Court : Madhya Pradesh
Reported in : AIR1969MP100; [1969]73ITR95(MP); 1969MPLJ61
..... the amendment of section 220(2) raising the rate of interest from four per cent to six per cent from 1st april 1965 did not have any retrospective effect so as to make that rate applicable in those cases where the period limited under sub-section (1) of section 220 for- payment of the amount specified in any notice of demand ended before 1st april 1965, and that there was nothing in section 220(2) or in the finance act, 1965, to indicate that the amendment made by section 53 of the finance act, 1965, in section 220 ..... amount due from the petitioner; that the said scheme could be varied or affected by any amendment made in sub-section (2) inasmuch as the scheme was without prejudice to the provisions contained in sub-section (2); and that the finance act, 1965, which was passed in may 1965, itself gave retrospective effect to the enhanced rate of interest by making it operative from 1st april 1965, and in demanding from the petitioner interest at the rate of six per cent the department ..... to be made applicable even to those cases where the period limited under sub-section (1) for payment of the amount specified in the notice of demand ended before 1st april 1965, that would in effect mean giving the amendment retrospective effect from a date earlier than that prescribed by section 1 (2) of the finance act, 1965, it must be noted that the liability of an assessee to pay interest under section 220(2) of the act is at that prescribed rate which is in force on the day commencing after .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984
..... section 99, sub-section (1) however remained in force only upto the close of the assessment year 1964-65 and by an amendment made by finance act 10 of 1965, section 99, sub-section (1) was omitted and chapter vi-a and section 85a were introduced in the present act with effect from 1st april, 1965. ..... it is clear from the notes on clause 31 which subsequently became section 31 of the finance act, 1968 that the amendments retrospectively deleting the words 'received by it' from the opening part of section 99, sub-section (1), clause (iv) and section 85a were made with a view to widening scope of the relief granted under these sections, as it was felt that the presence of these words might render those sections inapplicable in cases where the shares to which the dividend relates are registered in the name of a person other ..... assessment year of so much of the amount of income-tax calculated at the average rate of income-tax on the income so included (other than any such income on which no income-tax is pay able under the provisions of this act) as exceeds an amount of twenty-five per cent thereon;....there were some amendments made in section 85a by finance act, 1966 but they are not material for our present purpose and we need not refer to them. ..... one amendment is, however, material and that was made by finance act 1968 by which the words 'received by it' occurring in sub-section (1) of section 80m were omitted with effect from 1st april, 1968. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)43ITD60(Mum.)
..... under the amended law vide section 47(1) to (4) of the english finance act, 1965 the dividend income of a shareholder in an english company stood to be the gross dividend as against the net dividend in the past (under the old ..... the year 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but the english finance act, 1965 amended this position. ..... 1965 the dividend income of a shareholder in a foreign company was only the net dividend, but this position underwent a change by the amendment made to the english finance act, 1965. ..... under section 47(1)/(2)/(4) of the english finance act, 1965 the dividend income of a shareholder in a english company is the gross dividend which would mean that it is the gross dividend which is to be included in the total income of a shareholder resident in india rather than the net ..... is ample force in the submission made by the learned depastmental representative to the effect that in view of the change in the english finance act, 1965 the ratio of the decision of the calcutta high court in shaw wallace & co.ltd. ..... the case of the assessee indisputably falls within the ambit of section 5(1)(c) of the income-tax act, 1961 which reads as under : 5(1) subject to the provisions of this act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which naturally, any shareholder of a foreign company if a resident in india would be taxed on the dividend income .....
