Court : Supreme Court of India
Reported in : (1994)116CTR(SC)476; [1993]204ITR628(SC); 1994Supp(2)SCC694
..... revenue dated february 17, 1993. paragraph 2 of the circular reads as follows :the question as to the exact meaning of the explanation to sub-section 7(d) of section 2 of the finance act, 1966, came up for consideration and the board are advised that an 'industrial company' would mean-(i) a company which is mainly engaged ..... goods so manufactured by it are used in the constructions made by it. the assessee claimed that, being an industrial company within the meaning of the said finance acts, it is entitled to the lower rate of tax. the income-tax officer and the appellate assistant commissioner rejected the claim but the tribunal agreed with the ..... delhi high court (see : [1986]160itr134(delhi) is whether the appellant is an 'industrial company' within the meaning of the said expression as defined in the finance acts of 1971 and 1972. the definition reads as follows :industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or .....
Tag this Judgment!Court : Chennai
Reported in : [1995]216ITR240(Mad)
..... be extended so as to specifically include fee for professional and technical services, service contracts, etc., of course, when the proposal gets finally incorporated in the finance act that may be passed ultimately, it will have the force of law. these factors would also go to lend strong support or credence to the claim made ..... that case was required to consider the question of applicability of s. 194c to labour contracts because the contention of the assessee there was that the said section was applicable only to works contracts. it was this contention that was repelled by the supreme court. in other words, as aforesaid, the supreme court merely ..... sale, the matter should be decided in the light of the principles laid down by the supreme court in the abovementioned case. (vii) the provisions of this section would apply in relation to payments made to persons who arrange advertisement, broadcasting, telecasting, etc. (viii) the provisions are wide enough to cover not only written .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1996)136CTR(AP)98; [1996]220ITR654(AP)
..... clubbed with the income of their mother who is a member of the assessee-huf. the ito after taking into consideration sub-paragraph ii of the first schedule to the finance act, 1981, found the total income of the huf exceeded the minimum taxable limits and hence subjected the assessee-huf to a high rate of income-tax. 4. on appeal the ..... to the benefit of the partnership in a firm, shall be included in the total income of the individual as contained in s. 2(45) of the act. 6. section 64(1)(iii) of the act is extracted below : '64. income of individual to include income of spouse, minor child, etc.. - (1) in computing the total income of any individual, there shall be ..... individual from the admission of the minor to the benefits of partnership in a firm.' it is also relevant to extract sub-paragraph ii of the first schedule to the finance act, 1981, which reads as follows : 'in the case of every huf which at any time during the previous year has at least one member whose total income of the .....
Tag this Judgment!Court : Karnataka
Reported in : [1955]27ITR549(KAR); [1955]27ITR549(Karn)
..... is any agreement between the president of india and the rajpramukh of the state of travancore-cochin and, if so, whether the object of enacting section 13 of the finance act was brought to the notice of their lordships. we, with very great respect, therefore, cannot follow this decision, though we would ordinarily follow a ..... become final until all the proceedings provided in respect thereof are exhausted or the time limit prescribed for such proceedings expired. the scope and amplitude of section 13 of the finance act, 1950, is, if we may say so with respect, clearly explained in madangopal kabra v. union of india.' 37. it is not clear ..... travancore-cochin high court reported in lekshmana shenoy v. income-tax officer, in support of their contention that the word 'assessment' in section 13 of the finance act includes proceedings under section 34 of the income-tax act. the only discussion in the judgment on this question is contained in paragraph 10 of the judgment which runs : '(10) point ( .....
Tag this Judgment!Court : Karnataka
Reported in : AIR1955Kant49; AIR1955Mys49
..... court reported in --'lekshmana shenoy v. income-tax officer', air 1954 tc 137 in support of their contention that the word 'assessment' in section 13, finance act, includes proceedings under section 34, income-tax act. the only discussion in me judgment on this question is contained in paragraph 10 of the judgment which runs: '(10) point (b) : ..... there is any agreement between the president of india and the rajpramukh of the state of travancore-cochin and, if so, whether the object of enacting section 13, finance act, was brought to the notice of their lordships. we, 'with very great respect, therefore, cannot follow this decision, though we would ordinarily follow a ..... us arose before thetravancore-cochin high court, and it has been laid down in air 1954 tc 137 -: 'the words 'levy, assessment and collection' in section 13, finance act, 1950, include all the processes by which the tax is ascertained, demanded and realised and 're-assessnient' being one of these processes comes within the .....
