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Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head other than the business income, in as much as, the amended provisions of section 32(2)(iii)(a) are very clear and the position existed in the assessment year 1997-98 cannot be equally treated ..... of section 32(2) as amended by finance (no. ..... section 32(2) as amended by the finance ..... -section (2) of section 32 as substituted by the finance act ..... set-off of unabsorbed depreciation has been dispensed with by substituting the section 32(2) by the finance act, 2001 w.e.f. ..... 1.4.1997) and to ascertain the object and purpose in amending section 32(2), the speech made by the finance minister can certainly be referred to, inasmuch as, this is in accord with the recent trend in juristic thought not only in western countries but also in india that interpretation of a statute being an exercise in the ..... depreciation allowance allowed to the assessee upto and inclusive assessment year which remained unabsorbed and brought forward to the assessment year 1997-98 continue to set off as per the pre-amended provisions of section 32(2) as stood prior 1.4.1997 and it is only the current depreciation allowance for the assessment year 1997-98 onwards which remains unabsorbed will be governed by the amended provisions of section 32(2) as substituted by the finance (no. .....

Wipro Limited Vs. The Joint Commissioner Of Income Tax

Court : Karnataka

..... 234b; it may be pertinent to note that it was inserted and brought into effect from the same time as section 153 was substituted by finance act, 2016; similarly, section 153(5) was substituted by finance act, 2016 prescribing the time limit to give effect to the orders passed under the sections mentioned therein, wholly or partly, otherwise than by making a fresh assessment or reassessment; prior to such amendment, no time limit was prescribed for passing of oge; it may be noted that the requirement of paying ..... re-computed the said adjustment in terms of direction of 5 itat; the jcit to give effect to the itat order, on 28.12.2017 determined the total income of the assessee at rs.693,88,05,177/- and the tax payable thereon was determined at rs.206,69,34,730/-; however, the tax on book profit was higher at rs.316,85,23,810/-; the above calculations eventually resulted in a refund of rs.1057,45,30,057/- which included interest payable u/s 244a amounting to rs.267,54,62,251/-. ..... cit (1965) 57 itr521 this real income can be brought to tax through assessment contemplated under the act. .....

The Khatau Makanji Spg. and Weaving Co. Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Reported in : AIR1956Bom733; (1956)58BOMLR885; ILR1957Bom22; [1956]30ITR841(Bom)

..... on income and the power of parliament is equally clear and that is to fix the rate at which income-tax is to be charged upon the total income of the previous year of the assessee.in our opinion, the provision of the finance act travels beyond the ambit of section 3, and if parllament has done so then no effective charge can be made on the total income of the previous year of the assessee under the provisions of the ..... 3, income-tax act, be cause what the finance act does is to effectuate as it were section 3, income-tax act, and when we turn to section 3, which is the charging section, it imposes a charge on the total income of the previous year of the assessee.the rate at which this charge is to be imposed is not laid down in the income-tax act at all-and, as section 3 provides, that charge has to be fixed; by the central act. ..... it is because of this that in-come-tax is levied at different rates under the relevant finance act.with regard to the additional tax on excess dividend, it is quite clear that, that tax is not levied with reference to any rate in relation to the total income of the assessee company, and the very short question that we have to consider and decide is whether it is open to parliament, looking to the language of section 3, to levy a tax upon an assessee at a rate which has no relation whatsoever .....

M/S. Ponds India Ltd. Vs. Collector of Central Excise, Madras

Court : Supreme Court of India

Reported in : AIR1997SC1708; 1997(58)ECC1; 1997(90)ELT3(SC); JT1997(1)SC729; 1997(1)SCALE484; (1997)2SCC577; [1997]1SCR541

