Judgment Search Results Home > Cases Phrase: finance act 1978 section 39 amendment of act 6 of 1898 Court: mumbai Page 14 of about 2,741 results (0.208 seconds)

Pramod Kumar JaIn Vs. Commissioner of Wealth-tax, Bombay City I, Bomba ...

Court : Mumbai

Reported in : AIR1966Bom166; (1965)67BOMLR659; ILR1965Bom1054

..... computed. the learned counsel has argued that the scheme of the wealth tax act is different fro m the income - tax act. under the income - tax act the charging section only brings in the charge ability of the income to tax. the charge is actually imposed by the finance act, which is required to the passed for the purpose of the imposition of ..... tax. under the income -tax act therefore although the income of the previous year assailable ..... on or before the 1st of april of year in the question and consequently there is no charge in income - tax even according to the rates of earlier finance act until to the 1st of april of the year which is necessarily after the last income liable to income - tax eared. that is however not so under the .....

Kalsis Kitchenette Vs. Commissioner of Central Excise, Pune Iii

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

..... decision cannot be applied to the facts of the present case. 5. i find that as per the provisions of section 80 of the finance act, notwithstanding anything contained in the provisions of section 76, section 77 or section 78, no penalty shall be imposable on the assessee for any failure referred to in said provisions, if the ..... assessee proves that there was reasonable cause for the said failure. 6. in this case, the penalty is imposed under section 78 of the finance act which provides for penalty in case service tax has not been paid by reasons of fraud, collusion, willful suppression of facts or contravention of any ..... paid the amount of service tax alongwith interest and are not contesting the same. the adjudicating authority also imposed a penalty equal to confirmed demand under section 78 of the finance act. the appellants filed an appeal and the commissioner (appeals) dismissed their appeal. the contention of the appellants is that during the period of dispute .....

Rendezvous Estates (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD268(Mum.)

..... rules of schedule iii, on the basis of an estimate which the assessing officer considers it would fetch if sold in the open market on the valuation date. under section 40 of the finance act, 1983 also, the assessing officer has to adopt the value of property which, in his opinion, it would fetch if sold in the open market on the valuation ..... not in respect of the vacant land is not open for our consideration. the question before us is as to whether under rule 20 to schedule iii or under section 40 of the finance act, 1983 the valuation adopted by the assessing officer is reasonable and in accordance with law. as has been rightly held by the cwt(a), the assessing officer ..... price of the land which it would fetch in his opinion on the valuation date, as provided under rule 20 to scheduled iii. making a reference to section 40(3)(v) of the finance act, 1983 and rule 20 of schedule iii, the cwt(a) held that the method adopted by the assessing officer for determination of the market value of the .....

Commissioner of Income-tax Vs. Edulji F.E. Dinshaw

Court : Mumbai

Reported in : AIR1943Bom297

..... opinion on that second question, which seems to me to present no great difficulty. the question turns entirely on the construction of section 6, finance act of 1939. that section provides in sub-section (1):subject to the provisions of sub-section (2) (a) income-tax for the year beginning on 1st day of april 1939, shall be charged at the rates specified ..... he falls within sub-clause (b). no doubt, super, tax is merely an additional duty of income-tax for most of the purposes of the income-tax act, but in section 6, finance act, the two duties are distinguished. therefore, if it is necessary to answer the question, i should answer it by saying that, on a proper construction of the ..... not necessary to be answered. if necessary, i agree that it should be answered as suggested by the learned chief justice. it is clear that under the finance act, 1989, by section 6 (1) it was provided that for the financial year 1939 the rates of income-tax and super, tax should be as prescribed in the schedule to .....

The Commissioner of Income Tax And#8211; 10 Vs. M/S. Indian Oil Corpor ...

Court : Mumbai

..... was retrospective in operation by necessary implication. however, as doubts were raised about its retrospectivity, the same was clarified by adding an explanation to section 234d by finance act, 2012. under the act what is brought to tax is not the income of the assessee in the assessment year but the income of the assessee in the previous ..... . ltd. 42 itr 539. the aforesaid decisions are not relevant for our purpose particularly, in view of the fact that explanation 2 to section 234d of the act as introduced by the finance act, 2012 being declaratory in nature would be retrospective. this amendment make it cleat that it shall apply assessment years even prior to 1/06 ..... this judgment. 9) it is important to bear in mind that bajaj hindustan limited (supra) was rendered prior to the introduction of explanation-2 to section 234d by the finance act, 2012. the question before the division bench indeed was whether interest cannot be charged in respect of refunds granted prior to 1/6/2003. it is .....

Commissioner of Income-tax, Bombay Vs. Edulji F. E. Dinshaw.

