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Steel and Industrial Forgings Ltd. Vs. Deputy Commissioner of Income T ...

Court : Kerala

Reported in : (2003)183CTR(Ker)394; [2003]264ITR100(Ker)

..... 's case and in aluminium industries' case supra are cases of loss returns where even after the prima facie adjustments made under section 143(1)(a) was a loss and this court was concerned with the validity of the amended provisions of section 143(1a) made by the finance act, 1993, with retrospective effect from 1st april, 1989. ..... however, the amendment to section 143(1a) made by the finance act, 1993, with retrospective effect from 1st april, 1989, got over the said decision and as per the said amendment act, additional tax can be levied even in such cases. ..... income, as a result of the adjustments made under the first proviso to clause (a) of sub-section (1), exceeds the total income declared in the return by any amount, the ao shall, (i) further increase the amount of tax payable under sub-section (1) by an additional income-tax calculated at the rate of twenty per cent of the tax payable on such excess and specify the additional income-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1) : ' section 143(1a) as amended by the finance act, 1993, w.e.f. ..... whether additional tax under section 143(1a) was attracted having regard to the retrospective amendment to section 143(1a) of the act ?'6. ..... the tribunal, as we already noted, has allowed the appeal filed by the department restoring the order of the ao on the basis of the two decisions of this court upholding the validity of the amended provisions of section 143(1a) of the act. .....

Steel and Industrial Forgings Ltd. Vs. Dy. Cit

Court : Kerala

Reported in : [2003]131TAXMAN192(Ker)

..... of sub-section (1), exceeds the total income declared in the return by any amount, the assessing officer shall,(i) further increase the amount of tax payable under sub-section (1) by an additional income-tax calculated at the rate of twenty pet, cent of the tax payable on such excess amount and specify the additional income-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1);'section 143(1a) as amended by the finance act, 1993 with effect ..... after the prima facie adjustments made under section 143(1)(a) was a loss and this court was concerned with validity of the amended provisions of section 143(1a) made by the finance act, 1993 with retrospective effect from 1-4-1989. ..... the amendment to section 143(1a) made by the finance act, 1993 with retrospective effect from 1-4-1989 got over the said decision and as per the said amendment act additional ..... that the provisions for levy of additional tax even where the net result is a loss after carrying out adjustment is intended to prevent evasion of tax and the amendment of section 143(1a) levying additional tax with retrospective effect from 1-4-1989 does not violate articles 14 and 265 of' the constitution. ..... section 143(1a) was attracted having regard to the retrospective amendment to section 143(1a) of the act ..... appeal filed by the department restoring the order of the assessing officer on the basis of the two decisions of this court upholding the validity of the amended provisions of section 143(1a) of the act. .....

Modern Fibotex India Ltd. and anr. Vs. Deputy Commissioner of Income-t ...

Court : Kolkata

Reported in : (1995)126CTR(Cal)69,[1995]212ITR496(Cal)

..... it is also said that by virtue of the finance act, 1993, section 143(1a) had been amended so that additional tax can be imposed even if after the adjustment the assessee would suffer loss. ..... subsequent to the company submitting its return, the finance act, 1990, was enacted by which the provisions of section 28 of the act were amended with effect from april 1, 1967, making cash compensatory support taxable.6. ..... the passages in the circular which have been highlighted by the petitioners in support of their arguments read as follows :'the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to show lesser tax liabilities. ..... it has also been submitted that the amendment to section 28 of the act in 1990 making, inter alia, cash compensatory, support taxable had been made with retrospective effect from april 1, 1967. ..... 549 (see : [1990]182itr1(mad) ) dated october 31, 1989, in which the amendments made in section 4 of the act and the insertion of section 143(1a) were sought to be explained. ..... on july 31, 1990, the deputy commissioner of income-tax, respondent no, 1, herein issued an intimation to the company under section 143(1)(a) of the act recomputing the loss suffered by the company on the basis of the amended provisions of section 28 of the act. .....

Sati Oil Udyog Ltd. and anr. Vs. Commissioner of Income-tax and ors.