..... there was no levy for a long period of time of special excise duty until it levied with effect from 1st march, 1978, under the provisions of section 37 of the finance act, 1978, which read thus:(1) in the case of goods chargeable with duty of excise under the central excise act as amended from time to time, read with any notification for the time being in force issued by the central government in relation to the duty so chargeable there shall be ..... for the period 1st march, 1987, until 28th february, 1988, special excise duty had been levied under a provision in the finance act, 1987, similar to that quoted, but during this period, by reason of a notification issued under the provisions of rule 8 of the central excise rules with simultaneous effect, there was a total exemption from the ..... under the terms of the finance acts, special excise duty is so levied as to cease to have effect at the close of the financial ..... excise duty was being levied from 1963 upto 1971 by various finance acts passed from time to time. ..... the provisions of these finance acts, insofar as the levy of special excise duty is concerned, ..... scw 1353, the said goods manufactured by the appellants prior to 28th february, 1988, and cleared after 1st march, 1988, were not liable to the fresh special excise duty levied by the finance act, 1988. ..... in the finance acts of 1987 and 1988, however, the rate of special excise duty was raised to ten per cent but then notifications were issued exempting the duty on all goods .....

Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.

Court : Chennai

Reported in : [1996]222ITR36(Mad)

..... for the assessment year 1975-76, the assessee claimed that it should be deemed to be an industrial company as defined by section 2(8)(c) of the finance act, 1975, liable to pay tax at a concessional rate, though the assessee itself did not carry on any manufacturing activity during the previous year relevant to the assessment year in question, by virtue of the amount received by it by letting ..... therefore, the assessee could not be held to be an industrial company within the meaning of section 2(8)(c) of the finance act, 1975.11. ..... so also for the assessment year 1978-79, the assessee claimed the same benefit under section 2(7)(c) of the finance act, 1978. ..... the expression 'industrial undertaking' occurring in section 5(1)(xxxi) of the wealth-tax act, 1957, is more or less similar to the expression 'industrial company' occurring in section 2(7)(c) of the finance (no. ..... therefore, this decision rendered while considering the provisions for set-off of the loss under section 24(2) of the act cannot be relied upon for the purpose of saying that the assessee is entitled to concessional rate of tax under section 2(7)(c) of the finance (no. ..... at the instance of the department, the tribunal referred the following common question of law for the opinion of this court under section 256(1) of the income-tax act, 1961, for the assessment years 1977-78 and 1978-79 : 'whether, on the facts and in the circumstances of the case and having regard to the provisions of section 2(7)(c) of the finance (no. .....

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

..... is made of 'undisclosed income' as against assessment of 'total income' under section 4(1) of the act; that, assessment under chapter xiv-b is made for the 'block period' as against assessment of income of the 'previous year' under section 4(1) of the act; that, under chapter xiv-b 'undisclosed income' is assessed at 60% in terms of section 158ba(2) read with section 113 as against taxation of normal income at the rates prescribed in the relevant finance act; that, the provisions of the finance act are not found in the block assessment scheme under ..... chapter xiv-b up to 1.06.2002 and, therefore, according to the assessee, finance act, 2001 was not applicable to chapter xiv-b. ..... this argument is founded on the basis that until the amendment in section 113 w.e.f. ..... according to the assessee, there was a conference of chief commissioners which had suggested to the central government to amend section 113 with retrospective effect. .....

Indian National Shipowners' Association, a Company having Its register ...

Court : Mumbai

Reported in : 2009(5)BomCR369; 2009(111)BomLR1529; (2009)224CTR(Bom)197; [2009]17STJ255; 2009[14]STR289; [2009]19STT408; (2009)22VST293(Bom)

