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Asiatic Industrial Gases Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT

..... covenant and on account of transfer of goodwill cannot be treated as such and are being brought to tax as business income of the appellant company.18.1 the learned departmental representative further submitted that the explanatory notes to finance act, 2002 clarified that the amendment of section 28 was clarificatory in nature because the intention of the amendment was to give certainty to the question of taxability of receipt in the nature of non-competition fees. ..... the provisions of section 27 of the contract act have not been amended, yet the finance act, 2002 specifically provided that such receipts would be considered as "income" under section 2(24) read with section 28(va). ..... in this regard, attention is invited to the provision of section 28(va) of the income tax act which have been inserted in the statute by finance act, 2002 with effect from 1-4-2003.as per the said sub-clause (va) any amount whether received or receivable in cash or in kind under an agreement for not carrying out an activity in relation to any business is ..... ) ought to have taken into account the explanatory notes to finance act, 2002, extract of which is reproduced below, which makes it clear that the insertion of clause (va) to section 28 was to give certainty to the taxation of such receipts ..... giving certainty to the taxation of receipts in the nature of non-compete fees and fees for exclusivity right, the finance act, 2002 has included within the scope'profits and gains of business or profession. 7. .....

Commissioner of Income Tax Vs. Aditya Chemicals Ltd. and ors.

Court : Delhi

Reported in : (2005)197CTR(Del)241; [2006]283ITR458(Delhi)

..... some discussion on the recent amendments to section 271 brought about by the finance act, 2002, w.e.f. ..... acts/rules/orders: income tax act, 1961 - sections 2, 2(a),2(24), 2(45), 3, 4, 4(1), 5, 6, 14, 22(1), 22(4), 23(1), 23(2), 34(2), 64, 72, 80, 139, 39(1), 139(2), 139(3), 148, 153(1), 260a, 271, 271(2) and 271a ; finance act, 2002; income tax act, 1922 - sections 2 and 28(1); finance act, 1988; finance act, 1951 - section 2(7)cases referred: elphinstone spinning & ..... was an amendment (by finance act, 2002, w.e.f ..... inaccurate particulars of such income:xxxxxexplanation 3 : where any person who has not previously been assessed under the indian it act, 1922 (11 of 1922), or under this act, fails, without reasonable cause, to furnish within the period specified in sub-clause (iii) of clause (a) of sub-section (1) of section 153 a return of his income which he is required to furnish under section 139 in respect of any assessment year commencing on or after the first day of april, 1974, and, until the ..... 1 in favor of the revenue, we hold that the tribunal was not right in deleting the penalty imposed under section 271(1)(c) of the it act, 1961, merely on the ground that the total income of the assessed has been assessed at a minus figure/loss ..... need to be answered in these appeals are :'(1) whether the tribunal was right in deleting the penalty imposed under section 271(1)(c) of the it act, 1961, on the ground that the total income of the assessed has been assessed at a minus figure/loss .....

Sri Shanmuga Bleaching Works Vs. the Registrar, Customs Excise and Ser ...

Court : Chennai

Reported in : 2006(194)ELT151(Mad); (2006)1MLJ222

..... apt to refer section 35c(2) of the central excise act, as amended by section 140 of finance act 2002, which reads as follows:'section 35c- orders ..... cce, indore reported in : 2002(142)elt5(sc) and holding that though the final order was passed by the tribunal on 9.2.2001, the petition for rectification of mistake was filed on 19.8.2003 and by the time the application was filed, the provisions of section 35c(2) had been amended by section 140 of the finance act, 2002 with effect from 11.5.20 02, by which time, the period of four ..... the amendment proposed to section 35c(2) of the central excise act as brought in by section 140 of the finance act 2002 is intended to introduce certain procedural restrictions but not to take away any substantial right, such as filing of ..... he also submits that the provisions of section 140 of the finance act, 2002 are prospective in operation and the said amendment does not take away the substantive right to ..... section, the period of six months was substituted with effect from 11.5.2002 by section 140 of the finance act 2002 ..... rectification petition was filed within the time limit of four years from the date of order as per section 35c(2) of central excise act 1944 and though this section has been amended restricting the time limit of filing of miscellaneous petition, the pre-existing right of appeal could not be destroyed by amendment unless the amendment was retrospective in operation and the right of appeal is a substantive right which could not be disturbed .....

