Court : Rajasthan
Reported in : (2002)176CTR(Raj)165
..... the government of india introduced the scheme in the name of kar vivad samadhan scheme, 1998, under chapter iv of finance act, 1998, with a view to provide a quick and voluntary settlement of tax dues as on 31-3-1998, both in various direct tax enactments as well as indirect taxes enactment by offering waiver of a part of the arrear taxes and interest and providing immunity against institution of prosecution and imposition of penalty. ..... (m) defines 'tax arrears' which reads as follows:'(i) in relation to direct tax enactment, the amount of tax, penalty or interest determined on or before 31-3-1998, under that enactment in respect of an assessment year as modified in consequence of giving effect to an appellate order but remaining unpaid on the date of declaration.'5. ..... the provisions of this scheme shall not(i) in respect of tax arrear under any direct tax(a) .............(b) ................. ..... at one stage petitioner desired to settle the entire dispute with income-tax department, but, later on he challenged the order of the tribunal by way of writ petition under articles. ..... the permission to withdraw the writ petition is granted, keeping in view of the fact that we have already directed the designated authority to proceed with the declaration proceedings. ..... 'section 95 is the most relevant provision and has a direct bearing on the controversy involved in the instant case. ..... section 90 provides time and manner of payment of tax arrear, which reads as follows:'90. .....
Tag this Judgment!Court : Chennai
Reported in : [1973]91ITR513(Mad)
..... finance act of 1965, any income-tax which is payable by a person on the amount of income declared by him under the provisions of sub-section (1) of that section, but has not been paid within the period referred to therein, shall be deemed to be tax due from the declarant as on the date next following the expiry of the said period under a notice of demand issued under section 156 of the income-tax act, and the provisions of chapter xv and chapter xvii-d of the act ..... the central board of direct taxes but it also declined to give any direction to the commissioner of income-tax toreceive the said tax. ..... the assessee, a person carrying on business in rajasthan, filed a writ of mandamus for a direction to the union of india not for take any action under the indian income-tax act, 1922, for the assessment or levy of income-tax on the income which accrued or arose to him or wasreceived by him prior to 1st april, 1950, on the ground that such income was not liable to be charged ' under the provisions of any law validly in ..... but, this may be duo to the fact that sections 2 to 36 and 45 and 46 deal with direct taxes and as such they should operate only from the commencement of the financial year, and, therefore, they have been made to operate with effect ..... but we have before shown that the statute is in its direct operation prospective as it relates to future removals only and that it is not properly called a retrospective statute because a part of the requisites for its action is drawn from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... we have considered rival submissions and the materials on record.the board's instruction dated 12-11-1973 was withdrawn in its instruction dated 13-8-1979 which is as follows : xxv/i/50 - special reserve account under section 36(1)(viii) of the income-tax act, 1961 in the case of financial corporations - clarification regarding under section 36(1)(viii') of the income-tax act, 1961, financial corporations engaged in providing long-term finance for industrial or agricultural development in india are entitled to a deduction, in the computation ..... 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted with ..... the subsequent amendments made to the section further liberalised the grant of deductions to approved financial corporations and he drew our attention in particular to the latest amendment to section 36(1)(viii) by the finance act, 1985, wherein it has been clarified that the deduction is to be made without making any deduction under the said clause. ..... , 'computed before making any deduction under chapter vi-a' inserted by the finance (no.2) act, 1967, with effect from 1-4-1968 were not engrafted in the sub- ..... 204/72/75-it(a-ii) dated 13-8-1979, from the central board of direct taxes].there is no circular as on date which is favourable to the assessee, but there is an old circular which is not favourable to the assessee and which has been revived by the board .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... the finance bill, 2002, 254 itr (statutes) 213, reads as follows it is further proposed to amend section 113 of the income-tax act to provide that the tax chargeable on the undisclosed income determined under chapter xiv-b shall be increased by the amount of surcharge applicable in the previous year in which the search commenced or requisition was made, and to amend clause (a) of sub-section (2) of section 119 of the income-tax act to enable the central board of direct taxes to issue such directions ..... the provisions of section 113, by the insertion of proviso thereunder, is liable to be rejected.12.37 this brings us to the issue, as to whether the finance act has levied surcharge on tax on undisclosed income computed under chapter xivb, by introducing a distinct and independent charge and, if so, whether the levy of surcharge by the finance act is an unworkable proposition inasmuch as it is not practical and thus the charge fails.the argument of the learned senior standing counsel for the revenue is that ..... not falling under section 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b ..... lic air 1973 sc 1083, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2004)84TTJ(Bang.)165
