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Gujarat Credit Corp. Ltd. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113ITD133(Ahd.)

..... as amended by the finance act, 1987 w.e.f. ..... by the board clarifying the provisions of amendments of section 147 to 153 by the finance act, 1987. ..... of the provisions of section 147 by the finance act, 1987 w.e.f. ..... as financier and both these business were so interconnected to be considered as a single business; that therefore the income of both these businesses will be computed together as per the provision of section 28 to 44 of the act; that a statement showing income from operation for 5 years revealed that except for financial year 1994-95 relevant to assessment year 1995-96 and financial year 1995-96 relevant to assessment year 1990-97, the company has ..... purchases and sale of shares were treated as stock in trade and loss or profit in respect of such dealing in shares was treated as business income and not capital gain under section 45 of the income tax act, 1961; that the explanation to section 73 is not applicable, it being a company whose principle business was granting of loans and advances and it being also in business of granting loans and advances, explanation to ..... 01/04/1989 stating that the amending act, 1987, has rationalized the provisions of section 147 and other connected sections to simplify the procedure for bringing to tax the income which ..... thus, the amending act, 1987, has substituted a new section 147 which contains simplified provisions as follows: (i) separate provisions contained in clause (a) and (b) of the old section have been merged into a single new .....

Shri Vijaysinh R. Rathod and ors. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... by the finance act, 1987, with effect from april i, 1988, the amendment to section 55 of the act only ropes in taxability of goodwill on transfer of the same even if there is no cost of acquisition. ..... capital gains on sale of such property where neither date of acquisition nor cost of land was ascertainable, cannot be brought to tax under head "capital gains" with the following observations: though section 45 of the income-tax act, 1961, is a charging section the legislature has enacted detailed provisions in order to compute the profits or gains under that head and no provision at variance with such computation provisions can be applied for determining the chargeable ..... . these rights would be then held by the assessees as inherited from the fore-fathers and the cost of acquisition in the hands of the assessees would be that of the fore-fathers by virtue of section 49(1)(iii)(a) of the act providing that where capital assets become property of the assessee by succession, inheritance or devolution, cost of acquisition of the assets deemed to be the cost of which the previous owner of the property acquired ..... hon'ble supreme court has emphasized broader scope of right of ownership and in instant cases assessees by express provisions of land reforms regulation act were granted lands which they were able to alienate with due permission - there were having unhindered possession, exploiting usufruct and enjoying the property, were owners for all practical purposes.15. .....

Kiran Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD119(Ahd.)

..... the reasons behind amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) ..... off in accordance with the explanation below section 36(1)(vii) and the claim of deduction was not allowed by-assessing officer keeping in view the explanation below section 36(1)(vii) inserted by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 37(1)(vii) of the income-tax ..... off in accordance with the explanation below section 36(1)(vii) and the claim of deduction was not allowed by assessing officer keeping in view the explanation below section 36(1)(vii) inserted by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 37(1)(vii) of the income-tax ..... section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 36(1)(vii). .....

Kiran Corporation Vs. the Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)375

..... behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained in circular no. ..... of section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... in so far as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-81, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts of ..... the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub- ..... of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. ..... keeping in view the explanation below section 36(1)(vii) inserted by the finance act 2001 with effect from 1-4-89 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 37(1)(vii) of ..... keeping in view the explanation below section 36(1)(vii) inserted by the finance act 2001 with effect from 1.4.1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under section 37(1)(vii) of .....

Smartchem Technologies Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)818

..... . further, the finance act, 1987, inserted two provisos before the explanation to section 43b w.e.f ..... . (2005) 93 ttj (del) 144 : (2005) 92 itd 1 (del) has held that since introduction of second proviso to section 43b of the act, had been held to be retrospective in nature, its omission by the finance act, 2003, is also retrospective and will be deemed to be with effect from the date of introduction of this proviso itself, and has further held that the payments covered by that proviso will be allowed if the same have ..... ." 40.2 it was in view of above facts, the tribunal (supra) held as under : "the finance act, 2003, has deleted the second proviso and amended the first proviso to section 43b with effect from asst. yr ..... ., 1983 giving explanatory notes in respect of amendments made in finance act, 1983, stating the intention of the introduction of section 43b in the it act : "several cases have come to notice where taxpayers do not discharge their statutory liability such as in respect of excise duty, employer's contribution to provident fund, employee's state insurance scheme, etc ..... (i) the appellant invited our attention to the explanatory memorandum to the finance act, 1998, for making an amendment in section 32 thereby allowing depreciation to be claimed in case of intangible assets. ..... . further, in case the amendment is not accepted to be operative retrospectively, then the amendment, so brought into statute by the finance act, 2003, would produce inequitable and illogical result .....

Ajar Entrade (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)2SOT571(Ahd.)

