Judgment Search Results Home > Cases Phrase: companies surcharge on income tax act 1971 repealed section 2 definitions Page 1 of about 62 results (0.134 seconds)

Bharat Heavy Plate and Vessels Ltd. Rep. by Its Dy. General Manager, T ...

Court : Andhra Pradesh

Reported in : 1991(2)ALT639

..... he contends t hat the state legislature has no power to levy such surcharge on tax in the absence of an express provision in the constitution like article 271 (surcharge on income-tax) enabling it to do so. ..... that apart section 97 of the new act, while repelling the 1959 act, has ordained under sub-section (2): ''on such repeal the provisions of sections 8 and 18 of the andhra pradesh general clauses act 1989, shall apply. ..... ' the ratio of the judgment of the supreme court is clearly spelt out from para 34 of the judgment, which reads: 'in the aforesaid view of the matter, we are of the opinion that royalty is a tax, and as such a cess on royalty being a tax on royalty, is beyond the competence of the state legislature because section 9 of the central act covers the field and the slate legislature is denuded of its competence under entry 23 of list ii. ..... it is not the stand of the respondents either in the counter or additional counter nor is it contended before us by the learned advocate general that the concerned gram panchayat has levied education cess or tax in terms of sub-section (2) of section 37 read with section 38 and that the impugned demands towards education cess have been made to enforce such levy. ..... when the assessment figure is thus definitely known, what remains to be done is only to calculate the amount of land cess by applying the multiplier of 18%. ..... 14297/86, the petitioner is a company engaged in the business of manufacturing of fertilizers. .....

Suryalatha Spinning Mills Ltd. and anr. and Suryavanshi Finance and In ...

Court : Andhra Pradesh

Reported in : [1997]223ITR713(AP); [1997]93TAXMAN310(AP)

..... first, the assessing authority has to determine the income of the company under the provisions of the income-tax act and, secondly, the book profit has to be worked out in accordance with the explanation below section 115j(1a), then it will have to be seen whether the total income determined under the first process is less than 30 per ..... under the scheme of the above section which is a self-contained provision, certain companies whose total income as computed under the provisions of the income-tax act, in respect of the previous year relevant to the assessment year after april 1, 1988, is less than 30 per ..... it is only when the total income of a company under the provisions of the income-tax act, in respect of any accounting year, of any company, is less than 30 per ..... new provision, in the case of a company whose total income, as computed under the provisions of the income-tax act is less than 30 per cent. ..... thirdly, the very object of the provision of section 115j is to tax such companies which are making huge profits and also declaring substantial dividends, but are managing their affairs in such a way as to avoid payment of income-tax, as a result of various tax concessions and incentives and for that purpose the taxable income is determine under sub-section (1) of section 115j, if any loss equal to the income thus determined is allowed to be adjusted, then that would frustrate and nullify the very object of ..... 18,63,394 on which tax together with surcharge was paid at ..... and surcharge of .....

Maharashtra State Electricity Distribution Company Limited Vs. Maharas ...

Court : Supreme Court of India

..... for payment of lps at a rate 2% higher than the sbar, in case of late payment of invoices/bills, without any pre estimation of the loss likely to be suffered by a power generating company, by reason of non payment of bills in time, more so when the late payment surcharge is linked to the rate of interest in respect of specific types of loan, charged by a leading nationalised bank with the largest numbers of branches spread all over the country including in mofussil and ..... interest income is considered as income under the income tax act, 1961 ..... appellate tribunal, may, file an appeal to the supreme court within sixty days from the date of communication of the decision or order of the appellate tribunal, to him, on any one or more of the grounds specified in section 100 of the code of civil procedure, 1908: provided that the supreme court may, if it is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period, allow it to be filed ..... article 10 : change in law 10.1 definitions in this article 10, the following terms have the following meanings 10.1.1 change in law means the occurrence of any of the following events after the date, which is seven (7) days prior, to the bid deadline resulting into any additional recurring/non-recurring expenditure by the seller or any income to the seller: * the enactment, coming into effect, adoption, promulgation, amendment, modification or repeal (without re-enactment or consolidation) in india, of .....

