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The Commissioner of Income-tax Vs. Synergy Financial Exchange Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43B and 43(3); Provident Fund Act; Finance Act, 1995; Finance (Amendment) Act, 2003

Reported in : (2006)205CTR(Mad)481; [2007]288ITR366(Mad); (2006)4MLJ1411

1994-95, the second proviso to Section 43-B, as then in force, of course, which stands omitted by the Finance Act, 2003 with effect from 1.4.2004, imposed a further condition that no deduction shall, in respect of any sum referred … according to the method of accounting regularly employed by him] only in computing the income referred to in Section 28 of that previous year in which such sum is actually paid by him. 4.3. During the relevant assessment

Gujarat Ambuja Cements Ltd. and anr. Vs. Union of India (Uoi) and anr.

Court : Supreme Court of India

Subject : ConstitutionService Tax

Acts : Finance Act, 2000 - Sections 116 and 117; Finance Act, 2003 - Sections 158; Service Tax Rules, 1994 - Rules 2(1); Service Tax (Amendment) Rules, 1997; Finance Act, 1994 - Sections 64(3), 65, 65(5), 65(28), 65(41), 66, 66(3), 67, 68, 68(1), 69, 69(2), 69(5), 70, 70(1), 71, 71A, 72, 73, 74, 75, 76, 77, 78, 79 and 94; Finance Act, 1997 - Sections 68(1A) and 84; Finance Act, 1998; Service Tax (Amendment) Rules, 1998; Motor Vehicles Act, 1988 - Sections 2; Constitution of India - Articles 14 and 246(1); Punjab Passengers and Goods Taxation Act, 1952 - Sections 3(3); Service Tax Act, 1994

Reported in : AIR2005SC3020; (2005)4CompLJ440(SC); (2005)194CTR(SC)428; 2005(99)ECC377; 2005(182)ELT33(SC); [2005]274ITR194(SC); JT2005(Suppl3)SC389; (2005)4SCC214; 2006[3]STR608; 200

the constitutional validity of Sections 116 and 117 of the Finance Act 2000 and Section 158 of the Finance Act, 2003 by which the decision of this Court in Laghu Udyog Bharati and Anr. v. Union of India and

The Commissioner of Income Tax Vs. Godaveri (Mannar) Sahakari Sakhar K ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 28, 36, 36(1), 43, 43B, 43(2), 139(1) and 145; Provident Funds Act; Finance Act, 2000; Finance Act, 2003 - Sections 21 and 43B; Finance Act, 1983; Finance Act, 1987; Finance Act, 1989

Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)

contention to the construction that should be given. Consequent to the deletion of the proviso by to the Finance Act, 2003.4. Section 43B was inserted by the Finance Act 1983 with effect from 1st April 1984. The two provisos … according to the method of accounting regularly employed by him) only in computing the income referred to in Section 28 of that previous year in which such sum is actually paid by him:Provided that nothing contained in this

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2007)11TTJ(Mum.)502

that the provisions of Section 43B are applicable, then, by virtue of the amendments brought about by the Finance Act, 2003, the deduction for Rs. 95,50,940 ought to be allowed inasmuch the Special Bench of this Tribunal in Kwality … assessee according to the method of accounting regularly employed by him) in computing the income referred to in Section 28 of the previous year in which such sum is actually paid by him. It is submitted that in

Commissioner of Income Tax Kolkata-iii Vs. Alom Extrusions Limited

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28, 36(1), 43B and 139(1); Finance Act, 2003; Employees' State Insurance Act, 1948; Finance Act, 1988; Finance Act, 1989; Provident Fund Act; Finance Act, 1983

Reported in : (2009)227CTR(SC)417; [2009]319ITR306(SC); JT2009(14)SC441; 2009(14)SCALE163; (2010)1SCC489; [2009]185TAXMAN416(SC)

whether omission [deletion] of the second proviso to Section 43B of the Income Tax Act, 1961, by the Finance Act, 2003, operated with effect from 1st April, 2004, or whether it operated retrospectively with effect from 1st April, 19884. … Section 43B [main section] made it mandatory for the Department to grant deduction in computing the income under Section 28 in the year in which tax, duty, cess, etc., is actually paid. However, Parliament took cognizance of the

Commissioner of Income Tax-i Vs. Vardhman Polytex Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1) and 143(1); Finance Act, 1986; Income Tax Act, 1922; Finance Act, 2003

Reported in : (2006)205CTR(P& H)457

36(1)(iii) or 37 cannot be claimed which stands clarified by the insertion of the proviso therein under the Finance Act, 2003. As such the assessee cannot claim any benefit of Section 36(1)(iii) or Section 37 in this case. The … clauses shall be allowed in respect of the matters dealt with therein, in computing referred to in Section 28-(i) xx xx(ii) xx xx(iii) the amount of the interest paid in respect of capital borrowed for the purposes

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 … an assessee to claim interest paid, as expenditure in respect of, borrowed capital in computing its income under Section 28 of the Act in the event the loan taken i.e, 'capital borrowed' and the interest paid thereon is

Commissioner of Income Tax Vs. Aimil Limited

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 28, 36(1), 43B and 139(1); Finance Act, 2003; Employees' State Insurance Act, 1948; Constitution of India - Article 141

Reported in : (2010)229CTR(Del)418

of return, no disallowance could be made in view of the provisions of Section 43B, as amended vide Finance Act, 2003, he still confirmed the addition made by the AO on the ground that no documentary proof was given … which shall be allowed in respect of matters dealt with therein, in computing the income referred to in Section 28 of the Act. Different types of deductions are provided therein in various clauses of Section 36. Clause (iv)

Plastiblends India Limited a Company Incorporated Under the Companies ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(45), 5, 14, 28, 29, 30 to 43D, 66 to 80, 80A to 80B, 80B(5), 80C to 80U, 143(1) and 260A; Companies Act, 1956; Finance Act, 2001 - Sections 32(1); ;Finance Act, 2003 - Sections 36(1); Customs Act, 1962 - Sections 75

Reported in : 2009(111)BomLR4592; (2009)227CTR(Bom)1; [2009]318ITR352(Bom); 2010(1)MhLj526; [2009]185TAXMAN187(Bom)

in : 298 ITR 194 (SC) where it is held that the proviso inserted to Section 36(1)(iii) by Finance Act, 2003 with effect from 1-4-2004 has to be read prospectively with effect from 1-4-2004. Accordingly, Mr. Dastur submitted that … following heads of income:A.- Salaries.B.-[*******]C.-Income from house property.D.-Profits and gains of business or profession.E.-Capital gains.F.-Income from other sources.18. Section 28 in Chapter IV of the Act sets out various incomes that are chargeable to income-tax under the head

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 … connection with the business of exploration, etc., of mineral oils.--(1) Notwithstanding anything to the contrary contained in Sections 28 to 41 and Sections 43 and 43A, in the case of an assessee, being a non-resident, engaged in