Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD468(Kol.)
..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated ..... of section 32(2) as amended by finance (no. ..... section 32(2) as amended by the finance ..... -section (2) of section 32 as substituted by the finance act ..... set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. ..... 1.4.1997) and to ascertain the object and purpose in amending section 32(2), the speech made by the finance minister can certainly be referred to, inasmuch as, this is in accord with the recent trend in juristic thought not only in western countries but also in india that interpretation of a statute being an exercise in the ..... depreciation allowance allowed to the assessee upto and inclusive assessment year which remained unabsorbed and brought forward to the assessment year 1997-98 continue to set off as per the pre-amended provisions of section 32(2) as stood prior 1.4.1997 and it is only the current depreciation allowance for the assessment year 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2) as substituted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)1SOT210(Kol.)
..... " in the light of the discussions made above and respectfully, following the decisions of the aforesaid coordinate benches, we are, therefore, of the considered opinion that the amendment brought by the finance act, 2003 in the 1st proviso to section 43b of the act and consequential omission of 2nd proviso to section 43b is to be treated as retrospective in operation, and consequently, any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund ..... rs.5,14,124 (rs.5,13,049 + rs.1,075) as contribution to esi, all pertaining to march, 1996 but all paid before due date for furnishing the return of income for the year, is unsustainable in law particularly in view of amendments, introduced by finance act, 2003 in section 43b of income tax act, 1961, which are to be treated as having retrospective effect covering the year under consideration in view of principles laid down by honble supreme court in allied motors pvt. ..... in this sense, therefore, the amended 1^st proviso as amended by the finance act, 2003, covering all payments referred to in various clauses of section 43b, is to be treated as retrospective in operation and to be read as forming part of section 43b from its inception as the said amendment made by the finance act, 2003 is creative and remedial in nature and designed to eliminate unintended consequence causing undue hardships to the assessee.the income tax appellate tribuanal, "b" bench, mumbai, in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)92ITD148(Kol.)
..... uoi 218 itr 50, in which the constitutional validity of the amendment made to section 253(6) by the finance act, 1992 was upheld, shows that the filing fee to be paid in respect of a penalty appeal is linked with the quantum ..... section 253(6), as it stood upto 31^st may, 1992, prior to its amendment by finance act, 1992, provided that the memorandum of appeal ..... ist june, 1992 and 30^th september, 1998, as per the amendment made by the finance act, 1992, the fee was increased, in the case of an appeal made on or after ist june, 1992, to rs ..... effect from ist october, 1998 another amendment was made to the section by the finance (no.2) act, 1998 enhancing the fees for filing ..... filing fee for appeals before tribunal - the finance act has amended section 253 enhancing the fee to be paid for filing appeals ..... 125 by the taxation laws (amendment) act (1970) finance act,1981 further enhanced the court ..... fee based on the quantum of income assessed only in the case of appeals filed against the assessment orders, then they could have easily used a much simpler phraseology in clauses (a) to (c) as has been done in section 246 of the act which provides for appeals to the cit(appeals).however since the expression "in the case to which the appeal relates" have been coined in clauses (a) to (c), it indicates a clear intention on the part of the ..... on clause (d), the residuary clause to the sub-section by the finance act, 1999 w.e.f. ..... the act, therefore, has amended section 249 of the it act to provide .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)58ITD273(Kol.)
..... further submitted that the assessee is carrying on business of leasing and in the course of its regular business activities the motor cars are leased on hire and hence the proviso to section 40 (3) of the finance act, 1983 is applicable.he therefore submitted that the motor cars which were owned by the assessee and used as stock-in-trade in the business of leasing carried on by the assessee, is ..... the ld.counsel for the assessee contended before us that by the finance act, 1988 proviso to section 40 (3) of the finance act, 1983 was inserted by which the motor cars held by a company as stock-in-trade in its business or registered as tax is and used as such in a business in running motor cars on hire carried on by the ..... by the same spirit and intendment, the legislature has inserted proviso to section 40 (3) of the finance act, 1983 with effect from 1-4-1989 whereby motor cars used in a business of running motor cars ..... in fact, the intendment of the legislature in enacting section 40 of the finance act, 1983 as can be discerned from the budget speech of the then finance minister is that some persons have been trying to avoid personal wealth-tax liability by forming closely-held companies to which they transfer many items of their wealth and with a ..... contended that as per proviso to section 40 (3) of the finance act, 1983 only those motor cars which were run on hire are excluded from the computation of wealth-tax and since the assessee-company was carrying on leasing business, it cannot .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD615(Kol.)
..... the relevant finance act, 1999 applicable for the assessment year commencing on the 1^st day of april, 1999 provides under clause (c) of sub-section (1) of section 2 of the finance act, 1999 that "net agricultural income", in relation to person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in part-iv of the first schedule to the finance act, 1999 containing rules for computation of net agricultural income. ..... amount not chargeable to tax, but has any agricultural income, then, the agricultural income or loss of the association of persons or body of individuals shall be computed in accordance with the rules contained in part-iv of first schedule to the finance act, 1999, and the share of the assessee as a member of an association of persons or a body of individuals, in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. ..... rule 10 of said part-iv of first schedule to the finance act, 1999 says that the provisions of the income tax act relating to procedure for assessment (including the provisions of section 288a relating to rounding off of income) shall, with necessary modification, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income ..... (iii) for that the appellant begs leave to add, alter or amend any of grounds at the time of hearing.3. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)46ITD273(Kol.)
