Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: mumbai Page 4 of about 1,733 results (1.654 seconds)

India Tyre and Rubber Co. (India) Pvt. Ltd. Vs. Commissioner of Income ...

Court : Mumbai

Reported in : [1994]210ITR409(Bom)

..... 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. paragraph f of the schedule to the finance act prescribes a concessional rate of income-tax in case the assessee is an industrial company within ..... board accepted the correctness of the decision of the high court of calcutta in the above referred case in addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) . in paragraph 2 of the said circular, it is specifically stated that book publishing companies were liable to be treated as industrial companies for the purposes of section ..... the attention of the court to the judgment of the high court of calcutta in the case of addl. cit v. a. mukherjee and co. (p.) ltd. : [1978]113itr718(cal) . in this case, the assessee carried on business as a publisher of books. the question before the court was as to whether the assessee can be considered as .....

Court : Mumbai

..... by section 66a of the finance act, 1994 applies to the export of service rules, 2005 ..... created under section 66a of the finance act, 1994 is not restricted in its application to section 66a only. it extends to all the provisions of chapter v of the finance act, 1994. the entire law relating to service tax is governed by chapter v of the finance act, 1994. the export of service rules, 2005 are also under chapter v of the finance act, 1994. thus, the legal fiction created .....

Asst. Commissioner of Income Tax Vs. Sri Dakshesh S. Shah

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD519(Mum.)

..... intention of legislation is clear from the introduction of section 14a of the income tax act 1961 inserted by the finance act 2001 w.r.e. 01.04.1962, which reads as under: section 14a:" for the purpose of computing total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation ..... to income which does not form part of the total income under this income tax act 1961 ....". ..... w.r.e.f.01.04.1962, expressly prohibits allowance of such claims. the intention of legislature can be understood from the memo explaining the provisions in the finance act, 2001 [248 itr 195 (st)] which reads as under: "no deduction for expenditure incurred in respect of exempt income against taxable income.certain incomes are not .....

Commercial Corporation of India Ltd. Vs. Income-tax Officer and Others

Court : Mumbai

Reported in : [1993]201ITR348(Bom)

..... draw of lucky ticket. 3. the state governments and the union territories running lotteries are, therefore, requested to deduct tax at source at the rates prescribed by the annual finance act in respect of 'lotteries or crossword puzzles' from 'lucky dip' prizes by lottery agents. 4. this clarification may please be brought to the notice of all concerned under ..... concerned, it speaks of the totality of the income which not only accrues or arises, but includes also the income which is deemed to accrue or arise. 43. chapter iii relates to income which does not form part of the total income and section 10(3) clearly excludes any receipts which are of a casual and non-recurring ..... of the constitution. 20. the nearest case on locus in so far the present case is concerned is the decision in indian explosives ltd. v. commissioner, sales tax [1978] 41 stc 315 . the question was whether, in the matter of inter-state sale on supply of naphtha through pipelines from bihar to u. p., the purchaser from .....

Tej Control Systems Pvt. Ltd. Vs. Commissioner of Central Excise, Than ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... as follows:- 2.1 the appellant, m/s.tej control systems pvt. ltd. thane, are manufacturers of goods falling under chapter 85 of the central excise tariff act, 1985. they have two registrations, one under the central excise act and other under the finance act, 1994 for the purpose of service tax. the appellant had availed cenvat credit of service tax on cha services. the .....

Bajaj Auto Ltd. Vs. Commissioner of C Ex. and Cus.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2005)(179)ELT481Tri(Mum.)bai

..... by khi together with interest as per section 75 of the finance act, 1994 and imposition of penalty of rs. 3,84,500/-.2. the brief facts of the case are that bal manufacture, inter alia, motor vehicles falling under chapter 87 of the schedule to the central excise tariff act, 1985. one variety of motor vehicle is two wheeled motor ..... of section 68, levy of interest under section 75 and imposition of penalty under section 75a, 76 and 77 for contravention of provisions of section 68 and 70 of finance act, 1994. service lax was proposed to be recovered on the ground that the services rendered by khi, japan were "engineering consultation services" on which service tax was payable ..... certificate furnished under section 203.5. we see great force in the above submission, having regard to the language of the relevant provisions of income tax act, 1961 and to the provisions of finance act and service tax rules and to the tribunal's decision in the case of m/s. navinon ltd. v. cce, mumbai-vi [2004 (172) .....

Anchor Line Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD403(Mum.)

..... the 'total income'. chapter iv-d deals with the topic 'profits and gains of business or profession'. it is comprised over sections 28 to 44d. section 44b speaks of 'special provision for computing profits and gains of shipping business in the case of non-residents'. this was brought on the statute book by insertion by finance act, 1975 with effect ..... ground no. 2 taken by the assessee-appellant before the income-tax appellate tribunal, i will like to supplement our reasoning in the following terms.2. chapter iv in the income-tax act, 1961 deals with the topic,'computation of total income'. subject matter of charge to income-tax under the provisions of the income-tax ..... under sections 28 to 43a do not come into play. the net result is that under chapter iv-d the measure of computation provided in section 44b becomes the net but other chapters in the apt do not stand excluded. naturally chapter vi of the act, which deals with the, topic, 'aggregation of income and set off or carry forward of .....

Assistant Commissioner of Income Vs. Premier Consolidated Capital

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)843

..... the cit(a).10. we have carefully considered the issue section 14a which has been introduced by the finance act, 2001, w.e.f. 1st april. 1962, says that for the purpose of computing the total income under chapter iv, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... a single order.2. the assessee is a company whose main object is the carrying on of business in investments and financial management activities such as hire-purchase finance equipment leasing, portfolio management, inter-corporate deposits, bill discounting and government securities and units of the unit trust of india.3. in the accounting year relevant for ..... which does not form part of the total income under the act, there is no dispute that the income from bonds was not chargeable to .....

Dy. Cit, Range-3(3) Vs. Stnita Conductors Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the clauses ofsection 14a), of section 14a. the scope and effect of the insertion of section 14a, with retrospective effect from 1-4-1962, in the income tax act by the finance act, 2001 have been explained in para 25 of circular no. 14 of 2001 issued by the central board of direct taxes, which reads as under: 25. no ..... the exempt income and, if so, whether the mechanism for computing allocation of such expenditure as provided in sub-section (2)/(3) of section 14a (inserted by the finance act, 2006) would apply to all pending matters or would apply to matters arising with effect from assessment year 2006-07. 7. section 14a has been inserted in the income ..... and again by section 7 of the finance act, 2006. section 14a as so amended reads now as under: 14a. expenditure incurred in relation to income not includible in total income.-(1) for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to .....

Glaxo Laboratories (India) Ltd. Vs. Second Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD226(Mum.)

..... contrary.14. the delhi high court in r. dalmia v. cit [1972] 84 itr 661 observed that it was well recognized that specific dates in the 1961 act and the finance act, 1955, had reference to assessment years and had nothing to do with the accounting years of an assessee which might differ from person to person. thus, the ..... there is no room for trying to go behind the clear language of the section.31. maxwell on interpretation of statutes, twelfth edn. observes at p.28 under chapter 2 while discussing the general principles of interpretation that the primary rule is of literal construction. the rule of construction is 'to intend the legislature to have meant what ..... para : "thus, as a charge on the income of the previous year, the substantive law of that year must be applied." the commentator relied on cit v. madhusudan agarwalla [1978] 111 itr 525 (cal.). the commentator further observed that "applying the above rule, the supreme court in cit v. scindia steam navigation co. ltd. [1961] 42 itr .....