Judgment Search Results Home > Cases Phrase: finance act 1995 section 8 amendment of section 33ac Page 1 of about 2,807 results (0.087 seconds)

Gal Offshore Services Ltd. (Now the Great Eastern Shipping Company Ltd ...

Court : Mumbai

Reported in : (2009)221CTR(Bom)448; [2009]309ITR125(Bom)

..... in support of 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 departmental circular no. ..... it was, therefore, 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 prospective.10. ..... on 7th june, 2004 the 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 clause 24.4 of the circular no. .....

Gal Offshore Services Limited Vs. the Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... the clear intention of section 33ac has been further clarified by the amendment brought in by the finance act, 1995. ..... he invited our attention to the provisions of section 33 ac as amended by finance act, 1995 with effect from 1-4-1996. ..... this has been further clarified in the amendment brought in by the finance act, 1995 with effect from april 1, 1996. ..... 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. ..... the learned commissioner submitted that an assessee is entitled for the deduction available under section 33ac only if the assessee had in fact carried on any business of operation of ships during the relevant previous year concerned. ..... the tribunal held therein that a careful analysis of section 33ac shows that the deduction contemplated under section 33ac is related not to the asset possessed at the time of claiming of this deduction by the assessee but to the total income debited to the profit and loss account and credited to the special reserve in the relevant previous ..... 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. .....

Transport Corporation of India Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

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

..... 33ac was amended by the finance act, 1995 w.e.f. ..... 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 which deduction is to be allowed. ..... 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 the manner laid down in sub ..... the business of 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 of the paid .....

Dlf Universal Ltd. Vs. Appropriate Authority and anr. Etc.

Court : Supreme Court of India

Reported in : (2000)160CTR(SC)401

..... the objects and reasons of the bill which was enacted as finance act, 1995, also do not give an indication that by inserting sub-section (4) in section 269uc parliament intended to confer a power on the appropriate authority to go into the legality or validity ..... section (4) of section 269uc was inserted by finance act, 1995 with effect from 1-7-1995 ..... xx-c consisting of sections 269u to 269uo was inserted in the act by the finance act, 1986 with effect ..... of 12 appeals is directed against the judgment dated 1-12-1998 of the division bench of the delhi high court interpreting section 269uc of the income tax act, 1961 (hereinafter referred to as 'the act') and rule 48l and form 37i of the income tax rules, 1962 (hereinafter referred to as 'the 'rules')2 ..... pertains to immovable property and amounts to transfer of immovable property within the meaning of clauses (d) and (f) of section 269ua high court, after examining the terms of the agreement and the provisions of chapter xx-c, reached various findings in paragraph 28 of the judgment, which we reproduce: 'to sum up, our findings are: -(i) agreement for transfer as defined in clause (a) of section 269 ua refers to an agreement which is entered into privately between the parties thereto; such an agreement may be ..... no thought was given to amend clause (c) of sub-rule (2) of rule 48l while inserting sub-section (4) of section 269uc of the act. ..... rule 48l in which clause (c) occurs was substituted by the income tax (seventh amendment) rules, 1987. .....

Dlf Universal Ltd. Vs. Appropriate Authority and Another

Court : Supreme Court of India

Reported in : 2000(3)CTC487; 85(2000)DLT367(SC); [2000]243ITR730(SC); JT2000(5)SC469; 2000(4)SCALE351; (2000)5SCC552

..... the objects and reasons of the bill which was enacted as finance act, 1995, also do not give an indication that by inserting sub-section (4) in section 269uc parliament intended to confer a power on the appropriate authority to go into the legality or validity of the agreement.12. ..... : [1991]191itr307(sc) , which approved the decision of the delhi high court as follows:sub-section (4) was inserted in section 269uc by the finance act, 1995, with effect from july 1, 1995. ..... sub-section (4) of section 269uc was inserted by finance act, 1995 with effect from 1.7.1995. ..... chapter xx-c consisting of sections 269u to 269uo was inserted in the act by the finance act, 1986 w.e.f. ..... after reply was received the appropriate authority by order dated december 11, 1995 held that in view of the provisions of section 6 of the tamil nadu urban land ceiling act the agreement dated september 7, 1995 to transfer entire land including the excess vacant land shall be deemed to be null and void and in that view of the matter appropriate authority could not effectively exercise its powers with regard to pre-emptive ..... section 269uc, as it stood before the said amendment of 1995, came up for consideration before the various high courts. ..... it would appear that no thought was given to amend clause (c) of sub-rule (2) of rule 48l while inserting sub-section (4) of section 269uc of the act. ..... sub-rule (2) of rule 48l in which clause (c) occurs was substituted by the income-tax (seventh amendment) rules, 1987. .....

Government of India Vs. Jagadish A. Sadarangani

Court : Chennai

Reported in : (1996)136CTR(Mad)539; [1996]221ITR338(Mad)

..... sub-section (4) of section 269uc of the act came to be introduced by the finance act, 1995, with effect from july 1, 1995. ..... it has been specifically stated in the objects that the said amendment has become necessary in view of the fact that the high courts have interpreted section 269uc that there is no other alternative to the appropriate authority except to grant no objection certificate or to make pre- ..... before us it is contended by learned senior counsel for the central government that the provisions of section 269uc of the act have been amended and sub-section (4) has been specifically introduced to overcome the difficulties experienced by the department having regard to the decisions of the various high courts that the appropriate authority has no option in the matter except to issue no objection certificate ..... in the light of this amendment, it is submitted that none of the decisions reported prior to the coming into force of sub-section (4) of section 269uc has application to the case on hand, therefore, the decision of the supreme court in tanvi trading and ..... ' the reasons for introducing such amendment has been further stated as follows (see [1995] 212 itr 363 : 'many high courts have held that the provisions of chapter xx-c allow the income-tax department to either purchase the property or issue a no objection certificate in response to an application for no objection certificate ..... in question has been entered into subsequent to the coming into force of the said amendment. .....

