Court : Gujarat
..... proceedings, the constitutional validity of the amendment to sub-section (9) of section 80-ib of the act by the finance (no.2) act, 2009, has been challenged. 44 ..... learned senior counsel contended that the introduction of the explanation in section 80-ib(9) by finance (no.2) act, 2009 with retrospective effect from 1.4.2000 is a substantive amendment which takes away a vested right of the petitioner ..... the constitutional validity of the amendment to sub-section (9) of section 80-ib and explanation added to it under the act by the finance (no.2) act, 2009, has been challenged. 3. ..... been claiming benefit of deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the income tax act, 1961 (hereinafter referred to as 'the act') which was introduced by the finance (no.2) act 2009. ..... the section was further amended by finance (no.2) act, 2009 with effect from 1.4.2000, and as amended, the said section reads as under :- "sub-clause (9) : the amount of deduction to an undertaking shall be hundred percent of the profits for a period of seven consecutive assessment years, including the initial assessment year, if such undertaking fulfills any of ..... claiming benefit of deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the act, which was introduced by the finance (no.2) act, 2009 .....
Tag this Judgment!Court : Gujarat
..... proceedings, the constitutional validity of the amendment to sub-section (9) of section 80-ib of the act by the finance (no.2) act, 2009, has been challenged. 44 ..... learned senior counsel contended that the introduction of the explanation in section 80-ib(9) by finance (no.2) act, 2009 with retrospective effect from 1.4.2000 is a substantive amendment which takes away a vested right of the petitioner ..... the constitutional validity of the amendment to sub-section (9) of section 80-ib and explanation added to it under the act by the finance (no.2) act, 2009, has been challenged. 3. ..... been claiming benefit of deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the income tax act, 1961 (hereinafter referred to as 'the act') which was introduced by the finance (no.2) act 2009. ..... the section was further amended by finance (no.2) act, 2009 with effect from 1.4.2000, and as amended, the said section reads as under :- "sub-clause (9) : the amount of deduction to an undertaking shall be hundred percent of the profits for a period of seven consecutive assessment years, including the initial assessment year, if such undertaking fulfills any of ..... claiming benefit of deduction of 100% of the profits and gains from the production of mineral oil and natural gas under section 80-ib(9) as it stood prior to an amendment to section 80-ib(9) of the act, which was introduced by the finance (no.2) act, 2009 .....
Tag this Judgment!Court : Delhi
..... petition, the petitioner challenges the retrospectivity of the amendment made to section 115 jb of the income tax act, 1961 by the finance (no.2) act, 2009 by insertion of clause (i) to explanation 1 with ..... view of the forgoing discussion, we hold that the amendment made to explanation 1 to section 115jb of the income tax act, 1961 by the finance (no.2) act, 2009 by insertion of clause (i) with retrospective effect from ..... the validity of the retrospective amendment made to section 80j by the finance (no.2) act, 1980, with effect from ..... what section 80j did, when it was amended by the finance (no.2) act, 1980, with retrospective effect from 1.4.1972, was to withdraw the benefit which had already accrued to the assessee as a vested statutory right and it was this kind of retrospective amendment which sought to defeat an accrued statutory right that was perceived to be likely to affect the sanctity of ..... section 80j and the retrospective amendment made by the finance (no.2) act, 1980 with effect from 1.4.1972, would be out of place in the context of chapter xii b of the income tax act ..... counsel for the petitioner put forward the following arguments in support of the challenge to the retrospectivity of the amendment: (a) the insertion of clause (i) by the finance (2) bill, 2009 to explanation i below section 115 jb has in effect imposed a new tax; it is not clarificatory provision and therefore, cannot be made retrospective; (b) no justification has been shown as to why the clause should be .....
