Court : Supreme Court of India
Reported in : AIR1992SC1360; (1992)2CompLJ36(SC); (1992)103CTR(SC)400; [1992]195ITR607(SC); JT1992(2)SC429; 1992(1)SCALE760; (1992)2SCC672; [1992]2SCR440
..... (2) of 1991 which has been made operative with effect from april 1, 1962. the explanation is as under:explanation : for the removal of doubts, it is hereby declared ..... act even if they deviate from the provisions of the act. the high court has discussed these judgments in detail and has distinguished them on plausible grounds. it is not necessary for us to go into this question because the legal position has altered to the advantage of the revenue by the introduction of an explanation to section 279 of the act by the finance act .....
Tag this Judgment!Court : Chennai
Reported in : (2003)183CTR(Mad)338
..... 242itr159(mad) , wherein this court has held as hereunder : 'the provisions of the it act, 1961, were amended by introducing section 13(1)(d), proviso (iia) with retrospective effect from 1st april, 1983, by the finance (no. 2) act, 1991, read with the finance act, 1992, and the time for disinvestment by charitable trusts was extended upto 31st march, 1993 ..... the assessee would be entitled to the exemption, which was confirmed by the tribunal holding that by virtue of amendment made to section 13 of the act by the finance act, 1992, and finance act, 1983 (sic), the time was extended to trust to withdraw the non-specified investments of the respective trusts till march, 1993 ..... . during the assessment year, the law was that the charitable trust could hold investments contrary to the provisions of section 11(5) of the act, but was under .....
Tag this Judgment!Court : Rajasthan
Reported in : (2004)186CTR(Raj)268; [2004]271ITR511(Raj)
..... ending on 31st march, 1989.'2. it is nobody's case that the newly inserted proviso vide the finance act, 1991 w.e.f. 1st oct., 1991 to section 272a(2) of the act has been given retrospective effect. in absence of any retrospective effect to such provisions, this newly inserted proviso cannot have any impact with regard to ..... . while admitting this appeal on 27th nov., 2000, the court had framed following questions :'whether the newly inserted proviso vide the finance act, 1991 w.e.f. 1st oct., 1991 to section 272a(2) of the act is applicable to the respondent-assessee whose default relates to asst. yr. 1989-90 requiring the assessee to file returns on or before 30th april, 1989 for the period .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]246ITR443(Bom)
..... in business profits in the following formula, viz., business profits x export turnover total turnoverto arrive at export profits on which the assessee claimed deduction under section 80hhc of the act. the department treated the income from interest as income from other sources. however, the tribunal included the said interest income in the business profits. hence, ..... fixed deposits was income from other sources. the tribunal has not considered this aspect. in the case of godavari sugar mills ltd. (no. 2) v. cit : [1991]191itr359(bom) , the division bench of this court took the view, on the facts, that the assessee had no evidence to show that the monies on which the ..... the judgment of this court in godavari sugar mills ltd. (no. 2) v. cit : [1991]191itr359(bom) , such income cannot be business income. it is income from other sources. therefore, it will not form part of profits from business under section 80hhc. hence, appeal is allowed. no costs.'2. we now seek to give detailed reasons which .....
Tag this Judgment!Court : Chennai
Reported in : [2003]262ITR417(Mad)
..... show the exported granites were value added granites. apart from that the assessment years under consideration in that case was 1991-92 to 1993-94 subsequent to the amendment brought by finance act 2/91 to subs-section 2(b)(ii) of section 80hhc. but in the case on hand the relevant assessment year is 1988-89, i.e., prior to the ..... case of the assessee as to the contention that the amendment brought out to sub-section 2(b)(ii) by finance act 2 of 1991 with effect from 1.4.1991 would related back to the previous year also . in that case section 43b of the income tax act was inserted with effect from 1.4.1984 to discourage tax payers who had not ..... relevant assessment years. insertion made to sub-clause (ii) of clause (b) of sub-section (2) of section 80hhc has been done by the finance act 2 of 1991 with effect from 1 4.1991, whereby the processed minerals and ores specified in twelfth schedule to the act has been excluded from the exclusion clause contained in 80 hhc (2)(b)(ii). the expression .....
