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Deputy Commissioner of Vs. O. N. G. C.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)74ITD180(Delhi)

..... was introduced as a measure of simplification by the finance act, 1987 with retrospective effect from 1-4-1983. ..... as a result of the amendment in section 44bb by the finance act, 1988 the application of the provision of the section 44bb was restricted to the cases of only non-resident taxpayers with retrospective effect ..... a measure of simplification, the bill seeks to insert a new section 44bb in the income-tax act providing for determination of income of such taxpayers at ten per cent, of the aggregate of certain ..... pertinent here to reproduce clause ii of the memo explaining provision in finance bill, 1987. ..... our attention was invited on the provision of section 28(iv) of the act, which stipulates that the value of any benefit or perquisite whether converted into money or not, arising from business or the exercise of profession, shall be chargeable to income-tax, under the head "profits and gains ..... that once a non-resident assessee comes within the purview of section 44bb, it cannot come again under the purview of other parts of the act dealing with profits and gains of business or profession.9. ..... as per sub-section (2) of section 44bb of the act the amounts referred to in sub-section (1) shall be the amount paid or payable [whether in or out of india] to the assessee or to any person on his behalf on account of the provision of services and facilities in connection with or supply ..... determined in accordance with the procedure established under the income-tax act, on the assessed income. .....

Farrukhabad Investment (i) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD230(Delhi)

..... : "nextly, the commission has elaborately discussed the object of introduction of chapter xiv-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through the finance act, 1987 to hold that in exercising its power under chapter xix-a, it has almost unbridled power to arrive ..... with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the it act debarring persons from taking or accepting, after 30th june, 1984, from any other person any loan or deposit otherwise than by an account-payee cheque or account-payee bank ..... that even assuming that both the aos were aware of the violation of the provisions of section 269ss/269t of the act, it will be presumed that they were satisfied that no penalties under the above sections were imposable as there was ..... as the appeal is on ground that the learned special judge has failed to award the sentence in accordance with the provisions of section 276dd of the it act on the presumption the fine amount should be equal to the amount of deposit and as i am not prepared to agree with that contention of the learned counsel for the appellant, i hold ..... brought on the statute by the finance act, 1984, w.e.f. ..... were brought on the statute by finance act (no. ..... finance minister's speech clearly indicates that genuine loans/deposits were not covered under section 269ss/269t of the act .....

Dev Kumar JaIn Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)82TTJ(Delhi)703

..... have taken into consideration the fact that section 52 has been deleted by the legislature from the statute by the; finance act, 1987 w.e.f. ..... appeal before their lordships of the supreme court.27.11 the question which was referred to their lordships was whether understatement of consideration in a transfer of property is a necessary condition for attracting the applicability of section 52 sub-section (2) of the it act 1961 or it is enough for the revenue to show that the fair market value of the property as on the date of the transfer exceeds the full value of consideration declared by the assessee in respect of the transfer by an amount of ..... reliance was also placed upon section 50c which was introduced by the finance act, 2001 for the proposition that on a reading of it, the legislature thought it necessary to lay down that the circle rates could be taken into ..... the heads of income are enumerated in section 14 under which income shall for the purposes of charge of income-tax and computation of total income be classified and this includes "capital gains".section 45 of the act provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head "capital gains" and shall be deemed to be the income of ..... this context, it was also slated that amendments to the provisions governing capital gains as effected by the finance act, 2002 substituting section 50c to provide for assessment at circle rates. .....

