Judgment Search Results Home > Cases Phrase: finance act 1968 section 2 income tax Court: supreme court of india Page 7 of about 29,501 results (0.663 seconds)

Indian Oil Corporation Ltd. Vs. The State of Bihar

Court : Supreme Court of India

..... has been held by us hereinabove. in any case, the effect of the aforesaid judgment has been nullified by the addition of a third proviso to section 3(2) by the bihar finance act, 2006, which specifically provides that exempted goods will not be entitled to set off. for all these reasons, we are of the view that ..... claim relates. i ............ (full name of the dealer) hereby request for reduction in my liability of sales tax payable under the bihar finance act, 1981 in accordance with the provision of sub-section (1) of section 4 of the bihar tax on entry of goods into local areas for consumption, use or sale therein ordinance, 1993 the notification issued under ..... any place outside the territory of india, for consumption, use or sale therein. provided that in case of such goods which are liable to tax under section 12(1) of the bihar finance act, 1981, entry of goods shall mean entry of goods into local area from any place outside the state for consumption, use or sale therein. explanation .....

New Okhla Industrial Development Authority Vs. Chief Commissioner of I ...

Court : Supreme Court of India

..... and will, accordingly, apply in relation to the assessment year 2003 2004 and subsequent assessment years. 47. the explanatory note clearly indicates that by finance act, 2002 the exemption under section 10(20) has been restricted to the panchayats and municipalities as referred to in articles 243p(d) and 243p(e). further by deletion of clause ..... for the purpose of planning, development or improvement of cities, towns and villages is exempt from payment of income tax. 13.2 through finance act, 2002 clause (20a) of section 10 has been deleted so as to withdraw exemption available to the abovementioned bodies. the income of housing boards of the states and of development ..... authority.9. learned counsel appearing for the revenue refuting the submissions of appellant contends that in view of the explanation added to section 10(20) of the i.t.act, 1961 by finance act, 2002, the appellant is no longer covered by the definition of local authority . the definition of local authority as contained in .....

Union of India Vs. M/S Unicorn Industries

Court : Supreme Court of India

..... appellate bench of the high court observed that some of the notifications providing modalities for exemption were issued subsequent to the enactment of section 154 of the finance act, 2003 and, therefore, section 154 of the finance act, 2003 has no relevance in the said case. however, the appellate bench does not find it necessary to even make a ..... court finds that withdrawal of exemption in respect of pan masala with tobacco is not in the public interest. the legislative policy as reflected in section 154 of the finance act was to withdraw the exemption granted to the manufacturers of cigarettes as well as pan masala with tobacco and that too with retrospective effect. ..... commercial production on and from 31/3/2007. 34. the learned single judge has also specifically observed in his judgment that the vires of section 154 of the finance act, 2003 vide which the exemption granted to the manufacturers of cigarette was rescinded with retrospective effect, has been upheld by this court in the .....

Cloth Traders (P) Ltd. Vs. Additional C.i.T., Gujarat-i

Court : Supreme Court of India

Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984

..... , material and that was made by finance act 1968 by which the words 'received by it' occurring in sub-section (1) of section 80m were omitted with effect from 1st april, 1968. the finance act of 1968 also provided in sub-sections (2) and (3) of section 31 that notwithstanding the omission of section 99, sub-section (1), clause (iv) and section 85a, the provisions of those sections shall have and be deemed always to ..... for which the words 'received by it' were deleted. it is clear from the notes on clause 31 which subsequently became section 31 of the finance act, 1968 that the amendments retrospectively deleting the words 'received by it' from the opening part of section 99, sub-section (1), clause (iv) and section 85a were made with a view to widening scope of the relief granted under these .....

Commissioner of Wealth Tax, Amritsar Vs. Suresh Seth

Court : Supreme Court of India

Reported in : AIR1981SC1106; (1981)21CTR(SC)349; [1981]129ITR328(SC); 1981(1)SCALE729; (1981)2SCC790; [1981]3SCR419; 1981(13)LC555(SC)

..... by the assessee. another significant factor which requires to be borne in mind is that neither the wealth-tax (amendment) act, 1964 nor the finance act, 1969 by which section 18 of the act was amended expressly stated that the amended provisions of section 18 would be applicable to an assessee who had failed to file the return in respect of any preceding assessment year ..... /-(ii) for the period from 1.4.69 to 18.3.71 : penalty at 1/2% of the net wealth for each month of the default under section 18(1)(a) as amended by the finance act, 1969 : rs. 5,267'/- ___________ rs. 5,382/-assessment year 1965-66 :(i) for the period from 1.7.65 to 30.3.69 : ..... and for the period between april 1, 1969 to march 18, 1971 (on which date the returns were filed) in accordance with section 18 of the act as amended by the finance act, 1966. aggrieved by the decision of the high court, the department has filed these appeals under article 136 of the constitution.5. before dealing with the contentions of the .....

