Judgment Search Results Home > Cases Phrase: finance act 1992 Page 1 of about 353,922 results (0.287 seconds)

Munjal Sales Corporation Vs. Commissioner of Income Tax, Ludhiana and ...

Court : Supreme Court of India

Reported in : (2008)215CTR(SC)105; [2008]298ITR298(SC); 2008(2)SCALE598; (2008)3SCC185; 2008AIRSCW1369

..... account for the purposes of this clause, if such interest is received by him on behalf, or for the benefit, of any other person;section 40(b)iv after finance act 1992 w.e.f.1.4.93:amounts not deductible40. notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the ..... mr. s. ganesh, learned senior counsel appearing on behalf of assessee, contended that prior to 1.4.93, section 40(b) referred to disallowances per se but after the finance act 1992 the said section 40(b)(iv) allows deduction, subject to the above limit of 18/12% per annum. according to learned counsel, section 40(b)(iv) talks about statutory ..... interest to the partner was an item of disallowance. therefore, it had to be added back to the assessable income of the firm. but, after 1.4.93, vide finance act 1992, the said interest became an item of deduction, provided that the amount of deduction does not exceed 18/12% interest per annum [see: section 40(b)(iv) of the .....

Mr. Bhupendra Kumar Bhaumik Vs. Union of India (Uoi) and ors.

Court : Delhi

Reported in : (2003)179CTR(Del)530

..... gains tax as it formed part of the sale consideration. with the amendment of section 54e of the act by the finance act, 1992, the exemption of capital gains tax is withdrawn on all the transfers after 1st april, 1992. there can be no promissory estoppel against the exercise of legislative powers. the legislature can never be precluded ..... created, nor any promise was extended by the said circular. the amendment of section 54e(1) by the finance act, 1992 withdrew the exemption from tax in respect of long term gains w.e.f. 1st april, 1992. when the provision of section 54e itself stood withdrawn, where was the question of survival of any vested right ..... not find place in the finance bill, 1992 and without any discussion in the finance minister's speech dated 30th april, 1992, the provision was inserted in the finance act, 1992.11. no doubt, insertion of sub-section 1c did not find place in the finance bill, 1992, but in the finance minister's speech on 30th april, 1992 there was a proposal to .....

Janatha Tile Works Ltd. Vs. Commissioner of Income Tax

Court : Kerala

Reported in : (2006)202CTR(Ker)103; [2006]283ITR35(Ker); 2006(2)KLT426

..... have failed to examine the effect of insertion of the words 'sub-section (3) of section 143' in clause (b) of section 143(1a) by the finance act, 1992 (18 of 1992) w.e.f. 1st april, 1989. questions posed before us have to be answered taking into consideration the abovementioned insertion.11. section 143(la)(b) was inserted ..... )(a) survives after the completion of assessment under section 143(3). in order to meet this situation, sub-section (3) to section 143 was incorporated by the finance act, 1992 w.e.f. 1st april, 1989 so as to provide for enhancement or reduction in additional income-tax. the above crucial fact was omitted to be taken into ..... section 143(1)(b). counsel submitted that the tribunal is justified in not following the decisions of the calcutta and delhi high courts since the impact of the finance act, 1992 was not pointedly raised or considered in the above decisions. counsel submitted that revenue is justified in levying additional income-tax of rs. 22,368 under section 143 .....

Commissioner of Income Tax, Ludhiana, Etc.Etc. Vs. Shri Om Prakash, Et ...

Court : Supreme Court of India

Reported in : 1996IAD(SC)205; AIR1996SC593; (1996)130CTR(SC)82; [1996]217ITR785(SC); JT1995(8)SC245; 1995(6)SCALE487; 1995Supp(4)SCC737; [1995]Supp5SCR346

..... remained untouched (except for the deletion of the words 'of which such individual is a partner' in clause (iii) corresponding to clause (ii) until they were deleted by finance act, 1992 w.e.f. april 1, 1993 and insertion of sub-section (1a) - with which aspects we are not concerned herein. suffice it to say that on the language ..... e.g., sub-section (2) of section 4 of the gift-tax act inserted by finance (no. 2) act, 1971 and sub-section (1a) of section 4 of wealth tax act inserted by the very same finance act. similarly, sub-section (2) was introduced in section 64 by the finance act, 1979 with effect from april 1, 1980. then explanation 3 was added by ..... the taxation laws (amendment) act, 1975 with effect from april 1, 1976, but clauses (i) and (ii) in .....

The Director of Income Tax Vs. Shardaben Bhagubhai Mafatlal Public Cha ...

Court : Mumbai

Reported in : (2001)1BOMLR744; (2000)164CTR(Bom)97; 2001(2)MhLj695

..... the assessee is accepted, it would defeat the legislative purpose behind the amendment to the said proviso by finance act of 1992. in fact, the very object for enacting finance act, 1992 was to extend the time limit from 31st march, 1992 upto 31st march, 1993 so that the assessees could disinvest by that date. reading of the proviso makes ..... clear that the assessee-trust ought to have disinvested the shares by 31st march, 1993. in fact the amendment to section (iia) by finance act, 1992 is expressly made applicable from 1st april, 1992. the reason is obvious viz. to give opportunity to public trusts to disinvest on/or before 31st march, 1993. if the contention of ..... hardship arose out of the requirements ofthe aforestated investment pattern which was brought to the notice of the government. with a view to remove the hardship, the finance act, 1992 amended clause (iia) in the provision to section 13(1)(d) to provide that an asset, other than an investment or deposit mentioned in section 11 .....