Sri Shanmuga Bleaching Works Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2005)(99)ECC790

..... perused the records and written submissions made by the appellants.sub-section (2) of section 35c of central excise act provided before this amendment by section 140 of the finance act, 2002 that the appellate tribunal may at any time within 4 years from the date of the order, with a view to rectify any mistake apparent from the record, amend any order passed by it under sub-section (1) and shall make such amendment, if the mistake is brought to its notice by the commissioner or the other party ..... 258-260/2001, dated 9-2-2001 at any time within four years from the said date notwithstanding the amendment to section 35c of the central excise act, 1944 under section 140 of the finance act, 2002?" 2. ..... by the time the application was filed the provisions of section 35c(2) had been amended by section 140 of the finance act, 2002 w.e.f. ..... this time limit of 4 years was substituted to 6 months by section 140 of the finance act, 2002 with effect from 11-5-2002. ..... the learned sdr on the other hand submitted that the provisions of section 35c(2) has been amended on 11-5-2002 reducing the period for filing application for rectification of mistake from 4 years to 6 months; that as the application has been filed in august, 2003 in relation to a final order passed in 2001, it is hit by the time limit specified in section 35c(2) as it exceeded the time limit at the time of filing the application; that law of limitation is not a substantive law as held by the .....

Deputy Commissioner of Income Tax Vs. Indiahit Com (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)105TTJ(Delhi)501

..... 4(a) it is clear that now the legislature clearly provides for the levy of penalty where the loss declared in the return of income is reduced or converted into income.therefore, before the amendment by finance act, 2002, it cannot be held that the penalty under section 271(1)(c) can be levied where the assessed income is loss. ..... as per the finance act, 2002, the amendment is effective from 1st april, 2003, and section 271(1)(c) is a provision for imposing penalty and, therefore, the normal presumption is that the amendment is not retrospective unless provided otherwise expressly or by necessary implication. ..... as the finance act, 2002, made the amendment in section 271(1)(c) w.e.f. ..... anil bhalla that the legislature, vide finance act, 2002, amended section 271(1)(c) w.e.f. ..... in view of above, having regard to the amendment made by taxation laws (amendment) act, 1975, and by finance act, 2002, for the asst. yr. ..... the return in the instant case was filed much prior to the amendment by the finance act, 2002. ..... 2001-02, under our consideration, after amendment in section 271(1)(c) by the direct tax laws (amendment) act of 1975. ..... 1970-71 as the same was not applicable after amendment to section 271(1)(c) by the direct-tax laws (amendment) act of 1975.3. ..... (supra), wherein it was held that income occurring in clause (c) and (iii) of section 271(1) of the it act, 1961 refers to positive income and that no penalty could be levied in case where there is no tax determined to be payable.5. .....

Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd.

Court : Delhi

Reported in : (2007)210CTR(Del)354; 142(2007)DLT650; [2007]294ITR451(Delhi)

..... the next question that arises is whether the appellant is right in contending that amendment to section 43-a brought about by the finance act, 2002 with effect from 1-4-2003 is merely clarificatory and, thereforee, retrospective. ..... section 43-a was inserted by the finance act, 1967 with effect from 1-4-1967. ..... the contention of the assessed is that, consistent with section 43-a of the income tax act, 1961 ('act') as it stood prior to its amendment with effect from 1-4-2003, the increase or decrease in the liability as a result of fluctuation would go to alter the cost of the asset, such increase or decrease being liable to be reflected in the year in which the fluctuation occurs. ..... these decisions are clearly distinguishable in their application to the instant cases where the amendment to section 43a, far from being merely procedural, brings about a drastic change as already noticed. ..... the claim of the assessed is that the resultant increase or decrease in the liability would be in the nature of business expenditure allowable under section 37 of the act notwithstanding that the liability has not been discharged in the year in which the fluctuation in the rate of foreign exchange occurred. ..... in view of the changed scenario brought about by the amendment to section 43-a of the act, it would appear that the question in the present form has not arisen for consideration in the capital account cases. .....

Jagatjit Industries Ltd Vs. Dy.Commr.of Income Tax.

Court : Delhi

..... thus, the supreme court had referred to the provisions of section 43a as they existed prior to the amendment with effect from 1st april, 2003 by finance act, 2002 (in the present case, the assessment year involved in 1983-84 and, therefore, the amendment to section 43a with effect from 1st april, 2003 is not relevant) and it was held that in the background of section 43a, the decision of the gujarat high court was correct and in accordance with law.7. ..... the words used in the unamended section 43-a were "for making payment" and not "on payment" which are now brought in by amendment to section 43-a vide the finance act, 2002.57. ..... lastly, we are of the view that amendment of section 43-a by the finance act, 2002 w.e.f. ..... this indicates a complete structural change brought about in section 43-a vide the finance act, 2002. ..... "after the substitution by the finance act, 2002, with effect from april 1, 2003, the position is quiet different.in the instant case, as rightly submitted by learned counsel for the revenue, the commissioner of income-tax (appeals) recorded a categorical finding that no argument was ..... --where the assessee has entered into a contract with an authorized dealer as defined in section 2 of the foreign exchange regulation act, 1947 (7 of 1947), for providing him with a specified sum in a foreign currency on or after a stipulated future date at the rate of exchange specified in the contract to enable him to meet the whole or any part of the liability aforesaid, .....

