Judgment Search Results Home > Cases Phrase: finance act 1972 chapter iii direct taxes income tax Court: karnataka Page 1 of about 1,069 results (0.203 seconds)

The Principal Commissioner, Vs. M/s Ennoble Construction,

Court : Karnataka Dharwad

..... . accordingly, the parliament vide finance (2) act, 1998 inserted inter alia sections 260a and 260b in chapter xx of the 1961 act to provide for an appeal against the orders of tribunal directly to the high court, within whose jurisdiction, office of the ao is situated ..... . according to clause (c) of sub- section (1) of section 271 of the act, if the ito or the aac in the course of any proceedings under the act is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay in addition to the amount of tax by way of penalty a sum calculated in accordance with clause (iii) of that sub-section ..... . cit reported in (1972)86 itr557(sc), wherein the scope of that provision has been discussed extensively clause (c) of sub-section (1) of section 271 shows that occasion for taking proceedings for payment of penalty arises if the ito or the aac is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income ..... . 1447 to 1450 of 1969, dated 19th september 1972 reported in (1972) 40 cch0314iscc, wherein it is held regarding penalty under section 271(1)(c), the initiation of proceedings before feeling satisfied for initiating penalty proceedings, ito need not issue notice to assessee and it is sufficient if, after being satisfied in the .....

The Director of Income Tax Exemptions Vs. Al-Ameen Charitable Fund Tru ...

Court : Karnataka

..... act is based on application of income and permissible accumulations and the balance of income , if any, is treated as income which is not applied for objects of the trust and is brought to tax under chapter iii of the act. ..... with effect from 1.4.2015 by finance act no.2/2014, reads as under: or set (6) apart in this section where any income is required to be applied or accumulated for application, then, for such purposes the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in the ..... on clauses in finance [no.2} bill, 2014, memo explaining provisions and circulars issued by the central board of direct taxes in this regard. ..... purposes be determined without, any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in any previous year, and income the shall 24 (ii) where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12aa or has obtained registration at any time under section 12a [as it stood before is amendment by the finance (no.2) act, 1996]. ..... interpreting the proviso, whether to be applied retrospectively or prospectively, has considered the notes on clauses appended, the finance bill and the understanding of the central board of direct taxes in this regard. .....

The Director of Income-tax Exemptions and Another Vs. Al-Ameen Charita ...

Court : Karnataka

..... the exemption entitlement under section 11 of the act is based on application of income and permissible accumulations and the balance of income , if any, is treated as income which is not applied for objects of the trust and is brought to tax under chapter iii of the act. ..... deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this section in any previous year, and (ii) where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12aa or has obtained registration at any time under section 12a [as it stood before is amendment by the finance (no.2) act, 1996] and the said registration is in force for any previous year, then, nothing contained in section ..... this view is further supported by the notes on clauses in finance [no.2] bill, 2014, memo explaining provisions and circulars issued by the central board of direct taxes in this regard. ..... the apex court in the said judgment, while interpreting the proviso, whether to be applied retrospectively or prospectively, has considered the notes on clauses appended, the finance bill and the understanding of the central board of direct taxes in this regard. .....

M/S Super Sales Corporation and Others Vs. the Debt Recovery Tribunal ...

Court : Karnataka

..... of income-tax act - the provisions of the second and third schedules to the income-tax act, 1961 (43 of 1961) and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under this act instead of to the income-tax: ..... to remove the whole or any part of his property from the local limits of the jurisdiction of the tribunal; or (iii) is likely to cause any damage or mischief to the property or affect its value by misuse or creating third party interest, the tribunal may direct the defendant, within a time to be fixed by it, either to furnish security, in such sum as may be specified ..... to the recovery officer by the presiding officer of drt, the recovery officer can proceed to recover the amount of debt in terms of chapter v of the act which deals with recovery of debt determined by tribunal section 25 prescribes three modes of recovery which are as follows: (a) attachment and sale ..... act or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948 (15 of 1948), the state financial corporations act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) [the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act .....

