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Commissioner of Income Tax Vs. Ahmedabad Electricity Co. Ltd.

Court : Gujarat

Reported in : (2003)181CTR(Guj)222

..... the first proviso to section 43b was brought about by the finance act, 1987, inserted w.e.f. ..... be sustained, the reasoning given by the tribunal that the assessee-electricity company as a collecting agent was in noway liable to pay the duty to the government, was not warranted by the provisions of the act/the learned counsel for the assessee, however, supported the claim mainly on the basis of the decision of the supreme court in allied motors (supra) for contending that the addition was not justified since ..... the assessee-electricity company did take such coercive measure of disconnecting the supply of electricity in accordance with the provisions of section 24 of the indian electricity act, 1910, for effecting the recovery.the fact that the debtors did not move the company for restoring the supply by paying the dues indicates that there was no likelihood of recovering ..... 1984-85, we may first deal with the finding of the tribunal in paras 20 and 21 of its order that, in view of section 4 of the bombay electricity duty act, 1958, the assessee was not liable to pay electricity duty to the state government being only a licensee, and that section 43b was not applicable on the ground that the amount of ..... the tribunal held that the assessee-company was only a licensee which was acting on behalf of the state government for the purpose of collection of electricity duty from the consumers, for which it was getting commission, and that the amount collected was credited in a separate account, .....

Harrisons Malayalam Ltd. and ors. Vs. State of Kerala and ors.

Court : Kerala

Reported in : (1998)150CTR(Ker)564

..... 'therefore, we are of the view that when the kerala finance act 18 of 1987 provided that the provisions of the act shall deem to have come into force on 1st july, 1987, the legislature intended that all the amendments brought under the finance act, including the amendment to schedule i, shall take effect only from 1st july, 1987, and not from 1st april, 1987. ..... 1768, 2584, 2628, 2715, 2996, 3610, 4427, 6139, 6686 and 6821 of 1988 were filed by assessees contending that the amendment introduced by the finance act, 1987, by which the rate of tax was enhanced, would be applicable only from the asst. yr. ..... the district judge took the view that the proposed assessment for the period from 1st july, 1987, to 31st march, 1988, on the higher rate prescribed under schedule 1 introduced by finance act, 1987, was invalid, and the reference was answered accordingly. ..... according to us, in order to have a separate assessment under the act from ist july, 1987, hy applying the new schedule 1 as substituted by finance act, 1987, machinery for the same should have been provided under the act by enacting appropriate provisions.14. ..... petitioner challenged the assessment for the period from 1st july, 1987, to 31st march, 1988, on the enhanced rate of tax introduced by the kerala finance act, 1987, by filing an appeal before the 2nd respondent. ..... following the view which we have already taken that the enhanced rate introduced by finance act, 1987 can be made applicable only for the asst. yr. .....

Hotel Elite and ors. Vs. State of Kerala and ors.

Court : Kerala

Reported in : [1988]69STC119(Ker)

..... we therefore hold that the levy on cooked food as per entry 57 of the first schedule and the levy on liquor as per entry 4 of the fifth schedule to the act as amended by the kerala finance act 18 of 1987 are perfectly valid and the challenge against the same as violative of article 14 is clearly unsustainable.13. ..... the levy on liquor at two points as per the fifth schedule of the act introduced by the finance act 18 of 1987 is for enhancement of revenue and no question of violation of article 14 arises against such enhancement. ..... submission made by the advocate-general and direct that tax as per the amended provisions on the two items mentioned above will not be recovered for the period prior to the date of publication of the kerala finance act 18 of 1987 in the gazette.subject to the above direction these original petitions are dismissed. ..... the aforesaid amendments to the kerala general sales tax act introduced by the finance act 18 of 1987 are challenged as violative of article 14 of the constitution. ..... the petitioners challenge the validity of the kerala finance act 18 of 1987 in so far as it relates to the imposition of sales tax on item 67 of the first schedule and item 4 of the fifth schedule of the kerala general sales tax act ('the act' for short). ..... counsel appearing for the petitioners challenge also the validity of section 1(2) of the kerala finance act 18 of 1987 as per which the act is brought into force with retrospective effect from 1st of july, 1987. .....

M/s. Sundaram Finance Limited Vs. The Deputy Commissioner of Income Ta ...