Mohan MeakIn Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)84TTJ(Delhi)1

..... order to remove the hardship causing to the assessee, the legislature inserted the proviso to section 43b by finance act, 1987 which allowed deduction if such liability was discharged on or before the due date of filing it return. ..... (1997) 224 itr 677 (sc) wherein it has been held that proviso to section 43b invoked by finance act, 1987 was retrospective and would apply to earlier years also. ..... 79,99,706 has been considered as an allowable deduction under the provisions of s, 43b of the it act, 1961.the perusal of the above notes shows that facts of both the cases were identical except the amount of excise duty not included in the closing ..... illa dalmia (1987) 168 itr 306 (del) and ..... following points of difference between the learned members constituting the division bench were referred to me as third member by the hon'ble president acting under section 255(4) of the it act, 1961 : "1. ..... 43b of the it act, 1961.in past years , it has been the practice to charge the total expenses on excise duty to the p&l a/c and include the amount relating to unsold stock cleared from the bonded warehouses in the closing ..... of the said difference of opinion between the members, the following questions were referred to the third member under section 255(4) of it act, 1961: "1. ..... rest of the order proposed by my learned brother.since there is a difference of opinion between the members, the following questions are referred to the hon'ble president of the tribunal under section 255(4) of the it act, 1961 ; "1. .....

Anant Raj Industries Ltd. Vs. Joint Cit, Spl. Range-7

Court : Income Tax Appellate Tribunal ITAT Delhi

..... was inserted into the section by the finance act, 1987, with effect from 1-4-1988. ..... to the assessee for a period of not less than 12 years, the assessee shall be deemed to be the owner of the area and consequently, the rental income was assessable under section 22 of the act as income from house property.under clause (2) of the contract for construction services dated 27-7-1994, the: lease was for a period of five years and six months, renewable for one term at the option ..... nothing in the assessment order to indicate that the assessing officer had examined the documentation in the case to find out whether the assessee was right in declaring the rental income under section 22 of the act and in claiming the deductions therefrom on account of repairs and collection charges and share of the annual charge for the lease. ..... inability of vaitalik to muster the funds required for putting up the construction on the plot taken on lease from dda, that the arrangement between vaitalik and the assessee is essentially and in substance one for finance for putting up the construction and a permission to the assessee, as consideration, to exploit the structure measuring 23,883 sq.ft. ..... , the cit held that the definition of "ownership" in this section was only for the purpose of section 269ua of the act and the assessee's case was not covered by it.he thus held that the assessee's claim of ownership over the property was unsustainable and inasmuch as the assessing officer had accepted the claim .....

Pramod Kumar Gupta Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD1a(Delhi)

..... substance in the arguments of the learned counsel for the assessee that if section 53 a of the transfer of properly act regarding part performance of the contract was already included in the definition of transfer then there was no point in amending section 2(47) of the act by the finance act, 1987 w.e.f.1-4-1988. ..... submitted that the definition of 'transfer in relation to capital asset' contained in section 2(47) of the act was enlarged by insertion of sub-clauses (v) & (vi) and explanation, of the said section by the finance act, 1987 w.e.f. ..... thrust of the argument was that if a transaction involving the allowing of possession of the immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53 a of the transfer of property act was to be included in the definition of transfer for the purposes of section 2(47) then there was no necessity of inserting sub-clauses (v) & (vi) and explanation to section 2(47).reliance was also placed on the supreme court decision in nawab sir ..... it was also submitted that reference to part performance of the contract as per section 53 a of the transfer of property act was a supporting argument of the cit (appeals) and that the main argument was that the transfer had taken place as a result of ..... point made by shri syali was that under section 27 of the urban land (ceiling & regulation) act, there was a prohibition on transfer of urban property except with the previous permission in writing of the .....

Foramer S.A. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)52ITD115(Delhi)

..... 111 of the treaty being a specific provision applicable to the appellant in respect of ida contract, it shall have overriding effect on the deeming provision introduced in section 44bb by the finance act, 1987 with effect from 1-4-1983. ..... outside india under sub-section (1) for granting relief of tax, or as the case may be, avoidance of total taxation, then, in relation to the assessee to whom such agreement applies, the provisions of this act shall apply to the extent they are more beneficial to that assessee.it is clear from the aforesaid sub-section that a foreign national governed by avoidance of double taxation treaty is entitled to ask for application of provision ..... if the assessee was indian national, the depreciation was required to be allowed at cost or wdv as per the rate prescribed under the indian income-tax act without deduction of depreciation, if any, allowed under the foreign law.having regard to the article referred to above, there is no question of giving a different treatment to the foreign company and putting ..... in fact that the double taxation avoidance agreements which have been entered into by the central government under section 90 of the income tax act, also provide that the laws in force in either country will continue to govern the assessment and taxation of income in the respective country except where provisions to the country ..... provision of sub-section (2} to section 90 of the act relating to double taxation avoidance treaties inserted by the finance (no. .....