Tag this Judgment!Court : Kerala
Reported in : (2003)183CTR(Ker)21; [2003]262ITR579(Ker)
..... established to have become a bad debt in the previous year. this is subject to the fulfilment of the conditions specified in subsection (2) of section 36. however, as per the amendment made by the finance act, 1985, a proviso was added to clause (vii) as per which, in the case of a bank to which clause (viia) applies, the ..... part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year.'6. section 36(2) specifies certain conditions to be fulfilled for eligibility to the claims under section 36(1). section 36(2)(v) introduced by the finance act, 1985, which is relevant for the purpose of this case, reads as follows :'36. (2) ..... one and a half per cent, of the aggregate average advances made by such branches, computed in the prescribed manner.'3. section 36(1) (vii) and (viia) as it stood after the amendment made by the finance act, 1985, reads as follows :'36(1). the deductions provided for in the following clauses shall be allowed in respect of the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1991SC1676; JT1991(2)SC439; 1991(1)SCALE617; 1991Supp(1)SCC430; [1991]2SCR105
..... account of the levy throws light on the general character of the tax as observed by the privy council in re: a reference under the government of ireland act, 1920 and section 3 of the finance act (northern ireland), 1934 [1963] 2 a.e.r. iii. in r.r. engineering co. v. zilla parishad, barielly : [1980]3scr1 this court observed that the ..... (1974)illj221sc ; shri vallabh glass works ltd. v. union of india : [1985]155itr560(sc) ; state of m.p. v. nandlal jaiswal : [1987]1scr1 ; d. cawasji & co. v. state of mysore : 1978(2)elt154(sc) and salonah tea co. ltd. v. superintendent of taxes : [1988]173itr42(sc) . 54. the above cases no doubt only list situations where directions for refund have been ..... in bihar, associated cement co. ltd. v. state of bihar [1979] 27 b.l.j.r. 64 and tata iron & steel co. v. state (c.w.j.c. 30/1978 decided on 15.5.84, the subject matter of c.a. 592/86 before us); in orissa, laxmi narayan agarwala v. state : air1983ori210 ; in rajasthan, bherulal v. state ; in punjab .....
Tag this Judgment!Court : Kerala
Reported in : [1997]227ITR582(Ker)
..... statutorily payable in the accounting year itself.3. however, the amendments introduced to the provisions of section 43b of the act by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989, changed the situation with regard to the contents of the provisions of section 43b of the act. the finance act, 1989, relating to the amendment made in 1989 by its second proviso to ..... context. if this is the position that emerges as a result of the deeming provision arising out of the finance act, 1989, with regard to explanation 2 to section 43b of the act, the obvious result would be that the provisions of section 43b of the act would become operative where the liability to pay the tax or the duty was incurred in the accounting year .....
Tag this Judgment!Court : Patna
Reported in : 2010(58)BLJR159
..... case no. pt -193/99 (shakti tubes ltd. v. state of bihar), whereby the order passed by the authorities under the provisions of the bihar finance act (hereinafter referred to as 'the act'), has been upheld, and it has been held that the petitioner is not entitled to the benefit of exemption from payment of purchase tax on raw materials ..... had already commenced production before 1.4.1993, and its capital investment was less than rs. 15 crores.3. in view of the provisions of section 7(3)(b) of the act, and in purported exercise of powers under paragraph 10.5 read with the provision of paragraph 10.4 of the 1993 industrial policy, the state government ..... statement of facts essential for the disposal of the writ petition may be indicated. the petitioner is a private limited company, incorporated under the provisions of the companies act 1956, and has set up a steel plant at hajipur, district vaishali. the state government had issued its industrial policy for rapid growth of industries in the state .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1984)41CTR(AP)162; [1984]148ITR440(AP)
..... in holding against the assessee and in applying the higher rates of tax as per sub-para. ii of para a of schedule i to the finance act, 1974. 50. in the result, we answer the question in favour of the department and against the assessee. r.c. no. 62/78 is ..... s family so as to attract the higher rate of tax applicable under sub-para. ii of para a of schedule i to the finance act, 1974, in view of the partition in which she took a share 45. while dealing with the question whether the case fell ..... holding that the rates of tax applicable to the assessee are as per sub-para. ii of the para a of the schedule i to the finance act, 1974, and not as per sub-paragraph i ?' 10. answer to these two questions will, having regard to the above facts, govern ..... income and, therefore, he directed the ito to apply the rates as per sub-para. i of para. a of sch. i to the finance act, 1974. 4. the department preferred an appeal, i.t.a. no. 1449/hyd/75-76, before the tribunal which allowed the appeal on november .....
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