Court : Karnataka
Reported in : (2006)203CTR(Kar)381; [2006]286ITR182(KAR); [2006]286ITR182(Karn)
..... appearing for the petitioner submitted that when the provisions contained in section 115jb as amended by amendment act, 2000 and amendment act, 2002 is compared, it is clear that it is only by virtue of the amendment made to the section by amendment act, 2002 that the book profit is treated as total income and the liability to pay advance tax would arise and but for the retrospective operation of the provisions of the amendment by finance act, 2002 there was no liability to pay interest under sections 234-b and 234-c and when there was no liability to pay ..... contention of the learned counsel appearing for the parties, it would be appropriate to reproduce the provisions of section 115jb as it stood after amendment under finance act, 2000 and the provisions of the section as it stands after the amendment by finance act, 2002 and the same are as follows:section 115jb as it stands now following the amendment by means of finance act, 2002 with retrospective effect from 1.4.2001:1) notwithstanding anything contained in any other provisions of this act, where in the case of an assessee, being a company, the income-tax, payable on the total .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665
..... was conscious that the provisions of section 143 (1a) and 271(1)(c) are pari materia and were similarly interpreted by different high courts, while section 143(1a) was amended by finance act, 1993 with retrospective effect from 1.4.1989, the provisions of section 271(1)(c) have been amended much later by finance act, 2002 with prospective effect from 1.4.2003.29. ..... of these decisions that section 143(1a) was amended by the finance act, 1993 in exactly the same manner as the finance act, 2002 amended section 271(1)(c) and explanation 4(a) ..... section 271(1)(c) and the subsequent amendments carried out in the said section with effect from 1.4.1976 (as amended by the taxation laws (amendment) act, 1975) and the amendment by finance act, 2002 (with effect from 1.4.2003) on the interpretation of which the entire controversy in the present ..... section 271(1)(c) as it stood prior to its amendment by the finance act, 2002, requires to be carefully compared with the said explanation as amended by the finance act, 2002 ..... it may be noted that the amendment made to section 271 by the finance act, 2002 only stated that the amended provision would come into force with ..... sub-clause (iii) of section 271(1)(c) after its amendment by finance act, 2002 with effect from 1.4.2003 and the amendment to clause (a) of explanation 4 are reproduced below:(iii) in the cases referred to in clause (c), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2009)223CTR(SC)1; [2009]312ITR254(SC); JT2009(5)SC378; 2009(5)SCALE198; (2009)13SCC1; [2009]179TAXMAN326(SC); 2009(3)LC1519(SC)
..... contended that on a proper and true interpretation of the amendment to section 43a, introduced by finance act, 2002, section 43a is clarificatory. ..... , we are required to consider the provisions of section 43(1), 43a (both, before and after amendment vide finance act, 2002).facts in m/s woodward governor india p. ..... in the unamended section 43a were 'for making payment' and not 'on payment' which is now brought in by amendment to section 43a vide finance act, 2002.34. ..... are of the view that amendment of section 43a by the finance act, 2002 w.e.f. ..... shri parag tripathi, learned additional solicitor general appearing on behalf of the department, submitted that in section 43a (as it stood prior to finance act, 2002) the expression 'for making payment' is in the context of increase or decrease of liability and the same hinges on 'making the payment towards the whole or a ..... question in the batch of civil appeals is prior to finance act, 2002, therefore, we are required to consider the scope of section 43a (unamended).30. ..... complete structural change brought about in section 43a vide finance act, 2002. ..... hereinbelow section 43a, as it stands in the statute book after substitution by the finance act 2002 w.e.f. ..... , section 43a was introduced in the act by finance act, ..... in reply, shri ajay vohra, learned counsel appearing on behalf of the assessee, submitted that section 43a (even prior to the amendment) was inserted to provide for adjustment in the actual cost of assets pursuant to change in foreign .....
Tag this Judgment!Court : Delhi
Reported in : (2007)210CTR(Del)116; 2007(97)DRJ317; [2008]297ITR125(Delhi)
..... prior to the amendments brought about by the finance act 2002, section 132b(4)(b) envisaged payment of simple interest at the rate of 15 per cent per annum on the retained money computed 'from the date immediately following the expiry of six months from the order under sub- section (5) of section 132. ..... the period of 120 days (90 days up to 30-9-1984) was previously stipulated in section 132(5) of the it act until its omission by the finance act 2002 with effect from 1.6.2002. ..... this period was thereafter reduced to 120 days by virtue of finance act, 2002. ..... further, section 153b prescribes a period of two years for completion of assessment or reassessment by the assessing officer which vide the finance act, 2006 has been further reduced to a period of 21 months in those cases where the last of the authorisations for search under section 132 was executed during the financial year commencing on the 1st day of april, 2004 or any subsequent financial year. ..... in fact this period has been successively reduced by parliament, since section 132b as originally inserted into the act by income tax (amendment) act, 1965 specified the period to be six months. ..... which calls for consideration in this petition concerns the date from which the income tax department is liable to pay interest on the amount of money/assets seized from the petitioner in the course of a search conducted on 2.7.2002 under section 132 of the income tax act, 1961 (it act). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)92TTJ(Ahd.)645
