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Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... (*inserted as section 14a (without numbering) in the income tax act by the finance act, 2001 with retrospective effect from 1-4-1962. ..... section 14a has been inserted in the income tax act, section 11 of the finance act, 2001, with retrospective effect from 1-4-1962, i.e. ..... 25.2 through finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the income tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income tax act. ..... the expenses; and two, the expression "expenditure incurred by the assessee in relation to income which does not form part of the total income" in section 14a has to be given a wider meaning and would include both direct and indirect relationship between expenditure and exempt income.following the decision of the hon'ble supreme court in cit v. ..... -(i) for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act. .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. ..... 14a has been inserted in the income tax act, by section 11 of the finance act, 2001, with retrospective effect from ..... finance act, 2001, a new section 14a has been inserted so as to clarify the intention of the legislature since the inception of the income tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income tax act ..... consequentially take the same into account for computing the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. ..... a direction was issued by the central board of direct taxes that the assessments where the proceedings have become final before the first day of april, 2001 should not be re-opened under section 147 of the act to disallow expenditure " relatable to the exempt income by applying the provisions of section 14a of the act. ..... computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act. .....

The Commissioner of Income Tax-9 Vs. Ajanta Pharma Ltd.

Court : Mumbai

Reported in : 2009(111)BomLR1905; (2009)223CTR(Bom)441; [2009]318ITR252(Bom); [2009]180TAXMAN494(Bom)

..... section 115jb was inserted by the finance act,2000 with effect from 1.4.2001.115jb(1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee, being a company, the income-tax payable on the total income as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 2007, is less than ten per cent of its book profit, such book profit shall be deemed ..... assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956 (1 of 1956).provided....explanation (1) for the purposes of this section, 'book profit' means the net profit as shown in the profit and loss account for the relevant previous year prepared under subsection(2), as increased ..... . 559 dated 4.5.1990 with reference to direct tax laws (amendment) bill 1988, notes that section 115j of the income tax act levies minimum tax on 'book profits' of a company ..... . section 115j is contained in chapter xii-b which was inserted by finance act, 1987 with effect from 1.4.1988 ..... . when section 115j was introduced by act of 1957 reduction of export profits under the provisions of section 80 hhc was not available to companies covered by chapter xii-b .....

Canara Bank Vs. Debts Recovery Appellate Tribunal and Others

Court : Mumbai

..... " rule 8, as amended by the direct tax laws (amendment) act, 1987, which came into force with effect from 1st april, 1989, is applicable to cases under the recovery of debts due to banks and financial institutions act, 1993 (hereinafter referred to as "rddb act"), and reads as under: "8. ..... explanation : for the purposes of this sub-section, the assessees movable or immovable property shall include any property which has been transferred, directly or indirectly on or after the 1st day of june, 1973, by the assessee to his spouse or minor child or sons wife or sons minor child, otherwise than for adequate consideration, and which is held by, or stands in the name of, any of the persons aforesaid; and so far as the movable or ..... the proviso as it stands was inserted by the finance act, 2012, w.e.f. ..... (1) when an assessee is in default or is deemed to be in default in making a payment of tax, the tax recovery officer may draw up under his signature a statement in the prescribed form specifying the amount of arrears due from the assessee (such statement being hereafter in this chapter and in the second schedule referred to as "certificate") and shall proceed to recover from such assessee the amount specified in the certificate by one or more of the modes mentioned below, in accordance with the rules laid ..... prior to that date, the proviso was originally inserted by the finance act, 2008, w.e.f. ..... / recovery proceedings no.466 of 2003 and the claim of the said camra finance investment ltd. .....

Madhukar S.S.S.K. Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2007)8STT156

..... -notice dated 09.03.2001 was issued by the superintendent of central excise & customs (service tax) jalgaon alleging that they have contravened the provisions of section 68, 69 & 70 of chapter v of the finance act, 1994 (32 of 1994) in as much as they failed to pay the service tax on the transportation charges paid during the period in dispute, fail to get a registration under the finance act and non-furnishing the returns. ..... brought to the finance act, 2001 and 2003 covering availer of services of goods transport operators under network of service tax with retrospective effect to cover the assessee under section 70 of the finance act i.e. ..... elt 5 (s.c).in the above decision the relevant provisions of the finance act including the amended provisions were considered. ..... ratio held in the aforesaid decision, i am of considered view that the demands of service tax disputed in the show-cause-notices are not sustainable. ..... this appeal relates to the liability to pay any service tax by a person receiving services from goods transport operators.3. ..... the amendment made by the finance bill 2003 omits the retrospective effect of persons covering ..... operators were liable to pay tax and to get complete formalities under the service tax act. ..... /- and directed them to make the payment within the period of 6 months from the enactment of finance bill 2003 ..... notice was adjudicated by the assistant commissioner, central excise & customs, jalgaon division who has confirmed the demand of service tax amounting to rs. .....

Ginners and Pressers Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD185(Mum.)

