Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Page 7 of about 17,717 results (0.197 seconds)

Cit Vs. Rajiv Bhatara

Court : Supreme Court of India

..... assessees liability to pay income-tax but on assessed tax.13. therefore, even without the proviso to section 113 (inserted vide finance act, 2002 with effect from 1-6-2002), finance act, 2001 was applicable to block assessment under chapter xiv-b in relation to the search initiated on 6-4-2000 and accordingly surcharge was leviable on the tax.14. ..... ) prescribes the subject-matter of the tax and the rate of that tax is prescribed by the legislature, either under the act as in the case of section 113 or vide the finance act.7. the purpose of chapter xiv is to lay down a special procedure for assessment of surcharge (sic-search) cases with a view to combat tax ..... in which income was earned by the assessee.9. section 158bb is required to be read with section 4 of the act, then the relevant finance act of the year concerned would automatically stand attracted to the computation under chapter xiv-b. section 158bb looks at section 113. that section fixes the rate of tax.10. in the present case .....

The Commissioner of Income Tax, Delhi-iv Vs. M/S Industrial Finance Co ...

Court : Delhi

..... as a deduction under the headings profits and gains of business or profession. reference was thereafter made to the heading income from other sources , under chapter iii of the act. on harmonious reading of the provisions, it was held that sections 36(1)(viii) and 80m read with section 80aa operated in altogether different fields ..... the income by way of dividends computed in accordance with the provisions of the act, but before making any deduction under chapter vi- a and not with reference to the gross amount of dividends. the said provision was incorporated by finance (no.2) act, 1980 after the judgment of the supreme court in the case of cloth ..... claiming deduction under section 36(1)(viii). on the application of the second proviso, the finding of the assessing officer has attained finality.13. chapter vi-a of the act consists of fasciculus of sections dealing with deductions permissible while computing total income. section 80m in the opening words refers to the expression gross total .....

The Commissioner of Income Tax and Another Vs. V.S. Dempo and Co. Pvt. ...

Court : Mumbai

..... with. the other part of this section is not relevant for our purpose. we are also not concerned with insertion of section 9a by the finance act 2015 with effect from 1st april, 2016. 19. by chapter iii, incomes which do not form part of total income are dealt with. in that appears section 10 and the clauses thereof do not include the ..... , w.e.f. 1-4-1989. earlier, it was amended by the finance act, 1963, w.e.f. 1-4-1963, finance act, 1964, w.e.f. 1-4-1964, finance act, 1965, w.e.f. 1-4-1965, finance act, 1968, w.e.f. 1-4-1969, finance (no. 2) act, 1971, w.e.f. 1-4-1972, finance act, 1984, w.e.f. 1-4-1985 and direct tax laws ..... of rs.1,08,53,980 payable to foreign shipping company on which tax has not been deducted, in view of the provisions of section 172(8) introduced by the finance act, 1997 with retrospective effect from april 1, 1976? (d) whether the circular issued by the central board of direct taxes dated september 19, 1995, has any relevance in apply the .....

Madhavi Finvest (P) Ltd. and ors. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Vizag

Reported in : (2006)99TTJVisakha933

..... basis of the bank statements and the receipt and payment account filed by the assessee in the course of block assessment proceedings. chapter xiv-b which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. 1st july, 1995 to make procedure of assessment of cases in which search is initiated under ..... validated by the subsequent letter of the ao and the assessment framed is bound to be quashed only on this basis.25. chapter xiv-b which consists of section 158b to section 158bh was introduced by the finance act, 1995 w.e.f. 1st july, 1995 to make procedure of assessment of cases in which search is initiated under ..... section 132 or where books of account, other documents or any assets are requisitioned under section 132a. the chapter is titled 'special procedure for assessment of search cases .....

Honeywell International (India) Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108TTJ(Delhi)924

..... reliefs admissible under sections 80c to 80u (i.e., chapter vi-a deductions), which cannot exceed the gross total income. the resultant figure is the 'total income', with reference to which the tax is payable under the provisions of the act.section 10a of the act, as substituted by the finance act, 2000, w.e.f.1st april, 2001, provides ..... been amended to do away with restriction on carry forward of business loss and unabsorbed depreciation arising in asst. yr. 2001-02 and subsequent year.the explanatory notes on finance act, 2003 vide cbdt circular no. 7 of 2003 dt. 5th sept., 2003 [(2003) 184 ctr (st) 33] provide, in this regard, as under: 20. ..... finance act, 2000 w.e.f. 1st april, 2001 the provision of section 10a has been substantially amended. as per section 10a(1) deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software shall be allowed from the total income of the assessee. thus though section 10a is part of chapter .....