..... contended by the learned departmental representative that the amendment made by the finance act, 2002 in section 271(1)(c) is clarificatory and, therefore, retrospective ..... will be applicable with all force to the amendment in section 271(1)(c) by the finance act, 2002 because as per finance act, 2002, the above amendment is effective from 1st april, 2003 and section 271(1)(c) is a provision for imposing penalty and, therefore, in view of the above decision of the hon'ble apex court, the normal presumption is that the amendment is not retrospective unless provided otherwise expressly or ..... after the above decision, the legislature amended section 143(1a) with retrospective effect while no such modification was made in section 271(1)(c) till the finance act, 2002.the legislature vide finance act, 2002 amended section 271(1)(c) w.e.f.1st april, 2003 and modified clause (iii) after section 271(1)(c) as under : "(iii) in the cases referred to in clause (c), in addition to tax, if, any, payable by him, a sum which shall not be less than but which shall not exceed three times the amount of ..... assessee, it has been vehemently contended that now the issue is set at rest by the above decision of hon'ble apex court that the penalty under section 271(1)(c) cannot be levied where the assessed income is loss prior to amendment by finance act, 2002.however, it was contended on behalf of the revenue that the above decision in the case of prithipal singh was with regard to law applicable in asst .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... indication that the legislation was introduced to explain an earlier finance act or clarify the real intention of the legislature or that the proviso was inserted to supply an obvious omission or to clear up doubts as to the levy of surcharge in question. ..... collect surcharge prior to the amendment by finance act, 2002.5.7 for the proposition that the charging provision, which imposes tax, must be construed strictly, reliance is placed on the following decisions: reliance is placed on the provisions of section 158ba to emphasise that the charge to taxation under the special provisions of chapter xivb get attracted once the search is carried out under section 132 or books are requisitioned under section 132a of the act and the date of initiation ..... and it was, therefore, not a declaratory act.thus, it is well-settled that a tax provision imposing a liability is governed by the normal presumption that it is not retrospective and the settled principle of law is that the law to be applied is that which is in force in the assessment year, unless otherwise provided expressly or by necessary intendment.12.34 a reading of the note to clauses or the amendment to section 113 in the finance act, 2002, extracted above, does not give any .....
Tag this Judgment!Court : Mumbai
..... in other words, according to the commissioner, section 8(5) of the cst act as amended by the finance act 2002 restricts the power of the state government to grant exemption from payment of tax in respect of sales of goods covered under section 8(1) subject to fulfilling the conditions of section 8(4) of the cst act and, therefore, any notifications issued to the contrary under section 8(5) as it stood prior to its amendment by finance act 2002 shall stand modified to that extent so that, on amendment of section 8(5), tax becomes payable in respect of sales which are not covered under section 8(1) of the cst act. 3. ..... once it is held that the powers vested in the state governments under section 8(5) are not divested by the 2002 amendment and that even after the 2002 amendment, the state governments subject to compliance of section 8(4) have power to grant exemption in respect of transactions covered under section 8(1) as also under section 8(2), we see no reason to consider the second and the alternative argument of the petitioners that section 8(5) as amended by finance act 2002 does not affect the rights vested in the petitioners under psi 1993 to avail the exemption upto .....
Tag this Judgment!Court : Mumbai
..... in other words, according to the commissioner, section 8(5) of the cst act as amended by the finance act 2002 restricts the power of the state government to grant exemption from payment of tax in respect of sales of goods covered under section 8(1) subject to fulfilling the conditions of section 8(4) of the cst act and, therefore, any notifications issued to the contrary under section 8(5) as it stood prior to its amendment by finance act 2002 shall stand modified to that extent so that, on amendment of section 8(5), tax becomes payable in respect of sales which are not covered under section 8(1) of the cst act. 3. ..... once it is held that the powers vested in the state governments under section 8(5) are not divested by the 2002 amendment and that even after the 2002 amendment, the state governments subject to compliance of section 8(4) have power to grant exemption in respect of transactions covered under section 8(1) as also under section 8(2), we see no reason to consider the second and the alternative argument of the petitioners that section 8(5) as amended by finance act 2002 does not affect the rights vested in the petitioners under psi 1993 to avail the exemption upto .....
Tag this Judgment!Court : Supreme Court of India
..... this circular has been issued after the passing of the finance act, 2002, by which amendment to section 113 was made. ..... it is clear from the aforesaid narration that the high court has taken the view that proviso inserted in section 113 of the act by the finance act, 2002 was prospective in nature and the surcharge as leviable under the aforesaid proviso could not be made applicable to the block assessment in question of an earlier period i.e. ..... are preferred by the commissioner(s) of income tax (hereinafter referred to as 'the department'), with the exception of few appeals filed by the assessees, the question of law which has fallen for consideration is as to whether the proviso appended to section 113 of the income tax act (hereinafter referred to as 'the act') which was inserted in that section by the finance act, 2002 is to operate prospectively or is clarificatory and curative in nature and, therefore, has retrospective operation. .....
Tag this Judgment!Court : Supreme Court of India
..... : absence of any notice under section 158bc to the other person prior to the amendment in section 158bd vide finance act, 2002 and thereby entire block assessment would be rendered non est and the submission on behalf of the assessee that the amendment vide finance act, 2002 in section 158bd adding the words under section 158bc would become otiose it is vehemently ..... under section 158bc , section itself indicates the procedure that was required to be followed by the assessing officer, is only in terms of the very provisions of chapter xiv b of the act and therefore section 158bc as well as 158bfa(1) are even otherwise attracted and just because the legislature thought it fit to add or to mention section 158bc by way of amendment through finance act, 2002, it would not make any difference to the earlier provision of section 158bd ..... 6.3 it is further submitted that the department s argument before the high court was that amendment in section 158bd vide finance act, 2002, introducing the requirement of issuing notice under section 158bc to the other person , applied even to pending proceedings is erroneous and against the constitution bench decision of this court in the case of commissioner ..... : assessee persons other than searched persons for the period prior to the amendment in section 158bd vide finance act, 2002, there shall not be any liability to pay interest under section 158bfa, has no substance and the same is required to be rejected and the said question is required to be .....
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