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Surana Steels Pvt. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1993)46TTJ(Hyd.)458

..... 43 of finance act, 1987 [ (1987) 166 itr ..... 40 of finance act, 1987 and s.115j was ..... company has incurred any loss in any previous financial year or years which falls or fall after the commencement of the companies (amendment) act, 1960, then the amount of the loss or an amount which is equal to the amount provided for depreciation for that year or those years whichever is less, shall be set off against the profits of the company ..... of dividend in pursuance of a guarantee given by that government : (a) if the company has not provided for depreciation for any previous financial year or years, which falls or fall after the commencement of the companies (amendment) act, 1960, it shall, before declaring or paying dividend for any financial year provide for such depreciation out of the profits of that financial year or out of profits of any other previous financial year or years; (b) if the ..... introduced by the finance act. ..... in other words, the finance minister has accepted the representation to the limited extent that the amount of the current profits which could be lawfully distributed as dividend under the companies act, would be the same as would be liable to tax ..... , 1987, the finance minister observed : [(1987) 165 itr (st) 1 at p. ..... finance minister, therefore, limited the deduction of past losses and depreciation to the same extent as would enable the companies to declare dividends under the companies act .....

Motisagar Estate (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)47ITD72(Pune.)

..... the patna high court held that the first proviso to section 43b inserted by the finance act, 1987 was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer. ..... on or before the due date applicable in his case for furnishing his return of income under section 139(1) of the income-tax act, he shall be entitled to claim deduction of that amount.it is for this reason the amendment was held to be explanatory in nature and proviso to section 43b was held to be retrospective in its operation and explanation 2 to section 43b inserted by finance act, 1989 with retrospective effect from 1-4-1984 is subject to proviso inserted by the finance act, 1987. ..... the supreme court has considered the scope of explanation 2 inserted by the finance act, 1979 in section 64(2) in the case of p.doraiswamy chetty (supra) and held at page 160 head notes that the assessee was entitled to carry forward to subsequent years not only his share but also share of his ..... the amendment made by the finance act, 1988 to section 40(3)(vi) of the finance act, 1983 was held by the karnataka high court in the case of cwt v. ..... , on the day when section 272a has been substituted by direct tax laws (amendment) act, 1987 with effect from 1-4-1989 when hardship has been caused statutorily. ..... section 272a has been substituted by direct tax laws (amendment) act, 1987 with effect from 1-4-1989 under which the quantum of penalty has been fixed at not less than rs. .....

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)241ITR43(Mum.)

..... explaining the provisions of finance act, 1987, cbdt circular no.495 ..... it stood after amendment by the finance act, 1987, read as under : "............ ..... 80-o by the finance act, 1987, in the following words : "since the provisions of the section are intended to provide incentive to earning foreign exchange, the proposed amendment seeks to provide that the deduction will be allowed only if the amount ..... was also inserted by the finance act, 1987, w.e.f. ..... while explaining the amendment made by the finance act, 1984, stated that the deduction was introduced primarily to stimulate flow to technology from india and that the said objective could be attained with reduced deduction on that account.prior to its amendment by the finance act, 1988, the operative portion of s ..... we may also refer to the amendment made by the finance act of 1984 (see para 48 of this order) (which reduced the quantum of declaration to fifty per cent of the income from 1st april ..... an independent code incorporated mainly to encourage earning of the foreign exchange, inviting our attention to the relevant notes to the finance act, 1967, the learned counsel contended that s. ..... while explaining the amendment by the finance act, 1984, it was stated that deduction ..... 80-o after the amendment by the finance act of 1974 would be extremely useful in appreciating the intention of the legislature ..... 80-o was amended by the finance act, 1968, to enhance the deduction available under that section to 100 per cent of the income by way of .....

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : [1999]237ITR706(Ker)

..... that prior to the introduction of section 115j by the finance act, 1987, with effect from april 1, 1988, there was a provision applicable to all companies regarding the quantum of deductions in respect of certain reliefs provided under the act introduced by the finance act of 1983, with effect from april 1, 1983, ..... simultaneously, in the finance act, 1987, itself a new chapter--chapter xii-b--containing ..... later, by the finance act, 1987, the said chapter ..... the first part of the explanation, we will deal with the contention of the assessee regarding the adjustment of arrear depreciation worked out by the assessee pursuant to the introduction of schedule xiv to the companies act with effect from april 2, 1987, based on the guidance notes on accounting for depreciation in companies issued by the institute of chartered accountants of india, new delhi (annexures e and g), and the communication issued by the department ..... . section 32ab inserted by the finance act, 1986, with effect from april 1, 1987, sub-sections (1), (2) and (3) thereof, relevant for the purpose ..... and also the charging of the arrears of depreciation for earlier years in the profit and loss account of the company for the period october 31, 1987, is in accordance with the provisions of section 205 of the companies act, 1956, read with parts ii and iii of schedule vi to the companies act, 1956, and, therefore, the profit arrived at after the charging of such depreciation and arrears of depreciation in respect of the earlier years .....

C.i.T. Jodhpur Vs. Achaldas Dhanraj and anr.