Commissioner of Income-tax Vs. Krishi Utpadan Mandi Samiti

Court : Allahabad

Reported in : [2010]186TAXMAN460(All)

..... amendment in section 10(20) brought by the finance act, 2002, the assessees were required to get registration under section ..... of the fact that section 10(29) was omitted and since it wanted exemption under section 11 of the act, it should have filed the application for registration immediately after the finance act, 2002 came into force i.e. ..... sections 10(20) and 10(29) were deleted by the finance act, 2002 ..... finance act, 1983 with effect from 1st april, 1984, legislature has omitted the words 'not involving the carrying on of any activity for profit' from section 2(15) of the act ..... allowance, medical aid and contributions towards provident fund and pensions of the officers and servants employed by or for it;(iii) expenses of and incidental to elections under this act;(iv) the principal amount of or interest on loans and advances referred to in clause (x) of sub-section (2) of section 16;(iv-a) the rent of and taxes on any land and building in possession of the committee;(v) expenses on collection, maintenance, dissemination and supply of all such information as ..... were exempted from the clutches of income-tax act by virtue of section 10(20) of the income-tax act prior to 1-4-2003 when section 10(20) was amended,30. ..... section 10(20) was amended, then the assessees were supposed to make a necessary application for seeking the registration under section 12a of the act ..... amended with effect from 1-4-2003, then the necessity arose to register these institutions under section 12a of the income-tax act .....

Commissioner of Income-tax Vs. Parmanand M. Patel

Court : Gujarat

Reported in : (2005)198CTR(Guj)641; [2005]278ITR3(Guj)

..... act cannot be by-passed or indirectly extended by invoking powers under section 263 of the act;(g) the stage of recording satisfaction is before concluding the assessment proceedings, hence the commissioner cannot direct the assessing officer to initiate penalty proceedings once assessment proceedings are complete;(h) even if it is lawful to impose penalty, that by itself would not be sufficient to entitle the commissioner to treat the assessment order as erroneous and prejudicial to the interests of revenue;(i) amendment of section 271(1) of the act by the finance act, 2002 ..... 6.3 inviting attention to the amendment made to section 271(1) of the act by the finance act, 2002 it was submitted that the said provision as it originally stood granted powers only to the assessing officer or the appellate assistant commissioner or the commissioner (appeals) to record satisfaction and initiate penalty ..... when one takes into consideration the amendment brought about to the provision by the finance act, 2002 wherein w.e.f. ..... 01.06.2002 is not clarificatory;(j) under the act assessment and penalty proceedings are distinct and separate;(k) due to dichotomy of views between high courts of madhya pradesh & allahabad favouring revenue and high courts of delhi, rajasthan, gauhati, calcutta and madras favouring assessee, section 271(1) read with section 263 of the act capable of two views, the court has to adopt the interpretation which favours the assessee;(l) the judgement of the apex court in the .....

Komal Wazir Vs. Deputy Commissioner of Income-tax

Court : Mumbai

..... mistry, learned senior counsel for the appellant points out that section 158bb of the act has been amended by finance act, 2002 with retrospective effect from 1 july 1995 as relevant is as under: "158bb. ..... however the amendment by finance act, 2002 replaced/substituted the original sub-section (c) of section 158bb(1) of the act by a new sub-section (c) consisting of sub-sections (a), (b) and (ca) of the act. ..... therefore though the retrospective amendment to section 158bb of the act by the finance act, 2002 would be applicable in case of the appellant, the benefit of the same would be available only on the appellant satisfying the authorities that the amount of rs. ..... consequently the retrospective amendment by finance act, 2002 with effect from 1 july 1995 would also extend to undisclosed income covering the period of assessment years 1987-88 to 1995-96. ..... in the absence of there being any such entries in the books and/or memorandum the appellant's case would fall under the substituted sub-section (ca) of section 158bb(1) of the act and no amount of income would be reduced on the above account to determine the aggregate of total undisclosed income. ..... 69,298/- for availing the benefit of the retrospective amendment in section 158bb(1)(c)(b) of the act. 10. ..... it is only when the appellant is able to satisfy the condition precedent in section 158bb(1)(c)(b) of the act would such income be reduced in determining the aggregate of the total undisclosed income for the block period. .....