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Gal Offshore Services Limited Vs. the Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)92ITD525(Mum.)

..... he invited our attention to the provisions of section 33 ac as amended by finance act, 1995 with effect from 1-4-1996. ..... the clear intention of section 33ac has been further clarified by the amendment brought in by the finance act, 1995. ..... this has been further clarified in the amendment brought in by the finance act, 1995 with effect from april 1, 1996. ..... - (1) in the case of an assessee, being a government company or a public company formed and registered in india with the main object of carrying on the business of operation of ships, there shall, in accordance with and subject to the provisions of this section, be allowed a deduction of an amount not exceeding fifty per cent of profits derived from the business of operation of ships (computed under the head "profits and gains of business or profession" and before making any deduction under ..... the learned counsel further invited our attention to the amended provisions of law provided in section 33ac which is effective from assessment year 1996-97 onwards. ..... this appeal is filed against the order of the cit(a)-ii at mumbai dated 5-12-1997 and arises out of the assessment completed under section 143(3) of the income-tax act, 1961.2. ..... section 33ac has been inserted in the income-tax act with effect from the assessment year 1990-91. ..... the revised income was reduced to nil for the reason that the assessee has claimed an equal amount of deduction under section 33ac of the income-tax act.3. .....

Hindustan Sanitary Engineers Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)96TTJ(Asr.)460

..... per contra, the ld.d.r.invited my attention towards amendments carried out in sub-section (1) and explanation-1 to section 234-b by the finance act, 1995 and 2001 with retrospective effect from 1-4-1989. ..... the finance act, 1995 carried out certain amendments to sub-section (1) of section 234-b with retrospective effect from 1-4-1989 ..... taken a stand that the said decision has been nullified by amendment to explanation-1 to section 234-b(1) by the finance act, 2001 with retrospective effect from 1-4-1989. ..... it is only that the finance act, 2001 brought the amendment to section 234-b with retrospective effect from 1-4-1989 ceasing the operation of the aforenoted apex court ..... 67.2 with a view to avoid litigation, the act has amended sections 234a and 234b to clarify that the assessee shall be liable to pay interest under the said sections with reference to tax on the assessed income and not on returned ..... the meaning of "assessed tax", as substituted by the finance act, 2001 with retrospective effect from 1-4-1989, has done away with the earlier clauses (a) and (b) of explanation ..... when the tribunal passed the order on 14-3-2001 in the case of sushila devi jain, explanation-1 was in its original form and its substitution took place only thereafter when the finance act, 2001 was passed. ..... the memorandum explaining the provisions to the finance bill, 2001 has explained the effect of the amendment in (2001) 248 itr 192 (statute) to charge interest on the assessed income and not on the returned .....

Ch. Mangayamma Vs. Union of India and Others

Court : Andhra Pradesh

Reported in : 1999(5)ALD220; 1999(5)ALT484; [1999]239ITR687(AP)

..... contended that the provisions of section 40-a(3) of the act as amended by the finance act of 1995. ..... provided further that no disallowance under this sub-section shall be made where any payment in a sum exceeding twenty thousand rupees is made otherwise than by a crossed cheque drawn on a bank or by a crossed bank draft in such cases and under such circumstances as may be prescribed having regard to the nature and extent or banking facilities available considerations of business expediency and other relevant factors.by finance act 2 of 1996, the figure rs.20,000/- ..... rule 6dd(j) of the rules which was framed to give effect to section 40a(3) as it stood prior to 25-7-1995 was in the following terms:'6dd: cases and circumstances in which payment in a sum exceeding ten thousand rupees may be made otherwise than by a crossed cheque drawn on a bank or by a crossed bank draft: no disallowance under sub-section (3) of section 40-a shall be made where any payment in a sum exceeding ten thousand rupees is made otherwise thanby a crossed cheque drawn on a bank ..... however with effect from 25-7-1995, rule 6dd(j) reads:'(j) where the payment is made by an assessee by way of salary to his employee after deducting the income tax from salary in accordance with the provisions of section 192 of the act and when such employee- (a) is temporarily posted for a continuous period of fifteen days or more in a place other than his normal place of duty or on a ship; and (b) does not maintain any account in .....

M/S. Birla Cement Works Vs. the Central Board of Direct Taxes and ors.

