Judgment Search Results Home > Cases Phrase: finance act 1970 section 19 substitution of new section for section 130 Court: chennai Page 2 of about 203 results (0.389 seconds)

Commissioner of Income-tax Vs. P.S.S. Investments (P.) Ltd.

Court : Chennai

Reported in : [1971]79ITR456(Mad)

..... company, amongst others, is bound to pay a super-tax at the rate for that year as laid down by the relative finance act (section 55 of the indian income-tax act, 1922). under the finance act of 1958, which has been referred to before us in connection with the cases under review, super-tax shall be charged at ..... reduced for the purpose of reducing the rebate in corporation tax in the manner directed ?' 2. mr. balasubrahmanyan for the revenue has taken us through the finance acts of 1949, 1951, 1955 and 1958, to bring out the distinction between distribution of dividends and declaration of dividends. his contention was that the dividends having ..... of distribution of the dividend alone ought not to weigh to consider the nature and quantum of entitlement of the assessee to rebate in accordance with the finance acts. the appellate assistant commissioner accepted in principle the assessee's contention that the components of the dividend should be considered with reference to the profits of .....

Container Tea and Commodities, Represented by Its Partner Vs. Commissi ...

Court : Chennai

..... service tax, a show cause notice was issued to the service provider requiring them to show cause as to why, (i) the extended period under proviso to section 73 of finance act, 1994 should not be invoked to demand service tax not paid in as much as they have suppressed the fact of having rendered the service of "business auxiliary ..... ctandc for the promotion or marketing or sale of goods produced by their clients are squarely fall under the category of "business auxiliary service" in terms of section 65(19) of finance act, 1994, a taxable service. the service provider i.e., ctandc had neither followed the service tax procedures nor paid the appropriate service tax on the gross ..... non filing of the st3 returns; (iv) i impose a penalty of 1,72,70,465/- on m/s.container tea and commodities, coonoor, under section 78 of the finance act 1994." as against the above order, the present writ petition is filed pleading that one or other factual issues raised by the petitioner and legal plea taken has .....

N. Rahmath and ors. Vs. Union of India and ors.

Court : Chennai

Reported in : 1988(38)ELT425(Mad)

..... give retrospective effect to that provision as it is well-established by now that parliament is free to enact a retrospective legislation and that section 52 of the finance act only carries out the intention of the government in promulgating notification no. 99 of 1980 in pursuance of which taxes have been collected, ..... retrospective effect from 19th june, 1980. thus the alleged validation is not strictly a validation as understood in legal parlance. (4) even assuming that section 52 of the finance act of 1982 is constitutionally valid, the classification made in the notification dated 23rd february, 1982, for availing the concessional rate of duty is wholly arbitrary ..... discriminatory. 3. for appeciating the petitioners' said challenge, it is necessary to set out the circumstances and the background in which the said section 52 of the finance act came to be enacted giving retrospective effect to notification no 22/82[gsr 77(e)/82] dated 23rd february, 1982. historically there was no .....

Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.

Court : Chennai

Reported in : [1996]222ITR36(Mad)

..... income earned by leasing out the factory and the machinery would be entitled to the concessional rate of tax under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978.6. section 2(7)(c) of the finance (no. 2) act, 1977, states as under (see : [1977]109itr1(all) : ''industrial company' means a company which ..... activities by itself during the assessment years under consideration. the assessee claimed the concessional rate of tax of 55 per cent. under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978. according to the department, inasmuch as the assessee was not mainly engaged in the manufacturing activities, it cannot be considered ..... any manufacture or processing of goods undertaken by the assessee. therefore, the assessee could not be held to be an industrial company within the meaning of section 2(8)(c) of the finance act, 1975.11. we have also come across a decision of this court rendered in cit v. first leasing co. of india ltd. : [1995] .....

Commissioner of Income-tax, Madras Vs. Sundaram Industries Private Ltd ...

Court : Chennai

Reported in : [1969]71ITR380(Mad)

..... , is not established.in the light of the above well-settled guidelines, the relevant provisions of the finance acts of 1955 and 1956 have to be read and interpreted in the instant case. by section 15 of the finance act of 1955, section 23a was recast so as to, inter alia, increase the percentage of distributable dividends as one hundred per ..... the relevant assessment years in respect of such previous years end on or after the 31st day of march, 1956.'the finance act of 1956, which closely followed the above amendments, further amended section 23a of the main act so as to read in clause (b) of the proviso to sub-clause (1) stated above for the words 'where ..... referred :'(1) whether, on the facts and in the circumstances of the case, the order under section 23a was barred by limitation as provided by section 34(3) of the income-tax act ?(2) whether the amendment made to section 23a by the finance act, 1956, could not be applied to the assessee company for the assessment year 1955-56 ?'we .....

