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Punj Lloyd Ltd. Vs. Bharat Petroleum Corporation Ltd.

Court : Mumbai

Subject : Land Acquisition

conduitâ? from such date as the Central Government may, by notification in the Official Gazette, appoint. The said Finance Act 2005 came into force on 13th May, 2005. 4. The respondent introduced the Commercial Addendum No.1 in the tender … levy of service tax in the price bid submitted by the petitioner. 40. Clause 7.4 of the Instructions to Bidder clearly provided that the bidders … 1. By this petition filed under section 34 of the Arbitration and Conciliation Act, 1996, the petitioner has impugned the arbitral award 28th April, 2011

R and B Falcon (A) Pty Ltd. Vs. Commissioner of Income Tax

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 40, 115B(2), 115JB, 115W, 115WA, 115WA(1), 115WA(2), 115WB, 115WB(1), 115WB(2), 115WB(3), 115WC, 119 and 245Q(1); Finance Act, 2005; Income Tax (Amendment) Act, 1983 - Sections 9(1)

Reported in : 2008BusLR469(SC); (2008)216CTR(SC)289; [2008]301ITR309(SC); 2008(8)SCALE223; 2008AIRSCW4096

Benefit Tax?5. Chapter XII of the Act providing for income tax on fringe benefits was inserted by the Finance Act, 2005. It came into force with effect from 1.4.2006.6. Section 115W defines 'employer' and 'fringe benefit tax'. 'Fringe Benefit … for the purposes of the business or profession of the employer. However, Sub-clause (ic) of Clause (a) of Section 40 of the Income-tax Act expressly prohibits the deduction of the amount of FBT paid, for the purposes of

Commissioner of Income Tax Kolkata Xii Vs. M/S Calcutta Export Company

Court : Supreme Court of India

Subject : Education

parties and perused the factual matrix of the case. Point(s) for consideration:-5) Whether the amendment made by the Finance Act, 2010 in Section 40(a)(ia) of the IT Act is retrospective in nature to apply to the present facts … its principal place of business at Kolkata. The Respondent filed its return of income for the Assessment Year 2005-06 for Rs. 4,18,17,910/-. The case was selected for scrutiny and the assessment under Section 143(3) of the Income

Commissioner of Income Tax -xiii Vs. Rajinder Kumar

Court : Delhi

Subject : Direct Taxation

The assessee was asked to explain why disallowance should not be made under Section 40(a)(ia) as amended by Finance Act, 2008 with retrospective effect from 1st April, 2005. The assessee filed written submissions that they had not claimed

Tata Tea Ltd. Vs. Assistant Commissioner of Income-tax

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10, 10A, 10AA, 10B, 35B(1A) and 80HHC; ;Finance Act, 2000; ;Special Economic Zones Act, 2005 - Section 2; ;Industries (Development and Regulation) Act, 1951 - Section 40; ;Industries (Development and Regulation) Rules

Reported in : [2010]189TAXMAN303(Ker)

years 2001-02 and 2002-03 to which these appeals relate, exemption was declined for the reason that by the Finance Act, 2000 the definition of 'manufacture' which included 'processing' contained in Section 10B was deleted with effect from 1-4-2001. … mining.This Court also noticed that the definition of 'manufacture' contained in Section 2(r) of the Special Economic Zones Act, 2005, was incorporated later under Section 10AA of the Income-tax Act with effect from 10-2-2006, which is as follows:'Manufacture' … Undertaking by the Board appointed in this behalf by the Central Government in exercise of powers conferred by Section 40 of the Industries (Development and Regulation) Act, 1951 and Rules made under that Act. It is pertinent to

Shree Choudhary Transport Co. Vs. Income Tax Officer

Court : Supreme Court of India

Subject : Direct Taxation

404 ITR654 wherein this Court has held the remedial amendment of Section 40(a)(ia) of the Act by the Finance Act, 2010 to be retrospective in nature and applicable from the date of insertion of the said provision. 10.4. … thereby, the High Court has upheld the computation of total income of the assessee-appellant for the assessment year 2005-2006 with disallowance of payments to the tune of Rs. 57,11,625/-, essentially in terms of Section 40(a)(ia) of the

Commissioner of Wealth Tax vs.atma Ram Properties (P) Ltd.

Court : Delhi

Subject : Direct Taxation

their assets. However, the Finance Act 1983 (FA1983 revived wealth tax in respect of the assets of companies. Section 40 (1) of the FA1983stated that notwithstanding anything contained in Section 13 of the FA, 1960, wealth tax was … it is first necessary to understand the background in which the questions that have been framed arose. The Finance Act, 1960 (FA1960 exempted WTA No.16/2005 & connected matters Page 11 of 38 companies from the levy of wealth

The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Wealth-tax Act, 1957 - Sections 7(2), 7(3), 27(3) and 45; Finance Act, 1983 - Sections 3, 40 and 40(3); Income Tax Act - Sections 2, 32A and 32A(2; Finance Act, 1960 - Sections 13; Finance Act, 1992

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

was also used in the assessee's business and therefore excluded from the operation of Section 40 of the Finance Act, 1983. The Tribunal also confirmed the order of the C.I.T.(A) on the reliefs granted by the C.I.T.(A), from

The Commissioner of Income Tax-Ii vs.mitsubishi Corporation India Pvt. ...

Court : Delhi

Subject : Direct Taxation

Finance Act, 2004, that came into operation with effect from 1st April, 2005, substituted/added sub-clauses (i), (ia) and (ib) to Section 40 (a) of the … the expenses towards purchases made on the ground of non-deduction of TDS was not sustainable. Amendments to the Finance Act, 16. The Herbalife (supra) decision was rendered in the context of AY2001 02 and the present case relates … April, 2014, framed the following questions of law. “(i) Whether the ITAT fell into error in holding that Section 40(a)(i) of the Income Tax Act, 1961 ITA No.180/2014 Page 1 of 83 cannot be applied in view of

Rojer Mathew Vs. South Indian Bank Ltd and Ors Chief Manager

Court : Supreme Court of India

Subject : Land Acquisition

CJI1 Leave granted. BRIEF BACKGROUND:2. In the present batch of cases, the constitutionality of Part XIV of the Finance Act, 2017 and of the rules framed in consonance has been assailed. While it would be repetitious to reproduce … vs. Union of India (2014)17, whilst striking down the newly-created National Tax Tribunal under the National Tax Tribunals Act, 2005, it was observed that procedure of appointment and conditions of service of members must be akin to judges … petitioner had originally approached the High Court challenging the constitutional validity of Section 13 (5- A) of the Securitisation and Reconstruction of Financial Assets and … challenged. Interestingly, while examining Chapter XXVII of Companies Act, 2013 i.e. Sections 407 to 434, this Court held that although the establishment of NCLT and