..... sub-section (3) of section 2 of finance act, 2000 read as under : "in cases to which the provisions of chapter xii or chapter xii-a or sub-section (1a) of section 161 or section 164a or section 167b of the it act apply, the tax chargeable shall be determined as provided in that chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that chapter or section, as the case may be : provided that the amount of income-tax computed in accordance with the provisions of sections 112 and 113 ..... went on to submit that as per section 2(3) of finance act, 2000, income-tax is computed under section 113 of the act (which is part of chapter xii of the act). ..... it was further submitted that rates of tax are determined by annual finance act and since the finance act, 2000 provides for levy of surcharge on tax levied under section 113, the same need to be upheld ..... as per proviso to section 2(3) of the finance act, 2000, income-tax computed in accordance with provisions of section 113 of the act is to be increased by surcharge as applicable to the assessee as per its ..... on overall facts and circumstances of case, we direct the ad to allow 75 per cent of brokerage/commission as expenses and tax the balance as undisclosed income.5.1 the next ground of appeal is against addition of ..... (1973) 88 itr 192 (sc) while dealing with the issue on interpretation of statutes.in view of the discussion above, we hold that no surcharge can be levied on the facts of the .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : (2009)20VST853(MP)
..... period commencing on and from the july 16, 1997 and ending with the october 16, 1998, the provisions of chapter v of the finance act, 1994 shall be deemed to have had effect subject to the following modifications, namely:(a) in section 65,--(i) for clause (6), the following clause had been substituted, namely:(6) 'assessee' means a person liable for collecting the service tax and include--(i) his agent; or(ii) in relation to services provided by a clearing and forwarding agent, every person who engages ..... it reads as under:(16) 'clearing and forwarding agent' means any person who is engaged in providing any service, either directly or indirectly, connected with the clearing and forwarding operations in any manner to any other person and includes a consignment agent.11. ..... however, it was directed that the refund will be subject to the provisions of section 11b of the central excise act, 1944 which regulates all the refund claims relating to the service tax matters. ..... state of madhya pradesh air 1976 sc 2250, wherein the apex court expressed the view that legislature cannot by bare declaration, without more, directly over rule, reverse or override a judicial decision. ..... a court's directive must always bind unless the conditions on which it is based are so fundamentally altered that under altered circumstances such decision could not have been given. .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (2007)(115)ECC27
..... has contravened the provisions of section 68 of the chapter v of the finance act, 1994 (32 of 1994) in as much as they had not paid service tax on taxable service i.e. ..... on the basis of amended section 73 of the finance act, 1994 for recovery of the service tax payable by the appellant as receipt of services from goods transporter operator for the period from 16.11.1997 to 2.6.1998.the specific allegations in the show cause notice is as under: whereas, the amended section 73 [73(1) to be precise] reads as under: where any service tax has not been levied or paid or has been ..... 76 of the chapter v of the finance act, 1994 (32 of ..... has, in consequence of information in his possession, reason to believe that the value of any taxable service assessable in any prescribed period has escaped assessment or has been under-assessed, or service tax has not been paid or has been short paid or any sum has erroneously been refunded, he may, in cases falling under clause (a), at any time within five years, and in cases ..... or to disclose wholly or truly all material facts required for verification of the assessment under section 71, the value of taxable service has escaped assessment or has been under assessed, or service tax has not been paid or has been short paid or any sum has erroneously been refunded, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the ..... this application for stay is directed against the order in appeal dated 10.7.06 which upheld the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD20(Mad.)
