Court : Chennai
Reported in : [1999]239ITR23(Mad)
..... 2) act, 1977, with effect from april 1, 1978, was retrospective in character and the investment allowance was available for machinery installed on or after march 51, 1976, and the amendment would apply to the assessment year 1977-78 ..... for our consideration :'whether, on the facts and in the circumstances of the case, the assessee was entitled to investment allowance in respect of cost of installation of machinery incurred in the previous year relating to the assessment year 1977-78 in view of the amendment of section 32a by the finance (no. ..... 2) act, 1977, enlarging the scope of section 32a in retrospective operation would apply even for the assessment year 1977-78 is plainly ..... 2) act, 1977, enlarging the scope of that section ?'4. ..... was substituted by the eleventh schedule in section 32a of the act by a subsequent amendment made by the finance (no. ..... 2) act, 1977, with effect from ..... under section 32a(3) of the act, the assessee is entitled to carry forward the amount of investment allowance to the following assessment year and in the subsequent assessment year, the investment allowance can be set off against the income of ..... act, 1977, is not retrospective in nature and the amendment made would apply only to the assessment year 1977-78 and since the machinery was installed in the year prior to april 1, 1978, the assessee was not entitled to investment allowances as in the relevant previous year, the assessee had not manufactured any of the articles found in the ninth schedule to the act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD45(Mum.)
..... according to him, section 32a(2)(b)(ii) as inserted by the finance act, 1977 is an enabling provision to extend the scope of investment allowance so as to entitle small-scale industrial undertakings to wider concessions and without ..... undertakings remain eligible for investment allowance even though they might be engaged in the manufacture of low priority items.the explanatory note on the provisions relating to direct taxes further highlighted the objective of the amendment as follows : the finance act has substituted sub-clauses (ii) and (iii) of clause (b) of section 32a(2) referred to above by two new sub-clauses. ..... this section was amended by the finance (no ..... on careful reading of the speech of the finance minister, the finance bill and the explanatory note issued in this behalf, it is perfectly clear that the amendment was introduced to encourage and assist the small-scale sector in keeping with the government's overall ..... 2) bill, 1977 proposed amendment of section 32a as follows : ..... amendment of section ..... that being the declared objective to be achieved by the amendment, it would be nugatory and will defeat the very object of the legislature if a narrow interpretation is given so as to confine the eligibility of small-scale industrial undertakings to only such machinery and plant used for manufacture or production of articles ..... 2) bill, 1977 to support his claim that the amendment was introduced to extend the scope of the concession granted to the small-scale industrial .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2009)222CTR(P& H)427; [2009]308ITR397(P& H)
..... 2) act, 1977, with effect from april 1, 1978, relevant to the assessment year 1978-79 for enlarging the scope of the section by excluding only those articles or things as given in the eleventh schedule which was substituted in the place of the ninth schedule. ..... on march 12, 1979, the inspecting assistant commissioner of income-tax (assessment) issued a notice under section 154 of the act stating that the aforesaid benefit of investment allowance being inadmissible, he was proposing to make a rectification. ..... learned counsel for the assessee further contended that investment allowance is allowable to the assessee-company under the provisions of section 32a(2) and this section was amended by the finance (no. ..... learned counsel for the assessee also referred to the speech of the finance minister, dated march 15,1976, wherein he introduced the investment allowance in place of the 'development rebate' in the following terms [1972] 102 itr 93:i have, therefore, decided to introduce a scheme of investment allowance for certain priority industries. ..... thereafter, the commissioner of income-tax, acting under section 263 of the act, issued a notice again questioning the eligibility of the petitioner for grant of investment allowance. ..... the assessee claimed investment allowance under section 32a(2) of the income-tax act, 1961 (for short 'the act') for the year 1977-78. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD759(Coch.)
