Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: delhi Page 15 of about 2,077 results (0.424 seconds)

Commissioner of Income Tax Vs. M/S. Abhinandan Investment Ltd.

Court : Delhi

..... 16. it was argued that no definition of investment company existed in the statute. however, several definitions were enacted. financial investment company was inserted by the finance (no.2) act, 1991. by section 2(9)(d) it is defined as a company whose gross total income consists mainly of income which is chargeable under the heads income ..... in jisco, was clearly part and parcel of the terms and conditions of the issue. the arrangement between a public financial institution-uti and jisco for part financing the investment had been examined by the tribunal in the first round. the tribunal after noting the benefit which had accrued both to the assessee and uti, that ..... determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139. section 80 of the act reads as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of .....

Commissioner of Income Tax Delhi Ii Vs. Medicare Investments Ltd.

Court : Delhi

..... 16. it was argued that no definition of investment company existed in the statute. however, several definitions were enacted. financial investment company was inserted by the finance (no.2) act, 1991. by section 2(9)(d) it is defined as a company whose gross total income consists mainly of income which is chargeable under the heads income ..... in jisco, was clearly part and parcel of the terms and conditions of the issue. the arrangement between a public financial institution-uti and jisco for part financing the investment had been examined by the tribunal in the first round. the tribunal after noting the benefit which had accrued both to the assessee and uti, that ..... determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139. section 80 of the act reads as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of .....

Commissioner of Income Tax Vs. Jindal Equipments Leasing and Cons. Se ...

Court : Delhi

..... 16. it was argued that no definition of investment company existed in the statute. however, several definitions were enacted. financial investment company was inserted by the finance (no.2) act, 1991. by section 2(9)(d) it is defined as a company whose gross total income consists mainly of income which is chargeable under the heads income ..... in jisco, was clearly part and parcel of the terms and conditions of the issue. the arrangement between a public financial institution-uti and jisco for part financing the investment had been examined by the tribunal in the first round. the tribunal after noting the benefit which had accrued both to the assessee and uti, that ..... determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139. section 80 of the act reads as follows : "notwithstanding anything contained in this chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of .....

Mentha and Allied Products Pvt. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)43ITD33(Delhi)

..... the purpose of finding out the profit and, therefore, the income must be said to belong only to the industrial undertaking. he further held that, by the finance act of 1990, an amendment was brought in treating the receipts both of cash compensatory support and of sale of import licences, retrospectively as profits and gains of ..... make only those profits eligible for appropriate relief which are derived from the industrial undertaking. on this aspect, it would be worthwhile to note that, by the finance act, 1990, both the receipts are retrospectively sought to be treated as profits and gains of business, and that is why appropriate amendments are made not only in ..... the retrospective amendments of various sections in chapter via, it appears to me that such controversy need not be gone into. even, in the circular issued by the central board of direct taxes, when-section 80hha had been inserted by the finance (no. 2) act, 1977, with effect from april 1, 1978, in paragraph 20 of the circular, .....

Addl. Commissioner of Income-tax, Delhi-i Vs. Mrs. Avtar Mohan Singh

Court : Delhi

Reported in : (1982)27CTR(Del)32; [1982]136ITR645(Delhi)

..... commissioner, be taken to the fair market value on the date of its transfer.' 14. sub-section (2) was inserted by the finance act of 1964, with effect from april 1, 1964. a proviso was added by the finance act of 1975, with effect from april 1, 1974, which has not been set out as it is not relevant for the present ..... of the karnataka high court in sanjiv k. kudva's case : [1981]127itr354(kar) . 39. the decision of the madras high court in cit v. p. s. kuppuswamy : [1978]112itr1012(mad) and the madhya pradesh high court in cit v. smt. sethani godwaribai : [1981]127itr349(mp) , are also to the same effect. 40. in the present case, there ..... the decision abovementioned, as also a number of others which were cited, it is necessary to examined the relevant provisions of the acts, of the proper appreciation of the points in issue. 12. chapter iv of the act deal with capital gains. section 45 provides that any profits or gains arising from the transfer of a capital asset shall be chargeable .....

