Court : Supreme Court of India
Reported in : 2008BusLR235(SC); (2008)214CTR(SC)293; [2008]297ITR167(SC); JT2008(1)SC225; 2008(1)SCALE92; (2008)2SCC272
..... option ' was not ascertainable. in our view, clause (iiia) is not clarificatory. moreover, the meaning of the words 'specified securities' in section (iiia) was defined or explained for the first time vide finance act, 1999 w.e.f. 1.4.2000. moreover, the words allotted or transferred in clause (iiia) made things clear only after 1.4. ..... tax, bangalore v. b.c. srinivasa setty : [1981]128itr294(sc) this court held that the charging section and computation provision under the 1961 act constituted an integrated code. the mechanism introduced for the first time under the finance act, 1999 by which 'cost' was explained in the manner stated above was net there prior to 1.4. ..... we also do not find merit in the contention advanced on behalf of the department that section 17(2)(iiia) inserted by finance act, 1999 w.e.f. 1.4.2000 was clarificatory and, therefore, retrospective in nature.11. we quote hereinbelow section 17(2)(iiia), which reads as under:(iiia) the value of any specified security allotted .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1999SC303; 1999(1)BLJR14; JT1998(8)SC2; 1998(6)SCALE168; (1999)1SCC31; [1998]Supp2SCR699; [1999]112STC258(SC)
..... notification dated 4th of april, 1994 having imposed such conditions, the notification was within the powers conferred on the state government under sub-section (3) of section 7 of the bihar finance act and the high court, therefore, was not justified in striking down the same to the extent already indicated.5. we have carefully considered ..... the notification dated 2nd of april, 1994, issued by the government of bihar in exercise of power conferred by clause (b) of sub-section (3) of section 7 of the bihar finance act, 1981, the high court further came to the conclusion that the notification so far as it imposes a condition that the facility of sales ..... government issued on 4th of april, 1994. according to mr. dwivedi the power of the state government for issuing notification of exemption under section 7 of the bihar finance act having authorised the state government to issue such notification subject to such conditions and restrictions as it may impose and the state government under the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2008)218CTR(SC)359; [2008]304ITR308(SC); JT2008(9)SC312; 2008(11)SCALE492; (2008)9SCC622; 2008(2)LC1144(SC); 2008AIRSCW5841; 2008(6)Supreme1; 2008(11)SCALE492.
..... income is a loss. this question has to be considered in the background of the amendment made by finance act, 2002 (in short `finance act') w.e.f. 1.4.2003 in explanation 4 to section 271(1)(c)(iii) of the act. in virtual's case (supra) the department placed reliance on notes on clauses relating to the aforesaid ..... and, therefore, does not operate retrospectively and is applicable only w.e.f. 1.4.2003. the relevant portion in the finance act relating to amendment reads as follows:section 271 of the income tax act provides that the assessing officer or the commissioner (appeals) shall levy penalty in cases of failure to comply with certain notices issued in ..... this court was dismissed in commissioner of income tax v. prithipal singh and ors. : [2001]249itr670(sc) . it is submitted that there is nothing in section 271(1)(c) as amended by finance act to suggest that the amendment is retrospective. the amendment and the explanation 4(a) carried out, enlarged the scope for levying penalty under .....
Tag this Judgment!Court : Supreme Court of India
Reported in : JT2000(8)SC332; (2001)1MLJ32(SC)
orderb.n. kirpal, j.1. leave granted.2. deemed service has been effected without expressing any opinion on the merits of the case. we are of the opinion that the high court ought not to have stayed the operation of the finance act more so, when the order in question does not contain any reason as to why stay was being granted. normally operation of finance act is not stayed pending the hearing of a writ petition unless there are some compelling circumstances which have not been shown in the present case. we therefore, allow this appeal and set aside the order dated 7th april, 1999 of the high court which had stayed to the extent same had stayed the operation of provision of chapter v of the finance act, 1994 as amended by finance act no. 2 of 1998 in so far as it related to chartered accountants.
