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income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory.19. ..... . this may be illustrated by pointing out that there was no charge on the 1938-39 income either of the appellant or his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorized the present assessment ..... . the first is that the it act objects to tax not the income of the assessee in the year of assessment, but in the previous year and the other basic fact is that the liability to tax arises not by reason of the provisions of it act, but by reason of the fact that finance act fixes the rate at which the assessee is liable to pay tax and it is by the reason of finance act that the income of previous year of assessee becomes liable to tax ..... . this can only refer to the indian it act, 1922, as it stood amended at the date of the indian finance act, 1939, and necessarily includes the alterations made by the amending act, which had already come into force on the 1st april, 1939.65 .....

ito Vs. Kiran Dev

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 with effect from 1-4-1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court, tribunal or other authority. ..... the said clause no doubt was inserted by finance act, 2003 with effect from 1-4-2004, but it has to be taken to be declaratory in character. ..... a mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi. ..... both concealment and furnishing inaccurate particulars refer to deliberate act on the part of the assessee. ..... such deliberate act must be either for the purpose of concealment of income or furnishing of inaccurate particulars. ..... it signifies a deliberate act or omission on the part of the assessee. ..... a in view of the above discussion, we do not find any merit in the action of the lower authorities for imposition of penalty under sections 271(1)(c)/271(1)(a) and 273 of the income tax act, 1961. ..... these are the appeals filed by the revenue against the separate orders of commissioner (appeals) for the assessment year 1988-89, in the matter of imposition of penalty under section 271 (1)(c) of the income tax act, 1961.2. .....

Amtek Auto Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)464

..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of ..... 1st june, 2004) to which one of us (am) is party wherein it was held that it was incumbent upon the assessee company to estimate its total income under the it act or its book profit for the purpose of computation of its income under section 115ja and to pay advance tax of such income and having failed to do the same, interest under sections ..... fact that prior to the amendment brought about by the finance act. ..... shown in the books of account as payable on the ground that the assessee had not actually paid the said amount before the due date prescribed under section 139(1) of the it act, 1961 and that first proviso to section 43b was not retrospective, which came into force w.e.f. ..... the liability would be after the book profits are determined in accordance with the companies act, the words-'for the purposes of this section' in the explanation to section 115j(ia) are relevant and cannot be construed to extend beyond the ..... the hon'ble high court has observed that proviso to the section 43b of it act, 1961 clarifying that sum paid after the accounting year but before the due date prescribed under section 139(1) is deductible has to be read into section 43b from its inception ..... 1987-88, we hold that since the payments have been made towards esi before the due date for filing the return under section 139(1) of the act, .....

ito Vs. Roop Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 with effect from 1-4-1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court, tribunal or other authority ..... this an appeal filed by the revenue against the order of commissioner (appeals) dated 19-9-2005 for the assessment year 2000-01, in the matter of order passed under section 271b/44ab of the income tax act, 1961, wherein following grounds have been raised: (1) on the facts and in the circumstances of the case, whether the commissioner (appeals) has erred in law in not treating the enhanced compensation and interest thereon received by ..... the said clause no doubt was inserted by finance act, 2003 with effect from 1-4-2004, but it has to be taken to be declaratory in character ..... clause (c) to sub-section (5) was inserted by finance act, 2003 but it has to be held to be retrospective in operation and taken to be introduced with effect from 1-4-1988 ..... having held that as per sub-section (5) of section 45 of the income tax act, enhanced or further enhanced compensation is to be taxed on receipt basis, as per scheme of sub-section (5) of section 45, we are of the view that it does not make any difference whether compensation is received as per interim order or on certain conditions or without ..... however, section 5 of income tax act is required to be considered and same has been reproduced in earlier part of this .....

Anant Raj Industries Ltd. Vs. Joint Cit, Spl. Range-7

Court : Income Tax Appellate Tribunal ITAT Delhi

..... was inserted into the section by the finance act, 1987, with effect from 1-4-1988. ..... to the assessee for a period of not less than 12 years, the assessee shall be deemed to be the owner of the area and consequently, the rental income was assessable under section 22 of the act as income from house property.under clause (2) of the contract for construction services dated 27-7-1994, the: lease was for a period of five years and six months, renewable for one term at the option ..... nothing in the assessment order to indicate that the assessing officer had examined the documentation in the case to find out whether the assessee was right in declaring the rental income under section 22 of the act and in claiming the deductions therefrom on account of repairs and collection charges and share of the annual charge for the lease. ..... inability of vaitalik to muster the funds required for putting up the construction on the plot taken on lease from dda, that the arrangement between vaitalik and the assessee is essentially and in substance one for finance for putting up the construction and a permission to the assessee, as consideration, to exploit the structure measuring 23,883 sq.ft. ..... , the cit held that the definition of "ownership" in this section was only for the purpose of section 269ua of the act and the assessee's case was not covered by it.he thus held that the assessee's claim of ownership over the property was unsustainable and inasmuch as the assessing officer had accepted the claim .....

