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Agrima Project Engg. and Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)32ITD421(Mum.)

..... deduction under section 80m, section 80aa is to be taken note of while for deductions under section 80 as contained in chapter via, section 80ab is to be taken note of; (viii) that the very fact that finance (no. 2) act, 1980 brought on the statute book the above two sections, viz. sections 80aa and 80ab, since one is made retrospective ..... raised on behalf of the assessee can be summarised as under:- (i) that on the basis of approval granted by the central board of direct taxes dated 4th april 1978 (assessee's paper book page 27), it cannot be said that either facts have been mis-stated or, else, incomplete facts have been given to the central board of ..... these appeals, which have been filed by the assessee, a resident company, are 1979-80, 1980-81 and 1982-83 with respective previous years having ended with 31st december 1978, 31st december 1979 and 31st december 1981. one of the common issues involved in all these appeals is the deduction claim of the assessee made under section 80-o .....

Daga Containers (P.) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)6SOT666(Mum.)

..... carried on by him in the previous year relevant to that assessment year. the relevant observations of their lordships are extracted hereunder, for the sake of reference : "6. the finance act, 1972, in the first instance, inserted a new item of the enumeration of income in section 2(24) by inserting clause (ix) therein. it has made any winnings ..... against income, if any, from any source other than the activity of owning and maintaining race horses in that year and shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and (a) it shall be set off against the income, if any, from the activity of owning and maintaining race ..... of income except his winnings from races nor is it allowed to be carried forward to be set off against income from any source in any subsequent year.the finance act, 1974, has amended section 74a so as to provide that the losses incurred by owners of race horses in the activity of owning and maintaining such horses, to .....

Sony India (P.) Ltd. Vs. Central Board of Direct Taxes and anr.

Court : Delhi

Reported in : (2006)206CTR(Del)157; [2007]288ITR52(Delhi)

..... cams, play stations and projectors etc. for sale in india.3. the finance act, 2001 substituted the earlier section 92 of the income tax act 1961 ('act') with sections 92 to 92f with effect from 1.4.2002. these provisions are found in chapter x of the act titled 'special provisions relating to avoidance of tax'. the sub-heading reads ..... 'computation of income from international transactions having regard to arm's length price.' a fairly detailed scheme for computing the arm's length price (alp) of international transactions is set out in these provisions. the finance act, 2002 ..... . in our view, the classification is not inconsistent with or contrary to the objective sought to be achieved by the provisions of chapter x of the act. the impugned instruction serves to supplement the statutory provisions to achieve the objective and not override them.32. the impugned instruction does .....

Commissioner of Income-tax Vs. Mrs. Sunita Kumar

Court : Kolkata

Reported in : [1994]208ITR807(Cal)

..... race horses are of no aid since such decisions are concerned with the question in the context of the law that prevailed before the insertion of section 74a by the finance act, 1972, having effect from april 1, 1972. for example, in janab a. syed jalal sahib v. cit : [1960]39itr660(mad) , the assessee, besides carrying on the business ..... off against income, if any, from any source other than the activity of owning and maintaining race horses in that year and shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and- (a) it shall be set off against the income, if any, from the activity of owning and maintaining race ..... suffered a loss in that year which has been duly determined by the income-tax officer to be carried forward to future years. similarly, in the assessment year 1978-79, the assessee sold horses and suffered a loss which has also been determined by the income tax officer for being carried forward. the expenses arising out of .....

M/S T T K Prestige Ltd Vs. The Union of India Reptd by Its Finance Sec ...

Court : Karnataka

..... day, the court made the following: order in these petitions, petitioners have prayed for striking down the provisions of chapter xii - h inserted in the income tax act, 1961 (for short act, 1961) by the finance act, 2005 (for short act, 2005) w.e.f. 1.4.2005 on the score that it is offending the provisions of article 14 ..... dilip m., advs for r2) this writ petition is filed under articles226and227of constitution of india praying to strike down the provisions of chapter xii-h inserted in the income tax act, 1961 by the finance act, 2005 with effect from14.2005 as offending the provisions of article14of the constitution of india and as being beyond the legislative competence of ..... employer on the value of such benefits provided or deemed to have been provided to the employee. chapter xii h reads as under:2. chapter xii- h was inserted into the act with effect from 1.4.2005 by the finance act of 2005. it provides for the levy of additional income tax called fringe benefit tax (hereinafter referred .....