Court : Supreme Court of India

Reported in : AIR2001SC1080; JT2001(3)SC256; 2001(2)SCALE272; (2001)9SCC35; [2001]2SCR198

..... section 194c was amended by the finance act, 1995 with effect from 1st july, 1995 ..... section 194c was brought into existence by the finance act, 1972 with effect from april 1, ..... since the appellant did not deduct the tax at source from the payments made by it to the transporters under section 194c of the income tax act, by letter dated 18th march, 1995 the income tax officer required the appellant to deduct the tax at source from such payments in accordance with the impugned ..... view of above, it is not in dispute that from 1st july, 1995 section 194c is applicable to transport contracts as well. ..... there can be no doubt that if the only view of section 194c had been the one reflected in the impugned circular, then the issue of earlier circular and acceptance and acting thereupon by the revenue reflecting the contrary view would have been of no ..... various amendments have been made in that section since then but material part relevant for the present purposes reads as under :'payments to contractors and sub ..... legality of circular dated 8th march, 1994 (hereinafter referred to as the 'impugned circular') issued by the central board of direct taxes (cbdt) prescribing fresh guidelines regarding the applicability of section 194c of the income tax act, 1961 (for short, the 'act') to the extent it relates to transport contracts, i.e. ..... there are no compelling reasons to hold that explanation iii inserted in section 194c with effect from 1st july, 1995 is clarificatory or retrospective in operation. .....

M.G. Pictures (Madras) Limited Vs. Assistant Commissioner of Income-ta ...

Court : Chennai

Reported in : (2003)185CTR(Mad)185; [2003]263ITR83(Mad); (2003)3MLJ9

..... 40a(3) came to be amended by finance act 1995 with effect from 1-4-1996. ..... assessing officer may recompute the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment, and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the assessment year next following the previous year in which the payment was so made:provided further that no disallowance ..... whether on the facts and in the circumstances of the case, the appellate tribunal is correct in holding that the amended provisions if section 40a(3) is not applicable to the facts of the case and that the entire amount added has to be sustained and not only 20% of the amount paid?2. ..... under this sub-section shall be made where any payment in a sum exceeding twenty thousand rupees is made otherwise than by a crossed cheque drawn on a bank or by a crossed bank draft, insuch cases and under such circumstances as may be prescribed, having regard to ..... whether on the facts and in the circumstances of the case the appellate tribunal was right in holding that the amendment to the provisions of section 40a(3) is not a procedural one but a substantive one? .....

M/S.Rural Electrification Corporation Ltd. Vs. Commissioner of Income ...

Court : Authority for Advance Rulings

..... capital does not exceed three crores of rupees, twenty-five per cent, (b) in the case of any other financial corporation, ten per cent of the total income carried to such reserve account; till the amendment by the finance act (2) of 1971, there were some changes in the procedural or phrasal aspects of the section and the objective of providing long-term finance by a financial corporation for industrial development remained untouched. ..... in india or by a public company formed and registered in india with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in india for residential purposes (emphasis supplied), an amount not exceeding forty per cent of the total income (computed before making any deduction under chapter via) carried to such reserve account: in addition to the deduction being available, for industrial or agricultural development, the finance act, 1995 w.e.f. ..... ; (c) it has started or starts operating and maintaining the infrastructure facility on or after the 1st day of april, 1995: provided that where an infrastructure facility is transferred on or after the 1st day of april, 1999 by an enterprise which developed such infrastructure facility (hereafter referred to in this section as the transferor enterprise) to another enterprise (hereafter in this section referred to as the transferee enterprise) for the purpose of operating and maintaining the infrastructure facility on its behalf in accordance .....

Commissioners for Her Majesty's Revenue and Customs (Appellant) Vs. To ...

