Judgment Search Results Home > Cases Phrase: finance act 1972 Court: chennai Page 9 of about 22,214 results (0.064 seconds)

Cwt Vs. Alfred and Berg Co. (i) (P) Ltd.

Court : Chennai

Reported in : [2003]129TAXMAN743(Mad)

..... tribunal by holding that the presence of the object clause in the memorandum of association is alone not sufficient and the tribunal should consider whether the building was a business asset or not with reference to section 40(3)(vi) of the finance act, 1983 and also with reference to the terms of the lease deed under which the property was let out. ..... the tribunal also has to consider the terms of section 40(3)(vi) of finance act and then examine the question and even if it is commercial asset ' it has to be considered whether it is excludible from the levy of wealth-tax. ..... the wealth tax officer applied section 40(3)(vi) of the finance act, 1983 and held that the let out portion of the building was assessable to wealth-tax, which was confirmed by the commissioner (appeals). ..... balasubramanian, j.the income tax appellate tribunal has stated the case and referred the following question of law under section 27(1) of the wealth tax act, 1957 in relation to the assessment years 1984-85 to 1987-88 of the assessee :'whether on the facts and in the circumstances of the case, the appellate tribunal was right in law and had valid materials in holding that the ..... of the building fell within one of the objects of the company and therefore the portion let out by the assessee was a business asset and the same was exempt under the provisions of section 40(3)(vi) of the finance act, 1983. .....

Additional Commissioner of Income-tax Vs. Abhai Maligai

Court : Chennai

Reported in : [1978]113ITR737(Mad)

..... certainly does affect rights of parties and, in view of the express mention in section 1(2) of the finance act, 1964, that it will come into effect only on april 1, 1964, it cannot apply to concealments ..... it appears to us to be clear that the two changes introduced in section 271(1) of the act by the finance act, 1964, consisting of the deletion of the word ' deliberately ' which occurred in clause (c) and the insertion of the explanation at the end of the said sub-section are very closely inter-connected ..... that the intention of parliament was that the amendments in question introduced by section 40 of the finance act were to be effective only from april 1, 1964. ..... explanation 5 to section 80g(2) of the act was inserted by the finance act, 1976, with effect from 1st april, 1976, probably with the object of getting over the effect of decisions such as the one rendered by the bombay high court in the aforesaid commissioner ..... it is expressly statedin section 1(2) of the finance act, 1964, that sections 3 to 55 thereof shall be deemed to have come into force only on the 1st ..... have observe3 at page 427 thus : ' as has been already noticed the explanation in question was introduced in section 271(1) of the act by virtue of an amendment of that section effected by section 40 of the finance act, 1964. ..... to infer that the intention of parliament is that the explanation should apply only to cases governed by clause (c) of section 271(1) as it stands after its amendment by the finance act, 1964. .....

Khivraj Motors Ltd. Vs. Deputy Commissioner of Income-tax and Others

Court : Chennai

Reported in : [1994]205ITR462(Mad)

..... the said section 40 was further amended by the finance act, 1988 (26 of 1988). 2. ..... by section 40 of the finance act, 1983 (11 of 1983), with effect from april 1, 1983, wealth-tax was revived in a limited way on and from the assessment year 1984-85, in the case of closely-held companies. ..... the companies like the petitioner were relieved of the obligation to pay wealth-tax, as a consequence of suspension of wealth-tax on companies with effect from april 1, 1960, by the finance act, 1960 (13 of 1960). ..... by notification dated april 6, 1984, issued by the government of india, ministry of finance (department of revenue), in exercise of the powers conferred on it by rule 8(1) of the central excise rules, 1944, tyres, falling under item no. ..... 16 of the first schedule to the central excise and salt act, 1944, were exempt from a certain percentage of excise duty to the extent that the manufacture had not availed themselves of the exemption granted under certain other earlier notifications. ..... we notice that, very often, some courts act as if furnishing a bank guarantee would meet the ends of justice. ..... , madras-6 (petitioner for short, 'the company'), it is said, is a company registered under the companies act and is a regular assessee under the income-tax act, 1961. .....

