Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2001)77ITD198(Kol.)
..... " the supreme court held that clause (iiid) of section 27 of the income-tax act, inserted by the finance act, 1987 with effect from assessment year 1988-89 was merely clarificatory in nature and should thus be construed retrospectively since the inception of the statute.7. ..... cit [1997] 224 itr 677 (sc) at page 686-- "the supreme court held that the first proviso inserted to section 43b by finance act, 1988 with effect from the assessment year 1989-90, should be construed as having been inserted retrospectively from the date on which the section itself came into existence i.e. ..... by the finance (no.2) act, 1991 with retrospective effect from 1-4-1987, which reads as below :-- "(ba) 'total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962): provided that in relation to any assessment year commencing on or after the first day of april, 1991, the expression "total turnover" shall have effect as if it also excluded any sum referred to in clauses (iiia), (iiib) and (me) of section 28." 4. ..... it may be mentioned in this connection that finance act, 1990 introduced clause (bb) to the explanation to section 80hhc, with effect from 1-4-1991 in accordance with which, for the purpose of this section, "total turnover" shall not include any sum referred to in clauses (iiia), (iiib) and (hid) of section 28. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD199Cal
..... subsequently, it was discovered by the ao that section 27(iii) of the act had been amended by the finance act, 1987 with effect from 1-4-88 and the transactions covered under section 269ua incorporated with effect from 1-10-86 by the finance act, 1986 had been made applicable and that by virtue of the said amended provisions the income of the assessee was to be assessed under the head 'income from house property'. ..... there was, however, an amendment in section 27(iii) of the income-tax act, 1961 by the finance act, 1937 with effect from 1-4-88 by virtue of which clause (iiia) and clause (iiib) have been inserted. ..... kurban hussain ibrahmiji mithiborwala (82 itr 821), it was held by the hon'ble supreme court that: "it is well-settled that the income-tax officer's jurisdiction to reopen an assessment under section 34 of the income-tax act, 1922, depends upon the issuance of a valid notice. ..... for the purpose of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely :- (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeding the maximum amount which is not chargeable to income-tax; (b) where a return of income has been furnished by the assessee but .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1989)29ITD15(Kol.)
..... to explanation 2 to section 164 which defines the expression "maximum marginal rate" as the rate of income-tax (including surcharge on incomes, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year. ..... so, it was on the basis of the phraseology of sub-section (4) of section 21 of the wt act that it was held by their lordships that where beneficiaries are more than one and their shares are indeterminate or unknown, the assessment may be made on the trustees as if the beneficiaries for whose ..... section (4) of section 21 of the wt act is not analogous to section 164(1) of the income-tax act, 1961 and, therefore, the decision of the supreme court in the case of trustees of h.e.h.nizam's family (supra) cannot be pressed into service in support of the contention that in the instant case the trustee should be assessed ..... the assessment which is contemplated to be made on the trustee under sub-section (1) or sub-section (4) of section 21 is assessment ..... the supreme court in the case of trustees of h.e.h.nizam's family (supra): obviously, in such a case it is not possible to make direct assessment on the beneficiaries in respect of their interest in the trust properties, because their shares are indeterminate or unknown and that is why it is provided that the assessment may be made on the trustees as if the beneficiaries for whose benefit the trust properties are held were an individual.29. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1999)69ITD135(Kol.)
..... ) mentioned that if the property taken on long lease by a company for business purpose, the assessing officer (wto) has to see whether the lease amounted to commercial exploitation of the assets in the light of the object and purpose of section 40 of the finance act, 1983. ..... the learned authorised representative mentioned that section 40(3)(vi) of the finance act, 1983 specifies that building and land appurtenant thereto used by the assessee as a factory, godown or warehouse for the purpose of its business shall be excluded for the purpose of computing net wealth ..... of object of section 40 introduced by the finance act, 1983, the budget speech of the then finance minister is relevant. ..... the subsequent years, section 40 of the finance act, 1983 was ..... it is true that for income-tax assessment the said income was accepted by the department as a business income but the department has already taken step under section 263 of the income-tax act, for revision of the earlier assessment orders. ..... the cwt after providing an opportunity, set aside the assessment order with a direction to reframe the assessment order by taking into consideration that the rental income is the income from the house property, and same may be included in the total wealth of the assessee as per rule 1 bb of the ..... moreover, it is relevant to mention that the assessment for the previous assessment year was set aside on the same ground and the assessee did not ..... the action of the cwt under section 25(2) of the wealth-tax act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)88ITD1(Kol.)
..... commissioner should have considered the cumulative effect of the aforesaid sections.according to the counsel, an aop is normally subjected to tax at the rates which are applicable to an individual, huf as specified in the finance act for the relevant assessment year. ..... the third situation envisages in the second proviso to section 86 is that where no income-tax is chargeable on the total income of an aop, which is otherwise chargeable to tax at the normal rates, falls below the minimum threshold of taxation under the relevant finance act, in such a situation though the share of the member in the income of an aop, as computed under section 67a of the act, shall be included in the total income of the member.13. ..... falls below the minimum taxable limit specified in the finance act of the relevant assessment sic this interpretation. ..... as may be specified in the finance act of the relevant assessment year. ..... an aop is chargeable to tax on its total income at the maximum marginal rate or any higher rate and in clause (b), a case where the aop is chargeable to tax on its total income at the normal rates prescribed under the finance act of the relevant assessment year. ..... falls below the minimum threshold of taxation specified in the finance act of the relevant assessment year. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)267ITR1(Kol.)
