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Commnr. of Income Tax-i, Ahmedabad Vs. Gold CoIn Health Food Pvt. Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 5(1), 72, 271 and 271(1); Finance Act, 2002; Wealth Tax Act - Sections 18

Reported in : (2008)218CTR(SC)359; [2008]304ITR308(SC); JT2008(9)SC312; 2008(11)SCALE492; (2008)9SCC622; 2008(2)LC1144(SC); 2008AIRSCW5841; 2008(6)Supreme1; 2008(11)SCALE492.; [2008] 12 SCR 179

disposed of - INCOME TAX ACT,1961[C.A.No.43/1961] -- Section 271(1)(c) Explanation 4 (as amended by Finance Act (2002) & Section 119: [Dr. Arijit Pasayat, P.Sathasivam & Aftab Alam, JJ] Concealment of income Levy of penalty - Held, Explanation 4 … income is a loss. This question has to be considered in the background of the amendment made by Finance Act, 2002 (in short `Finance Act') w.e.f. 1.4.2003 in Explanation 4 to Section 271(1)(c)(iii) of the Act. In Virtual's

Serco BPO (P.) Ltd. Vs. Authority For Advance Rulings, New Delhi

Court : Punjab and Haryana

Subject : Direct Taxation

Act that deals with Double Taxation Avoidance Agreements. Sub-section (4) of section 90 was introduced last year by Finance Act, 2012. That sub-section requires an assessee to produce a Tax Residency Certificate (TRC) in order to claim the … in Union of India and another v. Azadi Bachao Andolan and another 2003 (263) Income Tax Reports, 706. We will be referring to this judgment … on its own terms in view of the circulars issued by the Central Board of Direct Taxes under Section 119 in respect of DTAC which are of crucial importance. Our task is made simpler still in view of

In Re: Rashtriya Ispat Nigam Ltd.

Court : Authority for Advance Rulings

Subject : Direct Taxation

and 245Q(1); Companies Act, 1956 - Sections 205, 205(1) and 205(2); Companies (Amendment) Act, 1960; Income Tax Rules; Finance Act, 1987 - Section 43; Electricity ActSurana Steels P. Ltd. v. Deputy CIT [1999] 237 ITR 777; Suryalatha Spinning … the circulars and instructions, issued by the Central Board of Direct Taxes in exercise of the power Under Section 119, binding on the authorities administering the tax department, but they are also clearly in the nature of contemporanea … eligible to be carried forward. During the financial year 2002-03 (assessment year 2003-04) the applicant had a net profit of Rs. 521 crores (approximately). In

Cit Vs. Sabari Enterprises

Court : Karnataka

Subject : Direct Taxation

Reported in : [2008]298ITR141(KAR); [2008]298ITR141(Karn)

was correct in holding that the amendment to Section 43B of the Act which had been introduced by Finance Act, 2003, w.e.f 1-4-2004 should be read retrospectively and should be understood as if Section 43B would not be applicable

K.l. Swamy Vs. The Commissioner Of Income Tax

Court : Supreme Court of India

Subject : Direct Taxation

block period, absence of specific assessment year in the block assessment would render the levy suspect. XXXXXXXXXXXX44 The Finance Act, 2003, again makes the position clear that surcharge in respect of block assessment of undisclosed income was made prospective. … Section 12% 12% 12 12% 13% 2(3) or % 17% 2002 Section 2% 2% 2% 2% 2% 2(3) 2003 Section 5% 5% 5% 5% 5% 2(3) 39.2. The rate at which tax, or for that matter surcharge is … rephrased in CIT v. B.C. Srinivasa Setty [(1981) 2 SCC460:1981. SCC (Tax) 119 : (1981) 128 ITR294, in the following manner: (SCC p. 465, para10)

Saipem S.P.A. Vs. Dcit (Asstt.) Special Range 1

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2005)276ITR55(Delhi)

likewise. It is further pertinent to mention that the provisions of Section 44BB have be amended by the Finance Act, 2003, w.e.f. 1.04.2004, inserting a new Sub-section (3) thereto. The newly inserted Sub-section (3) provides that the assessee may … by the decision of the Mumbai High Court in the case of CIT v. Standard Motor Co. Ltd. 119 ITR 573, affirmed by the apex Court in 201 ITR The Supreme Court in the case of State

Union of India vs.vodafone Group Plc United Kingdom & Anr

Court : Delhi

Subject : Land Acquisition

amendment to Section 9(1) and Section 195 of the Income Tax Act read with Section 119 of the Finance Act, 2012 re-fastened the liability on VIHBV. It is stated in the plaint that aggrieved by the imposition of

Shri Jagannath Temple Managing Committee Vs. Commissioner of Income-ta ...

Court : Orissa

Subject : Trusts and SocietiesDirect Taxation

Reported in : AIR2008Ori37; (2008)218CTR(Ori)568; [2008]299ITR56(Orissa)

was allowed under Section 10(23BBA) of the Income-tax Act which was introduced in the year 1979 by the Finance Act with retrospective effect from 1st April, 1962.Section 10 of the Income-tax Act provides that in computing the total … and ensure a fair enforcement of its provisions, by issuing Circulars in exercise of its statutory powers under Section 119 of the Income-tax Act which are binding on the authorities in the administration of the Act.26. In coming

A.P.S.E.B. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Direct Taxation

Reported in : (2004)85TTJ(Hyd.)30

was held that the circulars issued by the CBDT in the context of explaining the provisions in the Finance Act cannot be considered as a circular within the purview of Section 119(1) or (2) of the Act, as … the other appeal, ITA No. 1055/Hyd/2003 is directed against the order of the CIT(A)-II, Hyderabad, dt. 18th Aug., 2003, whereby the first appellate authority confirmed the assessment made for the asst. yr. 1997-98 in pursuance of the

NitIn P. Shah Alias Modi Vs. Dy. C.i.T.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 64(1), 66, 67, 69, 119, 131, 132, 139(1), 142(1), 143(2), 143(3), 144, 147, 148, 158B, 158BA, 158BC, 158BD, 251, 271(1) and 276CCC; Finance Act, 1997 - Sections 68(1) and 68(2); Constitution of India - Article 14

Reported in : (2005)194CTR(Guj)306; [2005]276ITR411(Guj)

Matched in: Advocate S.N. Soparkar, Sr. Adv.,; Swati Soparkar, Adv. for Petitioner No. 1 in Tax Appeal No. 539 of 2003 and Manish R. Bhatt, Adv. for Respondent No. 1 in Tax Appeal No. 539 of 2003 and Special Civil Application Nos. 3605 and 3960 of 2004,;