Judgment Search Results Home > Cases Phrase: finance act 1987 Sorted by: old Court: income tax appellate tribunal itat delhi Page 4 of about 1,369 results (0.196 seconds)

Acit, Inv. Circle 10(1) Vs. Kamax Corporation

Court : Income Tax Appellate Tribunal ITAT Delhi

..... prior to the imposition of interest used the expression "may" but the change brought about by the finance act, 1987 is a clear indication that the intention of the legislature was to make the calculation of statutory interest mandatory.17. ..... in this decision the apex court has held that the interest u/s 234a, 234b and 234c could not be lived merely through a novice of demand u/s 156 of the income-tax act, 1961 where there was not specific order in the assessment order that interest was leviable and fore changing such interest. ..... thus, the decision has been rendered in the context of the acts of the case.from the aforesaid discussion, it is amply clear that the essential requirement for levy of interest u/s 234a, 234b and 234c is that order for charging such interest should be made by the ao before the ..... in ranchi club limited's case (supra), the supreme court endorsee the view of patna high court that interest could not be levied merely through a notice of demand u/s of the act where there was no specific order in the asstt.order. ..... the income tax department conducted survey operations u/s 133a of the income-tax act, 1961 at the business premises of the assessee on 24.8.1992. ..... 234b of the act. .....

Dev Kumar JaIn Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)82TTJ(Delhi)703

..... have taken into consideration the fact that section 52 has been deleted by the legislature from the statute by the; finance act, 1987 w.e.f. ..... appeal before their lordships of the supreme court.27.11 the question which was referred to their lordships was whether understatement of consideration in a transfer of property is a necessary condition for attracting the applicability of section 52 sub-section (2) of the it act 1961 or it is enough for the revenue to show that the fair market value of the property as on the date of the transfer exceeds the full value of consideration declared by the assessee in respect of the transfer by an amount of ..... reliance was also placed upon section 50c which was introduced by the finance act, 2001 for the proposition that on a reading of it, the legislature thought it necessary to lay down that the circle rates could be taken into ..... the heads of income are enumerated in section 14 under which income shall for the purposes of charge of income-tax and computation of total income be classified and this includes "capital gains".section 45 of the act provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head "capital gains" and shall be deemed to be the income of ..... this context, it was also slated that amendments to the provisions governing capital gains as effected by the finance act, 2002 substituting section 50c to provide for assessment at circle rates. .....

Sanjay Chawla Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)89ITD586(Delhi)

..... this section has been omitted by the finance act, 1987 w.e.f. ..... even if such instructions are to be construed as falling under the ambit of section 119 of the it act, such instructions would necessarily be construed so as to harmonise with the spirit and letter of the law as well as the object and purpose for which the instruction has been issued by the cbdt. ..... the market value of a piece of property, for purposes of section 23 of the act, is stated to be the price at which the property changes hands from a willing seller to a willing, but not too anxious a buyer, dealing at arms length. ..... this decision rendered in the context of section 52(2) of the act, 1961 enunciated the proposition that mere difference between market value and consideration declared by the assessee in the sale document was not sufficient and assessee must be shown by the revenue by adducing evidence on record to ..... is any perceived deviation from the guidelines issued by the cbdt, this would not be a ground for holding that notice under section 143(2) issued by the ao in legitimate and proper exercise of his powers under the it act is ab initio illegal and void. ..... petition on the point whether, the wto having completed the assessment on the basis of the departmental valuer's report and whether the departmental valuer's valuation report constitutes 'information' within the meaning of section 17(1)(b) of the wt act, 1957. 6. .....

Mohan MeakIn Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... filing of the income-tax return prescribed under section 139(1) in view of the supreme court judgment in the case of allied motors, 224 itr 677 wherein it has been held that proviso to section 43b invoked by finance act, 1987 was retrospective and would apply to earlier years also. ..... the legislature inserted the proviso to section 43b by finance act. ..... the following points of difference between the learned members constituting the division bench were referred to me as third member by the hon'ble president acting under section 255(4) of the i.t.act, 1961: - "1. ..... reference under section 255(4) of the income-tax act, 1961 since there is a difference of opinion between the members, the following questions are referred to the hon'ble president of the tribunal under section 255(4) of the income-tax act, 1961: "1. ..... 1987 which allowed deduction if such liability was discharged on or before the due date of filing income-tax return. ..... application has in fact tried to obtain review of the order which is not permissible under section 254(2) of the act. ..... application and pressed before us during the hearing as mentioned above, we hold that there was no mistake apparent from record and there is no case for action under section 254(2) of the act. ..... no other mistakes apparent from the record within the meaning of section 254(2) and the assessee in fact had tried to obtain a review of the order and which was not permissible under section 254(2) of the act.3. .....

Saipem S.P.A. Vs. Dcit (Asstt.) Special Range 1

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)276ITR55(Delhi)

..... therefore, as a measure of simplication, provisions of section 44bb were reported by the finance act, 1987 with retrospective effect from 1.4.1983. ..... of the ld.counsel that section 5 is the charging provision and no income can be brought to tax unless it falls within the scope of the said section and the use of the expression "subject to other provisions of the act" in section 5 would mean that if any other section operates to exclude from the total income of any person any income, which otherwise falls within the broad framework of his total income as laid down in section ..... these provisions provide for charging the income by way of profits and gains of business and prescribe the manner of computation, the question as to at what point of time its chargeability arises is answered by section 5 of the act which states that the total income of a resident assessee from whatever source derived becomes chargeable either when it is received by him or when it accrues or arises to him during the previous year.... ..... the amendment made by the finance act, 2004 further reinforces the contention of the appellant that the provisions of section 44bb are merely machinery/computation provisions ..... it is further pertinent to mention that the provisions of section 44bb have be amended by the finance act, 2003, w.e.f. ..... section 4 brings to charge total income of every person of the previous year at the rates provided in the relevant finance act. ..... memorandum explaining the finance bill, 1987: 165 itr 161 (st .....

