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Brij Bhushan Lal and Sons Vs. Designated Authority

Court : Allahabad

Subject : Direct Taxation

Reported in : (2001)165CTR(All)137; [2001]246ITR353(All)

on the date of the declaration, i.e., 31-12-1998.2. The petitioner's case is that by section 89 of the Finance (No. 2) Act, 1998, a scheme for settlement of tax disputes was introduced and the petitioner, which is … in arrears could approach for the settlement of the dispute in accordance with the provisions of this Act. Section 88 provides for settlement of tax payable in respect of tax arrears and there is no dispute between the … a Hindu undivided family, filed declarations for the assessment years 1988-89 to 1992-93. Under the scheme only all assessee against whom tax was in arrears

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (1993)45ITD500(Pune.)

assessments. Even after re-opening, the assets brought to tax would have been exempt under Section 40 of the Finance Act, 1983. Revenue is in appeal on the following common grounds, viz. : (1) The order of the CWT … assessment for the assessment year 1986-87 was completed on the same day on a net wealth returned Rs. 88,200 accompanied by balance sheet of the company.In other words, the net wealth shown by the assessee for these

Mecpro Heavy Engineering Ltd. Vs. Union of India and Others

Court : Delhi

Subject : Excise

Acts : Central Excise & Salt Act, 1944 - Sections 6 and 11A(2); Central Excise Rules, 1944 - Rules 9(1), 49, 52A, 53, 173(B, C, F, G), 174 and 226; Finance (No. 2) Act, 1998 - Sections 87, 88, 89, 90(1) and 95; Narcotics Drugs and Psychotropic Substances Act, 1987; Prevention of Corruption Act, 1988; Prevention of Smuggling Activities Act, 1974; Special Court (Trial of Offences Relating to Transaction in Securities) Act, 1992

Reported in : 2001(59)DRJ99; 2001(76)ECC766

of Kar Vivad Samadhan Scheme, 1998 (in short, the Scheme)(Chapter-IV OF Finance (No.2) Act, 1998 (in short, the Finance Act).2. After such declaration there was no scope for any demand as has been done. According to respondents, the … few provisions need to be noted in the background of the object which led to introduction of the Scheme.Section 88 provides for settlement of tax payable. Section 89 provides for particulars to be furnished in a declaration under … the Special Court (Trial of Offences Relating to Transaction in Securities) Act, 1992.'6. The expression 'disputed tax' is defined in Section 87(f). Learned counsel for

Vipul Dye Chem Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2003)86ITD851(Mum.)

Khanna Enterprises (P) Ltd. (supra), the Delhi Bench of the Tribunal held that the amendment made by the Finance Act, 1992 introducing Explanation to Section 80HHD(2) and (2A) are clarificatory and retrospective in nature. In the case of Podar … Act as has been held by the Tribunal in their order dt. 8th June, 2001, in ITA No. 8833/Bom/1992 in the case of Dy. CIT v. Vickers Systems International Ltd. for asst. yr. 1989-90. Accordingly, while ground

Nishit Construction Company (P) Ltd. Vs. Income Tax Officer

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 69 and 260A; Finance Act, 1998 - Sections ; 86, 87, 88, 89, ;90, 90(1), 90(2), 90(4), 91 and 92; Constitution of India - Article 14

Reported in : [2008]303ITR419(MP)

speech of the Finance Minister. Even in the Finance (No. 2) Act, 1998 (hereinafter referred to as the 'Finance Act') the provisions are very clear, unambiguous, unequivocal and in no manner of doubt convey that all matters pending … determined and payable, in respect of an assessment, year under any direct tax enactment but which remains unpaid.7. Section 88 provides for settlement of tax payable and lays down that subject to the provisions of the Scheme, where … is engaged in the business of construction and in the years 1991-92, 1992-93 and 1993-94, the assessee had, inter alia, undertaken construction of the building

Agricultural Produce Market Committee, Narela, Delhi Vs. Commissioner ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(1), 10, 10(20), 10(26AAB) and 260A; Finance Act, 2002; Cantonments Act, 1924 - Sections 3; General Clauses Act, 1897 - Sections 3(31); Delhi Agricultural Produce Marketing (Regulation) Act, 1998 - Sections 5, 22(1), 22(2), 62 65, 88, 88(1), 88(2) and 88(3); Delhi Development Act, 1957; Payment of Bonus Act, 1965 - Sections 32; Constitution of India (Seventy-third Amendment) Act, 1992; Constitution of India (Seventy-fourth Amendment) Act, 1992; Constitution of India - Articles 243, 243P, 243 and 243ZF

