Court : Mumbai
Reported in : [1995]216ITR584(Bom)
..... what the income-tax officer rectified was an error apparent from the record coming within section 154 of the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, there was any excess dividend declared by the assessee-company which attracted clause i(b) of paragraph f of part i of the first schedule to the finance act, 1968 (3) whether, on the facts and in the circumstances of the case, ..... the tribunal was correct in law in holding that additional income-tax was payable in respect of the dividend declared and paid out of profits exempt under section 80j of the income-tax ..... provisions of the finance act, 1968, are as follows : 'the first schedule(see section 2)part iparagraph f ..... addition where the company is -(i) a company in which the publicare substantially interested, or(ii) a company as is referred to inclause (iii) of sub-section (2) or clause(a) or clause (b) of sub-section (4) ofsection 104 of the income-tax act, or(iii) such a company as is exemptfrom the operation of section 104 of thesaid act by a notification issued underthe provisions of sub-section (3)of that section,on so much of total income as 7.5 per cent.does not exceed the relevant amountof distributions of dividends by thecompany4. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1994)121CTR(MP)116; [1996]221ITR459(MP)
..... the petitioners have in this petition challenged the constitutional validity of section 40 of the finance act, 1983, on the ground that it violates article 14 of the constitution of india ..... by section 40 of the finance act, 1983, it was, however, provided that notwithstanding anything contained in section 13 of the finance act, 1960, wealth-tax shall be charged under the wealth-tax act for every assessment year commencing on or from the first day of april, 1984, in respect of the net wealth on the corresponding valuation date of every company, not being a company in which the public are substantially interested, at ..... we do not find any discrimination or arbitrariness, as complained of by the petitioners and section 40 of the finance act, 1983 cannot be attacked on that count.16. ..... thus, a private company as defined in the companies act, 1956 (1 of 1956), shall not be a company in which the public are substantially interested and, therefore, will be a company from whom wealth-tax can be charged by virtue of section 40 of the finance act, 1983.10. ..... by virtue of section 13 of the finance act, 1960, it was provided that notwithstanding anything contained in the wealth-tax act, 1957, no tax shall be charged in respect of the net wealth of a company for any financial year commencing on or after the first day of april, 1960.5 ..... the provisions of section 40 of the finance act, 1983, are thus arbitrary and offend article 14 of the constitution of india on the ground of lack of rational .....
Tag this Judgment!Court : Mumbai
Reported in : [1994]210ITR570(Bom)
..... this bring us to the second condition which the assessee must fulfil under section 16(c) of the finance act, 1974, namely, that before december 1, 1973, the assessee should have either purchased such machinery or plant or should have entered into a contract for ..... was made under section 33(4) of the income-tax act, 1961, read with section 16(c) of the finance act, 1974. ..... (the reasons for incorporation of section 16(c) in the finance act, 1974, are set out ..... under the finance act, 1974, however, the government of india provided, by reason of section 16(c), for continuance of development rebate ..... the assessee cannot be accepted looking to the specific language used in section 16(c) of the finance act, 1974. ..... advocate for the revenue, has, therefore, submitted that the assessee-company not having installed the machinery in question, cannot claim the benefit of section 16(c) of the finance act, 1974. 10. ..... section 16(c) of the finance act, 1974, however, has an express requirement that the machinery or plant should be installed ..... section 16(c) of the finance act covers 'any machinery or plant installed by ..... cit : [1977]109itr447(mad) , where the madras high court, in the context of development rebate, considered the expression 'assessee' appearing in section 34(3)(a) of the income-tax act and negatived a similar argument advanced before it and held that the expression 'assessee' must be construed as the assessee who claims the development rebate and in whose favour the development rebate is .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1966]61ITR263(P& H)
..... the amendment in section 23a was made by section 7 of the finance (no.2) act of 1957 and, therefore, by virtue of section 11, sub-section (2), it came into force from the 1st of april 1957. ..... the finance (no.2) act of 1957 amended only sub-sections (1) and (2) of section 23a as they stood immediately before the said amendment. ..... there were a number of changes brought about by the amendment in 1957, but so far as the shareholders are concerned the position continued to be the same as under section 23a after its amendment by the finance act of 1955. ..... this amendment in section 23a was brought about by section 15 of the finance act, 1955. ..... section 20 of the said finance act specified the dates regarding the commencement of amendments to the income-tax act. ..... so far as the shareholders are concerned their liability to pay additional tax had already come to an end from the date the amendment in section 23a came into force by the finance act of 1955. ..... the section was then amended by the finance act, 1955 (no.15 of 1955), and the change relevant for the purposes of the present controversy was that, instead of shareholders having to pay the tax on notional income, the company was made liable to pay super-tax at ..... in this view we cannot agree with the learned counsel for the appellant that the liability of the shareholders was completely wiped out retrospectively by section 11 of the finance (no.2) act of 1957.the second contention of the learned counsel has also no force. .....