The Commissioner of Income-tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : [2003]262ITR417(Mad)

..... commissioner of income tax : [1997]224itr677(sc) is not in our view any way advancing the case of the assessee as to the contention that the amendment brought out to sub-section 2(b)(ii) by finance act 2 of 1991 with effect from 1.4.1991 would related back to the previous year also . ..... . hence we are of the considered view, the amendment brought by finance act 2/91 to section 80hhc is only prospective and effective from 1.4.1991 and for the assessment year 1988-89 under consideration, the statutory provision is very clear in the sense that section 80hhc is not applicable to the export of granite. 19. ..... though by sub-section 2(b)(ii) of section 80hhc the benefit was originally denied to the export of granites, by means of the amendment introduced under finance act 2 of 1991 from 1.4.1991 onwards such benefit was extended to the export of granite ..... apart from that the assessment years under consideration in that case was 1991-92 to 1993-94 subsequent to the amendment brought by finance act 2/91 to subs-section 2(b)(ii) of section 80hhc ..... . even without the amendment made to section 80hhc by finance act 2/91 the said provision was and is a workable ..... 729 dated 1.11.1995 and also the earlier circular in circular no ..... 729 dated 1.11.1995 referred to and relied on by the tribunal for granting relief to the assessee also cannot be said to make the assessee eligible for deduction under section 80hhc. ..... 729 dated 1.11.1995 which is applicable only from the assessment year 1991-92 onwards ..... 729 dt 1.11.1995 .....

Sikkim Janseva Pratisthan (P) Ltd. Vs. Dy Cit

Court : Delhi

Reported in : (2004)90TTJ(Del)1108

..... on appeal, the tribunal on perusal of the circular of the board and amended provision of section 115a, has opined that the amendment of section 115a by finance act, 1994 with effect from 1-4-1995 is not declaratory but clarificatory in nature and to give any other meaning to the provision at the relevant point of time, would make the provision unworkable which would never have been the intention of the legislation. ..... he pointed out that by the clause 32 of the finance act, 1994, the following amendments were made in section 115a of the act with effect from 1-4-1995 :(a) the rate of tax on dividend received by foreign company was reduced from 25% to 20%. ..... the learned counsel for the assessed has pointed that the tribunal vide its order dated 25-4-2003 has held that the amendment of section 115a by finance act, 1994 with effect from 1-4-1995 has held it as clarificatory in nature and as such the said amendment would apply to the earlier assessment years. ..... it is seen that the tribunal while holding that the amendment to section in 15a by finance act, 1994 is a clarificatory in nature, has not passed any order or direction regarding the rate of charging of tax. ..... hence he held that the amendment to section 115a by which other sections 3 and 4 were inserted by the finance act, 1994 was merely clarificatory in nature. .....

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

Court : Authority for Advance Rulings

..... itr 216) the question arose whether explanation iii to section 194c of the income-tax act, 1961 which was inserted by the finance act of 1995 was clarificatory ..... the contention based on the amendment brought out by finance act, 1997, the assessing officer observed:- the assessee has referred to the amendment in clause (viii) of sub-section (1) of section 36 effected by finance act, 1997 with effect from 1.4. ..... of the amendments made by the finance act 1997 in section 36(1)(viii) and section 41 of the it act have been aptly analyzed by a division bench of kerala high court in kerala finance corporation vs. ..... in section 36(1)(viii) the amendment was made by the finance act, 1997 with effect from 1.4.1998, by inserting the word and maintained after ..... . firstly, for the reason that the finance act, 1997 as we have seen earlier clearly prescribes that the amendments are to take effect from 1.4.1998 and shall apply in relation to the assessment year 1998 ..... requirement by the assessee and in view of the fact that such a requirement was made expressly clear by an amendment brought about by the finance act, 1997, we have no hesitation to hold that such a requirement made explicitly clear both by the amendment to section 36(1)(viii) as well as by the insertion of sub-section (4a) of section 41 of the income-tax act, any retrospective effect cannot be presumed to be a condition for granting the benefit as per the provisions which stood prior to the amendment in question. 17. in birla cement works vs .....

Commissioner of Income Tax Vs. God Granites

Court : Karnataka

Reported in : (1999)156CTR(Kar)327

..... the government's policy to encourage export of polished granite and other rocks where value addition before export is high and to discourage export of raw blocks where value addition is low, is evident from section 80hfic, as it extends its benefit not to all minerals, but only to 'processed minerals specified in the twelfth schedule' and the word 'processed' with reference to rocks/granite, means 'cut and ..... 2 of 1991 bringing about the amendment to the provision of section 80hhc of the act by inserting twelfth schedule in the correct perspective the cbdt revised its opinion and issued the subsequent circular extending the benefit to the exporters of cut and polished granite blocks and not to the ..... 849 representing the profits from the export sales of granite outside india entitling the petitioner to the benefit of section 80hhc as amended by finance (no. ..... counsel for the revenue then contended that the subsequent circular issued in the year 1995, by the cbdt would be prospective in its application', that the cbdt by its communication date12th ..... a representation filed by the association of exporters of granite that cbdt had misunderstood the import of the finance act no. ..... was only with effect from ist april, 1991, the words 'other than processed minerals and ores specified in the twelfth schedule' were added by finance (no. ..... our view this judgment would not affect the merits of the present case as it is relatable to the assessment years before the coming into force of finance (no. .....