Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: delhi Page 7 of about 1,546 results (0.147 seconds)

Whirlpool of India Limited and anr Vs. Uoi and ors

Court : Delhi

..... have earlier referred to the raison detre of the introduction of chapter xii b which is titled special provision relating to certain companies. this chapter was introduced into the act by the finance act, 1987. as per the cbdt circular no.495 dated 22.9.1987 explaining the provisions of the finance act, 1987, chapter xii b which provided for a minimum alternate tax (mat) ..... washing machines, etc. it was assessed to income tax on the book profit computed in accordance with the provisions of section 115 jb of the act. this section was inserted into the act by the finance act, 2000 w.e.f. 01.04.2001. it made special provision for payment of tax by certain companies. the gist of the section, shorn ..... . sen, j, made in the context of section 80j and the retrospective amendment made by the finance (no.2) act, 1980 with effect from 1.4.1972, would be out of place in the context of chapter xii b of the income tax act. if it is not a benefit, deduction or relief allowed by the legislature, there is no .....

The Commissioner of Income Tax-Ii vs.mitsubishi Corporation India Pvt ...

Court : Delhi

..... of section 9; (ib) any consideration paid or payable to a non- resident for a specified service on which equalisation levy is deductible under the provisions of chapter viii of the finance act, 2016, and such levy has not been deducted or after deduction, has not been paid on or before the due date specified in sub-section (1) of ..... case is that the two entities do have pes in india. it contends that in any event explanation 2 to section 195 of the income tax act 1961 ( act ) (as introduced by the finance act 2012 (fa2012 obviates the need to first establish the existence of a pe before deducting tds while making such payment. this is the basis of question ..... in india and has some business connection, there is a presumption of taxability, unless the assessee proves otherwise. explanation 2 to section 195 (1) of the act, which was amended by finance act, 2012 with retrospective effect from 1st april, 1962, does not contradict the dtaa. ita no.180/2014 page 16 of 83 21. mr. singh relies upon .....

Virag Tiwari vs.principal Commissioner of Income Tax-21 & Others

Court : Delhi

..... to 60% tax. in addition cess under sub-sections (11) and (12) to section 2 of the finance act of 2% and 1% of the income tax and surcharge was also payable.10. amendment act also introduced pmgk scheme by adding chapter ixa to the finance act, 2016 (finance act) with the heading taxation and investment regime for pradhan mantri garib kalyan yojna, 2016, albeit as a second ..... , penalty and requirement to make a deposit. we would be rewriting provisions of chapter ixa of the finance act if we direct grant of benefit of advance tax paid under the act i.e. the income tax act for payment to be made under pmgk scheme. the challans for payment under the act and pmgk w.p. (c) no.6312/2017 page 23 of 32 scheme .....

M/S. McKinsey Knowledge Centre India Pvt. Ltd. Vs.pr. Commissioner of ...

Court : Delhi

..... no question to benchmark the interest separately, in calculating the alp in an international transaction, we refer to the amendment brought under explanation to section 92b of the act vide finance act, 2012, w.e.f. 01.04.2012. clause (i) of this explanation, gives ita4612017 & connected matters page 25 of 38 meaning to the expression ..... of income from india to any other tax jurisdiction by virtue of the influence exercised by the associated enterprises. the aim of the provisions of chapter x of the act is to compute the income in relation to a controlled transaction between an assessee and its associated enterprise having regard to alp, in order ..... . accordingly, the method is more tolerant to small differences between comparable and tested party, thereby, not appreciating the relevant stipulations under the guidelines as extracted from chapter-6 of united nations practical manual on transfer pricing, edition 2013, the relevant part of which reads as follows: 6.3.9.1. product comparability is .....

National Building Construction Company Limited vs.union of India & Or ...

