Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Page 80 of about 15,464 results (0.100 seconds)

Commissioner of Income Tax – Ii, Lucknow Vs. Ms. Lucknow Public Educ ...

Court : Allahabad

..... by the finance (no.2) act, 2004 with effect from 15.11.1972 to confer power on the assessing officer, to refer the matter to the valuation officer which earlier had not been conferred. 9. earlier, there was a provision being section 55a to ascertain the fair market value of a capital asset for the purposes of chapter iv. ..... k.k. seshaiyer v. commissioner of income tax, (2000) 246 itr 351 (mad), the case before the madras high court was in respect of the assessment year 1978-79 before section 142a was introduced. the issue referred for consideration was whether the tribunal was right in ignoring the valuation of the house property submitted by the assessee and ..... of 2006, decided on 23.02.2006. in the said case, the court found that the tribunal had not considered the provisions of section 142a of the act which was introduced by finance act no. 2 of 2004 with retrospective effect. this again really has not answered the issue. 15. the issue for consideration is, whether the assessing officer, .....

Director of Income Tax (international Taxation) Vs. Balaji Shipping Uk ...

Court : Mumbai

..... of the convention. accordingly, the court ought to ascribe to the phrase the meaning given to it in section 115vb. 45. section 115vb falls under chapter xii-g, which was inserted by finance (no.2) act, 2004 with effect from 1.4.2005. the present appeal however, relates to the period prior thereto viz. ay 2001-2002. mr.kaka however, ..... of ships than the illustrative activities mentioned in the above commentaries. 44. mr.kaka then relied upon section 115-vb of the act, which reads as under:- 115-vb. operating ships.for the purposes of this chapter, a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes ..... of tonnage income from business of operating qualifying ships. the opening words of section 115vb for the purpose of this chapter do not permit a blind incorporation of the provisions of the section into the other provisions of the act. 47. the force of section 115vb as an aid in interpreting article 9(1) of the dtaa is further .....

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 .....

Director of Income Tax (international Taxation) Vs. Balaji Shipping Uk ...

Court : Mumbai

..... of the convention. accordingly, the court ought to ascribe to the phrase the meaning given to it in section 115vb. 45. section 115vb falls under chapter xii-g, which was inserted by finance (no.2) act, 2004 with effect from 1.4.2005. the present appeal however, relates to the period prior thereto viz. ay 2001-2002. mr.kaka however, ..... of ships than the illustrative activities mentioned in the above commentaries. 44. mr.kaka then relied upon section 115-vb of the act, which reads as under:- 115-vb. operating ships. for the purposes of this chapter, a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes ..... of tonnage income from business of operating qualifying ships . the opening words of section 115vb for the purpose of this chapter do not permit a blind incorporation of the provisions of the section into the other provisions of the act. 47. the force of section 115vb as an aid in interpreting article 9(1) of the dtaa is further .....

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 .....

M/S Omaxe Ltd. and anr. Vs. Deputy Commissioner of Income Tax and anr.

Court : Delhi

..... and if the commissioner fails to furnish the report within the said period, the settlement commission may make the order without such report.]. (1a) 72[omitted by the finance (no.2) act, 1991, w.e.f. 27-9-1991.]. (2) a copy of every order under sub-section (1) shall be sent to the applicant and to the ..... under sub-section (2c), be recovered and any penalty for default in making payment of such additional amount may be imposed and recovered, in accordance with the provisions of chapter xvii, by the 7576 [assessing]. officer having jurisdiction over the assessee.]. (3) where an application is allowed to be proceeded with under sub-section (1), the ..... manned by "persons of integrity and outstanding ability having special knowledge of, and, experience in, problems relating to direct taxes and business accounts". the provisions of chapter xix-a suggest that all matters in relation to the case of the assessee shall be dealt with by the itsc just as an assessing authority would deal with .....

Director of Income-tax (Exemptions) Vs. Khar Gymkhana

Court : Mumbai

..... year and cancellation of registration would not be mandatory unless such cancellation becomes necessary on the ground(s) prescribed under the act. (5) with the introduction of chapter xii-eb in the act vide finance act, 2016, prescribing special provisions relating to tax on accreted income of certain trusts and institutions, cancellation of registration granted u/s ..... from commercial activities have exceeded rs.25 lakhs. learned counsel further submits that the aforesaid circular would have application only prospectively as it was issued consequent to finance act, 2016 which changed the cut-off from rs.25,00,000/- to 20% of the total receipts in respect of its commercial activities. it is ..... the nature of trade, commerce or business etc. for financial consideration. the 2nd proviso to said section, introduced w.e.f. 01-04-2009 vide finance act 2010, provides that in case where the activities of any trust or institution is of the nature of advancement of any other object of general public .....

Yamal Manojbhai Vs. Union Of India

Court : Supreme Court of India

..... adjudicating authorities in identical cases, with similar facts and circumstances.10. the settlement commission, governed by chapter xiv a of the customs act, was inserted by virtue of section 102 of the finance (no.2) act, 1998 (act no.xxi of 1998), with the aim of settling issues of tax evasion by virtue of a ..... thereof. section 123 reverses the burden of proofs of certain specified seized goods. 14.chapter xiva contains the mechanism for the settlement of cases. 15.chapter xvi of the act lays down offences and prosecution under the customs act. this chapter imposes, as a penalty, imprisonment for certain offences. they are: making a false declaration ..... the proviso to section 127b is not attracted. 26.furthermore, as discussed above, the scheme of the act involves payment of fines and/or imprisonment for offences enumerated under chapter xvi. all offences, under the act, cannot be permitted to go before the settlement commission under section 127b. this would make the legislative intent .....

Minor Prahlad Ugardas Patel Oral Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1995)53TTJ(Ahd.)115

..... the years under consideration, the aforesaid ground relating to s. 164a and validity of statement in writing under expln. 1 to s. 160 is merely of an academic value.the finance act, 1981 inserted a new cl. (v) in sub-s. (1) of s. 160 to provide that a trustee appointed under an oral trust would be a "representative assessee ..... applicable as income did not accrue or arise to the specific beneficiary. the provisions of s. 166 reads as under : "166. nothing in the foregoing sections in this chapter shall prevent either the direct assessment of the person on whose behalf or for whose benefit income therein referred to is receivable, or the recovery from such person of the ..... trust and not the beneficiaries as has been laid down by the full bench of the gujarat high court in the case of cit vs. smt. kamalini khatau 1978 ctr (guj) 327 (fb) : (1978) 112 itr 652 (guj) (fb). consequently the fact that oral discretionary trusts mentioned in sch. i had offered the amount in question for taxation in .....

Samir Diamond Manufacturing (P) Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... undertaking. further 'gross total income' has been defined in s. 80b to mean the total income computed in accordance with the provisions of this act before making any deduction under this chapter, i.e., chapter vi-a. we also note that in the case of himson textile industries ltd. the revenue audit raised objection of the nature similar to that ..... of the present case and the ministry of finance in its letter dt. 23rd december, 1994, did not accept the objection raised on the ground ..... that provisions of ss. 80hh and 80-i are independent provisions referable to gross total income and the it act nowhere provides that the deduction under s. 80hh is to be .....