..... the finance act has accordingly inserted another section 80ab to provide that, for the purpose of calculating the deductions specified in sections 80hh to 80tt the net income as computed in accordance with the provisions of the income-tax act (before making any deduction under chapter via) shall alone be regarded as the income which is received by the assessee and which ..... when section 80e was originally introduced by the finance act, 1966, in chapter via, the finance minister said : ...as a measure of simplification, however, i propose to ..... the lines of the formula given in the decision of the supreme court in the case of cambay electric supply (supra) and in view of the statement of the finance minister that the deduction is intended to be a proportion of the income qualifying for the rebate and in view of the general policy of the chapter via to give incentive for specified industries, we are of the opinion that even if there be an ambiguity in the section it has to be resolved only in ..... revenue to the further deduction of certain expenses in finding out the profit which is to be taken as a measure for ascertaining the deduction under section 80qq, since it is not in dispute that the deduction directed to be allowed by the commissioner (appeals) is in conformity with our conclusion that the assessee is entitled to the deduction of 20 per cent from the gross profit, we confirm his order.appeal is dismissed. ..... the assessment years 1970-71, 1971-72, 1972-73, 1973-74 and 1974-75. .....
Tag this Judgment!Court : Delhi
Reported in : (2009)221CTR(Del)8; [2009]314ITR137(Delhi); [2009]179TAXMAN391(Delhi)
..... 1 after section 234b(1) (as it stood prior to the amendment introduced by the finance act, 2006) to mean the 'tax on the total income' determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such ..... accordingly, for calculating interest under sections 234a, 234b and 234c, the finance act, 2006 has provided for(a) reduction of tax credit allowed to be set off under section 115jaa from the tax on the total income; and(b) reduction of the amount of relief of tax allowed under section 90 and section 90a and deduction from the indian income-tax before furnishing the return of income.38.3 the credit for the above shall also be ..... (2007) 207 ctr 17 which contains the 'explanatory notes on provisions relating to direct taxes' under the finance act, 2006. ..... with section 234a and section 234c were inserted by the direct tax laws (amendment) act, 1987, w.e.f. ..... 145 ctr 38 : (1998) 230 itr 54 which contained the explanatory notes on provisions relating to direct taxes in the finance act, 1997. ..... in other words, the supreme court directed grant of interest on interest on the principle that interest being compensatory in character had to be paid to the assessee to compensate for deprivation of the use of money, for the period such monies were illegally detained .....
Tag this Judgment!Court : Gujarat
Reported in : [1987]165ITR195(Guj)
..... thus, this concept that where provision is made for tax in a special case as covered by section 17 of the 1922 act or as covered by the provisions of chapter xii of the 1961 act, such special provisions were to be applied in preference to the rates prescribed by the relevant finance acts as a part of the regular scheme of the taxation statute, was in force from year to year right from april ..... between the exemption limits mentioned in the relevant finance acts and the provisions of section 17(6) of the 1922 act and section 114 of the 1961 act, but as we have pointed out with reference to the provisions of the finance act for the year 1962-63 and with reference to the finance act for the year 1964-65, in each year the finance act itself made it clear that in cases falling under chapter xii of the act of 1961, the rates which were to ..... (sc) , the question before the supreme court was, whether after the transfer of assets by a husband to his wife, capital gains derived by the wife by selling the assets could be included in the income arising directly or indirectly in the assets thus transferred to the wife for the purpose of section 16(3)(a)(iii) it was contended before the supreme court that at the time when section 16(3)(a)(iii) was enacted, the concept of capital gains ..... cit : [1973]91itr588(ker) , has come to the same conclusions as we have done, though the process of reasoning which appealed to the learned judges of the kerala high court was slightly different from the ..... [1973 .....
Tag this Judgment!