Commissioner of Income-tax Vs. Best and Co. (P.) Ltd.

Court : Chennai

Reported in : [1979]119ITR830(Mad)

..... would not be the subject of disallowance under the provision set out above.8. this provision underwent a modification under the finance act of 1964. section 10 of the said finance act provided as follows :' for sub-clause (iii) of section 40(c), the following sub-clause shall be substituted, namely :-- '(iii) any expenditure incurred after the 29th day of ..... the tribunal and what was accepted by the aac and the tribunal was that on the 1st of april, 1964, the new provision inserted by section 10 of the finance act of 1964 had come into force and it is only that provision that could be looked into. as under that provision, there was no restriction ..... control the payment of the remuneration after 28th february, 1963, and before the new provision under the finance act of 1964 provided the contrary. the finance act of 1964 made the modification with effect from 29th february, 1964. thus, in effect, section 40(c)(iii) would continue in force between the 1st march, 1963, and 28th february, 1964. .....

Bharat Match Works, Vanaramurthi and ors. Vs. Union of India and ors.

Court : Chennai

Reported in : 1984(16)ELT3(Mad)

..... or irrational and discriminatory. 3. for appreciating the petitioners' said challenge, it is necessary to set out the circumstances and the background in which the said section 52 of the finance act came to be enacted giving retrospective effect to notification no. 22/82 gsr 77(e)/82, dated 23-2-1982. historically there was no manufacturer of ..... attributed to the exemption notification by the court was contrary to the intention and validating the levies earlier made. we are, therefore, of the view that section 52 of the finance act of 1982 adopting and giving retrospective effect to the notification no. 22 of 1982, cannot be taken as having been made with an oblique purpose. 23. ..... of 1982. the learned counsel for the petitioners refers to the decision of the supreme court in income-tax commissioner, calcutta v. b.n. bhattacharjee - air 1970 s.c. 1725, in support of his submission that the state is also bound by the principle of promissory estoppel not to apply the new notification so far as .....

The Additional Commissioner, Central Excise, Madurai Vs. M/s. Strategi ...

Court : Chennai Madurai

..... by a commissioning and installation agency in relation to erection, commissioning or installation fo plant, machinery or equipment." 12. by section 88 of the finance act, 2005, section 65(39a) was amended. the amended section 65(39a) reads as follows: "(39a) 'erection, commissioning or installation' means any service provided by a commissioning and ..... insulation, (v) lift and escalator, and (vi) such other similar services. 15. therefore, it is clear that before the amendment to section 65(39a) under finance act, 2005, installation of plumbing, drain laying or other installations for transport of fluids was not included within the definition of "erection, commissioning or ..... taxes on untapped service sector. 10. therefore, the services of "commissioning or installation" were brought under the service tax net in the finance act, 2003. section 65(28) defined "commissioning or installation" to mean" any service provided by a commissioning and installation agency in relation to commissioning or .....

George Oakes Private Ltd. Vs. Commissioner of Income-tax, Madras.

Court : Chennai

Reported in : [1966]60ITR710(Mad)

..... a further dividend to make up the deficiency for the purpose of section 23a is not complied with, a different consequence may follow. further, we do not think that section 16(2) has any bearing in interpreting the scope and application of the finance act, 1956. the act contains an inclusive definition of dividend and a dividend does not necessarily ..... assessment because of those circumstances, we are unable to accept his contention.the finance act, 1956, by its first schedule, part ii, provides for what is termed as corporation tax or super-tax at the rate of six annas and nine pies in the rupee. section d in the schedule has two provisos, the first of which says ..... declaration of dividend, the 1956 finance act should be so construed as to exclude from its purview the sum of rs. 68,750 for purposes of withdrawal of rebate. we are of the view that this contention cannot be accepted. the declaration of the further dividend was no doubt on direction under section 23a. but the declaration is .....

Pl. Vrm. Ramaswamy Chettiar Vs. Assistant Controller of Estate Duty

Court : Chennai

Reported in : [1973]92ITR195(Mad)

..... section 2(2) of the finance act, 1923, and by section 24 of the finance act, 1936, had later limited the duty in respectof properties situate out of great britain in certain-circumstances. atpage 1026, he points ..... india.14. dymond on death duties, 14th edition, at page 1029, traces thehistory of estate duty legislation in england and states that under sections 1and 2 of the finance act, 1894, estate duty was payable prima facie inrespect of all property passing or deemed to pass on death without referenceto its situation, but by ..... domiciled in india at the time of his death. section 21 is a provision for exception from the charge of duty and this corresponds to section 2(2) of the u.k. finance act of 1849 and section 24 of the u.k. finance act of 1936. but for the exception contained in section 21, all foreign properties, both movable and immovable .....