Court : Chennai

..... explanatory note on the provisions of the finance act, 1987 contained in circular no.495 dated 22.9.1987 states that under the finance act, 1986, deduction under section 32-ab was allowed after setting off business loss if any, brought forward from earlier years and that in order to remove the hardship in cases where the assessee may not be able to avail of this benefit because of brought forward losses from earlier years, finance act, 1987 sought to provide that the deduction will ..... second question of law, is even as per the plain language of section 32ab(1), as amended by finance act, 1987, has to be answered in favour of the assessee. 23. ..... the words inserted in section 32-ab (1), by the finance act, 1987 were "such deduction being allowed before the loss, if any, brought forward from earlier years is set off under ..... in mind, if we come back to section 32-ab it could be seen that under the finance act, 1987, this section was amended. ..... pointed out the object of the amendment made under finance act, 1987 to section 32ab. 26. ..... this appeal is by the assessee, under section 260-a of income tax act 1961, raising the following substantial questions of law:- (1) whether on the facts and circumstances of the case, the tribunal was right in holding that the unabsorbed investment allowance had to be deducted from ..... (prayer : appeal filed under section 260 a of the income tax act, against the order of the income tax appellate tribunal 'b' bench, chennai, dated 13th july 2005 in ita nos.2781 .....

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. Income-tax Offic ...

Court : Punjab and Haryana

Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)

..... in all these petitions, the petitioners seek the quashment of the respective complaints and the proceedings resulting therefrom, inter alia, on the ground that, before the amendment of section 194a, vide finance act, 1987, which came into force on june 1, 1987, there was no provision like the present explanation to sub-section (1) of this section making the crediting of any interest to any account, whether called 'interest' payable account' or 'suspense ..... mittal, learned counsel for the respondent, on the other hand, stated that the explanation inserted by the finance act of 1987 to sub-section (1) of section 194a simply explains the existing provisions of law and had not created any new offence and that, under the mercantile accounting system, the ..... notes on the provisions relating to direct taxes while introducing the finance act, 1987 (see [1987] 168 itr 87). mr. ..... 482 of the code of criminal procedure, 1973, the accused-petitioners seek the quashment of the proceedings instituted by the income-tax authorities for offences under sections 276b and 278b of the income-tax act, 1961, pertaining to the returns filed for 1977-78, 1978-79, 1979-80 and 1980-81, by deliberately showing the payment of interest to different payees in the interest payable account instead of crediting it to the ..... as a matter of fact, this interpretation cannot be disputed because while introducing the finance bill, 1987, the explanatory note clearly provides that the legislature had filled up a lacuna in .....

Cadell Weaving Mill Co. (P.) Ltd. Vs. Assistant Commissioner of Income ...

Court : Mumbai

Reported in : (1995)53TTJ(Mumbai)538

..... .in order to overcome the judicial interpretation, the finance act, 1987 w.e.f. ..... the capital gain arising from transfer of any of the following assets, in the acquisition of which the assessee has not incurred any expenditure, the finance bill proposes to amend the provisions relating to capital gains and provide that the cost of acquisition of the following assets is to be taken at nil ..... when the finance act of 1994 was in the stage of a bill, the reasons for its introduction and the purpose and aim of the provision was explained to the legislature as follows :'capital gain on transfer of assets where there ..... hold that the tenant after his term of tenancy was over enjoys only a personal right to remain in possession under the bombay rent act and he will not have any transferable right or estate as such and, therefore, all the above decisions cannot be of any avail ..... finance act ..... full bench of the bombay high court after considering all the decisions held that under the bombay rent act sub-tenancy will be permissible not when the original tenancy contract was silent but when it had specifically ..... after going through the full bench of the bombay high court as well as air 1987 sc 117, we find that the ratio of the full bench of the bombay high court on the first of the points posed before it which deals with the question whether the statutory tenant governed by the bombay rent act retains transferable interest in the tenanted premises or not was not disturbed, and therefore, in .....

Ashwani Kumar Aggarwal, in Re. Vs.