..... is pertinent to note that the provisions of section 36(1)(vii) have been amended by the finance act, 1987 with effect from 1-4-1989. ..... any bad debts or part thereof which is written off as irrevocable in the accounts of the assessee for the previous year" have been inserted by the amendment brought in' by finance act, 1987. ..... we, therefore, do not find any merits in the action of the lower authorities for declining the assessee's claim for bad debts in respect of money advanced in the course of its money-lending business, the financing income arisen out of which have already been found and accepted by the department to be credited to the profit & loss account as its business income in the earlier years and offered for taxation.going to ..... , the assessee was compelled to write off of amount for which proper entry was passed in the books of account, which is pre-requisite for claiming deduction under section 36(1)(vii) of the income tax act.on the other hand, the learned departmental representative vehemently argued that the lower authorities were justified in disallowing assessee's claim for bad debts, insofar as the deduction claimed under section 36(1)(vii) is subject to ..... in respect of these observations of the assessing officer, the cit(a) hold that the department has accepted the financing activity in the assessee's case and has taxed the financial charges as business income in the past.however, ultimately, the cit(a) has confirmed the disallowance on the plea that during the .....

Deputy Commissioner of Income Tax Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 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 provision unworkable or unjust in a specific ..... by the finance act, 1987, two provisos to section 43b were inserted w.e.f ..... second proviso to section 43b introduced by the finance act, 1987 w.e.f. ..... with a view to getting over them, amendments in section 43b were introduced by the finance act, 1987. ..... the two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, w.e.f. ..... the words "during the previous year" used in second proviso was omitted by the finance act, 1989, with a view to mitigate such hardship relating to disallowance in respect of last month's pf contribution which could not possibly be actually paid in the previous year ..... the amendment in the second proviso to section 43b was also made by the finance act, 1989.the memorandum explaining the reasons for making such amendment which is reproduced at ..... the second proviso was, therefore, amended by the finance act, 1989, in which the words "during the previous year" were ..... it may be relevant here to mention that the finance act, 1989, made certain amendments in the language of section 43b with a view to ensure that the payment in respect of last month of previous year paid before the due date in next year should be allowed as .....

Dy. Cit Vs. Shree Vallabh Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)76TTJ(Ahd.)652

..... the two provisos under section 43b had not been introduced by that time as those were inserted by the finance act, 1987, with effect from 1-4-1998.the hon'ble gujarat high court in a subsequent judgment in the case of ..... only of that previous year in which such sum is actually paid by him.by the finance act, 1987, two provisos to section 43b were inserted with effect from 1-4-1988. ..... . the second proviso to section 43b introduced by the finance act, 1987 with effect from 1-4-1988, provided that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid during the previous year on or before the due date ..... 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 provision unworkable or unjust ..... by the assessee as interest on any term loan from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan, or the following clause (f) shall be inserted after clause (e) of section 43b by the finance act, 2001, with effect from 1-2-2002; (f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee, shall be allowed (irrespective of the previous year in which the liability to ..... view to getting over them, amendments in section 43b were introduced by the finance act, 1987 .....

Alidac Distributors Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)68TTJ(Ahd.)738

..... it has been clarified by insertion of the proviso to section 32ab of the act under finance act, 1987 that in the case of the partners, no such deduction is allowable, it is allowable only in the hands ..... it has, therefore, been clarified by the finance act, 1987, that the deduction under section 32ab shall be allowed in the hands of the firm and not in the hands of the partners in respect of income derived from the business ..... , deduction under section 32ab cannot be allowed both in the hands of the firm as well as to the partners and it has been clarified by the finance act, 1987. ..... further fortified his argument that the payment made to the partners by way of interest cannot be claimed as deduction by the firms under section 40(b) of the act because it is an apportionment of the profit and that is the reason for inserting the proviso under section 32ab of the act that deduction is to be allowed in the hands of the firm and not in the hands of the partners. ..... for the assessee heavily relied on the guidance note on audit under section 32ab of the income tax act issued by the institute of chartered accountants of india, copy of which has been filed before us ..... in the hands of the partners, although it is a part of profit of the firm, necessary deduction should be allowed to the firm and for that purpose while computing the relief under section 32ab of the act, interest paid to the partners should be added back to the profit of the firm. ..... the finance bill, 1987 seeks to give effect to .....

Alidac Distributors Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)78ITD261(Ahd.)

..... it has been clarified by insertion of the proviso to section 32 ab of the act under finance act, 1987 that in the case of the partners, no such deduction is allowable, it is allowable only in the hands of ..... it has, therefore, been clarified by the finance act, 1987, that the deduction under section 32ab shall be allowed in the hands of the firm and not in the hands of the partners in respect of income derived from the business of ..... the clarification, deduction under section 32 ab cannot be allowed both in the hands of the firm as well as to the partners and it has been clarified by the finance act, 1987. ..... raised by the assessees is in relation to computation of deduction under section 32ab of the income-tax act.while claiming deduction under section 32abof the income-tax act the assessees added back the amount of interest paid to the partners to the profit of the firms. ..... fortified his argument that the payment made to the partners by way of interest cannot be claimed as deduction by the firms under section 40(b) of the act because it is an apportionment of the profit and that is the reason for inserting the proviso under section 32ab of the act that deduction is to be allowed in the hands of the firms and not in the hands of the partners. ..... the assessee heavily relied on the guidance note on audit under section 32ab of the income-tax act issued by the institute of chartered accountants of india, copy of which has been filed before ..... the finance bill, 1987 seeks to give effect to some .....