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Asiatic Industrial Gases Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT

Subject : Land Acquisition

from assessment year 2003-04. 6. The Commissioner (Appeals) ought to have taken into account the Explanatory Notes to Finance Act, 2002, extract of which is reproduced below, which makes it clear that the insertion of Clause (va) to … officer's action of treating the loss of Rs. 8,85,485 as speculation loss within the meaning of Explanation to Section 73 of the Act. (ii) For that on the facts and in the circumstances of the case, the said … kind perusal and record, we enclose herewith company's annual accounts for F.Ys. 1999-2000,2000-01 & 2001-02. Your honour will note that in the year ended 31-3-1999,

Coromandel Fertilisers Limited Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2004)90ITD344(Hyd.)

has brought in the necessary amendment under Section 43(6) (c) (i) (C) with effect from 1.4.2000 by the Finance Act, 1999. Section 43(6) (c) (i) (C) provides for the decrease, in a slump sale, of the w.d.v. of the assets … not be made (as in the present case) the test of ownership was not required to be satisfied." 73. We have questioned the learned counsel for the assessee as to whether the blocks of depreciable assets of

Commissioner of Service Tax Vs. Delhi Gymkhana Club Ltd.

Court : Delhi

Subject : Service Tax

Acts : Central Excise Act, 1944 - Sections 35, 35D, 35E, 35E(5), 35G, 35H, 35L, 73, 75, 75A, 76, 77 and 78; Finance Act, 1994 - Sections 65, 66, 67 and 105; Central Excise Tariff Act, 1985; Additional Duties of Excise (Goods of Special Importance) Act, 1957; Additional Duties of Excise (Textiles and Textile Articles) Act, 1978; Finance Act, 1999; Finance Act, 2003; Customs Act - Sections 129D(5); Custom and Central Excise Laws (Amendment) Act, 1988; Service Tax (Determination of Value) Rules, 2006; Constitution of India - Articles 226 and 227

Reported in : (2009)226CTR(Del)384; [2009]19STJ87(Delhi); 2009[16]STR129; [2009]22STT343; (2009)25VST285(Delhi)

in respect of such matters as are specifically provided in this Act.7. Section 35G was introduced by the Finance Act, 1999 with effect from 11.5.1999 and Finance Act, 2003 with effect from 14.5.2003. We are concerned mainly with Sub-section … in the sum of Rs. 22,93,564/-, along with interest payable till the date of its demand under Sections 73 and 75 of the Act, was demanded by these show-cause notices. Penalty under Sections 75A, 76, 77 and

Allied Instruments Pvt. Ltd. Vs. Commissioner of Cus. and C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Subject : Service Tax

Reported in : (2002)LC634Tri(Mum.)bai

tax with interest was set aside on the ground that the show cause notice was not issued under Section 73 of the Finance Act, which provides for issue of notice if the value of taxable service has escaped … the Central Excise authorities nor paid the service tax, hence contravening the Sections 68 and 70 of the Finance Act, 1994, directing them to furnish quarterly return in Form ST-3 and proposing recovery of interest for delayed payment … in the case of Laghu Udyog Bharti v. Union of India - 1999 (112) E.L.T.365 (S.C.) that the Rule was ultra vires of the Act

M/S South Eastern Coalfields Ltd Vs. Cce, Raipur

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Service Tax

2. Subsequently a corrigendum to the notice was issued on 02-11-2004 pointing out the retrospective amendment made in Finance Act, 1994 by Finance Act 2003 and the prospective amendment in section 73 of Finance Act 1994 made by … that Rule 2 (d) (xvii) was ultra virus was in the case of Laghu Udyog Bharati reported at 1999 (112) ELT 365 SC. During the said period there were some service receivers who had paid service tax

National Agricultural Co-operative Marketing Federation of India Ltd. ...

Court : Supreme Court of India

Subject : Trusts and SocietiesDirect Taxation

Acts : Multi State Co-operative Societies Act, 1984; Income Tax Act, 1961 - Sections 80P(1), 80P(2), 81 and 81(1); Income Tax Act, 1922; Finance Act (No. II) 1967; Income Tax (Amendment) Act, 1998; Income Tax (Amendment) Act, 1999; Bombay Municipality Boroughs Act, 1925 - Sections 73; Madras General Sales Tax, 1959; Payment of Bonus Act, 1976; Constitution of India - Articles 14, 19(1), 32, 136 and 226

Reported in : AIR2003SC1329; (2003)181CTR(SC)1; 104(2003)DLT876(SC); JT2003(3)SC217; 2003(2)KLT890(SC); (2003)3MLJ107(SC); 2003(3)SCALE414; (2003)5SCC23; [2003]3SCR1

xxx xxx(c) a society engaged in the marketing of the agricultural produce of its members'. 4. By the Finance Act (No. II) 1967, Section 81 was omitted and its provisions re-enacted as Section 80P of the 1961 Act. … The Bill was passed after obtaining the accent of the President and became the Income Tax (2nd Amendment) Act, 1999 (Act No. 11 of 1999).11. The appellants impugned this amendment before the Delhi High Court under Article 226. … in the right of which the earlier judgment becomes irrelevant'.21. A somewhat similar situation arose in connection with Section 73 of the Bombay Municipality Borough Act, 1925 which allowed the municipality to levy 'a rate on building or

Joint Cit Vs. Alchemic Financial Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)7SOT616(Mum.)

1961 (Act).Briefly stated the facts are, that the assessee was engaged in the business of money lending, leasing, finance and trading in shares as well as fabrication of chemical equipments. In all the years under consideration, the … the appeals relates to the disallowance of loss on the sale of shares under section 74 read with section 73 Explanation of the Income Tax Act, 1961 (Act).Briefly stated the facts are, that the assessee was engaged in … Rs. 6,48,793 for assessment year 1998-99 and Rs. 5,08,699 for assessment year 1999-2000. The requisite details regarding losses on sale of shares were filed by

Joint Commissioner of Income Tax Vs. Alchemic Financial Services Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2007)109TTJ(Mum.)240

(Act).3. Briefly stated, the facts are that the assessee was engaged in the business of money lending, leasing, finance and trading in shares as well as fabrication of chemical equipments. In all the years under consideration, the … all the appeals relates to the disallowance of loss on the sale of shares under Section 74 r/w Section 73 Explanation of the IT Act, 1961 (Act).3. Briefly stated, the facts are that the assessee was engaged in … against any other income.The claim of the assessee for the asst. yr. 1999-2000 was also disallowed on the basis of findings given in the earlier

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

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

clear, and they mandated the levy of surcharge. In this context, he referred to the provisions of annual Finance Act, 1999, Schedule-I, which clearly mandated that the income-tax levied in terms of Section 113 shall be increased by a … however, another decision of the Delhi Bench of the Tribunal in Friends Overseas (P) Ltd. v. DCIT (2001) 73 TTJ 367 (Del.), which is to the contrary effect. In that decision, the Tribunal observed as under: 23.

Escotal Mobile Communications Ltd. Vs. Union of India

Court : Kerala

Subject : Direct Taxation

Reported in : [2002]123TAXMAN134(Ker)

quarters covered during the period from January 1997 to April 1999, under section 73(a) of the Finance Act, 1994 (hereinafter referred to as the Act). … of service charges and that it had duly complied with the law, both the KGST Act and the Finance Act.6. In the meanwhile, the Central Board of Excise and Customs, issued Circular No. 23/3/97, dated 13-10-1997 in which … remit the service tax on the value of the SIM card during the period April 1997 to March 1999, and also to explain why the furnished account did not include the value of the SIM card in