Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD582(Kol.)
..... the cit(a) concluded "in fine, it may be emphasised that the retrospective amendment of the section by insertion of explanation 2 by the finance act, 1989 sets at naught all the various contentions of the appellant, once it is established that the amount represented statutory liability for excise duty incurred ..... the basis of the regular assessment (reduced by the amount of tax deductible in accordance with the provisions of sections 192 to 194, section 194a, section 194c, section 194d, section 195 and section 196 a so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made.it is clear from the definition that "assessed tax ..... learned cit( a) also held that the first proviso to section 43b inserted by the finance act, 1987 was applicable from 1-4-1988 and not in the assessment ..... of this claim the assessee relied on first proviso to section 43b inserted by the finance act, 1987 which, as per decision of the tribunal in ito ..... is a mandatory and not clarificatory.we cannot take into account the explanation 2 for disposal of appeal.but there is no injunction prohibiting us for taking into account the first proviso to section 43b introduced through the finance act, 1987 with effect from april 1,1988. ..... that the learned cit( a) decided the issue against the assessee solely relying upon explanation 2 to section 43b inserted by the finance act, 1989. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)94TTJ(Kol.)873
..... he shall be liable to pay, by way of penalty, a sum of five hundred rupees.7.2 the amount of penalty of a sum of one thousand rupees and a sum of five hundred rupees as provided for failure to furnish return of income as required under sub-section (1) of section 139 or as required by the proviso to sub-section (1) of section 139 before the end of the relevant assessment year or before the end of due date respectively has been increased to a sum of five thousand rupees by the finance act, 2001, w.e.f. ..... 2) act, 1998, has amended section 192(23) of the it act to provide that loss from house property shall be allowed to be adjusted against salary income at the source, filing of returns has become absolutely necessary to find out that the claim of set off of loss is being correctly ..... looking to the amendments made in section 271f from time-to-time it will be seen that initially w.e.f. ..... 63.2 therefore, section 271f has been amended to provide for a penalty of rs. ..... in this case, both the filing of return of income and the action of the ao initiating penalty have occurred after the amended provision became effective from 1st june, 2001. ..... 5,000 imposed by the ao as per the amended law is found to be in order and the same is confirmed." 3. ..... but, by the amendment effective from 1st june, 2002 a uniform dead line of default in filing of the return is made, i.e. ..... 63.3 this amendment will take effect from 1st april, 1999, and will accordingly, apply in relation to the asst. yr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD44(Kol.)
..... on provisions of section 14a as amended by the finance act, 2002 has ..... the expenditure incurred in respect of exempt income was being claimed against taxable income though the legislature had no such intention since the inception of the income-tax act, 1961.the amendment by inserting section 14a was thus made retrospective with effect from 1-4-1962, and the legislature has stopped in and declared that the expenditure incurred in relation to exempt income shall ..... on or before the 1st day of april, 2001" this proviso to section ..... further, in section 14a of the act, the following proviso was inserted by the finance act, 2002 with effect from the 11th day of may, 2001, namely:- "provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass on order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154 for any assessment year beginning ..... the order dated 08-01-1992 passed by the cit(a) in the matter of an assessment order made under section 143(3) of the i.t.act, 1961 for a.y. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD753(Kol.)
..... the relevant amendment in the law as made by the finance act, 1983 reads as under : (c) after sub-section (4), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1979, namely :-- (5) for the removal of doubts, it is hereby declared that any accommodation, by whatever ..... company, also any director of, or the holder of any other office in, the company), or tour or visit to the place at which such accommodation is situated, is accommodation in the nature of a guest-house within the meaning of sub-section (4).there cannot, thus, be any dispute that sub-section (5) is an exception to sub-section (2) of section 1 of the finance act inasmuch as it is deemed to have been inserted with effect from 1-4-1979 as distinct from 1-4-1983. ..... that the learned members have stated their point of difference as under; whether, sub-section (5) inserted in section 37 of the income-tax act, 1961 by the finance act, 1983, with retrospective effect from 1-4-1979 will apply to the present case the president having assigned the case under section 255(4) of the act to himself, the matter has come up for hearing before me as third member.3. ..... the learned members have agreed that in view of the retrospective insertion of sub-section (5) in section 37 by the finance act with retrospective effect from 1-4-1979, the sub-section will have to be treated as included in the act, with effect from 1-4-1979, as held by the supreme court in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1995)53ITD180(Kol.)