Dr. Vs. Shanmughavel V. Commissioner of Central Excise

Court : Chennai

Reported in : [2002]121TAXMAN274(Mad)

..... main contention is that the registered valuers who are acknowledged as such under section 34ab would not be covered by the provisions of the finance act which came to be made applicable by section 88, chapter vi of act, 1997 for the purposes of levy and collection of service tax.3. the basic argument raised by mr. rajappa, learned counsel ..... in the instant petition, the petitioner claims a writ of prohibition or any other writ, prohibiting the respondent from invoking the provisions of section 88, chapter vi of the finance act, 1997 for the purpose of levy and collection of service tax from the members of the petitioner institute on and from 7-7-1997 in respect ..... who argued the matter on behalf of the petitioner-institute, is that the finance act does not apply to the members of the petitioner-institute at all .....

Virag Tiwari vs.principal Commissioner of Income Tax-21 & Others

Court : Delhi

..... to 60% tax. in addition cess under sub-sections (11) and (12) to section 2 of the finance act of 2% and 1% of the income tax and surcharge was also payable.10. amendment act also introduced pmgk scheme by adding chapter ixa to the finance act, 2016 (finance act) with the heading taxation and investment regime for pradhan mantri garib kalyan yojna, 2016, albeit as a second ..... , penalty and requirement to make a deposit. we would be rewriting provisions of chapter ixa of the finance act if we direct grant of benefit of advance tax paid under the act i.e. the income tax act for payment to be made under pmgk scheme. the challans for payment under the act and pmgk w.p. (c) no.6312/2017 page 23 of 32 scheme .....

Commissioner of Income-tax Bombay City-i Vs. N.U.C. Private Ltd.

Court : Mumbai

Reported in : [1980]126ITR377(Bom); [1980]4TAXMAN436(Bom)

..... it has been rightly held that the assessee was an 'industrial company 'within the meaning of the said expression as defined in s. 2(7)(d) of chapter ii of the finance act, 1966 ?' that is how the said question has been referred to this court, as stated earlier, by the tribunal under s. 256(1) of the ..... industrial undertakings for coming to its conclusion, completely ignoring the special definition given of 'industrial company' in cl. (d) of sub-s. 2 of chap. ii of the finance act, 1966, which directly falls for consideration in the present case. it will, therefore, be convenient to reproduce the said definition which is as follows (see [1966] 60 itr ..... is :'whether the assessee-company is an 'industrial company' within the meaning of cl. (d) of sub-s. (7) of s. 2 of chap. ii of the finance act, 1966 ?'2. the assessee which is a private limited company engaged in business, as disclosed in its memorandum and articles of association, among other things, of undertaking, building, constructing .....

Pankaj Oil Mills Vs. Commissioner of Income-tax, Gujarat

Court : Gujarat

Reported in : AIR1978Guj226; [1978]115ITR824(Guj)

..... committee have also made a few suggestions on this subject in chapter iii of their report. the board have carefully considered the points involved and their decisions thereon are given below : point (i) : under clause (a) of the ..... of revenue had put too rigid and restrictive an interpretation on this provision, which is not in accord with the spirit of the assurance given by the finance minister. it does not, therefore, surprise us that the assessing officers have also taken an unduly narrow view in the matter and the genuine businessmen have ..... and suggestions have been received by the board from associations and chambers of commerce regarding the manner in which the provisions of section 24 of the income-tax act, particularly those of explanation 2 to sub-section (1) thereof, are being interpreted and applied by the income-tax officers. the direct taxes administration enquiry .....

V. Krishnan Vs. M.S. Dhananjayan and Others

Court : Chennai

..... by both the plaintiff and defendant that time is essence of contract. the income tax act, 1961 has been amended in the year 1986 by finance act chapter xxc and thereby introduced section 269 ul. by virtue of section 269 ue (1) of income tax act, the central government has become the owner on 9.1.1989. under such circumstances, ..... in favour of the first plaintiff, the defendant has to obtain no objection certificate from the concerned income tax department. as per the amended provision of income tax act, 1961, the income tax department has become the owner. after obtaining no objection certificate from the income tax department, the defendant has left to america and the ..... a finding as to whether the plaintiff/respondents are always ready and willing to perform his part of contract, as required under section 16(c) of the specific relief act, must be determined, having regard to the entire attending circumstances. (iii) in cdj 2006 aphc 506, (nalamothu venkaiya (died) by lr and another v. b.s .....