Court : Supreme Court of India

Reported in : [1992]195ITR861(SC)

..... argument was that if the interest chargeable under section 234a, 234b and 234c was mandatory and could not be waived, the word 'interest' brought into section 245d(6)by the finance act, 1987, with effect from june, 1, 1987, would not has been retained after the amendment of the act by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989 (sic). ..... tech/90/sc, dated december 3, 1991, to examine legal issues arising from the amendments made to chapter xixa of the income-tax act, 1961, and corresponding provisions of the wealth-tax act, 1957, by the finance act (no. ..... the object of section 119 was to issue orders, instructions and directions to other income-tax authorities as may be deemed fit for the proper administration of the act and that too with regard to the generality of cases/assesses coming within the parameters of this section and the required powers had been given to the central board of direct taxes under with ..... settlement commission, directed that, in order to determine the scope of the statutory of the income-tax settlement commission regarding reduction and waiver of interest under sections 234a, 234b and 234c of the income-tax act, 1961, and to minimise litigations arising therefrom, this issue shall be heard by the special bench as constituted above in the case of the applicant as well. ..... cit : [1987]163itr646(kar) for arguing that the marginal note indicates the purpose for which a section has been incorporated in the act begs the issue before the .....

Commissioner of Income-tax Vs. Enterprises India

Court : Allahabad

Reported in : [2007]291ITR473(All)

..... for the opinion of this court:whether, on the facts and circumstances of the case, the income-tax appellate tribunal was legally justified in holding that the first proviso to section 43b, inserted by the finance act, 1987, with effect from april 1, 1988, was retrospective in operation being clarificatory in nature, and thereby directing to restrict the disallowance under section 43b, out of sales tax collections made during the year, to an amount which ..... made during the year out of these collections and to ascertain whether the balance amount had been paid within the statutory time allowed under the first proviso to section 43b of the income-tax act which, though inserted by the finance act, 1987, with effect from april 1, 1988, was held to be retrospective in operation, being explanatory in nature, and to delete the disallowance made under section 43b to that extent. ..... 26,447 in view of explanation 2 inserted by the finance act, 1989, with retrospective effect from april 1, 1984, the learned commissioner of income-tax (appeals) enhanced the assessed income by rs. ..... the reference relates to the assessment year 1987-88.3. .....

Jagdish Chander Malhotra Vs. Income Tax Officer

Court : Delhi

Reported in : (1998)62TTJ(Del)314

..... court has considered the impact and effect of amendment made in section 27 of income tax act, 1961 by the finance act, 1987 by which the meaning of 'owner of house property' used in sections 22 to 27 of the act have been enlarged. ..... section 2(47) of income tax act, 1961 has undergone significant amendments by the taxation laws (amendment) act, 1984 with effect from 1-4-1985 as well as by the finance act, 1987 w.e.f. ..... business carried on by him, such conversion or treatment; or(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or(vi) any transaction (whether by way of becoming a member of, or acquiring shares in a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which ..... have, thereforee, no hesitation to hold that the amendment introduced by the finance bill, 1987, was declaratory/clarificatory in nature so far as it relates to section 27( ..... declaratory statute, the honble supreme court has recorded the following findings 'from the circumstances narrated above and from the memorandum explaining the finance bill, 1987 [see (1987) 165 itr 161], it is crystal clear that the amendment was intended to supply an obvious omission or to clear up doubts as to the meaning of the word 'owner' in section 22 of the act. .....

Cit Vs. Sabari Enterprises

Court : Karnataka

Reported in : [2008]298ITR141(KAR); [2008]298ITR141(Karn)

..... if that provision is read along with the first proviso of the said section which was inserted by finance act, 1987 which came into effect from 1-4-1988, the letters numbered as clause (a) or (c) or (d) or (e) or (f) are omitted from the above proviso and, therefore, deduction towards the employer's contribution ..... the amendment which was made by the finance act of 1987 in section 43b by inserting, inter alia, the first proviso, was remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the assessee and which made the ..... the provisions of the income tax act, a deduction is allowable in respect of any sum payable by the assessee as an employer by way of contribution towards pf or other funds referred to under clause (b) of ..... and gains of business and profession, the income tax act defines the word 'paid' to mean 'actually paid or incurred' according to the method of accounting on the basis of which the profits or gains are computed.the learned counsel for respondents have submitted that the object and intendment of insertion of section 43b, by way of amendment to the act by the finance act with effect from 1-4-1984 stipulates, notwithstanding anything contained in .....