Court : UK Supreme Court

..... that section, as further amended by the finance acts 1995, 1996 and fa 2001, (and in contrast to section 9 of tma 1970, which applies to a personal return or a trustee's return) does not actually include the expression "self-assessment", but that is ..... that section (as amended by the finance act 2003) provided as follows: "(1) expenditure is first-year qualifying expenditure if (a) it is incurred on or before 31 march 2004, (b) it is incurred by a small enterprise, (c) it is expenditure on information and communications technology, and (d) it is not excluded by section 46 (general exclusions) or ..... to do, however, is to stand back from the composite transaction; to look at it as a whole; and to decide, first, what is the true nature and effect of the transaction and, second, whether, on a true construction of section 41(1) of the finance act 1971, vp is entitled to an allowance in respect of the whole of the cost of the film, viz $14m. ..... further amendments were made by the finance act 2001 ("fa 2001") intended to simplify and clarify the process ..... hmrc concentrated its enquiries on section 45(4) of caa 2001 (as inserted by the finance act 2003), which withholds fyas for expenditure on software rights "if the person incurring it does so with a view to granting to another person a right to use or otherwise deal with any of the ..... he focused on the text of section 41(1) of the finance act 1971 (in terms not materially different from those of caa 2001), and answered the "ultimate question .....

Transport Corporation of India Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)84ITD183(Hyd.)

..... by the amendment brought about by the finance act, 1995, it is now specified that deduction available would be out of profit derived from the ..... he also drew our attention towards the memorandum of association of the assessee-company which came into existence on 6th april, 1965 and has stressed that the unamended provision of section 33ac is applicable to the case of the assessee and that it is entitled to deduction of the amount of the total income as debited to the p&l a/c of the previous year and credited to the reserve a/c in respect of ..... company formed and registered in india with the main object of carrying on the business of operation of ships, there shall, in accordance with and subject to the provisions of this section, be allowed a deduction of an amount, not exceeding the total income (computed before making any deduction under this section and chapter vi-a), as is debited to the p&l a/c of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be utilised in ..... operation of ships (computed under the head 'profits and gains of business or profession' and before making any deduction under this section), as is debited to the p&l a/c of the previous year in respect of which the deduction is to be allowed and credited to a reserve account, to be utilised in the manner laid down in sub-section (2) : provided that where the aggregate of the amounts carried to such reserve account from time to time exceeds twice the amount .....

Deputy Commissioner of Income Tax Vs. Sahara Airlines Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)969

..... so, the question that arises is as to what was intended to be excluded by the legislature by amendment made by the finance act, 1995, w.e.f. ..... the stand of the assessee before the ao was that even the payments under the head "reserves" were not chargeable to tax in view of section 10(15a) of the act inasmuch as such payments did not fall within the ambit of the words "other than a payment for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by the finance act, 1995, w.e.f. ..... payments made by assessee by way of supplemental rent related to running or operating of the aircraft and not for acquisition of the aircraft and consequently, such payments made after 1st april, 1996, fell within exclusionary provisions of section 10(15a) of the act effective from 1st april, 1996, and consequently, such payments were chargeable to tax in the hands of recipient and, therefore, the assessee was liable to deduct tax at source under ..... usa; (ii) that even assuming that the payment on account of supplemental rent was not exempt under the provisions of dtaa, no demand could be raised against the assessee since the ao himself had issued noc under section 195(2) and permitted the assessee to remit the payment without deducting the tax at source; and (iii) that if any tax was leviable, the ao had grossly erred in grossing up the rate of tax. .....

Bharat S. Shah Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD200(Mum.)

..... examined the rival submissions in the light of amended provisions, we find that under section 55, the amendment was brought by finance act, 1995 w.e.f. ..... was not proper and cost of acquisition should be worked out as per amendments by finance act, 1995, according to which the cost of additional benefits would be at nil ..... the effect of the judgment of the apex court, clause (aa) was inserted in section 55(2) by finance act, 1995 w.e.f. ..... 1st april, 1996 in which shares or the securities within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956 have been referred to as "financial asset" and it has been laid down that in a case where by virtue of holding a capital asset, being a financial asset, the assessee becomes entitled to subscribe to any additional financial ..... keeping in view the aforesaid legal position after the amendment, we have examined the facts of the instant case and we find that the assessee has acquired the tocd of reliance ..... assessee was examined by the ao and he opined that where the assessee becomes entitled to any additional financial asset without payment and if he renounces such entitlements, the cost has to be taken at nil as per sub-section (2)(aa) of section 55 of the it act (hereinafter called as an act). ..... (a) re-examined the issue in the light of amended provisions and confirmed the order of the ao.5. ..... as such, in view of the amended provisions, the original cost of shares cannot be spread over for working the capital gain .....