Court : Mumbai
Reported in : (2009)221CTR(Bom)448; [2009]309ITR125(Bom)
..... the submission of the assessee that the tribunal has erred in coming to the conclusion that the amendment made by finance act, 1995 to section 33ac is clarificatory and hence retrospective is erroneous, the learned advocate for the assessee relied on the ..... submitted by the assessee before us that the finding of the tribunal that the amendment brought by finance act, 1995 with effect from 1st april, 1996 is clarificatory and retrospective, is erroneous and is contrary to the decision of the hon'ble supreme court, particularly as the amendment to section 33ac by the finance act, 1995 makes a clear departure from the old provisions and is explicitly stated to be ..... itat, mumbai dismissed the appeal filed by the assessee upholding disallowance of deduction under section 33ac primarily on the following grounds:i) section 33ac contemplates actual carrying on of the business of operations of shipping in the year of claim;ii) amendment brought by finance act, 1995 with effect from 1st april, 1996 is clarificatory and retrospective.iii) circular no ..... as regards the arguments/contentions of the revenue/tribunal that the amendment brought by finance act, 1995 with effect from 1st april, 1996 is clarificatory and not retrospective, we are of the view that since ..... commissioner of income tax : [2005]279itr310(sc) wherein it was held that the amendment to the explanation to sectionn 9(1)(ii) brought about by the finance act, 1999 was deliberately introduced with effect from 1st april, 2000 and was, .....
Tag this Judgment!Court : Kerala
Reported in : (2003)182CTR(Ker)517; [2003]263ITR161(Ker); 2003(2)KLT32
..... the scope and ambit of section 133(6) of the income tax act, 1961 (for short 'the act') as amended by the finance act, 1995 arise for consideration in these ..... the object of the amendment of section 133(6) by the finance act, 1995(act 22 of 1995) as explained by the cbdt in its circular shows that the legislative intention was to give wide powers to the officers, of course, with the permission of the commissioner of income tax or the director of investigation to gather general particulars ..... counsel further submitted that the supreme court in karnataka bank's case mentioned above has clearly explained the scope of the provisions of section 133(6) of the act after the amendment made by the finance act, 1995. ..... 1998]231itr612(cal) had held that even after the insertion of the word 'enquiry' in clause (6) of section 133 by the finance act, 1995 and the insertion of the second proviso thereto with effect from 1.7.1995 unless there is a proceeding pending against the asssssee when the notice under section 133(6) was issued, the notice was liable to be quashed. ..... 14.8.1995 issued by the central board of direct taxes regarding the scope and effect of the amendment made in the finance act, 1995. ..... words, the dispute is only regarding the scope and content of the provisions of section 133(6) of the act.section 133(6) of the act as amended by act 22 of 1995 w.e.f. ..... ' the effect of the amendments made by the finance act (act 22 of 1995) was explained by the central board of direct taxes in the .....
Tag this Judgment!Court : Kerala
Reported in : [2003]129TAXMAN335(Ker)
..... the object of the amendment of section 133(6) by the finance act, 1995 (act 22 of 1995) as explained by the central board of direct taxes in its circular shows that the legislative intention was to give wide powers to the officers, of course, with the permission of the commissioner or the director of investigation to ..... counsel further submitted that the supreme court in karnataka bank ltd.s case (supra) mentioned above has clearly explained the scope of the provisions of section 133(6) of the act after the amendment made by the finance act, 1995. ..... [1998]231itr612(cal) had held that even after the insertion of the word `enquiry in sub-section (6) of section 133 by the finance act, 1995 and the insertion of the second proviso thereto with effect from 1-7-1995 unless there is a proceeding pending against the assessee when the notice under section 133(6) was issued, the notice was liable to be quashed. ..... 14-8-1995 issued by the central board of direct taxes regarding the scope and effect of the amendment made in the finance act, 1995. ..... in other words, the dispute is only regarding the scope and content of the provisions of section 133(6) of the act.section 133(6) of the act as amended by act 22 of 1995 with effect from 1-7-1995 reads as follows :'(6) require any person, including a banking company or any officer thereof, to furnish information in relation to such points or matters, or to furnish statements of accounts and affairs verified in the manner specified by the assessing .....