Maharaja Shree Umaid Mills Ltd. Vs. Union of India (Uoi)

Court : Supreme Court of India

Reported in : AIR1963SC953; [1963]48ITR186(SC); [1963]Supp2SCR515

..... (f) state or federal income tax or super tax or surcharge or any other tax on income - if any such tax has to be paid by the company the state will refund the same wholly to the company. (g) xx xx 5 ..... 214/1956 is whether the same appellant is liable to pay income-tax in accordance with the provisions of the indian income-tax act, 1922 from the date on which those provisions were extended to the territory of the state of rajasthan. c.a. ..... again the appellant bases its claim on the agreement dated april 17, 1941, and contends that the agreement is binding on the respondents and the appellant cannot be asked to pay income-tax by reason of the provisions of the indian income-tax act, 1922 which were extended to the whole of india except the state of jammu and kashmir as a result of certain amendments inserted in the said act by the finance act, 1950. 10. ..... principle is that where an act of parliament confirms a scheduled agreement, the agreement becomes a statutory obligation and is to be read as if its provisions were contained in a section of the act (see international railway company v. n.p. ..... 30 of the rajasthan excise duties ordinance, 1949 and of the repealing provisions in the finance act, 1950 it would be difficult to hold that the earlier special law on the subject still continued in force. 24 ..... one of the questions before us is whether this section had the effect of abrogating the agreement dated april 17, 1941, in case that agreement had the force of law in the state of .....

M.R. Sundararaman Vs. Commissioner of Income-tax and Another

Court : Chennai

Reported in : [1995]215ITR9(Mad)

..... it is not in dispute and indeed cannot be disputed that the director of a private company was not liable for the tax dues of the company prior to the enactment of the income-tax act, 1961, and, therefore, the liability under the amended section 179(1) and (2) cannot also travel beyond the assessment year commencing before april 1, 1962, the income-tax act, 1961, having come into operation from april 1, 1962. ..... on july 27, 1977, the income-tax officer reiterated by a letter to the petitioner that he was liable to pay the tax payable by the company and called upon him to show that non-recovery of arrears of tax from the company was not attributable to any gross neglect, misfeasance or breach of duty on the part of the petitioner, as required by section 179(1) of the income-tax act, 1961. ..... the court held that the petitioner was not liable for income-tax, surcharge, corporation tax and interest for the assessment years 1959-60 and 1960-61 and quashed the relevant notices and orders. ..... it is also his contention that section 297(2)(j) of the act of 1961, which provides that any sum payable by way of income-tax under the repealed act may be recovered under the present act, without prejudice to any action already taken for the recovery of such sum under the repealed act, does not apply. .....

Torrent Power Limited Vs. Gujarat Electricity Regulatory Commission

Court : Appellate Tribunal for Electricity APTEL

..... conjoint reading of the regulation 7, regulation 66 of the state commission and section 195(a) of the income tax act, 1961 leaves no doubt that the recovery of income tax paid as an expense from the beneficiaries requires to be grossed up in such a manner as to ensure that the actual tax paid is fully recovered through tariff. ..... ensure that the appellant earns permissible return of 14% stipulated in regulation 66 of the regulations and mandate of section 195a of the income tax act is also complied with. ..... any under-recoveries or over-recoveries of tax on income shall be adjusted every year on the basis of income-tax assessment under the income tax act, 1961, as certified by the statutory ..... for each financial year during the control period, at the commencement of such financial year, having regard to the following: (a) the approved forecast of aggregate revenue requirement including the incentive available for the generating company or licensee and expected revenue from tariff and charges for such financial year, including approved modifications to such forecast; and (b) approved gains and losses to be passed through in tariffs, following the annual ..... for the appellant has submitted that it had claimed income tax at applicable tax rate (including the stipulated surcharge and education cess) so as to provide post tax regulatory return of 14%. ..... that it is an established practice throughout the country, even under the repealed statues relating to electricity, that roe is post tax. .....

Vbc Ferro Alloys Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... . cit 210 itr 129, held (as per head note) as follows: a circular of the central board of direct taxes under section 119 of the income-tax act, 1961, cannot override or detract from the act, inasmuch as what section 119 has empowered is to issue orders, instructions or directions for the "proper administration" of the act or for such other purposes specified in sub-section (2) of the section ..... of income-tax (appeals) ought to have seen that the appellant has prepared its profit and loss account in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 taking into account the depreciation on the same method and rates which were adopted for calculating the depreciation for the purpose of preparing profit and loss account laid before its annual general meeting in accordance with the provisions of section 210 ..... . (c) that the company falls within the definition of "infrastructure capital company" envisaged in section 10(23g) ..... 1995-95 onwards the assessee claimed surcharge and interest in the income-tax returns and the same were allowed. ..... he submitted that the assessee company falls within the definition of "infrastructure capital company" within clause (a) of explanation 1 to section 10(23g). .....