M/S T T K Prestige Ltd Vs. The Union of India Reptd by Its Finance Sec ...

Court : Karnataka

..... , advs for r2) this writ petition is filed under articles226and227of constitution of india praying to strike down the provisions of chapter xii-h inserted in the income tax act, 1961 by the finance act, 2005 with effect from14.2005 as offending the provisions of article14of the constitution of india and as being beyond the legislative competence of parliament in so far as the petitioner is concerned and etc. ..... attacks it to show that there has been a clear transgressions of the constitutional principles; (c) that it must be presumed that the legislature understands and correctly appreciates the need 44 of its own people, that its laws are directed to problems made manifest by experience and that its discriminations are based on adequate grounds; (d) that the legislature is free to recognize degrees of harm and may confine its restrictions to those cases where the need is deemed ..... (2) 'perquisite' includes : (i) the value of rent-free accommodation provided to the assessee by his employer; (ii) the value of any concession in the matter of rent respecting any accommodation provided to the assessee by the employer; (iii) the value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases : (a) by a company to an employee being a person who is a director thereof; 62 (b) by a company to an employee being a person who has a substantial interest in .....

Excise Commissioner and anr. Vs. Mysore Sales International Ltd. and o ...

Court : Karnataka

Reported in : [2006]286ITR136(KAR); [2006]286ITR136(Karn)

..... vending in retail price as fixed by the state government in their respective assigned areas in the state of karnataka and therefore it is contended that the appellants were not statutorily required to collect the income-tax at source from them and remit the same to the department as contended by it.9. the third ground of attack of the impugned assessment orders passed against them is that the lack of jurisdiction ..... arrack in retail alter acquiring rights from the excise department of the state government in public auction and therefore the sellers had got statutory obligation under the above provision of the act to collect the tax amount by way of deduction from them at the time of sale of goods of indian liquor of arrack as they have purchased the same from the appellants 1 and 2 ..... . should not have given directions/instructions by way of circulars to the manufacturers of liquor in the state stating that they need not collect income-tax at source from the buyers without understanding the statutory provisions of section 206c of the act and he had acted arbitrarily without realizing the ..... that the provisions of section 206c of the act are not applicable to them as they come within the category of explanation to section 206c sub-section (11) clause (a) 'buyer' sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the finance act, 1992, which have come into force w.e.f. ..... and rural district in relation to chapter xvii for collection and recovery at .....

Stumpp, Schuele and Somappa Pvt. Ltd. Vs. Second Income-tax Officer, C ...

Court : Karnataka

Reported in : [1976]102ITR320(KAR); [1976]102ITR320(Karn); 1975(1)KarLJ481

..... therefore, clear that the expression 'income, profits and gains of a company not includible in it total income as computed under the income-tax act' refers to those sums which are not includible in the total income by the provisions of chapter iii of the income-tax act and does not refer to any of the deductions claimable under chapter vi-a of the income-tax act. ..... chapter iii of the income-tax act refers to the incomes which do not form a part of total income ..... context it would be relevant to refer to section 10 and 11 appearing in chapter iii of the income-tax act. ..... significant that the expression 'shall not be included 'which is found in sections 10 and 11 which are in chapter iii, the title of which is 'incomes which do not form part of total income', is not used in any of the provisions contained in sections 80c to 80u. ..... said expression cannot refer to any other deduction which can be claimed under chapter vi-a of the income-tax act, is also clear from the fact that some of the provisions which were originally found in chapter vii have been shifted from chapter vii to chapter vi-a not on the ground that they were not 'includible in the total income', but because parliament thought of a different method of computation. ..... chapter vi-a of the income-tax act was introduced for the first time in the year 1965 by the finance act 10 ..... under some of the provisions of chapter iv providing for the computation of the total income parliament directed that certain expenses, rebates, allowances .....

