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Commssioner of Income Tax Vs. Haryana Minerals Ltd.

Court : Punjab and Haryana

Reported in : [2009]313ITR318(P& H)

..... hon'ble tribunal was right in law in giving retrospective effect to the insertion made in sub clause (ii) of clause (b) of sub section (2) of section 80hhc, by finance (no.2) act, 1991 w.e.f. 1.4.1991 ?. 2. mr. yogesh putney, learned counsel for the revenue, at the outset has pointed out that in the case of same assessee earlier ..... was held that the benefit of amendment made in section 80hhc by finance act no. 2 of 1991 could not have been extended to the assessee in relation to the assessment year 1984-85. the position would not be different with respect to assessment ..... against the assessee. in that regard again reliance was placed on the judgement in the case of m/s gem granites (supra) wherein section 80 hhc(unamended) alongwith the amendment made by finance act no. 2 of 1991 was considered. applying the ratio of the judgement of hon'ble the supreme court in respect of the assessment year 1984-85 it .....

Magam Inc. Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : [2007]288ITR566(Mad)

..... to the specific provision which excluded, rather denied the benefit conferred under section 80hhc to export of minerals (granite); that the amendment brought by the finance (no. 2) act of 1991 to section 80hhc is only prospective and effective from april 1, 1991; and that the statutory provision is very clear in the sense that section 80hhc is not applicable to the export of granite.5. that ..... marketable commodity, would not be entitled to deduction under section 80hhc of the income tax act.7. drawing support from the decisions referred supra, we are of the considered view, that the amendment brought by the finance (no. 2) act of 1991 to section 80hhc of the income tax act is only prospective and effective from april 1, 1991, and for the assessment years 1987-88 and 1989 .....

Assistant Commissioner of Income Tax Vs. U. P. National Manufacturing ...

Court : Allahabad

Reported in : (2001)69TTJ(All)503

..... the following terms :2.1. as a result of newly inserted provisions of section 194h of the income tax act, 1961 (hereinafter referred to as 'the act'), as a result of finance act, 1991, which received the assent of the president of india on 27-9-1991, all these respondents were under an obligation to deduct and pay the tax ..... at source @ 10 per cent from all payments or payables on account of commission after 1-10-1991.2.2. all these respondents, taking shelter under the provisions of sub-section (2) of section ..... exercising the right granted by the statute on 4-11-1991, itself as against the fact that provisions of section 194h were introduced with effect from 1-10-1991, by the finance (no. 2) act, 1991, bill for which was introduced in the parliament on 24-7-1991, and assent of the president of india was accorded .....

Director of Income-tax (Exemptions) Vs. A.V. Narayanan Trust

Court : Chennai

Reported in : [2004]265ITR635(Mad)

..... the time for disinvesting from such investments and making investments in accordance with the requirements of section 13 of the income-tax act had been extended by the finance (no. 2) act, 1991, read with the finance act, 1992, up to march 31, 1993, and that amendment had also been given retrospective effect from april 1, 1983. this court has, in a case ..... under the income-tax act referred to those provisions and upheld a claim for exemption of a ..... wealth-tax by the assessing officer for the assessment years 1987-88 and 1988-89 on the ground that it had made investment contrary to section 13(1)(d) of the income-tax act, 1961.2. the commissioner reversed the order of the assessing officer and that reversal was sustained by the tribunal. at the instance of the .....

Virendra K. Mehta Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD437(Mum.)

..... were delivered by the hon'ble madras high court with reference to the provisions of section 57(2) of the income tax act, 1961 which were on the statute at that time. but, now since the said section 57 has been completely omitted by the finance act, 1991 w.e.f i-4-1993, from the statute and new scheme of the ..... and rs. 7,345 on motor cycle, though owned by the partner, but used by the firm for its own business purpose, is rejected. penalty proceedings under section 271(l)(c) are initiated in this respect for furnishing inaccurate particulars/concealing the particulars of income by claiming wrong depreciation.7. from the above, it is clear ..... same; to the effect that the commissioner (appeals) is not justified in confirming the action of assessing officer in disallowing the claim for depreciation under the provisions of section 32 in respect of motor car and/or motor cycle used for the purpose of business, by the appellants who are partners of the same firm. authorised representative .....

