstances of the case in its entirety and in view of the foregoing discussion we hold that the above referred amendments made by the finance act, 1992 by introducing explanation to section 80hhd(2) and sub-section (2a) are retrospective in nature. ..... now analyze the nature of the amendments made in section 80hhd by the finance act, 1991 in the light of the legal propositions set out in para ..... " if the amendment in section 80hhd, introduced by the finance act, 1991 is considered in the light of the above propositions, it would emerge that the same having been introduced to remedy unintended consequences, has to be given ..... not agree with the assessee's contention that the explanation inserted by finance act, 1991, w.e.f.1-4-1992, was only clarificatory in nature. ..... not entitled to claim relief in relation to the whole of the amount, because the relief is admissible only on services being rendered by it.in any case, on realising a lacuna in law, the provisions were amended by the finance act, 1994, w.e.f. .....

Assistant Commissioner of Vs. Singla Rice and Gen. Mills

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)82ITD778(Delhi)

..... but as far as section 45(4) is concerned, it is noticed that prior to finance act, 1987 there was clause (ii) of section 47 which read as under: - in distribution of capital assets on the dissolution of firm, body of individuals or otherwise association of persons.since this clause was earlier contained in section 47 it meant that the distribution of capital ..... it is seen that the finance act, 1987 w. e. ..... however, it is pertinent to note that sections 45(3) and 45(4) were inserted by the finance act, 1987 w. e. f. ..... therefore instead of incorporating the effect of section 45(4) in section 2(47) the suitable amendment was carried out by the same finance act in section 47 the result of which is that the distribution of capital assets on the dissolution of firm would be regarded as 'transfer'. ..... it is therefore apparent that the firm has been separately considered to be a 'person' for the purposes of income-tax act distinct from its partners who are "individuals" in their separate capacities. ..... at the same time it is relevant to note that partnership firm is a separate taxable entity distinct from its partners so far as the provisions of income-tax act, 1961 are concerned. ..... that was the case in which the issue was considered in the hands of partner as to whether there is any liability under gift-tax act or not. ..... dr assailed the findings of the cit(a) by contending that the latter has miserably failed to appreciate the provisions of the act. .....

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)88TTJ(Delhi)280

..... year 1991-92 and similarly uphold the commissioner (appeals)'s order for assessment year 1990-91 cannot be accepted.the amended provisions (amendment by finance act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more of equity capital. ..... therefore, we hold that the conditions laid down in section 2(22)(e) and explanation 3 to section 2(22)(e) as amended by finance act, 1987, with effect from 1-4-1988, are satisfied in the case as under : "(i) all the above companies are ..... of the members of the huf jointly constituted 10 per cent of the total voting right/shareholding of the company and as such the provisions of section 2(22)(e) of the act were attracted in the case.he further submitted that the assessing officer had with clarity and convincingly pointed out that all the conditions laid down in section 2(22)(e) were fulfilled ..... that the assessee-huf formed in assessment year 1982-83 and the income tax officer vide assessment order of that assessment year under section 143(3) of the act dated 30-3-1984, had held that the huf comprised of following persons he added that this order of the income tax officer had been accepted by the ..... 1072/del/1995 for the assessment year 1991-92 in the assessee's own case and contended that since similar addition under section 2(22)(e) of the act was deleted by the learned commissioner (appeals) and his order was confirmed by the tribunal, the impugned addition under section 2(22)(e) in the assessment .....

ito Vs. Kiran Dev

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 with effect from 1-4-1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court, tribunal or other authority. ..... the said clause no doubt was inserted by finance act, 2003 with effect from 1-4-2004, but it has to be taken to be declaratory in character. ..... a mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi. ..... both concealment and furnishing inaccurate particulars refer to deliberate act on the part of the assessee. ..... such deliberate act must be either for the purpose of concealment of income or furnishing of inaccurate particulars. ..... it signifies a deliberate act or omission on the part of the assessee. ..... a in view of the above discussion, we do not find any merit in the action of the lower authorities for imposition of penalty under sections 271(1)(c)/271(1)(a) and 273 of the income tax act, 1961. ..... these are the appeals filed by the revenue against the separate orders of commissioner (appeals) for the assessment year 1988-89, in the matter of imposition of penalty under section 271 (1)(c) of the income tax act, 1961.2. .....

Vasant Chitra Mandir Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)34ITD58(Delhi)

..... the explanation to section 194a as inserted by the finance act, 1987 with effect from 1-6-1987 is in the following terms:- explanation: for the purposes of this section, where any income by way of interest as aforesaid is credited to any account, whether called 'interest payable account' or ' suspense account' or by any other name, in the books of ..... there the high court was considering the question of attractability of prosecution under section 276b of the income-tax act, and conviction under section 409 of the indian penal code (criminal breach of trust) on account of failure to deposit with the government the amount retained by a person by way of deduction of tax at source ..... however, the income-tax officer found that the assesseehad not deducted tax on the amount of interest credited on various dates in terms of section 194a of the income-tax act, 1961, the details thereof being as follows:- year due on the said loan1981-82 rs. ..... 201(1 a) provides that without prejudice to the provisions of sub-section (1), if any such person, as is referred to in that sub-section, does not deduct or after deducting, fails to pay the tax as required by or under this act, it shall be liable to pay simple interest at the rate specified therein. ..... the learned departmental representative for requesting the president to constitute a special bench for the decision of this point.the point which arose before the hon'ble delhi high court in the case of pnb finance & industries ltd. ..... finance &industries ltd. .....

Jai Pal Sharma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD485(Delhi)

..... before we proceed to discuss the respective contentions of the ld.representatives of both the parties, it will be beneficial to point out that provisions of section 80cca of the act were brought to the statute through the finance act, 1987 with a view to provide incentive to the net savings to be made by different types of assessees. ..... the assessee submitted that such incorporation under the definition of 'income' had been made even retrospectively as in the case of duty drawback, cash assistance etc.as per finance act, 1990 by which definition of income was widened by adding sub-clauses v (a) to v (d) of sub-section 2(24). ..... unless the same is not brought under the definition of section 2(24), it cannot be treated as income but the fact remains that legislature has specifically brought a specific provision and created a fiction under section 80cca(2) of the act by treating the said withdrawal as deemed income and such fiction cannot be excluded from the scope of income which is inclusive definition and on the same pattern as the income arising out under section 46(2) of the ..... the word 'deemed' is again significant and it denotes to the fiction and if legislature in its wisdom has created fiction under section 80cca(2) of the act, then such amount of receipt withdrawn from nss shall be the deemed income forming part of total income of the assessee and that appears to be the reason that legislature must have not brought the proposed .....