Court : Chennai
Reported in : (2003)181CTR(Mad)442; [2003]263ITR307(Mad)
..... section 115j of the act was inserted by the finance act, 1987 with effect from 1.4.1988. ..... after the insertion of section 115ja, section 115jb was also inserted by the finance act, 2000 with effect from 1.4.2001. ..... a careful reading of section 234b reveals that subject to other provisions of the section, the assessee is liable to pay interest at the prescribed percentage where the assessee liable to pay advance tax under section 208 of the act failed to pay the same within the time or where the assessee has paid advance tax which falls short of the ratio prescribed in the section. ..... further, suitable amendments have been made in the relevant finance act providing for the payment of advance tax in the case of a company covered under sections 115ja and 115jb of the act. ..... the court therefore held that the liability would arise only after the profit is determined in accordance with the provisions of the companies act and therefore the interest under sections 234b and 234c is not leviable in cases where the provisions of section 115j are applied. 7. ..... as we have already observed, interest is levied for the delayed or non-filing of the return and the invocation of section 115j of the act at the time of regular assessment has no relevance in considering the question of failure on the part of the assessee to file the return before the due date.9. .....
Tag this Judgment!Court : Karnataka
Reported in : (2006)206CTR(Kar)226; [2006]287ITR404(KAR); [2006]287ITR404(Karn)
..... into its sweep not only cases of dissolution but also cases of subsisting partners of a partnership, transferring assets to a retiring partner.bombay high court has noticed section 2(47) and thereafter ruled reading as under:the finance act, 1987, with effect from april 1, 1988, omitted this clause, instead of amending section 2(47), the effect of which is that distribution of capital assets on the dissolution of a firm would be regarded as transfer.9. ..... to amendment section 47(2) read as under:any distribution of capital assets on the dissolution of a firm, body of individuals or other association of personsthis was omitted by the finance act, 1987 with effect from 1.4.1988. ..... the said judgment bombay high court has noticed the effect of act of 1987. ..... thereafter, the assessing officer concluded the assessment under section 144 of the act charging capital gain in the hands of the firm in respect of the assets transferred by ..... come to the conclusion that this is a case of transfer by way of distribution of capital assets on dissolution of the firm in terms of section 45(4) of the act, and that the profits or gains there from is chargeable to tax. ..... he would invite my attention to section 45(4) of the income fax act to contend that the orders of the tribunal requires our consideration, he would also refer to section 2(47) for the definition of 'transfer' in the case ..... in these circumstances that he has chosen to consider section 45(4) of the income tax act for the purpose of levy of tax. .....
Tag this Judgment!Court : Kerala
Reported in : (2006)205CTR(Ker)505; [2007]292ITR663(Ker)
..... then sub-clause (v) and (vi) of section 2(47) which give wider amplification to the concept of 'transfer' under the it law were introduced in the definition only by the finance act, 1987 only w.e.f. ..... april, 1988 by the finance act, 1987. ..... in the case of 'house property' falling under section 22 of the act, a person in possession under an agreement falling under section 53a of the transfer of property act may be an owner within the meaning of clause (iiia) of section 27 of the act after the introduction of the said clause w.e.f. ..... this appeal filed under section 260a of the it act, 1961 ('the act' for short), the revenue challenges the order dt. ..... it is true that section 2(47) of the act has been couched in the widest possible terms so as to include within the meaning of 'transfer' even any arrangement which has the effect of enabling the enjoyment of any ..... clause (iiia) to section 27 of the act also takes in a person in possession in part performance of ..... be a person satisfying the requirements of an owner under the common law, that is, a person who has got valid title legally conveyed to him after due compliance with the requirements of the transfer of property act, the registration act, etc. ..... to attract capital gains tax, there need not be transfer of a capital asset as required under the provisions of the transfer of property act, 1882 or the registration act, 1908. ..... 23rd april, 1987 set aside the assessment with the following directions:(i) the return of income declaring a loss .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]256ITR131(Raj)
..... the memorandum of reasons takes note of the combined effect of section 43b and the first proviso inserted by the finance act, 1987. ..... thatnow the issue has been concluded by the apex court that if the liability of sales tax has not been paid before the due date but paid as provided in the proviso to section 43b of the act, which clarifies that if the amount of sales tax has been paid after submission of returns but within the grace period allowed under the relevant provisions of the sales tax, the deduction under section ..... on an application filed under section 256(1) of the income-tax act, 1961, the tribunal has referred the following questions for the opinion of this court: 'whether, on the facts and in the circumstances of the case and in law, the tribunal was justified in deleting the addition ..... the relevant assessment year is 1987-88. .....
