Court : Allahabad
Decided on : May-17-2007
Reported in : [2008]296ITR616(All)
..... by the assessee it would not fall under the aforesaid clause. similar provision existed under section 40a(5)(a)(ii) and section 40(a)(v) inserted by the finance (no. 2) act, 1971, and finance act, 1968, with effect from april 1, 1969, respectively. the apex court in the case of cit v. mafatlal gangabhai and co. p. ltd. : [1996]219itr644(sc) ..... amount in question in the hands of the assessee by treating the same as a perquisite in terms of provisions of section 17(2)(iii)(a) of the income-tax act, 1961, also confirmed during first appeal.5. the tribunal, however, on an appeal by the assessee took the view that the receipt towards the reimbursement of medical ..... of medical expenses to an employee being the director of the company, is not 'perquisite' within the meaning of section 17(2)(iii)(a) of the income-tax act, 1961?2. the present reference relates to the assessment year 1990-91.briefly stated the facts giving rise to the present reference are as follows:the assessee an individual .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Dec-07-2007
Reported in : AIR2008SC714; JT2008(1)SC91; 2007(14)SCALE27; (2008)2SCC578; (2008)12VST14(SC)
..... -d of the uttar pradesh trade tax act, section 6-e of the bengal finance (sales-tax) act, 1941; section 25-a of the bihar finance act, 1981; section 25-b of the haryana general sales tax act 1973, section 12-a of the himachal pradesh general sales tax act 1968, section 16-c of the jammu & kashmir general sales tax act, section 19a of the karnataka sales tax ..... act and section 13-aa of the orissa sates .....
Tag this Judgment!Court : Rajasthan
Decided on : Mar-13-2007
Reported in : 2007ACJ206; 2008(1)CTLJ133(Raj)
..... 18% p.a. would be highly excessive in view of the current market rate of interest and the fact that this interest would ultimately create a burden upon the finances of a public body like municipal corporation. in my considered view, award of interest @ 6% p.a. only would meet the ends of justice.22. in view ..... writ petition deserves to be allowed and is accordingly allowed. the note-1 to schedule of the notification dated 13-5-1968 is declared illegal, unconstitutional and ultra vires of section 104(2) of the act and the levy and realisation of the octroi by the respondent-municipal corporation from the petitioners vide annexure-2 dated 21-11 ..... of notification dated 13-5-1968 was beyond the competence of the state legislature.8. shri manoj sharma further argued that the octroi itself has been abolished from the year 1998. under the circumstances, therefore directing its refund to the petitioners after so long now would not only adversely affect the finances of the municipality but amount .....
Tag this Judgment!Court : Mumbai
Decided on : Jun-22-2007
Reported in : [2009]149CompCas646(Bom); [2008]86SCL47(Bom)
..... them.12. one of the leading decisions in england which approves a selective reduction of capital is the decision of the house of lords in british and american trustee and finance corporation ltd. and reduced v. john couper 1894 ac 399 (hl). in that case, the shares of the company were divided into ordinary shares partly paid up, and ..... act by a. ramaiya with approval which describes the decision in the british and american trustee and finance corporation ltd. case as the leading authority on the subject of a reduction of capital. in hindustan commercial bank ltd. v. hindustan ..... de la rue & co. ltd. in re (1911) 2 ch. 361; westburn sugar refineries ltd. (1951) 1 all er 991 (hl) and robert stephen holdings ltd. in re [1968] 1 wlr 522.14. in ramesh b. desai v. bipin vadilal mehta : air2006sc3672 , the supreme court referred to the commentary in the guide to the companies .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Feb-16-2007
Reported in : LC(2007)(3)269
..... 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. 1st april, 2000 by the finance act, 2000 and by the finance act, 2003 and as substituted by the finance (no. 2) act, 2004, the housing projects must be approved on or before 31st march, 2007 by the local authority ..... section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. asst. yr. 2005-06 and allowed the claim of deduction under section 80-ib of the appellant. (iii) without prejudice to the ..... housing project or two thousand square feet, whichever is less.14. prior to its substitution by the finance (no. 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. 1st april, 2001 and finance act, 2003 w.e.f. 1st april, 2002 reads as under: (10) the amount of .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Feb-06-2007
Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665