Tag this Judgment!Court : Mumbai
Reported in : 2000(2)BomCR428; [1999]240ITR312(Bom); 1999(3)MhLj848
..... though at the material time there was a controversy whether live stock would constitute plant within the meaning of clause (3) of section 43 of the act, that controversy has now been set at rest by the amendment of section 43(3) by the parliament by the finance act, 1995 with retrospective effect from the inception of the act i.e. ..... it is now made clear in the definition of "plant" in section 43(3) of the act that it does not include live stock.4. ..... by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion ;"whether on the facts and in the circumstances of the case, the tribunal was right in law in holding that horses used for stock-breeding constitute 'plant' so as to be eligible for depreciation under section 32 of the income-tax act, 1961?"2. ..... in view of the above, horses used for stock breeding cannot be regarded as "plant" within the meaning of section 43(3) of the act and no depreciation would be allowable thereon under section 32 of the act.5. ..... the controversy is whether the horses used for stock-breeding constitute "plant" for the purpose of depreciation under section 32 of the income-tax act, 1961 ("act"). ..... the assessee claimed that the horses having been used for the purposes of its business constituted "plant" and, therefore, depreciation was allowable on the cost thereof under section 32 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)94ITD411(Mum.)
..... have noted earlier, the amendment in section 80-ia was brought about by finance act, 1995 w.e.f. ..... this section was amended/modified by finance act, 1995 w.e.f ..... besides, if we were to compare sub-section (4a) of section 80-ia, which stands replaced by sub-section (4) of section 80-ia by the finance act, 1999, we find that in clauses (i), (ii) and (iii) of the earlier sub-section (4a), the word "enterprise" was used, but in the replaced (new) sub-section (4) in the corresponding sub-clauses (a), (b) and (c) the word "enterprise" has been replaced by the word "it".obvious as it is, reading in the above context, it is amply clear that in sub-section (4), as amended by the finance act, 1999, the word "it" needs appropriately to be interpreted to mean ..... 3 of his written submission : "on comparing the provisions of section 80-ia(4a) as introduced by finance act, 1995 with the provisions of section 80-ia(4a), relevant for the assessment year under consideration, it would be seen that the provisions are similar in scope and content, with a few insignificant charges which have no material bearing on the interpretation of the ..... we have noticed above that the amendment brought in by the finance act, 1999 was with the sole intention/purpose of providing deduction under section 80-ia to the person, who only develops or who only maintains and operates an ..... after the amendment of section 80-ia by finance act, 1999, the deduction is permissible to any enterprise, which is carrying on the business of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2001)77ITD488(Jodh.)
..... " in the above provision the words "the report of any audit" were inserted in this provision by amendment vide finance act, 1988 w.e.f.1-4-1989, and the words "referred to in section 44ab" were inserted by amendment vide finance act, 1995 w.e.f. ..... the assessment year under appeal being 1993-94 that is prior to amendment of section 44ab vide the finance act, 1995 which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior to 1-7-1995. ..... it is worthwhile to note here that requirement of "furnishing" the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995 w.e.f. ..... in this context we may also note that in section 139(6a) the words "referred to in section 44ab" qualifying the audit report have been inserted by amendment vide finance act, 1995, w.e.f. ..... in view of the discussions made above, we are of the view that prior to amendment of sections 271b & 44ab vide finance act, 1995 w.e.f. ..... at this juncture it may also be observed that the words "referred to in section 44ab" qualifying the audit report have been inserted in section 139(6a) by finance act, 1995 w.e.f. ..... so the provision of section 139(6a) as amended by the finance act, 1988 w.e.f. ..... the reference of section 44ab in respect of audit report did not exist in section 139(6a) of the act prior to 1-7-1995.9. .....
