Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: income tax appellate tribunal itat chennai Page 1 of about 29 results (0.048 seconds)

Lason India Pvt. Ltd. (Formerly Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)301ITR306(Chennai)

..... for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the finance act, 2000, the undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years. provided ..... by an undertaking from the export of such articles or things or computer software: the section has clearly employed the expression "deduction" though section 10b is contained in chapter iii which deals with the incomes which do not form part of total income, but still at least after 01.04.2003 this provision would amount to deduction only ..... allowed as deduction which means whole of income is not exempt and therefore the same cannot be treated as exempt. the mere fact that section 10b is contained in chapter iii will not make much difference as hon'ble supreme court in the case of prakash nath khanna and anr. v. cit 266 itr 1 (sc) has .....

Parkside Holdings Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2003)86ITD252(Chennai)

..... details before the assessing officer even though the same might have been filed before the first appellate authority. section 80a of the income tax act, which controls the whole of sections failing under chapter via, states that in computing the total income of an assessee, there shall be allowed from his gross total income in accordance with and ..... following observations have been made in the finance bill: "as donations in kind were not intended to qualify for this concession, it is proposed to make a provision for the removal of doubts clarifying that no ..... got transferred to syndicate bank by issue of cheques.similarly in this case the balance also had been transferred from grindlays bank to syndicate bank. the extract from the finance bill, 1976 (page 16 of the paper book) is also relevant. while stating that donation in kind not to qualify for tax concession, in para 61 the .....

Ford Business Services Center (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)881

..... the total income of a person. in other words, these incomes do not enter the computation part at all.subsequently also when section 10a was first introduced by the finance act, 1981 w.e.f. 1st april, 1981, the said provision provided for total exemption of the income described in section 10a. similarly, when section 10b was introduced ..... section from the total income of an assessee. since these provisions provided for total exclusion from the total income, they were grouped along with section 10 in chapter iii of the act. however, later on, the nature of relief provided by these sections underwent a sea change insofar as that total exclusion of the income was removed and ..... which was titled as "incomes which do not form part of total income" and there was a distinction between the provisions contained in chapter vi-a of the act and those in chapter iii. according to him, once the profits and gains of the unit are eligible for section 10b deduction, it cannot be taken into consideration for .....

The Asst. Commissioner of Income Vs. Real Image Media Technologies

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2008)(2)362

..... the sub-section (2) thereof which clearly provided that service tax shall be paid in the manner prescribed and rate specified in section 68 and all other provisions of chapter v of finance act, 1994. he then referred to rule 6 of service tax rules 1994 which clearly provides that service tax shall be paid by the 5^th of the month ..... be made if such duty or tax is not payable at all. he argued that service tax was a central tax which was introduced by making provisions in chapter v of the finance act, 1994 and provides for the month of levy, circumstances on which the levy would arise and the manner of payment etc. service tax was levied under section ..... due date for filing of return of income it was submitted as under: service tax a central tax that was introduced by making provisions in chapter v of the finance act, 1994 (section 64 to section 96). the act provides the method of levy, the circumstances in which the levy would arise, inter alia, the manner of payment etc. section 68 of the .....

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

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 .....

Mr. Raya R. Govindarajan, Prop. Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR150(Chennai)

..... assessment, the tax has to be levied for the block assessment year. since there is no reference about the block assessment year in the finance act, the rate of tax prescribed under finance act, 1999 would not be applicable for block assessment. in our view this submission of the learned counsel for the assessee is also not correct. ..... the undisclosed income, the legislature prescribed a separate procedure under chapter xiv-b. after computing the income, the rate of tax has been specifically provided under section 113 of the income tax act. under section 113 there was no reference to any central enactment for the purpose of rate of ..... rate of tax at 60% in respect of the undisclosed income determined under chapter xiv-b. the learned counsel invited our attention to section 4 of the i.t. act and submitted that the rate of tax prescribed under the central act would be applicable in respect of the assessment made raider regular courser.in respect of .....

Asstt. Cit Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)96TTJ(Chennai)1033

..... to incorporate a new thing by including section 158bc in section 140a. therefore, according to the learned counsel, at any stretch of imagination, the amendment carried out by finance act, 1999, cannot be treated as retrospective in operation. therefore, according to the learned counsel for the assessee, the provisions of section 140a(1) is not applicable in ..... by way of amendment is a new class of assessees. in other words, the legislature brought a section of assessiges whose income are subject to be assessed under chapter xiv-b, in section 140a compelling them to pay self-assessment tax. therefore, in our considered opinion, it cannot be said that the amendment was to clarify ..... intended to apply the provisions of section 140a before 1-6-1999. this was also made clear in the memorandum explaining the finance bill, 1999, by saying that there is no corresponding provision in chapter xiv-b for payment of self assessment tax at the time of the filing the return. since there is no express .....

Asstt. Cit Vs. S Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)278ITR41(Chennai)

..... to incorporate a new thing by including section 158bc in section 140a. therefore, according to the learned counsel, at any stretch of imagination, the amendment carried out by finance act, 1999, cannot be treated as retrospective in operation. therefore, according to the learned counsel for the assessee, the provisions of section 140a(1) is not applicable in ..... by way of amendment is a new class of assessees. in other words, the legislature brought a section of assessiges whose income are subject to be assessed under chapter xiv-b, in section 140a compelling them to pay self-assessment tax. therefore, in our considered opinion, it cannot be said that the amendment was to clarify ..... intended to apply the provisions of section 140a before 1-6-1999. this was also made clear in the memorandum explaining the finance bill, 1999, by saying that there is no corresponding provision in chapter xiv-b for payment of self assessment tax at the time of the filing the return. since there is no express .....

Frontier Offshore Exploration Vs. the Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

..... 40(a)(i) very clearly uses the expression "in accordance with the other provisions of chapter xvii-b", which would include section 201 also and would include the expression "the whole or any part of the tax", which has been inserted in section 201 by the finance act. 2001 with retrospective effect from 1.4.1962. therefore, whatever may be the impact ..... india even for the first time to supply plant and machinery, etc. which was used in the business of oil exploration or production. since the provision was introduced by the finance act, 1987 w.e.f. 1.4.1987.therefore, it was applicable in the year before us.7. the ld. senior counsel for the assessee then referred to the ..... very curious to the hon'ble high court. similarly astounding figures were arrived at in respect of other payments. e.g., in case of r.c. no. 205 of 1978 the electricity board had entered into an agreement with oerliken engineering co. in this case against the payment made amounting to rs. 17,00,784, the tax deductible was .....

Asstt. Cit, Investigation Circle Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)278ITR41(Chennai)

..... to incorporate a new thing by including section 158bc in section 140a. therefore, according to the learned counsel, at any stretch of imagination, the amendment carried out by finance act, 1999 cannot be treated as retrospective in operation. therefore, according to the learned counsel for the assessee, the provisions of section 140a(3) is not applicable in ..... therefore, if the legislature wanted to apply the provisions of section 140a, they would have expressly stated so. the very. fact that there is no provision in chapter xiv-b for applying the provisions of section 140a, clearly shows that the legislature never intended to apply for provisions of section 140a before 1-6-1999. this ..... was also made clear in the memorandum explaining the finance bill, 1999 by saying that there is no corresponding provision in chapter xiv-b for payment of self assessment tax at the time of the filing the return. since there is no express .....