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Hilltop Holdings India Ltd. Vs. Commissioner of Income Tax and ors.

Court : Kolkata

Reported in : (2005)3CALLT409(HC),(2005)197CTR(Cal)619,[2005]278ITR501(Cal)

..... this is clear from the scheme introduced by the finance act, 1987, which was a deliberate and clear departure from the summary assessment contemplated under section 143(1) brought about with a particular purpose and object as reflected in the explanation to section 143.12.1 in order to attract section ..... not widen the scope of application of the act in all respect contrary to the confines created by the amendment substituting section 143(1) under the finance act, 1987. ..... the said explanation was further amended by the finance act, 1994, to include section 246 along with ..... after the amendment under the direct tax laws (amendment) act, 1987, effective from 1st april, 1989, the scheme of summary assessment was omitted along with the assessee's right to object to the summary assessment, and only an intimation was to be sent without prejudice to section 143 ..... contended that the act was amended by the finance act, 1999, w.e.f ..... intimation or an acknowledgement is a deemed order by fiction created thereunder for the purpose of section 246 providing for an appeal against an intimation under section 143(1) where the assessee objects to the making of adjustments brought about by the finance act, 1994, w.e.f. ..... application of all the sections appears to be qualified by the expression 'accordingly' which presupposes that the application of the provisions of the act are confined to the phrase 'shall apply accordingly' as are applicable to a notice of demand issued under section 156 and not beyond. .....

Commissioner of Income-tax Vs. K.L. Thirani and Co. Ltd.

Court : Kolkata

Reported in : [1996]218ITR149(Cal)

..... jagannath steel corporation : [1991]191itr676(cal) , wherein this court has held that the amendments to section 43b made by the finance acts, 1987 and 1989 are clarificatory and, therefore, the provisos inserted by these amendments, should also apply to earlier years, even though the ..... the tribunal took the view that the amendments to section 43b as made by the finance acts of 1987 and 1989 should also apply with equal force to the assessment year earlier than the ..... circumstances of the case and on a correct interpretation of section 43b of the income-tax act, 1961, the learned tribunal was justified in law in holding that the first proviso to section 43b of the income-tax act, 1961, introduced by the finance act, 1987, with effect from 1st april, 1988, would be applicable to the assessment year 1984 ..... the provisos inserted by the finance act, 1987, with effect from april 1, 1988, relax the main provision of section 43b by permitting deduction of the liabilities on account of (i) any tax, duty cess or fee ; (ii) any bonus ..... duplication of deduction, the explanations have been inserted by the direct tax laws (amendment) act, 1987, and, again, by the finance act, 1989.2. ..... is defined in the said explanation as the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any act, rules, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. .....

Electro Zavod (India) Pvt. Ltd. and ors. Vs. Commissioner of Income-ta ...

Court : Kolkata

Reported in : (2005)199CTR(Cal)612,[2005]278ITR187(Cal)

..... this definition has been incorporated into the aforesaid act by the finance act, 1987, with effect from april 1, 1988. ..... the aforesaid clause has been inserted in section 27 of the said act by the finance act, 1987, with effect from april 1, 1988.5. ..... the controversy between the parties in this matter hinges on one fundamental point as to whether going by the provisions of the said act the transfer of the said property being a portion and half of the premises is complete in favour of the writ petitioner or not.13. ..... mitra is right in his contention that the income-tax authority cannot give declaration under section 281 of the said act, for the declaration relating to title can only be given by the civil court and other forum under law. mr. ..... the former one is provisional order of attachment under section 281b of the income-tax act, 1961 (hereinafter referred to as 'the said act'), while doing so the petitioner has also challenged an order dated october 12, 2001, passed by the commissioner of income-tax, central ii, calcutta, in purported compliance with the orders dated august 7, 2000, and august 22, 2001, passed in ..... he further contends that the commissioner has no jurisdiction to declare any transfer made by the assessee in favour of the third party is void under section 281 of the said act for the revenue ought to have filed a suit under rule 11(6) to get the said declaration.8. .....

Commissioner of Income-tax Vs. Black Diamond Beverages Ltd.

Court : Kolkata

Reported in : [1993]201ITR48(Cal)

..... 5, though inserted by the finance act, 1987, with effect from april 1, 1988, has to be taken to be only clarificatory in nature and should be referable for the purpose of resolvingany doubt arising over the moaning and import of iicm no ..... 5 was inserted by the finance act, 1987, with effect from 1988 which clarified what the legislature meant by the expression ' blended flavouring concentrates ..... : [1990]186itr609(cal) , where it has been held that, because the assessee in that case was an industrial company within the meaning of section 2(7)(c) of the finance act, 1981, it was entitled to investment allowance in respect of the generator installed by the assessee even though the generation of power is not the business of the assessee.6 ..... by the order of the inspecting assistant commissioner of income-tax, the assessee filed an appeal before the commissioner of income-tax (appeals) who was of the view that, as per section 32a of the income-tax act, 1961, investment allowance was available to a new machinery or plant installed after march 31, 1976, in any industrial undertaking for the purpose of business of various nature specified in the list of the eleventh schedule. ..... , new machinery or plant installed in any industrial undertaking for the purpose of manufacturing or production was eligible for investment allowance under section 32a of the act and it was not required that the machinery or plant should itself manufacture but should be used for the purpose of business of manufacture. .....