..... we are unable to agree with the assessee that the assessment in question, namely, the assessment to capital gains for the assessment year 1977-78 is to be made in accordance with the provisions of section 55(2)0') as amended by the finance act, 1977 and section 54e, read with section 155(10a).these changes on which the assessee relies have been introduced by the finance act, 1977. ..... the ito rejected both the requests on the ground that the amendment of section 55(2)(i) whereby the day 1-1-1954 was substituted by the date 1-1-1964 and the introduction of section 54e was made by the finance act of 1977 with effect from 1-4-1978 and, therefore, these provisions would not be applicable for the assessment year 1977-78. ..... in respect of these two changes introduced by the finance act, 1977, it is clearly laid down in the act introducing these changes that these changes shall come into effect only from 1-4-1978.6. ..... they had been introduced by the finance act, 1977 only with effect from 1-4-1978 and, therefore, would not be applicable to any assessment year commencing before 1-4-1978.5. ..... a comparison is made with the provisions of section 80cc introduced in the same finance act. ..... if these provisions were intended to be effective even for the assessment year 1977-78, there would have been no need for the legislature to provide in the finance act itself that these changes, viz. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1995Cal160
..... the legal fiction cold not be extended beyond its legitimate field and the aforesaid words occurring in sec.4 of the finance act, 1963 could not be construed to embody conferment of a power for a retrospective authorization by the state in the absence of any express provision in section 2(44) of the act itself. ..... it may next he considered whether by saying that the new definition of 'tax recovery officer' substituted by s.4 of the finance act, 1963 'shall be and shall be deemed always to have been substituted' it could be said that by necessary implication or intendment the state government had been authorized to invest the officers mentioned in the notification with the powers of ..... only effect of the substitution made by the finance act was to make the new definition a part of the act from the date it was enacted. ..... economically backward classes of citizens.clause (4) of article 15 of the constitution of india is special provision in derogation of the fundamental rights of the citizens provided under clause (1) of article 15 of the constitution.clause (4) of article 15 was inserted by reason of constitutions (first amendment) act, 1951 in order to nullify the decision of the supreme court of india in state of madras v. ..... to the effect that upon coming into force of the west bengal medical and dental college (regulation and admission) repealing act, 1977. ..... 36 of 1973) as also to west bengal medical and dental colleges (regulation and admission) repealing act, 1977 (act no. ..... of 1977). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)1ITD728(Hyd.)
..... sub-section (2) of section 246 was introduced by the above finance act with ..... where such penalty has been imposed with the previous approval of the inspecting assistant commissioner under the proviso to clause (iii) of sub-section (1) of that section ;.sub-section (1), clause (c) and sub-clause (iii) of section 246 reads as follows : (1) subject to the provisions of sub-section (2), any assessee aggrieved by any of the following orders of an income-tax officer may appeal to the appellate assistant commissioner against such order- a plain reading of ..... that as a matter of fact the assessee became aware of the discrepancies only when the sales tax assessment was completed on 20-12-1976, that immediately thereafter the assessee had filed a revised return on 8-2-1977 disclosing the income from the turnover alleged to be suppressed by the sales tax department, that the assessee had filed a revised return voluntarily admitting additional income which was also accepted by the revenue, and ..... appeal or matter, the previous proceeding or any part thereof be reopened or that he be reheard.this sub-section shows that even if an appeal was filed and the same was pending before that date before the aac under section 246, as it stood prior to the coming into force of the above amendment with effect from 10-7-1978, that appeal would stand transferred on that appointed day to the commissioner (appeals) ..... section 246 was amended by the finance ..... therefore, the amended provisions of section 246 alone would .....
Tag this Judgment!Court : Mumbai
Reported in : (1994)122CTR(Bom)259; [1994]206ITR548(Bom)
..... act, 1961, at the instance of the revenue, the income-tax appellate tribunal has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in their finding that the activities of the assessee, a clearing forwarding and shipping agent, constitute a profession within the meaning of sub-paragraph ii of paragraph c of part i of the first schedule of the finance act, 1976, and the finance ..... the meaning of the expression 'profession' came up for consideration before the court in the context of the identical provisions of the finance acts, 1973 and 1974, in cit v. ..... not constitute a profession and, as such, it was not entitled to the benefit of the lower rates of taxes applicable to registered firms depriving income from a profession as provided in sub-paragraph ii of paragraph c of part i of the first schedule to the finance act, 1976, and the finance (no. ..... 2) act of 1977. 12 ..... 2) act, 1977, the rate of income-tax was lower for a registered firm whose total income included income derived from profession carried on by it, if the income so included was not less than 51 per cent. ..... 2) act of 1977 ?' 2 ..... it was also authorised to transact its business at the cochin custom house under the terms of section 202 of the sea customs act and the rules made thereunder. ..... the income for the next assessment year 1977-78 (the corresponding previous year being the accounting year ended on december 31, 1976), was rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)75ITD394(Mum.)