Mysore Sales International Ltd. Vs. Deputy Commissioner of Income Tax ...

Court : Karnataka

Reported in : (2003)185CTR(Kar)417; [2004]265ITR498(KAR); [2004]265ITR498(Karn)

..... in view of large scale tax evasion, section 206c came to be inserted into chapter xvii providing for tax collection at source along with section 44ac into chapter iii, the latter providing for estimation of profit on a presumptive basis. ..... the task of the court in construing statutory language such as that which is before your lordships is to look at the mischief at which the act is directed and then, in that light, to consider whether as a matter of commonsense and every day usage the known, proved or admitted or properly inferred facts of the particular case bring the case within the ordinary meaning of the ..... , that the tax imposed is a tax on income. ..... in order to prevent evasion of the legitimately due on such 'income', sections 44ac and 206c were enacted so as to facilitate the collection of tax on that income which is bound to arise or accrue, at the very inception itself or at an anterior stage. ..... section 44ac occurs in chapter iv of the act dealing with computation of total income. ..... later, in terms of the finance act, of 1988, section 206c was introduced. ..... the it act provides for a law relating to income-tax and super-tax. ..... the supreme court in the very same judgment noticed as under with regard to the object of the provision:'it appears that the government wanted to get over the problems in assessing income and recovering tax in the case of persons dealing in country liquor, timber, forest produce, etc. .....

Mysore Sugar Co. Ltd. Vs. Dy. Cit (Tds)-i

Court : Karnataka

Reported in : [2006]154TAXMAN447(Kar)

..... the learned single judge had rightly held that excise commissioner should not have given directions/instructions by way of circulars to the manufacturers of liquor in the state stating that they need not collect income-tax at source from the buyers without understanding the statutory provisions of section 206c of the act and he had acted arbitrarily without realizing the legal position that he is not the competent ..... liquor of vending in retail price as fixed by the state government in their respective assigned areas in the state of karnataka and, therefore, it is contended that the appellants were not statutorily required to collect the income-tax at source from them and remit the same to the department as contended by it.9. the third ground of attack of the impugned assessment orders passed against them is that the lack of jurisdiction for the first ..... within the category of explanation to section 206c sub-section (11) clause (a) 'buyer' sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the finance act, 1992, which have come into force with effect from 1-4-1992, wherein the definition of 'buyer' under clause (a) is explained under sub-clause (iii) of the said clause, which provision excludes the buyers who have obtained the goods of liquor from the ..... issued by him the powers are conferred upon the acit (tds)-i, bangalore, and he had jurisdiction of bangalore urban and rural district in relation to chapter xvii for collection and recovery at source .....

Excise Commissioner and anr. Vs. Mysore Sales International Ltd. and o ...

Court : Karnataka

Reported in : (2006)203CTR(Kar)505

..... learned single judge had rightly held that excise commissioner should not have given directions/instructions by way of circulars to the manufacturers of liquor in the state stating that they need not collect income-tax at source from the buyers without understanding the statutory provisions of section 206c of the act and he had acted arbitrarily without realizing the legal position that he is not the competent ..... liquor of vending in retail price as fixed by the state government in their respective assigned areas in the state of karnataka and therefore it is contended that the appellants were not statutorily required to collect the income-tax at source from them and remit the same to the department as contended by it.9. the third ground of attack of the impugned assessment orders passed against them is that the lack of jurisdiction for the ..... the category of explanation to section 206c sub-section (11) clause (a) 'buyer' sub-clauses (i) to (iii) which provisions were inserted by way of an amendment by the finance act, 1992, which have come into force with effect from 1-4-1992, wherein the definition of 'buyer' under clause (a) is explained under sub-clause (iii) of the said clause, which provision excludes the buyers who have obtained the goods of liquor from the ..... by him the powers are conferred upon the assistant commissioner (tds)-i, bangalore and he had jurisdiction of bangalore urban and rural district in relation to chapter xvii for collection and recovery at source .....