Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD582(Kol.)
..... held that the first proviso to section 43b inserted by the finance act, 1987 was applicable from 1-4-1988 and not in the assessment year 1984 ..... , section 194d, section 195 and section 196 a so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made.it is clear from the definition that "assessed tax", for the purpose of sub-section (5) of section 215, is not the tax determined on the basis ..... assessee relied on first proviso to section 43b inserted by the finance act, 1987 which, as per decision of the tribunal in ito v. ..... .we cannot take into account the explanation 2 for disposal of appeal.but there is no injunction prohibiting us for taking into account the first proviso to section 43b introduced through the finance act, 1987 with effect from april 1,1988. ..... cit(a) concluded "in fine, it may be emphasised that the retrospective amendment of the section by insertion of explanation 2 by the finance act, 1989 sets at naught all the various contentions of the appellant, once it is established that the amount represented statutory liability for ..... first place, there are no clear instructions and circulars having binding force in terms of section 119 of the act.secondly, the assessee in the revised return filed on march 30,1987 made no further disclosure of income not disclosed earlier and, therefore, the revised return could not be treated as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD198(Kol.)
..... " the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed ..... in its place, another clause (ba) was inserted by the finance (no.2) act, 1991 with retrospective effect from 1-4-1987, which reads as below :-- "(ba) 'total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962): provided that in relation to any assessment year commencing on or after the first day of april, 1991, the expression "total turnover" shall have ..... [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the date on which the ..... it may be mentioned in this connection that finance act, 1990 introduced clause (bb) to the explanation to section 80hhc, with effect from 1-4-1991 in accordance with which, for the purpose of this section, "total turnover" shall not include any sum ..... so as to give 'force and life' to the intention of the legislature.....a judge should ask himself the question how, if the makers of the act had themselves, come across this ruck in the texture of it, they would have straightened it out he must then do as they would have done. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 [1987] 166 itr (st.) ..... of the fact that the revaluation was made after the shares have been sold and after the finance act had come into force indicating that the assessee was well aware of the implications of the fresh ..... accounting can be questioned, that the assessee knew that the provisions of section 115j would be applicable from the assessment year 1988-89 and had prepared the account for the assessment year 1987-88 after the sale of the shares with the sole intention of avoiding payment of due taxes under section 115j by inflating the price of the quoted investments and thereby understating the ..... section 194c, section 194d and section 195) so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made. ..... 115j by section 19 of the finance act, 1989 [1989] 177 itr ..... by section 32 of the finance act, 1983 [1983] 142 ..... position as can be seen from the memorandum explaining the amendment introduced by the finance act, 1989. ..... budget speech for 1987-88 on february 28, 1987, the finance minister observed [1987] 165 itr ..... from the finance minister's speech and the memorandum explaining the provisions, the intention was to make the company pay tax on income which would otherwise be reduced by reason of certain deductions available under the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD105(Kol.)
..... omission of section 109, explanation to section 73 was amended with effect from 1-4-1988 by the finance act, 1987 (11 of 1987). ..... or mistake committed by the legislature in using the expression for the purposes of this section in explanation to section 73, in my view, is not well-founded.similarly, a perusal of section 71 reveals that as per the scheme of the act the setting off of loss from one head other than loss in speculation business as defined under section 43 or under explanation to section 73 against income from another head is permissible even against the profits derived from ..... same cannot be treated as a saving clause to sections 70 & 71 and, therefore, the meaning of speculation business appearing in the explanation to section 73 cannot be brought in aid for the purpose of saving the operation of sections 70 and 71 of the act.referring to the finding of the learned accountant member with reference to the decision of the supreme court in the case of cit v.shahzada nand & sons (1966) 60 itr 392 (sc) at page 400 to the effect that when there ..... that in case a loss is in the nature of speculation loss, within meanings of explanation to section 73, it cannot be set off against any other nature of income under any other head.i further find that section 72 of the act, which deals with carry forward and set off of business losses provides as follows : (1) where for any assessment year, the net result of the computation under the head "profits and gains of business or profession .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... that section was introduced into the income-tax act only by the finance act, 1987 but with retrospective effect from 1-4-1983.alter the judgment of the supreme court in bombay dyeing & ..... dastur, the provision was introduced by the finance act, 1987 with retrospective effect from 1-4-1983 and the non-consideration of section 44bb to these assessment years constituted an error apparent from the record. ..... 16.4 the aforesaid amendment has come into force with effect from the 1 st june, 1976 and will apply in relation to the assessment year 1977-78 and subsequent years [section 4(b) (part) of the finance act].from the above circular it will be clear that the legislature while introducing explanation 2 to section 9(1)(vii) had in mind only those nonresidents who did not carry on any business as such in india but were merely ..... only the finance act, 1987 introduced section 44bb with retrospective effect from ..... act by the finance act, 1987 which made the said section applicable with retrospective effect from 1-4-1983, ..... the emphasis in that provision introduced by the finance act, 1976 with effect from 1-6-1976 is on the source of the income by way of fees for technical ..... allowing deduction in respect of costs and expenditure incurred for earning the same and charged to tax at the rates applicable to the ordinary income of the non-resident as specified in the relevant finance act. ..... the same day, the assessment for the assessment year 1987-88 had been completed under section 143(3) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... the provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i e ..... the rationale offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. ..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4- ..... cit (appeals), however, held that reliance on the tribunal's decisions was found to be misplaced and claim made by the assessee was not permitted by the express language of the act and, therefore, such issue could not be made debatable merely because such claim is couched in a legal language.6. ..... moreover, the assessee prepared the profit and loss account as per the provisions of schedule vi to the companies act and in such account, profit on sale of assets was duly credited and, therefore, such profit and loss account was binding on the department as well as on the assessee and only adjustments permitted under explanation to ..... such adjustments are likened with apparent mistake as envisaged under section 154 of the act because variation in the income or loss as declared in the return would attract additional .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head ' ..... tax has escaped assessment, namely :- (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeding the maximum amount which is not chargeable to income-tax; (b) where a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause ( ..... cit(a) dismissed the appeals of the assessee upholding the action of the ao in reopening the assessments under the amended provisions of the act and bringing to tax the rent received by the assessee in respect of the leasehold property, under the head 'income from house ..... has not been noticed by the ao as the material facts about the length of lease and applicability of the relevant provisions of the act were not on record for such assessment years and no assessment was made under section 143(3). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)47ITD536(Kol.)
