Court : Delhi
..... . typically, the court is authorized to impose a fine up to a maximum set by statute. thus, for example, if appellant had been charged with theft under chapter 39 of the crimes code, he would have faced the prospect of a fine up to $10,000, in the discretion of the trial judge. see 18 pa ..... made on the subject of trial and punishment of social and economic offences. offences under the mcoca can hardly be classified as socio-economic offences. in the introductory chapter no.1, the commission has set out the broad question referred to it by the government. a perusal of the same shows that the government sought the ..... of food adulteration act, drugs (control) act, import and export (control) act, foreign exchange regulation act etc. the discussion in this report is in the context of white collar crimes under enactments earlier referred to in the introductory chapter of the report. the scope of the opinion sought by the government from the commission did not cover offences and offenders under .....
Tag this Judgment!Court : Delhi
..... income the first issue as indicated above concerns the 29. and as scope contemplated under chapter xiv b of the income-tax act. chapter xiv-b consisting of sections 158b to section 158bh was introduced by the finance act, 1995 with effect from 1.7.1995 to make procedure of assessment of search cases more ..... of section 32 shall not be set off against the undisclosed income determined in the block assessment under this chapter, but may be carried forward for being set off in the regular assessments. (underlined portion was inserted by finance act, 2002 w.r.e.f. 1st july, 1995. prior to its substitution, clause (c) read ..... introduced with effect from 1st july, 1995 by finance act, 1995. the provisions of this chapter have undergone several amendments, including some with retrospective effect from 1st july, 1995 by finance act, 2002. this has resulted in confusion and divergent interpretation of provisions of the said chapter. initially undisclosed income relating to the block period was .....
Tag this Judgment!Court : Delhi
..... income the first issue as indicated above concerns the 29. and as scope contemplated under chapter xiv b of the income-tax act. chapter xiv-b consisting of sections 158b to section 158bh was introduced by the finance act, 1995 with effect from 1.7.1995 to make procedure of assessment of search cases more ..... of section 32 shall not be set off against the undisclosed income determined in the block assessment under this chapter, but may be carried forward for being set off in the regular assessments. (underlined portion was inserted by finance act, 2002 w.r.e.f. 1st july, 1995. prior to its substitution, clause (c) read ..... introduced with effect from 1st july, 1995 by finance act, 1995. the provisions of this chapter have undergone several amendments, including some with retrospective effect from 1st july, 1995 by finance act, 2002. this has resulted in confusion and divergent interpretation of provisions of the said chapter. initially undisclosed income relating to the block period was .....
Tag this Judgment!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 .....
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..... of the country or the specified territory of which such person claims to be a resident.4. it is contended that acting upon the recommendations, the central government moved an amendment, which parliament effected through finance act of 2016, that, in effect, neutralized the existing w.p.(c) 5908/2015 page 6 of 11 provision by ..... total income are subordinate to the principle enshrined in section 90(2) of the act but the provisions of chapter xvii-b governing tax deduction at source are not subordinate to section 90(2) of the act. notably, section 206aa of the act which is the centre of controversy before us is not a charging section but ..... it is relevant, reads as follows : 206aa. (1) notwithstanding anything contained in any other provisions of this act, any person entitled to receive any sum or income or amount, on which tax is deductible under chapter xviib (hereafter referred to as deductee) shall furnish his permanent account number to the person responsible for deducting such .....
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..... 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 .....
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..... no.10 of 2017 dated 23rd march 2017 issued by the cbdt (tpl division) issuing clarifications to the said icds. (iii) the substituted and amended section 145 of the act [by the finance acts (fa) of 1995 and 2014]..2. the declaration is sought on the ground of their being violative of articles 14, 19 (1) (g), 141, 144 and 265 ..... to time, the accounting standards (as) to be followed by any class of assessees or in respect of any class of income. the amended section 145 of the act fell in chapter xiv which deals with the procedure for assessment and read as under:"145. method of accounting (1) income chargeable under the head "profits and gains of business or ..... principles of law and not in accordance with accountancy practice. accounting practice cannot override section 56 or any other provision of the act. as was pointed out by lord russel in the case of b.s.c. footwear ltd (1970) 77 itr856 (ca), the income-tax law does not march step by step in the footprints of the accounting profession. .....
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..... to re-visit the statutory provisions that are involved, viz., section 14 a of the act and rule 8 d of the rules. ita5482015 & 549/2015 page 14 of 34 "14a. (1) 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 ..... liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, 2001." 26. the 'memorandum explaining the provisions of the finance bill, 2001' [2001]. 248 itr (st.) 162, 195, by which section 14 a was introduced, with retrospective effect from 1st april 1962, stated:"certain incomes are not ..... disallowed voluntarily as an expenditure which could be attributable for earning the said income. the assessee explained that the disallowance had been determined on the basis of cost of finance department in the ratio of exempt income to total turnover. on that basis the disallowance in ay200506 was upheld by cit (a) at rs. 1 lakh. the .....
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..... directions could be issued by the nhb under section 30a of the act and were binding on hudco. specific reference is drawn to section 36 of the nhb act which states that the provisions of chapter v relating to housing finance institutions receiving deposits would have effect notwithstanding anything inconsistent therewith contained in ..... accounting policies adopted by an nbfc could not determine the taxable income. given the wording of section 45q of the rbi act, which states that the provisions of that chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument ..... capital, reserves and deposits of the housing finance institution and other relevant considerations, may be made by that housing finance institution to any person or a company or to a group of companies.36. chapter v to override other laws. the provisions of this chapter shall have effect notwithstanding anything inconsistent therewith contained .....
Tag this Judgment!Court : Delhi
..... among family members of the directors of the... petitioner company; and (b) due date of filing return by the assessee company was for the first time reduced by finance act, 2009 from 31st october following the close of the previous year to 30th september following. accordingly, for ay200809, the return was due on 30.09.2009 instead of ..... made by assessees who have failed to do so under the provisions of s.10a, s.10aa, s.10b, s.10ba or any other provision of chapter vi-a (of the act) under the heading - deductions in respect of certain incomes. the fourth proviso to section 10b(1) stipulates that no deductions under the section are permitted ..... should be kept in mind, to understand the rationale behind the impugned provisions. the benefits that are provided to assessees under sections 10a, 10aa, 10b, 10ba and chapter via-c, would otherwise form a major source of tax revenue for the government. any deductions sought or exemptions claimed are to be properly scrutinized to check for genuineness .....
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