..... the minimum taxable limit specified in the finance act of the relevant assessment this interpretation, in the first proviso to section 86, two situations are envisaged viz. ..... "rate purposes" (c) the third situation is envisaged by the second proviso to section 86 of the act, where no income-tax is chargeable on the total income of an aop, obviously in a case where the total income of the aop, which is otherwise chargeable to tax at the normal rates as may be applicable to an individual, huf, boi, etc.falls below the minimum threshold of taxation specified in the finance act of the relevant assessment year. ..... (2) where, in the case of an aop or boi as aforesaid not being a case falling under sub-section (1) : (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate ; ..... the third situation envisaged in the second proviso to section 86 is that where no income-tax is chargeable on the total income of an aop, which is otherwise chargeable on the total income of an aop, falls below the minimum threshold of taxation under the relevant finance act, in such a situation though the share of the member in the income of an aop, as computed under section 67a of the act, shall be included in the total income of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)89ITD172(Kol.)
..... to tax in the hands of the assessee by taking the cost of acquisition as nil in terms of the following provisions of sub-clause (iiia) of clause (aa) of sub-section (2) of section 55 of the income-tax act, 1961 which has been inserted, by the finance act, 1995 with effect from the assessment year 1996-97 (sub-clause (iiia) in short). ..... the finance act, 1956, the sub-section comes ..... till 31st march, 1993, it could not be said that the trust had invested its funds contrary to the provisions of section 11(5) of the act, since the legislature had allowed time till 31st march, 1993, to reinvest such investments in accordance with the provisions of section 11(5) of the act by inserting the proviso (iia)." 37. as evident from the above, the facts before the hon'ble madras high court ..... (aa) in a case where, by virtue of holding a capital asset, being a share or any other security, within the meaning of clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) (hereinafter in this clause referred to as the financial asset), the assessee - (a) becomes entitled to subscribe to any additional financial asset; or then, subject to the provisions of sub-clauses (i) and (ii) of clause (b) ..... during the assessment year 1986-87 with which the court was concerned, the law was that the charitable trust could hold investments contrary to the provisions of section 11(5) of the act, but, was under an obligation to disinvest on or before 31st march, 1993, and; thereafter, hold .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)13ITD753(Kol.)
..... (supra) held, in connection with clause (iii) inserted in section 40(c) of the act by the finance act, 1963 as from 1-3-1963, that the said provision thereunder was not linked to any particular assessment year as such or even the previous year and was to apply to the payments made after 1-3- ..... assessee is a company, also any director of, or the holder of any other office in, the company), or tour or visit to the place at which such accommodation is situated, is accommodation in the nature of a guest-house within the meaning of sub-section (4).there cannot, thus, be any dispute that sub-section (5) is an exception to sub-section (2) of section 1 of the finance act inasmuch as it is deemed to have been inserted with effect from 1-4-1979 as distinct from 1-4-1983. ..... is in these circumstances that the learned members have stated their point of difference as under; whether, sub-section (5) inserted in section 37 of the income-tax act, 1961 by the finance act, 1983, with retrospective effect from 1-4-1979 will apply to the present case the president having assigned the case under section 255(4) of the act to himself, the matter has come up for hearing before me as third member.3. ..... both the learned members have agreed that in view of the retrospective insertion of sub-section (5) in section 37 by the finance act with retrospective effect from 1-4-1979, the sub-section will have to be treated as included in the act, with effect from 1-4-1979, as held by the supreme court in the case of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1994)50ITD348(Kol.)
..... 16.4 the aforesaid amendment has come into force with effect from the 1 st june, 1976 and will apply in relation to the assessment year 1977-78 and subsequent years [section 4(b) (part) of the finance act].from the above circular it will be clear that the legislature while introducing explanation 2 to section 9(1)(vii) had in mind only those nonresidents who did not carry on any business as such in india but were merely in receipt of the income by way of fees for ..... dastur, the provision was introduced by the finance act, 1987 with retrospective effect from 1-4-1983 and the non-consideration of section 44bb to these assessment years constituted an error apparent from the record. ..... and not under the special provisions for the taxation of fees for technical services contained in section 115a read with section 44d of the income-tax act, 1961.after the above circular based on the opinion of the attorney general the matter is clearly put beyond doubt and any assessment made without giving effect to the provisions of section 44bb in the case of the assessees, such as the present one, would be against the statute ..... that section was introduced into the income-tax act only by the finance act, 1987 but with retrospective effect from 1-4-1983.alter the judgment of the supreme court in bombay dyeing & ..... only the finance act, 1987 introduced section 44bb with retrospective effect from ..... act by the finance act, 1987 which made the said section applicable with retrospective effect from 1-4-1983, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)93ITD144(Kol.)
..... is not under then section 143(1) but is under the new scheme of limited scrutiny assessment provided under section 143(3)(i) as introduced by the finance act, 2002 w.e.f.1.6.2002, which was in force at the time when the impugned assessment order was made by the a.o. ..... the act to issue notice under section 143(2)(ii) and then to complete the assessment under section 143(3)(iii) even in cases where a notice under section 143(2)(i) has already been issued or an assessment has been made under section 143(3)(i) provided the same is served within the period specified in the proviso to sub-section (2) of section 143 of the act, it is provided in section 143(2)(ii) that notwithstanding anything contained in clause (i) of sub-section (2) of section 143, notice under section 143(2)(ii) can be issued for comprehensive scrutiny and assessment under section 143 ..... by the finance act, 2002, section 143(2) and 143(3) has been amended to introduce a concept of limited scrutiny on and from 1.6.2002 as contemplated under section 143(2)(i) read with section 143(3)(i) of the act in addition to existing comprehensive scrutiny. .....
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