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1962SC922; [1962]Supp2SCR741
..... into force and travancore-cochin had become a part b state thereunder, the finance act, no. xxv of 1950, extended the central excises and salt act, no. 1 of 1944 (hereinafter called the central act), to the part b state of travancore-cochin by s. 11 thereof. section 13(2) of the finance act, further provided that 'if immediately before the 1st day of april, 1950, ..... there is in force in any state other than jammu and kashmir a law corresponding to, but other then, an act referred to in sub-s. (1) or (2) of s. 11, ..... such law is hereby repealed with effect from the said date........' it seems that in consequence of this provision in the finance act, 1950, the rules which were in force on april 1, 1950, were changed in the cochin area by a notification dated august 3, 1950, and the system of auction sales .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1995SC1380; (1995)125CTR(SC)119; [1995]214ITR721(SC); JT1995(3)SC506; 1995(2)SCALE496; 1995Supp(2)SCC262
..... apparel, provisions and other articles intended for the personal or household use of the assessee, but not including jewellery.(underlining ours)by the same finance act of 1971, explanation 1 was also added to section 5(1)(viii). the explanation, however, was made effective only prospectively, with effect from 1.4.1972. explanation 1 is as follows:- ..... on them? the high court has answered the question thus:-the word 'jewellery' in section 5(1)(viii) of the wealth tax act of 1957 prior to amendment of the provision and introduction of explanation i by the finance act (no. 2) of 1971 would not take in gold ornaments without precious or semi-precious ..... . the high court was required to consider the following question:-whether the word 'jewellery' in section 5(1)(viii) of the wealth-tax act, 1957 prior to the amendment of the section and the introduction of the explanation by the finance act (no.2) of 1971 could take in gold ornaments without precious or semi-precious stones embedded .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1994)116CTR(SC)476; [1993]204ITR628(SC); 1994Supp(2)SCC694
..... revenue dated february 17, 1993. paragraph 2 of the circular reads as follows :the question as to the exact meaning of the explanation to sub-section 7(d) of section 2 of the finance act, 1966, came up for consideration and the board are advised that an 'industrial company' would mean-(i) a company which is mainly engaged ..... goods so manufactured by it are used in the constructions made by it. the assessee claimed that, being an industrial company within the meaning of the said finance acts, it is entitled to the lower rate of tax. the income-tax officer and the appellate assistant commissioner rejected the claim but the tribunal agreed with the ..... delhi high court (see : [1986]160itr134(delhi) is whether the appellant is an 'industrial company' within the meaning of the said expression as defined in the finance acts of 1971 and 1972. the definition reads as follows :industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1991SC1676; JT1991(2)SC439; 1991(1)SCALE617; 1991Supp(1)SCC430; [1991]2SCR105
..... account of the levy throws light on the general character of the tax as observed by the privy council in re: a reference under the government of ireland act, 1920 and section 3 of the finance act (northern ireland), 1934 [1963] 2 a.e.r. iii. in r.r. engineering co. v. zilla parishad, barielly : [1980]3scr1 this court observed ..... ) ordinances between 1975 and 1982. it was further amended by the finance act., 1982 (w.e.f. 1.4.82), the finance act, 1984, the finance act, 1985 (w.e.f. 1.8.1985) and the bihar cess (amendment) ordinance, 1985, after the last of these amendments, the section stood thus: section 6. cess how to be assessed: the local cess shall be assessed ..... of 1880). it is sufficient to refer to the provisions of sections 4 to 6, 9 and to certain notifications. (i) a definition of 'royalty' was introduced in section 4 of the act by an ordinance of 1975. it was amended by the bihar finance act, 1981 and then by the bihar finance act, 1982. the definition as amended, w.e.f. 1. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1990SC913; (1990)2CompLJ119(SC); JT1990(1)SC324; 1990(1)KLT825(SC); 1990(1)SCALE252; (1990)2SCC502; [1990]1SCR516; [1990]77STC253(SC); 1990(1)LC754(SC)
..... a result of the above amendment, cooked food specified in item 12 mentioned above was exempt from sales tax by virtue of section 9 of the act.13. this was the position until 1987 when the kerala finance act, 1987 was passed, which was brought into force retrospectively with effect from 1.7.1987. however, we are not concerned ..... fifth schedule dealing with goods in respect of which tax is leviable on two points under sub-section (1) or sub-section (2) of section 5 is included foreign liquor as item 2.17. as a result of the kerala finance act, 1987, writ petitions were filed in the kerala high court challenging the constitutional validity of the sales ..... time to time both by the kerala general sales tax (amendment) acts and also by the kerala finance acts. section 5 of the kerala general sales tax act is the charging section and the first schedule specifies goods subject to single point tax there under. section 9 of the act provides for exemption from tax and the goods so exempted are specified .....
Tag this Judgment!Court : Supreme Court of India
Reported in : JT2000(3)SC499; 2000(2)SCALE519; (2000)3SCC595; [2000]2SCR506
..... mentioned therein is chargeable to income tax under the head 'profits and gains of business or profession'. clause (iii)(b) in section 28 was inserted by the finance act of 1990. finance bill which ultimately became the finance act received assent of the president of india on may 31, 1990. clause (iii)(b) was given retrospective operation w.e.f. april 1, 1967 ..... additions and after completing the re-assessments on march 6, 1969 initiated proceedings under section 271(1)(c) and the inspecting assistant commissioner imposed penalty on the assessee on the basis of the amended section 271(1)(c) w.e.f. april 1, 1968. this court said that even in a case where a return is filed in ..... response to a notice under section 148 involving an element of concealment, the law applicable would be the law as .....
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