..... , section 89a was first introduced into the income-tax act by the finance act, ..... section was omitted and it was replaced by section 80hhc introduced by the finance act ..... this was consequential to the amendment made to section 28 of the income-tax act treating the above three items ..... introduction, the section has received various modifications and amendments but the substance of the section is the same ..... the finance act, 1990 ..... proposition that it is necessary to infer the intention of the legislature while interpreting the provisions of a section it also establishes the proposition that even though in respect of the fulfilment of the second condition viz. ..... exports batteries and in respect of the export it is entitled to deduction under section 80hhc of the act.the entitlement of the assessee to the deduction is not disputed in the present ..... the purchase of the new house, the word "mainly" did not find a place, the section should be so interpreted as to project into the second condition the same terms as in the first condition ..... however, if regard is had to the fact that the legislature by amendment excluded freight and insurance from the total turnover, thereby bringing the total turnover at par with the export turnover, it would be clear that the intention of the legislature is to harmonise both ..... cit [1992] 196 itr 188 (sc) that a provision intended for promoting growth has to be interpreted liberally so as to advance the objectives of the section and not to frustrate it.likewise it has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD229(Kol.)
..... assessee arc prior to the substitution of sub-section (2) of section 37 of the income-tax act by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993, therefore, in view of the non obstante clause provided in sub-section (2) of section 37, the decisions relied on by the ld. ..... incurred by the assessee in providing ordinary meals to outstation customers according to established business practice, was a permissible deduction under section 37(2a), to which the assessees were entitled in the computation of their total income for the purpose of payment of tax under the 1961 act during the relevant period prior to 1.4.1976.5.10 however, sub-section (2) of section 37 was substituted by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993. ..... but does not include expenditure on food or beverages provided by the assessee to his employees in office, factory or other place of their work.5.9 it is clear from section 37(2) that in case of company assessees as well as non-company assessees, the allowability of 'entertainment expenditure' as defined in the explanation to section 37(2), whether incurred within india or outside india, has to be determined as per provision of section 37(2) as substituted by finance act, 1992 with effect from 1.4.1993 and subsequently amended by the finance act, 1994 with retrospective effect from 1.4.1993. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2008)301ITR171(Kol.)
..... after the amendment in section 40a(3) by the finance act, 1995 with effect from april 1, 1996, and the amendment in rule 6dd of the income-tax rules by the income-tax (fourteenth amendment) rules, 1995, again the constitutional validity of section 40a(3) was challenged.however, the hon'ble andhra pradesh high court in the case of smt. ..... ito have upheld the constitutional validity of section 40a(3) and of rule 6dd after amendment by the finance act, 1995 and the income-tax (fourth amendment) rules, 1995, respectively.11. ..... that finance act, 1995 amended section 40a(3) with effect from april 1, 1996, by which disallowance under section 40a(3) was reduced to 20 per cent, of the expenditure claimed ..... after the amendment by the finance act, 1995, again the validity of section 40a(3) was challenged and the hon'ble high courts have upheld its constitutional validity in the following cases: 29 ..... or any subsidiary bank as defined in section 2 of the state bank of india (subsidiary banks) act, 1959 (38 of 1959) ; (iv) any primary agricultural credit society as defined in clause (cii) of section 2 of the reserve bank of india act, 1934 (2 of 1934), or any primary credit society as defined in clause (civ) of that section ; (v) the life insurance corporation of india established under section 3 of the life insurance corporation act, 1956 (31 of 1956) ; (vi) the industrial finance corporation of india established under section 3 of the industrial finance corporation act, 1948 (15 of 1948) ; (vii) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)60ITD348(Kol.)