Royal Enfield Vs. Commissioner of Service Tax, Chennai

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... output servicemeans any taxable service, excluding the taxable service referred to in sub-clause (zzp) of clause (105) of section 65 of the finance act, provided by the provider of taxable service, to a customer, client, subscriber, policy holder or any other person, as the case may be, and the expressions 'provider' and 'provided' shall be construed accordingly;" d) ..... the adjudicating authority confirmed the demand of service tax of rs.10,27,257/- along with interest under section 73 (1) of the finance act, 1994 and disallowed the cenvat credit of rs.10,27,257/- under rule 14 of the ccr 2007 utilized towards the payment of tax and imposed ..... 1.3.2008, sub-clause (zzzp) of clause (105) of section 65 of the finance act, 1994 was specifically excluded from the definition of "output service" under cenvat credit rules, ..... service tax on any output service" e).section 68 (2) of finance act, 1994 provides payment of service tax as under :- "(2) ..... was waived by invoking section 80 of the finance act, 1994. ..... submits that gta service is covered in sub-clause (zzzp) of clause (105) of section 65 of the finance act. ..... any co-operative society established by or under any law; (f).any dealer of excisable goods, who is registered under the central excise act, 1944 (1 of 194) or the rules made thereunder; or (g) anybody corporate established, or a partnership firm registered, by or under any law, any person who pays or is liable t pay freight either himself or through his agent for the transportation .....

M/s. Sundaram Motors, Represented by its CFO and Global President-Fina ...

Court : Chennai Madurai

..... by the first respondent calling upon them to show-cause as to why an amount of rs.82,49,788/- should not be disallowed and recovered under rule 14 of the cenvat credit rules 2004 r/w rule 6(3a)(c)(iii) of ccr and proviso to section 73(1) of the finance act, 1994 and interest at the rate prescribed under section 75 of the finance act 1994 and penalty under rule 15(3) of the cenvat credit rules, 2004 read with section 78 of the .....

M/S. Jmj Constructions, Rep. by Its Managing Partner Vs. the Assistant ...

Court : Chennai

..... view of the submissions made by the learned counsel appearing for the petitioner, as well as the respondents, and on a perusal of the provisions of section 85 of the finance act, 1994, it is clear that there is no power vested in the appellate authority to condone the delay of over six months in preferring the appeal. ..... after the said period there is no provision in the finance act, 1994, or in the rules framed thereunder, for the condonation of the delay in the filing of the appeal. ..... the second respondent, without considering the facts and circumstances of the case, had refused to condone the delay stating that he does not have the power, as per section 85 of the finance act, 1994, to condone the delay of over three months. ..... counter affidavit had been filed on behalf of the respondents stating that the impugned orders passed by the respondents concerned are in accordance with the provisions of section 85 of the finance act, 1994. ..... pass an order-in-original, dated 31.10.2008, without accepting the explanation submitted by the petitioner, demanding the payment of service tax of rs.1,25,014/- and the interest of rs.15,486/-, and imposing a penalty of rs.1,25,014, under the provisions of the finance act, 1994. ..... petitioner was under the impression that it had paid the entire service tax, in terms of section 73(3) of the finance act, 1994. ..... it has also been stated that, as per section 85(3) of the said act the appeal had to be filed within three months from the date of receipt of a copy of .....

Commissioner of Income-tax Vs. Southern Petro Chemical Industries Corp ...

Court : Chennai

Reported in : (1999)151CTR(Mad)188; [1998]233ITR391(Mad)

..... furnish before the income-tax officer the particulars that the assessee had entered into contract for the purchase of machineries before 1st day of december, 1973, and if such condition is satisfied, section 16 of the finance act,, 1974, provides that in case any machinery or plant was 'installed' by the assessee after may 31, 1974, but before june 1, 1975, the notification withdrawing the development rebate would not apply. ..... since the user of the machinery for the purpose of business is a sine qua non for the grant of development rebate, notwithstanding the provisions of section 16 of the finance act, 1974, extending the benefit of development rebate, the tribunal is directed to consider and give a finding regarding the user of the machinery in question. ..... in other words, in order to claim the benefit of development rebate, the assessee should not only satisfy the conditions prescribed in section 16 of the finance act, 1974, but should also fulfil the requirements of section 33 of the income-tax act and if it fails to satisfy any one of the conditions contained in any of the provisions, the claim of the assessee should fail. ..... the appellate tribunal relied upon a circular of the board which reads as under :'by the finance act, 1974 (20 of 1974), in section 16 thereof, an independent provision was made so as to continue the development rebate for a specified period in the following cases : (a) in the case of a ship acquired after 31 may, 1974, but before 1 june, 1975, if the .....

