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The Commissioner of Wealth-tax Vs. B.R. theatres and Industrial Concer ...

Court : Chennai

Reported in : (2004)188CTR(Mad)63; [2005]272ITR177(Mad)

..... we do not therefore see any good reason to depart from the view taken by this court in the earlier decision that the finance act, 1988 which amended portions of finance act, 1983, and extended the exemption from wealth tax, inter alia, to the value of cinema house and the value of stock in trade, ..... : [2001]250itr523(mad) held that the exemption granted to cinema houses with effect from 1.4.1989 by the finance act 1988 while computing the wealth of the closely held companies, which are subject to wealth tax, was not retrospective and that it would take effect only from ..... in that case the court while considering section 43b of the act and the amendment effected thereto by the finance act, 1987, which inter alia inserted a new proviso as also an explanation held that as the explanation was given retrospective effect, the proviso was also required to be given that effect, in order to place a reasonable ..... in all the aforementioned cases is that the amendment effected to section 40 of the finance act, 1983 by the finance act of 1988 is only prospective and not retrospective. 6. ..... it is not possible for us to hold that stock in trade which is not excluded from wealth-tax in section 40 of the finance act, 1983, is nevertheless to be regarded as having been excluded. ..... could not be included in thenet wealth of the assessee even prior to 0.04.1989, even though 'cinema house' was specifically included in the exempted class of building only after the amendment effected by the finance act, 1988.8. .....

Commissioner of Income-tax Vs. International Clearing and Shipping Age ...

Court : Chennai

Reported in : [2000]241ITR172(Mad)

..... and shipping agents does not amount to a 'profession' and a firm carrying on such activity is not entitled to the benefit of the lower rate of tax applicable to registered firms as provided in sub-paragraph ii of paragraph c of part i of schedule i to the finance act, 1976, and the finance (no. ..... the claim of the assessee, a professional clearing and shipping agency, madras, was that it is carrying on a profession and should, therefore, be taxed at the lower rate applicable to firms which carry on profession as provided in the finance act, 1979. ..... corporation : (1993)iillj795sc , wherein the supreme court held that the activity is a 'shop' for the purpose of the shops and establishments act as the activity carried on by a shipping clearing and forwarding agency is a commercial activity. ..... the terms 'business' and 'profession' are defined in the act in sections 2(13) and 2(36), respectively. ..... 2) act, 1977. .....

M/S.Shree Suthan Promotors Vs. Commissioner of Central Excise, Trichy

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... the challenge in the present appeal is only to the imposition of penalties under section 76, 77 and 78 of chapter v of the finance act, 1994 the demand of service tax together with interest stands paid and is not challenged. 2. ..... the appeal is thus partly allowed by setting aside the penalty under section 78, reducing the penalty under section 76 and upholding penalty under section 77 of the finance act, 1994. ..... they had a reasonable cause for failure to register and file returns and pay tax, as the reason adduced by them is ignorance of law and interpretation of statutory provisions, which is not sufficient to extend the section 80 of the finance act, 1994. ..... i, therefore, set aside the penalty imposed under section 78 of the finance act, 1994. .....

Cce, Salem Vs. M/S. Devi Constructions

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

the revenue is aggrieved by the setting aside of penalties imposed on the assessees herein under the provisions of sections 76 and 78 of the finance act, 1994, on the ground that the assessees had established reasonable cause for failure to pay the service tax leviable within time, and extended the protection under section 80. 2. ..... section 80 of the finance act provides that notwithstanding anything contained in the provisions of sections 76, 77 and 78, no penalty shall be imposable on the assessee for any failure referred to in the said provisions if the assessee proves that there was reasonable cause for ..... in these circumstances it cannot be held that the assessees were guilty of suppression with intention to evade payment of tax so as to make them liable to penalty under sections 76 and 78 of the finance act, 1944. ..... the commissioner (appeals) has therefore rightly extended the protection under section 80 of the finance act. .....