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 : Rajasthan
Reported in : (2001)69TTJ(NULL)463
..... circumstances the revenue does not get any benefit from the decision of hon'ble jurisdictional high court in the case of abhey kumar.in view of the discussions made above, we are of the view that prior to amendment of sections 271b and 44ab vide finance act, 1995, with effect from 1-7-1995, penalty for non-furnishing of audit report required under section 44ab within specified date was not leviable. ..... it is worthwhile to note here that requirement of 'furnishing' the audit report under section 44ab was incorporated in section 271b by amendment vide finance act, 1995, with effect from 1-7-1995, and prior thereto such a general requirement of furnishing the report of audit under section 44ab was no more there under section 271b.13. ..... 'in the above provision the words 'the report of any audit' were inserted in this provision by amendment vide finance act, 1988, with effect from 1-4-1989, and the words 'referred to in section 44ab' were inserted by amendment vide finance act, 1995, with effect from 1-7-1995. ..... the assessment year under appeal being 1993-94, that is, prior to amendment of section 44ab vide the finance act, 1995, which became operative with effect from 1-7-1995, the position of law under section 44ab remains that as mentioned above as being prior to 1-7-1995. ..... in this context we may also note that in section 139(6a) the words 'referred to in section 44ab qualifying the audit report have been inserted by amendment vide finance, act, 1995, with effect from 1-7-1995. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD741(Coch.)
..... , 1999, the hon'ble kerala high court directed the tribunal to take a fresh view in the light of certain amendments made in section 234b of the it act by finance act, 1995, with retrospective effect from 1st april, 1989, and also to consider the issue relating to registration of the assessee-firm. ..... in this view of the matter, we find no merit in the contention of the learned departmental representative before us that the interest under section 234b should be levied upto the date of the regular assessment in view of the above-mentioned amendment introduced by the finance act, 1995, and also that the interest should be levied on the tax as applicable to an unregistered firm.5. ..... the finding of the cit(a) is that the interest is to be levied only upto the date of intimation under section 143(1)(a) in terms of the provisions of s, 234b, as they stood prior to the above-mentioned amendment by finance act, 1995, with retrospective effect from 1st april, 1989. ..... having missed the bus, by failure to file the appeal, the revenue cannot possibly set up a new case at subsequent stages by reference to the retrospective amendment to section 234b by the finance act, 1995. ..... section 234b after its amendment by finance act, 1995, with retrospective effect from 1st april, 1989, reads as under : "234b. ..... " **substituted for "or regular assessment, on an amount" by the finance act, 1995, w.e.f. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)81ITD7(Hyd.)
..... we may now reproduce below the relevant provisions of section 145, which before its amendment by finance act, 1995, with effect from 1-4-1997, reads as under- 145(1) method of accounting-(1) income chargeable under the head "profits and gains of business or profession" or "income from other sources" shall be computed in accordance with the method of ..... even after the amendment of section 145 by the finance act, 1995, with effect from 1-4-1997, the assessee was left with the choice of following either mercantile system of accounting or cash system of ..... the income of the previous year in which such interest is due to the assessee : provided also that nothing contained in this sub-section shall preclude an assessee from being charged to income-tax in respect of any interest on securities received by him in a previous year if such interest had not been charged to income-tax for any earlier previous year....after its substitution by finance act, 1995, with effect from 1-4-1997, the provisions of section 145 read as under- 145. ..... the maintenance of accounts on cash basis and returning income on that basis is not consistent with the provisions of section 209(3) of the companies act because of the amendment brought about by companies (amendment) act, 1988 with effect from 15-6-1988 in that section. ..... the notice for the assessment year 1991-92, dated 5-9-1995 reads as under- sub : action under section 263 of the income-tax act - your own assessment year 1991-92 - issue of show-cause notice .....
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