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Asstt. Commissioner of Income Tax Vs. Poddar Projects Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)92ITD468(Kol.)

..... 's income under the head "income from house property". the assessee's this claim was rejected by the a.o. in view of the amended provisions of section 32(2) amended by the finance act, 1996 by observing and saying that the unabsorbed depreciation pertaining to the assessment years 1995-96 and 1996-97 cannot be set off against income under any head ..... . the new sub-section (2) of section 32 as substituted by the finance act, 2001 w.e.f. 1.4.2002 has restored the sub-section (2) of section 32 as it stood in the assessment year 1996-97, in other words, the restrictions imposed by the ..... (2(iii) as substituted w.e.f. 1.4.97. in this context, it may be observed that amended section 32(2) as substituted by the finance (no. 2) act, 1996 (w.e.f. 1.4.1997) has been substituted by the finance act, 2001, w.e.f. 1.4.2002 and status quo ante has been restored with effect from a.y. 2002-2003 .....

Wipro Limited Vs. The Joint Commissioner Of Income Tax

Court : Karnataka

..... limit in case of search based assessments. a second proviso is added to sub-section (5) of section 153 by the finance act, 2017. the said proviso states that where an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 requires verification 24 of any issue by way of submission of any document ..... has been used in the following sections: proviso (a) to section 240; section 251(1)(a) words omitted by finance act, 2001 with effect from 01.06.2001. explanation 1(iii) to section 245a(b). 29 section 153(2a) prior to substitution by finance act, 2016 with effect from 01.06.2016. section 153(3) post substitution by finance act, 2016 with effect from 01 ..... one: otherwise there would have been little point in using the latter as well as the former." (iv) it is pertinent to note that section 153(3) [post substitution vide finance act, 2016 w.e.f. 01.06.2016]. does not use the word reassessment alongside fresh assessment ; however, the said word has been used .....

The Khatau Makanji Spg. and Weaving Co. Ltd. Vs. Commissioner of Incom ...

Court : Mumbai

Reported in : AIR1956Bom733; (1956)58BOMLR885; ILR1957Bom22; [1956]30ITR841(Bom)

..... at which income-tax is to be charged upon the total income of the previous year of the assessee.in our opinion, the provision of the finance act travels beyond the ambit of section 3, and if parllament has done so then no effective charge can be made on the total income of the previous year of the assessee under ..... under clause (ii) of the proviso to para b of part i of the forest schedule to the indian finance act, 1951, as applied to the assessment year 1953-54 by the indian finance act, 1953 read with section 3, indian income tax act?'we answer the question in the negative. the commissioner to pay the costs.9. reference answered in the negative. ..... contested that in order that this particular provision in the finance act should be effective it must| come within the scope of s. 3, income-tax act, be cause what the finance act does is to effectuate as it were section 3, income-tax act, and when we turn to section 3, which is the charging section, it imposes a charge on the total income of .....

M/S. Ponds India Ltd. Vs. Collector of Central Excise, Madras

Court : Supreme Court of India

Reported in : AIR1997SC1708; 1997(58)ECC1; 1997(90)ELT3(SC); JT1997(1)SC729; 1997(1)SCALE484; (1997)2SCC577; [1997]1SCR541

..... valid.2. special excise duty is levied under the provisions of the finance acts. there was no levy for a long period of time of special excise duty until it levied with effect from 1st march, 1978, under the provisions of section 37 of the finance act, 1978, which read thus:(1) in the case of goods chargeable with duty ..... of excise under the central excise act as amended from time to time, read with any notification for the time being ..... excise duty was being levied from 1963 upto 1971 by various finance acts passed from time to time. it was discontinued from 1972 until 1978 when it was revived by the finance act, 1978. thereafter, it was being levied from year to year by annual finance acts. the provisions of these finance acts, insofar as the levy of special excise duty is concerned, .....

Commissioner of Income-tax Vs. Lakshmi Industries (P.) Ltd.

Court : Chennai

Reported in : [1996]222ITR36(Mad)

..... income earned by leasing out the factory and the machinery would be entitled to the concessional rate of tax under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978.6. section 2(7)(c) of the finance (no. 2) act, 1977, states as under (see : [1977]109itr1(all) : ''industrial company' means a company which ..... by itself during the assessment years under consideration. the assessee claimed the concessional rate of tax of 55 per cent. under section 2(7)(c) of the finance (no. 2) act, 1977, and the finance act, 1978. according to the department, inasmuch as the assessee was not mainly engaged in the manufacturing activities, it cannot be considered as ..... on the ground that the assessee was an industrial company as defined under section 2(7)(c) of the finance (no. 2) act, 1977. so also for the assessment year 1978-79, the assessee claimed the same benefit under section 2(7)(c) of the finance act, 1978. however, the income-tax officer denied this concession on the ground that .....