Gannan Dunkerley and Co. (Madras) Ltd. Vs. State of Madras

Court : Chennai

Reported in : AIR1954Mad130

..... 272 considered the meaning of the word 'business' used in the finance act, section 39 and according to the learned master of rolls, the word denotes trade or business of any description carried on by a company and if a company did, as in that case, acquire concessions and turn them to account, ..... it does not thereby mean that the legislature had no power to enact provisions which are intended and which are necessary for the enjoyment and exercise of the power, which is conferred upon it by an act of parliament; for example, in imposing a tax on sale of goods, it is necessary that the machinery to levy the tax and enforce it and the powers and jurisdiction that are needed to adjudicate ..... as regards the 5th item food grains, the contention urged was that they were not 'dealers' within the meaning of the definition contained in the madras general sales tax act, as they did not carry on any 'business' within the meaning of its provisions, and, therefore, they could not be assessed to tax, it was also urged that the supply of ..... company did carry on trade or business and was, therefore, liable to be assessed to excess profits duty under the finance act.lord sterndale m. r. at p. ..... whether the company was carrying on 'trade' or 'business' within the meaning of the finance act of 1915, section 39. ..... and that even holding-company, which does not do any active business but only indulges in passively carrying on business, may yet be doing 'business' within the meaning of the finance act.42. a. .....

Around the World Travel and Tours P. Ltd. and ors. Vs. Union of India ...

Court : Chennai

Reported in : (2004)190CTR(Mad)463; [2004]268ITR473(Mad)

..... provision was omitted by the finance act, 1999, with effect from april ..... section was amended by the finance act, 1992, with effect from ..... while this is so, the finance act, 2001, reintroduced section 194h with effect from june 1, ..... dated january 31, 2003, the commissioner of income-tax (appeals), allowed the appeals to the limited extent that the provisions of section 194h of the act, having come into effect from june 1, 2001, the assessing officer ought not to have included those transactions which took place prior to june 1, ..... are airline companies, operating air services within india and outside have sought to deduct tax at source out of the amounts payable by them to the petitioner, invoking section 194h of the act not only on the commission paid by them to the petitioners, but also the discount allowed by them to the customers. ..... such a stand of the respondents would be totally opposed to the provisions under section 194h of the act, which would cause considerable business and financial embarrassment constituting unreasonable restriction on the business carried on by ..... ramachandran, learned senior counsel for the petitioners, after taking me through section 194h of the act, which came into force with effect from june 1, 2001, would contend that the aforesaid provision applies only to commission or brokerage paid by a person to ..... the act provides for deduction of tax on commission or brokerage in certain cases, as defined under the act and was originally introduced by the finance (no .....

Devi Constructions Vs. the Commissioner of Central Excise (Appeals)

Court : Chennai

Reported in : (2008)221CTR(Mad)72; 2008[12]STR691; [2009]19STT461; (2008)18VST415(Mad)

..... any appeal under this chapter, the decision or order appealed against relates to any duty demanded in respect of goods which are not under the control of central excise authorities or any penalty levied under this act, the person desirous of appealing against such decision or order shall, pending the appeal, deposit with the adjudicating authority the duty demanded or the penalty levied:provided that where in any particular case, the ..... the petitioner besides other construction activities and in that view of the matter, passed the interim order directing payment of the entire service tax along with 50% of the penalty levied under sections 76, 77 and 78 of the finance act, 1994, less the amount already paid by the petitioner.8. ..... addition to the above said amount, the original authority has also imposed penalty which is equal to the amount of service tax under section 76 of the act, a similar amount of penalty under section 78 of the finance act, 1994 apart from imposing penalty f rs. ..... 215/- imposed under section 76 of chapter v of finance act, 1994; 50% of the penalty amount of rs ..... imposed under section 77 of chapter v of finance act, 1994; and 50% of penalty of rs. ..... /- under section 77 of the finance act, 1994.6. ..... /- which has been arrived at on the basis of gross amount received by the petitioner during the period from 10.9.2004 to june, 2006 as per the services provided by it under section 73(2) of the finance act, 1994.5. ..... /- imposed under section 78 of chapter v of finance act, 1994.4. .....