..... so as to be taxable and not the incomplete portions of the buildings or for that matter the building in progress.accordingly, we hold that the portion shown by the assessee as building in progress is not a taxable asset within s. 40(3)(vi) of the finance act, 1983, and so the impugned order of the learned cit(a) (sic) in upholding the assessment order of the wto in bringing the said building in progress to wealth-tax is not legally tenable.9 ..... he has contended that the object of bringing the company to wealth-tax under the finance act, 1983, was to defeat the avoidance of personal wealth-tax by forming closely-held companies to which the tax avoider assessees transferred their unproductive assets but in this case the assessee's assets are not ..... 40(3) of the finance act, 1983, it is "building" which is a ..... 40(3) of the finance act, 1983, to the let out portion of the property which is the business assets of the ..... 6 and further elaborated for the purposes of computation in following sections of the it act, 1922, are intended merely to indicate the classes of income and that the heads do not exhaustively delimit sources from which income ..... and elaborated in the following sections do not exhaustively define sources for the purpose of computation of total income and the break up thereby indicated should not be income and the break-up thereby indicated should not be regarded as rigidly delimiting the source of income under different heads for the purpose of other provisions of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1996)59ITD303(Kol.)
..... in the assessment made under section 143(3) on 30-3-1990, the ito assessed the total income @ 55%, which was the rate applicable in the case of an industrial company as defined in the relevant finance act.on 16-7-1991, the assessment was amended under section 154 of the act and in this order, after a some what elaborate discussion, the ito held that the assessee cannot be ..... has placed reliance upon the explanation to the clause (c) of section 2(7) of the finance act, 1981 which is reproduced above. 4. ..... assessee or the department in the subsequent year it was held that "this rule was subject to limitation that there should be finality and certainty in all litigations including litigations arising out of the income-tax act and an earlier decision on the same question should not be reopened if that decision was not arbitrary or perverse and if it had been arrived at after due enquiry and if no fresh facts were placed ..... it has been admitted on behalf of the assessee that if the provisions of the relevant finance act are applied in the manner in which the income-tax authorities want to, the assessee's income from manufacturing activities would be less than 51 per ..... but it is contended that the interpretation placed on the provisions of the relevant finance act by the tribunal for the assessment year 1981-82 is in respectful conformity with the interpretation placed on the provisions by the kerala high court and andhra pradesh high court in the decisions cited ..... cit [1991] 187 itr 568/57 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1993)45ITD22(Kol.)
..... there was an amendment in section 115j by section 19 of the finance act, 1989 [1989] 177 itr (st. ..... the commissioner of income-tax (appeals) held, by his order dated january 21, 1992, that, under clause 3 (xii)(a) of part ii to schedule vi of the companies act, the profit on investment has to be shown in the profit and loss account and that would also include capital gain. ..... when the bench assembled on september 8, 1992, to take up the matter, the revenue presented a petition dated september 8, 1992, signed by shri s.halder, appellate assistant commissioner, central circle-xii, calcutta, stating that there was no difference of opinion on the point raised in this case, that the decisions so far rendered by the benches of the tribunal in ..... we accordingly direct that this appeal be fixed for hearing on april 27, 1992, for final disposal before an appropriate bench. ..... ito [1992] 42 itd 242 (hyd), asst. ..... [1992] 41 itd 119 (chandigarh) and had been rejected pointing out that it is the power of the president to allocate the work and cannot be questioned by the members constituting the bench. ..... in the present case, the assessee had applied for stay of collection of taxes which was disposed of by order dated march 3, 1992, in s. p.no. ..... at the end of the day, the revenue sought time to reply and the case was adjourned to september 17, 1992. ..... [1992] 42 itd 446 (gauhati) and buttwelded tools (p) ltd. v. .....
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