Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 77 amendment of section 22ba Page 1 of about 3,342 results (0.096 seconds)

Rupal Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD484(Mum.)

..... case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. ..... if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export turnover was ..... thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction ..... regard, we have also noted that the order under section 263 of the act was passed on 30-12-1988 when the benefit of the amendment brought by the finance (no. ..... the learned departmental representative, on the other hand, relied on the order of the commissioner under section 263 of the act and also emphasised that explanation (ba) below section 80hhc does not use an expression "for the removal of doubts" and gives a specific date of 1 -4-1987 for ..... 2) act, 1991, mentioned above, was not available to the ..... 2) act, 1991, retrospectively to remove an anomaly which came into existence from 1-4-1986 and not ..... act, 1991 ..... 2) act, 1991 and which was available at 195 itr ..... dated 19th december, 1991, containing explanatory notes on the provisions relating to direct taxes contained in finance (no. ..... 2) act, 1991 with effect from 1-4-1987, according to which "total turnover" shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the ..... state of haryana [1991] 188 itr ..... of india [ 1991 ] 189 itr .....

Joint Commissioner of Income Tax Vs. Global Calcium (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)106TTJ(Chennai)179

..... (baa) was brought on statute book by the finance (no.2) act, 1991. ..... : (baa) "profits of the business" means the profits of the business as computed under the head "profits and gains of business or profession: as reduced by-- (1) ninety per cent of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in such profits; and (2) the profits of any branch, office, warehouse or any other establishment of the assessee situate outside ..... though this decision was against an order under section 154 r/w section 80hhc, this decision captures the essence of the principle applicable to the subject of deduction of interest income.the decision was also rendered under the amended provision of section 80hhc, which is applicable in the instant case of the assessee. ..... it is seen from the proposed amendment which went to clarify that 'profit of business for the purpose of section 80hhc will not include receipts in the nature of brokerage, commission, interest, rent, charges, etc. ..... sub-clause (e) seeks to amend explanation to section 80hhc particularly sub-item (2). ..... (supra), these two cases are prior to the amendment of section 80hhc w.e.f. ..... the business of the industrial undertaking had directly to yield that profit.the high court subsequently had taken a contrary view basing itself on the amendment to section 28. .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, held that every statute is prima facie prospective unless it is expressly or by necessary implication made to have retrospective operation. ..... there is no distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated as an independent and distinct levy/charge which is ..... 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 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. .....

Bhagwan Dass Khanna Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2001)78ITD151(Delhi)

..... a view to securing the benefit under section 80hhd for all the segments of the tourism industry, section 80hhd was amended by the finance act, 1991, w.e.f.1-4-1992, by inserting, inter alia.explanation to sub-section (2) and sub-section (2a), which read as under:-- "explanation ..... let us now analyze the nature of the amendments made in section 80hhd by the finance act, 1991 in the light of the legal propositions set out in para ..... " if the amendment in section 80hhd, introduced by the finance act, 1991 is considered in the light of the above propositions, it would emerge that the same having been introduced to remedy unintended consequences, has to be given a retrospective ..... that the explanation to section 80hhd(2), although inserted by the finance act, 1991, w.e.f. ..... with the question whether this provision is retrospective or not.9.1 on a careful consideration of the facts and circumstances of the case in its entirety and in view of the foregoing discussion we hold that the above referred amendments made by the finance act, 1992 by introducing explanation to section 80hhd(2) and sub-section (2a) are retrospective in nature. ..... in cases of doubt or difficulties encountered in ascertaining the true nature of a provision, the statement of objects or the explanatory notes on clauses relating to the amendment can be usefully referred.the relevant note on clauses in the finance bill, 1991 which introduced the amendments under consideration in section 80hhd, has been reproduced in para 4 above. .....

Sri Chaitanya Educational Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)106ITD256(Hyd.)

..... cit 271 itr 322 sc, the apex court, examining the retrospective or otherwise nature of the amendment to the provisions of section 80hhc by the finance act, 1991, whereby the benefit of section 80hhc has been extended to a specific kind of mineral, apex court held that every statute is prima facie prospective unless it is expressly or by necessary implication made to have retrospective operation. ..... the permissibility of the retrospectivity, would have to be examined in the appellate proceedings, if instituted by the assessee.7.6 in the light of the foregoing discussion, we find that the commissioner has no power to cancel the registration, prior to insertion of sub-section (3) of section 12aa by the finance act, 2004 with effect from 1.10.2004 nor does the said amendment have any retrospective operation and as such the impugned order dated 26.7.2004 has no legal sanctity. ..... examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be given retrospective effect, despite a legislative declaration specifying a prospective date as the date from which the amendment is to come into force, is as to whether without the aid of the subsequent amendment, he unamended provision is capable of being so construed as to take within its ambit the subsequent amendment. .....

industrial Packers and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1995)52ITD1(Pat.)