..... completed at loss. the same being in the nature of a substantive amendment would be prospective, in the absence of any indication to the contrary. the finance bill/finance act, 2002 brought about many amendments in the statute, some of which had retrospective operation. the amendment in section 271(1)(c) was consciously made applicable ..... fully answered by this court in commissioner of income tax, bombay city v. elphinstone spinning and weaving mills co. ltd. : [1960]40itr142(sc) .under the finance act, 1951, a provision was enacted to discourage the declaration of dividend disproportionate to the declared income. it provided that where the 'total income' exceeded the dividend by ..... to cit, bombay v. elphinstone spinning and weaving mills company ltd. : [1960]40itr142(sc) . 11. section 271(1)(c) was again amended by the finance act, 2002. subsequent amendment was brought to the notice of the bench hearing the appeal. in the impugned order, the high court did not express any opinion and .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Tamil Nadu
Decided on : Oct-16-2007
Reported in : (2008)9STR132
..... under section 76. similarly, he is also liable to pay penalty under section 77 upon his failure to file returns under the relevant provisions of the finance act and rules framed thereunder.according to learned jdr, these liabilities would not be affected in any way by financial constraints. in other words, financial difficulties would ..... not constitute "reasonable cause" under section 80 of the finance act, 1994. the jdr has relied on the decision of this bench in sree vadivambigai textile mills ltd. v. commissioner of central excise, madurai [2006] 3 str ..... academy p. ltd. v. commissioner of central excise, chennai [2006] 3 str 457 (tri.-chennai), wherein a penalty imposed under section 76 of the finance act, 1994 was reduced in the facts and circumstances of the case and a penalty imposed under section 77 was sustained.3. after giving careful consideration to the .....
Tag this Judgment!Court : Mumbai
Decided on : Oct-08-2007
Reported in : (2007)109BOMLR2273; (2007)212CTR(Bom)384; [2008]298ITR149(Bom)
..... were added 43 (b) was covered by the second proviso and the first proviso covered the other provisions. they were treated as two different classes. the finance act of 1987, therefore, treated section 43b(b) as a distinct class from the other provisions. noting certain hardships that were being occasioned by the operation of ..... several high courts had also held that the proviso is retrospective. the supreme court relied on explanation 2 which was added to section 43b by the finance act of 1989 with retrospective effect from april 1, 1984. the memorandum explaining the reasons was considered. it set out that certain courts have interpreted that the ..... these liabilities were disputed and not discharged. in some cases undisputed liabilities were not paid on certain grounds.9. the memorandum explaining the provisions of the finance act, 1989 which substituted the second proviso set out that the aforesaid proviso was introduced to remove hardship caused to certain tax payers (1989) 176 itr 124 .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Decided on : May-30-2007
Reported in : (2007)7STR673
..... v. broach borough municipalityb. krishna bhat v. state of karnataka is not disputed. the question is whether by enacting sections 116 and 117 of the finance act, 2000 and section 158 of the finance act, 2003, the bases on which this court struck down rule 2(1)(d), (xii) and (xvii) of the service tax rules, 1994 had ..... .2004. they contended before the revenue that, they had challenged the constitutional validity of sections 116 and 117 of the finance act, 2000 and section 158 of the finance act, 2003 as well as section 71a of the finance act, 1994, therefore, the matter was subjudice. the hon'ble the supreme court by its decision rendered on 17.3 ..... because in that group of writ petitions including that of respondents-assessees, the challenge against the constitutionality of the provisions of sections 116 and 117 of the finance act, 2000 was in issue. he submitted that merely because the constitutionality validating of the provisions was upheld, it cannot be inferred that the service tax could .....
Tag this Judgment!Court : Supreme Court of India
Decided on : Aug-21-2007
Reported in : AIR2007SC2990; (2008)5CompLJ488(SC); (2007)211CTR(SC)449; 2007(120)ECC451; 2007LC451(SC); [2007]293ITR406(SC); JT2007(10)SC305; (2007)6MLJ1062(SC); 2007(10)SCALE178; 2007(7)SCC527
..... the bombay high court dated 22.2.2001 in writ petition no. 142/99 upholding the legislative competence of parliament to levy service tax vide finance act, 1994 and finance act, 1998. according to the impugned judgment, service tax falls in entry 97, list i of the seventh schedule to the constitution.2. the ..... between consumption of goods and consumption of services is translated into a legal principle of taxation by the aforestated finance acts of 1994 and 1998.scheme of the finance act, 1994 and finance act, 199812. chapter v of the finance act, 1994 referred to service tax. it defined 'assessee' to mean a person responsible for collecting the service ..... estate agents, security agencies etc. we are concerned in this case with the services provided by architects, chartered accountants and cost accountants covered by the finance act, 1998.relevant provisions of the constitution of india14. the relevant provisions of the constitution of india are as follows:article 246. subject-matter of laws .....
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