Judgment Search Results Home > Cases Phrase: finance act 1968 section 28 amendment of section 280zb Court: mumbai Page 21 of about 1,446 results (0.463 seconds)

Shantilal Rawji Vs. M.C. Nair, Iv Income-tax Officer, E Ward, Bombay, ...

Court : Mumbai

Reported in : [1958]34ITR439(Bom)

..... penal interest is sought to be imposed in respect of business income, it is clear that section 18 has no application. this cannot be a case of tax being deducted at source. with regard to increased rate of taxation, the finance act is part of the law of the land and it does not require ascertainment of facts in] order ..... (6) can be applied it has to be ascertained that the income was not assessable under section 18 and also that the failure to pay the requisite advance tax was not due to increased rate of taxation brought about by the finance act. when we look at the assessment order which is part of the record and when we see that the ..... to determine whether the finance act had changed the rates of taxation. therefore, in our opinion, there is no force in this contention either. 7. in our opinion, therefore, if it is clear that under section 18a(6) it was incumbent upon the income-tax officer to impose upon the petitioner .....

Ashoka Buildcon Ltd. Vs. Asstt. Commissioner of Income Tax and Commiss ...

Court : Mumbai

..... other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under the section. explanation 3 which has been inserted by the finance act (no. 2) of 2009 with retrospective effect from 1 april, 1989 provides that for the purpose of assessment or reassessment under ..... the section, the assessing officer may assess or reassess the income in respect of any issue which has escaped assessment and such issue comes to his ..... assessment only in relation to lease equalisation fund which being not the subject of reassessment proceedings, the period of limitation provided for under sub-section (2) of section 263 of the act would begin to run from the date of the order of assessment and not from the order of reassessment. the revisional jurisdiction having, thus .....

Oukarmal Meghraj Vs. Commissioner of Income Tax, Bombay City, Bombay

Court : Mumbai

Reported in : [1960]38ITR569(Bom)

..... whereas s. 2 authorises the issue of notice of assessment or reassessment even if the period prescribed in that behalf by s. 34(1)(a) before that section was amended by the finance act 1956 had expired by s. 4 it was inter alia enacted that a notice issued under s. 34(1)(a) at any time before the commencement of ..... (1) of s. 34' occurring in the first clause meant 'clause (a) of sub-s. (1) of s. 34 as amended by the finance act of 1956.' counsel submits that any other interpretation of the section is likely to give to s. 4 a wider retrospective operation than was intended by the legislature and in effect to supersede certain other provisions ..... was issued, the assessment could be made within one year from the date of service. by the amendment made by the finance act of 1956, these periods of limitation prescribed by section 34 are abrogated, and s. 4 of act 1 of 1959 seeks to protect from challenge notices of assessment or reassessment which have been issued and assessments and reassessments .....

The Union of India (Uoi) and ors. Vs. the Elphinstone Spinning and Wea ...

Court : Mumbai

Reported in : 1978(2)ELT680(Bom)

..... of the mills the main argument centred round the question whether the said item 22b was new head of excise duty created for the first time by the finance act of 1968 or was a reclassification of the said item 19. rege j. negatived the contention of the appellants that the said item was reclassification of item 19, ..... and that for that purpose the rules afforded considerable guidance regarding when exactly the duty was to be collected. he further held that if the conditions mentioned in section 3 were satisfied namely, that the goods were excisable goods and that they had been produced or manufactured in india, the levy of excise duty automatically attached ..... postponed until a bill of entry was presented. relying upon this decision, mr. parekh submitted that section 12 of the customs act was in pari materia with section 3 of the said act and that accordingly, though under section 15 of the customs act the rate of duty and tariff valuation of imported goods was to be the rate and valuation .....

Dgp Windsor (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD641(Mum.)

..... s.f. wadia (supra); m.k. mathivathanan (supra); nishan housing development (p) ltd. (supra) and sharma associates (supra). it is also submitted that the proviso to section 69c of the act was inserted by the finance act, 1998, which is not applicable to the facts of the present case because the said proviso was brought on the statute book w.e.f. 1st april ..... computed under ss, 112 and 113. part i of the first schedule of the finance act, 1997, provides the rates of income-tax and which also provides the levy of surcharge ..... at the rate of 7.5 per cent. as per the provisions of section 113, tax on the undisclosed income for the block period is chargeable at the rate of 60 per cent. the cit(a) was of the view that the first proviso to section 2 of the finance act, 1997, provides for levy of surcharge on the amount of income-tax .....