Tag this Judgment!Court : Delhi
Reported in : 1987(30)ELT321(Del)
..... retrospectivity of the legislation coupled with the validating provision enacted under section 4(2) of the finance act also makes it clear that the intendment and effect is to neutralise all judicial decisions to the contrary and make the amendments fully effective from 1-4-1975. ..... says that his argument is reinforced by requiring that 'full and complete effect' should be given to the exemption and also by the terms of clause (c) of section 47(2) of the finance act which envisages a possibility of there being refunds of excise duty on giving effect to the amendment retrospectively. ..... since the amendments were initially proposed in clause 47 of the finance bill, 1982, though subsequently enacted into the finance act, 1982 we may refer to the provisions of the finance bill here ..... in the face of this amendment, it seems quite clear that, after the finance act, 1982, it is not longer possible to give effect inter alias to the rulings in modi rubber, ceat tyres and other like cases. ..... or order of any court, tribunal or other authority, - (a) all duties of excise levied, assessed or collected during the said period on any excisable goods under the central excises act, shall be deemed to be and shall be deemed always to have been, as validity levied, assessed or collected as if the amendment made by sub-section (1) had been in force at all materials times; (b) no suit or other proceeding, shall be maintained or continued in any court for the refund of, and no enforcement shall be made by .....
Tag this Judgment!Court : Kerala
Reported in : I(2004)BC378; 2003(2)KLT347; [2003]45SCL555(Ker); [2004]134STC377(Ker)
..... further submitted that though the definition of dealer in section 2(viii) of the act is amended by the finance act, 1998 by introducing a new sub-clause(g) bringing the banks and financial institutions which effects sale of any gold or other valuable articles pledged with them to secure any loan for realisation of such loan amount within the definition of dealer, in the absence of corresponding amendments to the definition of 'business' and 'sale' in the act, legislature could not achieve the purpose for ..... the definition of 'dealer' in section 2(viii) of the act was amended by the kerala finance act, 1998 by which a new clause, clause (g) was added whereby a bank or a financing institution which, whether in the course of its business or not, sells any gold or other valuable article pledged with it to secure any loan for the realisation of such loan amount was added. ..... thus, it can be seen that the challenge made to the amended provisions of the definition of 'dealer' in section 2(viii) of the act by the finance act, 1998 was repelled by this court.15. ..... now the definition of 'dealer' in section 2(viii) has been amended by finance act, 1998 under which a bank or a financial institution which, whether in the course of its business or not, sells any gold or other valuable article pledged with it to secure any loan, for the realisation of such loan amount .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1998)145CTR(P& H)246; [1998]231ITR663(P& H)
..... brought about by the finance act, 1970, held that manubhai's case : [1981]128itr87(bom) was rendered ineffective after amendment. ..... section 2(1a) by the finance act, 1989, with effect from april 1, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section ..... of agricultural land located within the municipal limit but with a rider that the tribunal before giving effect to this order should satisfy itself regarding the remaining two ingredients mentioned in section 2(14)(iii)(a) regarding population not being less than ten thousand according to the last preceding census of which the relevant figures had been published before the first day of the previous ..... held that the profits and gains received from the agricultural land is revenue within the meaning of section 2(1a) of the income-tax act, 1961 (hereinafter referred to as 'the act'), as the agricultural income was not taxable under the act, capital gains tax on the sale of agricultural land could not be levied.3. ..... counsel for the assessee fairly concedes that the agricultural land comprised in a municipal area which satisfied the ingredients of section 2(14)(iii) (a) and (b) would be an asset the sale of which would attract capital gains and, therefore, the question referred by the tribunal to this court has to be answered in .....