..... principal officer in the case of every company, the prescribed person in the case of every local authority or other public body or association, every private employer and every other person responsible for deducting tax under the foregoing provisions of this chapter shall prepare, within the prescribed time after the end of each financial year and deliver or cause to be delivered to the prescribed authority, such returns in such form and verified in such manner ..... in my opinion", therefore, it could not be given retrospective effect particularly in view of the specific provision in the finance act that it would be effective from a date when the amended provisions received the assent of the president, which, as aforesaid, was admittedly after 31st of may, 1989 or even after the filing of the return by the assessee in ..... section 295 gives general power to the central board of direct taxes to make rules for carrying out the purposes of the act. ..... and setting forth such particulars as may be prescribed.the words "shall prepare, within the prescribed time limit after the end of each financial year and deliver or cause to be delivered" were substituted by the finance (no. .....

Rashmikant Kundalia and Another Vs. Union of India and Others

Court : Mumbai

..... which we are concerned, inter alia stipulates that any person responsible for deducting any sum by way of tax, on or after 1st april, 2005 in accordance with the foregoing provisions of chapter xvii or, as the case may be, any person being an employer referred to in sub-section (1a) of section 192 shall, after paying the tax so deducted to the credit of the central government within the prescribed time, prepare such statements for such period ..... finance act (no.2) act, ..... cease to be a fee merely because there is an element of compulsion or coerciveness present in it, nor is it a postulate of a fee that it must have a direct relation to the actual service rendered by the authority to each individual who obtains the benefit of the service. ..... that it was not necessary to establish that those who pay the fee must receive direct or special benefit or advantage of the services rendered for which the fee was being ..... any sum in accordance with the foregoing provisions of this chapter shall pay within the prescribed time, the sum so deducted to the credit of the central government or as the board directs. ..... an employer, referred to in sub-section (1-a) of section 192 shall pay, within the prescribed time, the tax to the credit of the central government or as the board directs. ..... can make under list i to the seventh schedule, in which case it will violate article 246(1) of the constitution, or the law violates some specific provision of the constitution (other than the directive principles). .....

Transpek Inds. Ltd. Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2006)STR167

..... not call upon them to show cause against recovery and collection of service tax, although, the notices state that the assessees are required to pay service tax in accordance with section 68 and they have failed to deposit the service tax, the assessees have been called upon to show cause only as to why penalty should not be imposed upon them under sections 76, 77 and 81 of chapter x of finance act, 1994 and why interest should not be recovered from them ..... the notices directed them to furnish quarterly return in form st-3 and proposed recovery of interest for the delayed payment and proposed penal action under sections 76, 77 and 79 of the finance act, 1994.prior to the issue of the notices, the validity of rule 2(d)(xvii) of service tax rules, 1944 was challenged before the hon'ble supreme court and prior to the adjudication of the notices, the apex court held in the case of laghu udyog bharti v. ..... of amounts (as per annexure a) arise out of the different orders-in-appeal passed by the commissioner of central excise in terms of section 84 of the finance act, 1944, directing all the applicants to work out service tax payable by them during the period from 16-11-1997 to 1-6-1998 and pay the same along with the interest till date of the payment of the service tax at the prescribed rate and directing them to file st-3 returns for the said period in the prescribed form.3. ..... . he, therefore, prays that the applicants may be directed to deposit the amounts of tax together with interest.7 .....

income-tax Officer Vs. W.D. Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD473(Mum.)

..... it was then pointed out that after chapter xxviii of income-tax act was amended, the booking rates of flats all over bombay started shooting ..... the amendment brought about by the finance act, 1984 empowered the department to acquire apartments in multistoreyed buildings by payment of a solatium.the stiff rise in prices was on account of the fact that the builders and purchasers of the flats/apartments became apprehensive and ..... ).according to the departmental representative the wisdom imparted by these decisions is to the effect that where direct evidence is not capable of forthcoming the revenue authorities and the tribunal could take note of the widespread prevalence of a practice in the business ..... since the same has been held to be taxable in the year 1982-83, there would be no justification for taxing that amount in the year under consideration.it may not be out of place to mention that this surplus was realised on the sale of plot ..... question whether the surplus on the sale of land in powai was assessable to tax had come up for adjudication in assessee's own case for the year 1982-83. ..... have to bear in mind that there were proceedings against the assessee under the provisions of section 132 of the act and no incriminating documents suggesting receipt of'on money' payments were seized in the course of the search. ..... , nariman point, was given on 16-8-1973. ..... powai land was taken over by the government and this process was completed by 31-7-1973. ..... was allotted to the assessee on 17-3-1973. .....

Assistant Commissioner of Income Vs. Premier Consolidated Capital

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)843

..... regards the judgment in american express international (supra), as rightly pointed out on behalf of the assessee, that was a case where the interest received was assessable to tax and the question was whether the interest received and paid, both for the broken period, could be adjusted on the basis of the matching principle.distinguishing vijaya bank's ..... on the other hand, the learned counsel for the assessee submitted that the assessee's business itself is in trading of securities and it was a business decision to invest in tax-free securities, that the assessee is a registered owner of the bonds, that there was no dispute about the rates of purchase and sale of the bonds, that the purchase ..... not justified in accepting the assessee's unsubstantiated submission that the purchase of tax-free bonds was directly financed by certain other parties. ..... which has been introduced by the finance act, 2001, w.e.f. ..... computing the total income under chapter iv, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the act, there is no dispute that the income from bonds was not chargeable to income-tax and was exempt under section ..... that the interest received is free of income-tax is a position recognised by the it act itself.the assessee has merely made use ..... be tax-free because of the provisions of the it act. ..... tax-free public sector bonds, which was claimed to be exempt under section 10 of the it act .....