Court : Mumbai

Reported in : [1943]11ITR340(Bom)

..... he falls within sub-clause (b). no doubt, super-tax is merely an additional duty of income-tax for most of the purposes of the income-tax act, but in section 6 of the finance act the two duties are distinguished. therefore, if it is necessary to answer the question, i should answer it by saying that. on a proper construction of ..... not necessary to be answered. if necessary, i agree that it should be answered as suggested by the learned chief justice. it is clear that under the indian finance act, 1939, by section 6(1) it was provided that for the financial year 1939 the rates of income - tax and super-tax should be as prescribed in the schedule to that ..... on that second question, which seems to me to present no great difficulty. the question turns entirely on the construction of section 6 of the finance act of 1939. that section provides in sub-section (1) :subject tot he provisions of sub-section (2(a) income-tax for the year beginning on the day of april 1, 1939, shall be charged at the .....

Commissioner of Income-tax Vs. Gwalior Rayon Silk Manufacturing (Weavi ...

Court : Mumbai

Reported in : [1999]237ITR253(Bom)

..... mp) , in favour of the assessee. the controversy whether premium gain on value of yarn entitlement should be included in the total turnover for the purposes of section 2(5)(a)(i) of the finance act, 1963, has been decided in favour of the revenue by the decision dated march 17, 1993, of this court in the assessee's own case in ..... in regard to the inclusion of premium gain on value of yarn entitlement is concerned, we hold that it would not form part of the turnover under section 2(5)(a)(i) of the finance act, 1963. we, therefore, answer this question, so far as it pertains to premium gain on value of yarn entitlement in favour of the revenue and against ..... are, therefore, returned unanswered.9. the controversy in question no. 10 is covered by the decision of the supreme court in cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) . following the same, it is answered in the negative, i.e., in favour of the revenue and against the assessee.10. so far as question no. 14 is .....

Commissioner of Income-tax Vs. Mico Products Pvt. Ltd.

Court : Mumbai

Reported in : (1990)92BOMLR659; [1991]187ITR517(Bom)

..... expenditure was not allowable as a deduction at all. it is significant that sub-section (4) of section 20 of the u.k. finance act. 1944, read as under :'(4) where a deduction is allowed for any year under this or the last preceding section in respect of expenditure represented wholly or partly by any assets, no deduction shall ..... scientific research assets. based on such provision for tax, the assessee has been augmenting its reserves from time to time. on this basis, on september 20, 1978, the assessee made an application to the controller of capital issues for the consent of the central government to a proposed issue of bonus shares. this application proceeded ..... used for scientific research related to the business of the assessee, when a deduction had been allowed under section 35, had been consistently negatived by the income-tax appellate tribunal in a number of decisions. only in 1978, for the first time, a bench of the tribunal, constituted for this purpose at bombay, negatived the .....

Mr. Damodar Narcinva Naik, Vs. Union of India (Uoi) and ors.,

Court : Mumbai

Reported in : 2006(1)ALLMR657; 2006(1)BomCR224; 2006(1)MhLj761

..... the same were indigenous raw materials. 10. during the pendency of the said appeal filed by the revenue before cegat, the central government by finance (no.2) act, 1998 introduced kvss. section 88 of the said finance act which is relevant for the purpose herein reads as under : '88. settlement of tax payable - subject to the provisions of this scheme ..... of duty, credit of duty or any amount representing duty) or cesses due or payable on the date of making a declaration under section 88. ' from the aforesaid section 88(f)(ii) of the finance act, 1998 it is seen that any person disputing the correctness of the customs duty as well as the penalty / interest demanded from him ..... customs authorities rejected the declaration of the petitioners in toto on the ground that as per the aforesaid clarification dated 28.10.1998 issued under section 96 of the finance (no.2) act of 1998, the petitioners were not eligible to avail the benefit of kvss in respect of the duty and interest payable on the raw .....

Patel Engineering Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD411(Mum.)

..... stood, it provided deduction for profit and gains derived from any business of an industrial undertaking or a hotel or from operation of ships. however, this section was amended/modified by finance act, 1995 w.e.f. 1st april, 1996, i.e., from asst. yr. 1996-97 whereby profit and gains derived from some other business ..... three activities of infrastructure facility being of (i) developing, (ii) maintaining and (iii) operating for being entitled to the deduction under section 80-ia. after the amendment of section 80-ia by finance act, 1999, the deduction is permissible to any enterprise, which is carrying on the business of only developing (i.f.), or of only ..... in respect of facility whose operation and maintenance has already started before 1st april, 1995, an assessee was not eligible for deduction under section 80-ia. the finance act, 1999 has enlarged the scope of section 80-ia and with effect from asst. yr.2000-01, any enterprise, which is carrying on the business of only developing the .....