Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... cit will now have to be applied after examining the impact the retrospective amendment of sections 140a, 234a/b amended by the finance act, 2001 with retrospective effect from 1-4-1989. ..... the definition of income given in sections 2(24) and 28 had not been amended till that time, which have been amended by the finance act, 1990 with retrospective effect from 1-4-1962 onwards. ..... have to be decided in accordance with the provisions of law and not the view which the assessee takes with regard to the admissibility or otherwise of the deduction.4.9 shri soparkar submitted that even subsequent to the insertion of section 2s(iiia) by the finance act, 1990 with retrospective effect from 1-4-1962, what is taxable is only the amount of profit on sale of import on licences granted by way of export incentives. ..... he also pointed out that a retrospective amendment in relation to the aforesaid section is proposed in the finance bill, 2001 which will soon become an act applicable with retrospective effect. ..... in order to give finality to the view that such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the finance act, 1990 has inserted in section 28 of the income-tax act, 1961. ..... the accrual system of accounting was not mandatory according to the provisions of the companies act in assessment year 1985-86, which has now been made mandatory by amending the provisions of section 209(3) with effect from 15-6-1988. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... ors. (2000) 164 ctr (pat) 201 (fb) will now have to be applied after examining the impact of the retrospective amendment of sections 140a, 234a/13 amended by the finance act, 2001, with retrospective effect from ..... . the definition of income given in sections 2(24) and 28 had not been amended till that time, which have been amended by the finance act, 1990, with retrospective effect from 1-4-1962, onwards ..... . in order to give finality to the view that such export incentives are of revenue nature and hence taxable, and to end all judicial controversies thereabout, the finance act, 1990 has inserted in section 28 of the income tax act, 1961.clause (iiia) read with 2(24)(va) (with effect from 1-4-1962) so as to make the profit on the sale of import entitlement licences taxable under the head "profit and gains of business or profession" retrospectively for and from ..... will have to be decided in accordance with the provisions of law and not the view which the assessee takes with regard to the admissibility or otherwise of the deduction.shri soparkar submitted that even subsequent to the insertion of section 28(iiia) by the finance act, 1990, with retrospective effect from 1-4-1962, what is taxable is only the amount of profit on sale of import licences granted by way of export incentives ..... cal). he also pointed out that a retrospective amendment in relation to the aforesaid section is proposed in the finance bill, 2001, which will soon become an act applicable with retrospective .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)98ITD165(Ahd.)
..... before we part with the matter, we may state that the revenue has contended that explanation 5 to section 32 introduced by the finance act, 2001 with effect from 1-4-2002 is retrospective while the learned representatives of the assessees have contended that the amendment is prospective. ..... however, as we have come to the conclusion, that the depreciation has to be allowed while computing the income for the purpose of computation of deduction under chapter vi-a even prior to above amendment, therefore, it is unnecessary to examine the rival contentions with regard to retrospective effect of explanation 5 to section 32 introduced by the finance act, 2001.71. ..... the legal position has changed only with effect from 1-4-2002, when explanation 5 to section 32 has been introduced by the finance act 2001 providing for allowability of depreciation whether or not the assessee claim the deduction in this regard. ..... further the finance act, 2001 inserted explanation 5 to section 32 with effect from 1-4-2002.6. ..... however, we find that the above decision given by the supreme court was for asstt year 1974-75, when section 34 was on the statute book, which is omitted by the taxation laws (amendment & miscellaneous provisions) act, 1986 with effect from 1-4-1988, as per section 34, the assessee was entitled to depreciation under section 32 only if the prescribed particulars have been furnished by the assessee. ..... , section 80e of the act prior to its amendment by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)375
..... in so far as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-81, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts of the debtor. ..... 1st april, 1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... sub-section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act. ..... the reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained in circular no. ..... the provisions of section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)98ITD119(Ahd.)
..... 259 laid down the proposition that if the assessee posts debit entries in p&l account and credit entries in bad debt reserve account, the necessary conditions for write off as contained under section 36(1)(vii) would be treated as complied with.however, explanation has been inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-1989 which provides that any provision for bad and doubtful debt would not qualify as permissible deduction under ..... the reasons behind amendment of provisions of section 143(1) w.e.f.1-4-1988 by the finance act, 1987 have been explained in circular no.549, dated 31-10-1989 of the cbdt as follows : 5.2 requirement of passing an assessment order in all cases dispensed with [sub-section (1) of section 143]. ..... sub-section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act. ..... the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.r.e.f. ..... the provisions of section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f. ..... 1-4-1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)80ITD348(Ahd.)