Tag this Judgment!Court : Chennai
Reported in : [1976]102ITR264(Mad)
..... the tribunal held that the rate of additional super-tax should be fixed with reference to section 104 as amended by the finance act, 1965, at twenty-five per cent, and not at thirty-seven per cent, under the unamended ..... income-tax officer that the proper provision to be applied was section 104 of the income-tax act, 1961, as amended by the finance act, 1965, and in force from april 1, 1965, and not the provision as it was on april 1, ..... section 104(1), as in force during the assessment year 1964-65, provided for the levy of additional super-tax at thirty-seven per cent, on the distributable income as reduced by the amount of dividends actually distributed, while the section, as amended by the finance act 10 of 1965, which came into force from april i, 1965, fixed only twenty-five per ..... although an order under section 104 could be passed only after april 1, 1965, it was an order in respect of the assessment year 1964-65, and that, therefore, the correct provision to be applied was section 104 as it stood prior to the amendment made by the finance act, 1965. ..... income-tax officer, : [1972]83itr217(sc) while considering the scope of an order under section 23a of the indian income-tax act, 1922, corresponding to section 104 of the income-tax act, 1961, the supreme court observed :'in our view an order under section 23a does not assess income, profits or gains as such but what it does is to levy super-tax on a certain ..... section 17 was amended by the gift-tax (amendment) act, 1962, which came .....
Tag this Judgment!Court : Kolkata
Reported in : [1971]80ITR200(Cal)
..... pal referred to the statement of objects and reasons in respect of clause 38 of the finance bill, 1965, which was subsequently enacted as section 38 of the finance act, 1965, effecting the aforesaid amendment in section 131 of the act, which are as follows :'clause 38 seeks to amend section 131 of the income-tax act to confer on the inspecting assistant commissioner of income-tax the powers of discovery and inspection, enforcing attendance of any person, including any officer of a banking company, and examining him on oath, compelling production of books of account and ..... by section 38 of the finance act, 1965, the name of the inspecting assistant commissioner was inserted between the appellate assistant commissioner and the commissioner. ..... with the object of bringing in an additional officer who would be entitled to exercise the authority under section 131 the amendment was effected in 1965, and clearly the legislature did not contemplate this section to authorise anybody else except the persons named therein to exercise the powers conferred by the section.further, in my opinion, the maxim generalia specialibus non derogant is applicable to this case and section 135 cannot be utilised by respondent no. ..... pal, the learned advocate for the petitioner, is that, as the director of inspection was not one of the authorities mentioned in section 131, either before or after its amendment in 1965, the respondent no. .....
Tag this Judgment!Court : Mumbai
Reported in : [1979]119ITR14(Bom); [1979]2TAXMAN67(Bom)
..... ker) , that even prior to the amendment to section 2(18) made by the finance act, 1965, the position in law was the same as brought out by the amendment. ..... in the instructions on the finance act, 1965, that this liberalised definition of a company in which the public are substantially interested would apply for the assessment year 1965-66 and subsequent years'. 7 ..... been referred to us in this reference is as follows : 'whether, on the facts and in the circumstances of the case, the order of the income-tax officer under section 23a of the indian income-tax act, 1922, and the corresponding section 104 of the indian-tax act, 1961, for the assessment years 1960-61 to 1962-63 was valid in law ?' 2. ..... will be regarded as a company in which the public are substantially interested, if it satisfies the other conditions of section 2(18) (ii) in ascertaining whether the affairs of the company or shares carrying more than 50 per cent. ..... explaining the effect of the amendment, the circular states as follows : 'the effect of the amendment was : (i) that company whose equity shares to the extent of not less ..... in which the public are substantially interested clearly comes within the expression `the public' in section 2(18)(b)(i) of the act. ..... which refers to the amendment in the definition of a company in which the public are substantially ..... position in law, it may be ensured that all proceedings pending on this issue for and up to assessment year 1965-66 be regulated in the light of the above clarification. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1987]167ITR39(SC)
..... to strengthen that contention the learned counsel for the petitioners before the learned trial judge referred to the finance bill, 1965, and the statement of objects and reasons in respect of clause 38 therein which subsequently was enacted as section 38 of the finance act, 1965, effecting the aforesaid amendment in section 131. ..... all the powers of the income-tax officer under section 131 should be rejected mainly on the reason of the particular language that appears in the two sections and also for the reason that was advanced before him by pointing out that in 1965, section 131 was amended by adding "inspecting assistant commissioner of income-tax" which amendment, according to the contentions of the petitioners, would be unnecessary if the meaning attributed to section 135 by the department were correct because in that ..... that distinction has to be kept in mind for considering the matter of the loud fact that an amendment of section 13 of the income-tax act has been carried out by parliament in 1965 by adding the inspecting assistant commissioner, although that officer would have power conferred by section 131 of the act by dint of the provisions in section 135 if the interpretation sought to be put by mr. .....