Court : Rajasthan

Reported in : 1995(2)WLN208

..... the object of insertion of the proviso by the finance act, 1987 was stated in the memorandum of finance act that the object behind the proviso to section 43b is to provide for a tax dis-incentive for deduction in respect of statutory liability which is not paid in time. ..... the finance act, 1987 inserted the proviso to section 43b provides that any sum payable by way of tax liability can be deducted only if it was paid within the due date in respect of the assessment year to which the aforesaid previous ..... the finance act, 1987 inserted a proviso to section 43b to provide that any sumpayable by way of tax or duty ect. ..... sanjav sales syndicate : [1992]197itr255(kar) held that the proviso inserted by finance act, 1987 w.e.f. ..... assessee incurred liability in the previous year even though such sum might not have been payable within that year under the relevant law.the two provisos to this section were inserted by the finance act of 1987 w.e.f. 1.4.88. ..... 1987 and amended by finance act, 1989 is explanatory in nature and therefore retrospective in operation.12. ..... in order to over-come this problem amendment was made by the finance act, 1988 by which the word 'cess or fee by whatever name called' were inserted in clause (a) w.e.f. 1.4.89. ..... the submission of the learned counsel for the revenue is that the amendment in section 43b was made by the finance act, 1988 and was effective from 1.4.1988. ..... explanation-2 was inserted by the finance act, 1989 and was given retrospective effect from 1.4.84. .....

Checkmate Services P Ltd Vs. Commissioner Of Income Tax-i

Court : Supreme Court of India

..... it is instructive in this context to note that the finance act, 1987, introduced to section 2(24), the definition clause (x), with effect from 1 april 1988; it also brought in section 36(1)(va). ..... significantly, the same finance act, 1987 also introduced provisos to section 43b, through amendment (clause 10 of the finance bill). ..... 4 inserted by the finance act, 1987 (11 of 1987), w.e.f. ..... consequently, by finance act 1987, section 2(24) (x), and section 36(1) (va) as well as second proviso to section 43b were inserted. ..... on the other hand, section 36(1)(va) was specifically inserted by the finance act, 1987, w.e.f. ..... 01.04.1988 under the finance act, 1987.26. ..... however, as stated above, the second proviso resulted in implementation problems, which have been mentioned hereinabove, and which resulted in the enactment of the finance act, 2003, deleting 25 the second proviso and bringing about uniformity in the first proviso by equating tax, duty, cess and fee with contributions to welfare funds. ..... the memorandum explaining these provisions, in the finance bill, 1987, presented to the parliament, is extracted below: measures of penalising employers mis-utilising contributions to the provident fund or any funds set up under the provisions of the employees state insurance act, 1948, or any other fund for the welfare of employees - 12.1. .....

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 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. .....

Deputy Cit Vs. Triveni Engineering Works Ltd..

Court : Delhi

Reported in : (2004)88TTJ(Del)165

..... of the tribunal are as under :'section 115j has been introduced by way of an independent chapter xii-b in the income tax act by the finance act, 1987, and it came into force from the assessment year 198889. ..... learned departmental representative further submits that section 115j was introduced by the finance act, 1987, to tax the companies to levy minimum tax on zero-tax ..... this provision was inserted by the finance act, 1987, with effect from, 1-4-1988, to tax zero-tax companies which has shown sufficient book profit for the purpose of companies act and distributed its dividend but for the income-tax purposes, it declared the nil or ..... it appears that under the new scheme introduced by the finance act, 1997, the concept of tax credit has been brought in on grounds of equity by ..... section 115j was introduced by the finance act with effect from, 1-4-1988, to charge income-tax on zero-tax companies, the companies which declares the nil income or in loss though earn sufficient income and declare substantial dividends after computing profit under the companies act, at the rate of 30 per cent of their book profit computed as per sub-section (1a) and explanationn mentioned below thereof if the total income of these companies ..... we have also examined the object of the introduction of this new provision from the budget speech of the then finance minister reported at : [1987]165itr14(sc) wherefrom it is clear that this provision was inserted to bring the zero-tax companies within the income- .....

Commissioner of Income Tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : (1998)149CTR(Ker)538

..... . 115j by the finance act, 1987 with effect from 1st april, 1988, there was a provision applicable to all companies regarding the quantum of deductions in respect of certain reliefs provided under the act introduced by the finance act of 1983 with effect from 1st april, 1983, i.e ..... simultaneously in the finance act, 1987, itself a new chapter-chapter xii-b-containing only one section-sec. ..... later, by the finance act, 1987, the said chapter was deleted with effect from 1st april, 1988. ..... . 32ab inserted by the finance act, 1986 with effect from 1st april, 1987, sub-ss ..... the legislature, by the finance act, 1983, introduced a new chapter-chapter vi-b containing only one provision s. ..... . this provision itself was enacted, as could be seen from the budget speech of the finance minister for the financial year 1983-84, with a view to securing that the various deductions in respect of tax concessions admissible under the income tax act did not result in reducing the taxable income of companies to the extent that no tax or only a negligible tax would be payable by profit-making companies ..... for in the p&l; a/c of the earlier years since the assessee is entitled to compute the depreciation for the earlier years taking into account the extra-shift allowance also particularly in view of the amendment to the companies act in 1988 inserting schedule xiv effective from 2nd april, 1987 which falls during the accounting period relevant to the assessment year in question. .....