Tag this Judgment!Court : Supreme Court of India
..... . on the other hand, in the case of calcutta export company (supra), this court noticed the aforesaid two amendments to section 40(a)(ia) of the act by the finance act, 2008 and by the finance act, 2010, which were intended to deal with procedural hardship likely to be faced by the bonafide tax payer, who had deducted tax at source but could not make deposit ..... , as indicated in paragraph 7.3 hereinbefore, that in the copy of order passed by itat in this case, there is obvious typographical error on the date of coming into force of the amendment to section 40 of the act of 1961 by the finance (no.2) act, 2004 inasmuch as the said amendment was made applicable with effect from 01.04.2005 and not 01.04.2004, as appearing the copy of the order of itat ..... of2009reportable shree choudhary transport company appellant(s) vs income tax officer dinesh maheshwari, j.preliminary respondent(s) judgment1 by way of this appeal, the assessee-appellant has called in question the order dated 15.05.2009 passed in income tax appeal no.164 of 2008 whereby, the high court of judicature for rajasthan at jodhpur has summarily dismissed the appeal against the order dated 29.08.2008 passed in ita no.117 ..... however, the appeal so filed was dismissed summarily by the high court, by its short order dated 15.05.2009 that reads as under:- in our view, on the language of section 194c(2), and the fact that the good received were sent through truck owners by the appellant, and there was no privity of direct .....
Tag this Judgment!Court : Delhi
..... appears that contrary to the above understanding by the department itself depicted in the above circular issued by the cbdt, the department understood the above amendment as permitting it to initiate proceedings under section 201 of the act for treating an assessee as an assessee in default even in respect of alleged failure to deduct tds for a period more than four years earlier ..... from a person resident in india, at any time after the expiry of- (i) two years from the end of the financial year in which the statement is filed in a case where the statement referred to in section 200 has been filed; (ii) four years from the end of the financial year in which payment is made or credit is given, in any other case: provided that such order for a financial year commencing on ..... bill, 2009 in relation to the amendment to section 201 of the act read as under: sub-clause (b) of clause 65 seeks to provide time limit for passing of order under sub-section (1) of section 201 ..... amendment to section 201 of the act brought about by the finance ..... finance act no.2/2009 ..... finance act ..... states that although the challenge in these petitions is also to the vires of the proviso to section 201(3) of the act as inserted by the finance (no. ..... there was a memorandum explaining the provisions of finance (2) bill, 2009, which was in the form of a circular issued by the central board of direct ..... (supra) has not changed by the introduction of proviso to sub-section (3) to section 201 by the finance (no. ..... the finance ..... finance .....
Tag this Judgment!Court : Chennai
..... however, subsequently, with explanation to section 115 ja, finance (no.2) act, 2009 introduced an amendment (g) to the explanation, to the second provisio, which reads that the amount or amounts set aside as provision for ..... in the light of the subsequent amendment with effect from 1/4/1998, now brought before this court, and the submissions stated supra, we are of the view that the substantial questions of law involved in the instant appeal requires to be suitably framed and therefore, in exercise of powers conferred under sub-section 3 of section 260 a of the income tax act, 1961, the following substantial question of law is framed "whether lease ..... regard to the retrospective effect of the amendment from 1/4/1998, both the learned counsel for the parties submitted that the issue as to whether adding up of sums under lease equalisation reserve and special depreciation reserve, would fall under clause (g) to the explanation to the second provisio to section 115 ja of the income tax act, 1961 requires to be addressed, and ..... equalisation reserve and special depreciation reserve would fall under clause 'g' to the explanation to the second provisio of section 115 ja of the income tax .....
