Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Reported in : (1991)LC65Tri(Mum.)bai
..... find any merits in the arguments of the learned advocate that further notices are required to be issued after amendment, invoking section 51(2)(d) of the finance act.accordingly, we decide the point in favour of the revenue and reject the contention of the appellants on this ..... this is for the reason that these notices were not notices in terms of section 51(2)(d) of the finance act, 1982 but in terms of section 11-a of the central excises act and had been made for duty which was payable in law (even prior to the amendment) as held by the karnataka high court in the davangere cotton mills case (supra) [1986 (7) ..... in the circumstances, be deemed to have been as validly and effectively issued as if the amendments brought about by section 51 of the finance act, 1982, read with the notification dated 20-2-1982, were in force during the period material ..... has held the same view, which we would like to reproduce: "now section 51(1) of the finance act, 1982, clearly provides that the amendments to rules 9 and 49 by notification dated 20-2-1982 shall be deemed to have, and to have always had effect on and from the date on which the central ..... legal position as made out by the appellants that notices can be only on or after 20-2-1982.the supreme court judgment only contemplates that section 51 of the finance act does not have over-riding effect of section 11-a of the central excises act and when the amended rules are retrospectively applied they are subject to the provisions of section 11-a. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)41ITD501(Kol.)
..... the provisions of the wt act should be made applicable a simple expedient of amending the charging section 3 of the said act to include closely-held companies or an amendment to section 13 of the finance act, 1960 would have been sufficient ..... section 40 of the finance act, 1983 particularly to sub-sections (2), (3) and (5) of the same.referring to the provisions of sub-section (5) he submitted that the said provision contained a mandate that except the provisions of section 5, section 7(2)(a) and section 45 of the wealth-tax act which have no application to the provisions of section 40 of the finance act, 1983, the remaining provisions of the wealth-tax act should be construed so as to be in conformity with the provisions of section 40 of the finance act ..... matter of construction of section 40(5) of the finance act, 1983 it has to be held that if any provision of the wealth-tax act is in conflict with the specific provisions of section 40 of the finance act, 1983, the later alone should prevail section 2(m) of the wealth-tax act refers to inclusion of assets and debts due.however, under section 40 of the finance, act, 1983 only specified ..... or as residential accommodation for its low paid employees will be excluded from the net wealth.it is clear from this speech that the object of the provisions of section 40 of the finance act, 1983 is to curb the attempts made by individuals to reduce the wealth-tax liability by transferring their wealth to closely-held companies formed by them.5. .....
Tag this Judgment!Court : Delhi
Reported in : [2009]179TAXMAN1(Delhi)
..... to be admitted in view of the fact that the tribunal failed to take into account the fact that the assessee had not established all the ingredients necessary to steer clear of the ambit of the provisions of section 68 of the act, which are, the identity, the credit worthiness and the genuineness of the transaction. ..... for both the revenue as well as the assessee, we are of the view that the impugned judgment passed by the tribunal deserves to be sustained for the following reasons:4.1 the revenue can make addition under section 68 of the act only if the assessee is unable to explain the credits appearing in its books of accounts. ..... the revenue has preferred the present appeal under section 260a of the income tax act, 1961 (hereinafter referred to as the 'act') against the judgment of the income tax appellate tribunal (hereinafter referred to as the 'tribunal') dated 19.05.2006 passed in ita ..... lakhs by several small investors.2.3 the assessing officer completed the assessment under section 143(3) of the act vide order dated 31.03.1999. ..... onus and there was no evidence on record to support the findings of the assessing officer to show that the assessee's own money had been routed in the form of share capital justifying the addition under section 68 of the act. ..... division bench in divine leasing and finance ltd. ..... sofia finance ltd ..... leasing and finance ltd. ..... finance ..... finance ..... finance ..... finance ..... finance ..... finance ltd, was by a group ..... finance ..... finance ..... finance ..... finance ..... finance ..... finance ..... finance ..... finance .....
Tag this Judgment!Court : Mumbai
..... rate applicable to the sale or purchase of such goods inside the appropriate state under the sales tax law / value added tax, whichever is lower. 13. similarly, section 8(2) of the cst act as amended by finance act 2002 provides that the rate of tax payable by any dealer on sales not covered under section 8(1) of the cst act, shall be (a) in the case of declared goods at twice the rate applicable to the sale or purchase of such goods within the appropriate state, (b) in the case of ..... 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 .....