Shri Babu Ram Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)90TTJ(Delhi)332

..... did not press this point when his attention was drawn to the provisions of sub-section (5) of section 45 brought on the statute book by finance act, 1987 with effect from 1-4-1988. ..... assets in the hands of late shri babu ram.all the same, we are of the view that this matter relating to the claim of the assessee under section 54b of the income tax act, is required to be re-examined by the assessing officer in accordance with law and in the light of directions given herein below.the relevant portion of section 54b of the income tax ..... act provides as sunder : "54b(1) subject to the provisions of sub-section (2), where the capital gain arises from the transfer of capital asset being land which, in the two years immediately preceding the ..... assessee in his individual capacity and assessment was also made in the same capacity and as such no illegality was involved in the assumption of jurisdiction under section 147/148 of the income tax act.we have given careful thought to the rival submission of the parties.the assessing officer issued notice under section 148 of the income tax ..... the capacity of the assessee need be clearly stated in the notice under section 148 of the income tax act.in the present case shri babu ram the assessee received compensation from the municipal corporation on acquisition of his agricultural land .....

Vasundhara Lpg (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)860

..... a new chapter xii-b containing section 115j has been inserted by the finance act, 1987 which levies minimum tax on book profits of certain companies. ..... the object and purpose of introducing the concept of mat (minimum alternate tax) is manifestly clear from the aforesaid circular as well as the speech of the finance minister which shows that the it authorities were unable to bring certain companies within the net of income-tax because these companies were adjusting their accounts in such a manner as to attract no tax or very little tax. ..... we may further refer to the budget speech of the then finance minister of india made in parliament while introducing the section 115j which reads as under : "it is only fair and proper that the prosperous should pay at least some tax, the phenomenon of so-called 'zero-tax' highly profitable companies deserves attention, in 1983, a new section 80wa was inserted in the act so that all profitable companies pay some tax. ..... it is with a view to bring such companies within the tax net that section 115j was introduced in the it act with a deeming provision which makes a company liable to pay tax on atleast 30 per cent of its book profits as shown in its own account. ..... 12,00,000 from the book profits is not covered under the explanation inasmuch as accounts- have been prepared in accordance with the provisions of parts n and iii of schedule vi to the companies act, 1956; according to her, the remuneration of rs. .....

Mohan MeakIn Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)84TTJ(Delhi)1

..... order to remove the hardship causing to the assessee, the legislature inserted the proviso to section 43b by finance act, 1987 which allowed deduction if such liability was discharged on or before the due date of filing it return. ..... (1997) 224 itr 677 (sc) wherein it has been held that proviso to section 43b invoked by finance act, 1987 was retrospective and would apply to earlier years also. ..... 79,99,706 has been considered as an allowable deduction under the provisions of s, 43b of the it act, 1961.the perusal of the above notes shows that facts of both the cases were identical except the amount of excise duty not included in the closing ..... illa dalmia (1987) 168 itr 306 (del) and ..... following points of difference between the learned members constituting the division bench were referred to me as third member by the hon'ble president acting under section 255(4) of the it act, 1961 : "1. ..... 43b of the it act, 1961.in past years , it has been the practice to charge the total expenses on excise duty to the p&l a/c and include the amount relating to unsold stock cleared from the bonded warehouses in the closing ..... of the said difference of opinion between the members, the following questions were referred to the third member under section 255(4) of it act, 1961: "1. ..... rest of the order proposed by my learned brother.since there is a difference of opinion between the members, the following questions are referred to the hon'ble president of the tribunal under section 255(4) of the it act, 1961 ; "1. .....

Addl. C.i.T., Special Range-5 Vs. Vestas Rrb India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)275ITR81(Delhi)

..... itr 147 by observing that first proviso to section 43b of the act inserted by the finance act, 1987 is retrospective and if the sales tax had been paid after the due date but during the grace period allowed under the sales tax act that does not attract provisions of section 43b of the act. ..... inserted in section 43b by the finance act, 1987 w.e.f. ..... accepted to be operative retrospectively, then the amendment so brought in to statute by the finance act, 2003 would produce inequitable and illogical results. ..... finance act, 2003 has deleted the second proviso and amended the first proviso by the finance act ..... as under so as to show that the amendment was made to do away the hardship caused by the total disallowance; in terms of the provisions of section 43b of the income tax act, deduction for statutory payments relating to labour, taxes and state and public financial institutions are allowed as deductions, if they are paid during the financial year. ..... similar situation and therefore the principal approved by the apex court would also apply with equal force to the amended proviso, so as to have retrospective application of the amendment brought by finance act, 2003. ..... section 43b stands amended by the finance act, 2003. ..... not be made and delay may be condoned was not accepted as the ao was of the view that for non compliance of mandatory provisions as contained in section 43b and section 36 (1) (va) of the act, the deposit having not been made within the time specified, have to be disallowed.5. .....

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. .....