Commissioner of Income-tax Vs. P.A. Venkataraman

Court : Chennai

Reported in : [2000]246ITR773(Mad)

..... having held so, the court further held that the fiction created by the proviso to paragraph b of part i of the first schedule to the finance act, 1951, that the excess dividend shall be deemed to have come out of the undistributed profits of one or more years preceding the previous year, cannot be carried further than the purpose for which it has been ..... in order to determine the scope of the total income one has to look into the provisions of the act, and once it is found that the total income as determined under the act exceeds the amount specified in the finance act, 1986, in sub-paragraph ii of paragraph a of part iii that sub-paragraph will apply.14. ..... it was also held by the court that as the words used in paragraph b of part i of the first schedule to the finance act, 1951, were excess dividend, the effect of paragraph b of part i, was not to make the excess dividend into income or subjecting it to tax independently of the charge to tax on the total income. ..... it was held by the court in that case, that the words of paragraph b of part i of the first schedule to the finance act, 1951, could apply only when there was a total income, and those words were not appropriate to and failed in a case where a company had no total income, as in that case. .....

Assistant Commissioner of Wealth Tax Vs. Prasad Productions (P) Ltd.

Court : Chennai

Reported in : (1997)57TTJ(Mad)400

..... 1st april, 1989, by the finance act, 1988, for the earlier assessment years also the exemption will be applicable if it is found that the theatre building was being used exclusively by the assessee for the purpose of business. ..... 40(3)(vi) of the finance act, 1983, w.e.f. ..... 3(1) of the finance act, 1983, the assets referred to as gold, silver, etc. ..... 40(3) of the finance act, 1983. ..... 3(1) of the finance act, 1983. ..... 40(3) of the finance act, 1983. ..... 40 of the finance act, 1983, specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. ..... 40 of the finance act, 1983, according to which gold, silver, platinum or any other precious metal is to be included within the net wealth of the assessee. ..... 40(3) of the finance act, 1983. ..... 40 of the finance act, 1983, so that it can be included in the net wealth of the assessee. ..... the word stock-in-trade has not been defined either in the wt act or in the it act. ..... it was further submitted that the silver cannot be treated to be a raw material in the line of business of the assessee-company for the purpose of excluding the same from the net wealth under the wt act. .....

Madura Coats Ltd. Vs. Assistant Collector of Central Excise and ors.

Court : Chennai

Reported in : 1979CENCUS17D; 1978(2)ELT511(Mad)

..... rate in relation to the hard waste was changed under the finance act, the exemption notification issued as regards the duty payable under the unamended provision shall be deemed to continue in force after the finance act of 1972 till a fresh notification was issued after it came into force. ..... though the hard waste was assessable under item 18 previous to the finance act of 1972, and was assessable under item 18-e after the said act, the exemption notification issued in the year 1965 will continue to have the same effect as it has been issued in respect of the duty payable on hard waste, originally under item 18 but subsequently ..... in this case, even after the finance act of 1972, the power to issue an exemption notification is contained only in rule 8 of the ..... doubt true that in this case the hard waste was chargeable to duty under item 18 before the finance act of 1972 came into force. ..... finance act of 1972 came into force on 17.3.1972 ..... 64(c) of the finance act 1972, the central excise ..... goods assessable only under item 18 and it cannot be construed as exempting the hard waste assessable under item 18-e after the finance act, 1972.7. ..... introducing item 18-e by the said finance act, a specific notification exemption waste staple fibre yarn (hard waste) was issued by notification no 172/1972-central excise, dated 24.7.1972, from the whole of the duty ..... after the finance act came into force, the hard waste was again exempted from payment of duty under item 18-e by issuing another notification .....