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Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 4, 4(1), 32, 32(2), 68, 69, 69A, 69B, 69C, 112, 113, 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115E, 115JB, 132, 132A, 132B, 139, 139(1), 142, 142(1), 143, 143(1B), 143(2), 143(3), 144, 147, 148, 158B, 158BA, 158BA(1), 158BA(2), 158BB, 158BB(1), 158BC, 158BH, 161, 161(1A), 164, 164A, 167B, 245D and 245D(4); Finance Act, 2001 - Sections 2(1), 2(2) and 2(3); Finance Act, 2002 - Sections 113; Finance Act, 1995; Constitution of India - Articles 269, 270 and 271

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

appeal.Points for determination:4. Two points arise for determination: Whether on the facts and circumstances of this case, the Finance Act, 2001 ('FA' for short) was applicable to 'block assessment' under Chapter XIV-B in respect of the search carried out … the assessee's undisclosed income at Rs. 1,62,427/-. He computed tax thereon at 60% in terms of Section 113 of the 1961 Act amounting to Rs. … Whether the AO had erred in imposing surcharge at 17% on the tax amount of Rs. 97,456/- under Section 113 of the Income-tax Act, 1961 ('1961 Act') for the 'block period' comprising of previous years relevant to

Narayan Karwa and ors. Vs. Union of India (Uoi),

Court : Mumbai

Subject : Direct TaxationProperty

Acts : Income Tax Act, 1961 - Sections 230A and 281; Finance Act, 2001; Income Tax Rules - Rules 2, 11, 15, 57(1), 58 and 60; Code of Civil Procedure (CPC) - Order 21, Rule 89(1)

Reported in : 2007(2)BomCR547; (2007)209CTR(Bom)204; [2008]296ITR545(Bom); 2008(1)MhLj775

certificate could not be registered. It is only after Section 230A of the Act was omitted by the Finance Act, 2001 with effect from 1st June, 2001 the petitioners have allegedly got the gift deed registered in the year … By order dated 9th July, 1991, the TRO has rejected the application made by the petitioner under Rule 60 of the Second Schedule to the Income Tax Act, 1961 ('the Act' for short) for setting aside the

Director of Income Tax (international) Taxation Vs. Oman International ...

Court : Mumbai

Subject : Direct Taxation

Acts : Direct Tax Laws (Amendment) Act, 1987 - Sections 28, 36, 36(1) and 36(2); Finance Act, 2001

Reported in : 2009(5)BomCR416; (2009)223CTR(Bom)382; [2009]313ITR128(Bom); [2009]184TAXMAN314(Bom)

thereof exceeds the credit balance in the provision for bad and doubtful debts account made under that clause.The Finance Act, 2001 inserted the following Explanation after the proviso to Section 36(1(vii):Explanation - For the purposes of this clause, any

Maruti Udyog Ltd. Vs. Dy. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : [2005]92ITD120(Delhi)

provisions of section 14A could not be applied to the year under consideration since it was inserted by Finance Act, 2001 with effect from 11-5-2001; (ix) Alternatively, it was also pleaded that the learned CIT (A) has failed to … [1989]177ITR377(SC) . Proceeding further, it was submitted that rules effective from 1-4-2003 provide depreciation at the rate of 60 per cent in respect of softwares forming part of block of assets. According to him, the legislature provided

American Hotel and Lodging Association Educational Institute Vs. Centr ...

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Finance Act, 1998; Income Tax Act, 1961 - Sections 10(20A), 10(22), 10(22B), 10(23C), 11, 11(1), 11(5), 12, 12AA, 13, 60 to 63 and 245Q(1); Finance Act, 2001; Finance Act, 2002; Finance Act, 2007; Central Boards of Revenue Act, 1963; Income Tax Rules, 1962 - Rule 2CA

Reported in : (2008)216CTR(SC)377; [2008]301ITR86(SC); JT2008(6)SC379; 2008(7)SCALE588; (2008)10SCC509; 2008AIRSCW4996

law as discussed hereinabove.45. Accordingly, this civil appeal is allowed with no order as to costs.1 Inserted by Finance Act 2001, w.e.f. 1.4.20022 Inserted by Finance Act, 2001, w.e.f. 1.4.20013 Inserted by the Finance Act, 2002, w.e.f. 1.4.20034 Inserted … in this civil appeal is as to what is the scope of enquiry by the Prescribed Authority under Section 10(23C)(vi) read with the third proviso thereto inserted by Finance Act, 1998 w.e.f. 1.4.1999. In this case, Central … held for charitable or religious purposes.(1) Subject to the provisions of Sections 60 to 63, the following income shall not be included in the total

