Judgment Search Results Home > Cases Phrase: finance act 1992 Court: mumbai Page 1 of about 35,273 results (0.075 seconds)

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 .....

Shri M.U. Joshi Vs. the Tax Recovery Officer,

Court : Mumbai

Reported in : 2005(6)BomCR17; (2005)199CTR(Bom)249; [2006]281ITR289(Bom); 2006(1)MhLj95

..... period therein, the attachment if any levied on the property is liable to be vacated. 10. rule 68b was introduced in the second schedule to the i.t. act by finance act, 1992 specifically with a view to prescribe time limit of three years for sale of attached immovable properties. proviso to rule 68b (1) provides for extension of one more ..... the aforesaid period of limitation shall be deemed to be extended accordingly. (3) where any immovable property has been attached under this part before the 1st day of june, 1992, and the order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery of which the immovable property has been ..... a partner of m/s. joychem chemical & pharmaceuticals industries ('the firm' for short). pursuant to the assessment orders passed under section 143(3) of the income tax act ('i.t. act' for short) for a.y.86-87 and 87-88, huge demands were raised against the said firm. appeals filed by the firm against the said assessment orders .....

Commissioner of Income Tax Vs. Jannhavi Investments (P) Ltd.

Court : Mumbai

Reported in : (2008)215CTR(Bom)72; [2008]304ITR276(Bom)

..... by counsel for revenue that the decision in the case of keshavji karsondas (cited supra) was distinguishable in the facts of the present case. me pointed out that by finance act, 1992, w.e.f. 1993, the mode of computation of income chargeable under head 'capital gain' had changed and the concept of 'indexed cost of acquisition' had been ..... were certain agricultural lands which were first acquired in the year 1941. when the said lands were acquired they were not capital assets. later on, due to effect of finance act, 1970, w.e.f. 1st april, 1970, the concerned agricultural lands fell within the amended definition of the term 'capital asset'. the question before the division bench ..... been shown to us to convince us that the said coupons are a security within the meaning of clause (h) of section 2 of the securities contracts regulation act, 1956 which is an essential ingredient for the applicability of section 55(2)(aa)(ii). no doubt, it may be a financial asset within the meaning of section .....

P.H. Hamid Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (2005)198CTR(Bom)441; [2005]278ITR112(Bom)

..... with a view to ensure that there is no loss of revenue and undue enrichment to the assessee, sub-section (1) of section 41 has been substituted by the finance act, 1992, so as to bring to tax the amount or benefit, as the case may be. in cases where the recipient is a successor in business and is other. ..... the fact that a firm possesses a distinct personality does not involve that the personality continues unchanged so long as the business of the firm continues. the indian act, like the english act, avoids making a firm a corporate body enjoying the rights of perpetual successions. (emphasis supplied)it is true that under the civil procedure code, o. xxx, as ..... a running partnership firm; which was a partnership firm distinct from its partners. in that context, the apex court ruled that for the purposes of the income-tax act, the partnership firm is a distinct and separate assessable entity. it is, thus, well established and recognised by law that so long as partnership business continues, it .....

Satpuda Tapi Parisar Sahakari Sakhar Karkhana Ltd. Vs. Commissioner of ...

Court : Mumbai

Reported in : 2009(4)BomCR686; [2009]183TAXMAN404(Bom)

..... of country liquor which is one of its business apart from manufacture of sugar. section 206c as it now stands as substituted by the finance act, 1992 was introduced with effect from 1st april, 1992. the effect of the section is that the seller of alcoholic liquor and other goods described in the schedule has to collect from the ..... interim relief granted by this court whereby the petitioner herein was restrained from collecting the tax from the purchasers, would invite the provisions of section 206c of the act.9. we have earlier reproduced the relevant provisions of section 206c. it may also be noted at this stage that the constitutional validity of section 206c(6) ..... arise till such period the disability is disappeared. alternatively on account of the interim relief it cannot be said 'to failure to collect tax'. failure would contemplate an act or omission on the part of the party. the party was aware that he had to collect the tax. this court however, at the instance of the buyer .....

The Commissioner of Wealth Tax Vs. Smt. Krishna Kapoor L/J of Late Ran ...