Tag this Judgment!Court : Delhi
Reported in : [2009]185TAXMAN424(Delhi)
..... evasion or avoidance or for recovery of taxes in foreign countries on a reciprocal basis. in 1991, the existing section 90 was renumbered as sub-section (1) and sub-section (2) was inserted by the finance act, 1991 with retrospective effect from 1-4-1972. cbdt circular no. 621 dated 19-12-1991 explains its purpose as follows:43. taxation of foreign companies and other non-resident taxpayers ..... could make such provisions as necessary for implementing the agreement by notification in the official gazette. when the income tax act, 1961 was introduced, section 90 contained therein initially was a reproduction of section 49a of the 1922 act. the finance act, 1972 (act 16 of 1972) modified section 90 and brought it into force with effect from 1-4-1972. the object and scope of the substitution .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(3)BomCR673; 2002(1)MhLj301
..... its returns under the income tax act. uti was given relief under the income tax act on the basis of section 32 of the uti act which has been interpreted by the circular dated 11th october, 1991. the interest tax act was made applicable to uti from 1st october, 1991 vide finance act (no. 2) of 1991. the department was fully aware of the finance act of 1991. therefore, it is not open ..... different from the subject matter of interest tax act. therefore, the interest tax act would supersede section 32 of uti act. mr. dada contended that with the enactment of finance (no. 2) act, 1991 with effect from 1st october, 1991 when uti stood covered by the interest tax act, there was an implied repealing of section 52 of the uti act to the extent mentioned hereinabove. this argument proceeds on the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2004)1CompLJ50(SC); (2003)184CTR(SC)450; [2003]263ITR707(SC); JT2003(Suppl2)SC205; 2003(8)SCALE287; (2004)10SCC1
..... evasion or avoidance or for recovery of taxes in foreign countries on a reciprocal basis. in 1991, the existing section 90 was renumbered as sub-section (1) and sub-section (2) was inserted by finance act, 1991 with retrospective effect from april 1, 1972. cbdt circular no. 621 dated 19.12.1991 explains its purpose as follows:'taxation of foreign companies and other non-resident taxpayers - 43. tax ..... could make such provisions as necessary for implementing the agreement by notification in the official gazette. when the income-tax act, 1961 was introduced, section 90 contained therein initially was a reproduction of section 49a of 1922 act. the finance act, 1972 (act 16 of 1972) modified section 90 and brought it into force with effect from 1.4.1972. the object and scope of the substitution was .....
Tag this Judgment!Court : Rajasthan
Reported in : (2001)166CTR(Raj)486; [2001]248ITR69(Raj); 2001(2)WLC205; 2001(1)WLN645
..... 1, 1986) to section 80hhc of the act stipulates that 'export out of india' shall not include any transaction by way of sale or otherwise, in a shop, emporium or any other ..... qualify for deductions under section 80hhc of the act. hence, this appeal. 3. we have heard learned counsel for the parties and perused the impugned order of the income-tax appellate tribunal so also the orders and judgments of the assessing officer and the commissioner of income-tax (appeals). explanation (aa) (which was inserted by the finance (no. 2) act, 1991, with effect from april .....
Tag this Judgment!Court : Mumbai
Reported in : (2008)218CTR(Bom)149; [2008]300ITR103(Bom)
..... to the total turnover of the manufactured goods. the commissioner (appeals) also noted that the working of profit for the purpose of deduction under section 80hhc(1) of the income-tax act has been introduced by the finance (no. 2) act 1991, and the provision has been clarified by the board's circular no. 621, dated december 19 ..... , 1991 (see [1992] 195 itr 154) and that the explanation below section 80hhc(4b) gives the definition of export turnover as well as the total turnover. bearing ..... appeal against the order of the assessing officer before the commissioner (appeals). the commissioner (appeals) held that the export profits for the purpose of deduction under section 80hhc(1) shall be the profit related to the export of goods manufactured by the respondent computed by allocating over all profits of the business in the ratio .....
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