..... the revenue before the high court was that the first proviso inserted by the finance act, 1987, with effect from 1-4-1988 cannot have retrospective operation. ..... corporation [1991] 191 itr 676 by the calcutta high court that the first proviso to section 43b inserted by the finance act, 1987 w.e.f. ..... with retrospective effect from 1-4-1984 (1984-85 assessment), it should be held that the substitution of clause (a) of section 43b by finance act, 1988 w.e.f.1-4-1989 took retrospective effect from 1-4-1984 and therefore must be held applicable for the assessment year in appeal. ..... with a view to improving the liquidity position of the public financial institutions and to prevent the misuse of limited resources of finance available to trade and industry through the medium of financial institutions, the bill seeks to amend section 43b of the act to provide that any sum payable as interest on any loan or borrowing from any public financial institution in accordance with the terms and conditions of the agreement governing such loan or borrowing, ..... 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.the new clause, as stated earlier, was introduced by the finance act, 1988 with effect from 1-4-1989. ..... held that 'cess' is different in nature and character from "tax or duty" and therefore it cannot be disallowed under section 43b as it stood prior to the amendment to the section made by finance act, 1988 w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD212Cal
..... other than investment company" as defined in clause (ii) of section 109 was substituted by finance act, 1987 w.e.f. ..... gross total income is defined under section 80(b) which reads as under :- (5) 'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter.the learned counsel for the assessee as pointed out earlier contended that the above definition is applicable for the limited purpose of ..... at any of the income-tax return forms prescribed under the rules and it will not be difficult to appreciate the meaning of the gross total income in the light of the provisions of the income-tax act notwithstanding the fact that it may not be defined specifically for any purposes other than chapter via. ..... the learned counsel further contended that the definition of "gross total income" in section 80b of the act is confined for the purposes of chapter-via and, therefore, is of no help in determining the issue.similarly, the provision of section 109 which stands deleted is also inapplicable, according to ..... the revenue for the assessment year 1997-98 is directed against the order dated 28-12-2000 of cit(a)-xii, kolkata and the only dispute is relating to application of explanation to section 73 of the income-tax act, 1961 and, accordingly, entitlement of set-off of carry forward loss of rs. ..... since the gross total income is not defined anywhere in the act, therefore, the definition under section 80b would be relevant. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD150(Kol.)
..... humble opinion, the provisions contained in explanation 1 to section 2(m) of the wt act which have been introduced by the amendment by the finance act, 1987, no doubt embrace the principle of beneficial ownership by way of deemed ownership as contained in section 27(iiia), (iiib), section 269ua (f)(i) of the it act but there having not been any such amendment in section 40 of the finance act, 1983, the said principle of beneficial ownership can hardly be applied in the matter ..... the assessee being a closely-held company shall be governed by section 40 of the finance act, 1983 wherein there being no provisions providing for embracement within the fold of 'net wealth' the principle of beneficial ownership or for that matter the property being the subject-matter of part performance ..... the assessee undisputedly is a closely-held company in respect whereof section 40 of the finance act, 1983 is applicable wherein the terms 'assets' as also 'net wealth' have specifically been defined/explained for the contextual purpose and as such the said section 40 is a complete code in itself as aptly argued by ..... amendment in section 40 of the finance act, 1983. ..... revenue being aggrieve by the cwt (a)'s said order regarding the assessment years 1984-85 to 1987-88, has preferred the aforesaid four appeals for the said assessment years.4. ..... cwt (a) allowed the assessee's appeal for the assessment years 1984-85 to 1987-88 holding the assessee-company as not assessable to wealth-tax in respect of the property .....
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