Court : Mumbai

Reported in : [2009]180TAXMAN190(Bom)

..... not been assigned to, or acquired by, him under a contract or by way of inheritance or otherwise;this position continued till it was deleted from 1.4.1976 by finance act,1992.5. in the instance case, there is no dispute that raj kapoor was the owner of the copyright now represented by his l.r. the respondent. our attention is invited ..... :provided that they are not held by him as assets of a business, profession or vocation and no income or benefit accrues to him therefrom;4. the taxation laws (amendment) act, 1975 came into force from 1.4.1976. by virtue of section 83, proviso to clause (v) was substituted by the following proviso.provided that they are held by him ..... . we have heard the learned counsel. we are concerned with the assessment year 1984.85. [of the the wealth tax act,1957] (hereinafter referred to as 'wealth tax act). section 5(i) and (v)' [read] as under.5(i) welath tax shall not be payable by an assessee in respect of the following assets, and such assets shall not .....

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Reported in : (2002)74TTJ(Mumbai)624

..... act led to ambiguity. hence, the speech of the finance minister, at the time of re-introducing the interest tax act, in the year 1991 by amending act no. 45/74 by finance act, 1992, can be relied on to clarify ..... 'interest on securities' has not been specifically excluded from the purview of the interest tax act (no. 45/1974), there is no circumstance available to hold that interest on securities is intended to be taxed under the provisions of the interest tax act (45/1974) as amended by finance act, 1992. as stated earlier, exclusion of interest on securities from the taxability to interest tax .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , insertion of the provisions of section 90(2) by the finance (no. 2) act, 1991 with retrospective effect from 1.4.1972; insertion of section 14-a by the finance act, 2001 with retrospective effect from 1.4.1962; explanation to section 36(1)(viii) by finance act, 1992 with retrospective effect from 1.4.1987 and so on. if ..... legislature became alive to the hardships which the retrospection of the provision could cause to the tax payers. hence the proviso above mentioned was inserted by the finance act, 2002 with retrospective effect from 11th may, 2002.it, therefore, meant that an assessment order already made could not be disturbed or interfered with on the ..... arguments of the learned special counsel for revenue, it is significant that both the provisions of section 14a and section 94(7) were introduced by the same finance act, 2001. while the provisions of section 14a have been given retrospective effect from 1.4.1962, the provisions of section 94(7) have been introduced prospectively .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... example, insertion of the provisions of section 90(2) by the finance (no. 2) act, 1991 with retrospective effect from 1-4-1972; insertion of section 14-a by the finance act, 2001 with retrospective effect from 1-4-1962; explanation to section 36(1)(viii) by finance act, 1992 with retrospective effect from 1-4-1987 and so on. if ..... out of the funds received by it, which were essentially in the nature of subscription funds.referring to the provisions of section 94(7) introduced by the finance act, 2001, the learned special counsel argued that initially it laid down the condition of holding of securities three months prior and three months subsequent to the ..... arguments of the learned special counsel for revenue, it is significant that both the provisions of section 14a and section 94(7) were introduced by the same finance act, 2001. while the provisions of section 14a have been given retrospective effect from 1.4.1962, the provisions of section 94(7) have been introduced prospectively .....

All India Blue Star Employees Federation Vs. Union of India (Uoi) and ...

Court : Mumbai

Reported in : [1998]234ITR155(Bom)

..... approve in this behalf ;'3. to extend the benefit of this clause also to the employees of companies other than public sector companies, this clause was substituted by the finance act, 1992, with effect from april 1, 1993, by the following : '(10c) any amount received by an employee of a public sector company or of any other company at ..... of co-operative societies, universities, i.i.t. and institutes of management notified by the central government in this behalf of amending this clause by the finance act, 1994. clause (10c), as amended by the finance act, 1994, which is operative with effect from april 1, 1995, reads as follows :'(10c) any amount received by an employee of-- (i) a ..... do not form part of the total income. clause (10c) was inserted in that section for the first time with effect from april 1, 1987, by the finance act, 1987, to extend the benefit of exemption to the employees of public sector undertakings in respect of any payment received by them at the time of their voluntary .....