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Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD83(Mum.)

..... simplify the procedure section 155(7a) was introduced by finance act, 1978 with ..... as per finance act, 1987 section 45(5) was ..... to our notice that now sub-clause (c) has also been introduced in addition to clauses (a) & (b) to section 45(5) with effect from 1-4-2004 by the finance act, 2003. ..... -section (5) was introduced with effect from 1-4-1988 by the finance act ..... attention of the assessing officer on the provisions of section 45(5) which was introduced with effect from 1-4-1988 by the finance act, 1987. ..... "held dismissing the application for reference, that the tribunal was correct in holding that the amounts received by the assessee by way of interest in respect of additional compensation under the land acquisition act, 1894, were not taxable in view of the finding of the tribunal that the grant of additional compensation and interest thereon had not become final due to appeal preferred by the government to the high ..... section 155(7a) according to which where in the assessment for any year the capital gain arising from the transfer of capital asset, being a transfer by way of compulsory acquisition, is computed under section 48 and such compensation is enhanced by any court or the tribunal, etc.the same can be recomputed in accordance with the section 48 by taking the enhanced compensation to be the full value of the consideration received and shall make the necessary amendment. ..... uptil assessment year 1973-74 the original compensation was taxed as ..... not taxable from 1949-50 to 1956-57 .....

Estate Late Shri Dharambir Vs. the Dcit [Alongwith Ita Nos. 7279,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)880

..... to simplify the procedure section 155(7a) was introduced by finance act 1978 with retrospective effect from 1974-75. ..... then as per finance act 1987 section 45(5) was introduced having clause (a) and (b). ..... it was held as under:- "held, dismissing the application for reference, that the tribunal was correct in holding that the amounts received by the assessee by way of interest in respect of additional compensation under the land acquisition act, 1894, were not taxable in view of the finding of the tribunal that the grant of additional compensation and interest thereon had not become final due to appeals preferred by the government to the high court. ..... it was reintroduced by finance act 1956 w.e.f.1957-58. ..... till then, can it be held that the assessee had "received" the enhanced compensation within the meaning of section 45(5) is a question to be answered in negative otherwise also it is a settled law that if there is any dispute with respect to an income, the said income cannot be said to accrue or arise unless the dispute is finally settled either by the process of law or by ..... the ld.cit (appeal) should have appreciated that additional compensation allowed to be withdrawn is taxable within the provisions of section 45(1) and only the year of taxation has been amended by introduction of section 45(5).3. ..... up till assessment year 1973-74 the original compensation was taxed as capital gain in the year of receipt. ..... as a result capital gain was not taxable from 1949-50 to 1956-57. .....

Rajshree Sugars and Chemicals Limited Rep. by Its Director and Chief O ...

Court : Chennai

Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261

..... similarly, the finance market was regulated by (i) the reserve bank of india act, 1934, (ii) the banking regulation act, 1949 and (iii) the foreign exchange regulation act, 1973. ..... by the said amendment act, which came into force with effect from 22.2.2000, section 18a was inserted in the securities contracts (regulation) act, 1956. ..... by the said amendment, sections 45u, 45v, 45w and 45x were inserted in the act. ..... following the above amendment to the securities contracts (regulation) act, with effect from 22.2.2000, the reserve bank of india notified certain regulations known as 'foreign exchange management (foreign exchange derivative contracts) regulations, 2000', in exercise of the powers conferred under section 47(2)(h) of the foreign exchange management act, 1999. ..... -(a) traded on a recognised stock exchange;(b) settled on the clearing house of the recognised stock exchange, in accordance with the rules and bye laws of such stock exchange.the definition of the word 'derivative' was also incorporated in section 2(ac) of the securities contracts (regulation) act, 1956, by the aforesaid amendment. ..... ' again in paragraph-16 of the said judgment, the law on the point was made clear in the following words:what is significant is that sections 17 and 18 have not been amended. .....

Ags Entertainment Private Limited Vs. Union of India

Court : Chennai

..... constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 of the constitution of india declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 of the ..... 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 ..... 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 ..... 226 of constitution of india praying to issue a writ of declaration, or any other appropriate writ, order or direction under article 226 declaring that section 65(105)(zzzzt) of the finance act, 1994 as amended by finance act, 2010 unconstitutional and ultra vires, article 246 of the constitution of india read with entry 54 of list ii of schedule vii and article 14 .....

G.V.Matheswaran Vs. the Union of India

Court : Chennai

..... 33 w.p.nos.14887, 19322, 20982 and 24804 of 2010 are filed seeking a writ of prohibition prohibiting the respondents from (a) giving effect to the provisions of section 65(90a) read with section 65(105)(zzzz) of the finance act, 1994 as amended by the finance act, 2007 and finance act, 2010 (b) levying or attempting to levy, collect or recover from the petitioner, any service tax under the said provisions and (c) levying or attempting to levy, collect or recover from the land owners of the petitioner, any service ..... 32 w.p.nos.24586 and 24588 of 2010 are filed seeking to declare that (i) the impugned provisions, i.e.section 65(105)(zzzz) read with section 65(90-a) of the finance act, 1994, as amended by the finance act, 2010, as null and void and ultra vires and violative of entry 49, list-ii, seventh schedule, articles 14, 19 and 246(3) of the constitution of india, (ii) section 76(a)(6)(h) and section 77 of the finance act, 2010 as null and void and ultra vires the constitution of india insofar as the petitioners are concerned; and (iii) the notification ..... 51 w.p.no.8932 of 2011 is filed by the tamil nadu slum clearance board, seeking to declare the provision of sub-section 9(a) of section 65 of the finance act, as amended by the finance act, 2007, as invalid and this court is not inclined to go into the same as the said provision is intra vires of the constitution in view of the decision taken by this court in paragraph no.30 above, following the decision in home solutions .....