Reported in : (2008)218CTR(SC)433; [2008]305ITR1(SC); JT2008(10)SC17; 2008(11)SCALE540; (2008)9SCC434; 2008AIRSCW6285; 2008(6)Supreme520; 2008(11)SCALE540

were enjoying exemption from income tax under Section 10(20) of the 1961 Act prior to its amendment by Finance Act, 2002 w.e.f. 1.4.03.10. Prior to the amendment by Finance Act, 2002, Section 10(20) of the Income-tax Act, 1961 … Part IX, any law relating to Panchayats in a State immediately before commencement of the Constitution (Seventy-third Amendment) Act, 1992, which is inconsistent with the provisions of Part IX, shall continue to be in force until repealed by … or invested in such manner as may be prescribed.89. Application of Market Fund--(1) Subject to the provisions of Section 88, the Market Fund may be expended for the following purposes only, namely:(i) the acquisition of a site or

Timken France Sas Vs. Director of Income-tax

Court : Authority for Advance Rulings

Subject : Land Acquisition

Reported in : (2008)BusLR60

the effect of inflation vide CBDT circular No. 636 dated 31.8.1992 containing explanatory Notes on the provisions of Finance Act, 1992. The cost of acquisition of asset and the cost of improvement thereto are inflated to arrive at the … where there is no carry forward loss or unabsorbed depreciation which is absurd. Another provision referred to is Section 88 where a similar expression - "before giving effect to" finds place. Section 88 deals with rebate on life

M. Natarajan Vs. State by Inspector of Police, Spe, Cbi, Acb Chennai

Court : Supreme Court of India

Subject : Criminal

Acts : Indian Penal Code (IPC) - Sections 120B, 420, 467, 468 and 471; Prevention of Corruption Act, 1988 - Sections 13(1) and 13(2); Finance Act, 1998 - Sections 86 to 98; Indirect Tax Act; Direct Tax Act; Conservation of Foreign Exchange And Prevention of Smuggling Activities Act, 1974; Kerala Sales Tax Act; Central Excise Act, 1944; Customs Tariff Act, 1975; Central Excise Tariff Act, 1985; Central Excise Tariff Act, 1986; Code of Criminal Procedure (CrPC) - Sections 239, 245 and 482; Customs Act, 1962 - Sections 28, 90(1), 127H, 132 and 136; Constitution of India - Article 246; Wealth Tax Act, 1957; Gift Tax Act, 1958; Income Tax Act, 1961; Interest Tax Act, 1974; Expenditure Tax Act, 1987

Reported in : (2008)217CTR(SC)1; 2008(120)ECC141; 2008(156)LC141(SC); 2008(226)ELT679(SC); JT2008(6)SC451; 2008(8)SCALE290; (2008)8SCC413; (2008)3SCC(Cri)507.

third accused in pursuance of Rule 3(1)(b) of the Rules had filed a declaration in Form 1-B under Section 88 of the Finance Act and the Customs Department had issued a certificate of intimation under Section 90(1) of … for clearance of the car, secondly in a scheme, namely, Kar vivad Samadhan Scheme, 1998 (KVSS) floated vide Finance Act No. 2 of 1998 which commenced from 1.9.1998, it was clearly provided that if a tax- payer settles … of a magazine called 'Tamilarasi' which publication had commenced in the year 1992. He is also the author of bi-monthly magazine 'Pudiya Paarvai' which surfaced

Timken France Sas Vs. Director of Income-tax (international Taxation) ...

Court : Authority for Advance Rulings

Subject : Direct Taxation

the effect of inflation vide CBDT circular No. 636 dated 31.8.1992 containing explanatory Notes on the provisions of Finance Act, 1992. The cost of acquisition of asset and the cost of improvement thereto are inflated to arrive at the … where there is no carry forward loss or unabsorbed depreciation which is absurd. Another provision referred to is Section 88 where a similar expression - “before giving effect to” finds place. Section 88 deals with rebate on life

Brij Bhushan Lal and Sons Vs. Designated Authority

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 154 and 245; Wealth Tax Act, 1957 - Sections 34A(5); Constitution of India - Article 226; Finance (No. 2) Act, 1998 - Sections 89

Reported in : [2000]246ITR353(All); [2001]114TAXMAN356(All)

of the declaration, i.e., December 51, 1998. 2. The petitioner's case is that by Section 89 of the Finance (No. 2) Act, 1998, a scheme for settlement of tax disputes was introduced and the petitioner, which is … in arrears could approach for the settlement of the dispute in accordance with the provisions of this Act. Section 88 provides for settlement of tax payable in respect of tax arrears and there is no dispute between the … is a Hindu undivided family, filed declarations for theassessment years 1988-89 to 1992-93. Under the scheme only an assessee against whom tax was in arrears