New India Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)917

..... vii) provides that any bad debt or part thereof written off as irrecoverable shall not include any provision for bad and doubtful debts. the said explanation was inserted by finance act, 2001, with retrospective effect from 1st april, 1989, and hence applicable to asst. yr. 1989-90 onwards. neither this section nor the explanation provides the manner ..... the rbi may give directions to nbfc generally or to a class of nbfc or even to an nbfc individually. as per section 45q of rbi act, the provisions of chapter iii-b shall have effect notwithstanding anything inconsistent therewith in any other law for the time being in force or any instrument having effect by virtue ..... financial corporation or a state industrial investment corporation, an amount not exceeding five per cent of the total income (computed before making any deduction under this clause and chapter vi-a). 36(2) in making any deduction for a bad debt or part thereof, the following provisions shall apply. (i) no such deduction shall be .....

Mathew M. Thomas and ors Vs. Commissioner of Income Tax

Court : Supreme Court of India

Reported in : AIR1999SC999; (1999)152CTR(SC)172; 1999(111)ELT4(SC); [1999]236ITR691(SC); JT1999(1)SC481; 1999(1)KLT740(SC); 1999(1)SCALE485; (1999)2SCC543; [1999]1SCR651

..... 269 h in the high court of kerala.2. during the pendency of the appeal, chapter xx-c was introduced in the income tax act (hereinafter referred to as 'act') by finance act of 1986 w.e.f. october 1, 1986. under section 269 rr, chapter xx-a was made inapplicable in relation to transfer of an immovable property after september 30 ..... value exceeded the declared consideration by more than 15% thereof. the government found that the provision of the said chapter where not as effective as intended in the finance bill of 1986. chapter xx-c was introduced and chapter xx-a was deleted. it was proposed that no proceedings under section 269 c shall be initiated in respect ..... will not apply to proceedings in which the competent authority had passed an order earlier even though the same is subject matter of appellate proceedings.6. chapter xx-a of the act was introduced by taxation laws (amendment) bill, 1971 to implement the recommendations of the wanchoo committee with a view to prevent or arrest evasion .....

Commnr. of Income Tax, Jalandhar-i Vs. Shri Rajiv Bhatara

Court : Supreme Court of India

Reported in : (2009)222CTR(SC)209; [2009]310ITR105(SC); JT2009(4)SC39; 2009(3)SCALE16; (2009)13SCC315; [2009]178TAXMAN285(SC)

..... 's liability to pay income tax but on assessed tax.13. therefore, even without the proviso to section 113 (inserted vide finance act, 2002 w.e.f. 1.6.2002), finance act, 2001 was applicable to block assessment under chapter xiv-b in relation to the search initiated on 6.4.2000 and accordingly surcharge was leviable on the tax.14. according ..... ) prescribes the subject matter of the tax and the rate of that tax is prescribed by the legislature, either under the act as in the case of section 113 or vide the finance act.7. the purpose of chapter xiv is to lay down a special procedure for assessment of surcharge cases with a view to combat tax evasion and also ..... years in which income was earned by the assessee.9. section 158bb is required to be read with section 4 of the act, then the relevant finance act of the year concerned would automatically stand attracted to the computation under chapter xiv-b. section 158bb looks at section 113. that section fixes the rate of tax.10. in the present case .....

Commissioner of Income Tax Vs. Hindustan Bulk Carriers

Court : Supreme Court of India

Reported in : AIR2003SC3942; (2003)179CTR(SC)362; (2003)2MLJ65(SC); (2003)3SCC57; [2002]SUPP5SCR387

..... calculated on the total income assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147'.(underlined for emphasis)10. prior to substitution by finance act, 1987 w.e.f. 1.6.1987, the proviso to sub-section (1) read as follows:'provided that no such application shall be made unless the additional ..... in this view of the matter, we are of the opinion that assuming that there is any room for interpretation of the provisions of part f of chapter xvii and chapter xix-a, we would hold that it would not in any manner empower the commission to either waive or reduce interest which is statutorily payable under the ..... what is the efficacy of the regular assessment proceedings which took place before and after the admission of the case by the settlement commission for settlement under chapter xix a of it act.51. the answer is that it is only after a formal order of allowing or admitting the application for consideration of settlement is recorded by the .....

Madurai District Central Co-operative Bank Ltd. Vs. Third Income-tax O ...

Court : Chennai

Reported in : [1969]73ITR479(Mad)

..... petitioner--the income which was exempt from tax under section 81 had formed part of the total income of the previous year. there was no need, therefore, for the finance act to make any deeming provision making what was not the income of the previous year as such income by a fiction.6. it is next contended that the language of ..... the tax was computed on a total taxable income of rs. 51,763, while, actually, the income taken for purposes of rate amounted to rs. 9,48,335. applying the finance act, 1963, the residual income was determined at rs. 5,39,386. there is no dispute that the computation of the residual income was strictly in terms of section 2(8 ..... is found in chapter vii relating to income forming part of total income on which no income-tax is payable, provides that income-tax shall not be payable by a co-operative society in respect of profits and gains of business carried on by it, this exemption being subject to certain conditions. section 2(1)(a)(ii) of the finance act, 1963, .....