Tag this Judgment!Court : Kerala
Reported in : 2010(1)KLT300
..... eventhough section 45(5) with sub-clauses (a) and (b) was introduced by finance act, 1987 and clause (c) was introduced only in 2003, the tribunal took the view that clause (c), the protective clause taking care of reduction of enhanced compensation in further appeal is clarificatory in nature and so much so the additional compensation ..... the provisions of section 45(5) after the introduction of clause (c) to it by finance act, 2003 with effect from 1.4.2004 provide a complete code for payment of tax in respect of compensation received in land acquisition proceedings in stages on receipt basis and by virtue of operation of clause (c), the ultimate tax liability will be on the ..... the legislature taking care of the possibility of higher courts reducing the additional compensation on which tax is paid by virtue of deeming provision contained in section 45(5)(b) of the act, introduced the specific clause (c) by which any assessment made demanding tax on the additional compensation received will be modified if later in any proceedings the enhancement received is reduced. ..... the assessee is free to claim reduction or waiver of interest payable under various provisions of the act.consequently the assessment of additional compensation confirmed by orders of the tribunal for 1992-1993 will stand cancelled. .....
Tag this Judgment!Court : Mumbai
Reported in : (2001)166CTR(Bom)96; [2001]249ITR597(Bom)
..... advocate appearing on behalf of the assessee, on the other hand, contended that section 115j was introduced by finance act, 1987 in order to restrict unwarranted deductions claimed by the assessees. ..... that the said section was introduced by finance act, 1987. ..... in other words, a plain reading of section 115j shows that if the assessee is a company and its total income under the income tax act is less than 30% of its book profits then, fictionally, it will be deemed that its total income chargeable to tax would be an amount equal to 30% of such ..... that, by virtue of the said section, it is provided that in the case of a company whose total income, as computed under the act, is less than 3o% of the book profits computed under that section then the total income chargeable to tax will be 30% of the book profits ..... however, the assessee did not offer any income under section 115j of the income tax act on the ground that under section 115j, one has to take commercial profits and if any receipt had no commercial profit clement, then such receipt would have to be excluded for the purposes of ..... he invited our attention to various items enumerated in parts ii and iii of schedule vi of the companies act and he contended that all the said items in clause 3 of part it of schedule vi indicated that book profits, essentially, were ..... are also covered by clause 2(b) of part ii of schedule vi of the companies act which, inter olio, states that profit and loss account shall disclose every material feature. .....
Tag this Judgment!Court : Uttaranchal
Reported in : (2005)198CTR(Uttranchal)364; [2005]279ITR1(Uttaranchal)
..... the it act was inserted by the finance act, 1987 w.e.f. ..... an agreement with the government of any country outside india--(a) for the granting of relief in respect of income on which have been paid both income-tax under this act and income-tax in that country, or(b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country, or(c) for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under this ..... act or under the corresponding law in force in that country, or investigation of cases of such evasion or avoidance, or(d) for recovery of income-tax under this act and under the corresponding law in force in that country,and may, by notification in the official gazette, make such provisions as may be necessary for ..... section (3) shall be inserted after sub-section (2) of section 44bb by the finance act, 2003, w.e.f. ..... chargeable to tax under the head 'profits and gains of business or profession'.the 'assessee' as has been defined in clause (7) of section 2 means a person by whom or any other sum of money is payable under this act.the 'person' is defined in clause (31) of section 2 which includes 'an individual'. ..... we are aware of the fact that 'treaty shopping' is an act of resident of a third country taking advantage of a fiscal treaty .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 2004(2)BLJR888; 2004CriLJ3110; (2004)187CTR(SC)609; 2004(168)ELT433(SC); [2004]266ITR578(SC); [2004(2)JCR213(SC)]; JT2004(4)SC6; 2004(3)SCALE515; (2004)3SCC624
..... (1) was introduced by finance act, 1987 (11 of 1987) with effect from 1.6.1987, excluding grant of immunity in cases where proceedings for the prosecution have been instituted before the date of receipt of the application under section 245c of the act.6. ..... , subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under this act or under the indian penal code (45 of 1860) or under any other central act for the time being in force [and also (either wholly or in part) from the imposition of any penalty] under this act, with respect of the case covered by the settlement : [provided that no such immunity shall be granted by ..... was granted or for any other offence of which he appears to have been guilty in connection with the settlement and shall also become liable to the imposition of any penalty under this act to which such person would have been liable, had not such immunity been granted.' 5. ..... can be granted by the commission in cases where the proceedings for prosecution under the act or under the indian penal code, 1860 (in short 'the ipc') or under any central act for the time being in force have been instituted before the date of receipt of application under section 245c after 1.6.1987. ..... or within such further time as may be allowed by the settlement commission, or fails to comply with any other condition subject to which the immunity was granted and thereupon the provisions of this act shall apply as if such immunity had not been granted. .....
Tag this Judgment!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. .....
Tag this Judgment!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. .....
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