B. Desraj Vs. Cit

Court : Supreme Court of India

Reported in : (2008)216CTR(SC)348; [2008]301ITR439(SC)

..... parliament as well as cbdt have taken into account the insertion of clause (iiib) in section 28 by the finance act, 1990. further, it is also relevant to note that by the same finance act, 1990, clause (iiib) was inserted into section 28 and changes were also made in section 80hhc(3). therefore, section 80hhc as it stood at the relevant time was required to be read with ..... . hence, this civil appeal by the assessee.9. at the outset, it may be stated that by the finance act, 1990, the parliament has clarified that cash compensatory support and duty drawback shall be taxable under section 28 of the income tax act, 1961. by the said finance act, 1990, clause (iiib) came to be inserted as one of the incomes chargeable to income-tax under .....

State of Kerala Vs. Alex George and anr. Etc.

Court : Supreme Court of India

Reported in : (2004)192CTR(SC)581; [2004]271ITR290(SC); JT2004(10)SC104; 2005(1)KLT164(SC); 2004(9)SCALE545; (2005)1SCC299

..... to only in the next immediate financial year 1988-89. as stated above, chargeability is independent of the passing of the finance act. therefore, one has to read the finance act in consonance with the provisions of the charging section. the function of the finance act primarily is to prescribe the rate of tax and the manner of calculation of tax; and it is not intended to ..... and communicated to you as per notice of demand ...... no. ... dated ..... requires revision on the basis of the rate of plantation tax fixed under the said act as amended with effect from the financial year 1968-69 and whereas the details available in this office show that you hold plantations to the extent shown below, it is hereby informed that you are .....

The Commissioner of Income Tax Vs. M/S. Express News Papers Limited

Court : Supreme Court of India

Reported in : [1998]230ITR477(SC); JT1998(1)SC347; 1998(1)SCALE273; (1998)3SCC106; [1998]1SCR288

..... a-vis, the one exercised by the board of directors while deciding to pay an interim dividend, that in clause (c) of the second proviso in the finance act, the expression used is 'declared or distributed to its shareholders'. this clearly postulates a situation where they may be distributed of dividend without its declaration. this can ..... the relevant previous year and the payment was made in the subsequent previous year and, therefore, by virtue of explanation 3 to the first proviso of the finance act, 1964 the rebate could not be reduced. having failed to get any relief from the appellate authorities, a question of law with regard to this aspect ..... passed by the board of directors on 6th december, 1962 amounted to a declaration of dividend. under sec. 205 of the companies act, dividend is distributed on a resolution being passed by the company in general meeting. the companies act, as such, does not specifically refer to the distribution of interim dividend. table a. however, provides .....

The Ahmedabad Manufacturing and Calico Printing Co. Ltd. and anr. Vs. ...

Court : Supreme Court of India

Reported in : 1993LC538(SC); 1993(63)ELT601(SC); (1993)2GLR1751; JT1993(1)SC85; 1993(1)SCALE63; 1993Supp(2)SCC7; [1993]1SCR142

..... but on the weight of the sized yarn. after the decision of the gujarat high court the central government had amended rules 9 and 49 of the rules and section 51 of the finance act, 1982, had made them effective retrospectively.7. the present writ petitions filed in this court had inter alia pleaded that the retrospective amendment of rules 9 and 49 ..... in the delhi high court, the central government by notification no. 28.82 c.e. dated 20th february, 1982 amended rules 9 and 49 of the rules. section 51 of the finance act provides that the amendments in rules 9 and 49 of the rules shall be deemed to have, and to have always had the effect on and from the date ..... rules 9 and 49 of the rules, as amended, were valid. it was further held that the retrospective effect given by section 51 of the finance act, 1982 will be subject to the provisions of sections 11a and 11b of the act. it was further held that the yarn which is produced at an intermediate stage in the mill of the appellants therein and .....

Sundaram and Company (P.) Ltd., Madurai Vs. Commissioner of Income-tax ...

Court : Supreme Court of India

Reported in : AIR1968SC124; [1967]66ITR604(SC); [1967]3SCR798

..... proceeding to enlarge the scope of the enquiry and in entering upon a question which was never mooted before the tribunal. 12. section 2 of the finance act, 1956, provides insofar as it is material, that : 'subject to the provisions of sub-sections (2), (3), (4) and (5), for the year beginning on the 1st day of april, 1956, - (a) income- ..... orders passed under s. 23a cannot be taken into consideration for the purpose of reducing the rebate of super-tax admissible under the proviso 2 to paragraph d of the finance act, 1956. the income-tax officer rejected the contentions and ordered that the rebate of super-tax to the extent of rs. 80,978/-be withdrawn. 4. in ..... tax shall be charged at the rates specified in part i of the first schedule..... (b) rates of super-tax shall, for the purposes of section .....