Commissioner of Income Central Ii Vs. Suresh N. Gupta

Court : Supreme Court of India

Reported in : (2008)214CTR(SC)274; [2008]297ITR322(SC); JT2008(1)SC208; 2008(1)SCALE99; (2008)4SCC362; 2008AIRSCW1066

..... at 17% amounting to rs. 16504/-. we accordingly answer the above question in favour of the revenue and against the assessee.whether insertion of the proviso in section 113 by the finance act, 2002 was applicable to search up to 31.5.2002:25. in view of our findings on the first point, strictly speaking, we are not required ..... to article 271 read with entry 82 of list i of seventh schedule to the constitution of india. that power is not traceable to section 4 of the 1961 act. every year the finance act is enacted by parliament to give effect to the financial proposals of the central government. the rate at which a charge on the total ..... accordance with the provisions of chapter iv. therefore, in our view, section 4 has to be read with section 158bb. that section is not ruled out by section 158bb. if section 4 has to be read with section 158bb for computing undisclosed income then the provisions of the relevant finance act have got to be read into the block assessment scheme under chapter xiv .....

Indian National Shipowners' Association, a Company having Its register ...

Court : Mumbai

Reported in : 2009(5)BomCR369; 2009(111)BomLR1529; (2009)224CTR(Bom)197; [2009]17STJ255; 2009[14]STR289; [2009]19STT408; (2009)22VST293(Bom)

..... , 1994. the service tax provider is entitled to recover the service tax from the service consumer.7. entry (zzzy) was inserted into section 65(105) of the finance act, 1994 by the finance act, 2007. the said entry reads as under:any service provided or to be provided to any person by any other person in relation to ..... that, therefore, the present petition is liable to be dismissed.34. we are concerned here with the scope of entry (zzzy) inserted into section 65(105) of the finance act 1994 by the finance act, 2007. the moot question is what kind of services are covered by this entry. as noticed by us hereinabove entry (zzzzj) was inserted ..... relating to central excise, customs and service tax matters. one of the functions of the 2nd respondent is to issue clarifications under section 378 of the central excise act, 1944 read with section 83 of the finance act, 1994. respondent 3 is the commissioner of service tax and respondent 4 is the additional commissioner (technical) service tax, mumbai. .....

Assistant Commissioner of Vs. Canara Food Processors (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1993)45ITD500(Pune.)

..... ). copies of the correspondence filed by the learned departmental representative indicated that the special audit party has pointed out that the amendments made by the finance act, 1988 in section (3) of finance act, 1983 by inserting proviso are operative from the assessment year 1989-90 as a result of which non-agricultural lands held as stock-in-trade ..... karnataka high court as on date on this subject which has a binding force on us, we hold that the proviso to sub-section (3) of section 40 of the finance act, 1983 inserted by the finance act, 1988 is retrospective in nature and is applicable for the assessment year 1984-85 onwards and applies to all the years under ..... the supreme court in the case of lakhmani mewal das (supra).26. the stand of the assessee was that the amendment made by the finance act, 1988 in section 40 of the finance act, 1983 would be retrospective and would be applicable for the assessment years under appeal by relying on the judgments of the patna high court in .....

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

..... additional tax on the amount by which the losses stood reduced.[emphasis supplied]28. it was because of these decisions that section 143(1a) was amended by the finance act, 1993 in exactly the same manner as the finance act, 2002 amended section 271(1)(c) and explanation 4(a). however, this amendment was retrospective with effect from 1.4.1989, not claiming ..... between the liability to pay tax and the imposition of penalty was severed for the first time.39. it may be noted that the amendment made to section 271 by the finance act, 2002 only stated that the amended provision would come into force with effect from 1.4.2003. the statute nowhere stated that the said amendment was either ..... the rules of interpretation of criminal statue and the language and intent of the order and the act, we find ourselves in agreement with the view expressed by ranganath misra, j. as he then was, in prem bahadur v. state of orissa 1978 cri. lj 683, at page 685, para 4:the orissa order does not make possession .....

Tata Sky Limited Vs. the State of Uttarakhand and ors.

Court : Uttaranchal

..... cost accountants and architects was questioned by the appellants. the aforesaid tax was levied through the finance act, 1998, whereby sections 65, 66 and 68 of the finance act, 1994 were sought to be substituted, and section 67 of the finance act, 1994 was sought to be amended. by the aforesaid substitution/amendment, 'service' tax was ..... fact, that broadcasting was subjected to tax liability as a 'service' for the first time under the finance act, 2001. chapter v. of the finance act, 2001 bears the heading 'service tax'. section 65(13) of the finance act, 2001 defines the term 'broadcasting' as under:65. definitions.- in this chapter unless the context otherwise ..... public either directly or indirectly through the medium of relay stations and all its grammatical variations and cognate expressions shall be construed accordingly.section 65(63) of the finance act, 2001 defines 'service tax' as under:65. definitions.- in this chapter unless the context otherwise requires,-(63) 'service tax' .....