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

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

be anomalous for the following reasons: a) Finance Act contains the proposals for the following financial year e.g. Finance Act, 2001 contains the proposals for the Finance year 2001-02. The rates of taxation are further provided in the First … reference arises out of the appeal, against the assessment order passed by the DCIT, Central Circle-I, Hyderabad under Section 158BC of the Income-tax Act for the block period from 1.4.1989 to 18.11.1999, dated Nil, stated in the … on the tax of Rs. 86,56,800 levied at the special rate of 60%.2. At the outset, it would be appropriate to refer to the reasons

Commr.of Income Tax-i,new Delhi Vs. Vatika Township P.Ltd.

Court : Supreme Court of India

Subject : Land Acquisition

Gupta formulated two points for consideration, viz.; “1. Whether on the facts and circumstances of this case, the Finance Act, 2001 was applicable to “block assessment” under Chapter XIVB in respect of search carried out on January 17, 2001?.2. … | | |2000 |Section 2|10% |10% |10% |10% |10% | | |(3) | | | | | | |2001 |Section 2|12% or |12% |12% |12% |13% | | |(3) |17% | | | | | |2002 |Section 2|2% … case, however, the rate of tax in case of block assessment at 60% was prescribed by Section 113 but the year of FA imposing surcharge

M/S Wipro Limited Vs. The Deputy Commissioner of Income Tax

Court : Karnataka

Subject : Direct Taxation

not form part of total income”. It may be noted that when section 10A was recast by the Finance Act, 2001, Parliament was aware of the character of relief given in Chapter III. Chapter III deals with - 66 … of the Income-tax Act in the matter of ascertainment of chargeability to income tax and ascertainment of - 60 - total income, to the extent of inconsistency with the terms of Double Taxation Avoidance Contract.47. Having regard

Tamil Nadu Kalyana Mandapmam Am Assn. Vs. Union of India (Uoi) and ors ...

Court : Supreme Court of India

Subject : Service Tax

Acts : Finance Act, 1994 - Sections 17, 65, 65(19), 65(20), 65(22), 65(23), 65(41), 65(48), 66, 66(1), 67, 68, 85(2), 88 and 93; Service Tax Rules, 1994 - Rules 2(1) and 6(3); Finance Act, 1997 - Sections 84; Transfer of Property Act, 1882 - Sections 3; Finance Act, 1998; Finance (No.2) Act, 1996 - Sections 85; Constitution of India - Articles 14, 19, 19(1), 246, 246(1), 246(3) and 366(29A); Constitution of India (46th Amendment) Act - Article 366(29A); Central Excise Act, 1944 - Sections 11B; Sale of Goods Act, 1930

Reported in : AIR2004SC3757; (2004)4CompLJ108(SC); 2004(3)CTC63; (2004)188CTR(SC)297; 2004(93)ECC353; 2004(167)ELT3(SC); [2004]267ITR9(SC); [2004(4)JCR66(SC)]; JT2004(4)SC568; (2004)3MLJ; (2004) 5 SCC 632

the Madras High Court dismissed the writ petition of the appellant-Association and held Sections 66, 67(o) of the Finance Act, 1994 and Rule 2(1)(d)(ix) of the Service Tax Rules, 1994 and other provisions related to Kalyana Mandapmam ams … whereby the Division Bench of the Madras High Court dismissed the writ petition of the appellant-Association and held Sections 66, 67(o) of the Finance Act, 1994 and Rule 2(1)(d)(ix) of the Service Tax Rules, 1994 and other … - keeper, in excess of the amount of service tax calculated on 60% of the gross amount charged from the client by the Mandapmam -Keeper

G.T.C. Industries Ltd. Vs. the Dy. Cit, Spl. Rg. 50

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Tax Act, 1961, and basing on the amendment made to Section 36(1), Clause -(7), which was amended by Finance Act, 2001? 2. The assessee is a limited company and for the A.Y. 1993-94 it had debited its profit and … break up of the provisions of bad debts as follows:Opening Balance 1.4.93 288245.12 7004858.96 7293104.08Addition during 1992-93 (+) 601167.69 520583.67 1121751.36Written off during 1992-93 (-) 22200.00 ---- 22200.00As per Balance Sheet as on 867212.81 7525442.63 8392655.44 31.03.1993