United General Fiance Ltd. Vs. Dy. Cit

Court : Delhi

Reported in : (2004)86TTJ(Del)74

..... and without any valid material on record and instead are based on mere surmises and conjectures.9. that, in any case, the order of assessment made under chapter xiv-b of the act is untenable, as the learned dy. cit completed the assessment without fulfilling the mandatory requirement of law of seeking the due approval of the learned cit in ..... there was no justification for the learned dy. cit to have computed any undisclosed income.5. that the learned dy. cit has failed to appreciate that under chapter xiv-b of the act, an assessment has to be made of an undisclosed income and in such the impugned assessment made by merely reassessing the income, lacks jurisdiction to frame the ..... as such, the can one of principles of judicial propriety as set out by the hon'ble supreme court in the case reported in union of india v. kamalakshi finance corpn. ltd. 55 elt 433, have been fully complied with, is based on complete misconception and misreading of the judgment of the apex court. that once the hon .....

Li and Fung India Pvt. Ltd. Vs. Commissioner of Income Tax

Court : Delhi

..... w.e.f. 1.4.2002, section 92 was substituted by sections 92 to 92f, provisions in chapter x of the act. the central board of direct taxes ( the cbdt ) by its circular no ..... officer and the assessee. section 92ca (3a) provides the time frame within which the tpo has to pass an order under section 92ca (3).29. prior to the finance act, 2007, section 92ca (4) read as follows: on receipt of the order under sub-section (3), the assessing officer shall proceed to compute the total income of ..... introduction of chapter x of the it act was to prevent assessees from avoiding payment of tax by transferring income yielding assets to non-residents whilst at the same time retaining the power to benefit from such transactions i.e. the income so generated. under the original 1961 it act, a similar provision was found under section 92. by finance act, 2001 .....

Arvind Motors Vs. Cce

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (2008)9STR464

..... (appeals) passed on 11.12.2006 upholding the penalties imposed by the adjudicating authority under the provisions of section 75-a, 76 and 78 of chapter v of the finance act, 1994.2. the appellant was authorised dealer of hyundai cars and was also providing service in relation to promoting and marketing various car loan schemes of ..... act, 1944. under section 80 of the said act, it is provided that, notwithstanding anything contained in the provisions of sections, 76, 77 & 78, ..... delhi-iii v. machino montell (i) ltd. (supra), even in cases falling under the provisions of section 76 of the act. there appears to be an obvious error committed in proceeding on such assumptions because the provisions of section 80 of the finance act, 1994 do not have any parallel in section 11-ac of the central excise .....

Polyplex Corporation Ltd. Vs. Cit

Court : Delhi

..... section 80hhc(1) refers to eligibility whereas section 80hhc(3) refers to computation of tax incentive. coming to section 80hhc(1b) it is clear that after the finance act, 2000, with effect from the assessment year 2001-02 exporters would not get 100 per cent deduction in respect of profits derived from exports but that they would get ..... the tax incentive in a phased manner. however, for the purposes of computation of book profits which computation is different from normal computation under the 1961 act/ computation under chapter vi-a. we need to keep in mind the upward and downward adjustments and if so read it becomes clear that clause (iv) covers full export ..... from computation of book profits under section 115jb which imposes mat on deemed income. the above reasoning also gets support from the memorandum of the explanation to the finance bill, 2000. one of the contentions raised on behalf of the department was that if clause (iv) of the explanation to section 115jb is read in entirety .....

M/S Dewan Chand Ram Chandra Industries P. Ltd. Vs. Union of India

Court : Delhi

..... respondents to examine and verify whether any other party undertaking similar work has been granted benefit under section 10(15)(iv)(c) of the act. respondents have filed letter dated 19th december, 2013 written by ministry of finance, department of revenue, foreign tax & tax research division-ii, stating that benefit of section 10(15)(iv)(c) was available for ..... india, singapore to avail of a foreign currency loan of 9,00,000/- usd and rupee loan of rs.1,92,00,000/-. the loan was taken to finance the purchase of three work over rigs for drilling activities in relation of the said contract.3. as per paragraph 10.3 of the loan agreement dated 21 st ..... 15 days of receipt of the letter. the said letter records that duties of the petitioner had been mentioned in chapter 2 of the agreements and work over/servicing to be undertaken was also specified in the said chapter. it was observed that the contracts entered into by the petitioner, dealt with performance services which were ancillary to the .....