Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Sorted by: recent Court: delhi Page 12 of about 1,576 results (0.605 seconds)

Cce Vs. Shri Dhaneshwar Chakresh

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2007)(114)ECC323

..... in proof of his actual income from photography services.7. the provisions under section 85(4) of the finance act, 1994 reads as under: the [commissioner] of central excise (appeals) shall hear and determine the appeal and, subject to the provisions of this chapter, pass such orders as he thinks fit and such orders as he thinks fit and such orders may include ..... , he can go through the evidences that may be produced before him. to my mind, the learned commissioner (appeals) has correctly followed the provisions of section 85(4) of the finance act and re-determined the service tax liability interest and penalty thereof.9. accordingly, i do not see any reason for interference in the impugned order. the appeal filed by the .....

Sony India (P.) Ltd. Vs. Central Board of Direct Taxes and anr.

Court : Delhi

Reported in : (2006)206CTR(Del)157; [2007]288ITR52(Delhi)

..... cams, play stations and projectors etc. for sale in india.3. the finance act, 2001 substituted the earlier section 92 of the income tax act 1961 ('act') with sections 92 to 92f with effect from 1.4.2002. these provisions are found in chapter x of the act titled 'special provisions relating to avoidance of tax'. the sub-heading reads ..... 'computation of income from international transactions having regard to arm's length price.' a fairly detailed scheme for computing the arm's length price (alp) of international transactions is set out in these provisions. the finance act, 2002 ..... . in our view, the classification is not inconsistent with or contrary to the objective sought to be achieved by the provisions of chapter x of the act. the impugned instruction serves to supplement the statutory provisions to achieve the objective and not override them.32. the impugned instruction does .....

Dy. Cit Vs. Srei International Finance Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... pointed out by the learned counsel for the assessee that the provisions of section 14a as it stood after the introduction of sub-section (2) thereto by the finance act, 2000 with effect from 1-4-2007, the assessing officer has been specifically empowered to make an estimate. by implication, such a power did not exist with ..... by way of provision for losses of subsidiary companies; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies;" the purpose behind introduction of provisions of section 115ja was to tax, "zero tax companies". section 115ja enacts deeming provisions of overriding nature. the purpose behind ..... in the total income in view of the provisions of section 10(33) of the act. in view of the provisions of section 14a of the income tax act which lays down that while computing total income under chapter iv of the act no deduction should be allowed in respect of expenditure incurred by the assessee in relation to .....

Commissioner of Income Tax Vs. Jupiter Builders Pvt. Ltd.

Court : Delhi

Reported in : (2006)205CTR(Del)553; 133(2006)DLT160; [2006]287ITR287(Delhi)

..... raja ram kulwant rai v. assistant commissioner of income tax . the court did not agree with the contention of the petitioner and held as follows : chapter xiv-b of the act provides a special procedure for assessment of search cases. section 158ba defines block period as well as undisclosed income. section 158ba deals with he assessment of ..... be in addition to the regular assessment. thereforee, there is no scope for ant ambiguity or doubt in this regard. clarification in the memorandum explaining the provisions of the finance (no. 2) bill, 1998, states as follows (see [1998] 231 itr 256, 256):to set at rest the controversy as to whether block assessment subsumes the ..... with a regular assessment. this section though refers to a block period, cannot make an assessment other than the undisclosed income. the explanationn inserted by the finance (no. 2) act of 1998, with effect from july 1, 1995, clears all the doubts, if any, on the issue. explanationn (a) states that the assessment made under .....

Steel Authority of India Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)105ITD679(Delhi)

..... old provisions.7.4 placing of section 44d and section 44da under chapter iv leads to an inference that royalties and fees for technical service are taxable under the head "profits and gains of business or profession". however, in place of the normal rate provided in the relevant finance act, section 115a provides for the rate of tax at 30 per ..... that no expenditure or allowance is deductible from fees for technical service.7.3 the ld. counsel also argued that section 44d was replaced by section 44da by finance act, 2003, w.e.f. 1-4-2004 which provides for deduction of expenditure or allowance in accordance with the provisions of the ..... this article clearly recognizes that the profit shall be computed, in this case, in accordance with the provisions contained in the income-tax act, 1961. therefore, the profit is to be computed under chapter iv of the act. section 44d(b), containing a non obstante clause, provides that no expenditure or allowance shall be allowed in computing income by way of .....