Peerless General Finance and Investment Co. Ltd. Vs. Commissioner of I ...

Court : Kolkata

Reported in : (2010)228CTR(Cal)72,[2010]320ITR622(Cal)

..... the memorandum of reasons takes note of the combined effect of section 43b and the first proviso inserted by the finance act, 1987. ..... 1989-90 was admitted for hearing on the following questions of law:(1) whether disallowance under section 143(1)(a) of the it act, 1961 can be made merely because proof in support of a claim made in the return is not annexed to the return? ..... 1989-90 along with the tax audit report under section 44ab of the act, in respect of the said return, an intimation under section 143(1)(a) of the act was issued by the ao and the ao made the following adjustments:(a) disallowance under section 43b as per tax audit report rs. ..... 1,22,21,679=88(b) in respect of the said return, an intimation under section 143(1)(a) of the act was issued by the ao on 6th aug. ..... the instant appeal under section 260a of the it act, 1961 (hereinafter referred to as 'the act') for the asst. yr. ..... the assessee filed an application under section 154 of the act objecting to the said adjustments. ..... without such break-up, information and evidence it was impossible to determine the allow ability or disallow ability under section 43b of the act specified by the tax auditor17. ..... on 15th march, 1991 the assessee made an application under section 154 of the act objecting the said adjustments. ..... section 43b of the act in its opening part provides for deduction of, inter alia, any pf contribution falling under clause (b) and bonus falling under clause (c) only in the year of actual payment. .....

Commissioner of Income-tax Vs. Sree Kamakhya Tea Co. (P.) Ltd.

Court : Kolkata

Reported in : [1993]199ITR714(Cal)

..... , however, add that clause (va) has been inserted in sub-section (1) of section 36 by the finance act, 1987. ..... 36(1)(v), deduction is allowed in respect of any sum paid by the assessee as an employer by way of contribution towards an approved gratuity fund, as defined in section 2(5) of the act, created by the employer for the exclusive benefit of his employees under an irrevocable trust. ..... it was also contended that the provisions of section 40a(7) of the act had no application as it was an actual payment and not a ..... in this reference under section 256(1) of the income-tax act, 1961, the following questions of law have been referred to this court for the assessment year 1985-86 ..... in his opinion, the provisions of section 43b of the act would not permit any relief to the assessee-company regarding the admissibility of deduction from its ..... company claimed the said payment as an allowable deduction under section 43b of the income-tax act irrespective of the year to which the liability related. ..... that is allowable under section 36(1)(v) of the income-tax act, 1961, read with rules 103 and 104 of the income ..... the facts and in the circumstances of the case, as there was no full allocable surplus during the year as per the provisions of the payment of bonus act, 1965, the tribunal was correct in law in holding that the bonus payment up to 20% of salaries/wages made in pursuance of an agreement was an allowable deduction under the first proviso to section 36(1)(ii) of the income-tax act, 1961? 2. .....

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

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. .....

ici India Limited Vs. the Commissioner of Income-tax

Court : Kolkata

..... 115j was first inserted in the act by the finance act, 1987 with effect from april1, 1988 with the intention of taxing the companies which disclosed book profits but no positive total income as computed under section 28 of the act. ..... clause (iv) being in respect of an amount provided for depreciation, renewals or diminution in the value of fixed assets and the assessee prepared its account in strict terms of the schedule-vi of the companies act and the explanation provision laid down in schedule vi would apply and the sum of rs.11,71,39,380/- should be treated as withdrawn from the provision for depreciation created prior to april 1, 1988 of fixed assets ..... reduced from the book profit prepared according to the 13 companies act and as such, non-reduction of the said amount was clearly illegal, invalid and without any legal basis ..... amount of depreciation for the period up to september 30, 1987 which has been added back to the net profit of the assessee for the current year is to be reduced from the profit as disclosed in the book profit according to the schedule vi to the companies act and the said amount of depreciation which were provided for up to september 30, 1987 according to specific provision of the explanation have to be .....

Dunlop India Ltd. Vs. Assistant Commissioner of

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 .....

Deputy Commissioner of Vs. Schlumberger Seaco Inc.

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. .....