Tag this Judgment!Court : Delhi
..... syali, the learned senior advocate for the petitioners states that although the challenge in these petitions is also to the vires of the proviso to section 201(3) of the act as inserted by the finance (no.2) act, 2009, the petitioners would be satisfied if the interpretation sought to be advanced by them on the scope and ambit of proviso to sub-section (3) of section 201 of the act is accepted by the court. ..... the text of section 201(1) and (3) of the act read, when amended with effect from 1-4-2010, (by finance act 2012), reads as follows: 201. ..... the statement of objects and reasons of the finance (no.2) bill, 2009 in relation to the amendment to section 201 of the act read as follows:"sub-clause (b) of clause 65 seeks to provide time limit for passing of order under sub-section (1) of section 201 in case of resident tax payers. ..... similarly, vide the finance act, 2008, with effect from april 1, 2008, sub-section (6) has been inserted in section 195 which requires the payer to furnish information relating to payment of any sum in such form and manner as may be prescribed by the board. ..... under section 40(a)(i), inserted, vide finance act, 1988, with effect from april 1, 1989, payment in respect of royalty, fees for technical services or other sums chargeable under the income-tax act would not get the benefit of deduction if the assessee fails to deduct tas in respect of payments outside india which are chargeable under the income-tax act. .....
Tag this Judgment!Court : Delhi
..... it was also submitted that the first appellate authority and the tribunal have failed to take notice of the amendment to section 80a (5) vide finance act, 2009 w.e.f. ..... on being denied this claim, constitutional vires of sub-section 5 to section 80a, as inserted by finance act, 2009 and 4th proviso of section 10b (1) of the act, were challenged. ..... reliance was placed on the memorandum issued by the income tax department explaining the amendments in chapter via vide clause 29 and 36 of the finance act, 2009.13. ..... with a view to prevent such misuse, it is proposed to amend the provisions of section 80a of the income-tax act to provide the following, namely:-"(i) (ii) deduction in respect of profits and gains shall not be allowed under any provisions of section 10a or section 10aa or section 10b or section 10ba or under any provisions of chapter via under the heading c. ..... section 80a(5) of the act as amended, reads as under: where the assessee fails to make a claim in his return of income for any deduction under section 10a or section 10aa or section 10b or section 10ba or under any provision of this chapter under the heading c. ..... accordingly, in return of income filed on 29th september, 2009 it had claimed deduction of rs.17.87 crores under section 10a of the act with nil taxable income under the head of income from business and profession . .....
Tag this Judgment!Court : Delhi
..... as requested by the learned counsel for the respondent/assessee, this order passed by us today is without prejudice to the assessee's right to challenge the constitutional validity of the amendment introduced by the finance (no.2) act, 2009 whereby the amendments were introduced in section 132 (1) empowering the joint director of income tax to issue a warrant of authorization with retrospective effect.8. ..... the learned counsel for the revenue now points out before this court that by virtue of the finance (no.2) act, 2009, an amendment has been introduced in section 132 (1) with retrospective effect from 01.10.1998 whereby the joint director has also been empowered to issue warrants of authorization. ..... in view of this amendment, the impugned order is liable to be set aside and the matter is to be remitted to the tribunal to consider the appeals filed by the assessee as well as by the revenue on all the other grounds urged by the parties.6. .....
Tag this Judgment!Court : Delhi
..... . (2a) where the first proviso to sub-section (2) as it stood before its amendment by the finance (no.2) act, 2009 (33 of 2009), is applicable in respect of an international transaction for an assessment year and the variation between the arithmetical mean referred to in the said proviso and the price at which such transaction has actually been undertaken exceeds five ..... . it states that where the arm s length price determined under sub-section (1) exceeds the arm s length price as declared by 5%, the assessee would not be entitled to exercise the option under first proviso to sub-section (2) as it stood before its amendment by the finance (no.2) act, 2009 ..... suggested by the transfer pricing officer on account of advertising/marketing and promotion expenses ( amp expenses for short) was beyond jurisdiction and bad in law as no specific reference was made by the assessing officer, having regard to retrospective amendment to section 92ca of the income tax act, 1961 by finance act, 2012 ..... suggested by the transfer pricing officer on account of advertising/marketing and promotion expenses ( amp expenses for short) was beyond jurisdiction and bad in law as no specific reference was made by the assessing officer, having regard to retrospective amendment to section 92ca of the income tax act, 1961 by finance act, 2012.2 ..... . amendment by the finance act, 2012 incorporating sub-section 2b to section 92ca was retrospective and applicable with effect from 1st june, 2002 .....
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