Court : Delhi
..... effect from 1st april 2005. 9. it is seen that the second proviso to section 40(a) (ia) was inserted by the finance act 2012 with effect from 1st april 2013. the effect of the said proviso is to introduce a legal fiction where an assessee fails to ..... principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this chapter on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed to be ..... deduct tax in accordance with the provisions of chapter xvii b. where such assessee is deemed not to be an assessee in default in terms of the first proviso to sub-section ( ..... provided further that where an assessee fails to deduct the whole or any part of the tax in accordance with the provisions of chapter xvii-b on any such sum but is not deemed to be an assessee in default under the first proviso to sub-section .....
Tag this Judgment!Court : Delhi
..... the object and purpose of introducing provisions relating to transfer pricing adjustment in the act. by virtue of finance act, 2001, section 92 of the act was substituted by sections 92 to 92f of the act with effect from 1st april, 2002. section 92 of the act, as was in force prior to 1st april, 2002, enabled the ao ..... use of the property. 1.40 depending on the transfer pricing method, this factor must be given more or less weight. among the methods described at chapter ii of these guidelines, the requirement for comparability of property or services is the strictest for the comparable uncontrolled price method. under the comparable uncontrolled price method ..... statutory framework. the oecd guidelines suggest that a quartile method be adopted which excludes entities that fall in the extreme quartiles for comparability. however, neither chapter x of the act nor the rules made by cbdt provide for exclusion for such statistical reason. 41. having stated the same, it may be necessary to bear in .....
Tag this Judgment!Court : Delhi
..... 16. it was argued that no definition of investment company existed in the statute. however, several definitions were enacted. financial investment company was inserted by the finance (no.2) act, 1991. by section 2(9)(d) it is defined as a company whose gross total income consists mainly of income which is chargeable under the heads income ..... in jisco, was clearly part and parcel of the terms and conditions of the issue. the arrangement between a public financial institution-uti and jisco for part financing the investment had been examined by the tribunal in the first round. the tribunal after noting the benefit which had accrued both to the assessee and uti, that ..... determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139. section 80 of the act reads as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of .....
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..... 16. it was argued that no definition of investment company existed in the statute. however, several definitions were enacted. financial investment company was inserted by the finance (no.2) act, 1991. by section 2(9)(d) it is defined as a company whose gross total income consists mainly of income which is chargeable under the heads income ..... in jisco, was clearly part and parcel of the terms and conditions of the issue. the arrangement between a public financial institution-uti and jisco for part financing the investment had been examined by the tribunal in the first round. the tribunal after noting the benefit which had accrued both to the assessee and uti, that ..... determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139. section 80 of the act reads as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of .....
Tag this Judgment!Court : Delhi
..... 16. it was argued that no definition of investment company existed in the statute. however, several definitions were enacted. financial investment company was inserted by the finance (no.2) act, 1991. by section 2(9)(d) it is defined as a company whose gross total income consists mainly of income which is chargeable under the heads income ..... in jisco, was clearly part and parcel of the terms and conditions of the issue. the arrangement between a public financial institution-uti and jisco for part financing the investment had been examined by the tribunal in the first round. the tribunal after noting the benefit which had accrued both to the assessee and uti, that ..... determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139. section 80 of the act reads as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of .....
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..... favour of the revenue and against the assessee. transaction and international transaction; difference between section 37(1) and chapter x of the act 51. the term international transaction has been defined in section 92b. the section also had retrospective amendment which was inserted by the finance act, 2012 w.r.e.f. 1st april, 2002. section 92b(1) reads as under: meaning of international ..... user perceives relevant, unique, sustainable added values which match their needs most closely. the words of the supreme court in civil appeal no.1201/1966 decided on 12 th february, 1970 in khushal khenger shah versus mrs. khorshedbanu dabida boatwala, to describe goodwill , can be adopted to describe a brand as an intangible asset being the whole advantage of the reputation .....
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..... from the assessment year 2001-02, which the section initially did not want to confer. tei technologies (supra) also noted that section 10a, even after substantial amendment by the finance act, 2000, was retained in chapter iii of the act, despite change in the language of sub-section (1). the court ruled that it was open to the legislature to transpose the section from ..... 72.10. in tei technologies (supra), this court noticed the legislative history of various provisions, including those relating to exemptions and, inter alia, chapter iii. the court then took note of the retrospective amendment in 2003: 13. the finance act, 2003 made significant changes both with prospective and retrospective effect from the assessment year 2001-2002. the significant retrospective amendment was the one .....
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..... to ascertain the net profit of each year, not only the current liabilities and the contingencies but future contingencies should also be considered. thus, chapter vi of the companies act in part ii and iii provides for provision and reserves which relate to future payments, future needs and contingencies for which a part of the ..... sanjiv khanna hon'ble mr. justice v. kameswar rao sanjiv khanna, j.: these two appeals under section 260a of the income tax act, 1961 (act, for short) by the assessee srei infrastructure finance ltd. pertaining to assessment years 2006-07 and 2007-08, are directed against the common order dated 23rd february, 2012 passed by the ..... commissioner of income tax..respondent through mr. rohit madan, sr. standing counsel with mr. akash vajpai and mr. ruchir bhatia advocates. income tax appeal no.372/2012 srei infrastructure finance ltd. ..... appellant through mr. s. ganesh, sr. advocate with mr. u.a. rana, ms. mrinal elker mazumdar, mr. himanshu mehta and mr. abirat kumar, .....
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..... such property to the other company after the winding up of the first-mentioned company; xxx 14. the expression demerger is defined in section 2(19aa) and was inserted by finance act, 1999 with effect from 1 st april, 2000. undoubtedly, in case the scheme of arrangement had been implemented with effect from 1st april, 2000, it would have been treated as ..... , therefore, the legislature had incorporated a saving and ameliorative provision in the form of sub-section (6) to section 32a of the act. reliance placed on certain judgments under chapter xx-c of the act is not apposite as the said chapter related to an entirely different concept of pre-emptive purchase to curtail black money menace in sale and purchase of immovable properties .....
Tag this Judgment!Court : Delhi
..... such property to the other company after the winding up of the first-mentioned company; xxx 14. the expression demerger is defined in section 2(19aa) and was inserted by finance act, 1999 with effect from 1 st april, 2000. undoubtedly, in case the scheme of arrangement had been implemented with effect from 1st april, 2000, it would have been treated as ..... , therefore, the legislature had incorporated a saving and ameliorative provision in the form of sub-section (6) to section 32a of the act. reliance placed on certain judgments under chapter xx-c of the act is not apposite as the said chapter related to an entirely different concept of pre-emptive purchase to curtail black money menace in sale and purchase of immovable properties .....
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