Tag this Judgment!Court : Kerala
Reported in : [1977]108ITR689(Ker)
..... in the light of the above, we answer the question referred to us by stating that penalty should be imposed under the original section 18(1)(i) of the wealth-tax act as it stood prior to its amendment by act 46 of 1964 and the finance act, 1969, for the assessment year 1964-65 and that section 18(1)(i) as it was amended by the finance act, 1969, must be applied for imposing the penalty for the year 1965-66.12. ..... this section was again amended with effect from april 1, 1969, by the finance act, 1969, and after such amendment section 18(1) reads as follows:'18. ..... it was, therefore, contended that section 18(1)(i) as it was amended by the finance act, 1969, must be applied for the entire periods from july 1, 1964, to march 30, 1970, for the year 1964-65 and from july 1, 1965, to march 30, 1970, for the year 1965-66 and the penalties imposed on ..... 1964-65 and 1965-66 the penalty for every month during which the default continued after april , 1969, is to be computed under the law as it obtained on the 1st april of each assessment year alone, that is, under section 18(1)(i) of the wealth-tax act, 1957, as it stood prior to its amendment by the finance act, 1969 ?'2. ..... another view was also put forward and that was that in any case for continued defaults from april 1, 1969, onwards the date on which the finance act, 1969, came into force, the penalty should be on the basis of what is provided in the amended section. .....
Tag this Judgment!Court : Delhi
Reported in : [1986]15ITD753(Delhi)
..... was made to the amendment proposed in the definition in the finance act, 1983 but it ..... section 80hh or section 80hha or section 80hhb or section 80hhc or section-80-i or section 80j or section 80jj, the deduction under sub-section (1) of this section, in relation to the sums specified in clause (a) or clause (b) or clause (c) of sub-section (2), shall be allowed with reference to the income, if any, as referred to in those clauses included in the gross total income as reduced by the deductions under section 80hh, section 80hha, section 80hhb, section 80hhc, section 80-i, section 80j and section ..... 80jj.it was contended that even where the deductions allowable under section 80hhb the assessed is entitled to deduction under section ..... before the ito as according to the assessed there would not have been any income so as to claim weighted deduction under section 35b, it was further submitted that substantial materials had been placed before the assessing officer from which one could find that .....
Tag this Judgment!Court : Delhi
Reported in : (2002)74TTJ(Del)596
..... the wealth-tax in question paid in pursuance to section 40 of the finance act, 1983 was wealth-tax and was covered by the provisions of section 40(a)(iia) of the act, and, thereforee, it was not admissible for deduction ..... exception part of explanationn to section 40(a)(iia) of the act referred to above became applicable in the present case and the wealth-tax amounting to rs, 1,55,820 paid by the assessed in pursuance to section 40 of the finance act, 1983, was admissible for ..... only the assets specified under sub-section (3) of section 40 of the finance act, 1983, which was chargeable to ..... admittedly, the wealth-tax paid in pursuance to section 40 of the finance act, 1983, was with reference to the value of particular asset of the ..... section 40 of the finance act, 1983, wealth-tax was livable on specific assets and not on total wealth of the assessed and, thereforee, this wealth-tax was not covered under the provisions of section 40(a)(iia) of the act. ..... under section 40 of the finance act, 1983, total wealth of the company was not ..... of the assessed submitted that the assessing officer and the learned commissioner (appeals) had not correctly appreciated the provisions of section 40 of the finance act, 1983. ..... to section 40 of the finance act, 1981 ..... chargeable with reference to the value of any particular asset of the business or profession will not be covered by the prohibition clause of section 40(a)(iia) of the income tax act, 1961, and as such wealth-tax could be admissible for deduction. .....
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