Court : Chennai
Reported in : (1982)31CTR(Mad)50; [1982]138ITR585(Mad)
..... the previous year of the person in receipt of the income, to the extent to which such income is applied to such purposes. section 12, prior to the amendment by finance act, 1972, with effect from 1973, reads as follows : '12. (1) any income of a trust for charitable or religious purposes or of a charitable or religious institution ..... irc v. brodway car co. (wimbledon) ltd. [1946] 29 tc 214, the court of appeal, while construing the expression 'income received from investments', occurring in the finance (no. 2) act, 1939, held that the word 'investment' must be construed in the ordinary popular sense of the word, as judged by businessmen, and not as a term of art having ..... section 13(2)(h) and, therefore, the assessee cannot be denied the exemption under section 11 of the income-tax act, 1961 ?' 7. the relevant provisions of the statute may be now set out. chapter iii of the act deals with incomes which do not form part of the total income. section 11 provides, among others, that the income .....
Tag this Judgment!Court : Chennai
..... of foreign trade, udyog bhawan, classifying that flexible intermediate bulk containers are covered under itc(hs) code 63 and not under itc(hs) code 39. the ministry of finance (department of revenue) central board of excise & customs, new delhi, in circular no.42/2011-cus., dated 22.09.2011, f.no.609/82/2011-dbk, ..... issue raised in the present writ petition has been finally concluded by the commissioner of appeals holding that the flexible intermediate bulk containers has been specifically covered under chapter heading 63053200 and such classification also has been confirmed by the cestat in the case of tpi india ltd., vs. cce, mumbai ii reported in 2005 ( ..... are to be classified under ceth63053200. as against the said order dated 15.11.2010, the respondents department filed an appeal under section 129 of the customs act and the same is pending.4. taking support from another order passed by the commissioner of customs (appeals), chennai, learned counsel for the petitioner submitted that .....
Tag this Judgment!Court : Chennai
Reported in : 1998(97)ELT35(Mad); 2006[2]STR239; [2007]6STT348
..... in newspapers, magazines, journals as well as on radio and television and the petitioner charges its clients for services in the preparation of advertisements.3. as per the finance act, 1994, chapter v, levying of service tax was introduced. initially, it was imposed on telephone services. by amendments made in 1996, the levy of service tax was extended to ..... the rich and growing source of revenue, the policy was adopted in the form of tax on services and the said tax was introduced as chapter v in finance bill, 1994 which became finance act, 1994 and the same was made applicable from 1-7-1994. sections 64 to 96 were introduced and made applicable for the new levy of ..... think the impugned letter dated 31-10-1996 is ultra vires the provisions of article 235 of the constitution of india, nor is it against section 95 of the finance act. in that view of the matter, relief sought for, namely, issue of a writ of declaration that the impugned letter is invalid, cannot be granted. consequently, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... departmental representative submitted that reserve bank of india guidelines could not override the mandatory provision of section 145 of the act.referring to the legislative intention for inserting section 43d, he submitted that the finance act, 1991, inserted a special provision w.e.f. 01.04.1991, for recognition of income in case of ..... institution, scheduled bank, state financial corporation, state industrial investment corporation etc. later on through the finance act, 1999, the benefit of this provision was extended to public companies engaged in providing long term finances to housing projects as approved by national housing bank. further he submitted that if the guidelines issued ..... bodies receiving deposits are regulated in terms of the provisions of chapters iii-b, and iii-c of the reserve bank of india act, 1934, respectively. until recently the emphasis was on regulating the receipt of deposits by non-banking finance companies (nbfcs) as an adjunct to credit and monetary policies .....
Tag this Judgment!Court : Chennai
Reported in : [1973]91ITR513(Mad)
..... chapter xv and chapter xvii-d of, and the second schedule and the third schedule to, that act shall, so far as may be, apply accordingly, subject to the modification that in section 231 of the said act, references to one year shall be construed as references to two years ; . . . ' 3. after the coming into force of the said finance act ..... 46 had not been enacted, the assessment proceedings in the petitioners' case would have been proceeded with and the amount disclosed voluntarily under section 68 of the finance act of 1965 would have been included in the regular assessment and interest would have been reckoned only from the date on which the notice of demand under ..... for a provision like section 46, it is stated that in view of certain difficulties felt in the operation of the scheme in section 68 of the finance act of 1965 for voluntary declaration of unaccounted income, it is proposed to make the following provisions:'(i) any amount of tax on the declared income remaining outstanding .....