..... is 1996-97.therefore, we have to deal with the section as it existed before its amendment by the finance act of 1977 (supra).32. ..... section had been amended by the finance act of 1977 ..... before its amendment by the finance act of 1997 ..... assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, a deduction of an amount equal to fifty per cent of the income so received in, or brought into india, in computing the total income of the assessee.31. ..... 80hhc is that the assessee should be in the business of export out of india of any goods or merchandise to which this section applies.therefore it will be necessary for us to ascertain as to whether the assessee is engaged in the business of export out of india of any goods or merchandise and whether the assessee ..... disclosed sources in the return of income should not form the subject-matter of adjudication in the block assessment.keeping in view the scheme of block assessment and other provisions of the act, we are of the considered view that the ao should start the computation of undisclosed income with the figure of returned income filed under s. ..... merchandise to which this section applies and which are exported out of india, but does 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 .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2001(4)ALD51; 2001(4)ALT160
..... as per section 67 of the finance act, 1977, the petitioner has to make payment of tax on the disclosed income within three months from the date of filing the declaration ..... therefore, it would be appropriate to look into the exact provision, which contemplates the payment of the tax, after receiving the intimation.section 90 of the finance act provides for determination and payment of the tax in pursuance of the declaration filed under section 88 of the finance act, which reads as under:90. ..... it was held by the gujarat high court that the language of section 67(1) of the finance act is very clear that the declarant has to make payment of tax within three months from the date of filing of the declaration and the department could not insist that the period should be counted in ..... said declaration was for the assessment years 1993-94 and 1994-95, showing the tax arrears at rs.74,390/- and rs.1,14,598/- respectively, a certificate of intimation in form 2-a under section 90(1) of the finance (no.2) act, 1998 was issued to the petitioner. ..... the dispute is whether the said presentation of the cheque on 27-3-1999 would amounts to the payment of tax within the time prescribed under section 90(2) of the finance act, 1998. ..... under the direct tax enactment or indirect tax enactment under which the proceedings against the declarant are or were pending shall be deemed to have been revived; provided further that the designated authority may amend the certificate for reasons to be recorded in writing. .....
Tag this Judgment!Court : Rajasthan
Reported in : 2001(3)WLC19; 2001(3)WLN442
..... the bench observed as follows; 'in that case, the appellant before the supreme court filed a writ petition before the high court challenging the validity of section 6b of the bengal finance (sales tax) act, 1941, imposing a tax on the annual aggregate gross turnover of a dealer whose gross turnover exceeded rs. ..... the assessee unsuccessfully challenged the validity of the provision forturnover tax in section 6b of west bengal finance (sales tax) act without entertaining any doubt as to their liability to turnover tax thereunder in case the ..... a writ petition had been filed by him in the high court, challenging the imposition of interest @ 2% per month on the arrears of excise duty/licence fee and that under section 30-a of the rajasthan excise act, 1950, interest cannot be charged at a rate higher than that which was prevailing on the dale when the amount fell due. mr. ..... the supreme court, after affirming the decision of the tribunal, held that the tax which the appellants should have paid under section 6b remained with them during the entire period, and the state, to which the amount should have necessarily gone, was not able to utilize it for public purposes ..... single judge while staying the operation of the amendment made by section 3(1) of the kerala finance bill, 1998 imposed the following conditions:'1. ..... has observed as follows:- 'faced with the express phraseology of rule 69(2) of the rajasthan excise rules, 1956, r/w rules 21 and 91 (3) of the rajasthan distillery rules, 1977, mr. .....
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