..... counsel for the assessee conceded fairly that section 43b had been inserted by the finance act, 1983 with effect from 1-4-1984, but since section 29 was amended only with effect from 1-4-1989 to include section 43b, the only conclusion to be drawn was that section 43b could not be invoked for assessment year 1986-87.6. ..... it has been provided in the act itself that the amendment, although made by the finance act, 1989, will take effect retrospectively from 1-4-1984. ..... the patna high court has held in the case of jamshedpur motor accessories stores (supra) that the first proviso below section 43b is clarificatory and operative from assessment year 1984-85 retrospectively although the proviso was inserted by the finance act, 1987 w.e.f. ..... union of india [1991] 189 itr 70, while considering an amendment of section 43b, that the rule of reasonable construction should be followed and literal construction may be avoided if that defects the manifest object and purpose of the act. ..... counsel for the assessee further submitted that the amendment in section 29 to include section 43b with effect from 1-4-1989 could not be made retrospective and in any case if two interpretations were possible, then the interpretation in favour of the assessee should be adopted. ..... 2) act, 1991 retrospectively. ..... 2) act, 1991 made itself applicable retrospectively from 1-4-1987 only and not 1-4-1986.14. ..... union of india [1991] 189 itr 70 (pat. ..... union of india [1991] 189 itr 70. .....

income-tax Officer Vs. Taj Trade and Transport Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)41ITD60(Mum.)

..... concerned with assessment year 1983-84 when section 80hhc as it stood before its amendment by the finance act, 1985 with effect from 1-4-1986, ..... we find that this deduction was originally brought under section 89a by finance act, 1982 and in this connection we may refer to the hon'ble finance minister's speech as under : i will now ..... the purposes of the foreign exchange regulation act, 1973, and any rules made thereunder; (b) 'export turnover' means the sale proceeds of any goods or merchandise 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.this section was brought in by the finance act, 1983 with effect from 1-4-1983. ..... company or a person (other than a company) who is resident in india, exports out of india during the previous year relevant to an assessment year, goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, the following deductions, namely :- (a) a deduction of an amount equal to one per cent, of the export turnover of such ..... he also brought to our notice the provisions of the finance act, 1991 providing that 80hhc deduction would not be eligible on counter ..... 2) act, 1991, viz: the issue, whether sale of goods to foreigners in shops or other establishments situated in india is ..... 1987 dated 4-10-1991], wherein .....

New Rajasthan Trading Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... we, therefore, feel that invoking of the provisions of section 293b of the act is mis-placed and not justified.5.1 we, however, feel that the benefits under proviso to section 272a(2) though inserted by finance act, 1991 with effect from 1-10-1991 should be made available to the assessee on the ground that the benefit of a legislation which obviates hardships to the taxpayer, should extend to an assessee whose case is pending for final adjudication at the lime of the ..... it was, perhaps, with a view to remove such type of hardships that the legislature, in its wisdom, thought it proper to come out with an amendment which seeks to have some relation with the amount of tax "deductible" or "collectible" in the matter of quantum of penalty and tends to remove the anomalous hardships ..... submitted that prior to amendment in section 206 of the i.t. ..... amendment did not affect the very ingredient of the default contemplated under section ..... the amendment in question thus besides being beneficial to the assessees, clarifies and explains the intention of the legislature, as it always was in enacting the provisions of section 272a(2) and aims its ..... bul, although an amendment may come into force after the dale of default, it should apply to those cases of defaults also in which proceedings are still pending on the date of coming of the amendment into force provided the amendment is purely procedural and affected the machinery for levying and collecting penalty only and not the very ingredients .....

Mascon Technical Services Ltd. Vs. Asstt. Cit, Central Circle Iii (2)

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)3SOT861(Chd.)

..... was required after the amendment was made by the finance act, 1991, with effect from 1-4-1992.he then referred to section 80hhb. ..... non-levy of income-tax on lump sum payable for using the software, concessional rate of tax under section 15a for royalty payment for use of software vide finance (no.2) act, 1991 and as explained in circular no. ..... before the amendment made by the finance act, 1997 with effect from 1-4-1998, section 80-o was also available for "any income by way of royalty, commission, fees or any similar payment received by the assessee from the government of a foreign state or foreign enterprise in consideration for the use outside ..... act, 1991, and that too, with effect from 1-4-1992, which is proposing to substitute the words 'technical or professional services' in place of the words 'technical services' now used in the section ..... to negative this line of thinking by urging that 'professional services' have been brought within the scope of section 80-o only by an amendment by the finance (no. ..... he also contended that after the introduction of section 80hhe, section 80-o was not omitted and still remained in the statute.so the assessee had the choice of claiming the deduction under section 80-o or 80hhe of the act.we have considered the rival submissions carefully and have also gone through the relevant ..... assessing officer was of the view that there was specific provision under section 80hhe of the act allowing deduction in respect of profit from export of computer software, .....

Jayshree Tea and Industries Limited Vs. the Customs, Excise and Servic ...

Court : Guwahati

..... sometime in september, 1991 by virtue of the finance act an amendment was introduced in the central excise act incorporating section 11b relating to unjust enrichment. ..... to have been made under this sub-section as amended by the said act and the same shall be dealt with in accordance with the provisions of sub ..... (including the documents referred to in section 12a) as the applicant may furnish to establish that the amount of duty of excise in relation to which such refund is claimed was collected from, or paid by, him and the incidence of such duty had not been passed on by him to any other person: provided that where an application for refund has been made before the commencement of the central excises and customs laws (amendment) act, 1991, such application shall be deemed ..... in view of the statutory amendment, the assistant collector reconsidered the matter and passed an order on 12th november, 1991 rejecting the claim for refund on the ground that the appellant had realized the duty on the captive consumption of the items. 5. ..... the very fact that the parliament intervened in the matter by introducing section 11b to the central excise act read with proviso. .....