Petrosil Oil Company Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1999]236ITR220(Bom)

..... a careful reading of paragraph f of the first schedule to the finance act in the light of the definition of some of the expressions contained in section 2(6) of the said act, and section 2(17), section 2(18) and section 108 of the income-tax act, makes it abundantly clear that, (1) the rates of income-tax applicable to companies will have to be determined with reference to paragraph f to the finance act; (2) paragraph f to the finance act classifies companies for the purpose of rates of income-tax into two categories, viz. ..... as it has a bearing on the controversy in this case, reads as below : '(6) for the purposes of this section and the first schedule, - (a) 'company in which the public are substantially interested' means a company which is such a company as is referred to in section 108 of the income-tax act; (b) 'domestic company' means an indian company, or any other company which, in respect of its income liable to income-tax under the income-tax act for the assessment year commencing on the 1st day of april, 1971, has made the prescribed arrangements for the declaration and payment within india ..... 2) act, 1971, read with the first schedule appended thereto, prescribes the rates of income-tax and surcharge to be charged to the assessees depending upon the category in which the assessee falls. .....

Indian Aluminium Co. Etc. Etc. Vs. State of Kerala and Others

Court : Supreme Court of India

Reported in : 1996IIAD(SC)137; AIR1996SC1431; JT1996(2)SC85; 1996(1)SCALE780; (1996)7SCC637; [1996]2SCR23

..... the commissioner of income-tax, bombay : [1954]26itr758(sc) at 836-37, the controversy was whether the expression 'capital gain' used in the income-tax act, inserted by section 12b of income-tax act, 1922 and government of india act, 1935, includes 'income' under entry 54 of list i (union list). ..... srinivasan : [1972]83itr346(sc) , the question arose whether the term 'income-tax' as defined in section 2 of the finance after act, 1964 would include surcharge and additional charge, wherever provided. ..... shamilat deh land was not defined to achieve certain objects which did not find place in the repealed acts and 1961 (amendment) act declared that the definition shall be deemed to have applied to all lands which are shamilat deh as defined in 1961 act with a non obstante clause. ..... section 8 prescribes offences by companies and section 9 gives rule making power to effectuate the purpose or the act by making rules enumerated thereunder to give effect to the provisions of the act. ..... : [1971]79itr136(sc) which is an erudite leading judgment on this topic, laid by an unanimous constitution bench of five judges that section 17 of the bombay municipal boroughs act, 1925 empowers the municipality to levy rate on building or lands or both situate within the municipality'. ..... : [1971]1scr288 , in a previous proceeding like the respondent therein, this court in new manek chowk spinning & weaving mills co. .....

R.C. Jal and anr. Vs. Union of India (Uoi)

Court : Supreme Court of India

Reported in : (1972)3SCC470; [1972]3SCR561

..... . 356 case the government of india sought to prove in the voluntary liquidation of a company registered in the united kingdom but trading in india for a sum due in respect of indian income-tax including capital gains tax, which arose on the sale of the company's undertaking in india ..... . it was held by the majority opinion that although under section 302 of the english companies act, 1948 a liquidator was required to provide in the liquidation of the company for liabilities of the company the tax claims would not be a liability within the meaning of section 302 of the english companies act ..... . rule 3(1) was as follows:recovery of excise duty : (1) the duty of excise imposed under sub-section 1 of section 2 of the ordinance on coal and coke shall, when such coal or coke is despatched by rail from collieries or coke plants, be collected by the railway administrations by means of a surcharge on freight, and such duty of excise shall be recovered:(a) from the consigner if the freight charges are being prepaid at the destination of the consignment;(b) from the consignee if the freight charges are ..... . 356 case is that india being a foreign government could not sue the liquidator taylor in england for income tax levied and declared to be payable under the indian law ..... . therefore the repeal of the 1944 ordinance did not affect the right of the railway to recover the surcharge on freight or the liability of the appellant to pay and the remedy in respect of the right and liability.8 .....