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Deputy Commissioner of Income Tax, Ahmedabad Vs. Core Health Care Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1), 80HH, 80I, 90(2) and 260A; Finance Act, 1986 - Sections 43(1); Finance Act, 2003

Reported in : 105(2008)CLT433(SC); (2008)215CTR(SC)1; [2008]298ITR194(SC); JT2008(2)SC367; 2008(2)SCALE327; (2008)2SCC465; 2008AIRSCW1425

proviso has since been inserted in Section 36(1)(iii) of the 1961 Act. That proviso has been inserted by Finance Act, 2003 w.e.f. 1.4.2004. Hence, the said proviso will not apply to the facts of the present case. Further, in … treat the interest on borrowings as revenue expenditure. According to the Department, in view of Explanation 8 to Section 43(1) of the Income-tax Act, 1961 (for short, '1961 Act') the assessee was not entitled to claim deduction for

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

H.P. Tourism Development Corporation Ltd. Vs. Commissioner of Income T ...

Court : Himachal Pradesh

Subject : Direct Taxation

circumstances of the case the learned Tribunal is justified in holding that the amendment which were made by Finance Act, 2003 w.e.f. 1.4.2004 vide which the second proviso to Section 43B stands omitted, was not curative and hence not … main question which arises for determination in this appeal is whether omission [deletion] of the second proviso to Section 43-B of the Income Tax Act, 1961, by the Finance Act, 2003, operates with effect from 1st April, 2004,

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 … date of filing of Return of Income ignoring the fact that said amendment to the provisions of Section 43B of the I.T. Act was made with effect from 1st April, 2004 i.e. from Assessment Year 2004-05 and

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 … submitted that it was trite law that, to compute the profit derived, all deductions under Sections 29 to 43A would have to be deducted. In this connection, he referred to the decision in Cambay Electric Supply Industrial

Abrest Engineering Company Vs. State of Jharkhand and ors.

Court : Jharkhand

Subject : Sales Tax

Acts : Bihar Sales Tax Rules, 1983 - Rule 26A; Bihar Finance Act, 1981 - Sections 43

Reported in : [2003(3)JCR110(Jhr)]; [2004]138STC319(Jharkh)

Matched in: Citation [2003(3)JCR110(Jhr)]; [2004]138STC319(Jharkh)

Jct Ltd. Vs. Deputy Commissioner of Income Tax and anr.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(2), 35, 36(1), 37, 43 and 43(1); ;Finance Act, 1986; ;Finance Act, 2003; ;Companies Act, 1948 - Section 65

Reported in : (2005)194CTR(Cal)509,[2005]276ITR115(Cal)

36(l)(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(l)(iii) or Section 37 in this case. The … Pal, crystallizing the submission of Mr. A.K. Roychowdhury. While Mr. M.P. Agarwal represented the Department and opposed the same.Section 43(1), Expln. 8 : Its objects : Scope :4. The question seems to be already covered by different decisions

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 … issue which arises for consideration is the allowability of deduction under Section 36(1)(5a) read with Section 2(24)(x) and Section 43(B) to the assessee in respect of employer/employees contributions towards provident fund payments which were made after the due

Nava Bharat Ferro Alloys Ltd. Vs. Union of India (Uoi)

Court : Andhra Pradesh

Subject : Service Tax

Acts : Finance Act, 2000 - Sections 65(7), 65(18A), 65(18B), 65(48), 116 and 117; Finance Act, 1997; Finance Act, 1994 - Sections 65, 66 68, 70, 71A and 94; Finance Act, 2003 - Sections 68, 68(1), 69, 70, 71 and 71A; Assam Taxation (On Goods Carried by Road or on Inland Waterways) Act; Central Tea Act - Sections 3(1) and 3(2); Motor Vehicles Act, 1939 - Sections 43, 43(1), 43(1A) and 44; Rajasthan Passengers and Goods Taxation Act, 1959 - Sections 3 and 4; Karnataka Entertainments Tax Act, 1958 - Sections 2; Expenditure Tax Act, 1987; British North America Act, 1867 - Sections 91 and 92; Finance Act, 1998 - Sections 65, 65(16), 65(17), 65(41) and 66(3); Motor Vehicles Act, 1988 - Sections 2; Finance Act, 1997 - Sections 84; Service Tax Rules, 1994 - Rule 2 and 2(1); Service Tax (Amendm

Reported in : (2005)186CTR(AP)451; 2005(185)ELT236(AP); 2006[3]STR565

of tax, but extended the time to file returns till 28.11.2003. Further amendments however, were carried out in Finance Act, 2003 in order to validate the imposition of tax from 16.7.1997 to 2.6.1998 and to remove the basic infirmities … to this argument, it is necessary to reproduce the amendments that were affected to the Finance Act in 2003. Section 68 in 2003 Act reads as under:Section 68 : Payment of service tax.-Provided that-(i) in relation to services … and collection of taxes by Act 18 of 1971 legal?Third, is it competent to the legislature to amend Section 43 of the Motor Vehicles Act, 1939 called the 1939 Act by Act 34 of 1971 to include retrospectively

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 … the stipulated period as contemplated under the mandatory provisions of Section 36(1)(va) read with Section 2(24)(x) and Section 43B of the Act as the same was paid by the assessee on or before the due date for