Mithy Granite (P.) Ltd. Vs. Income-tax Officer

Court : Karnataka

Reported in : ILR2004KAR790; [2004]266ITR151(KAR); [2004]266ITR151(Karn)

..... next submission that the assessees are not entitled to derive any benefit on the basis of the subsequent amendment made to section 80hhc(2)(b)(ii) of the act by means of the finance (no. 2) act of 1991. according to learned counsel, it is for the first time parliament amended the law and granted certain benefits in respect ..... if parliament has understood that cut and polished minerals including granite was entitled for the benefit of section 80hhc even prior to the amendment of sub-section (2)(b)(ii) of the act by means of the finance (no. 2) act of 1991, it is reasonable to infer that parliament would have made the amendment retrospective in operation. admittedly, ..... polished it would be outside the purview of 'mineral'. secondly, they submitted that the amendment made to section 80hhc(2)(b) by means of the finance (no. 2) act of 1991 which came into force with effect from april 1, 1991, clarified the position that granites which are cut and polished cannot be treated as minerals to deny .....

Central Board of Direct Taxes and ors. New Delhi Vs. Oberoi Hotels (In ...

Court : Supreme Court of India

Reported in : 1998IVAD(SC)411; AIR1998SC1666; (1998)146CTR(SC)222; [1998]231ITR148(SC); JT1998(2)SC717; 1998(2)SCALE516; (1998)4SCC552; [1998]2SCR501

..... another expert in the particular branch of the law.(3) no doubt that 'professional services' have been brought within the scope of section 80-0 only by an amendment by the finance (no. 2) act, 1991 and that too, with effect from april 1, 1992, which is proposing to substitute the word 'technical or professional services' in ..... place of the word 'technical services' now used in the section. it seems to us that this amendment may only of a clarificatory nature. the ..... the export of indian technical know-how and augmentation of foreign exchange resources of the country. we have seen above that after the amendment of section 80-0 by finance (no. 2 act of 1991) the words 'technical or professional services' have been inserted in place of the words 'technical services'. but this court in continental construction ltd .....

Director of Income-tax (Exemptions) Vs. Sir M. Ct. Muthiah Chettiar Fa ...

Court : Chennai

Reported in : [2002]257ITR287(Mad)

..... up to march 31,1993, allowed by the finance (no. 2) act, 1991, read with the finance act, 1992, has retrospective effect from april 1, 1983. during the assessment year to which that provision applies, investments could be held by the trust contrary to the provisions of section 11(5) of the income-tax act, 1961, but the trust was under an obligation ..... disinvestment on or before march 31,1993. thereafter, the investments could be held in the modes permitted by law.there was, therefore, no contravention of section 13(l)(d) of the act by reason of the assessee having held the investments during the assessment year.we answer the question referred to us in favour of the assessee and ..... -tax appellate tribunal was right in law in holding that there was no contravention of section 13(l)(d) of the income-tax act, 1961, for the assessment years 1985-86, 1986-87 and 1987-88 in view of the proviso (iia) to section 13(l)(d) extending the time for complying with the specified pattern of investment up .....

Bombay Coal Ash Co. and ors. Vs. Income-tax Settlement

Court : Income Tax Appellate Tribunal ITAT IT

..... pending applications.r.b.shreeram durga prasad v. settlement commission (it. & w.t.) [1989] 176 itr 169, we are of the opinion that the amendments made in section 245d by the finance (no. 2) act, 1991, have only changed the procedure to be followed by the settlement commission while dealing with settlement applications and that the changed procedure would apply not only to applications ..... commissioner fails to furnish the report within the said period, the settlement commission may make the order without such report." 1.3. in view of the amendments made by the finance (no. 2) act, 1991, in section 245d, the following question has been referred to the special bench for its consideration and opinion. "in a case where the settlement petition made under .....

Motisagar Estate (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)47ITD72(Pune.)

..... intention in not submitting the annual return in form no. 26a in time. as regards the quantum of penalty, amendment made by finance (no. 2) act, 1991 with effect from 1-10-1991 inserting proviso to section 272a(2) restricting the penalty to the amount of tax deductible or collectible at source has been brought to the notice of the ..... and to the cit (a) where in similar plea was taken by the assessee. reference is also made to the amendment made to section 272a(2) by the finance (no. 2) act, 1991 with effect from 1-10-1991 restricting the penalty to the tax deducted at source. in particular, the plea of ignorance of law was reiterated before the dy. cit ..... on behalf of the appellants and equally so by the department. the proviso to section 272a(2) was inserted by the finance (no. 2) act, 1991 with effect from 1-10-1991. while clarifying the amendment, the board in its circular no. 621, dated 19-12-1991 contained in 195 itr (st.) 154 at 204 stated that representations have been received .....