Slocum Investment P. Ltd. (Now Vs. the Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

..... evidence found as a result of search. thus other provisions of the act in relation to computation of total income are made applicable while making assessment under chapter xiv-b of the act. these are contained in chapter iv to chapter xii-g of the act. prior to finance act, 2002, amending section 158 bb(1) with retrospective effect from ..... 1.7.95 only provisions of chapter iv were applicable while computing undisclosed income. that is why ..... is required to be made in accordance with the provisions of chapter iv of the act. this has given rise to doubts as to whether deductions under chapter vi-a are to be allowed in computing the aggregate total income. 61.7.1 the finance act, 2002 has carried out amendments to clarify that the aggregate total .....

Slocum Investment (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)558

..... of evidence found as a result of search. thus other provisions of the act in relation to computation of total income are made applicable while making assessment under chapter xiv-b of the act. these are contained in chapter iv to chapter xii-g of the act. prior to finance act, 2002, amending section 158bb(1), w.r.e.f. 1st july, ..... 1995, only provisions of chapter iv were applicable while computing undisclosed income. that is why section ..... 158bb is required to be made in accordance with the provisions of chapter iv of the act. this has given rise to doubts as to whether deductions under chapter vi-a are to be allowed in computing the aggregate total income. 61.7.1 the finance act, 2002 has carried out amendments to clarify that the aggregate total .....

Everplus Securities and Finance Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD151(Delhi)

..... to tax under sub-section (1) or the tax thereon. 5.15 section 14a of the it act inserted by the finance act, 2001, w.e.f. 1st april, 1962, provides: 14a. for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... which does not form part of the total income under this act: provided that nothing contained in this ..... shares is dividend income which is exempt under section 10(33). the assessee incurred expenditure for earning exempted dividend income. section 14a which has been inserted by the finance act, 2001, w.e.f. 1st april, 1962 laying down that no deduction would be allowed in respect of the expenditure incurred by the assessee in relation to .....

Goodwill India Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... income and then claim higher depreciation as per income tax rules for computing total income. in any case, as mentioned above, the income tax act does not distinguish between finance lease and operating lease. since the ownership of the asset remain vested with the lessor and depreciation is also claimed by the lessor the entire amount ..... prejudicial to the interest of the non-banking financial company, further, section 45q of the rbi act is an overriding clause. this section is contained in chapter iii-b of the rbi act and it provides that the provisions of chapter iii-b shall have an overriding effect, notwithstanding anything inconsistent therewith contained in any other law, ..... as rightly held by him, such a claim is not recognized under the provisions of the income tax act. the assessee can make its claim within the parameters of deductions allowed under chapter iv d of the income tax act, 1961 and the said provisions do not provide for any such deduction. the claim for such deduction .....

Assistant Commissioner of Income Vs. Eicher Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)369

..... deduction under section 80m and section 80ab applied to all cases of deduction other than section 80m. this distinction has since been obliterated by an amendment made by the finance act, 1997 w.e.f. 1st april, 1998. by this amendment, section 80aa has been omitted and an amendment was made to section 80ab to make it applicable ..... under section 154, for any assessment year beginning on or before the 1st day of april, 2001.the section was introduced by the finance act, 2001 with retrospective effect from 1st april, 1962. the memorandum explaining the provisions of the finance bill, 2001 [(2001) 166 ctr (st) 145 : (2001) 248 itr (st) 162] explains the purpose behind the ..... of rs. 5 lakhs. expenditure incurred in relation to income not includible in total income. 14a. for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this .....