..... aggrieved by this action of the respondents, the petitioners filed the instant writ petition on 6/11/08 praying inter alia for a declaration that the taxing entry contained in section 65(105)(zzzy) of the finance act 1994 does not apply to marine logistic services provided by the members of the 1st petitioner. ..... the members of the 1st petitioner, legislative history of the two entries, various circulars to which, we have made reference and the relevant judgments which we have noted hereinabove lead us to hold that the entry contained in section 65(105)(zzzy) of the finance act, 1994 does not apply to services provided by the members of the 1st petitioner. ..... noticed by us hereinabove entry (zzzzj) was inserted into section 65(105) of the finance act, 1994 by the finance act 2008 with effect from 16/5/08. ..... (zzzzj) was inserted into section 65(105) of the finance act, 1994 by the finance act 2008 with effect from 16/5/08. ..... (zzzzj) was not inserted into the finance act by amending entry (zzzy). ..... pointed out that upon the insertion of entry (zzzzj), there was no amendment to the old entry (zzzj). ..... of new entry is not by way of amending the earlier entry. ..... counsel submitted that the introduction of entry (zzzzj) with effect from 16/5/08 emphasises that no tax was payable on marine logistic services prior to 16/5/08 because the new entry was not by way of amending the earlier entry.32. ..... the petitioners amended the instant petition inserting the necessary averments in relation to new entry ( .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade would be exempt from the assessment year 1989 ..... facie, from the copies of correspondence produced by the learned departmental representative, it appears that the audit has pointed out that the amendment made by the finance act, 1988 by inserting proviso thereto in section (3) of the finance act.1983 is applicable for the assessment year 1989-90 and onwards and not for the earlier assessment years 1984-85 to 1987-88. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the amendment to section 40(3)(vi), finance act, 1983, by finance act, 1988 was declaratory of the law as it always was and that it had retrospective operation for the assessment pertaining to 1984-85 and 1985-86 from the aforesaid question, it is seen that retrospectiviry of the amendment was very much in question which did pre-suppose that, it was operative prospectively and therefore, there is no force ..... [1993] 112 taxation 500, it has been held that the amendment to section 40(3)(vi) of the finance act, 1983 made by the finance act, 1986 was certainly curative and therefore normally could be declared as declaratory of .....

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

..... though the legislature was conscious that the provisions of section 143 (1a) and 271(1)(c) are pari materia and were similarly interpreted by different high courts, while section 143(1a) was amended by finance act, 1993 with retrospective effect from 1.4.1989, the provisions of section 271(1)(c) have been amended much later by finance act, 2002 with prospective effect from 1.4.2003.29. ..... learned counsels appearing in different appeals filed by the assessee assailed the impugned judgment by contending that provisions of section 271(1)(c)(iii) prior to 1.4.1976 and after its amendment by the finance act, 1975 with effect from 1.4.1976, later provisions being applicable to the assessment year in question, being substantially the same, the high court in the impugned order erred in distinguishing prithipal singh's case (supra), and ..... it was because of these decisions that section 143(1a) was amended by the finance act, 1993 in exactly the same manner as the finance act, 2002 amended section 271(1)(c) and explanation 4(a). ..... the provisions of section 271(1)(c)(iii) prior to 1.4.1976, and after its amendment by the finance act, 1975 with effect from 1.4.1976, later provisions being applicable to the assessment year in question, being substantially the same except that in place of the word 'income' in sub clause (iii) to sub clause (c) of section 271 prior to its amendment by finance act, 1975, the expression 'amount of tax sought to be evaded' have been substituted. .....

Tata Sky Limited Vs. the State of Uttarakhand and ors.

Court : Uttaranchal

..... levied through the finance act, 1998, whereby sections 65, 66 and 68 of the finance act, 1994 were sought to be substituted, and section 67 of the finance act, 1994 was sought to be amended ..... (hereinafter referred to as the service tax) at the rate of eight per cent of the value of the taxable services referred to in sub-clauses (a), (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m), (n), (o), (p), (q), (r), (s), (t) (u), (v), (w), (x), (y), (z), (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn), (zo), (zp), (zq), (zr), (zs), (zt) (zu), (zv), (zw), (zx), (zy), (zz) and (zza) of clause (105) of section 65 and collected in such manner as may be prescribed.a perusal of the aforesaid provisions reveals, that under the finance act, 2001, service tax levied on service providers rendering broadcasting services were enhanced from five per cent to six per cent of the value of taxable service (i.e ..... .-(5) with effect from the date notified under section 137 of the finance act, 2001 (14 of 2001), there shall be levied a service tax at the rate of five per cent of the value of the taxable services referred to in sub-clauses (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn) and (zo) of clause (90) of section 65 and collected in such manner as may be prescribed.a perusal of the provisions of the finance act, 2002 reveals, that as hitherto before (under the finance act 2001) service tax at the rate of five per cent of .....