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Coimbatore District Central Co-operative Bank Ltd. Vs. Income-tax Offi ...

Court : Chennai

Subject : Direct Taxation

Act. As there is no difference in the functioning of the co-operative banks and other commercial banks, the Finance Act, 2006 and Finance Act, 2007 amended the provisions of the Act to provide for co-operative banks a taxation regime … on banking business with the approval of the Reserve Bank of India, is liable to deduct tax under Section 194A of the Income Tax Act, 1961 on the interest paid to its members?" 3. We are of the

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 … in force, suddenly, opposite party No. 2 by letter dated 18th September, 2006 called for various details including the details of deduction of tax at … issued notices to the bankers asking them to give show cause for non-deduction of taxes at source under Section 194A of the said Act on interest income for Term Deposit Receipts kept with them in the name of

The New India Assurance Co. Ltd. Vs. Hussain Babulal Shaikh and Others

Court : Mumbai

Subject : Land Acquisition

(ixa) of sub-section (3) of Section 194A of the Income Tax Act (inserted with effect from 1.6.2015 by Finance Act,2015 substituting clause (ix)), the Division Bench however following the law laid down in the case of Smt.Hansagauri … 17 October 2005. The Respondent No.1 had filed Claim Application No.1178 of 2006, claiming compensation of Rs.50,00,000/- from Respondent No.2 and the Petitioner-Insurer. The learned … and Rs.1,26,918/- towards the interest part, after deducting of tax at source (TDS) as per the provisions of Section 194A(3)(ix) of the Income Tax Act,1961. The TDS amount is already deposited with the Income Tax Authority and the

The Pr. Commissioner of Income Tax, Hubballi and Another Vs. The Totag ...

Court : Karnataka Dharwad

Subject : Direct Taxation

difference because sub-section (4) inserted in Section 80P(2)(d) of the Act with effect from 01st April 2007 by Finance Act, 2006 excludes Co-operative Banks other than Primary Agricultural Credit Society or a Primary Co-Operative Agricultural and Rural Development Bank … like Banking Regulation Act, 1949. (iii) The learned counsel for the Revenue further urged that the amendment of Section 194A(3)(v) of the Act by Finance Act, 2015 with effect from 01st June 2015 excluding the Co-operative Banks from

The Pr. Commissioner of Income Tax, Vs. The Totagars Co-Operative Sale ...

Court : Karnataka Dharwad

Subject : Direct Taxation

Anr. Vs. The Totagars Co-Operative Sale Society, Sirsi. of the Act with effect from 01st April 2007 by Finance Act, 2006 excludes Co-operative Banks other than Primary Agricultural Credit Society or a Primary Co-Operative Agricultural and Rural Development Bank … like Banking Regulation Act, 1949. (iii) The learned counsel for the Revenue further urged that the amendment of Section 194A(3)(v) of the Act by Finance Act, 2015 with effect from 01st June 2015 excluding the Co-operative Banks from

m/s.karnataka Power Transmission Vs. The Deputy Commissioner Of

Court : Karnataka

Subject : Direct Taxation

to be read along with Section 201 of the Act. The provisions of Section 200 prior to the Finance Act, 2008 mandated that the amount of tax deducted should be paid to the credit of the Central Government … had no obligation to pay interest and consequently, had no 6 obligation to deduct tax at source under Section 194A of the Act.2. Whether in law, the Tribunal was justified in upholding the levy of tax u/S2011) and … of electricity by the 3 appellant. During the assessment years i.e., 2005-06, 2006-07 and 2007-08 in question, the appellant had created provisions for a sum

Shri.Thomas George Muthoot Vs. The Commissioner of Income Tax

Court : Kerala

Subject : Direct Taxation

not liable to deduct tax at source. However, by virtue of the proviso which was inserted by the Finance Act 2002, the benefit of exclusion is restricted only to those individuals and Hindu undivided families, whose total sales, … 3.We heard the senior Counsel for the appellants and the learned Senior Standing Counsel appearing for the Revenue.4. Section 194A (1) of the Act provides that any person, not being an individual or a Hindu undivided family, who … Muthoot in relation to the assessment orders passed for the assessment years 2006-07 and 2007-08. ITA Nos.282/14, 289/14 and 290/14 filed by Sri.Thomas Muthoot arise

Commissioner of Income Tax Vs. Kerala State Financial Enterprises Ltd. ...

Court : Kerala

Subject : Direct Taxation

Acts : Interest Tax Act, 1974 - Sections 2(7); Finance (No. 2) Act, 1991; Reserve Bank of India Act, 1934 - Sections 42(IB); Motor Vehicles Act, 1988 - Sections 51(1); Hire Purchase Act, 1972; Income Tax Act - Sections 194A

Reported in : (2008)220CTR(Ker)286

'finance charges' collected by respondent-companies under hire-purchase agreements attract tax under the Interest-tax Act, 1974 as amended by Finance (No. 2) Act of 1991. According to the Revenue, 'finance charges' collected by the respondents for vehicle financing … No. 1425 in F. No. 275/90/80 IT(B), dt. 18th Nov., 1981 issued by the CBDT with reference to Section 194A of the IT Act which provides for deduction of tax at source on interest income. What is stated

Commissioner of Income-tax Vs. Muthoot Leasing and Finance Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Interest-tax Act, 1974 - Sections 2(7); Finance (No. 2) Act of 1991; Reserve Bank of India Act, 1934 - Sections 42(IB); Motor Vehicles Act, 1988 - Sections 51(1); Hire Purchase Act, 1972; Income Tax Act - Sections 194A

Reported in : [2009]181TAXMAN197(Ker)

charges' collected by respondent-companies under hire purchase agreements attract tax under the Interest-tax Act, 1974 as amended by Finance (No. 2) Act of 1991. According to the revenue, 'finance charges' collected by the respondents for vehicle financing … Instruction No. 1425 in E. No. 275/90/80 IT (B), dated 18-11-1981 issued by the CBDT with reference to Section 194A of the Income-tax Act which provides for deduction of tax at source on interest income. What is stated

income Tax Officer Vs. Labh Construction and Industries

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2006)103TTJ(Ahd.)269

Matched in: Citation (2006)103TTJ(Ahd.)269