ito Vs. Amitabh Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it may be pointed out that section 47 (ii) was deleted from the statute by finance act, 1987, with effect from 1-4-1988. ..... 495, dated 22-9-1987 of the board clarifies that the amendment made in section 55 was with the view to cover only those cases where goodwill was actually transferred. ..... the corresponding assessment order was made by the income tax officer, ward 37(1), new delhi, under the provisions of section 143(3) of the income tax act, 1961, on 17-3-2006. ..... and receives his share of an amount calculated on the value of net partnership assets including goodwill of the firm, there was no transfer of interest of the partner in the goodwill and nothing would be assessable under section 45 of the act. ..... his share, being an amount calculated on the value of the net assets of the firm including goodwill, there is no transfer of interest of the partner in goodwill and, therefore, nothing would be assessable as capital gain under section 45 of the act. .....

ito Vs. Amar Lal

Court : Income Tax Appellate Tribunal ITAT Delhi

..... it is no doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 with effect from 1-4-1988, did not provide for cases where enhanced or further enhanced compensation was subsequently reduced by any court, tribunal or other authority. ..... the said clause no doubt was inserted by finance act, 2003 with effect from 1-4-2004, but it has to be taken to be declaratory in character. ..... clause (c) to sub-section (5) was inserted by finance act, 2003 but it has to be held to be retrospective in operation and taken to be introduced with effect from 1-4-1988. ..... it has further held that where the assessee's land was acquired under the provision of land acquisition act, 1894 and enhanced compensation was granted to the assessee by the appellate court, enhanced compensation was to be taxed in the year of receipt notwithstanding that the order under which compensation of interest was received was challenged ..... having held that as per sub-section (5) of section 45 of the income-tax act, enhanced or further enhanced compensation is to be taxed on receipt basis as per scheme of sub-section (5) of section 45, we are of the view that it does not make any difference whether compensation is received as per interim order or on certain conditions or without ..... 3 of the appeal relates to the order of the commissioner (appeals) allowing deduction under sections 54b and 54f of the income tax act, 1961 on the actual receipt of enhanced compensation. .....

Hotel Naveen Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... accordingly finance act, 1987 inserted section 45(4) in the act. ..... it was submitted that even after insertion of section 45(4) in the income tax act, 1961 with effect from 1-4-1988 there was no transfer of assets for purposes of chargeability of capital gains tax under section 45 on dissolution of firm or on retirement of a partner.reliance was placed on the decision of addl. ..... 495, dated 22-9-1987 as to plug the escape route arising out of the decision of the hon'ble supreme court in the case of kartikeya v sarabhai v. ..... the assessee submitted before the assessing officer that there was no transfer in view of provisions of section 2(4 7) of the income tax act, 1961. ..... the fifth ground of appeal relates to charging of interest under section 234b of the act.22. ..... thus the intention of the legislature is clear from the wordings of the sub-section and it is not required for amending definition of transfer contained in section 2(47) of the act. ..... the assessing officer did not accept the arguments of the assessee that the definition contained for transfer in section 2(47) has not undergone change after insertion of section 45(4) in the act. .....

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... been referred for consideration of special bench.the regular bench while hearing appeal of shri om prakash (huf) found that different benches of tribunal, at different places, are interpreting section 45(5) of it act inserted by finance act, 1987 differently and there is a divergence of opinion on the issue. ..... 24.6 with a view to removing these difficulties, the finance act, 1987, has inserted a new sub-section (5) in section 45 to provide for taxation of additional compensation in the year of receipt instead of in the year of transfer of ..... doubt true that legislature while inserting sub-section (5) in section 45 through the finance act, 1987 w.e.f. ..... added sub-section (5) to section 45 with clauses (a) and (b) through finance act, 1987, w.e.f. ..... 23.2 with a view to removing this difficulty, the finance act has inserted a new sub-section (7a) in section 155 of the it act to enable recomputation of capital gains in cases where the transfer of the capital asset is by way of compulsory acquisition under any law or where the consideration for the transfer is determined or approved by the central government, ..... clause (c) to sub-section (5) was inserted by finance act, 2003 but it has to be held to be retrospective in operation and taken to ..... section 44 or any surplus taken to be such profits and gains by virtue of provisions contained in the first schedule; the following sub-clause (viia) shall be inserted after sub-clause (vii) of clause (24) of section 2 by the finance act, 2006, w.ef. .....

Additional Commissioner of Vs. Glad Investments (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102ITD227(Delhi)

..... ghanshyamdas kishan chander(supra), the learned cit(a) has not noticed that the subject-matter of transfer in that case was an immovable property and the issue related to a period prior to amendment of section 2(47) by the finance act, 1987 with effect from 1-4-1988. ..... no manner of application in the present case in view of the fact that the amount was spent in that case after the receipt of the consideration by the liquidator to discharge the liability of the assessee in respect of finance received from the kerala finance corporation on the security of the property which was created after acquisition in the course of a winding up proceeding. ..... the hon'ble supreme court held that the creation of a charge under section 74(1) of the estate duty act only meant that the amount recoverable by way of estate duty would have priority over other liabilities of the ..... the learned counsel argued that there was transfer of interest in accordance with the provisions of indian contract act at the time of pledging of the shares of the asscssee to the credit institution.provisions of section 2(47) did not ..... of the mortgage debt by him prior to transfer of the property would not entitle him to claim deduction under section 48 of the act because in such a case he did not acquire any interest in the property subsequent to his acquiring the same. ..... of the case leading to this appeal briefly are that the assessee is a finance company and during the year it received income from interest, dividend and capital .....