The Commissioner of Income-tax Vs. Pooshya Exports (P) Ltd.

Court : Chennai

Reported in : [2003]262ITR417(Mad)

..... of income tax : [1997]224itr677(sc) is not in our view any way advancing the case of the assessee as to the contention that the amendment brought out to sub-section 2(b)(ii) by finance act 2 of 1991 with effect from 1.4.1991 would related back to the previous year also . ..... by sub-section 2(b)(ii) of section 80hhc the benefit was originally denied to the export of granites, by means of the amendment introduced under finance act 2 of 1991 from 1.4.1991 onwards such benefit was extended to the export of granite also. ..... made to sub-clause (ii) of clause (b) of sub-section (2) of section 80hhc has been done by the finance act 2 of 1991 with effect from 1 4.1991, whereby the processed minerals and ores specified in twelfth schedule to the act has been excluded from the exclusion clause contained in 80 hhc (2)(b)(ii). ..... the contention of the learned counsel that the amendment inserted by finance act 2 of 1991 with effect from 1.4.1991 should be made applicable even to the years prior to the amendment cannot be accepted for the simple reason that the amendment has not been introduced with ..... hence we are of the considered view, the amendment brought by finance act 2/91 to section 80hhc is only prospective and effective from 1.4.1991 and for the assessment year 1988-89 under consideration, the statutory provision is very clear in the sense that section 80hhc is not applicable to the ..... even without the amendment made to section 80hhc by finance act 2/91 the said provision was and is a workable .....

Smt. P. Balammal, Karur Vs. the Controller of Estate Duty, Madras

Court : Chennai

Reported in : (2004)189CTR(Mad)147

..... commissioner of wealth tax' and held that there are no distinguishable principles in section 68 of the finance act, 1965 and the voluntary disclosure of income and wealth ordinance act, 1975 in spite of certain dissimilarities, but the objects of both the schemes are to encourage disclosure of concealed income and there is no distinction in principle regarding the deductibility of the tax paid on the income ..... yet its function was no more than that of a finance act passed annually even though it made certain alterations with regard to filing of declaration and computation ..... the court also held that section 68 of the finance act 1965 under which the declaration was made prescribed the procedure for assessment of the concealed income but the liability was held to be deductible ..... 'the declaration contemplated under s.68 of the finance act,1965, is a declaration in respect of income of earlier years which had been concealed and on which tax was payable during the relevant assessment years in ..... it is true that the finance act in question merely levied a fixed rate of income tax in respect of all the incomes disclosed without allowing deductions, exemptions and set-offs under the relevant ..... sharma' () dealt with the case of deduction of liability which arose on voluntary disclosure of income scheme under section 68 of the income-tax act in determining the net wealth of the assessee and whether the tax paid under the voluntary disclose scheme is a debt which should be deducted in calculating .....

Commissioner of Income-tax Vs. T.V. Sundaram Iyengar and Sons

Court : Chennai

Reported in : [1999]97CompCas388(Mad)

..... the income-tax appellate tribunal, at the instance of the revenue has referred the following two questions of law for our consideration under section 256(2) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the expenses like rates and taxes paid in respect of the buildings and vehicles owned by ..... , cannot be treated as perquisites for the purposes of disallowance under section 40(c)/40a(5) of the income-tax act, 1961, and hence the disallowance made on the basis of these expenses as forming part of the perquisites should be ..... 2) act, 1977, and as the statutory conditions are complied with by the assessee-company, the assessee is eligible to get the credit for the deposit made by the company with the industrial development bank of india under the scheme in accordancewith section 2(1)(b) of the finance (no ..... 2) act, 1977, provides the rates of income-tax and surtax, but under the proviso to section 2 of the said finance (no ..... commissioner of income-tax (appeals) found, that certain of the expenditure mentioned in the question referred to us fall outside the scope of sections 40(c) and 40a(5) of the act and his view was confirmed by the appellate tribunal. ..... 1977, with the industrial development bank of india under the companies deposits (surcharge on income-tax) scheme, 1976, qualifies for the reduction of surcharge on income-tax within the scope of the proviso to section 2(l)(b) of the finance (no. .....