Tag this Judgment!Court : Mumbai
..... rate applicable to the sale or purchase of such goods inside the appropriate state under the sales tax law / value added tax, whichever is lower. 13. similarly, section 8(2) of the cst act as amended by finance act 2002 provides that the rate of tax payable by any dealer on sales not covered under section 8(1) of the cst act, shall be (a) in the case of declared goods at twice the rate applicable to the sale or purchase of such goods within the appropriate state, (b) in the case of ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1993)45ITD310(Delhi)
..... intention of the legislature that all the provisions of the wealth-tax act should be made applicable, a simple expedient of amending the charging section (3) to include closely-held company as an amendment to section 13 of the finance act, 1960 would have been sufficient. ..... (iii) that it must be assumed that, while enacting the finance act, 1969, parliament was aware of the construction placed by the supreme court on the words "where the interest is available to an assessee for a period not exceeding six years" in muthukrishna ammal's case [1969] 72 itr 801 (sc) and, in repeating those words in the amended section 2(e), parliament must be taken to have used those words to bear the meaning which was put upon them ..... with a view to remove this unintended hardship and provide incentive for growth and modernisation the amendment was brought in section 40 of finance act, 1983 w.e.f. ..... the only asset required to be valued was the super-structure of cinema building as lease-hold property which is not exigible to wealth-tax by virtue of section 40(3) of the finance act, 1983 because after the expiry of lease the assessee is a tenant of property by holding and there being no new tenancy, he will be a tenant ..... 'ble calcutta bench of the tribunal, the question of exemption of cinema building came where the interpretation of provision of section 2(e), section 7(2) (a) and section 45(d) of the wealth-tax act vis-a-vis sub-sections (3), (4) & (5) of section 4 of the finance act, 1983 was considered. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
..... in that case forward stripping had been banned by the finance act, 1960, but the house of lords did not think that the subsequent amendment should prejudice or cloud the process of thinking and the objectivity. ..... it was remarkable and significant that the provisions of section 94(7) were inserted by the same finance act, 2001 that introduced the provisions of section 14a with retrospective effect from 1.4.1962. ..... 2) act, 1991 with retrospective effect from 1.4.1972; insertion of section 14-a by the finance act, 2001 with retrospective effect from 1.4.1962; explanation to section 36(1)(viii) by finance act, 1992 with retrospective effect from 1.4.1987 and so on. ..... argument 'c' relates to the provisions of section 14a of the act.these provisions have been inserted by the finance act, 2001 with retrospective effect from 1.4.1962. ..... the learned counsel for the assessee argued that the argument that the expenditure incurred in respect of exempt income was not allowable as a deduction under section 14a of the act was not correct because, first, there was no expenditure incurred in respect of the income from units, and secondly, the question of a disallowance could only arise if the assessee was claiming a deduction, which was not so in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2005)96ITD1(Mum.)
..... the dividend received by the assessee from mutual funds having been excluded from total income by virtue of the provisions of section 10(33) could not, therefore, be caught in the net of tax by operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation ..... in that case forward stripping had been banned by the finance act, 1960, but the house of lords did not think that the subsequent amendment should prejudice or cloud the process of thinking and the objectivity. ..... salgaonkar 243 itr 383, 401 (sc): it was pointed out that if the benefit on account of a concessional loan had amounted to a benefit, there was no need for parliament to have inserted clause (vi) in section 17(2) of the act by the taxation laws (amendment) act, 1984.the learned counsel addressed us on the reliance placed by the department on the judgment of honble supreme court in the case of cit v. ..... the purpose of amendment by way of section 94(7) was to remove the burden of proof of colorable device from the shoulders of the department ..... from the amendment it could not be inferred that prior to the provisions of section 94(7) the loss claimed on the particular facts of the assessee before us was to be allowed as loss and not treated in any other manner. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)375
..... 1st april, 1967, but that was by amendment of section 28 by the finance act of 1990 which amendment could not have been known before the finance act came into force. ..... the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.e.f.1.4.89 held as follows: the substituted sub-section (1a), therefore, made it clear that even where the loss declared by an assessee had been reduced by reason of adjustments made under sub-section (1)(a), the provisions of sub-section (1a) -would apply. ..... sub-section (1a) was amended by the finance act, 1993, with retrospective effect from april 1, 1989, which was the date upon which sub-section (1a) had been introduced into the act. ..... the reasons behind amendment of provisions of section 143(1) w.e.f.1.4.88 by the finance act, 1987 have been explained in circular no. ..... the provisions of section 143(1)(a) as amended by the finance act, 1987 w.e.f. ..... the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f 1.4.89, had come for consideration before the hon'ble supreme court. ..... in so far as this ground is concerned, we have already held that in view of explanation inserted below section 36(1)(vii) by the finance act, 2001 with effect from 1-4-81, the claim of bad debt can be allowed only if the debt is written off by passing entries in the accounts of the debtor. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD199(Chennai)
..... task assigned to this special bench is to point out whether the amendment in proviso to section 43b by finance act, 2003 could be construed to be curative as such retrospective in nature ..... under section 255(3) of the income-tax act, 1961 (hereinafter called as "the act") the hon'ble president of the income-tax appellate tribunal (hereinafter called "the tribunal") has constituted this special bench to consider the following question: whether amendment in proviso to section 43b by finance act, 2003 could be construed to be curative, as such retrospective in nature? ..... object that was accomplished by the amendment was to give effect to the true intention behind the introduction of the section.that amendment is, therefore, required to be regarded as retrospective qua the amendment incorporated by the finance act, 1987.32. ..... before the tribunal was whether deduction can be allowed in respect of the said payment in view of amendment in proviso to section 43b by the finance act, 2003 by holding the same as retrospective.3. ..... by section 21 of the finance act, 2003 following amendments were incorporated in section 43b of the act: (b) in the first proviso, the words, brackets and letters 'referred to in clause (c) or clause (d) or clause (e) or clause (f)' have been ..... section 43b of the act was further amended by the finance act, 1987.two provisos were ..... on parity of reasoning the proviso which is now amended by the finance act, 2003 can also be treated as retrospective qua the payment of tax .....
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