Court : Kerala
Reported in : [2000]244ITR44(Ker)
..... . originally, the word 'deliberately' existed which was omitted by the finance act, 1964, with effect from april 1, 1964. an explanation was inserted at the end of sub-section (1) of section 271 by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment ..... officer confirms the conclusion of the commissioner of income-tax (appeals). greaves international ltd. has denied an understanding with hotel winrace ltd. prior to march, 1978. the impugned amount though credited to the account of hotel winrace ltd. has been immediately transferred in the assessee's books to the partners' accounts. ..... on march 31, 1977, dividing the amount and crediting it to the accounts of four shareholders equally. he further noted from a letter dated march 3, 1978, of greaves international ltd., bombay, from which the assessee had received commission to hotel winrace (p.) ltd., that it had not appointed the latter .....
Tag this Judgment!Court : Chennai
Reported in : [1964]51ITR315(Mad)
..... adequate remedies in the proceedings of assessment and in subsequent appeal.the definition of 'dividend' is an inclusive one. sub-clause (c) of section 2 (6a) was submitted by section 3 of the finance act of 1956 with effect from the 1st april, 1956. it reads thus :'dividend includes - ... any distribution made to the shareholders of a ..... . there is thus intrinsic evidence to show that accumulated profits could not include the current profits during the year under assessment.after the amendment by the finance act of 1955, the above definition was replaced by the following :'(c) any distribution made to the shareholders of a company out of accumulated profits of ..... section 2 (6a) (c) would be profits accumulated in the financial years preceding the year in which the liquidation took place.it is this observation of the supreme court that is relied upon by mr. ramamani to support his contention that the accumulated profits referred to in the provisions even after its amendment by the finance act .....
Tag this Judgment!Court : Chennai
Reported in : (1999)155CTR(Mad)303
..... that reversal however, was not on the ground that a construction company cannot be an industrial company for the purpose of expln. to s. 2(7)(c) of finance act 2 of 1977, which lays down the terms for determining the claim of a company for being regarded as an industrial company. it is in the interest of justice that ..... regarded as an industrial activity, would not disentitle the undertaking or the owner thereof from claiming the benefits provided under s. 32a0 of the act, if all other conditions as set out in that section are met by the assessee.8. as the matter has not been examined with reference to the question as to whether the plant or ..... regarded as an industrial undertaking to the limited extent of its claim for the benefits under the act, in relation to the activity which can properly be regarded as a manufacturing activity carried on by such an undertaking.7. sec. 32a of the act which confers the benefit of investment allowance is a provision, which is obviously meant to encourage .....
Tag this Judgment!Court : Guwahati
Reported in : (2009)226CTR(Gau)573,[2009]314ITR191(Gauhati)
..... the authorities in certain quarters. from the central board of direct taxes circular in question, it is, therefore, clear that the amendment of section 158bb brought about by the finance act of 2002 is merely clarificatory. in the present case, admittedly, no evidence or materials was discovered in the course of the search of the ..... so far as the building is concerned cannot also be justified on the basis of section 158bb of the act, as it stood prior to its amendment by the finance act of 2002. to make the discussion complete, the provisions of section 158bb, as it existed before and after the amendment, are reproduced below:before amendment158bb.(1 ..... 258 itr (st.) 13), containing an explanatory note on the provisions of the finance act, 2002, relating to direct taxes. referring to paragraph 61.3 of the aforesaid circular, dr. saraf has submitted that the amendment of section 158bb made by the finance act of 2002 is merely clarificatory. learned counsel has pointed out that in the aforesaid .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (1987)(32)ELT433TriDel
..... high court judgment in the case of bizy industries 1982 (10) elt 109 (ori)). we are unable to accept this plea as well. an amendment of section 4 by the finance act, 1982 inserted an explanation to the effect that the duty actually payable by an assessee to the department alone would be deductible from the price of the goods ..... licence in the name of the new partners had been made. these circumstances taken cumulatively throw a good deal of suspicion that the alleged partnership deed dated 1-12-1978 may not have come into existence that day but was evidently brought into existence subsequently. in the circumstances, the conclusion of the additional collector that there is no ..... the three brothers who were the partners alongwith their mother in respect of the other unit i.e. rri. however, the new partnership deed effected from 1-12-1978 was not intimated to the central excise authorities on dissolution of old partnership deed in respect of the other unit rr± it continued to work under the .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT
Reported in : (2006)3STR538
..... to rule 2 of service tax rules, 1994 by insertion of clause (iv) for payment of tax by service receiver in india had only prospective effect - section 68 of finance act, 1994. (iii) saturday club ltd. v. asst. commissioner, service tax cell, calcutta wherein it was held that principally there should be existence of two sides ..... cce wherein it was held that two viz., one giving advice and other accepting it, were absent, and in such a case, demand was not sustainable - section 65 (31) of finance act, 1994.bajaj auto ltd. v. cce that service tax - recovery - non-resident/person out side india providing service in india - tax cannot be recovered from ..... . shri viswanath, the learned chartered accountant appeared for the appellants and shri ks bhat, the learned sdr appeared for the revenue. (i) as per section 65 of the finance act, 1994, taxable service means, any service provided to a client by a management consultant in connection with the management of any organization in any manner. hence .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD515(Ahd.)