..... order has been passed even without touching on the matter where the assessee did not prefer an appeal, the intention of the legislature in enacting section 263 would be frustrated.their lordships also referred to the amendment made by the finance act, 1988 with effect from 1-6-1988 and also by the finance act 1989 with retrospective effect from 1-6-1988 in support of their conclusion that there will be only partial merger of the assessment order with the appellate ..... drew our attention to the amendment made to section 263 by insertion of the explanation (c) with effect from 1-6-1988 by the finance act, 1988 and also the further amendment to the section by the finance act, 1989, with retrospective effect from 1-6-1988 and submitted that the doctrine of total merger was no longer applicable in the case of orders of the cit passed under section 263. ..... their lordships, after reviewing the entire case law with regard to the principles of merger vis-a-vis section 263 of the act, at page 578 (187 itr) held as follows : in our view the question is not whether the question involved before the commissioner of income-tax could be the subject-matter of appeal before the appellate authority or whether the commissioner directed ..... cit [1991] 187 itr 568 the matter was no longer open to question and the doctrine of total merger was not applicable to orders passed under section 263. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)44ITD711(Kol.)
..... for the assessee submitted that the amendment made to section 263 of the act by inserting a new explanation with effect from 1-6-1988 by the finance act, 1988 and the further amendment made by the finance act, 1989 extending the scope of the explanation with retrospective effect from 1-6-1988 applied only in respect of the orders passed by the commissioner on or after 1-6-1988 and the present order passed by the commissioner under section 263 having been passed on 24-3-1988 ..... , prior to the amendments made by the finance act, 1988 as well as the finance act, 1989 to section 263 of the act, the doctrine of merger must be held ..... the learned counsel for the assessee was at pains to point out that the order under section 263 in the present case having been passed on 24-3-1988 the explanation (c) to section 263 inserted by the finance act, 1988 with effect from 1-6-1988 and expanded by the finance act, 1989 with retrospective effect from 1-6-1988 cannot be pressed into service to uphold the order of ..... (supra), the hon'ble high court had referred to the amendments at page 579 of the report and held that the explanation inserted by the finance act, 1988 and amended by the finance act, 1989 only clarified the position and must be deemed to have ..... unneerikutty [1992] 194 itr 546, wherein the kerala high court has held that clause (b) of the explanation to section 263 was not retrospective in nature but was applicable only with effect from ..... 1991] 187 itr ..... cit (1991) 187 itr 568 (cal) followed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2000)74ITD161(Kol.)
..... 2) act of 1996 with effect from 1-4-1997 and is said to be in pari materia with earlier section 115j which has been rendered inoperative with effect from the assessment year 1991-92 by an amendment made to sub-section (1) by the finance act, 1990 with effect from 1-4-1990. ..... the provisions were again reintroduced by the finance act, 1987 by introduction of a new section 115j and these provisions remained in force from assessment year 1988-89 to 1990-91 i e. ..... the rationale offered by the government for the introduction of section 115ja remains the same as was given when somewhat similar provisions were introduced for the first time by the finance act, 1983 with effect from 1-4-1984. ..... claimed in the return that the cash compensatory support was not taxable (this was made taxable by subsequent amendment to section 28) and it was held by the high court that the assessee was fully justified in making the claim when the return was filed and no adjustment on account of cash compensatory support could be made under section 143(1)(a), so as to attract additional tax.9.3 the cit (appeals) has also fallen into the error in not ..... (supra) where the order was passed in october, 1992 where, among other things, it was decided that the profit realized by the sale of the shares could not form part of the book profit as required to be shown in the profit and loss account under the provisions of the companies act. ..... union of india[1992] 193 itr 95 (delhi). ..... pathania[1992] 196 itr 55/61 taxman 157 (bom. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... ) has been whether a cold storage is an 'industrial company' as defined in section 2(1)(d) of the finance acts of 1966 and 1967. ..... (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. ..... 's case (supra) deals with the word 'power' as used in clause (g) of section 2 of the finance act. ..... however, the commissioner observed that processing did not amount to manufacture and so those two decisions which were concerned with the language used in the definition of an 'industrial company' under the finance acts, were not of any help to the present assessee. ..... several dictionaries to which we have referred, it appears to us, that in the context of the present statute, which has used the expression 'processing' in contradistinction or differently from the expression 'manufacture' the assessce-company was engaged in the act of processing the goods in terms of the finance act at the relevant time. . . . (p. ..... accordingly, the president constituted this special bench under section 255(3) of the act in order to decide the following point : whether, on the facts and in the circumstances of the case, the investment allowance under section 32a of the income-tax act, 1961, could be allowed to a cold storage 5. dr. ..... this appeal has been filed by the assessee against the order dated 31-12-1981 of the commissioner passed under section 263 of the income-tax act, 1961 ('the act') relating to the assessment year 1980-81.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD501(Kol.)
..... the provisions of the wt act should be made applicable a simple expedient of amending the charging section 3 of the said act to include closely-held companies or an amendment to section 13 of the finance act, 1960 would have been sufficient ..... section 40 of the finance act, 1983 particularly to sub-sections (2), (3) and (5) of the same.referring to the provisions of sub-section (5) he submitted that the said provision contained a mandate that except the provisions of section 5, section 7(2)(a) and section 45 of the wealth-tax act which have no application to the provisions of section 40 of the finance act, 1983, the remaining provisions of the wealth-tax act should be construed so as to be in conformity with the provisions of section 40 of the finance act ..... matter of construction of section 40(5) of the finance act, 1983 it has to be held that if any provision of the wealth-tax act is in conflict with the specific provisions of section 40 of the finance act, 1983, the later alone should prevail section 2(m) of the wealth-tax act refers to inclusion of assets and debts due.however, under section 40 of the finance, act, 1983 only specified ..... or as residential accommodation for its low paid employees will be excluded from the net wealth.it is clear from this speech that the object of the provisions of section 40 of the finance act, 1983 is to curb the attempts made by individuals to reduce the wealth-tax liability by transferring their wealth to closely-held companies formed by them.5. .....
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