Shri Dev Kumar JaIn Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... that section 52 has been deleted by the legislature from the statute by the finance act, 1987 w.e.f. ..... opportunity was not granted to the assessee before a reference was made we have considered that arguments at length of the learned ar and taken into consideration that apart from the submission, no authority of provision of the act could be relied upon in support of his contention that in the facts of the case, an opportunity was to be afforded to the assessee before the ao made a reference to the dvo.thus, after giving ..... the a.p.high court, while examining the question that whether the ao was competent to make a second reference in the facts of that case, have observed:- "section 55a was inserted in the income-tax act, 1961, with effect from january 1, 1973, with the deliberate object of empowering the income-tax officer to find out the market value of capital assets for the purpose of chapter iv which is titled ..... reliance was also placed upon section 50c which was introduced by the finance act, 2001 for the proposition that on a reading of it, the legislature thought in necessary to law down that the ..... our due consideration to the submissions made, we are of the view that as per law, no such opportunity is contemplated by the act that the assessing officer must give the assessee an opportunity of being heard before a reference is made to the dvo.accordingly, the said argument and the ground are rejected.34. .....

Shri Babu Ram Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)90TTJ(Delhi)332

..... did not press this point when his attention was drawn to the provisions of sub-section (5) of section 45 brought on the statute book by finance act, 1987 with effect from 1-4-1988. ..... assets in the hands of late shri babu ram.all the same, we are of the view that this matter relating to the claim of the assessee under section 54b of the income tax act, is required to be re-examined by the assessing officer in accordance with law and in the light of directions given herein below.the relevant portion of section 54b of the income tax ..... act provides as sunder : "54b(1) subject to the provisions of sub-section (2), where the capital gain arises from the transfer of capital asset being land which, in the two years immediately preceding the ..... assessee in his individual capacity and assessment was also made in the same capacity and as such no illegality was involved in the assumption of jurisdiction under section 147/148 of the income tax act.we have given careful thought to the rival submission of the parties.the assessing officer issued notice under section 148 of the income tax ..... the capacity of the assessee need be clearly stated in the notice under section 148 of the income tax act.in the present case shri babu ram the assessee received compensation from the municipal corporation on acquisition of his agricultural land .....

Vasundhara Lpg (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)860

..... a new chapter xii-b containing section 115j has been inserted by the finance act, 1987 which levies minimum tax on book profits of certain companies. ..... the object and purpose of introducing the concept of mat (minimum alternate tax) is manifestly clear from the aforesaid circular as well as the speech of the finance minister which shows that the it authorities were unable to bring certain companies within the net of income-tax because these companies were adjusting their accounts in such a manner as to attract no tax or very little tax. ..... we may further refer to the budget speech of the then finance minister of india made in parliament while introducing the section 115j which reads as under : "it is only fair and proper that the prosperous should pay at least some tax, the phenomenon of so-called 'zero-tax' highly profitable companies deserves attention, in 1983, a new section 80wa was inserted in the act so that all profitable companies pay some tax. ..... it is with a view to bring such companies within the tax net that section 115j was introduced in the it act with a deeming provision which makes a company liable to pay tax on atleast 30 per cent of its book profits as shown in its own account. ..... 12,00,000 from the book profits is not covered under the explanation inasmuch as accounts- have been prepared in accordance with the provisions of parts n and iii of schedule vi to the companies act, 1956; according to her, the remuneration of rs. .....