..... approved. the tax is to be deducted at the rates in force on amounts paid to the non-resident. this is provided in section 195(1). rates in force would have regard to the rates prescribed by the finance acts. a point has been raised before us that the assessee is entitled to deduct tax in the light of the provisions of first ..... remittance, the ito erred in directing deduction of tax at the rate of 40 per cent instead of 20 per cent prescribed in section 2(b)(iii)(b)(1) of part ii of the first schedule to the finance act, 1979. the commissioner also erred in upholding the enhanced rate. as a matter of fact, on account of the grossing up the actual ..... providing consultancy services in chemical engineering for which the payments under the above clauses were to be made from time to time.3. by its letters dated 2-11-1978, 7-12-1978 and 28-2-1979, the assessee company wrote to the ito giving details of the agreement the company had with linde and its obligation to make remittances to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD132(Kol.)
..... industry'.the issue before the kerala high court in the case of casino (p.) ltd. (supra) also related to the expression 'industrial company' under section 2(6)(d) of the finance act, 1968. it was held that a hotel was primarily a trading company and preparation of food was not manufacture or processing of goods.in the english case ..... citv. farrukhabad cold storage (p.) ltd. [1977] 107 itr 816 (all.) has been whether a cold storage is an 'industrial company' as defined in section 2(1)(d) of the finance acts of 1966 and 1967. while accepting the claim that the assessee is an 'industrial company' the court has specifically observed that processing of goods need not lead ..... decision in usha prints india (p.) ltd.'s case (supra) deals with the word 'power' as used in clause (g) of section 2 of the finance act. the clause has a specific definition in that act.in the supreme court decision in the case of h. anraj (supra) the question involved was whether the lottery tickets were goods liable to .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2005)194CTR(SC)97; 2005(184)ELT3(SC); [2005]273ITR326(SC); JT2005(2)SC538; (2005)3MLJ48(SC); (2005)2SCC751
..... by the amount of tax calculated on the total income assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147'. (underlined for emphasis) 11. prior to substitution by finance act, 1987 w.e.f. 1.6.1987, the proviso to sub-section (1) read as follows:'provided that no such application shall be made unless the additional amount of income ..... word 'fifty thousand rupees' in the earlier proviso has been substituted by the expression 'one hundred thousand rupees' by the finance act, 1995 w.e.f. 1.7.1995. some changes were introduced by finance act, 1987 w.e.f. 1.6.1987 in sub-section (1b) and (1c) which do not have much importance for the present appeal.12. the commission is not bound .....
Tag this Judgment!Court : Kerala
Reported in : [1979]49CompCas268(Ker); [1979]117ITR676(Ker)
..... liquidator was dividend. even after the amendment by the finance act, 1955, the language of the clause was found to be somewhat inapt and the legislature, by the finance act, 1956, recast clause (c)...11. the language used by the legislature in section 2(6a)(c), as amended by the finance act, 1956, is fairly clear. there is in the ..... wound up could not be included in the expression ' dividend ' : [see seth haridas achratlal v. commissioner of income-fax : [1955]27itr684(bom) ]. by the finance act, 1955, the proviso to clause (c) was deleted and in consequence thereof the limitation relating to the period during which the profits were accumulated ceased to apply in the ..... 2 kb 52 (ca) was got over under the indian i.t. act, 1922, by the amendment effected by the finance act, 1956, to the provisions of the indian i.t. act, 1922. there is no such corresponding amendment to the provisions of the super profits tax act. in this view again, the reasoning of the tribunal, following the principle .....
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