Court : Guwahati

..... court and the allahabad high court, the union of india has filed special leave petitions before the supreme court, which are pending, but in the meanwhile, the legislature, in the finance act, 1993, has clarified the law by amending sub-section (1a) of section 143 of the act providing therein that additional income-tax is payable not only where the income as declared by the assessee is increased but also where the loss as declared by the assessee is either reduced ..... he pointed out that prior to the impugned amendment to section 143(1a) by the finance act, 1993, the direct tax laws (amendment) act, 1989, had introduced section 145(1a) with effect from april 1, 1989, and in sub-section (1a) of section 143 as introduced with effect from april 1, 1989, provision was made imposing additional income-tax on the assessee where, as a result of the adjustments, the total income of the assessee exceeded the total income declared by ..... the amendments to sections 143(1) and 143(1a) by the direct tax laws (amendment) act, 1987, the direct tax laws (amendment) act, 1989, and the finance act, 1993, is to ensure that after the assessee files his return of income or loss, the assessing officer sends to him an intimation informing the assessee of the tax, interest or additional income-tax payable by him and the assessee is not unnecessarily called upon to produce evidence in support of his return under sub-section (2) of section 143 of the act for .....

Abn Amro Bank Nv Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)96TTJ(Kol.)1041

..... . we would have no difficulty in following the elaborate decision of our co-ordinate bench, but for the amendment in section 90 of the it act, 1961, by the finance act, 2001, with retrospective effect from 1st april, 1962 ..... . 1993-94 at the rate chargeable to foreign companies," it is evident from the above decision of the cit(a) that he has decided the issue on the basis of the amendment of section 90 and after taking into account the decision of the tribunal in the assessee's own case for the asst. yr ..... . the assessee's main claim is that the matter was settled with phb on 7th july, 1993 and that date falls within the previous year relevant to the asst. yr ..... . the assessee was also refused permission vide rbi letter dt.16th june, 1993, to open a branch until the dispute with andhra bank was settled ..... . 1992-93, 1993-94, 1994-95 and 1995-96 with a direction that if after verification the ao comes to the conclusion that the assessee has not taken the amount of remuneration in respective assessment years into consideration in working out the deduction under section 44c, the claim would in principle be permissible in the respective assessment years ..... . it was pointed out that the assessee had also written letter to the rbi sometime in april, 1993, but they had refused to interfere vide its letter dt .....

Rajasthan State Electricity Board Jaipur Vs. The Dy. Commissioner of I ...

Court : Supreme Court of India

..... section (1-a) was amended by the finance act, 1993 with effect from 1-4-1989, which was the date upon which sub-section (1-a) had been introduced into the act ..... as noted above by the finance act, 1993 section 143(1-a) was substituted with retrospective effect ..... this court in the above case upheld the constitutional validity of section 143(1-a) (as inserted by the finance act, 1993) subject to holding that section 143(1-a) can only be invoked where it is found on facts that the lesser amount stated in the return filed by the assessee is a result of an attempt to evade tax lawfully by ..... the amendments brought by finance act, 1993 with ..... challenge to the retrospectivity of the provisions of section 143(1-a) as introduced by finance act, 1993. ..... the bill, therefore, seeks to amend section 143(1-a) of the income tax act to provide that where as a result of the adjustments made under the first proviso to section 143(1)(a), the income declared by any person in the return is increased, the assessing officer shall charge additional income tax at the rate of twenty per cent, on the difference between the tax on ..... the memorandum explaining the provisions 13 of the finance bill with retrospective effect was to the following effect: the provisions of section 143(1-a) of the income tax act provide for levy of twenty per cent additional income tax where the total income, as a result of the adjustments made under the first proviso to section 143(1)(a), exceeds the total income declared in .....

A.P. State Civil Supplies Corpn. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)83ITD398(Hyd.)

..... , 2002, required the assessee to pay the entire tax demand for the above years in view of the amended provisions of sub-section (2a) of section 254 of the it act introduced by the finance act, 2001, w.e.f. ..... it may be seen from the act that sub-section (2a) and (2b) have been inserted by the finance act, 1999 w.e.f. ..... for our consideration in the instant proceedings are as to : (a) whether or not the stay granted by the tribunal by its respective orders prior to 1st june, 2001, when the amendment was inserted with the proviso to section 254(2a), has expired on account, of the interpretation given by the department that the said amendment is retrospectively operative; (b) whether or not the assessee deserves to be granted stay afresh for all the assessment years in question, except for the asst. yr. ..... 1st june, 1999, and the provisos to the aforesaid section are inserted by the finance act, 2001 w.e.f. ..... , may hear and decide such appeal within a period of four years from the end of the financial year in which such appeal is filed under sub-section (1) or sub-section (2) of section 253 : provided that where an order of stay is made in any proceedings relating to an appeal filed under sub-section (1) of section 253, the tribunal shall dispose of the appeal within a period of one hundred and eighty days from the date of such order : provided further that if such ..... yrs, 1983-84, 1984-85, 1986-87, 1987-88, 1990-91, 1993-94 and appeal no. .....