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD101(Mum.)

..... such assessee may be the owner of property in terms of section 22 and section 27 of the it act, 1961. (ii) that section 40 of the finance act, 1983 and section 3 r/w section 2(m) of wt act are differently worded and, therefore, certain assets falling under section 4 of wt act cannot be included in the net wealth of a company even ..... society limited is irrevocable and, therefore, the interest of the assessee in the flat tantamounts to the asset belonging to the assessee within the meaning of section 40(2) of the finance act, 1983.particularly, relying upon the decision of the hon'ble supreme court in the case of cit v. podar cement (p) ltd. (supra), ..... the bench. in that case, it was held by the learned members constituting the bench that leasehold rights held by the assessee-company is assessable under section 40(2) of finance act, 1983 because the expression "belonging to" does not denote absolute title. the bench further held, the possession of an interest less than full ownership is .....

Lloyds Realty Limited Vs. the D.C.i.T., Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD710(Mum.)

..... i housing society is not an asset for the purposes of levy of wealth tax under section 40 of the finance act, 1983. in the present case, section 40 of the finance act, 1983 has no relevance whatsoever and the liability with regard to chargeability to wealth tax has to be determined in accordance ..... above in the cases cited, various benches of itat were concerned about the interpretation of section 40 of the finance act, 1983. by virtue of sub-section (5), it was held that section 4(7) of the wt act has no applicability to section 40 of the finance act, 1983. consequently, it was held that a flat which is part of co-operative ..... all on the interpretation of the relevant provisions of section 40 of the finance act, 1983 which was omitted by the finance act, 1992 w.e.f. 1.4.93. the aforesaid section 40 contemplates levy of wealth tax on closely held companies. as per sub-section 3 of section 40 of the finance act, 1983, wealth tax was levied on eight categories of .....

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... -domestic company. that distinction is on the basis of its definition provided in section 2. the finance act also creates a distinction between the two on the basis of distribution of dividend.where a korean company having a permanent establishment in india declares and ..... a rate higher than the rate payable by indian company. thus, in our considered view, the dtaa in general does not prevail over the finance act and hence over the tax rates. section 90 does not provide so. however, we may add, wherever dtaa has provided the taxation of a particular category of income at certain rates, ..... parliament. dtaa could not, therefore, cover a compromise on rates. it is, therefore, unacceptable to infer by the comparison of section 90 of the it act with dtaa, that dtaa will also prevail over the finance act, which is to be passed in future by the parliament. indian tax laws created a distinction between a domestic and a non .....

Acit - 1 (3) Vs. Weizmann Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of the legislature been to allow the unabsorbed depreciation allowance worked out in a.y. 1997-98 only for eight subsequent assessment years even after the amendment of section 32(2) by finance act, 2001 it would have incorporated a provision to that effect. however, it does not contain any such provision. hence keeping in view the purpose of amendment ..... depreciation available to an assessee on 1st day of april 2002 (a.y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by finance act, 2001. and once the circular no.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had ..... a.y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by finance act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever". 7. not only .....

Addl. Cit Vs. Kwality Frozen Foods Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)1SOT243(Mum.)

..... nature and therefore, retrospective in operation. the term "trademark" has been brought in section 55(2) by the finance act, 2001 through section 35 thereof.section 32 of the finance act, 2001 reads as follows: "....amendment of section 55.in section 55 of the income tax act, in sub. section (2), in clause (a), after the words"goodwill of a business", words ..... as trademark is distinct from goodwill. the sale of trademark as such was brought into the provisions of section 55(2) through the amendment by the finance act, 2001. the said amendment brought in by the finance act, 2001 is effective only from assessment year 2002-03. the impugned assessment year 1995-96.therefore, the ..... 2), treating them as capital assets, for the purpose of levy of capital gain tax. those inclusions were brought in the provisions of section 55(2) by the finance act, 2001. the said amendment is clarificatory or explanatory in nature. the amendment is in fact explaining the different manifestations of the expression .....