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Reckitt and Colman of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2001)77ITD198(Kol.)

..... its place, another clause (ba) was inserted 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 ..... [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 ..... 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), ( ..... " 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 ..... act, 1991 with effect from 1 -4-1991 ..... 2) act, 1991 also inserted another clause (baa) to the aforesaid explanation to section 80hhc with effect from 1-4-1992 defining "profits of business", which has been prescribed to mean the profits of .....

international Research Park Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)50ITD37(Delhi)

..... change with which we are concerned is the addition of clause (baa) in the explanation added to sub-section (4a) by the finance (no.2) act, 1991, with effect from april 1, 1992, providing for the meaning of the expression "profits of the business". ..... to which this section applies: (a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 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 operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : deduction under section 80hhc, if entire export proceeds, ..... the original section was inserted by the finance act of 1983, with effect from april 1, 1983, which provided for a deduction in respect of export turnover equal to one ..... the original section as inserted by the finance act of 1983 with effect from april 1, 1983, read : ..... by the finance act, 1990, sub-section (3) has been amended to provide that profits derived from export of goods out of india shall be the amount which bears to the profits of the business the same proportion as the ..... act, 1991 ..... 2) act, 1991, explaining the expression "profits of the business" for the purpose of .....

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

Court : Income Tax Appellate Tribunal ITAT Chennai

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

..... ) was brought on statute book by the finance (no.2) act, 1991. ..... tribunal was right in disallowing the claim of the assessee in this regard.in the above decision, the hon'ble high court has given a plain meaning of clause (baa) to explanation to section 80hhc of the act, which means, clause (baa) is very clear that 90 per cent of the interest that was deductible for the claim under section 80hhc was from the gross interest received by the assessee and the ..... act, 1991, he argued that notes on clauses to finance (no ..... in view of the above, we are of the view that 90 per cent of the interest that is deductible for the claim under section 80hhc of the act is from the gross interest received by the assessee and that the amount of interest paid by the assessee should not be deducted therefrom and, hence, we answer the above question in favour of the revenue ..... again affirmed the view of the ao holding that 90 per cent of the interest that was deductible for the claim under section 80hhc of the act was from the gross interest received by the assessee and that the amount of interest paid by the assessee could not be deducted therefrom. ..... however, that will not be the case if the assessee is carrying on the business of financing because in the case of financing, the interest income which accrues to the assessee, will have the element of turnover and in such a case, receipts like interest, will not ..... 2) act, 1991, w.e.f, 1st april, ..... act, 1991 ..... baa) was introduced into the act by the finance (no. .....

H.P. State Indl. Dev. Corporation Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2001)80ITD639(Chd.)

..... i have myself looked into the background papers as well as explanatory notes on the provisions relating to income-tax act introduced by finance act (2) of 1991, and i find it difficult to agree with the interpretation taken by the ld. ..... in order to decide the contentions raised by the learned representatives of the parties, we deem it necessary to reproduce certain provisions of interest-tax act, 1971 as amended by finance (no.2) act, 1991, w.e.f. ..... for the above reasons, there is no need to rely on any external aid like speech of the finance minister or explanatory notes on the relevant bill to interpret and understand the meaning of "chargeable interest" under the interest-tax act, although these external aids also do not support the claim of the assessee.17. ..... shri jain further submitted that the assessee was being financed by idbi, icici and other institutions and was acting as a conduit pipe for giving loans to various parties ..... assessing officer held that as per the statutory provisions of section 5 of the interest-tax act, the interest was to be charged on accrual basis on account of amendment introduced in the interest-tax act w.e.f 1-10-1991. ..... 159 dated 31-12-1974 and 621 dated 10-12-1991 under which the explanatory notes on the two acts were explained given as also the charging section, held as under:-- (i) that the credit institution was liable to return interest chargeable to tax subject to certain exceptions as "accruing or arising" to the credit of the institution in the .....

Tangerine Exports Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD386(Mum.)