Court : Delhi

..... the central excise officer would exercise power and also specify the taxable service in relation to which such power can be exercised. thus, the fin act or the rules i.e. chapter v of the finance act, 1994 or service tax rules,1994, do not refer to and specify territorial or pecuniary jurisdiction to the central excise officer in relation to powers ..... for removal of doubts that provisions of section 66 of chapter v of the fin act for the purpose of levy and collection of service tax shall be construed as references to the provisions of section 66b of the fin act. section 66b creates a charge of service tax on or after finance act, 2012. wp(c) 1144/2016 page 11 of ..... to be exercised under the fin act. this is left to the board to decide and confer power on the central excise officers. we would observe .....

income-tax Officer Vs. Hydle Constructions (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)6ITD575(Delhi)

..... girders and hollow cast cement bricks which it used in its construction work. the assessee had claimed that it was an 'industrial company' within the meaning of the finance act. according to the assessee, it was mainly engaged in processing and manufacturing concrete slabs as also in building constructions.according to the department, the activities of the assessee ..... to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter via of the income-tax act) is not less than fifty-one per cent of such total income.the case of the revenue is that a company carrying on business of ..... income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent of such total income; (ii) 'project' means a project for the construction of a building, road .....

Steel Authority of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD193(Delhi)

..... 80vva has not produced the desired results. by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e., for assessment year 1988-89 onwards. under ..... a small portion of their profits to the national exchequer, when other and less better off sections of society were bearing a burden, section 80vva was introduced by the finance act of 1983 providing that the fiscal incentives and concessions available to the companies would not be more than 70% of the profits. in 1987 it was felt that section ..... into consideration unabsorbed depreciation of the past years, was less than 30% of the book profits for the year.section 115j of the income-tax act, 1961 was in voked by the assessing officer.2. section 115j inserted by finance act of 1987 with effect from 1-4-1988 provides that where the income of a company as computed under the .....

Rbf Rig Corpn. Lic (Rbfrc) as Agent Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)297ITR228(Delhi)

..... the appropriate stage hereinafter.12. in the background of above decisions, shri tulsiyan drew our attention to provision of clause (10cc) of section 10 introduced in the statute by finance act, 2002 w.e.f. 1.4.2003: 10. in computing the total income of a previous year of any person, any income falling within any of the following clauses ..... effect from ist april, 2003 and will, accordingly, apply in relation to the assessment year 2003-04 and subsequent years. 64.6 necessary changes in various provisions of chapter-xvii relating to collection and recovery of taxes have been made to give effect to the new scheme. amendment in section 192 has also been made, so as to ..... sub-section (1 a) of section 192, where under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased .....

Akriti Media (P) Ltd. Vs. Asstt. Cit

Court : Delhi

Reported in : (2004)89TTJ(Del)836

..... the block assessment scheme by *the legislature by insertion of the explanationn below section 158baq) by the finance (no. 2) act, 1998, further clarifies the position. the said explanationn reads as under :(a) the assessment made under this chapter shall be in addition to the regular assessment in respect of each previous year included in the block ..... considered the rival submissions and gone through the paper book as well as other compilation of papers filed by the learned counsel before us. chapter xiv-b of the income tax act, 1961, lays down a special procedure for assessment of search cases and provides for assessment of undisclosed income as a result of search. block ..... assessment made under the said chapter is not intended to be a substitute for regular assessment. its scope and ambit is limited in that sense to .....

Chandra Estates Ltd. Vs. Union of India and ors.

Court : Delhi

Reported in : 2001IAD(Delhi)613; 89(2001)DLT717; [2001]249ITR54(Delhi)

..... legislation was enacted and the provision for acquisition of property was made therein for a public purpose. we may here mention that, subsequently. chapter xx-c was inserted by the finance act, 1986, with effect from october 1, 1986, providing for purchase by the central government of immovable properties in certain cases of transfer and ..... in certain cases of transfer to counteract evasion of tax. in the said chapter, as originally enacted by the income-tax (amendment) act, 1981, section 269ab was inserted with effect from july 1, 1982, and section 269rr was inserted by the finance act, 198g, with effect from october 1, 1986.' 12. it was contended ..... 427) :'the government of india appointed the direct taxes inquiry committee under the chairmanship of justice k. n. wanchoo, former chief justice of india, in 1970 to recommend concrete and effective measures, inter alia, to unearth black money and prevent its proliferation through further evasion ; to check avoidance of tax through various .....