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Mubarak Trading Co. Vs. the Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 139(1), 139(4), 139(5), 142(1), 142(2A), 143(1), 143(2), 143(3), 144, 144(1), 147, 148, 184(5), 185, 260A and 263; Finance Act, 2003 - Sections 184(5)

Reported in : (2009)222CTR(Ker)194; 2008(2)KLJ647; 2008(3)KLT813

Court in I.T.A.No. 4 of 2004 dated 20-2-2004 and also paragraph 66 of the Explanatory Note to the Finance Act, 2003, by which Section 184(5) was amended with effect from 1-4-2004 and contended that in order to deny the … the stipulated period, but filed a belated return on 19-11-1996. Even though the assessing officer issued proceedings under Section 143(1)(a) of the Act, he simultaneously issued notice under Section 148 of the Act proposing to make income escaping

The Commissioner of Income Tax And#8211; 10 Vs. M/S. Indian Oil Corpor ...

Court : Mumbai

Subject : Direct Taxation

provisions of section 234D of the Income Tax Act (inserted with effect from 1st June, 2003, vide the Finance Act,2003), where any refund has been granted to the assessee under sub-section(1) of section 143 and subsequently on regular

Seapearl Enterprises Vs. Dy. Cit, Cirecle-i, Alleppey

Court : Kerala

Subject : Direct Taxation

Reported in : [2006]155TAXMAN483(Ker)

234A of the Act and based on Explanation 4 to the said section which now stands omitted by Finance Act, 2001 with retrospective effect from 1-4-1989. Even though the interest levied on petitioners is not consistent with the … Family Court under Section &(2)(a) is criminal in nature. [Kunhimohammammed v Nafeesa, 2003 (1) KLT 364; 2004 Cri LJ 1000 (Ker) Overruled]. Reference to Full … and under section 234B for non-payment or short payment of advance-tax are with reference to income assessed under section 143(1) or on regular assessment under the Act. According to the petitioners, the levy and demand of interest is

Sedco Forex International Inc. Vs. Commissioner of Income Tax

Court : Uttaranchal

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 28 to 41, 42, 43, 43A, 44BB, 44D, 90, 90(1), 115A, 244BB, 260A and 293A; Finance Act, 1987; Finance Act, 2003 - Sections 44AA, 44AA(2), 44AB, 44BB, 44BB(2), 44BB(3), 143 and 143(3)

Reported in : (2005)198CTR(Uttranchal)364; [2005]279ITR1(Uttaranchal)

mineral oils outside India.'The following Sub-Section (3) shall be inserted after Sub-section (2) of Section 44BB by the Finance Act, 2003, w.e.f. 1st April, 2004 :'(3) Notwithstanding anything contained in Sub-section (1), an assessee may claim lower profits and … proceed to make an assessment of the total income or loss of the assessee under Sub-section (3) of Section 143 and determine the sum payable by, or refundable to, the assessee.Explanation.--For the purposes of this section,--(i) 'plant' includes

The Commissioner of Income Tax-v Vs. P.M. Electronics Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 36(1), 36(1)(5A), 43, 43B, 139(1), 143(1)(A), 143(2) and 260A; Employees Provident Fund Act; Finance Act, 2003; Constitution of India - Article 141; Employees Provident Fund Rules

Reported in : (2008)220CTR(Del)635; [2009]313ITR161(Delhi); [2009]177TAXMAN1(Delhi)

ITD 1 Delhi, has taken the view that the amendment brought about in Section 43B by virtue of Finance Act, 2003 was curative in nature and hence applicable retrospectively. In other words, the Tribunal held that the assessee would … a return of income declaring a loss of Rs 8,92,888/-. On 11.5.99 the return was processed under Section 143(1)(A) of the Act. The case of the assessee was selected for scrutiny. Accordingly, a notice dated 27.9.99 under

Prithviraj Chouhan Vs. Commissioner of Income-tax

Court : Madhya Pradesh

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 143(1), 234A, 234B; Finance Act, 2001 - Sections 254 and 254(2)

Reported in : [2004]267ITR450(MP)

1 has been substituted in Section 234B of the Act with effect from April 1, 1989, by the Finance Act, 2001. The said Explanation has been made effective retrospectively with effect from April 1, 1989. By this Explanation … clearly mentioned that the 'assessed' tax means the tax on the total income determined under Sub-section (1) of Section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance … order shall also govern disposal of (I. T. A. No. 17 of 2003--Prithviraj Chouhan v. CIT ; I. T. A. No. 18 of 2003--Prithviraj Chouhan

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28(1), 48, 143, 143(1), 143(1A), 260A, 271 and 271(1); Finance Act, 1975; Finance Act, 2002 - Sections 271; Taxation Laws (Amendment) Act, 1975; Finance Act, 1993; Finance Act, 1992; Finance Act, 1951; Income Tax Act, 1922 - Sections 23(5), 28 and 28(1); Constitution of India - Article 20(1)

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

the Punjab and Haryana High Court pertaining to the assessment year 1970-71 was prior to the amendment of Finance Act, 1975 and therefore, was not applicable. For the same reason, the decision of this Court in affirming the … Section 271(1)(c) and Explanation 4(a) or the nature of 1976 or 2002- 2003 amendments.It has been laid down in CIT v. Podar Cement (supra) , … no tax, no penalty could be levied. This submission is based with reference to the provisions contained in Section 143(1A) of the Act before its amendment which came on the Statute in 1993 with retrospective effect from 1.4.1989.

Commissioner of Income-tax Vs. Kerala Chemicals and Proteins Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 143(1), 143(3), 234D and 263; ;Finance Act, 2003

Reported in : [2010]323ITR584(Ker)

we do not find anything useful in the Notes on Clauses. Admittedly Section 234D was introduced by the Finance Act, 2003, with effect from June 1, 2003. In our view this provision on interest is not introduced with reference … assessee is not liable to pay interest under Section 234D on excess refund granted while sending intimation under Section 143(1) of the Act for the assessment year 1999-2000. We have heard senior counsel appearing for the appellant-Revenue and

Commissioner of Income Tax Vs. Monnet Industries Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 36(1), 143(1), 143(2) and 260A; Finance Act, 2003; Indian Income Tax Act, 1922 - Sections 10(2)

Reported in : (2009)221CTR(Del)266; [2009]176TAXMAN81(Delhi)

with the proviso in the present case which was inserted in Section 36(1)(iii) of the Act by the Finance Act, 2003 w.e.f. 01st April, 2004 The year under consideration in this appeal, is assessment year 1996-97.5.3 In ascertaining whether … relation to a sugar plant, for the relevant financial year 1995-96.2.6. The respondent/assessee's return was processed under Section 143(1)(a) of the Act.2.7. On 7.11.1997, the Assessing Officer issued a notice under Section 143(2) of the Act. In

Commissioner of Income Tax Vs. Nexus Computer (P) Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 2003; Income Tax Act, 1961 - Sections 36(1), 43B and 143(1); Constitution of India - Article 141

Reported in : (2008)219CTR(Mad)54; [2009]313ITR144(Mad); [2009]177TAXMAN202(Mad)

delayed even though the payment tendered before the due date. Having regard to this unintended hardship, by the Finance Act, 2003, in the first proviso to Section 43B the words, brackets and letters referred to Clause (c) or Clause … trading in computer system. For the asst. yr. 2000-01, the company filed its return of income under Section 143(1) (sic). The AO disallowed the payment of provident fund and ESI contribution as the payments were made belatedly