..... 1991 para 34 of explanatory notes available at pages 7146-7182, 7164-65 in volume 6 of the learned author chaturvedi pithisaria, section 80hhe was inserted by finance (no.2) act, 1991 for the following purpose: finance ..... is claimed and allowed in respect of profits of business referred to in sub-section 1 for any assessment year, no deduction shall be allowed in relation to such profits under any other provisions of this act for the same or any other assessment year.all the above facts clearly go to point out that the provisions of sections 80 hhc and 80hhe are independent of each other and they were brought on ..... is evident from the fact that the section provided that no deduction contemplated by it shall be allowed in relation to the assessment year commencing on the 1st day of april 1994 (later on deferred to 1995 by finance act, 1993) or any subsequent assessment year. ..... the assessee's case could not be stymied by whipping up a non-existent provision (section 80hhe came into force with effect from 1-4-1991) which ought to have been decided on the strength of the bare provision of relevant law (section 80hhc), if not by ..... the assessing officer thereafter hops on to the speech of the hon'ble finance minister, the mover of the bill for the enactment of section 80hhe, delivered by him on the floor of the house on 24th july, 1991, a part of the annual budget, as per which section 80hhe was introduced with a view to encourage export of a software ..... 2) act, 1991 - explanatory notes ..... act, 1991 .....

Indian Furniture Works Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2001)71TTJ(Bang.)709

..... present case, has produced a copy of the order of the honble karnataka high court dated 6-1-2000 in which question regarding the applicability of the circulars even prior to the amendment by the finance act, 1991 was brought to the attention of the court and the honble court deemed it fit that this should be examined by a larger bench and, therefore, there lordships considered it necessary to place ..... was also amended by the finance (no.2) act, 1991, with effect from 1st april, 1991 and this schedule which is entitled "processed minerals and ores" contains a list of ten items, the last two of which reads as under : "(x) cut and polished minerals and rocks including cut and polished granite".hence, it is clear that with effect from assessment year 1991-92 onwards cut and polished ..... however, there was an amendment to section 80hhc(2)(b) by the finance (no, 2) act, 1991, with effect from 1-4-1991, as a result of which the section was revised as under : (ii) minerals and ..... the honble karnataka high court has held the view that the beneficial circular of the central board of direct taxes would be available to the assessee even prior to the assessment years 1991-92, though the matter has to be further clarified by the pronouncement of a larger bench of the karnataka high court with special reference to the observations of the honble supreme court in the ..... act, 1991, extended the benefit to export of processed minerals and ores mentioned in the twelfth schedule to the income tax act .....

Capt. K.C. Saigal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD488(Delhi)

..... that the words "agreed to" in section 80-o still stipulate some agreement between the parties though approval of the agreement by cbdt was no longer necessary after the amendment by the finance (no.2) act, 1991 with effect from 1 -4-1992. ..... the reserve bank of india had advised in that case that "the remittance of reinsurance premia after deducting the brokerage due to you would not violate the provisions of foreign exchange regulation act, 1973".4.1 the learned counsel further submitted that the provisions of section 80-o stipulate the following conditions for admissibility of deduction under that section, namely: (a) the assessee should be an indian company or a person (other than ..... that such remittance after deducting the brokerage would not violate the provisions of the foreign exchange regulation act, 1973 and urged that the assessee has fulfilled the said condition relating to receipt of payment in convertible foreign exchange having regard to the spirit ..... fell in the nature of managerial services and not in the nature of technical or professional services ; (e) relying on the observations made by the dcit in his order made under section 144-a of the income-tax act, 1961, that the case of the assessee was on a different set of facts than those involved in the cases of e.p.w. ..... 2) act, 1991 with effect from 1 -4-1992 by which the words "technical services" were substituted by the words "technical or professional services", have observed that "this amendment may be only of .....