Manik Chand Sethia Vs. Union of India (Uoi) and ors.

Court : Allahabad

Reported in : (1997)143CTR(All)428; [1997]226ITR411(All); [1997]92TAXMAN524(All)

..... therefore, a buyer is a person who is interested in the property and sub-section (1a) as inserted by the finance act, 1993, with effect from november 17, 1992, makes this all the more clear. ..... gautam's case : [1993]199itr530(sc) in section 269ud by the finance act, 1993 (sic), and proceeded on the special terms of the agreement between the parties which were to the effect that in case the government decided to purchase the property, the buyer would get a refund of his advance ..... of the words 'and to every other person whom the appropriate authority knows to be interested in the property' after the word 'transferee' clearly indicates that reading the definition of 'person interested' with the provisions of sub-section (1a), a transferee has to be treated as an interested and aggrieved person for the purposes of these provisions. ..... of 1993, decided by the lucknow bench of this court on july 15, 1993) it has been held that the circle rate has no relevance for determining the fair market value of the property for the purposes of section 269ud(1) of the act. ..... definition is not exhaustive and when we interpret this term in the light of special law as contained in chapter xx-c of the income-tax act, 1961, it would be unwise to follow the general law under the transfer of property act that an agreement to sell does not create an interest in the property in favour of the buyer. ..... gautam's case : [1993]199itr530(sc) nor the subsequent amendment by insertion of sub-section (1a) was considered.21. .....

Dwarkanath Chatterjee and ors. Vs. Union of India (Uoi) and ors.

Court : Kolkata

Reported in : (1995)127CTR(Cal)116,[1995]213ITR470(Cal)

..... been inserted by the amendment of the finance act, 1993, which provides that the period of limitation referred to in the second proviso shall be reckoned, where any stay has been granted by any court against the passing of an order for the purchase of the immovable property under chapter xx-c of the income-tax act with reference to the ..... by the finance act, 1986, with effect from october 1, 1986, chapter xx-c consisting of sections 269u to 269uo was inserted in the income-tax act, 1961, with the object of inducing the transferors and the transferees to ..... section 269rr under chapter xx-a of the act was inserted with effect from october 1, 1986, by the finance act, 1986, which provides that chapter ..... and in view of the aforesaid two decisions of the two different high courts of india, i am of the view that the proviso to section 269ud of the act is a mandatory provision and in the absence of any power given in the act itself to extend, the period of limitation, there cannot be any question to direct the appropriate authority to reconsider the question of purchase when such ..... the appropriate authority, in my view, cannot pass any order for pre-emption in respect of any property after expiration of the period of three months, as mentioned in section 269ud of the act subject to the fourth proviso to section 269ud of the act by which, however, the central government is entitled to get the period of limitation extended or counted in a case where an order for purchase has to be passed and .....

Panorama Builders Pvt. Ltd. C/o West INN Ltd. Vs. Union of India (UOi) ...

Court : Gujarat

Reported in : (2005)196CTR(Guj)515; [2007]291ITR294(Guj)

..... the legislature stepped in and substituted the said expression 'free from all encumbrances' by the finance act, 1993 with retrospective effect from 17.11.1992 by the portion in parenthesis. ..... , such property shall, on the date of such order, vest in the central government [in terms of the agreement for transfer referred to in sub-section (1) of section 269uc] :[provided that where theappropriate authority, after giving an opportunity of being heard to the transferor, the transferee or other persons interested in the said property, under sub-section (1a) of section 269ud, is of the opinion that any encumbrance on the property or leasehold interest specified in the aforesaid agreement fortransfer is so specified with a view to ..... made by the appropriate authority in respect of an immovable property referred to in sub-clause (i) of clause (d) of section 269ua, such property shall, on the date of such order, vest in the central government free from all encumbrances'.on a plain reading of the provision it is apparent that once an order under section 269ud(1) of the act is made by the appropriate authority in respect of immovable property, as defined under section 269ua(d)(i) of the act, such property shall vest in the central government free from all encumbrances ..... the effect of the amendment in the main provision is that the vesting takes place in terms of the agreement for transfer which was entered into by the transferor and the transferee as referred to in section 269uc(1) of the act. .....