Commissioner of Income-tax, Kerala Vs. K. Srinivasan

Court : Supreme Court of India

Reported in : AIR1972SC491; [1972]83ITR346(SC); (1972)4SCC526; [1972]2SCR309

..... on a reference being sought the following question of law was referred to the high court :-whether the words 'income tax' in the finance act of 1964 in sub-section (2)(a) and sub-section (2)(b) of section 2 would include surcharge and additional surchargethe high court answered the question in the negative and m favour of the assessee.3. ..... although under the act section 4 is the charging section income tax can be charged only where the central act which, in the present case, will be the finance act enacts that income shall be charged for any assessment year at the rate or rates specified therein. ..... section 2 of the finance act 1971 is to the effect that the provisions of section 2 and of the first schedule to the finance act 1970 shall apply in relation to income tax for the assessment year or as the case may be the financial year commencing on the first day of april 1971 as they apply in relation to income tax for the assessment year commencing on first day of april 1970 with certain modifications set out in the section. ..... section 3(1) of that act read :subject to the provisions of this section the rates of income tax and rates of super tax...imposed by sub-section (1) of section 7 of the indian finance act 1940 shall, in respect of the year beginning on the first day of april 1940 be increased by a surcharge for the purpose of the central government....similar phraseology was employed in respect of surcharge on super tax. .....

Kanoria Industries Ltd. Vs. Union of India (Uoi)

Court : Karnataka

Reported in : 2005(190)ELT295(Kar)

..... provisions of law or rule and therefore there was no occasion at all for the parliament to have enacted a validating levy and if there was no occasion, the very provisions of section 112 of the finance act, 2000 cannot be sustained inasmuch as it is the submission of learned counsel for the petitioners that there was no cause of action for the parliament to make such a law, ..... has been deprived of modvat credit to which the petitioners are otherwise entitled to in terms of the rules governing allowing of modvat credit, only because of the provisions of section 112 of the finance act, 2000, the petitioners are entitled to question the legality of this provision and further submits that even the supreme court while disposing of the review petition in the case ..... court had earlier dismissed the appeal of the revenue as against this order, nevertheless, the revenue having brought to the notice of the supreme court the provisions of section 112 of the finance act, 2000, which was enacted as a validating legislation and which had now virtually taken away any benefit or concession that had been given to an assessee under the ..... have continued to reap the benefit of modvat credit and the petitioner therefore feeling aggrieved by this endorsement as also the provision of section 112 of the finance act, 2000, has challenged the constitutional validity of this statutory provision and for quashing the consequential endorsement and further direction for restoration of the modvat credit entry.4. .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... distinct and independent charge whereby surcharge can be said to have been levied on undisclosed income determined for a block period under chapter xivb.12.72 even otherwise, we find that the finance act(s), prior to amendment in section 113 of the act, did not satisfy the four components which enter into the concept of tax and some of these components are not clearly and definitely ascertainable, in order to be treated ..... 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 or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... applied is that which is in force in the assessment year, unless otherwise provided expressly or by necessary intendment.12.34 a reading of the note to clauses or the amendment to section 113 in the finance act, 2002, extracted above, does not give any indication that the legislation was introduced to explain an earlier finance act or clarify the real intention of the legislature or that the proviso was inserted to supply an obvious omission or to clear up doubts as to the levy of ..... 1973 .....

Karvy Consultants Limited Vs. Government of India

Court : Andhra Pradesh

Reported in : 2006[]STR75

..... information technology service' means any service in relation to designing, developing or maintaining of computer software, or computerized data processing or system networking, or any other service primarily in relation to operation of computer systems.section 65(19), as amended by finance act, 2004 with effect from 10-9-2004, reads thus :-business auxiliary service' means any service in relation to :-(i) promotion or marketing or sale of goods produced or provided by or belonging to the client; ..... in this writ petition, the petitioner seeks a declaration that section 65(19) of the finance act, 1994, as amended by the finance act of 2003, has no application to the petitioner's service namely 'registrar and transfer agency ..... the show cause notice was issued after strictly construing section 65(19) of the finance act, 2003, that the functions of the registrar and share transfer agent is a service rendered which is in the nature of incidental or auxiliary support service rendered in ..... transfer agent, is in the nature of incidental or auxiliary support service in the sale of goods (securities) belonging to the client and falls within the purview of section 65(19)(iv) of the finance act, 2003, that the impugned show cause notice merely demanded service tax on service charges collected by the petitioner towards such services rendered from 1-7-2003 to 31-1-2004, that .....

State of West Bengal Vs. Calcutta Club Limited

Court : Supreme Court of India

..... in the result, these petitions are allowed and it is hereby declared that section 65(25a), section 65(105) (zzze) and section 66 of the finance (no.2) act, 1994 as incorporated/ amended by the finance 60 act, 2005 to the extent that the said provisions purport to levy service tax in respect of services purportedly provided by the petitioner club to its members, to be ultra vires. ..... . the explanation to section 65, which was inserted by the finance act of 2006, reads as follows: explanation: for the purposes of this section, taxable service includes any taxable service provided or to be provided by any unincorporated association or body of persons to a member thereof, for cash, deferred payment or any other valuable consideration: 79 ..... been liable immediately before the appointed day to pay tax under section 4 or section 8 of the bengal finance (sales tax) act, 1941 (bengal act vi of 1941), and who 17 (ii) would have continued to be so liable on such appointed day under that act had this act not come into force, or whose gross turnover during a year first exceeds the taxable quantum as applicable to him under the bengal finance (sales tax) act, 1941, on the day immediately preceding the appointed day, (b)every ..... under section 64(3), chapter v of the finance act applied to taxable services as defined, with effect from 16th june, 2005. .....