Tag this Judgment!Court : Kerala
Reported in : [1968]70ITR640(Ker)
..... we many, in this context, note that section 10 of the act has been amended by section 69 of the finance act, 1965, by adding the following proviso to section 10 :'provided further that a house or part thereof taken under any gift made to the spouse, son daughter, brother or sister, shall not be deemed to pass on the donors death by ..... reason only of the residence therein on the donor except where a right of residence therein is reserved or secured directly or indirectly to the donor under the relevant disposition or under any collateral disposition;'.as a result of this amendment ..... to this court by the central board by its letter dated february 7, 1966, under section 64(1) of the act, as it stood prior to the estate duty (amendment) act, 1958, along with statement of the case. ..... of this court and the signature of the registrar shall be sent to the central board of direct taxes, new delhi, as required by section 64(7) of the act as it stood before its amendment by the estate duty (amendment) act, 1958. ..... being dissatisfied with the order of the central board, the applicant moved under section 64 of the act by an application dated 6th june, 1960, to refer the following questions of law said to arise out of the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1977SC463; [1976]105ITR653(SC); (1977)1SCC90; [1977]1SCR649
..... . it may be mentioned that there has been amendment of section 10 of the act by finance act, 1965 (act 5 of 1965) and a second proviso has been added to that section, according to which a house or part thereof taken under any gift made to the spouse, son, daughter, brother or sister, shall not be deemed to pass on the donor's death by reason only of the residence therein ..... this appeal on certificate is by the controller of estate duty against the judgment of the kerala high court whereby the high court answered the following question referred to it under section 64(1) of the estate duty act (hereinafter referred to as the act) in favour of the accountable persons and against the revenue:whether on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the ..... the assistant controller of fsliite duly by applying the provisions of section 10 of the act included the following items in the estate of the deceased :(1) the ..... however, concerned with section 10 as it stood before (he amendment.14 ..... as to whether gifted property should be held to be a part of the estate of the deceased donor passing on his death for the purpose of section 10 of the act is not always free from difficulty ..... the intention of the legislature in enacting section 10 of the act was to exclude from liability to estate duty certain ..... the case, it is accordingly submitted, is covered by section 10 of the act, and the high court was in error in answering the question referred to it .....
Tag this Judgment!Court : Mumbai
Reported in : (1996)56TTJ(Mumbai)88
..... the finance act, 1965, has, therefore, amended this section, with effect from 1st april, 1965, by way of adding an explanation to it to the effect that the expression 'previous owner of the property' in relation to a capital asset owned by an assessee means the last previous owner of the capital asset who acquired it by a mode of acquisition ..... be of any existing movable or immovable property;(3) the transfer must be made voluntarily; and(4) the transfer must be made without consideration in money or moneys worth.if all these essentials are fulfilled, then there will be a gift.section 122 of the transfer of property act, 1882 coining a definition of the expression 'gift' reads as under -'122. ..... have heard the rival submissions in the light of the material placed before us and the precedents relied upon.section 49 of the income-tax act speaks about the cost with reference to certain modes of acquisition. ..... , the definition of the expression gift in section 2 (xii) of the gift-tax act, differs substantially from the definition given in sec ..... moreover, under section 29 of the gift-tax act, a donee can be called upon to pay the tax if the assessing officer is of the opinion that the same cannot be recovered from the ..... 'under section 2 (xii) of the gift-tax act, gift is defined as under :'gift means the transfer by one person to another of any existing movable or immovable property made voluntarily and without consideration in money or moneys worth and includes the transfer or conversion of any .....
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