Tag this Judgment!Court : Chennai
Reported in : [1975]99ITR494(Mad)
..... section 280t which contemplated initiation of recovery proceedings in relation to annuity deposit amounts having been deleted with effect from april 1, 1967, by section 32 of the finance act of 1966, no annuity deposit could be recovered on or after april 1, 1967, and by the omission of section 280t the entire machinery for enforcement and ..... of the payment of annuity deposit contending that a legal representative cannot be held liable to pay the annuity deposit when the depositor under chapter 22-a of the income-tax act was dead, and that, in any event, section 280t which contemplated initiation of recovery proceedings in relation to annuity deposits having been ..... deposits already accrued or the right to recover the same. the petitioner's counsel is, therefore, not right in his submission that the provisions contained in chapter 17-d cannot be resorted to for recovery of annuity deposits. section 159 specifically states that where a person dies his legal representative shall be liable to .....
Tag this Judgment!Court : Chennai
Reported in : [2000]243ITR314(Mad)
..... from activity which could properly be regarded as manufacturing activity and, therefore, the assessee satisfied the stipulation in the explanation to section 2(7)(c) of the finance (no. 2) act of 1977 and is entitled to be regarded as an industrial company. he placed strong reliance on the decision of the supreme court in the case of minocha ..... attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty one per cent. of such total income.' 3. it is evident from the explanation that before an assessee-company can ..... the data so furnished, held that the data relating to 17 items of work completed by the assessee during the period from january 28, 1971 to december 1, 1978, showed that the total value of the bills was rs. 53.60 lakhs of which the bill amount relatable to the activities accepted to be manufacture or processing activities .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR232(Mad)
..... total income' is defined as meaning the total income computed in accordance with the provisions of the act before making any deduction under chapter-vi-a or under section 80o of the act. by the finance (no. 2) act of 1980, sections 80aa and 80ab were introduced. section 80aa deals with the manner of computation of deduction under section 80m, while ..... subjected to tax in that year, directed the assessing officer to permit carry forward of all the losses and unabsorbed depreciation for the assessment years 1977-78 and 1978-79.3. learned counsel for the revenue submitted that the tribunal has clearly erred in law in holding that the expenses relating to the earning of the fees ..... by it by way of fees from abroad, from its gross total income, and, therefore, of the amount of loss and unabsorbed depreciation for 1977-78 and 1978-79 and carry forward of the unabsorbed depreciation. the income-tax officer negatived the claim so made. the commissioner of income-tax on appeal and the income-tax .....
Tag this Judgment!Court : Chennai
..... , the department has introduced a scheme called "kar vivad samadhan scheme - 1998" (hereinafter referred to as the scheme) in exercise of powers conferred under chapter iv of the finance (no.2) act, 1998. therefore, without prejudice to the appeal preferred, the vendor has chosen to avail the benefit of the scheme. accordingly, on 30.01.1999, ..... been filed by such declarant. now therefore in exercise of the powers conferred by sub-section (2) of section 90 read with section 91 of the finance (no.2) act, 1988, the designated authority hereby issues this certificate to the said declarant (i) certifying the receipt of payment from the declarant towards full and final settlement ..... this declaration. (b) i am not disqualified in any manner from making a declaration under the scheme with reference to the provisions of section 95 of finance (no.2) act, 1988..." 12. this declaration was made by the vendor on 30.01.1999. a perusal of the declaration would indicate that the alleged disputed quantum of .....
Tag this Judgment!Court : Chennai
Reported in : 2001(77)ECC322; 2001(131)ELT35(Mad); [2003]264ITR386(Mad); (2001)2MLJ656; 2006[2]STR457; [2007]6STT196
..... offered.2. the 'services' offered by the 'advertising agency' were included for the first time by chapter vi of the finance act, 1997. the relevant provisions, as they stand today, after all the amendments are as under :'65. definitions. -- in this chapter, unless the context otherwise requires,-- (1) 'advertisement' includes any notice, circular, label, wrapper, document ..... the said press media or the electronic media is not taxed. this, according to learned counsel, amounts to 'discrimination' and, therefore, the provisions of the finance act are challenged on the ground that they contravene article 14.5. one other similar challenge for the 'discrimination' is that in the matter of calculation of tax, ..... 4. on this basis, a contention is raised that since all the advertisements are covered widely under the provisions of section 65(48)(e) of the finance act, this is nothing but a tax on all the other taxable services except those which are barred by entry 55 and, therefore, it was only a .....
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