Court : Delhi
..... transaction and securities transaction tax shall have the same meanings respectively assigned to them under chapter vii of the finance (no.2) act, 2004.'' 8. minimum alternate tax (mat) scheme was introduced by inserting section 115j in the act by the finance act, 1987. the finance minister in his speech indicated the object of introducing the said scheme as under: ''it ..... profit. this measure will yield a revenue gain of approximately rs 75 crores.'' the mat scheme was improvised further and section 115jb was introduced in the act by the finance act, 2000 w.e.f. 01.04.2001. at the material time, the rate of mat was prescribed at 7.5%. the purpose of introducing the ..... assessee in computing the income tax payable by him on the total income of the assessee. there is a clear distinction in the scope of chapter viiia of the act and other provisions which specify deductions that are available to an assessee in computing his total income. whereas deductions allowed in computing the total income .....
Tag this Judgment!Court : Delhi
..... or re-assessed independently. the said decision in jet airways (supra) also examined the effect of the explanation 3 to section 147 which was introduced by the finance (no.2) act of 2009 with retrospective effect from 01.04.1989. he submitted that the bombay high court in jet airways (supra) held that the effect of the ..... in relation to the international transactions was also required. in our view, this is no reason at all. the scheme of the act for determination of the arms length price is given in chapter x. section 92(1) specifically stipulates that any income arising from an international transaction is to be computed having regard to the arms ..... had specifically referred to the requirement for determination of the arms length price. the learned counsel for the appellant also referred to section 92ca of the said act and submitted that a reference to the transfer pricing officer had been made by the assessing officer pursuant to the notice for reopening the assessment and after following .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Delhi
..... in view of the specific provisions of section 10(38) read with chapter vii of the finance (no.2) act, 2004 . we may point out that chapter vii of the said finance (no.2) act, 2004 pertains to securities transaction tax. section 97(13) of the said finance act defines taxable securities transaction in the following manner:(13) taxable securities ..... the mutual fund.3. the charge of securities transaction tax is given in section 98 of chapter vii of finance (no.2) act, 2004, which, to the extent relevant, is quoted hereunder:98. on and from the commencement of this chapter, there shall be charged a securities transaction tax in respect of the taxable securities transaction specified ..... and, subsequently, at some point of time the shares were transferred, the income arising there from would be liable to taxation in terms of the said act as well as the double taxation avoidance agreement between india and usa. thus, according to the revenue, the transaction resulting in such capital gain would be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... to be not at arm's length, it can be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according to the above provisions, income arising from ..... carried at arm's length price is on the tax payer. in view of the above discussion it is amply clear that sec. 92 of chapter x as brought out on the statute by the finance act, 2001, has shifted the burden of proof on the assessee to establish that the international transaction has been recorded at arm's length price. ..... the marginal note: `special provisions relating to avoidance of tax'. this chapter requires the computation of income from international transactions having regard to arm's length price. the hitherto section 92 as existing on the statute up to the a.y. 2001-02 was substituted by the finance act, 2001 with sections 92 to 92f. through such tp provisions it has .....
Tag this Judgment!Court : Delhi
..... got itself registered with the service tax department as consulting engineering services and was paying service tax since 1997 regularly.7. service tax was introduced by chapter v of the finance act, 1994. section 65 (105) defined taxable service. it contains several clauses but, herein we are concerned only with clause (g) which is ..... service tax. the petitioner also contends, in the alternative that the said rule is ultra vires of the provisions of section 66 and 67 of chapter v of the finance act, 1994.2. the petitioner is a company providing consulting engineering services. it specialises in highways, structures, airports, urban and rural infrastructural projects and ..... intended; at any rate, double taxation cannot be enforced by implication. a constitution bench of the supreme court in jain brothers v. union of india, (1970) 77 itr 10.observed as follows, expounding the principles relating to double taxation: it is not disputed that there can be double taxation if the legislature .....
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..... date of the commencement of such search, and lay down the manner in which such income is to be computed. 65.2 the finance act, 2003, has provided that the provisions of this chapter shall not apply where a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under ..... 16. we now proceed to discuss the correctness of the conclusion of the tribunal that the assessing officer had wrongly invoked section 153a of the act. this section was introduced into the act by the finance act, 2003 w.e.f. 1.6.2003 along with sections 153b and 153c. section 153a provides for assessment in case of search or ..... sections, the applicability of which has been excluded, relate to returns, assessment and reassessment provisions. prior to, the introduction of these three sections, there was chapter xiv-b of the act which took care of the assessment to be made in cases of search and seizure. such an assessment was popularly known as block assessmentbecause the .....
Tag this Judgment!Court : Delhi
..... at the sea ports due to handling and customs formalities were reduced, so also the expenditure. 5. we may now notice the relevance of section 80ia of the act. the finance act, 1995, with effect from 1/4/1996, for the first time brought in a provision under which a percentage of the profits derived from the operation of any ..... from the hand book supports the claim of the assessee. 18. we have also been able to find that the words inland portare defined in chapter 277b of the inland port authority act of the state of nevada, u.s.a. as under:- an area located away from traditional borders but having direct access to highway, railway and ..... facilities and, if applicable, intermodal facilities. this definition also supports the assessee's claim. 19. the tribunal erred in holding that because of the change made by the finance act, 2001 with effect from 1st april, 2002 by dropping the power of the cbdt to notify any other public facility of similar nature for the purpose of section 80ia .....
Tag this Judgment!Court : Delhi
..... section 80hhc(1) refers to eligibility whereas section 80hhc(3) refers to computation of tax incentive. coming to section 80hhc(1b) it is clear that after the finance act, 2000, with effect from the assessment year 2001-02 exporters would not get 100 per cent deduction in respect of profits derived from exports but that they would get ..... the tax incentive in a phased manner. however, for the purposes of computation of book profits which computation is different from normal computation under the 1961 act/ computation under chapter vi-a. we need to keep in mind the upward and downward adjustments and if so read it becomes clear that clause (iv) covers full export ..... from computation of book profits under section 115jb which imposes mat on deemed income. the above reasoning also gets support from the memorandum of the explanation to the finance bill, 2000. one of the contentions raised on behalf of the department was that if clause (iv) of the explanation to section 115jb is read in entirety .....
Tag this Judgment!Court : Delhi
..... of the proceedings before the learned single judge submitted that the agreement to sell between them and the petitioner had been executed, that the provisions of chapter xx-c of the act were complied with and the permission to sell the property was expected to be received within two months. they also stated that public notice regarding the ..... be said to have had any adverse impact on the fair market value of the property. in these circumstances, the judgment of the madras high court in ashok leyland finance ltd. (supra) is not applicable..21. the third submission that the property was located near the railway track and therefore, it did not command such a high market ..... no title deeds to the property are available, which fact has not been taken note of by the appropriate authority. as held by the madras high court in ashok leyland finance ltd. v. appropriate authority, income- tax department and another, (2007) 289 itr 61 (mad) at page 70, the absence of the title deeds to the property .....
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