..... which has to be taken note of is the retrospective amendments introduced by the finance act, 2001 in the provisions relating to levy of interest under sections 234a, 2.34b as well as section 140a. ..... -section (1) of section 234a(1) has been omitted by the finance act, 2001 ..... after the end of the accounting year and any such credit erroneously given by the assessing officer treating the payment as advance-tax would be liable to be rectified by taking recourse to the provisions of section 154.thus, the statutory provision is unambiguous that while computing the interest for late filing of the return, credit is to be given only to advance-tax and tax deducted at source and any tax ..... must apply them as they stand, however unreasonable or unjust the consequences and however strongly we may suspect that this was not the real intention of parliament.as we have already pointed out section 234a provides in clear terms that advance-tax and tax deducted at source are to be excluded while computing interest for the late furnishing of the return. ..... amendments have been made by the legislature for clarifying the statutory provisions regarding levy and computation of interest under the various sections of income-tax act ..... raised by the revenue : on the facts and in the circumstances of the case and in law, the learned cit(a) erred in directing the assessing officer to give credit of tax paid under section 140a of the income-tax act while calculating interest charged under section 234a of the it act.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)114TTJ(Ahd.)145
..... the provisions of section 145 pertaining to the method of accounting were amended by the finance act, 1995 w.e.f. ..... by the finance act, 2001 and finance act, 2002, tax exemption of certain bodies set up through an act of parliament was withdrawn ..... it would have followed the same system for the financial year 2001-02 also had the finance act, 2002 had not omitted section 44 of the nddb act. ..... 13th may, 2002, reads as under: resolved that the interest income be recognized as revenue on accrual basis with effect from the financial year beginning 1st april, 2001 in respect of all the term loans, the repayment of which (including payment of interest) is not in default for more than two quarters, as set out in the agenda note ..... since, interest income was the only major source of income declared in the p&l a/c, therefore, it would have been appropriate for the appellant to have continued with the cash system of accounting for the financial year 2001-02 and only from 2002-03 it should have switched over to the mercantile system of accounting to avoid giving distorted results to its earnings. ..... 06/65/09/2002-2003 approved recognition of interest income on project loans as revenue on accrual basis with effect from the financial year beginning 1st april, 2001, in cases where the repayment is not in default for more than two quarters. ..... exercise resulted in the drastic jump in the interest income declared for the financial year 2001-02 vis-a-vis interest income declared for the financial year 2000-01. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)300
..... for completion of the housing project on or before 31st march, 2002 as against 31st march, 2001 originally enacted.this sub-section was again amended by finance act, 2003 removing the time-limit for completion of the project meaning thereby that for the asst ..... without involving any process of development and construction, which is the primary criterion required to be satisfied for the purpose of the claim of deduction under section 80-ib of the act no force; that the assessees have claimed deduction under section 80-ib of the act for profit derived during the year under consideration from the business of development and construction of a housing project which though includes profit earned from sales ..... section 80-ia was later split into and spread in two sections 80-ia and 80-ib by the finance act ..... the assessee has also passed on the part consideration for acquiring the land through an 'agreement to sale' and in view of the provisions of section 2(47) r/w section 53a of the transfer of property act, 1882, the assessee has completely performed his part of the contract and developed the housing project and transferred the flats/tenements to the buyers in view of 'agreement ..... that only the landowner in whose name the land stands and who is the owner of the project will get the deduction under section 80-ib(10) of the act and not the developer who is a contractor.in this case, the land is mainly purchased by the co-operative societies which is given ..... amendments in this section by finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)6SOT375(Ahd.)
..... this was a case decided on 1-12-1999 and was prior to the amendment by finance act, 2002 with retrospective effect from 1-7-1995 and, therefore, would not be of any help to the assessee, the definition of 'undisclosed income' in section 15813(b) includes any money, bullion, jewellery or other valuable article or thing or any income based on any entry in the books of account or other documents or transactions, where such money, bullion, jewellery, valuable article, ..... this is a case prior to the amendment in section 158bb(1) by the finance act, 2002 with retrospective effect from 1-7-1995 wherein the due date for filing the return of income has expired but no return of income has been filed, the reduction to be allowed is nil unless the case of the assessee falls in clause (c) of section 158bb and that position is to be seen with reference to the date of commencement of the search or ..... agarival (supra) was decided on 31-5-2001 and the amendment provisions were not subject-matter of consideration before the tribunal and, therefore, this case would also be of no help to the assessees.in the case before the calcutta high court in the case of ..... it was a decision rendered on 19-2-2001 and the amended provisions by the finance act, 2002 with retrospective effect from 1-7-1995 were not the subject-matter of consideration before their lordships of ..... of shailesh bhandari (supra) was decided on 9-3-2001 and the case of smt. ..... ) of 1997, dated 9-3-2001) and in the case of smt. ..... dated 15-3-2001, i.e .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113ITD133(Ahd.)
..... 549, dated 31/10/1989 which is issued by the board clarifying the provisions of amendments of section 147 to 153 by the finance act, 1987. ..... explaining the provisions of section 147 as amended by the finance act, 1987 w.e.f. ..... dated 31/10/1989 explaining this amendment of the provisions of section 147 by the finance act, 1987 w.e.f. ..... since notice was served on the assessee on 14/06/2000 and the financial year ended on 31/03/2001, reassessment under section 153(2) can be made on or before 31/03/2003, whereas in the present case, the assessment has been completed on 26/02/2002 which is well within the time limit ..... would have no alternative but to pass order in such cases on 31/03/2001 itself irrespective of the fact whether assessee has filed return of income on 31/03/2001 or not and irrespective of the fact whether any opportunity of being heard is given to the assessee ..... would have to pass assessment order by 31/03/2001 whether or not assessee files the r.o.i, or opportunity of hearing is allowed to him or not; b) as mentioned above there is specific provision of the act for completion of various functions under the act. ..... may also usefully refer to the case of shiv lal tak (2001) 166 ctr (raj. ..... before the expiry of four years from the end of the relevant assessment year (in this case the time of four years would expire on 31/03/2001.23. ..... considered to be good decision then the following absurd situation would arise- a) suppose notice is issued and served on the assessee on 31/03/2001 i.e. .....
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