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

..... with prospective effect from 1.4.2003.29. the two questions which arise in the present cases are, prior to the amendments by the finance act, 1992 with effect from 1.4.2003 (2003 amendment):i. what is meant by the words 'in addition to any tax' in the charging section 271(1)(c)(iii ..... assessment has been completed at loss. the same being in the nature of a substantive amendment would be prospective, in the absence of any indication to the contrary. the finance bill/finance act, 2002 brought about many amendments in the statute, some of which had retrospective operation. the amendment in section 271(1)(c) was consciously made applicable w.e.f ..... (del.), indo-gulf fertilizers and chemicals corporation ltd. v. union of india and anr. : [1992]195itr485(all) and cit v. zam zam tanners : [2005]279itr197(all) ]. 14. referring to the amendment carried in section 271(1)(c)(iii) and explanation 4 by the finance act, 2002 where the expression used in explanation 4 'the amount of tax sought to be evaded' .....

Arunachal Forests Products Ltd. Vs. Union of India (Uoi)

Court : Guwahati

..... . therefore, it was held that such blocks board would fall under entry 4408.90 in the light of note 5 as amended by finance act, 1992.10. in the note 5 introduced by the finance act, 1990 the words 'otherwise glued or joined together' were absent. note 5 therefore took in only block board in which the core ..... contention that 4410.90 was applicable. this dispute arises in these writ petitions except the six referred to in paragraph 2 supra.6. the 1985 act was further amended by the finance act, 1992. note 5 of chapter 44 was amended substituting the words 'glued or otherwise joined together' for the words 'glued together'. the amended note 5 ..... the inner surface of which glue is applied cannot fall within the inclusive definition given in note 5 introduced by the finance act, 1990.12. this view is also supported by the legislative exercise conducted in the finance act, 1992 by adding the words 'otherwise joined together' for the purpose of enlarging the scope of the inclusive definition,13. .....

Sanjay Khetan Vs. Commissioner of Income-tax and ors.

Court : Allahabad

Reported in : (2004)188CTR(All)361; [2004]266ITR453(All)

..... by one way or another as is evident from the order of the tax recovery officer dated february 26, 1997, vide annexure 7 to the writ petition. the finance act, 1992, was not retrospective and hence, in our opinion, will not apply to the impugned recoveries as they were in respect of the earlier assessment years in respect of ..... the assessee-defaulter. the recovery certificate was issued on march 21, 1982, i.e., much before the addition of rule 68b by the finance act, 1992. rule 68b has been inserted with effect from june 1, 1992, which is prospective. hence, in our opinion, rule 68b applies in respect of recoveries in pursuance of the orders which were made ..... learned counsel for the petitioner is that the recovery was barred by rule 68b of the second schedule to the income-tax act, 1961. rule 68b which was inserted by the finance act, 1992, with effect from june 1, 1992, states :'time-limit for sale of attached immovable property.--(1) no sale of immovable property shall be made under this .....

Commissioner of Income Tax, Kanpur Vs. Sahara India Savings and Invest ...

Court : Supreme Court of India

Reported in : (2009)227CTR(SC)425; [2010]321ITR371(SC); 2009(14)SCALE188; [2010]186TAXMAN19(SC)

..... . 1.4.1993. according to the department, during the assessment year 1992- 93, respondent herein stood covered under sub-clause (vi) of section 2 ..... not an equipment leasing company, a hire purchase finance company, a house finance company, an insurance company, an investment company, a loan company and a mutual benefit financial company. according to the department, respondent herein fell under 'miscellaneous finance company' in terms of section 2(5b)(vi) of the 1974 act. according to the department, this finance act, 1992 operated prospectively and that too w.e.f .....

Commissioner of Wealth Tax Vs. Smt. K.R. Ushasree and ors.

Court : Kerala

Reported in : (2010)229CTR(Ker)52

..... tax only on such of the assets enumerated in the sub-clauses provided under the said section w.e.f. 1st april, 1992. in other words, while the provisions of the wt act, prior to the amendment by finance act, 1992, described and named items of assets excluded from tax, after the amendment, the assets which are subject to wealth-tax are specifically ..... cit : (2002) 174 ctr (sc) 521 : (2002) 9 scc 1 and in ksidc ltd. v. cit : (2003) 179 ctr (sc) 1 : (2003) 11 scc 363.4. the wt act was amended by finance act, 1992 to implement the recommendations of the chelliah committee. the committee's recommendations are extracted in the budget speech of the ..... identified and earmarked by parliament in the sub-clauses contained in section 2(ea) of the act. keeping this in mind, we have to .....