Assistant Commissioner of Income Vs. Vijay Granites (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... in the amendment made by the finance (no.2) act, 1991 wherein a new xii schedule has been added to the statute item (x) reads as under: "cut and polished minerals and rocks including cut and polished granites," from the very ..... ito reported in (1991) 39 ttj (hyd) 88 and also the amendment made by the finance (no.2)act, 1991 extending the benefit to processed minerals and rocks including cut and processed granites i have directed allowance of deduction ..... judgment would not affect the merits of the present case as it is relatable to the assessment years before the corning into force of the finance (no.2) act of 1991. ..... , sri prabhakar, vehemently contended that the assessment years under consideration fall from 1986-87 to 1989-90 which is much earlier to the period of introduction of xiith schedule to the act and hence the provisions that were prevailing during the time of assessment years alone are applicable.the products of the assessee are nothing but mineral as they are excavated from the ..... is fully fortified by the decision of the division bench of the karnataka high court reported in (1999) 240 itr 343 (kar).explanations/clarifications were issued to section 43b of the act.amendment by way of inserting the first proviso to section 43b w.e.f.1st april, 1988, stood for consideration before the apex court in the case of allied motors (p) ltd. v ..... act of 1991 ..... april, 1991, the words "other than processed minerals and ores specified in the twelfth schedule" were added by the finance (no. .....

D.D. Kuthiala Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)57ITD192(Chd.)

..... the amendment brought about by the finance (no.2) act, 1991 in section 4(1)(a) of the act does not stipulate for the first time that in case of inadequate consideration, gift will ..... on the same analogy, if there are no rules for valuing the unquoted equity shares under the gift-tax act, then the principles laid down under the wealth-tax act could be taken into consideration by the assessing officer and that is precisely what the assessing officer did in the present case by taking the value of transferred ..... the madhya pradesh high court has held that where no rules have been framed for valuing unquoted equity shares under the estate duty act, 1953, then in the absence of any contrary provision, the principles laid down by the statutory rules framed under another taxing statute, namely, the wealth-tax act, can be taken into consideration in valuing the unquoted equity shares for purposes of estate duty. ..... 2) act, 1991 as reported in 190 itr (statutes) 230 at page 262, it was explained that the aforesaid amendment in section 4(1)(a) of the act was to take effect from first of april, 1992 and was to apply in relation to assessment year 1992-93 and ..... 2) act, 1991, section 4(1)(a) of the act was ..... of the learned counsel for the assessee, therefore was that the revenue authorities were in error in applying the provisions of schedule ii to the gift-tax act for arriving at the value of the shares and thereby calculating the alleged inadequacy of the consideration.6. ..... 2) act, 1991 in section .....

Late S. Ayyakannu by Lr Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

..... 90(2) of the it act, 1961 inserted by finance (no.2) act, 1991 with retrospective effect from 1st april, 1972, reads as under : (2) where the central government has entered into an agreement with the government of any country outside india under sub-s. ..... 2) act, 1991 with retrospective effect from 1st april, 1972 ..... act of 1991. ..... in such a situation, in relation to the assessee to whom such agreement applies, the provisions of the it act, 1961, shall apply to the extent they are more beneficial to that assessee. ..... (1) for granting relief of tax, or as the case may be, avoidance of double taxation, then, in relation to the assessee to whom such agreement applies, the provisions of this act shall apply to the extent they are more beneficial to that assessee. ..... (1991) 190 itr 626 (cal) held that the double taxation avoidance agreement must prevail over the provisions of the it act. ..... it means that there is no provision in the it act, 1961 to bring to tax such remittances. ..... of the amount credited in the bank account in the form of demand drafts to explain the investments, since it cannot be treated as disclosed income either in india or outside india for the purpose of assessment under chapter xiv-b of the it act (see para 11.1 of assessment order). ..... 69, 69a and 69b of the it act, 1961, are deeming provisions. ..... 69, 69a and 69b of the it act, 1961.therefore, he held that all the remittances cannot be treated as coming out of sources of income outside india to explain the acquisition of assets in india .....